Aflac Incorporated (AFL) Income Statement
AFL 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsAFL revenue and net income
Where AFL's revenue goes
2025Each bar shows an amount and its share of revenue. AFL kept 20.9% of revenue as net income.
AFL profit margins
AFL growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −8.8% | −3.1% | −4.7% | −1.8% |
| Gross profit | −0.4% | −29.2% | −21.1% | −10.6% |
| Operating income | −27.7% | −1.6% | +2.2% | +1.1% |
| Net income | −33.0% | −6.2% | −5.3% | +3.7% |
| EPS (diluted) | +4.0% | +12.1% | +8.8% | +9.3% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
AFL quarterly EPS vs estimates
Aflac beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: November 4, 2026 (estimate $1.79).
AFL income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.44B | $19.13B | $18.84B | $19.15B | $22.11B | $22.15B | $22.31B | $21.76B | $21.67B | $22.56B |
| Cost of revenue | $10.65B | $12.31B | $0 | $275.0M | $0 | $0 | $14.54B | $14.56B | $14.63B | $15.43B |
| Gross profit | $6.79B | $6.82B | $18.84B | $19.15B | $22.11B | $22.15B | $22.31B | $21.76B | $21.67B | $22.56B |
| Research & development | — | — | — | — | — | — | — | — | $0 | $0 |
| Sales, general & admin | $2.45B | $2.79B | $3.12B | $3.20B | $287.0M | $240.0M | $273.0M | $291.0M | $285.0M | $299.0M |
| Total operating expenses | $2.15B | $398.0M | $13.58B | $14.28B | −$16.78B | −$17.99B | −$17.86B | −$17.55B | −$17.41B | −$18.22B |
| Operating income | $4.64B | $6.42B | $5.26B | $4.87B | $5.32B | $4.16B | $4.45B | $4.21B | $4.26B | $4.33B |
| Interest income | $220.0M | $197.0M | $195.0M | $226.0M | $238.0M | $242.0M | $228.0M | $222.0M | $240.0M | $268.0M |
| Interest expense | $220.0M | $197.0M | $195.0M | $226.0M | $238.0M | $242.0M | $228.0M | $222.0M | $240.0M | $268.0M |
| Income before taxes | $4.53B | $6.42B | $5.26B | $4.87B | $5.32B | $4.16B | $4.45B | $3.98B | $4.02B | $4.07B |
| Income taxes | $887.0M | $974.0M | $603.0M | $451.0M | $997.0M | −$619.0M | $1.14B | $1.06B | −$586.0M | $1.41B |
| Net income | $3.65B | $5.44B | $4.66B | $4.42B | $4.33B | $4.78B | $3.30B | $2.92B | $4.37B | $2.66B |
| EBITDA | $5.56B | $6.42B | $5.26B | $4.87B | $6.49B | $5.37B | $4.45B | $4.21B | $4.26B | $4.33B |
| EPS (diluted) | $7.50 | $7.21 | $6.22 | $5.32 | $5.99 | $4.93 | $4.44 | $4.17 | $3.41 | $3.41 |
| Gross margin | 38.9% | 35.6% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating margin | 26.6% | 33.5% | 27.9% | 25.4% | 24.1% | 18.8% | 19.9% | 19.3% | 19.7% | 19.2% |
| Net margin | 20.9% | 28.5% | 24.7% | 23.1% | 19.6% | 21.6% | 14.8% | 13.4% | 20.2% | 11.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.08B | $4.32B | $4.90B | $4.79B | $4.22B | $3.45B | $5.50B | $3.04B | $5.16B | $5.44B | $3.86B | $5.03B |
| Cost of revenue | $1.85B | $1.83B | $1.96B | $2.69B | $3.04B | $2.96B | $2.97B | $2.56B | $2.82B | $2.96B | $0 | $0 |
| Gross profit | $2.23B | $2.48B | $2.93B | $2.10B | $1.18B | $490.0M | $2.53B | $479.0M | $2.33B | $2.47B | $3.86B | $5.03B |
| Sales, general & admin | — | — | $1.11B | $781.0M | $804.0M | $802.0M | $611.0M | $747.0M | $694.0M | $739.0M | $826.0M | $785.0M |
