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Aflac (AFL) stock

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NYSE: AFL NYSE Life & Health Insurance Next results ~November 4, 2026

B+ Fundamentals grade

Aflac is an insurance group operating in Japan and the United States. In Japan its portfolio is built around so-called third sector products — cancer, medical and other health cover — alongside first sector life insurance including traditional life, Tsumitasu, WAYS and child endowment; a recent cancer product is named Miraito. In the United States it sells accident, disability, critical care, hospital indemnity, dental and vision, and life insurance.

Its income comes mainly from premiums paid by policyholders, supplemented by income from its investment portfolio. Policies are distributed largely through sales agencies, agents and brokers, and in Japan also through banks.

The business is organised into three segments — Aflac Japan, Aflac U.S. and Corporate and Other. At the end of 2025 Aflac Japan held more than 22 million individual policies in Japan, including about 14 million cancer policies, and was represented by roughly 6,300 agencies employing some 112,000 licensed sales associates, with selling agreements at 358 banks, around 90% of all banks in the country. The US sales force averaged about 5,300 agents. Japan Post Holdings holds a stake in the parent company under a strategic alliance.

Based on Aflac's 10-K filed February 25, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$170

Valuation models combined (4)

Base case. Range ~$130–$190. Weighted average of 4 models (residual income, justified price-to-book, price-to-book vs return on equity (peers), dividend discount (two-stage)), the residual income counting double.

Price vs value

Undervalued

The price is below our entire value range; our base value is 34% above it.

Price used: $124.59, November 2, 2026

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 11 selling0 purchases and 233 sales by directors and officers, last 12 monthsInsider trades
  • Funds713 adding, 667 cuttingOf 63 active managers that changed their stake, 29 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Aflac files

Where Aflac stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $18.1bn, up 13.6% on a year earlier, faster than 7.2% a quarter earlier. The diluted share count is down 5.7% on a year earlier, which lifts each remaining share. Our valuation models combined value is $141 a share, against a share price of $120.

Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Where it stands out: net margin of 26.9% ranks 3 of 18 life & health insurance companies we cover.

Current signal Revenue growth accelerating: TTM revenue growth rose to 13.6% (+6.3pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Strengths

  • Priced below our value. The share price of $124.59 is 34% below our value per share of $170.
  • Growth speeding up. The growth rate is 6.3 points higher than a quarter earlier.
  • Shrinking share count. Diluted shares fell 5.7% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $6.1bn.

Things to watch

  • Results due soon. Results are expected around 6 November; the share price can move sharply on the day.
  • Insiders selling. 11 insiders sold $264M of stock over the past 365 days and none bought (96% under pre-set trading plans).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.

Latest results: FY2026 Q2

Filed August 7, 2026
Earnings per share
$1.75 against an average estimate of $1.76: missed by 0.4%
Revenue
$4.12bn, down 1.0% on a year earlier
Share reaction
-0.8% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Next report
November 4, 2026; average EPS estimate $1.80

Aflac's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.6%
  • 1 week+3.0%
  • 1 month+11.7%
  • This year+14.7%
  • 1 year+18.7%
  • 5 years+148.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$18.1B
Net margin
26.9%
EPS (TTM, diluted)
$9.37

Growth

Revenue growth
+13.6%
Change in growth rate
+6.3 pts
Share count change
−5.7%

Earnings

Last results
August 6, 2026
Next results (est.)
November 6, 2026

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Announcement
  3. Insider trade
  4. Insider trade
  5. Announcement
  6. Insider trade
  7. Insider trade
  8. Insider trade
  9. Insider trade
  10. Insider trade
  11. Announcement
  12. Insider trade
  13. Announcement
  14. Announcement
  15. Announcement
  16. Announcement
  17. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$170
Price used
$123.39close November 3, 2026
Implied change
▲ +35%
Uncertainty
Low

How we got here: the combined value of 4 valuation models built for a business like Aflac (see the models table below and how they are combined) , with a 8.26% cost of equity. The models span ~$130–~$190; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Valuation models

We value Aflac as an insurer, with every model that fits that kind of business. Cost of equity 8.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.74 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$170 ~$120–$250 Primary model, counts double
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$170 ~$140–$210 Included
Price-to-book vs return on equity (peers) The price-to-book that peers with this return on equity trade on, from a line fitted across peers. ~$130 ~$85–$170 Included
Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. ~$0.2 ~$41–$120 Left out: out of range vs price (0.00x)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$48 ~$46–$74 Left out: far from the other models (more than 3x away from their median)
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$190 ~$150–$240 Included
Combined value Weighted average of the models that apply: the primary model (residual income) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$170 ~$130–$190 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Aflac with life and health insurers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

80 /100

Strong moat

How hard Aflac's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Net income has been a median 2.6% of total assets over 10 years.

