NYSE$AFL

Aflac Inc · Q3 2025 earnings

Q3 2025 earnings · · After market close · Investor relations

Briefing

Aflac reported Q3 2025 total revenues of $4.74B with strong Japan and U.S. supplemental health results.

Total revenues were $4.74 billion in the third quarter as Japan cancer and medical products and U.S. voluntary benefits remained core earnings drivers. The company continued capital returns through dividends and buybacks while managing yen exposure.

  • Q3 total revenues $4.74B across Japan and U.S. segments.
  • Supplemental health products anchor persistency and cash flows.
  • Investment income and hedge programs affect reported EPS quarter to quarter.
  • Capital returns remain a priority alongside reserve strength.

Headline financials

Total Revenue

$4.74B

Previous: $2.95B+60.7%
EPS (adj)

$2.21

Previous: -$0.17+1400.0%
Japan Net Premium Income

$1.7B

Previous: $1.75B-2.7%
Japan Net Investment Income

$665M

Previous: $662M+0.5%
US Net Premium Income

$1.5B

Previous: $1.46B+2.5%
US Net Investment Income

$214M

Previous: $210M+1.9%
Shareholders' Equity

$28.7B

Previous: $24.8B+15.7%
Shareholders' Equity Per Share

$54.57

Previous: $44.60+22.4%
Annualized ROE

23.5%

No prior period
Adjusted Book Value

$28B

Previous: $28.5B-1.7%
Adjusted Book Value Per Share

$53.33

Previous: $51.21+4.1%
Adjusted Book Value Excl. FX

$24.4B

Previous: $24.3B+0.4%
Adjusted Book Value Excl. FX Per Share

$46.35

Previous: $43.61+6.3%
Annualized Adj. ROE Excl. FX

22.1%

No prior period
Japan New Annualized Premium Sales

$133M

No prior period
US Sales

$390M

No prior period
Common Shares Repurchased

9.3M

No prior period
Free Cash Flow

$1.64B

Previous: -$93M+1862.4%
Net Income

$1.64B

Previous: -$93M+1862.4%
Operating Income

$1.72B

Previous: -$263M+755.1%
Gross Profit

$3.03B

Previous: $999M+203.6%

Revenue & EPS history

Aflac · Revenue · Quarterly

$4.74B

Q3 2025+60.7%vs Q3 2024
Beat estimate in 11 of 15 quarters(73%)
ActualEstimate

Revenue by segment

Aflac · $5.07B total across 3 segments · Q1 2022

  • Aflac Japan Revenue
    $3.4B
  • Aflac U.S. Revenue
    $1.6B
  • Corporate and Other Revenue
    $74M-10.8%

Forward guidance

The quarterly filing discusses operating priorities, liquidity, and risks; formal multi-year guidance varies by issuer.

Tailwinds

  • Management outlines strategic priorities and capital allocation.
  • Segment or product commentary supports the investment narrative.

Headwinds

  • Macro, rates, or input costs may affect margins.
  • One-time items can affect quarter-over-quarter comparability.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q3 2025

Historical avgQ3 2025

+0.6%

Avg return

Earnings day

-0.1%

Avg return

5 days after

+1.7%

Avg return

30 days after

63%

46 / 73 earnings

Positive

+9.4%

Q1 2012

Best reaction

-11.1%

Q4 2023

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026-0.6%-1.5%-3.3%
Q4 2025+3.4%+2.0%-2.1%
Q3 2025+2.3%+4.4%+0.4%
Q2 2025+3.4%+5.3%+8.1%
Q1 2025-4.7%-2.6%-4.7%
Q4 2024-3.9%-4.0%+1.0%
Q3 2024-4.7%-5.0%+3.6%
Q2 2024+6.6%+1.9%+15.7%
Q1 2024+0.5%+1.3%+7.4%
Q4 2023-11.1%-11.0%-6.2%
Q3 2023+4.6%+4.2%+5.8%
Q2 2023+5.4%+6.2%+3.1%
Q1 2023+5.6%+7.0%-1.9%
Q4 2022-6.3%-5.3%-6.9%
Q3 2022+3.1%+3.7%+11.0%
Q2 2022+2.5%+3.7%+3.7%
Q1 2022-2.5%-5.7%-0.6%
Q4 2021+1.4%+3.8%-4.4%
Q3 2021-3.1%-4.0%-2.7%
Q2 2021+3.4%+1.7%+6.1%
Q1 2021+1.3%+1.8%+5.9%
Q4 2020-1.2%-0.1%+7.9%
Q3 2020-7.1%-7.7%+24.0%
Q2 2020+0.2%-2.4%+1.2%
Q1 2020-1.5%-5.4%-3.5%
Q4 2019+2.4%+1.8%-20.1%
Q3 2019+1.5%+2.1%+2.9%
Q2 2019-0.1%-1.9%-10.3%
Q1 2019+1.3%+3.0%+6.4%
Q4 2018+1.2%+1.8%+3.8%
Q3 2018-4.7%-4.5%+0.5%
Q2 2018+5.8%+6.3%+6.6%
Q1 2018+1.1%+0.9%+0.4%
Q4 2017+1.3%-2.7%-1.2%
Q3 2017-1.1%-0.9%+0.5%
Q2 2017+2.6%+4.6%+4.6%
Q1 2017+0.1%+0.3%+0.1%
Q4 2016-4.5%-2.5%+2.6%
Q3 2016-1.8%-2.0%+2.8%
Q2 2016-1.5%-2.4%-0.8%
Q1 2016+2.1%
Q4 2015-1.2%
Q3 2015+0.7%
Q2 2015+4.9%
Q1 2015-0.2%
Q4 2014+4.3%
Q3 2014+1.9%
Q2 2014-3.6%
Q1 2014+1.4%
Q4 2013+1.7%
Q3 2013-2.2%
Q2 2013+1.1%
Q1 2013+3.7%
Q4 2012-3.2%
Q3 2012-1.5%
Q4 2011+4.2%
Q2 2012-2.7%
Q1 2012+9.4%
Q3 2011-0.1%
Q2 2011-10.8%
Q1 2011+1.9%
Q4 2010+2.9%
Q3 2010-1.2%
Q2 2010+0.3%
Q1 2009+7.5%
Q1 2010+1.8%
Q4 2007+1.7%
Q4 2009+1.7%
Q3 2009+3.1%
Q3 2008+3.1%
Q2 2008+2.9%
Q4 2008+2.9%
Q2 2009+2.9%

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