AFLAC INCAFL
AFLAC INC Financial Overview 2021–2025
Updated Jul 10, 2026Despite 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 billion 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 billion 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 billion 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 billion 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.
Rev
$17.16B
FY2025
NI
$3.65B
FY2025
EPS
$6.84
FY2025
OCF
$2.56B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
All AFL Financial Metrics(41)
Income Statement
Balance Sheet
Cash Flow
Recent SEC Filings
AFLAC INC 8-K Report, Financial Results (Aug 6, 2026)
Aflac Incorporated filed an 8-K on August 6, 2026, to report its financial results for the second quarter of 2026. The filing primarily consists of furnished exhibits, including a press release detailing the company's performance, supplemental financial data, and a video presentation with commentary from the Chief Financial Officer. Investors should review these materials for a comprehensive understanding of Aflac's operational and financial condition during the quarter. The furnished documents provide the most up-to-date information regarding Aflac's second quarter earnings. The press release and financial supplement offer quantitative results, while the video presentation and its transcript offer qualitative insights and context from senior management. The company has made these resources available on its investor relations website, underscoring the importance of transparency in reporting financial outcomes.
AFLAC 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.
AFLAC 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.
AFLAC 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.
AFLAC 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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