  • Durability 16 / 20

    Operating margin has been a median 20.0%; its worst year was 18.1%.

  • Discipline 15 / 20

    The diluted share count fell 25.7% over five years.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (85 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $4.2bn and EPS of $1.80 (range $1.71 to $1.93) for the quarter.

Analysts' consensus

Aflac: consensus estimates
Fiscal yearEPSGrowthRevenueGrowth
Current $7.02 −6% $16.9bn −3%
Next $7.62 +8% $17.2bn +2%

Next year's EPS estimate has moved +0.8% in 90 days, across 15 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.0% on 90 days ago. In the last 30 days, 3 analysts raised Aflac's forecast and 1 cut it.

Consensus EPS forecast Aflac, last 90 days
$7.00 $7.20 $7.40 $7.60 $7.80 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $7.02 Current fiscal year, 60 days ago: $7.04 Current fiscal year, 30 days ago: $7.02 Current fiscal year, 7 days ago: $7.02 Current fiscal year, Now: $7.02 $7.02 Next fiscal year, 90 days ago: $7.56 Next fiscal year, 60 days ago: $7.57 Next fiscal year, 30 days ago: $7.54 Next fiscal year, 7 days ago: $7.58 Next fiscal year, Now: $7.62 $7.62

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $7.02$7.56
60 days ago $7.04$7.57
30 days ago $7.02$7.54
7 days ago $7.02$7.58
Now $7.02$7.62

Earnings against estimates

Aflac: reported EPS against the consensus estimate
Quarter toEstimateActualSurprise
Jun 2026 $1.76 $1.75 −0.4%
Mar 2026 $1.80 $1.75 −2.5%
Dec 2025 $1.69 $1.57 −7.3%
Sept 2025 $1.78 $2.49 +40.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026

No numeric guidance in Aflac's latest earnings release (filed August 6, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

15 analysts, Oct 2026
Buy320%
Hold853%
Sell427%

Monthly trend

  1. Oct 202628315
  2. Sep 202628315
  3. Aug 202628315
  4. Jul 20262182114

Counts of recommendations published by analysts covering Aflac, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.6%
of tradable shares
Days to cover
5.1
at average volume
Short interest, 1 month
−13%
to October 15, 2026
Held by institutions
60%
of shares
Held by insiders
10.9%
of shares
Employees
12,716
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +18.7%

$104.99 on October 31, 2025 to $124.59

Aflac: share-price change split into its parts
PartThenNowEffect
Revenue (last 12 months) $15.9bn $18.1bn +13.6%
Net margin 15.3% 26.9% +75.7%
P/E multiple 23.7x 13.3x −43.9%
Share count 550m 519m +6.1%

Biggest factor: p/e multiple.

Last 3 years +61.5%

$77.15 on November 3, 2023 to $124.59

Aflac: share-price change split into its parts
PartThenNowEffect
Revenue (last 12 months) $18.6bn $18.1bn −3.0%
Net margin 25.8% 26.9% +4.4%
P/E multiple 9.9x 13.3x +33.8%
Share count 618m 519m +19.1%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Aflac: yearly return, monthly win rate and worst fall against the S&P 500
Calendar year 202120222023202420252026 to date
Return
AFL+35%+26%+17%+28%+9%+15%
Industry peers (median)+16%−4%+20%+26%+11%+11%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AFL83%67%67%58%58%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AFL−10%−20%−17%−13%−12%−14%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 55% from July 12, 2019 to March 18, 2020. Getting back needed a 122% gain, reached on May 3, 2021, 411 days after the low.

