Aflac Incorporated (AFL) Cash Flow Statement
Where AFL’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.56B −5.6% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $2.56B 14.7% margin
- Returned to shareholders
- $4.73B 185% of free cash flow
- Change in cash
- $16.0M cash at year-end $6.25B
Cash from operations
$2.56B
Investments (net)
−$985.0M
Acquisitions & other
+$2.55B
Dividends
−$1.20B
Share buybacks (net)
−$3.53B
Net borrowing (repayment)
+$955.0M
Other financing
−$304.0M
Currency & other
−$23.0M
Change in cash
$16.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
AFL operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
AFL cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $5.99B2016 | $2.56B2025 | −9.0%/yr | |
| Capital expenditures | $02016 | $02025 | — | |
| Free cash flow | $5.99B2016 | $2.56B2025 | −9.0%/yr | |
| Free cash flow margin | 26.5%2016 | 14.7%2025 | −11.9 pts | |
| Operating cash flow / net income | 2.252016 | 0.702025 | −1.55 | |
| Stock-based compensation | $59.0M2019 | $79.0M2023 | +7.6%/yr | |
| Dividends paid | $658.0M2016 | $1.20B2025 | +6.9%/yr | |
| Share buybacks (net) | $1.42B2016 | $3.53B2025 | +10.6%/yr | |
| Capex / revenue | 0.0%2016 | 0.0%2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AFL cash flow by activity
OperatingInvestingFinancingChange in cash
AFL net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
AFL cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $3.65B | $5.44B | $4.66B | $4.20B | $4.33B | $4.78B | $3.30B | $2.92B | $4.60B | $2.66B |
| Depreciation & amortization | $910.0M | — | $39.0M | $1.15B | $1.17B | $1.21B | $1.28B | $1.25B | $1.13B | $54.0M |
| Stock-based compensation | — | — | $79.0M | $6.0M | $65.0M | $61.0M | $59.0M | — | — | — |
| Change in working capital | −$1.16B | −$644.0M | −$1.65B | $105.0M | $1.17B | $656.0M | $1.83B | $2.35B | $1.56B | $3.28B |
| Other non-cash items | −$842.0M | −$2.09B | $65.0M | −$1.58B | −$1.68B | −$751.0M | −$1.02B | −$503.0M | −$1.17B | −$6.0M |
| Cash from operating activities | $2.56B | $2.71B | $3.19B | $3.88B | $5.05B | $5.96B | $5.46B | $6.01B | $6.13B | $5.99B |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | −$985.0M | $2.78B | $1.54B | −$1.53B | −$1.12B | −$3.23B | −$2.70B | −$3.33B | −$3.35B | −$2.66B |
| Acquisitions & other investing | $2.55B | $0 | −$719.0M | −$6.0M | −$1.25B | −$1.39B | −$473.0M | −$249.0M | −$2.09B | −$1.19B |
| Cash from investing activities | $1.56B | $2.78B | $817.0M | −$1.54B | −$2.38B | −$4.62B | −$3.17B | −$3.58B | −$5.43B | −$3.85B |
| Financing activities | ||||||||||
| Dividends paid | −$1.20B | −$1.09B | −$966.0M | −$979.0M | −$855.0M | −$769.0M | −$771.0M | −$793.0M | −$661.0M | −$658.0M |
| Share repurchases & issuance (net) | −$3.53B | −$2.80B | −$2.80B | −$2.40B | −$2.30B | −$1.54B | −$1.63B | −$1.30B | −$1.35B | −$1.42B |
| Net borrowing (repayment) | $955.0M | $629.0M | $204.0M | −$222.0M | $417.0M | $1.18B | $614.0M | $439.0M | −$86.0M | $535.0M |
| Shares issued | $8.0M | $14.0M | $11.0M | $17.0M | $26.0M | $34.0M | $49.0M | $58.0M | $0 | $0 |
| Other financing | −$304.0M | −$242.0M | −$171.0M | $34.0M | −$26.0M | −$27.0M | $22.0M | −$19.0M | $33.0M | −$74.0M |
| Cash from financing activities | −$4.07B | −$3.49B | −$3.72B | −$3.55B | −$2.74B | −$1.11B | −$1.71B | −$1.62B | −$2.06B | −$1.62B |
| Summary | ||||||||||
| Net change in cash | $16.0M | $1.92B | $363.0M | −$1.11B | −$90.0M | $245.0M | $559.0M | $846.0M | −$1.37B | $509.0M |
| Cash at end of period | $6.25B | $6.23B | $4.31B | $3.94B | $5.05B | $5.14B | $4.90B | $4.34B | $3.49B | $4.86B |
| Free cash flow | $2.56B | $2.71B | $3.19B | $3.88B | $5.05B | $5.96B | $5.46B | $6.01B | $6.13B | $5.99B |
| Free cash flow margin | 14.7% | 14.2% | 16.9% | 20.3% | 22.8% | 26.9% | 24.5% | 27.6% | 28.3% | 26.5% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | 0.70 | 0.50 | 0.68 | 0.92 | 1.17 | 1.25 | 1.65 | 2.06 | 1.33 | 2.25 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $825.0M | $1.02B | $1.38B | $1.64B | $599.0M | $29.0M | $1.90B | −$93.0M | $1.75B | $1.88B | $268.0M | $1.57B |
