Aflac Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	3,646	5,443	4,659	4,418	4,231
Other Adjustments	299	-1,887	453	-499	-468
Changes in Receivables	-66	51	-133	5	72
Changes in Deferred Acquisition Costs	-231	-205	-270	-262	-228
Changes in Claims Reserves	-815	-302	-552	726	774
Changes in Income Taxes Payable	-278	-393	-967	-509	96
Changes in Other Operating Activities	-	-	-	-	574
Operating Cash Flow	2,555	2,707	3,190	3,879	5,051
Operating Cash Flow Growth	-5.62%	-15.14%	-17.76%	-23.20%	-15.22%
Purchases of Investments	-13,736	-7,329	-4,154	-7,872	-11,587
Proceeds from Sale of Investments	13,710	10,425	5,859	7,181	8,524
Other Investing Activities	1,587	-315	-888	-849	685
Investing Cash Flow	1,561	2,781	817	-1,540	-2,378
Long-Term Debt Issued	1,039	823	204	1,277	1,153
Long-Term Debt Repaid	-84	-194	0	-1,416	-700
Net Long-Term Debt Issued (Repaid)	955	629	204	-139	453
Issuance of Common Stock	8	14	17	17	26
Repurchase of Common Stock	-3,530	-2,800	-2,801	-2,401	-2,301
Net Common Stock Issued (Repurchased)	-3,522	-2,786	-2,784	-2,384	-2,275
Common Dividends Paid	-1,198	-1,087	-966	-979	-855
Other Financing Activities	-304	-242	-177	-49	-62
Financing Cash Flow	-4,069	-3,486	-3,723	-3,551	-2,739
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-31	-79	79	104	-24
Net Cash Flow	16	1,923	363	-1,108	-90
Free Cash Flow	2,555	2,707	3,190	3,879	5,051
Free Cash Flow Growth	-5.62%	-15.14%	-17.76%	-23.20%	-15.22%
FCF Margin	14.89%	14.30%	17.06%	20.27%	23.43%
Free Cash Flow Per Share	4.78	4.79	5.33	6.08	7.46
Levered Free Cash Flow	4,092	5,474	3,626	3,508	5,126
Unlevered Free Cash Flow	3,314	5,012	3,595	3,852	4,866

Updated Dec 31, 2025. Data Source: Fiscal.ai. Insurance template. Financial Sources.