Aflac Incorporated (AFL) Balance Sheet
AFL balance sheet, 2025
December 31, 2025 · U.S. dollars$116.47B assets = $86.98B liabilities + $29.49B equity
Both columns are drawn to the same scale: what AFL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
AFL financial health
Descriptive bands, not a rating. Fiscal 2025.
AFL balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $129.82B2016 | $116.47B2025 | −1.2%/yr | |
| Total liabilities | $109.34B2016 | $86.98B2025 | −2.5%/yr | |
| Shareholders’ equity | $20.48B2016 | $29.49B2025 | +4.1%/yr | |
| Cash & short-term investments | $81.56B2016 | $70.40B2025 | −1.6%/yr | |
| Total debt | $5.36B2016 | $8.41B2025 | +5.1%/yr | |
| Net cash (debt) | $76.20B2016 | $61.99B2025 | −$14.2B | |
| Working capital | $76.84B2016 | $66.14B2025 | −$10.7B | |
| Book value per share | $24.742016 | $55.432025 | +9.4%/yr | |
| Debt / equity | 0.262016 | 0.292025 | +0.02 | |
| Shares outstanding | 827.8M2016 | 532.0M2025 | −4.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AFL assets
AFL liabilities and equity
AFL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
AFL balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $70.40B | $71.50B | $77.60B | $79.68B | $103.75B | $111.02B | $96.16B | $87.23B | $88.83B | $81.56B |
| Cash & equivalents | $6.25B | $6.23B | $4.31B | $3.94B | $5.05B | $5.14B | $4.90B | $4.34B | $3.49B | $4.86B |
| Short-term investments | $64.15B | $65.27B | $73.29B | $75.74B | $98.70B | $105.88B | $91.26B | $82.89B | $85.34B | $76.70B |
| Receivables | $1.55B | $779.0M | $848.0M | $647.0M | $693.0M | $796.0M | $828.0M | $851.0M | $827.0M | $669.0M |
| Inventory | $0 | $0 | −$78.44B | −$7.23B | −$7.50B | −$7.84B | −$7.38B | −$7.00B | −$5.09B | −$6.67B |
| Other current assets | $0 | $0 | $29.07B | $7.23B | $46.73B | $7.84B | $7.38B | $7.00B | $5.09B | $6.67B |
| Total current assets | $71.95B | $4.02B | $29.07B | $80.33B | $143.67B | $111.82B | $96.99B | $88.08B | $89.65B | $82.23B |
| Property, plant & equipment (net) | $351.0M | $387.0M | $445.0M | $530.0M | $538.0M | $601.0M | $581.0M | $443.0M | $434.0M | $433.0M |
| Goodwill & intangible assets | $9.29B | $9.02B | $9.40B | $8.86B | $9.79B | $10.71B | $10.13B | $9.88B | $9.51B | $8.99B |
| Long-term investments | $81.13B | $82.03B | $92.20B | $80.56B | $115.06B | $144.12B | $772.0M | $773.0M | $82.52B | $33.35B |
| Other non-current assets | $0 | $22.11B | $0 | $0 | $0 | $0 | $44.30B | $41.23B | $0 | $4.81B |
| Total assets | $116.47B | $117.57B | $126.72B | $131.74B | $157.54B | $165.09B | $152.77B | $140.41B | $137.22B | $129.82B |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | $1.30B | $4.34B | $4.66B | $5.37B | $4.02B | $4.75B | $5.39B |
| Short-term debt | $0 | $124.0M | $52.0M | $55.0M | $7.96B | $56.0M | $53.0M | $5.78B | $5.29B | $5.36B |
| Deferred revenue | $1.32B | — | — | — | — | — | — | — | — | — |
| Total current liabilities | $5.81B | $573.0M | $2.21B | $1.30B | $7.96B | $4.66B | $5.37B | $4.02B | $4.75B | $5.39B |
| Long-term debt | $8.41B | $7.33B | $7.24B | $7.44B | $7.85B | $7.90B | $6.42B | $5.78B | $5.29B | $5.36B |
| Lease obligations | $79.0M | $96.0M | $124.0M | $147.0M | $117.0M | $154.0M | $161.0M | $13.0M | $22.0M | $21.0M |
| Other long-term liabilities | $72.76B | $84.14B | $97.50B | $84.52B | $105.0M | $0 | $117.39B | $111.17B | $0 | $0 |
| Total liabilities | $86.98B | $91.47B | $104.74B | $111.60B | $124.29B | $7.90B | $123.81B | $116.94B | $112.85B | $109.34B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $136.0M | $136.0M | $136.0M | $135.0M | $135.0M | $135.0M | $135.0M | $135.0M | $67.0M | $67.0M |
| Retained earnings (deficit) | $54.68B | $52.28B | $47.99B | $44.37B | $41.38B | $37.98B | $34.29B | $31.79B | $29.89B | $25.98B |
