American Financial Group, Inc. (AFG) Balance Sheet
AFG balance sheet, 2025
December 31, 2025 · U.S. dollars$32.64B assets = $27.82B liabilities + $4.82B equity
Both columns are drawn to the same scale: what AFG owns equals what it owes plus shareholders’ equity. Hover a block for its value.
AFG financial health
Descriptive bands, not a rating. Fiscal 2025.
AFG balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $55.07B2016 | $32.64B2025 | −5.6%/yr | |
| Total liabilities | $50.15B2016 | $27.82B2025 | −6.3%/yr | |
| Shareholders’ equity | $4.92B2016 | $4.82B2025 | −0.2%/yr | |
| Cash & short-term investments | $38.15B2016 | $2.44B2025 | −26.3%/yr | |
| Total debt | $2.59B2016 | $1.82B2025 | −3.8%/yr | |
| Net cash (debt) | $35.56B2016 | $624.0M2025 | −$34.9B | |
| Working capital | −$45.71B2016 | −$12.02B2025 | +$33.7B | |
| Book value per share | $55.582016 | $57.722025 | +0.4%/yr | |
| Debt / equity | 0.532016 | 0.382025 | −0.15 | |
| Shares outstanding | 88.5M2016 | 83.5M2025 | −0.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AFG assets
AFG liabilities and equity
AFG debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
AFG balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $2.44B | $1.41B | $1.23B | $872.0M | $12.49B | $46.02B | $48.82B | $43.51B | $40.72B | $38.15B |
| Cash & equivalents | $1.73B | $1.41B | $1.23B | $872.0M | $2.13B | $2.81B | $2.31B | $1.51B | $2.34B | $2.11B |
| Short-term investments | $717.0M | $540.0M | $10.38B | $10.10B | $10.36B | $43.21B | $46.51B | $42.00B | $38.38B | $36.05B |
| Receivables | $8.38B | $1.53B | $1.47B | $1.34B | $5.64B | $12.28B | $5.72B | $5.67B | $5.54B | $4.64B |
| Inventory | $0 | $0 | −$8.87B | −$886.0M | −$5.49B | −$3.57B | −$6.42B | $0 | $1.60B | $0 |
| Other current assets | $1.09B | $0 | $8.87B | $886.0M | $5.49B | $3.57B | $6.42B | $0 | $0 | $0 |
| Total current assets | $11.91B | $2.94B | $2.70B | $2.21B | $18.13B | $58.30B | $54.54B | $44.75B | $3.55B | $3.16B |
| Property, plant & equipment (net) | $198.0M | $212.0M | $176.0M | $103.0M | $118.0M | $139.0M | $158.0M | −$872.0M | −$853.0M | −$1.05B |
| Goodwill & intangible assets | $660.0M | $508.0M | $518.0M | $354.0M | $586.0M | $417.0M | $457.0M | $1.94B | $1.44B | $1.47B |
| Long-term investments | $14.35B | $13.50B | $13.27B | $12.84B | $12.94B | $48.03B | $51.00B | $45.17B | $43.71B | $39.33B |
| Other non-current assets | $5.52B | $7.85B | $7.96B | $8.59B | $0 | $0 | $0 | $0 | $12.81B | $12.16B |
| Total assets | $32.64B | $25.01B | $24.62B | $24.09B | $28.94B | $73.57B | $70.13B | $63.46B | $60.66B | $55.07B |
| Liabilities | ||||||||||
| Accounts payable | $1.20B | $1.19B | $1.19B | $1.03B | $920.0M | $807.0M | $814.0M | $752.0M | $743.0M | $2.94B |
| Short-term debt | $39.0M | $40.0M | $37.0M | $36.0M | $38.0M | $5.21B | $46.0M | $445.0M | $285.0M | $1.30B |
| Deferred revenue | $3.74B | $2.57B | $2.49B | $2.33B | $882.0M | $2.04B | $768.0M | $1.99B | $1.81B | $1.63B |
| Total current liabilities | $23.93B | $2.61B | $2.53B | $2.37B | $920.0M | $807.0M | $814.0M | $57.18B | $54.03B | $48.87B |
| Long-term debt | $1.82B | $1.48B | $1.48B | $1.50B | $1.96B | $1.96B | $1.47B | $1.30B | $1.30B | $1.28B |
| Other long-term liabilities | $2.07B | $16.45B | $16.36B | $16.18B | $0 | $0 | $0 | $0 | $0 | $0 |
| Total liabilities | $27.82B | $20.54B | $20.36B | $20.04B | $23.93B | $66.78B | $63.86B | $58.48B | $55.32B | $50.15B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $83.0M | $84.0M | $84.0M | $85.0M | $85.0M | $86.0M | $90.0M | $89.0M | $1.36B | $1.28B |
| Retained earnings (deficit) | $3.36B | $3.21B | $3.12B | $3.14B | $3.48B | $4.15B | $4.01B | $3.59B | $3.25B | $3.34B |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$50.0M | −$240.0M | −$319.0M | −$543.0M | $119.0M | $1.27B | $863.0M | $48.0M | $813.0M | $375.0M |
