Aflac Incorporated (AFL)

Aflac Cash Flow Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	3,646	5,443	4,659	4,418	4,231
Depreciation & Amortization	36	40	39	45	45
Other Amortization	874	851	816	792	835
Gain (Loss) on Sale of Investments	572	-1,271	-590	-363	-468
Change in Accounts Receivable	-66	51	-133	5	72
Change in Income Taxes	-278	-393	-967	-509	96
Change in Insurance Reserves / Liabilities	-815	-302	-552	726	774
Other Operating Activities	-1,414	-1,712	-82	-1,235	-534
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%
Investment in Securities	-965	1,065	643	789	-2,946
Other Investing Activities	1,843	657	-471	-622	1,751
Investing Cash Flow	1,561	2,781	817	-1,540	-2,378
Long-Term Debt Issued	1,039	823	204	1,277	1,153
Total Debt Repaid	-84	-194	-	-1,416	-700
Net Debt Issued (Repaid)	955	629	204	-139	453
Issuance of Common Stock	8	14	17	17	26
Repurchases of Common Stock	-3,530	-2,800	-2,801	-2,401	-2,301
Common Dividends Paid	-1,198	-1,087	-966	-979	-855
Other Financing Activities	-38	-28	-17	34	-26
Financing Cash Flow	-4,069	-3,486	-3,723	-3,551	-2,739
Foreign Exchange Rate Adjustments	-31	-79	79	104	-24
Net Cash Flow	16	1,923	363	-1,108	-90
Cash Interest Paid	197	180	185	211	213
Cash Income Tax Paid	1,165	1,367	1,569	961	880
Levered Free Cash Flow	5,175	4,853	4,311	-4,953	2,644
Unlevered Free Cash Flow	5,313	4,976	4,433	-4,812	2,793
Change in Working Capital	-1,159	-644	-1,652	222	942

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.

SEC Filings: 10-K · 10-Q