| Depreciation & amortization | $226.0M | — | $234.0M | $655.0M | $437.0M | — | — | $419.0M | $4.0M | $215.0M | $39.0M | — |
| Stock-based compensation | $6.0M | — | −$21.0M | $7.0M | $7.0M | $7.0M | — | — | — | $6.0M | $79.0M | — |
| Change in working capital | −$113.0M | $113.0M | −$566.0M | $510.0M | −$454.0M | −$56.0M | −$349.0M | −$50.0M | −$527.0M | $282.0M | −$1.31B | $77.0M |
| Other non-cash items | −$832.0M | −$164.0M | −$711.0M | −$1.56B | −$190.0M | $609.0M | −$1.22B | $994.0M | −$977.0M | −$1.53B | $1.75B | −$376.0M |
| Cash from operating activities | $112.0M | $968.0M | $315.0M | $1.25B | $399.0M | $589.0M | $333.0M | $1.27B | $255.0M | $849.0M | $833.0M | $1.27B |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | −$687.0M | −$2.47B | $1.32B | $28.0M | $1.53B | −$359.0M | $1.52B | −$1.03B | $2.07B | $227.0M | −$1.41B | $368.0M |
| Acquisitions & other investing | $1.48B | $2.71B | −$958.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.86B |
| Cash from investing activities | $791.0M | $244.0M | $359.0M | $28.0M | $1.53B | −$359.0M | $1.52B | −$1.03B | $2.07B | $227.0M | −$1.41B | $2.23B |
| Financing activities | ||||||||||||
| Dividends paid | −$299.0M | −$304.0M | −$292.0M | −$299.0M | −$301.0M | −$306.0M | −$267.0M | −$270.0M | −$272.0M | −$278.0M | −$236.0M | −$239.0M |
| Share repurchases & issuance (net) | −$984.0M | −$1.00B | −$801.0M | −$1.00B | −$829.0M | −$900.0M | −$750.0M | −$500.0M | −$800.0M | −$750.0M | −$701.0M | −$700.0M |
| Net borrowing (repayment) | $911.0M | −$400.0M | $0 | −$84.0M | $1.04B | $0 | $0 | $0 | — | — | — | — |
| Shares issued | $3.0M | $4.0M | $3.0M | $3.0M | $0 | $4.0M | $0 | $9.0M | $6.0M | $6.0M | $8.0M | $4.0M |
| Other financing | −$73.0M | −$62.0M | −$94.0M | −$82.0M | −$71.0M | −$59.0M | −$67.0M | −$65.0M | −$254.0M | $766.0M | $142.0M | −$57.0M |
| Cash from financing activities | −$442.0M | −$1.76B | −$1.18B | −$1.46B | −$162.0M | −$1.26B | −$1.08B | −$826.0M | −$1.32B | −$256.0M | −$787.0M | −$992.0M |
| Summary | ||||||||||||
| Net change in cash | $466.0M | −$591.0M | −$523.0M | −$197.0M | $1.73B | −$998.0M | $617.0M | −$448.0M | $962.0M | $792.0M | −$1.20B | $782.0M |
| Cash at end of period | $6.12B | $5.65B | $6.25B | $6.77B | $6.96B | $5.23B | $6.23B | $5.61B | $6.06B | $5.10B | $4.31B | $5.50B |
| Free cash flow | $112.0M | $968.0M | $315.0M | $1.25B | $399.0M | $589.0M | $333.0M | $1.27B | $255.0M | $849.0M | $833.0M | $1.27B |
| Free cash flow margin | 2.7% | 22.4% | 6.4% | 26.1% | 9.5% | 17.1% | 6.1% | 41.8% | 4.9% | 15.6% | 21.6% | 25.2% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | 0.14 | 0.95 | 0.23 | 0.76 | 0.67 | 20.31 | 0.18 | — | 0.15 | 0.45 | 3.11 | 0.81 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
AFL cash generation
In fiscal 2025 (ended December 31, 2025), Aflac generated $2.6 billion of cash from operations (down 5.6%) and spent $0 on capital expenditures, leaving free cash flow of $2.6 billion, 14.7% of revenue. It returned $4.7 billion to shareholders through dividends ($1.2 billion) and net share buybacks ($3.5 billion). Cash and equivalents rose by $16.0 million over the year.
Related: AFL income statement, AFL balance sheet, AFL dividend history. See the AFL stock overview for the latest quote and news.
AFL cash flow FAQ
What is Aflac's free cash flow?
Aflac's free cash flow was $2.6 billion in fiscal 2025: $2.6 billion of operating cash flow minus $0 of capital expenditures It was $2.7 billion a year earlier..
How much cash does Aflac generate from operations?
Aflac generated $2.6 billion of cash from operating activities in fiscal 2025, 0.70 times its net income of $3.6 billion.
How much stock does Aflac buy back?
Aflac spent $3.5 billion on net share repurchases in fiscal 2025.
How much does Aflac pay in dividends?
Aflac paid $1.2 billion in dividends in fiscal 2025, 46.9% of free cash flow.