Price behaviour

52-week range
$104.78 – $128.90
From 52-week high
−3.3%
vs 50-day average
+6.6%
vs 200-day average
+8.1%
Volatility (1 year)
17%
Beta vs S&P 500
-0.21

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±4.3%
After a week
6 up, 6 down
typical move ±3.7%
After a month
7 up, 5 down
typical move ±5.7%
Aflac: share-price change after each results release
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 −0.8% +0.5% −3.6% −6.2%
April 29, 2026 −2.3% +1.0% −2.5% −2.8%
February 4, 2026 +4.8% −1.7% +3.8% −0.1%
November 4, 2025 +4.0% −0.8% +6.4% +2.7%
August 5, 2025 +3.8% +0.3% +5.1% +10.7%
April 30, 2025 −4.7% +0.7% −1.5% −4.1%
February 5, 2025 −3.4% +0.8% −3.6% +2.1%
October 30, 2024 −4.7% −2.3% −1.3% +4.1%
July 31, 2024 +6.6% +0.2% +4.1% +15.5%
May 1, 2024 +0.5% +0.6% +1.4% +8.1%
January 31, 2024 −11.1% −0.3% −8.0% −5.6%
November 1, 2023 +4.6% +3.0% +2.8% +6.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Aflac’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.27× the last 60 days’ realised volatility .
  • Puts are priced 2 points richer than calls (25-delta): the market is paying up for downside protection, which favours selling puts over calls.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

AFL Aflac Grade B+ $124.38

Sell the $120 put expiring December 18, 2026 (46 days) for $2.10 a share — $210 per contract.

Previous session · Bid $2.10, ask $2.25, quoted Mon 2 Nov, 17:13 New York time with AFL at $124.38. Option prices move with the shares: check the live chain at your broker before trading.

  • If AFL ends above $120: you keep the $210 — 1.8% on the $12,000 set aside, or 13.9% a year at that pace.
  • If it ends below $120: you buy 100 shares at an effective $117.9, 5% below today's price and 31% below our value of ~$170.
$210 −$2.4k Break-even $117.9 Price $124.38 Our value ~$170 →
Profit or loss per contract at expiry, by share price.
Premium
$210
Annualised
13.9%
Break-even
$117.9
Max gain
$210
Chance of buying
~30%

Results are expected around November 6, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Aflac in five measures

Fundamentals grade B+
Growth Profitability Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Aflac
$15B $16B $17B $18B $19B $20B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $18.9B Revenue (TTM), FY23 Q4: $18.7B Revenue (TTM), FY24 Q1: $19.3B Revenue (TTM), FY24 Q2: $19.3B Revenue (TTM), FY24 Q3: $17.3B Revenue (TTM), FY24 Q4: $18.9B Revenue (TTM), FY25 Q1: $16.9B Revenue (TTM), FY25 Q2: $15.9B Revenue (TTM), FY25 Q3: $17.7B Revenue (TTM), FY25 Q4: $17.2B Revenue (TTM), FY26 Q1: $18.1B Revenue (TTM), FY26 Q2: $18.1B $18.1B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $18.9B
FY23 Q4 $18.7B
FY24 Q1 $19.3B
FY24 Q2 $19.3B
FY24 Q3 $17.3B
FY24 Q4 $18.9B
FY25 Q1 $16.9B
FY25 Q2 $15.9B
FY25 Q3 $17.7B
FY25 Q4 $17.2B
FY26 Q1 $18.1B
FY26 Q2 $18.1B
Revenue growth, TTM YoY Aflac
-20% -10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -6.0% Revenue growth, TTM YoY, FY23 Q4: -2.3% Revenue growth, TTM YoY, FY24 Q1: 3.0% Revenue growth, TTM YoY, FY24 Q2: 3.6% Revenue growth, TTM YoY, FY24 Q3: -8.3% Revenue growth, TTM YoY, FY24 Q4: 1.2% Revenue growth, TTM YoY, FY25 Q1: -12.7% Revenue growth, TTM YoY, FY25 Q2: -17.6% Revenue growth, TTM YoY, FY25 Q3: 2.3% Revenue growth, TTM YoY, FY25 Q4: -9.3% Revenue growth, TTM YoY, FY26 Q1: 7.2% Revenue growth, TTM YoY, FY26 Q2: 13.6% 13.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -6.0%
FY23 Q4 -2.3%
FY24 Q1 3.0%
FY24 Q2 3.6%
FY24 Q3 -8.3%
FY24 Q4 1.2%
FY25 Q1 -12.7%
FY25 Q2 -17.6%
FY25 Q3 2.3%
FY25 Q4 -9.3%
FY26 Q1 7.2%
FY26 Q2 13.6%
Operating margin (TTM) Aflac
19% 20% 21% 22% 23% FY20 Q4 FY21 Q3 FY22 Q2 FY23 Q3 Operating margin (TTM), FY20 Q4: 19.9% Operating margin (TTM), FY21 Q1: 19.9% Operating margin (TTM), FY21 Q2: 20.2% Operating margin (TTM), FY21 Q3: 21.7% Operating margin (TTM), FY21 Q4: 22.9% Operating margin (TTM), FY22 Q1: 23.0% Operating margin (TTM), FY22 Q2: 22.3% Operating margin (TTM), FY22 Q3: 21.9% Operating margin (TTM), FY22 Q4: 21.7% Operating margin (TTM), FY23 Q1: 22.0% Operating margin (TTM), FY23 Q2: 22.2% Operating margin (TTM), FY23 Q3: 22.9% 22.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY20 Q4 19.9%
FY21 Q1 19.9%
FY21 Q2 20.2%
FY21 Q3 21.7%
FY21 Q4 22.9%
FY22 Q1 23.0%
FY22 Q2 22.3%
FY22 Q3 21.9%
FY22 Q4 21.7%
FY23 Q1 22.0%
FY23 Q2 22.2%
FY23 Q3 22.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Aflac: annual financial statements
Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 18.3 20.7 22.2 25.4 23.9 22.7 20.9 22.6 21.7 21.8 22.3 22.1 21.6 19.1 18.7 18.9 17.2 18.1
EBITDA 3.5 4.1 4.6 4.7 4.5 4.3 4.1 4.2 4.1 4.4 4.5 4.5 5.0 4.2 — — — —
Operating income 3.4 4.0 4.5 4.7 4.4 4.3 4.0 4.1 4.1 4.4 4.5 4.4 4.9 4.2 — — — —
Net income 1.5 2.3 1.9 2.9 3.2 3.0 2.5 2.7 4.6 2.9 3.3 4.8 4.2 4.4 4.7 5.4 3.6 4.9
Diluted EPS $1.59 $2.46 $2.06 $3.06 $3.38 $3.25 $2.92 $3.21 $5.77 $3.77 $4.43 $6.67 $6.25 $6.93 $7.78 $9.63 $6.82 $9.37
Growth (year on year)
Revenue +10.3% +13.6% +6.9% +14.4% −5.6% −5.1% −8.2% +8.1% −4.0% +0.4% +2.5% −0.7% −2.7% −11.2% −2.3% +1.2% −9.3% +13.6%
EBITDA — +15.6% +12.3% +3.5% −5.4% −3.6% −6.0% +3.0% −0.7% +6.4% +2.2% −1.0% +11.7% −15.6% — — — —
Operating income — +16.0% +13.0% +3.5% −5.6% −3.3% −5.9% +2.9% −0.7% +6.5% +2.5% −1.0% +11.7% −15.7% — — — —
Net income +19.4% +55.5% −16.8% +48.0% +10.2% −6.6% −14.2% +5.0% +73.1% −36.6% +13.2% +44.6% −11.4% +4.4% +5.5% +16.8% −33.0% +99.5%
Diluted EPS +21.8% +54.2% −16.3% +48.3% +10.6% −3.8% −10.0% +9.7% +79.8% −34.7% +17.5% +50.6% −6.3% +10.9% +12.3% +23.8% −29.2% +111.7%
Margins
EBITDA margin 19.3% 19.6% 20.6% 18.6% 18.7% 19.0% 19.4% 18.5% 19.1% 20.2% 20.2% 20.1% 23.1% 22.0% — — — —
Operating margin 18.8% 19.2% 20.3% 18.4% 18.4% 18.7% 19.2% 18.2% 18.9% 20.0% 20.0% 19.9% 22.9% 21.7% — — — —
Net margin 8.2% 11.2% 8.7% 11.3% 13.2% 13.0% 12.1% 11.8% 21.2% 13.4% 14.8% 21.6% 19.6% 23.1% 24.9% 28.8% 21.2% 26.9%
Cash flow
Cash from operations 6.2 7.0 10.8 15.0 10.5 6.6 6.8 6.0 6.1 6.0 5.5 6.0 5.1 3.9 3.2 2.7 2.6 2.6
Stock-based pay — — — — — — — — 0.1 0.1 0.1 0.1 0.1 0.1 0.1 — — —
Balance sheet
Cash 2.3 2.1 2.2 2.0 2.5 4.7 4.4 4.9 3.5 4.3 4.9 5.1 5.1 3.9 4.3 6.2 6.2 6.1
Total debt 0.0 3.0 3.3 4.4 4.9 5.3 5.0 5.4 5.3 5.8 6.6 7.9 8.0 7.4 7.4 7.5 8.4 8.7
Net debt (negative = net cash) −2.3 0.9 1.0 2.3 2.4 0.6 0.6 0.5 1.8 1.4 1.7 2.8 2.9 3.5 3.1 1.3 2.2 2.6
Diluted shares 938m 946m 939m 939m 935m 908m 866m 828m 798m 775m 746m 716m 677m 638m 599m 565m 535m 519m
Returned to shareholders
Dividends 0.5 0.5 0.6 0.6 0.6 0.7 0.7 0.7 0.7 0.8 0.8 0.8 0.9 1.0 1.0 1.1 1.2 1.2
Buybacks 0.0 0.1 0.3 0.1 0.8 1.2 1.3 1.4 1.4 1.3 1.6 1.5 2.3 2.4 2.8 2.8 3.5 3.8
Total returned 0.5 0.7 0.9 0.7 1.4 1.9 2.0 2.1 2.0 2.1 2.4 2.3 3.2 3.4 3.8 3.9 4.7 5.0

