American Financial Group, Inc. (AFG) Income Statement
AFG 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsAFG revenue and net income
Where AFG's revenue goes
2025Each bar shows an amount and its share of revenue. AFG kept 10.4% of revenue as net income.
AFG profit margins
AFG growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −1.9% | +6.2% | +7.4% | +2.8% |
| Gross profit | −2.9% | +6.1% | +36.6% | +3.9% |
| Operating income | −4.5% | −1.5% | +25.9% | +6.6% |
| Net income | −5.1% | −2.1% | +2.8% | +9.1% |
| EPS (diluted) | −4.0% | −3.9% | +4.0% | +6.6% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
AFG quarterly EPS vs estimates
American Financial beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 3, 2026 (estimate $3.50).
AFG income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.12B | $8.28B | $7.73B | $6.77B | $6.23B | $5.67B | $6.12B | $6.99B | $6.87B | $6.50B |
| Cost of revenue | $6.69B | $6.80B | $6.37B | $5.58B | $4.86B | $5.37B | $5.49B | $6.06B | $5.63B | $5.28B |
| Gross profit | $1.43B | $1.47B | $1.35B | $1.20B | $1.37B | $301.0M | $628.0M | $933.0M | $1.23B | $1.22B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $42.0M | $41.0M | $36.0M | — | — | — | — | $0 | $0 | $0 |
| Total operating expenses | $357.0M | $349.0M | $282.0M | $73.0M | $37.0M | −$38.0M | −$6.0M | $294.0M | $507.0M | $430.0M |
| Operating income | $1.07B | $1.12B | $1.07B | $1.12B | $1.33B | $339.0M | $634.0M | $639.0M | $724.0M | $787.0M |
| Interest income | $80.0M | $29.0M | $41.0M | $85.0M | $94.0M | $88.0M | $68.0M | $62.0M | $85.0M | $77.0M |
| Interest expense | $80.0M | $76.0M | $76.0M | $85.0M | $94.0M | $88.0M | $68.0M | $62.0M | $85.0M | $77.0M |
| Income before taxes | $1.07B | $1.12B | $1.07B | $1.12B | $1.33B | $339.0M | $634.0M | $639.0M | $724.0M | $787.0M |
| Income taxes | $231.0M | $237.0M | $221.0M | $225.0M | $254.0M | $25.0M | $143.0M | $122.0M | $247.0M | $119.0M |
| Net income | $842.0M | $887.0M | $852.0M | $898.0M | $2.00B | $732.0M | $897.0M | $530.0M | $475.0M | $649.0M |
| EBITDA | $1.24B | $1.28B | $1.23B | $1.31B | $1.62B | $726.0M | $961.0M | $911.0M | $916.0M | $998.0M |
| EPS (diluted) | $10.32 | $10.75 | $10.56 | $11.64 | $11.60 | $8.47 | $8.61 | $8.40 | $6.56 | $6.02 |
| Gross margin | 17.6% | 17.8% | 17.5% | 17.7% | 22.0% | 5.3% | 10.3% | 13.3% | 17.9% | 18.7% |
| Operating margin | 13.2% | 13.6% | 13.9% | 16.6% | 21.4% | 6.0% | 10.4% | 9.1% | 10.5% | 12.1% |
| Net margin | 10.4% | 10.7% | 11.0% | 13.3% | 32.0% | 12.9% | 14.7% | 7.6% | 6.9% | 10.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.99B | $1.84B | $2.04B | $2.30B | $1.93B | $1.84B | $2.15B | $2.36B | $1.89B | $1.88B | $2.09B | $2.15B |
| Cost of revenue | $1.00B | $1.52B | $1.58B | $1.95B | $1.60B | $1.56B | $1.73B | $2.03B | $1.53B | $1.51B | $1.65B | $1.84B |
| Gross profit | $992.0M | $316.0M | $462.0M | $359.0M | $329.0M | $280.0M | $416.0M | $330.0M | $353.0M | $374.0M | $435.0M | $306.0M |
| Total operating expenses | $676.0M | $77.0M | $83.0M | $91.0M | $100.0M | $83.0M | $96.0M | $101.0M | $82.0M | $70.0M | $100.0M | $87.0M |
| Operating income | $316.0M | $239.0M | $379.0M | $268.0M | $229.0M | $197.0M | $320.0M | $229.0M | $271.0M | $304.0M | $335.0M | $219.0M |