| Treasury stock | — | — | — | −$20.57B | −$18.18B | −$15.90B | −$14.39B | −$12.79B | −$11.51B | −$10.17B |
| Accumulated other comprehensive income | $1.45B | −$2.98B | −$5.52B | −$6.43B | $7.39B | $8.93B | $6.62B | $2.15B | $4.03B | $2.63B |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $29.49B | $26.10B | $21.98B | $20.14B | $33.25B | $157.19B | $28.96B | $23.46B | $24.36B | $20.48B |
| Key figures | ||||||||||
| Total debt | $8.41B | $7.50B | $7.36B | $7.50B | $15.81B | $7.96B | $6.57B | $5.78B | $5.29B | $5.36B |
| Net cash (debt) | $61.99B | $64.00B | $70.23B | $72.19B | $87.94B | $103.07B | $89.59B | $81.45B | $83.54B | $76.20B |
| Working capital | $66.14B | $3.45B | $26.86B | $79.03B | $135.72B | $107.16B | $91.62B | $84.06B | $84.91B | $76.84B |
| Tangible book value | $20.20B | $17.08B | $12.59B | $11.28B | $23.46B | $146.48B | $18.83B | $13.59B | $14.86B | $11.49B |
| Book value per share | $55.43 | $46.19 | $36.72 | $31.58 | $49.14 | $219.48 | $38.80 | $30.29 | $30.54 | $24.74 |
| Shares outstanding | 532.0M | 565.0M | 598.7M | 637.7M | 676.7M | 716.2M | 746.4M | 774.6M | 797.9M | 827.8M |
| Current ratio | 12.39 | 7.02 | 13.15 | 61.98 | 18.06 | 23.99 | 18.06 | 21.91 | 18.89 | 15.26 |
| Quick ratio | 12.39 | 126.14 | 35.50 | 61.98 | 13.13 | 23.99 | 18.06 | 21.91 | 18.89 | 15.26 |
| Debt / equity | 0.29 | 0.29 | 0.33 | 0.37 | 0.48 | 0.05 | 0.23 | 0.25 | 0.22 | 0.26 |
| Equity / assets | 25.3% | 22.2% | 17.3% | 15.3% | 21.1% | 95.2% | 19.0% | 16.7% | 17.8% | 15.8% |
| 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 | $93.65B | $71.50B | $70.40B | $76.42B | $75.88B | $72.41B | $71.50B | $10.67B | $72.32B | $75.23B | $77.60B | $75.30B |
| Cash & equivalents | $6.12B | $5.65B | $6.25B | $6.77B | $6.96B | $5.23B | $6.23B | $5.61B | $6.06B | $5.10B | $4.31B | $5.50B |
| Short-term investments | $87.53B | $65.84B | $64.15B | $69.66B | $68.91B | $67.18B | $65.27B | $5.06B | $66.26B | $70.13B | $73.29B | $69.80B |
| Receivables | $1.63B | $1.64B | $1.55B | $852.0M | $873.0M | $894.0M | $779.0M | $814.0M | $880.0M | $1.04B | $848.0M | $712.0M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$8.45B | −$108.51B | −$76.27B | −$78.44B | −$8.77B |
| Other current assets | $8.95B | $0 | $0 | $0 | $0 | $0 | $0 | $71.65B | $143.82B | $8.12B | $78.44B | $8.77B |
| Total current assets | $104.22B | $73.14B | $71.95B | $71.20B | $73.04B | $73.30B | $4.02B | $74.69B | $108.51B | $8.12B | $78.44B | $76.02B |
| Property, plant & equipment (net) | $351.0M | $1.21B | $351.0M | $1.31B | $390.0M | $391.0M | $387.0M | $421.0M | $398.0M | $418.0M | $445.0M | $445.0M |
| Goodwill & intangible assets | $8.95B | $8.98B | $9.29B | $9.22B | $9.30B | $9.08B | $9.02B | $9.23B | $8.55B | $8.82B | $9.40B | $8.77B |
| Long-term investments | $86.44B | $86.67B | $81.13B | $91.42B | $87.19B | $84.80B | $82.03B | $90.80B | $82.67B | $87.58B | $92.20B | $87.69B |
| Other non-current assets | $0 | $0 | $0 | $0 | $0 | $0 | $22.11B | $0 | $0 | $19.80B | $0 | $0 |
| Total assets | $115.96B | $116.28B | $116.47B | $122.13B | $124.74B | $120.26B | $117.57B | $128.44B | $120.17B | $124.74B | $126.72B | $125.11B |
| Liabilities | ||||||||||||
| Accounts payable | — | — | — | — | — | — | — | — | — | — | — | $249.0M |
| Short-term debt | $740.0M | — | $0 | $399.0M | $86.0M | $0 | $124.0M | $87.0M | — | — | $52.0M | $0 |
| Deferred revenue | $1.33B | $1.32B | $1.32B | — | — | — | — | — | — | — | — | — |
| Total current liabilities | $9.22B | $8.25B | $5.81B | $1.48B | $685.0M | $815.0M | — | $454.0M | $5.44B | $4.31B | $2.21B | $869.0M |
| Long-term debt | $8.64B | $7.82B | $8.41B | $8.60B | $8.76B | $7.57B | $7.33B | $7.87B | $7.32B | $7.80B | $7.24B | $6.83B |
| Lease obligations | $86.0M | $86.0M | $79.0M | $87.0M | $96.0M | $98.0M | $96.0M | $110.0M | $108.0M | $113.0M | $124.0M | $137.0M |
