{ "ok": true, "cik": "4977", "ticker": "AFL", "name": "Aflac Incorporated", "filings": [ { "form": "10-Q", "filed": "2026-08-07", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/4977/000162828026054618/0001628280-26-054618-index.htm" }, { "form": "8-K", "filed": "2026-08-06", "items": [ "2.02 Results of Operations and Financial Condition", "7.01 Regulation FD Disclosure", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/4977/000162828026054333/0001628280-26-054333-index.htm" }, { "form": "8-K", "filed": "2026-06-30", "items": [ "8.01 Other Events" ], "url": "https://www.sec.gov/Archives/edgar/data/4977/000162828026046124/0001628280-26-046124-index.htm" }, { "form": "8-K", "filed": "2026-05-28", "items": [ "8.01 Other Events", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/4977/000110465926067551/0001104659-26-067551-index.htm" }, { "form": "8-K", "filed": "2026-05-14", "items": [ "8.01 Other Events", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/4977/000110465926061314/0001104659-26-061314-index.htm" }, { "form": "8-K", "filed": "2026-05-07", "items": [ "5.07 Submission of Matters to a Vote of Security Holders" ], "url": "https://www.sec.gov/Archives/edgar/data/4977/000162828026032022/0001628280-26-032022-index.htm" } ], "events12m": 8, "healthWatch": { "window": "last 12 months", "since": "2025-09-26", "signals": [], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0000004977.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=4977" }, "license": "Figures as filed with the SEC. Card text CC BY 4.0, POPS4.", "notAdvice": "Reporting, not investment advice. No price targets and no trading recommendations.", "edgar": "🫧 Edgar looked up Aflac Incorporated ($AFL). Last filing: 10-Q, 2026-08-07. 8 event filings (8-K) in the past twelve months.", "auditor": { "changes": [], "nonReliance": [], "restatedSince": null }, "metrics": { "fiscalYearEnd": "2025-12-31", "revenue": 17164000000, "revenueGrowth1y": -0.09314735562952392, "revenueGrowthPerYear": -0.055346241512179706, "yearsOfData": 5, "operatingMargin": null, "operatingMarginPrior": null, "netMargin": 0.21242134700536006, "operatingCashFlow": 2555000000, "capitalSpending": null, "freeCashFlow": null, "researchAndDevelopment": null, "researchShareOfRevenue": null, "cash": 6245000000, "longTermDebt": null, "longTermDebtChange": null, "revenueHistory": [ { "fiscalYearEnd": "2021-12-31", "revenue": 21554000000 }, { "fiscalYearEnd": "2022-12-31", "revenue": 19140000000 }, { "fiscalYearEnd": "2023-12-31", "revenue": 18701000000 }, { "fiscalYearEnd": "2024-12-31", "revenue": 18927000000 }, { "fiscalYearEnd": "2025-12-31", "revenue": 17164000000 } ], "totalEquity": 29490000000, "totalAssets": 116470000000, "equityRatio": 0.2531982484760024, "returnOnEquity": 0.12363513055272973, "dividendsPaid": 1198000000, "payoutRatio": 0.3285792649478881, "dividendPerShare": 2.35, "dividendYearsRising": 6, "dividendCut": false, "priceBased": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown.", "earningsPerShare": 6.84, "sharesOutstanding": 534878000, "bookValuePerShare": 55.13406795568335, "revenuePerShare": 32.08956061008305, "range80": { "low": 14228715535.852226, "high": 16941390978.400707, "baseline": 16058486527.09332, "n": 1471, "band": "b10", "bandLabel": "$10B+", "method": "v4.1", "credibility": 0.5, "growthYears": 4, "ownVolatility": 0.06160205064210919, "classVolatility": 0.06659579566308972, "volatility": 0.06414753558521553 }, "ifPaceHeld": { "low": 14228715535.852226, "high": 16941390978.400707 } }, "edgarette": "🔖 Exposure: revenue $17.2B (FY2025). Experience: revenue down 9.3% on the year, down 5.5% a year over 4 years. Soundness: equity 25.3% of assets, return on equity 12.4%, payout 32.9% of profit, dividend per share up 6 years running. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $14.2B and $16.9B next year (method v4.1: its own 4-year record of growth weighed at 50% against $10B+ filers; on a year the method never saw, 83.4% landed inside). In a shock year the stress range is $13.2B to $18.2B. A statistical range, not company guidance. Against peers (11 filers, $50M+ revenue, its industry group): growth -9.3% against 11.8%.", "peers": { "sic": 6321, "sicDescription": "Accident & Health Insurance", "calendarYear": 2025, "minRevenue": 50000000, "depth": 3, "group": "632", "growth": [ 0.1178, 14 ], "opMargin": [ 0.0172, 11 ], "equityRatio": [ 0.26, 13 ], "returnOnEquity": [ 0.0673, 13 ], "payoutRatio": [ 0.3453, 8 ] }, "summary": "Aflac Incorporated (AFL) saw revenue fall 9.3% in FY2025 to $17.2 billion, equity 25.3% of assets, and dividend per share up 6 years running. Every figure is from the company’s own annual report filed with the SEC.", "chart": "
Aflac Incorporated against its own record and its peers
Revenue, on the yearPeer median 11.8%-9.3%Equity of assetsPeer median 26.0%25.3%Return on equityPeer median 6.7%12.4%Payout of profitPeer median 34.5%32.9%Gold tick: the median of 8–13 peers with $50M+ revenue in accident & health insurance
", "chartHorizon": "
Handed back now, or kept to compound
Of each dollar of profit32.9% paid out67.1% keptHanded back per share$2.35up 6 years runningGrowth its own profit can fund8.3%retained x return on equityRevenue growth it managed-9.3%last year, for comparison

Gold is paid out to shareholders; navy is kept in the business. Retained profit times return on equity is the pace a company can fund from itself. Facts from the filings, not a recommendation.

