Globe Life (GL) FY2024 results: revenue $5.8 billion, up 6.1% on the year

Globe Life Inc. (GL) reported revenue of $5.8 billion for fiscal 2024, the year ended 31 December 2024, up 6.1% on the year before. Net income was $1.1 billion, up 10.3%, and diluted earnings per share $11.94. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2025.

Revenue

$5.8 billion

+6.1% on the year

FY2017FY2024

Operating margin

23.0%

23.2% a year earlier

FY2017FY2024

Net income

$1.1 billion

+10.3% on the year

FY2017FY2024

Diluted EPS

$11.94

+18.6% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	5,778	5,448	5,227	+6.1%
Gross profit	n/a	1,260	1,179
Gross margin	n/a	23.1%	22.6%
Operating income	1,327	1,265	1,186	+4.9%
Operating margin	23.0%	23.2%	22.7%
Interest expense	127	102	90.4	+24.2%
Pre-tax income	1,327	1,194	1,102	+11.1%
Income tax	256	224	208	+14.5%
Effective tax rate	19.3%	18.7%	18.8%
Net income	1,071	971	894	+10.3%
Net margin	18.5%	17.8%	17.1%
Diluted EPS	$11.94	$10.07	$9.04	+18.6%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	1,402	1,482	1,422	-5.4%
Capital expenditure	71.0	49.6	27.9	+43.4%
Free cash flow	1,331	1,433	1,394	-7.1%
Free cash flow margin	23.0%	26.3%	26.7%
Cash from investing	-642	-926	-943
Cash from financing	-716	-541	-492
Depreciation	27.0	21.0	21.0	+28.6%
Share-based compensation	40.1	30.7	35.6	+30.5%
Buybacks	1,002	511	455	+96.1%
Dividends paid	85.5	84.1	80.5	+1.6%
Dividend per share	$0.96	$0.90	$0.83	+6.7%
Diluted shares, weighted	90m	96m	99m	-7.0%
Shares outstanding at period end	97m	102m	105m	-4.9%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	5,306	4,487	3,950	+18.2%
Debt	2,740	2,116	2,077	+29.5%
Other liabilities	21,031	21,449	19,960	-1.9%
Total liabilities and equity	29,076	28,051	25,987	+3.7%
Fixed assets	284	240	212	+18.5%
Goodwill	490	482	482	+1.8%
Investments	85.0	81.7	114	+4.0%
Cash and equivalents	165	103	92.6	+60.3%
Other assets	28,051	27,145	25,087	+3.3%
Total assets	29,076	28,051	25,987	+3.7%

10-K for the year ended 31 December 2024, filed 26 February 2025: the filing.