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$3.8B
Dividends (TTM)
$1.2B
Buybacks, last 3 fiscal years
$9.1B
Diluted share count
−5.7%
year over year
Dividend payout ratio
25%
of net income paid out
Sales & admin spending
17.5%
of revenue

Competitors: side by side with peers

Closest by revenue in life & health insurance
Growth, margins and cash generation against peers
Last 12 months unless stated AFL LNC PFG CRBG UNM PUK Median
Revenue, last 12 months $18.1bn $19.3bn $16.6bn $20.1bn $13.3bn $11.5bn $11.1bn
Revenue growth, last 12 months 13.6% 7.9% 5.2% 29.5% 3.4% 7.0% 6.1%
Revenue growth, 3-year average −1.0% 7.3% 5.6% −1.0% 3.3% — 4.9%
Revenue growth, latest quarter −1.0% 12.3% 25.4% 43.6% 0.3% — 6.9%
Operating margin 22.9% — — — 12.3% 28.8% 12.3%
Operating margin, 3-year average 22.2% — — — 12.1% 17.9% 15.0%
Net margin 26.9% 12.2% 11.9% 4.5% 5.3% 34.6% 6.5%
Cash from operations / revenue 14.6% −6.9% 33.3% 9.2% 6.2% — 14.6%
Free-cash-flow margin — — 32.5% 5.7% 5.2% — 19.4%
Free-cash-flow margin, 3-year average — — 31.9% 8.8% 8.7% — 21.3%
Change in share count −5.7% 11.4% −4.0% −12.8% −8.2% −4.7% −4.7%

Median of all 18 companies we cover in life & health insurance. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

18 life & health insurance companies
Measures ranked against peers
Measure Company Peer median Rank
Revenue growth Growth 13.6% 7.0% 5 of 18
Change in growth rate Growth +6.3pp +1.5pp 6 of 18
Net margin Profitability 26.9% 6.9% 3 of 18
Change in share count Balance sheet -5.7% -4.7% 6 of 16

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue YoY
Aflac Japan $9.4B ▼ 3.1%
Aflac US $6.9B ▲ 2.4%
Corporate and Other $1.3B ▲ 26.8%

These categories overlap or exclude eliminations, so shares aren't shown.

From Aflac's 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Reported value
$40.4B
Institutions reporting
1,688
Shares held vs prior quarter
▲ 0.6%
Positions opened / closed
130 / 91

