At a glance
Aflac Incorporated is worth $62.46B, about 18 times its fiscal 2025 earnings. Revenue fell 9.3% to $17.16B in fiscal 2025, with 21.2% kept as profit; over 5 years it has grown 5.0% a year. It pays a 1.93% dividend yield, raised every year for at least 9 years, and returned $18.92B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +18.7% over the past year with dividends reinvested and +20.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 51.0% in the 2020 crash (S&P 500: 33.7%) and 19.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 12 months and 5 months after the lows.
The business in plain English
Aflac sells supplemental health and life insurance in Japan and the United States. Its policies pay cash benefits when policyholders get sick or hurt. That money helps with costs their main health coverage does not pay. Like other insurers, Aflac collects premiums (the regular payments for coverage), sets money aside for future claims and invests it. Those investments include large holdings of Japan Government Bonds. The parent company was incorporated in Georgia in 1973, and its ads feature the Aflac Duck.
Aflac Japan is the bigger segment. It brought in $9.36 billion, or 54.5%, of 2025 revenue of $17.16 billion. It pioneered cancer insurance in Japan in 1974. It is now the country's largest insurer by number of active cancer and medical policies. These policies help pay costs that Japan's national health insurance does not cover. It also sells whole life, term and savings-type life insurance. Policies are sold through about 6,300 agencies and through partners such as Dai-ichi Life and Japan Post, whose roughly 20,000 post offices offer Aflac cancer coverage.
Aflac U.S. brought in $6.90 billion, or 40.2% of revenue. It offers supplemental health and life policies that workers choose and pay for through their employer. It also offers employer-paid plans and dental and vision coverage. Customers buy through agents, brokers, partners or directly from Aflac.
Price history
The interactive chart needs JavaScript.
AFL +18.7% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Aflac Japan | $9.36B | 54.5% |
| Aflac U.S. | $6.90B | 40.2% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $4.12B, down 1% from a year earlier, and net income was $825.0M (+37.7%).
- For fiscal 2025, revenue was $17.16B (-9.3% year over year; -5.0% a year from FY2020 to FY2025) with a 21.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | -5.0% weak |
|---|---|
| Return on equity (FY2025) | 12.4% watch |
| Return on assets (FY2025) | 3.1% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $22.15B | $4.78B | — |
| FY2021 | $21.55B | $4.23B | — |
| FY2022 | $19.14B | $4.42B | — |
| FY2023 | $18.70B | $4.66B | — |
| FY2024 | $18.93B | $5.44B | — |
| FY2025 | $17.16B | $3.65B | — |
Valuation snapshot
| Market value | $62.46B |
|---|---|
| P/E ratio | 18.3 |
| Dividend yield | 1.93% |
Rank among 1514 US companies
Market value at each year end
Aflac Incorporated’s market value went from $28.40B at the end of 2016 to $62.46B on Nov 2, 2026, about 2.2 times as much; since the end of 2025 it is up 8%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $62.46B | +8.1% |
| 2025 | $57.79B | +0.6% |
| 2024 | $57.46B | +19.2% |
| 2023 | $48.21B | +7.8% |
| 2022 | $44.73B | +15.8% |
| 2021 | $38.63B | +23.7% |
| 2020 | $31.24B | -19.6% |
| 2019 | $38.83B | +12.0% |
| 2018 | $34.68B | +0.5% |
| 2017 | $34.51B | +21.5% |
| 2016 | $28.40B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AFL price data to Nov 2, 2026 | +14.8% | +18.7% | +17.6% | +20.4% | +16.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +14.8% |
| 2025 | +8.9% |
| 2024 | +28.1% |
| 2023 | +17.4% |
| 2022 | +26.4% |
| 2021 | +34.6% |
| 2020 | -13.6% |
| 2019 | +18.6% |
| 2018 | +6.2% |
| 2017 | +29.0% |
| 2016 | +19.1% |
| 2015 | +0.5% |
| 2014 | -6.3% |
| 2013 | +28.9% |
| 2012 | +26.4% |
| 2011 | -21.3% |
| 2010 | +24.9% |
| 2009 | +3.0% |
| 2008 | -26.1% |
| 2007 | +37.2% |
| 2006 | -0.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 80% over that stretch · deepest drop along the way 82.9%, back to its old high 52.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 50.2% over that stretch · deepest drop along the way 51%, back to its old high 11.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 0.5% over that stretch · deepest drop along the way 19.9%, back to its old high 4.5 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 50 sales ($55.4M), 48 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 15, 2026 | Japan Post Holdings Co., Ltd. 10% owner | sell (plan) | $10.4M |
| Oct 13, 2026 | Japan Post Holdings Co., Ltd. 10% owner | sell (plan) | $4.8M |
| Oct 14, 2026 | Japan Post Holdings Co., Ltd. 10% owner | sell (plan) | $3.5M |
| Oct 15, 2026 | Japan Post Holdings Co., Ltd. 10% owner | sell (plan) | $2.3M |
| Oct 14, 2026 | Japan Post Holdings Co., Ltd. 10% owner | sell (plan) | $2.2M |
Who owns it
Large shareholders (13G filings)
| Japan Post Holdings Co., Ltd. | 10.15% | Aug 12, 2026 |
| Vanguard Capital Management | 6.8% | Mar 31, 2026 |
ETFs with the most weight in AFL
| IAK iShares U.S. Insurance ETF | 4.56% |
| WBIF WBI BullBear Value 3000 ETF | 4.18% |
| ADIV SmartETFs Asia Pacific Dividend Builder ETF | 3.12% |
| DIVS SmartETFs Dividend Builder ETF | 3.1% |
| VSMV VictoryShares US Multi-Factor Minimum Volatility ETF | 2.98% |
| PKW Invesco BuyBack Achievers™ ETF | 2.54% |
| SHRY First Trust Bloomberg Shareholder Yield ETF | 2.51% |
| LYLD Cambria Large Cap Shareholder Yield ETF | 2.48% |
What could go wrong
- Heavy dependence on Japan. Aflac Japan produced 54.5% of 2025 revenue and is the main source of profit. A weak Japanese economy, rule changes there or stress in Japan's government bond market could hurt Aflac significantly.
- Yen swings shrink dollar results. Aflac reports in dollars, but its biggest business earns yen, so a weaker yen shrinks reported results. The U.S.-Japan interest rate gap also raises the cost of protecting Aflac Japan's dollar investments against currency moves.
- Interest rates and scarce yen investments. Aflac holds large amounts of Japan Government Bonds. Suitable yen investments are limited, low rates cut what new money earns, and rising rates lower the market value of bonds it already owns.
- Fallout from the June 2025 breach. Aflac's network was accessed without authorization in June 2025. Its February 2026 annual report called the impact uncertain. Breaches can bring lawsuits, regulatory scrutiny and lost customer trust.
- Reliance on agents and sales partners. Sales depend on recruiting and keeping agents and brokers in the U.S. and partners like Japan Post and Dai-ichi Life in Japan. Legal claims over how U.S. agents are classified could add costs.
- Credit losses in the investment portfolio. Aflac says holdings tied to commercial real estate and heavily indebted companies are most exposed to high rates and a downturn. Those holdings were already seeing more credit losses, downgrades or defaults.
Recent events
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Other company announcement
- Other company announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Aflac has raised its regular dividend for at least nine straight years through 2025, and the true streak may be longer. Dividends per share climbed from $1.12 in 2020 to $2.35 in 2025, about 16% a year. Dividends paid took 32.9% of 2025 net income, even though net income fell 33% that year. Buybacks, where the company repurchases its own shares, have been bigger: $13.8 billion over 2021–2025 against $5.1 billion in dividends. The share count fell about 24% between October 2021 and July 2026. The dividend yield was 1.98% as of October 28, 2026.
The shares have fallen hard in crises. From April 2008 to March 2009 they lost 82.9% and did not regain their earlier peak until July 2013. In the 2020 COVID crash they fell 51% and recovered in about 12 months. In 2022 they fell 19.9% at worst and recovered in about 4.5 months. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Aflac make money?
Aflac sells supplemental health and life insurance in Japan and the U.S. It collects premiums and invests that money until it pays claims. Its policies pay cash benefits when a policyholder gets sick or hurt, helping with costs that primary health coverage does not pay. In 2025, revenue was $17.16 billion. Aflac Japan supplied 54.5% and Aflac U.S. 40.2%. Net income was $3.65 billion, down 33% from 2024.
Does Aflac raise its dividend every year?
Yes, so far. Aflac has raised its regular dividend for at least nine straight years through 2025, and the streak may be longer. Dividends per share rose from $1.12 in 2020 to $2.35 in 2025, about 16% a year. Dividends paid used 32.9% of 2025 net income. The parent company relies on cash from its insurance subsidiaries to pay them. The yield was 1.98% as of October 28, 2026. Past increases don't guarantee future ones.
Why does Aflac do so much business in Japan?
Japan is Aflac's biggest market, producing 54.5% of 2025 revenue. Aflac Japan pioneered cancer insurance there in 1974. It is now the country's largest insurer by number of active cancer and medical policies. An aging population has shifted more medical costs onto consumers, which raises demand for supplemental cover. Japan Post is a key partner, with about 20,000 post offices selling Aflac cancer policies. Japan Post Holdings also owned 10.15% of Aflac as of August 12, 2026. It sold some shares under a pre-arranged trading plan in October 2026.
How does the yen affect Aflac stock?
A weaker yen tends to shrink Aflac's reported results, and a stronger yen does the opposite. Aflac reports in U.S. dollars, but its largest segment, Aflac Japan, earns in yen. So its results convert into fewer dollars when the yen falls. The gap between U.S. and Japanese interest rates also raises hedging costs. That is the cost of protecting Aflac Japan's dollar investments against currency swings. Aflac lists yen/dollar movements among the risk factors in its annual report.
How has Aflac stock performed over the long term?
Aflac's share price rose substantially in the 10 years to October 28, 2026, with sharp drops along the way. It returned about 16.2% a year over that decade, or 348% in total, and 19.8% a year over five years. It gained 28.08% in 2024 and 8.95% in 2025, and was up 12.2% year to date as of October 28, 2026. Its worst fall was 82.9%, during the 2008 financial crisis. Past returns don't predict future ones.