| Other long-term liabilities | $67.79B | $70.24B | $72.76B | $85.02B | $88.78B | $86.35B | $84.14B | $79.23B | $81.19B | $88.92B | $97.50B | $95.61B |
| Total liabilities | $85.65B | $86.32B | $86.98B | $93.45B | $97.54B | $93.92B | $91.47B | $103.61B | $94.12B | $101.20B | $104.74B | $102.44B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $136.0M | $136.0M | $136.0M | $136.0M | $136.0M | $136.0M | $136.0M | $136.0M | $136.0M | $136.0M | $136.0M | $136.0M |
| Retained earnings (deficit) | $56.22B | $55.70B | $54.68B | $53.92B | $52.59B | $52.31B | $52.28B | $50.97B | $51.34B | $49.87B | $47.99B | $48.26B |
| Accumulated other comprehensive income | $2.68B | $1.90B | $1.45B | $653.0M | −$491.0M | −$1.86B | −$2.98B | −$3.68B | −$3.29B | −$5.10B | −$5.52B | −$5.76B |
| Total shareholders' equity | $30.31B | $29.96B | $29.49B | $28.69B | $27.20B | $26.34B | $26.10B | $24.83B | $26.05B | $23.54B | $21.98B | $22.67B |
| Key figures | ||||||||||||
| Total debt | $8.73B | $7.91B | $8.41B | $8.77B | $8.93B | $7.75B | $7.50B | $7.98B | $7.46B | $7.94B | $7.36B | $6.96B |
| Net cash (debt) | $84.92B | $63.59B | $61.99B | $67.66B | $66.95B | $64.66B | $64.00B | $2.69B | $64.86B | $67.29B | $70.23B | $68.34B |
| Working capital | $95.01B | $64.89B | $66.14B | $69.73B | $72.36B | $72.49B | — | $74.23B | $103.07B | $3.81B | $76.23B | $75.15B |
| Tangible book value | $21.36B | $20.98B | $20.20B | $19.47B | $17.90B | $17.25B | $17.08B | $15.60B | $17.50B | $14.72B | $12.59B | $13.90B |
| Book value per share | $59.96 | $58.20 | $55.43 | $53.92 | $50.52 | $48.16 | $46.19 | $44.31 | $45.95 | $40.76 | $37.59 | $38.19 |
| Shares outstanding | 505.6M | 514.8M | 532.0M | 532.0M | 538.4M | 546.9M | 565.0M | 560.4M | 566.8M | 577.5M | 584.9M | 593.6M |
| Current ratio | 11.31 | 8.86 | 12.39 | 48.21 | 106.63 | 89.94 | — | 164.51 | 19.94 | 1.88 | 35.50 | 87.47 |
| Quick ratio | 10.33 | 8.86 | 12.39 | 52.32 | 112.05 | 89.94 | — | 25.30 | 13.45 | 17.70 | 35.50 | 87.47 |
| Debt / equity | 0.29 | 0.26 | 0.29 | 0.31 | 0.33 | 0.29 | 0.29 | 0.32 | 0.29 | 0.34 | 0.33 | 0.31 |
| Equity / assets | 26.1% | 25.8% | 25.3% | 23.5% | 21.8% | 21.9% | 22.2% | 19.3% | 21.7% | 18.9% | 17.3% | 18.1% |
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.
AFL financial position
At the end of fiscal 2025 (December 31, 2025), Aflac had total assets of $116.5 billion (down 0.9% from a year earlier), total liabilities of $87.0 billion and shareholders' equity of $29.5 billion. It held $70.4 billion in cash and short-term investments against $8.4 billion of debt, a net cash position of $62.0 billion. Its current ratio was 12.39. In the latest quarter (ended June 30, 2026) total assets were $116.0 billion and equity $30.3 billion.
Related: AFL income statement, AFL cash flow statement, AFL key metrics. See the AFL stock overview for the latest quote and news.
AFL balance sheet FAQ
What are Aflac's total assets?
Aflac reported total assets of $116.5 billion at the end of fiscal 2025 (December 31, 2025), compared with $117.6 billion a year earlier.
How much debt does Aflac have?
Aflac had $8.4 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.29.
How much cash does Aflac have?
Aflac held $70.4 billion in cash and short-term investments at the end of fiscal 2025; with $8.4 billion of debt that is net cash of $62.0 billion.
What is Aflac's book value?
Aflac's shareholders' equity (book value) was $29.5 billion at the end of fiscal 2025, or $55.43 per share.
What is Aflac's current ratio?
Aflac had current assets of $72.0 billion and current liabilities of $5.8 billion, a current ratio of 12.39 (it can cover its short-term obligations).
How much goodwill does Aflac have?
Aflac carried $9.3 billion of goodwill and intangible assets, 8.0% of total assets, at the end of fiscal 2025.