| Interest income | $5.0M | $10.0M | $23.0M | $6.0M | $15.0M | $6.0M | $9.0M | $6.0M | $7.0M | $7.0M | $8.0M | $19.0M |
| Interest expense | $24.0M | $23.0M | $23.0M | $19.0M | $19.0M | $19.0M | $19.0M | $19.0M | $19.0M | $19.0M | $19.0M | $19.0M |
| Income before taxes | $316.0M | $239.0M | $379.0M | $268.0M | $229.0M | $197.0M | $320.0M | $229.0M | $271.0M | $304.0M | $335.0M | $219.0M |
| Income taxes | $68.0M | $48.0M | $80.0M | $53.0M | $55.0M | $43.0M | $65.0M | $48.0M | $62.0M | $62.0M | $72.0M | $42.0M |
| Net income | $248.0M | $191.0M | $299.0M | $215.0M | $174.0M | $154.0M | $255.0M | $181.0M | $209.0M | $242.0M | $263.0M | $177.0M |
| EBITDA | $364.0M | $287.0M | $424.0M | $307.0M | $270.0M | $238.0M | $360.0M | $269.0M | $309.0M | $343.0M | $372.0M | $259.0M |
| EPS (diluted) | $2.82 | $2.47 | $3.65 | $2.69 | $2.14 | $1.84 | $3.12 | $2.31 | $2.56 | $2.76 | $2.84 | $2.45 |
| Gross margin | 49.8% | 17.2% | 22.6% | 15.6% | 17.0% | 15.2% | 19.4% | 14.0% | 18.7% | 19.9% | 20.9% | 14.3% |
| Operating margin | 15.9% | 13.0% | 18.6% | 11.6% | 11.9% | 10.7% | 14.9% | 9.7% | 14.4% | 16.2% | 16.1% | 10.2% |
| Net margin | 12.4% | 10.4% | 14.6% | 9.3% | 9.0% | 8.4% | 11.9% | 7.7% | 11.1% | 12.9% | 12.6% | 8.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in AFG's financial statements (latest annual report filed February 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
AFG financial results
In fiscal year 2025 (ended December 31, 2025), American Financial reported revenue of $8.1 billion, down 1.9% from the year before. It had net income of $842.0 million (down 5.1%), a net profit margin of 10.4%. Diluted earnings per share came to $10.32. Over five years revenue grew at an average rate of 7.4% a year.
See the AFG stock overview for the latest quote and news, or the AFG chart for price history and technical indicators.
AFG income statement FAQ
What is American Financial's annual revenue?
American Financial reported total revenue of $8.1 billion for fiscal year 2025, which ended on December 31, 2025. That was down 1.9% from $8.3 billion the previous year.
Is American Financial profitable?
Yes. American Financial reported net income of $842.0 million in fiscal 2025, a net profit margin of 10.4%; its operating margin was 13.2%.
What is American Financial's gross margin?
American Financial's gross margin was 17.6% in fiscal 2025: for every $100 of revenue, American Financial kept $18 after the direct cost of its products and services.
How fast is American Financial growing?
Revenue grew 7.4% a year on average over the last five fiscal years, from $5.7 billion to $8.1 billion.
What are American Financial's earnings per share?
American Financial earned $10.32 per diluted share in fiscal 2025, compared with $10.75 a year earlier.
When will American Financial report its next earnings?
American Financial is expected to report results for the quarter ending September 30, 2026 on November 3, 2026 after the market closes.
When does American Financial's fiscal year end?
American Financial's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 25, 2026.