| Minority interest | — | — | — | — | — | — | — | $2.0M | $1.0M | $3.0M |
| Total shareholders' equity | $4.82B | $4.47B | $4.26B | $4.05B | $5.01B | $6.79B | $6.27B | $4.97B | $5.33B | $4.92B |
| Key figures | ||||||||||
| Total debt | $1.82B | $1.90B | $1.83B | $1.69B | $2.00B | $7.17B | $1.52B | $1.75B | $1.59B | $2.59B |
| Net cash (debt) | $624.0M | −$493.0M | −$609.0M | −$820.0M | $10.49B | $38.84B | $47.30B | $41.77B | $39.13B | $35.56B |
| Working capital | −$12.02B | $327.0M | $169.0M | −$154.0M | $17.21B | $57.49B | $53.73B | −$12.44B | −$50.48B | −$45.71B |
| Tangible book value | $4.16B | $3.96B | $3.74B | $3.70B | $4.43B | $6.37B | $5.81B | $3.03B | $3.89B | $3.45B |
| Book value per share | $57.72 | $53.23 | $50.21 | $47.50 | $58.55 | $76.11 | $68.89 | $54.88 | $59.40 | $55.58 |
| Shares outstanding | 83.5M | 83.9M | 84.8M | 85.3M | 85.6M | 89.2M | 91.0M | 90.6M | 89.8M | 88.5M |
| Current ratio | 0.50 | 1.13 | 1.07 | 0.93 | 19.71 | 72.24 | 67.01 | 0.78 | 0.07 | 0.06 |
| Quick ratio | 0.45 | 1.13 | 1.07 | 0.93 | 19.71 | 72.24 | 67.01 | 0.86 | 0.86 | 0.88 |
| Debt / equity | 0.38 | 0.43 | 0.43 | 0.42 | 0.40 | 1.06 | 0.24 | 0.35 | 0.30 | 0.53 |
| Equity / assets | 14.8% | 17.9% | 17.3% | 16.8% | 17.3% | 9.2% | 8.9% | 7.8% | 8.8% | 8.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $2.28B | $2.12B | $2.44B | $1.84B | $1.27B | $1.28B | $1.41B | $1.32B | $1.12B | $1.09B | $1.23B | $1.22B |
| Cash & equivalents | $1.44B | $1.35B | $1.73B | $1.84B | $1.27B | $1.28B | $1.41B | $1.32B | $1.12B | $1.09B | $1.23B | $1.22B |
| Short-term investments | $846.0M | $767.0M | $717.0M | $751.0M | $735.0M | $700.0M | $540.0M | $449.0M | $404.0M | $457.0M | $10.38B | $404.0M |
| Receivables | $8.43B | $8.03B | $8.38B | $2.03B | $1.95B | $1.59B | $1.53B | $2.00B | $1.91B | $1.61B | $1.47B | $2.09B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$17.14B | −$17.30B | −$8.87B | −$6.74B |
| Other current assets | $1.38B | $1.21B | $1.09B | $0 | $0 | $0 | $0 | $0 | $17.14B | $17.30B | $8.87B | $6.74B |
| Total current assets | $12.09B | $11.36B | $11.91B | $3.88B | $3.21B | $2.87B | $2.94B | $3.32B | $3.03B | $2.69B | $2.70B | $3.31B |
| Property, plant & equipment (net) | $0 | $0 | $198.0M | $201.0M | $205.0M | $207.0M | $212.0M | $214.0M | $206.0M | $181.0M | $176.0M | $167.0M |
| Goodwill & intangible assets | $693.0M | $661.0M | $660.0M | $519.0M | $498.0M | $503.0M | $508.0M | $504.0M | $509.0M | $518.0M | $518.0M | $522.0M |
| Long-term investments | $14.55B | $14.67B | $14.35B | $13.78B | $13.71B | $13.73B | $13.50B | $13.51B | $13.22B | $13.32B | $13.27B | $12.80B |
| Other non-current assets | $5.70B | $5.66B | $5.52B | $8.45B | $7.05B | $6.93B | $7.85B | $8.49B | $7.65B | $7.71B | $7.96B | $8.39B |
| Total assets | $33.03B | $32.35B | $32.64B | $26.83B | $24.68B | $24.24B | $25.01B | $26.03B | $24.61B | $24.41B | $24.62B | $25.18B |
| Liabilities | ||||||||||||
| Accounts payable | $6.19B | $6.17B | $1.20B | $6.95B | $5.70B | $5.78B | $1.19B | $6.61B | $5.09B | $1.08B | $1.19B | $5.61B |
| Short-term debt | — | — | $39.0M | $0 | $0 | $0 | $40.0M | $0 | — | — | $37.0M | $0 |
| Deferred revenue | $4.30B | $3.91B | $3.74B | $3.01B | $2.77B | $2.60B | $2.57B | $2.97B | $2.67B | $2.57B | $2.49B | $2.77B |
| Total current liabilities | $24.27B | $23.74B | $23.93B | $3.01B | $2.77B | $2.60B | $2.61B | $2.97B | $2.67B | $2.57B | $2.53B | $2.77B |
| Long-term debt | $1.82B | $1.82B | $1.82B | $1.82B | $1.48B | $1.48B | $1.48B | $1.48B | $1.48B | $1.48B | $1.48B | $1.47B |
| Other long-term liabilities | $2.13B | $2.11B | $2.07B | $17.27B | $15.92B | $15.77B | $16.45B | $16.87B | $16.08B | $16.13B | $16.36B | $16.95B |