| Total operating expenses | $1.24B | $1.26B | $1.33B | $110.0M | $361.0M | $345.0M | $392.0M | $387.0M | $315.0M | $303.0M | $3.57B | $3.23B |
| Operating income | $995.0M | $1.23B | $1.60B | $1.99B | $822.0M | $145.0M | $2.13B | $92.0M | $2.02B | $2.17B | $290.0M | $1.80B |
| Interest income | — | — | $61.0M | $57.0M | $52.0M | $50.0M | $50.0M | $50.0M | — | — | — | $49.0M |
| Interest expense | $64.0M | $60.0M | $61.0M | $57.0M | $52.0M | $50.0M | $50.0M | $50.0M | $50.0M | $47.0M | $47.0M | $49.0M |
| Income before taxes | $995.0M | $1.23B | $1.57B | $1.99B | $822.0M | $145.0M | $2.13B | $92.0M | $2.02B | $2.17B | $290.0M | $1.80B |
| Income taxes | $170.0M | $206.0M | $193.0M | $355.0M | $223.0M | $116.0M | $233.0M | $185.0M | $264.0M | $291.0M | $22.0M | $236.0M |
| 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 |
| EBITDA | $1.28B | $1.28B | $1.84B | $2.71B | $822.0M | $145.0M | $2.13B | $92.0M | $2.02B | $2.17B | $290.0M | $1.80B |
| EPS (diluted) | $1.75 | $1.75 | $1.57 | $2.49 | $1.78 | $1.66 | $1.56 | $2.16 | $1.83 | $1.66 | $1.25 | $1.84 |
| Gross margin | 54.6% | 57.5% | 59.9% | 43.9% | 28.0% | 14.2% | 46.0% | 15.8% | 45.3% | 45.5% | 100.0% | 100.0% |
| Operating margin | 24.4% | 28.4% | 32.7% | 41.6% | 19.5% | 4.2% | 38.8% | 3.0% | 39.2% | 39.9% | 7.5% | 35.9% |
| Net margin | 20.2% | 23.6% | 28.2% | 34.2% | 14.2% | 0.8% | 34.6% | −3.1% | 34.0% | 34.6% | 6.9% | 31.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in AFL's financial statements (latest annual report filed February 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
AFL financial results
In fiscal year 2025 (ended December 31, 2025), Aflac reported revenue of $17.4 billion, down 8.8% from the year before. It had net income of $3.6 billion (down 33.0%), a net profit margin of 20.9%. Diluted earnings per share came to $7.50. Over five years revenue grew at an average rate of −4.7% a year.
See the AFL stock overview for the latest quote and news, or the AFL chart for price history and technical indicators.
AFL income statement FAQ
What is Aflac's annual revenue?
Aflac reported total revenue of $17.4 billion for fiscal year 2025, which ended on December 31, 2025. That was down 8.8% from $19.1 billion the previous year.
Is Aflac profitable?
Yes. Aflac reported net income of $3.6 billion in fiscal 2025, a net profit margin of 20.9%; its operating margin was 26.6%.
What is Aflac's gross margin?
Aflac's gross margin was 38.9% in fiscal 2025: for every $100 of revenue, Aflac kept $39 after the direct cost of its products and services.
How fast is Aflac growing?
Revenue grew −4.7% a year on average over the last five fiscal years, from $22.1 billion to $17.4 billion.
What are Aflac's earnings per share?
Aflac earned $7.50 per diluted share in fiscal 2025, compared with $7.21 a year earlier.
When will Aflac report its next earnings?
Aflac is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does Aflac's fiscal year end?
Aflac's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 25, 2026.