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Aflac Incorporated (AFL)
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Aflac Incorporated Income Statement 2025-2006 | AFL
Brief overview of income trends at Aflac Incorporated
The conclusions below are based on five years of reported results. Aflac Incorporated reported revenue of $22.1 billion in 2020 and $17.2 billion by 2025. Across the full period, sales moved by −22.4%; the average annual rate was −4.9%. The decline points to a contraction in the scale of the business.
Net profit was 4.8 billion dollars at the start and 3.6 billion dollars at the end. Lower net income weakens the overall financial picture.
The market value of the business moved from $32.2 billion to $59.8 billion, or +86%. The higher valuation contrasts with weaker financial performance.
Overall conclusion
Positive developments coexist with areas of weakness. The weaker side of the profile includes a softer top-line trend and declining net profitability. Further direction will depend on top-line growth, operating profitability, and net income.
Annual Income Statement Aflac Incorporated
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
59.8 B | 59.6 B | 47.6 B | 50.7 B | 40.6 B | 32.2 B | 39.4 B | 36.5 B | 35.1 B | 28.9 B | 25 B | 25.8 B | 29.4 B | 24.5 B | 22.6 B | 10.1 B | 8.46 B | 15.6 B | 12.9 B | - |
Shares |
533 M | 562 M | 596 M | 635 M | 674 M | 712 M | 742 M | 770 M | 792 M | 823 M | 861 M | 902 M | 929 M | 934 M | 933 M | 469 M | 467 M | 473 M | 488 M | - |
Historical Prices |
112 | 106 | 79.8 | 79.8 | 60.3 | 46.1 | 40.1 | 45.1 | 39.9 | 31.7 | 25.5 | 26 | 26.1 | 19.8 | 18.2 | 21.6 | 18.1 | 33 | 26.5 | 23.6 |
Net Income |
3.65 B | 5.44 B | 4.66 B | 4.42 B | 4.23 B | 4.78 B | 3.3 B | 2.92 B | 4.6 B | 2.66 B | 2.53 B | 2.95 B | 3.16 B | 2.87 B | 1.96 B | 2.33 B | 1.5 B | 1.25 B | 1.63 B | - |
Revenue |
17.2 B | 18.9 B | 18.7 B | 19.1 B | 21.6 B | 22.1 B | 22.2 B | 21.7 B | 21.6 B | 22.4 B | 20.8 B | 22.6 B | 23.8 B | 25.3 B | 22.2 B | 20.7 B | 18.3 B | 16.6 B | 15.4 B | - |
Gross Profit |
- | - | - | - | - | 22.1 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating Income |
- | - | - | 4.16 B | - | 4.42 B | 4.46 B | 4.35 B | 4.09 B | 4.12 B | 4 B | 4.25 B | 4.4 B | 4.66 B | 4.5 B | 3.98 B | 3.44 B | - | - | - |
Interest Expense |
- | - | 195 M | 226 M | 238 M | 242 M | 228 M | 222 M | 240 M | 268 M | 289 M | 317 M | 293 M | 261 M | 196 M | 149 M | 72 M | 29 M | 27 M | - |
EBITDA |
36 M | 40 M | 39 M | 4.2 B | 45 M | 1.31 B | - | - | - | - | - | - | - | - | - | 4.06 B | 3.52 B | 74 M | - | - |
Operating Expenses |
5.34 B | 5.06 B | 5.23 B | 5.38 B | 5.87 B | 498 M | 17.9 B | 17.8 B | 17.6 B | 18.5 B | 17 B | 18.2 B | 19.1 B | 21.1 B | 19.2 B | - | - | - | - | - |
General and Administrative Expenses |
3.25 B | 3.01 B | 3.16 B | 3.25 B | 3.54 B | - | - | - | - | - | - | - | - | - | 2.22 B | 2.16 B | 1.98 B | 1.74 B | 1.49 B | - |
Annual performance
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All numbers in USD currency
Quarterly Income Statement Aflac Incorporated
| 2026-Q3 | 2026-Q2 | 2026-Q1 | 2025-Q4 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | 2010-Q4 | 2010-Q3 | 2010-Q2 | 2010-Q1 | 2009-Q4 | 2009-Q3 | 2009-Q2 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
497 M | 504 M | 513 M | - | 530 M | 537 M | 545 M | - | 558 M | 565 M | 575 M | - | 591 M | 601 M | 611 M | - | 629 M | 641 M | 650 M | 652 M | 669 M | 678 M | 689 M | 692 M | 712 M | 718 M | 724 M | 727 M | 740 M | 745 M | 751 M | 755 M | 767 M | 773 M | 779 M | 781 M | 789 M | 793 M | 802 M | 812 M | 409 M | 412 M | 419 M | 424 M | 429 M | 432 M | 437 M | 442 M | 451 M | 453 M | 455 M | 459 M | 464 M | 465 M | 466 M | 468 M | 467 M | 467 M | 466 M | 466 M | 466 M | 466 M | 468 M | - | 470 M | 469 M | 468 M | - | 467 M | 466 M |
