Japan concentration
Japan is Aflac's largest profit source, so currency translation and a shift toward third-sector insurance products there can move reported results even when underlying demand is stable.
Stock research
Aflac Incorporated (AFL) Stock Research
Aflac sells supplemental health and life insurance, with major operations in the US and Japan.
For the fiscal year ended December 31, 2025, Aflac Incorporated reported revenue of $17.2B and net income of $3.6B, with operating cash flow of $2.6B. Source: Form 10-K filed February 25, 2026
- $17.2B
- FY ending 2025-12-31
- $3.6B
- FY ending 2025-12-31
- $6.82
- 21.2%
Reported SEC XBRL figures. Each metric’s period and original filing are listed below.
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About Aflac
- NYSE: AFL
- Financials
- Accident & Health Insurance (SIC 6321)
- December 31
AFL key financials
Reported figures from Aflac Incorporated's filings, pulled directly from SEC XBRL data rather than a third-party terminal. Each row links to the filing it came from.
| Metric | Value | Period | Source |
|---|---|---|---|
| Revenue | $17.2B | 2025-01-01 – 2025-12-31 | SEC filing |
| Net income | $3.6B | 2025-01-01 – 2025-12-31 | SEC filing |
| Operating cash flow | $2.6B | 2025-01-01 – 2025-12-31 | SEC filing |
| Diluted EPS | $6.82 | 2025-01-01 – 2025-12-31 | SEC filing |
| Net margin | 21.2% | 2025-01-01 – 2025-12-31 | SEC filing |
| Shares outstanding | 524M | As of 2025-10-27 | SEC filing |
Values are as tagged by the issuer in XBRL. Revenue for banks and insurers is net of interest expense where that is the reported line. Fiscal years that do not follow the calendar are shown by their period-end date. No price, market cap, or valuation multiple is shown because Yield Theory does not republish unlicensed market data.
Diluted EPS is the earnings figure behind the price-to-earnings ratio; the P/E multiple compression calculator shows how a change in that multiple moves a share price. Shares outstanding multiplied by the share price gives market capitalization.
What investors should watch in AFL
For Aflac Incorporated, the most important recurring operating and market variables are:
- ◆US supplemental health and life sales trends and agent distribution productivity
- ◆Japan segment performance, including product mix shift and yen exchange-rate movement
- ◆Investment portfolio yield and sensitivity to interest rates
- ◆Policy persistency (retention) rates across both the US and Japan segments
Key questions for the AFL thesis
Each question starts with what the filings show, then why it matters. None of these is a rating or a forecast.
US supplemental insurance growth
Assess new sales trends in the US business, where distribution runs through a large, mature agent network. Growth here depends more on productivity and product refreshes than on new-market expansion.
Interest-rate sensitivity
Aflac's investment income and back-book yields respond to the rate environment. Track how reinvestment rates on its bond portfolio compare with older, higher- or lower-yielding holdings rolling off.
Capital return
Aflac has a long dividend-growth history; evaluate buyback pace and payout ratio against statutory capital levels in both its US and Japan operations.
Does AFL's reported profit turn into cash?
Operating cash flow was $2.6B, 0.70 times net income of $3.6B, for the fiscal year ended December 31, 2025.
Cash from operations trailed reported earnings. Working-capital build (receivables, inventory, prepayments) or non-cash gains are the usual reasons; check the cash-flow statement before relying on reported profit.
How much of AFL's revenue is left as profit?
Net income was 21.2% of revenue for the fiscal year ended December 31, 2025, based on revenue and net income reported for the same period.
Net margin reflects the business model as much as execution, so compare it with companies in the same SEC industry and read the income statement for one-time items before treating it as a run rate.
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The thesis, the numbers behind it, and what would break it. Full access is $39 a month.
Read the full researchAFL primary sources
- Latest annual report: Form 10-K filed February 25, 2026
- Latest quarterly report: Form 10-Q filed August 7, 2026
- Aflac Incorporated investor relations
- Aflac Incorporated filings at the SEC
- All AFL filings on SEC EDGAR
How we source and review company pages: research methodology.
Congressional trading in AFL
| Politician | Trade date | Type | Owner | Amount | Source |
|---|---|---|---|---|---|
| Alan Armstrong | 2026-03-27 | Purchase | Self | $1,001 - $15,000 | Filing #fda235b3-bad7-4637-8fa1-053f354d929c |
| Shelley Capito | 2025-07-18 | Sale | Spouse | $1,001 - $15,000 | Filing #1e086831-c7e8-43cd-a11d-dd366a27f400 |
| Carol Miller | 2025-03-10 | Purchase | Self | $1,001 - $15,000 | Filing #20029135 |
| Shelley Capito | 2025-01-17 | Sale | Spouse | $1,001 - $15,000 | Filing #e80feabd-db9d-4949-bc5b-3c847028076e |
All verified AFL congressional disclosures
Congressional disclosures are delayed, range-based records—not real-time signals or proof of motive. See the source-linked tracker for scope and limitations.
Compare AFL with similar companies
Aflac peers
Principal Financial Group, Inc. (PFG)Accident & Health InsuranceBerkshire Hathaway Inc. (BRK-B)Fire, Marine & Casualty InsuranceJPMorgan Chase & Co. (JPM)National Commercial BanksVisa Inc. (V)Services-Business Services, NECMastercard Incorporated (MA)Services-Business Services, NECPrudential Financial, Inc. (PRU)Life Insurance
AFL — frequently asked questions
What does Aflac Incorporated do?
Aflac sells supplemental health and life insurance, with major operations in the US and Japan.
What were AFL's latest reported annual revenue and net income?
For the fiscal year ended December 31, 2025, Aflac Incorporated reported revenue of $17.2B and net income of $3.6B, with operating cash flow of $2.6B. The figures come from Aflac Incorporated's SEC XBRL filings.
When does Aflac Incorporated's fiscal year end?
The SEC lists Aflac Incorporated's fiscal year end as December 31.
Do members of Congress trade AFL?
The current verified House and Senate snapshot contains 4 transaction rows for AFL, each linked to the original filing.
Is AFL a good investment?
This page does not rate AFL as a buy or sell. It sets out what Aflac Incorporated reports, what investors should watch and the questions a thesis has to answer, with links to the SEC filings. It is research, not investment advice.
This page is independent research and educational information, not investment advice or a recommendation to buy or sell any security. Company facts are compiled from public sources. Do your own research.
What do the AFL numbers leave unanswered?
Financials describe the business. The next question is which assumptions an investment thesis depends on. Explore the member reports below for analysis of catalysts, risks, and what would change the view. $39/month or $249/year.
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