", "backtest": { "tests": 15, "hits": 11, "rate": 0.7333333333333333, "method": "v4", "byYear": { "2011": [ 1, 1 ], "2012": [ 0, 1 ], "2013": [ 0, 1 ], "2014": [ 1, 1 ], "2015": [ 1, 1 ], "2016": [ 0, 1 ], "2017": [ 1, 1 ], "2018": [ 1, 1 ], "2019": [ 1, 1 ], "2020": [ 1, 1 ], "2021": [ 1, 1 ], "2022": [ 1, 1 ], "2023": [ 0, 1 ], "2024": [ 1, 1 ], "2025": [ 1, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-09-26T15:59:19.599Z", "hash": "ed8bfaf278c382a0", "status": "open" }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "schema": "pops4.edgarette.card/1", "card": { "summary": "Aflac Incorporated (AFL) saw revenue fall 9.3% in FY2025 to $17.2 billion, equity 25.3% of assets, and dividend per share up 6 years running. Every figure is from the company’s own annual report filed with the SEC.", "exposure": { "fiscalYearEnd": "2025-12-31", "revenue": 17164000000, "totalDebt": null, "cash": 6245000000 }, "experience": { "revenueGrowth1y": -0.09314735562952392, "revenueGrowthPerYear": -0.055346241512179706, "operatingMargin": null, "operatingMarginPrior": null, "netMargin": 0.21242134700536006, "freeCashFlow": null }, "soundness": { "equityRatio": 0.2531982484760024, "returnOnEquity": 0.12363513055272973, "payoutRatio": 0.3285792649478881, "dividendPerShare": 2.35, "dividendYearsRising": 6, "dividendCut": false, "note": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown." }, "peers": { "sic": 6321, "sicDescription": "Accident & Health Insurance", "calendarYear": 2025, "minRevenue": 50000000, "depth": 3, "group": "632", "growth": [ 0.1178, 14 ], "opMargin": [ 0.0172, 11 ], "equityRatio": [ 0.26, 13 ], "returnOnEquity": [ 0.0673, 13 ], "payoutRatio": [ 0.3453, 8 ] }, "credibility": { "auditedYears": 5, "weight": "reasonable", "standard": "ASOP No. 25", "nonReliance": null, "auditorChange": null }, "healthWatch": { "window": "last 12 months", "since": "2025-09-26", "signals": [], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "range": { "low": 14228715535.852226, "high": 16941390978.400707, "baseline": 16058486527.09332, "coverage": 0.8, "method": "v4.1", "basis": "next fiscal year revenue: baseline = revenue x (1 + mean of one-year and three-year pace); width = the company's own volatility of yearly growth, credibility-weighted against its size class (Buhlmann), scaled to the 80% target on 2023 and tested on 2024", "calibratedOn": { "companyYears": 1471, "sizeBand": "$10B+", "fitYears": [ 2018, 2022 ], "tuneYear": 2023, "testYear": 2024, "coverageOnTestYear": 0.8341 }, "credibility": { "weightOnOwnRecord": 0.5, "growthYears": 4, "ownVolatility": 0.06160205064210919, "classVolatility": 0.06659579566308972, "pricedVolatility": 0.06414753558521553, "k": 3 }, "stress": { "low": 13178776215.088257, "high": 18168391568.553562, "basis": "the same range with widths set to hold 80% across 2018-2023, pandemic years included" }, "kind": "a statistical range, not company guidance; no view on the share price", "track": { "backtest": { "tests": 15, "hits": 11, "rate": 0.7333333333333333, "method": "v4", "byYear": { "2011": [ 1, 1 ], "2012": [ 0, 1 ], "2013": [ 0, 1 ], "2014": [ 1, 1 ], "2015": [ 1, 1 ], "2016": [ 0, 1 ], "2017": [ 1, 1 ], "2018": [ 1, 1 ], "2019": [ 1, 1 ], "2020": [ 1, 1 ], "2021": [ 1, 1 ], "2022": [ 1, 1 ], "2023": [ 0, 1 ], "2024": [ 1, 1 ], "2025": [ 1, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-09-26T15:59:19.599Z", "hash": "ed8bfaf278c382a0", "status": "open" }, "scorecard": "https://www.pops4.com/boards/scorecard" } }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0000004977.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=4977" }, "speedCash": { "fiscalYear": 2025, "cashConversion": 0.1489, "growth3y": -0.0357, "volatility": 0.0616, "paysDividend": true, "raisedDividend": true, "equityRatio": 0.2532, "quadrant": { "code": "ss", "label": "Slow and steady", "plain": "growing slower than its size class, with steadier revenue" }, "compass": { "code": "now", "inside": "Turns 14.9% of revenue into operating cash; revenue shrinking 3.6% a year over three years; pays and raised its dividend.", "outside": "Among $10B+ companies: 53rd percentile for cash, 16th for growth.", "emoji": "🐄", "label": "Cash cow now", "plain": "steady, with strong cash arriving today" }, "band": "$10B+", "cashPctInClass": 53, "growthPctInClass": 16, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 0, "name": "New ship", "plain": "no warning signs" }, "cashFlow": { "fiscalYearEnd": "2025-12-31", "operating": 2555000000, "investing": 1561000000, "financing": -4069000000, "capitalSpending": null, "free": null, "trend": [ { "fiscalYearEnd": "2021-12-31", "operating": 5051000000, "free": null }, { "fiscalYearEnd": "2022-12-31", "operating": 3879000000, "free": null }, { "fiscalYearEnd": "2023-12-31", "operating": 3190000000, "free": null }, { "fiscalYearEnd": "2024-12-31", "operating": 2707000000, "free": null }, { "fiscalYearEnd": "2025-12-31", "operating": 2555000000, "free": null } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-31", "cash": 6245000000, "shortTerm": 1743000000, "longTerm": 62378000000, "equityHoldings": null, "totalAssets": 116470000000, "ladder": { "within1y": 1743000000, "y1to5": 8618000000, "y5to10": 17021000000, "y10plus": 32373000000, "noSingleDate": 4366000000 }, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }, "definitions": { "operatingMargin": "Operating income divided by revenue.", "netMargin": "Net income divided by revenue.", "freeCashFlow": "Cash from operations minus spending on property and equipment.", "researchShareOfRevenue": "Research and development expense for the year as a share of revenue, both as filed.", "equityRatio": "Shareholders equity as a share of total assets, both as filed. Higher means less of the company is owed to someone else.", "returnOnEquity": "Net income for the year against shareholders equity at year end.", "payoutRatio": "Dividends paid as a share of net income, in the year the cash went out.", "dividendYearsRising": "Consecutive years, counted back from the last on record, in which dividend per share rose. A fall ends the run and is reported as dividendCut.", "revenueGrowthPerYear": "Compound annual growth between the first and latest fiscal years shown.", "credibility": "How much weight a record deserves, in the actuarial sense (ASOP No. 25): more audited years, more weight.", "peers": "Medians of SEC filers with $50M+ revenue in the same industry code (SIC), narrowest group with at least 8 filers, calendar-year figures from SEC XBRL frames.", "backtest": "The same range method applied to the company's own past years, scored against what it actually reported next. Hindsight, and labelled so.", "healthWatch": "Distress-type events the company filed in the last 12 months (late-filing notices; 8-K items 1.03, 3.01, 2.04, 4.02, 4.01, 2.05, 2.06, 1.05, 5.02), each with its count and newest filing. Display only: they do not change the range or its receipt." }, "speedCash": { "fiscalYear": 2025, "cashConversion": 0.1489, "growth3y": -0.0357, "volatility": 0.0616, "paysDividend": true, "raisedDividend": true, "equityRatio": 0.2532, "quadrant": { "code": "ss", "label": "Slow and steady", "plain": "growing slower than its size class, with steadier revenue" }, "compass": { "code": "now", "inside": "Turns 14.9% of revenue into operating cash; revenue shrinking 3.6% a year over three years; pays and raised its dividend.", "outside": "Among $10B+ companies: 53rd percentile for cash, 16th for growth.", "emoji": "🐄", "label": "Cash cow now", "plain": "steady, with strong cash arriving today" }, "band": "$10B+", "cashPctInClass": 53, "growthPctInClass": 16, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 0, "name": "New ship", "plain": "no warning signs" }, "cashFlow": { "fiscalYearEnd": "2025-12-31", "operating": 2555000000, "investing": 1561000000, "financing": -4069000000, "capitalSpending": null, "free": null, "trend": [ { "fiscalYearEnd": "2021-12-31", "operating": 5051000000, "free": null }, { "fiscalYearEnd": "2022-12-31", "operating": 3879000000, "free": null }, { "fiscalYearEnd": "2023-12-31", "operating": 3190000000, "free": null }, { "fiscalYearEnd": "2024-12-31", "operating": 2707000000, "free": null }, { "fiscalYearEnd": "2025-12-31", "operating": 2555000000, "free": null } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-31", "cash": 6245000000, "shortTerm": 1743000000, "longTerm": 62378000000, "equityHoldings": null, "totalAssets": 116470000000, "ladder": { "within1y": 1743000000, "y1to5": 8618000000, "y5to10": 17021000000, "y10plus": 32373000000, "noSingleDate": 4366000000 }, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }