AFL earnings analysis
What we found in AFL's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Q1 Revenue Growth
- Total revenues reached $4.3 billion, up 26.5% from $3.4 billion in Q1 2025.
- Significant EPS Improvement
- Diluted EPS increased to $1.98 from $0.05 a year ago.
- 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.
- Increased Shareholder Returns
- Dividends declared rose to $0.61 per share, reflecting a 5.2% increase from the prior year.
- 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.
- Robust Capital Position
- Shareholders' equity increased to $30 billion versus $29.5 billion at the end of 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- Currency Fluctuation Risks
- The average yen/dollar exchange rate weakened by 2.8% compared to the same period last year, impacting earnings.
- Cybersecurity Incident Impact
- Ongoing costs related to the cybersecurity incident affecting 22.65 million individuals from June 2025 may weigh on future financial performance.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.98
- Segment
- Aflac Japan
- Segment
- Aflac U.S.
What they said about what is next.
Management expects continued strong performance driven by market recovery and strategic growth initiatives.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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