Net Income |
303 M | 825 M | 1.02 B | - | 1.64 B | 599 M | 29 M | - | -93 M | 1.76 B | 1.88 B | 268 M | 1.57 B | 1.63 B | 1.19 B | 196 M | 1.78 B | 1.39 B | 1.05 B | - | 888 M | 1.1 B | 1.29 B | 951 M | 2.46 B | 805 M | 566 M | 782 M | 777 M | 817 M | 928 M | 525 M | 845 M | 832 M | 717 M | 2.58 B | 716 M | 713 M | 592 M | 751 M | 629 M | 548 M | 731 M | 730 M | 567 M | 573 M | 663 M | 703 M | 706 M | 810 M | 732 M | 675 M | 702 M | 889 M | 892 M | 581 M | 1.02 B | 483 M | 785 M | 538 M | 736 M | 274 M | 389 M | 437 M | 690 M | 581 M | 636 M | 251 M | 363 M | 314 M |
Revenue |
3.27 B | 4.12 B | 4.35 B | - | 4.74 B | 4.16 B | 3.4 B | - | 2.95 B | 5.14 B | 5.44 B | 3.78 B | 4.95 B | 5.17 B | 4.8 B | 3.95 B | 4.7 B | 5.32 B | 5.17 B | - | 5.24 B | 5.56 B | 5.87 B | 5.91 B | 5.66 B | 5.41 B | 5.16 B | 5.6 B | 5.54 B | 5.51 B | 5.66 B | 5.13 B | 5.58 B | 5.59 B | 5.46 B | 5.42 B | 5.51 B | 5.43 B | 5.31 B | 5.96 B | 5.72 B | 5.44 B | 5.45 B | 5.32 B | 5.04 B | 5.29 B | 5.23 B | 5.51 B | 5.74 B | 5.84 B | 5.64 B | 5.8 B | 5.89 B | 6.04 B | 6.21 B | 6.38 B | 6.85 B | 5.9 B | 6.24 B | 5.98 B | 5.99 B | 5.09 B | 5.12 B | 5.29 B | 5.39 B | 4.98 B | 5.06 B | 4.6 B | 4.53 B | 4.31 B |
Operating Income |
- | - | - | - | - | - | - | - | - | - | - | - | 1.3 B | 1.14 B | 1.13 B | - | 1.11 B | 1.14 B | 1.16 B | - | 1.29 B | 1.34 B | 1.31 B | - | 1.04 B | 1.24 B | 1.18 B | - | 1.16 B | 1.14 B | 1.14 B | - | 1.06 B | 1.14 B | 1.11 B | - | 1.01 B | 1.07 B | 1.03 B | - | 1.09 B | 1.04 B | 1.08 B | - | 1.03 B | 995 M | 1.04 B | - | 1.04 B | 1.16 B | 1.17 B | - | 1.05 B | 1.16 B | 1.2 B | - | 1.19 B | 1.16 B | 1.25 B | - | 1.18 B | 1.11 B | 1.17 B | - | - | - | - | - | - | - |
Interest Expense |
- | - | - | - | - | - | - | - | - | 50 M | 47 M | - | 49 M | 51 M | 48 M | - | 59 M | 55 M | 56 M | - | 57 M | 62 M | 62 M | - | 63 M | 63 M | 55 M | - | 57 M | 57 M | 58 M | - | 53 M | 54 M | 56 M | - | 59 M | 61 M | 62 M | - | 65 M | 66 M | 65 M | - | 67 M | 74 M | 83 M | - | 77 M | 81 M | 80 M | - | 71 M | 69 M | 71 M | - | 67 M | 62 M | 57 M | - | 52 M | 46 M | 45 M | - | 39 M | 33 M | 33 M | - | 25 M | 14 M |
EBITDA |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.11 B | 1.14 B | 1.16 B | - | 1.29 B | 1.34 B | 1.31 B | - | 1.04 B | 1.24 B | 1.18 B | - | 1.16 B | 1.14 B | 1.14 B | - | 1.06 B | 1.14 B | 1.11 B | - | 1.01 B | 1.07 B | 1.03 B | - | 1.09 B | 1.04 B | 1.08 B | - | 1.03 B | 995 M | 1.04 B | - | 1.04 B | 1.16 B | 1.17 B | - | 1.05 B | 1.16 B | 1.2 B | - | 1.19 B | 1.16 B | 1.25 B | - | 1.18 B | 1.11 B | 1.17 B | - | - | - | - | - | - | - |
Operating Expenses |
1.33 B | 1.27 B | 1.29 B | - | 1.31 B | 1.33 B | 1.31 B | - | 1.26 B | 1.2 B | 1.26 B | - | 1.28 B | 1.25 B | 1.31 B | - | 1.3 B | 1.33 B | 1.4 B | - | - | - | 1.53 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
General and Administrative Expenses |
805 M | 749 M | 771 M | - | 781 M | 804 M | 802 M | - | 747 M | 694 M | 739 M | - | 785 M | 728 M | 775 M | - | 779 M | 802 M | 833 M | - | 869 M | 881 M | 832 M | - | 847 M | 756 M | 779 M | - | 769 M | 743 M | 719 M | - | 730 M | 732 M | 733 M | - | 686 M | 665 M | 675 M | - | 675 M | 654 M | 563 M | - | 554 M | 550 M | 530 M | - | 566 M | 537 M | 534 M | - | 568 M | 529 M | 534 M | - | 595 M | 587 M | 564 M | - | 579 M | 565 M | 534 M | - | 505 M | 508 M | 481 M | - | 487 M | 462 M |
Quarterly performance
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All numbers in USD currency
The income statement is one of the three key financial reports of a company Aflac Incorporated (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.