10-Q · May 1, 2023
Aflac reported Q1 total revenues of $4,800 million, down from $5,173 million a year earlier, while pretax earnings (earnings before income taxes) improved to $1,342 million and diluted EPS rose to $1.94 from $1.60. The…
Earnings analysis · 10-Q
AFL earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Aflac Incorporated reported strong revenue growth in Q1 2026, with total revenues of $4.3 billion, representing a 26.5% increase from the prior year's $3.4 billion. Net earnings significantly improved to $1.0 billion or…
Read full summary
Aflac Incorporated reported strong revenue growth in Q1 2026, with total revenues of $4.3 billion, representing a 26.5% increase from the prior year's $3.4 billion. Net earnings significantly improved to $1.0 billion or $1.98 per diluted share, compared to $29 million or $0.05 a year earlier, influenced by robust net investment gains and a decline in policy liabilities. Despite missing EPS estimates of $1.80 with an actual of $1.75, the company remains committed to returning capital to shareholders through dividend increases.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.98
- Segment
- Aflac Japan
- Segment
- Aflac U.S.
What stood out
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Strong Q1 Revenue Growth
Total revenues reached $4.3 billion, up 26.5% from $3.4 billion in Q1 2025.
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Significant EPS Improvement
Diluted EPS increased to $1.98 from $0.05 a year ago.
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Positive Net Investment Gains
Net investment gains amounted to $49 million in Q1 2026, a remarkable turnaround from a loss of $963 million in Q1 2025.
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Increased Shareholder Returns
Dividends declared rose to $0.61 per share, reflecting a 5.2% increase from the prior year.
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Strong Aflac Japan Performance
Aflac Japan's net earned premiums were $1.573 billion, outperforming expectations despite a 6.4% decline over the previous year.
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Robust Capital Position
Shareholders' equity increased to $30 billion versus $29.5 billion at the end of 2025.
What to watch
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Investment Income Volatility
Lower investment income due to market pressures, as adjusted net investment income fell to $901 million from $906 million year-over-year.
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Currency Fluctuation Risks
The average yen/dollar exchange rate weakened by 2.8% compared to the same period last year, impacting earnings.
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Cybersecurity Incident Impact
Ongoing costs related to the cybersecurity incident affecting 22.65 million individuals from June 2025 may weigh on future financial performance.
Management's outlook
Management expects continued strong performance driven by market recovery and strategic growth initiatives.
Earlier filings 4
10-Q · November 2, 2022
Aflac reported Q3 total revenues of $4,820 million (three months ended Sept 30, 2022), down from $5,237 million a year earlier, while net earnings increased to $1,596 million from $888 million and diluted EPS rose to…
10-Q · August 2, 2022
Aflac reported Q2 2022 revenue of $5,400 million, down $164 million versus Q2 2021, while net earnings rose to $1,388 million (up $283 million) and diluted EPS increased to $2.16 from $1.62. Results were driven by a…
10-Q · April 29, 2022
Aflac reported Q1 2022 revenue of $5,272.0 million, down from $5,869.0 million in Q1 2021, driven primarily by weaker results in Japan. Net earnings fell to $1,032.0 million (diluted EPS $1.58) from $1,293.0 million…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.