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AFLAC INCAFL

Sector
Healthcare
Industry
Accident & Health Insurance
Exchange
NYSE

Stock Price $AFL

Latest filings

You are here#34 of 58 in Financials by market cap

Filing record · 2016–202610-K1110-Q328-K114

AFL filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 114 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Oct ’17Oct ’17
  2. Leadership change8-K · Nov ’19Nov ’19
  3. Leadership change8-K · Feb ’23Feb ’23
  4. FY2024 annual report10-K · Feb ’25Feb ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $17.16B
YoY changeLargest recent move−11.2%in FY22Latest −9.3%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All AFL Financial Metrics41 metrics

Income Statement12

Balance Sheet13

Cash Flow11

Per Share5

02—Overview

AFLAC INC Financial Overview 2021–2025

Updated Jul 10, 2026

Despite a stark 22% revenue contraction over the past five years, Aflac Incorporated has engineered a successful defense of its per-share value. The insurer's core investment thesis rests on using aggressive capital returns to offset intense foreign exchange headwinds and investment portfolio volatility. Total revenues steadily eroded from $22.1 billion in FY2021 to $17.2 billiona in FY2025, heavily battered by a persistently weak Japanese yen and shifting product mixes in its primary overseas market.

Underneath this top-line pressure, Aflac's operational engine remains highly cash-generative. While reported net earnings dropped to $3.6 billionb in FY2025—a sharp reversal from $5.4 billion in FY2024 driven by a $572 million net investment loss—adjusted earnings held firm at $4.0 billion. The company deployed this cash to directly support the stock, repurchasing $3.5 billion of shares in FY2025 alone and shrinking its outstanding share base from 0.65 billion shares in FY2021 to 0.55 billion shares by FY2024. Investors have rewarded this disciplined capital allocation; at the close of FY2025, the market priced Aflac at $110.27 per share, translating to a 16.2x P/E ratio on its reported earnings of $6.82 per diluted share.

Recent Developments (Q4 2025 and Q1 2026)

Aflac rebounded in Q1 2026, delivering $4.3 billionc in total revenue and driving net earnings to $1.0 billion, up from $29 million in Q1 2025. This profitability surge stemmed from a swing to $49 million in net investment gains. Operationally, consolidated adjusted earnings dipped slightly to $901 million due to foreign currency translation, though Aflac Japan's pretax adjusted earnings rose 5.1% to $759 million.

The insurer maintained its capital deployment by executing $1.0 billiond in stock repurchases alongside a 5.2% dividend increase, later bolstering liquidity with $500 million in U.S. notes and ¥65.9 billion in Japanese debt. Bulls argue the stock is attractively priced at 11.8x earnings as of May 6, 2026, given the recovering investment portfolio and resilient core underwriting. Conversely, bears warn that a June 2026 cybersecurity breach compromising Japanese policyholder data could introduce unexpected remediation costs and reputational damage.

What to watch: operational fallout and potential liabilities from the Aflac Japan cyberattack; yen fluctuation impacts on core margins.