| Total liabilities | $28.21B | $27.68B | $27.82B | $22.10B | $20.16B | $19.85B | $20.54B | $21.32B | $20.23B | $20.17B | $20.36B | $21.20B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $83.0M | $83.0M | $83.0M | $83.0M | $83.0M | $84.0M | $84.0M | $84.0M | $84.0M | $84.0M | $84.0M | $84.0M |
| Retained earnings (deficit) | $3.45B | $3.29B | $3.36B | $3.30B | $3.15B | $3.08B | $3.21B | $3.36B | $3.24B | $3.09B | $3.12B | $3.10B |
| Accumulated other comprehensive income | −$142.0M | −$127.0M | −$50.0M | −$73.0M | −$132.0M | −$179.0M | −$240.0M | −$136.0M | −$331.0M | −$315.0M | −$319.0M | −$570.0M |
| Total shareholders' equity | $4.82B | $4.68B | $4.82B | $4.73B | $4.52B | $4.39B | $4.47B | $4.71B | $4.38B | $4.24B | $4.26B | $3.98B |
| Key figures | ||||||||||||
| Total debt | $1.82B | $1.82B | $1.82B | $2.27B | $1.93B | $1.93B | $1.90B | $1.95B | $1.93B | $1.88B | $1.83B | $1.85B |
| Net cash (debt) | $463.0M | $300.0M | $624.0M | −$426.0M | −$660.0M | −$656.0M | −$493.0M | −$623.0M | −$808.0M | −$796.0M | −$609.0M | −$631.0M |
| Working capital | −$12.18B | −$12.38B | −$12.02B | $869.0M | $444.0M | $260.0M | $327.0M | $343.0M | $357.0M | $121.0M | $169.0M | $535.0M |
| Tangible book value | $4.13B | $4.02B | $4.16B | $4.21B | $4.02B | $3.89B | $3.96B | $4.20B | $3.88B | $3.72B | $3.74B | $3.46B |
| Book value per share | $58.08 | $56.16 | $57.79 | $56.71 | $54.08 | $52.41 | $53.17 | $56.11 | $52.25 | $50.60 | $50.81 | $47.00 |
| Shares outstanding | 83.0M | 83.3M | 83.4M | 83.4M | 83.5M | 83.8M | 84.0M | 83.9M | 83.9M | 83.8M | 83.8M | 84.7M |
| Current ratio | 0.50 | 0.48 | 0.50 | 1.29 | 1.16 | 1.10 | 1.13 | 1.12 | 1.13 | 1.05 | 1.07 | 1.19 |
| Quick ratio | 0.44 | 0.43 | 0.45 | 1.29 | 1.16 | 1.10 | 1.13 | 1.12 | 1.13 | 1.05 | 1.07 | 1.19 |
| Debt / equity | 0.38 | 0.39 | 0.38 | 0.48 | 0.43 | 0.44 | 0.43 | 0.41 | 0.44 | 0.44 | 0.43 | 0.47 |
| Equity / assets | 14.6% | 14.5% | 14.8% | 17.6% | 18.3% | 18.1% | 17.9% | 18.1% | 17.8% | 17.4% | 17.3% | 15.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 25, 2026); data from EODHD.
AFG financial position
At the end of fiscal 2025 (December 31, 2025), American Financial had total assets of $32.6 billion (up 30.5% from a year earlier), total liabilities of $27.8 billion and shareholders' equity of $4.8 billion. It held $2.4 billion in cash and short-term investments against $1.8 billion of debt, a net cash position of $624.0 million. Its current ratio was 0.50. In the latest quarter (ended June 30, 2026) total assets were $33.0 billion and equity $4.8 billion.
Related: AFG income statement, AFG cash flow statement, AFG key metrics. See the AFG stock overview for the latest quote and news.
AFG balance sheet FAQ
What are American Financial's total assets?
American Financial reported total assets of $32.6 billion at the end of fiscal 2025 (December 31, 2025), compared with $25.0 billion a year earlier.
How much debt does American Financial have?
American Financial had $1.8 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.38.
How much cash does American Financial have?
American Financial held $2.4 billion in cash and short-term investments at the end of fiscal 2025; with $1.8 billion of debt that is net cash of $624.0 million.
What is American Financial's book value?
American Financial's shareholders' equity (book value) was $4.8 billion at the end of fiscal 2025, or $57.72 per share.
What is American Financial's current ratio?
American Financial had current assets of $11.9 billion and current liabilities of $23.9 billion, a current ratio of 0.50 (current liabilities exceed current assets).
How much goodwill does American Financial have?
American Financial carried $660.0 million of goodwill and intangible assets, 2.0% of total assets, at the end of fiscal 2025.