Top buyers and sellers, Q2 2026: 713 institutions bought and 667 sold ; the biggest buyer was Vanguard Portfolio Management LLC (+6.1M shares) and the biggest seller Wells Fargo & Company (−1.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Japan Post Holdings Co., Ltd. $6B 50.9M 14.8% ▼ 2.1%
Blackrock, Inc. $4.1B 34.9M 10.1% ▼ 3.6%
Vanguard Capital Management LLC $3.5B 29.9M 8.7% ▼ 1.2%
Vanguard Portfolio Management LLC $2.9B 24.4M 7.1% ▲ 33.5%
State Street Corp $2.8B 23.5M 6.8% ▼ 0.4%
Geode Capital Management, LLC $1.2B 10.6M 3.1% ▼ 1.1%
Wells Fargo & Company $1B 8.6M 2.5% ▼ 18.1%
Morgan Stanley $943M 8.0M 2.3% ▲ 1.8%
Northern Trust Corp $737M 6.3M 1.8% ▼ 4.1%
Goldman Sachs Group Inc $624M 5.3M 1.5% ▲ 28.9%
UBS Am, A Distinct Business Unit Of UBS Asset Management Americas LLC $610M 5.2M 1.5% ▲ 27.8%
Dimensional Fund Advisors LP $538M 4.6M 1.3% ▲ 0.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Aflac's complete shareholder register. Values are as reported by the filers ; 8 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Recent insider open-market transactions
Insider Date Trade Shares Price Value
Japan Post Holdings Co., Ltd. 10% owner October 15, 2026 Sell pre-set plan 6,375 $120.31 $766,976
Japan Post Holdings Co., Ltd. 10% owner October 15, 2026 Sell pre-set plan 19,122 $119.48 $2.3M
Japan Post Holdings Co., Ltd. 10% owner October 15, 2026 Sell pre-set plan 88,114 $118.19 $10.4M
Japan Post Holdings Co., Ltd. 10% owner October 14, 2026 Sell pre-set plan 29,649 $118.17 $3.5M
Japan Post Holdings Co., Ltd. 10% owner October 14, 2026 Sell pre-set plan 19,046 $117.61 $2.2M
Japan Post Holdings Co., Ltd. 10% owner October 14, 2026 Sell pre-set plan 6,305 $116.55 $734,848
Japan Post Holdings Co., Ltd. 10% owner October 13, 2026 Sell pre-set plan 340 $117.03 $39,790
Japan Post Holdings Co., Ltd. 10% owner October 13, 2026 Sell pre-set plan 41,660 $116.37 $4.8M
Japan Post Holdings Co., Ltd. 10% owner October 12, 2026 Sell pre-set plan 732 $116.24 $85,088
Japan Post Holdings Co., Ltd. 10% owner October 12, 2026 Sell pre-set plan 11,468 $115.83 $1.3M
Japan Post Holdings Co., Ltd. 10% owner October 9, 2026 Sell pre-set plan 40 $115.52 $4,621
Japan Post Holdings Co., Ltd. 10% owner October 9, 2026 Sell pre-set plan 11,960 $114.72 $1.4M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 21 trades and filings

No trades in Aflac disclosed in the last 12 months; 21 earlier trades on record.

  • Carol D. Miller(R-WV 1):Purchase, $1,001 - $15,000, traded March 10, 2025, filed April 11, 2025
  • Marjorie Taylor Greene(R-GA 14):Purchase, $1,001 - $15,000, traded February 22, 2022, filed March 7, 2022
  • John H. Rutherford(R-FL 4):Sale (full), $1,001 - $15,000, traded February 17, 2022, filed March 16, 2022

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 6, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • April 29, 2026
  • February 4, 2026
  • November 4, 2025
  • August 5, 2025
  • April 30, 2025

Recent SEC filings

Data status

When each part of this page on Aflac was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Aflac in brief

What does Aflac do?
Aflac is a US-listed company in the life & health insurance industry. Its financial year ends in December.
What is Aflac's stock ticker?
Aflac trades under the ticker AFL on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Aflac's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Aflac reported revenue of $18.1B, 13.6% higher than a year earlier, according to its SEC filings.
Who are Aflac's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Japan Post Holdings Co., Ltd., Blackrock, Inc. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Aflac buying back stock, and does it pay a dividend?
Aflac spent $3.8B on share repurchases over the trailing twelve months, and its diluted share count fell 5.7% over the year.
What is Aflac's market cap?
On November 2, 2026, Aflac's market capitalisation was about $64.6B, with a price-to-earnings ratio of 13.3 and net debt of $2.6B. Market figures come from third-party market data and may be delayed.
Does Aflac pay a dividend?
Yes: Aflac paid $1.2B in dividends over the trailing twelve months and a payout ratio of 24.6%.
Who are Aflac's competitors?
In our Life & Health Insurance peer group, the companies closest to Aflac are Lincoln National Corp, Principal Financial Group, Corebridge Financial, Inc., Unum Group and Prudential PLC. The side-by-side comparison below sets their revenue, margins and growth against Aflac's.
Are insiders buying or selling Aflac stock?
Over the last 12 months, Aflac's directors and officers reported 0 open-market purchases and 233 sales on Form 4. The insider trading page charts every trade.
When is Aflac's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Aflac announces its own schedule.