03—Filings

Recent SEC Filings

  1. 8-KAFLAC INC 8-K Report, Financial Results (Aug 6, 2026)Aflac reported second-quarter 2026 results that were mixed beneath a headline earnings rebound. GAAP net earnings rose 37.7% to $825 million ($1.63 per diluted share) from $599 million, but this was driven largely by a smaller net investment loss ($153 million vs. $421 million a year ago), not by stronger operations. Adjusted earnings, the company's core measure, fell 7.7% to $883 million, and adjusted EPS declined 1.7% to $1.75. Excluding a 9.3% weaker yen, which cost roughly $0.05 per share, adjusted EPS would have risen 1.1% to $1.80. Total revenues fell 1.0% to $4.1 billion, and net earned premiums dropped 6.3% as yen weakness and a reinsurance transaction at Aflac Japan offset growth in the U.S. Aflac Japan's pretax adjusted earnings rose 3.4% in yen terms, helped by a 250 basis point improvement in the benefit ratio to 64.0% and a pretax margin of 34.3%, but dollar-reported pretax earnings fell 6.2%. Aflac U.S. was weaker, with pretax adjusted earnings down 4.6% and its margin contracting 160 basis points to 20.9% on higher benefit claims. Management pointed to a $26 million expense release and $46 million of reserve remeasurement gains as supporting Q2, while flagging that variable investment income ran $72 million below long-term expectations. The U.S. net earned premium growth outlook for 2026 was trimmed to just below the 3% to 6% guidance range. Capital deployment remained robust. Aflac returned $1.3 billion to shareholders in the quarter, including $983 million of buybacks and $309 million of dividends, and declared a $0.61 quarterly dividend. Adjusted ROE excluding foreign currency remeasurement held at 16.6%, adjusted leverage was 21.8%, and the Japan regulatory ESR was 226% (240% including USP). Investors should weigh the strong capital return and ROE against the year-over-year decline in core adjusted earnings, the currency drag, and the softening top-line trend.
  2. 8-KAFLAC INC 8-K Report, Corporate Update (Jun 30, 2026)Aflac Incorporated disclosed in an 8-K filing that its wholly owned subsidiary, Aflac Life Insurance Japan Ltd. ("Aflac Japan"), experienced a cybersecurity incident. An unauthorized third party accessed certain Aflac Japan systems between June 15 and June 25, 2026. While the investigation is ongoing, the compromised data includes policy details, personal information, and bank account information. Aflac Japan has taken steps to contain the breach and continues to serve its policyholders, though some systems were temporarily suspended. The incident is confined to Japan, and Aflac's U.S. operations were not affected. The full impact remains unknown, but potential risks include legal, reputational, and financial consequences, as well as regulatory inquiries and litigation.
  3. 8-KAFLAC INC 8-K Report, Corporate Update (May 28, 2026)Aflac Incorporated has announced the successful completion of a significant public offering of senior notes denominated in Japanese Yen (¥). The offering comprises four tranches with varying maturities and interest rates: ¥3.1 billion in 2.117% Senior Notes due 2029, ¥41.8 billion in 2.802% Senior Notes due 2031, ¥13.1 billion in 3.123% Senior Notes due 2033, and ¥7.9 billion in 3.482% Senior Notes due 2036. The aggregate principal amount of the offering is substantial, totaling ¥65.9 billion. The proceeds from this debt issuance are earmarked for general corporate purposes, indicating a strategic move to bolster the company's financial flexibility and support ongoing operations or future initiatives. The offering was conducted under Aflac's existing shelf registration statement and involved a syndicate of underwriters led by prominent financial institutions. The notes are unsecured, ranking equally with existing and future unsecured senior indebtedness, and are governed by an indenture with standard provisions for default and redemption, including par call options on most tranches.
  4. 8-KAFLAC INC 8-K Report, Corporate Update (May 14, 2026)Aflac Incorporated announced on May 14, 2026, the successful issuance of $500,000,000 in aggregate principal amount of 5.150% Senior Notes due 2036. This offering was made under the company's existing shelf registration statement and a prospectus supplement dated May 11, 2026. The proceeds from this debt issuance are designated for general corporate purposes. These Senior Notes are unsecured obligations, ranking equally with other existing and future unsecured senior indebtedness of Aflac. The notes bear a fixed interest rate of 5.150% per annum, with semi-annual payments due on May 14 and November 14, commencing November 14, 2026. The company retains the option to redeem the notes under specific conditions, including a "Par Call Date" three months prior to maturity, where redemption will be at par plus accrued interest.
  5. 8-KAFLAC INC 8-K Report, Shareholder Vote Results (May 7, 2026)Aflac Incorporated (AFL) held its Annual Meeting of Shareholders on May 4, 2026, with the results detailed in this 8-K filing. Key outcomes include the approval of all incumbent directors for re-election, the non-binding advisory vote on executive compensation, and the ratification of KPMG LLP as the company's independent auditor for fiscal year 2026. These outcomes suggest shareholder confidence in the current board and financial oversight. Notably, a shareholder proposal advocating for an independent board chairman was not approved by the shareholders. The filing also provides details on the total voting power and the voting restrictions associated with the J&A Alliance Trust, which holds a significant stake (20%) and is subject to specific voting agreements, particularly concerning change of control transactions and votes exceeding 20% of total voting rights.
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04—See also

Related Companies

Annual revenue over each company’s last eight fiscal years, each strip on its own scale from zero.