# Aflac Incorporated (AFL)

> Source: Nexqual · https://nexqual.com/AFL · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Aflac Incorporated (AFL), nexqual.com/AFL" · informational, not investment advice.

**Price:** USD 123.27 (+2.60% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 123.27 · day 120.56–123.27 · 52w 105.43–130.22 · market cap null · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $18.1B, net income $4.86B (26.9% margin) (SEC filings).
- 2 of 80 tracked superinvestors hold AFL (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 0 new, 1 added, 1 reduced, 0 unchanged.
- Total return with dividends: 1Y +17.0% vs S&P 500 +14.9%; 5Y +144.1% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 1.8, revenue estimate $4.21B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $21.6B | $19.1B | $18.7B | $18.9B | $17.2B | $18.1B |
| Operating income | $4.93B | $4.16B | — | — | — | — |
| Net income | $4.23B | $4.42B | $4.66B | $5.44B | $3.65B | $4.86B |
| EPS (diluted) | $6.25 | $6.93 | $7.78 | $9.63 | $6.82 | — |
| Operating margin | 22.9% | 21.7% | — | — | — | — |
| Net margin | 19.6% | 23.1% | 24.9% | 28.8% | 21.2% | 26.9% |
| Revenue growth | -2.7% | -11.2% | -2.3% | +1.2% | -9.3% | — |
| Cash + short-term investments | $5.05B | $3.94B | $4.31B | $6.23B | $6.25B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)

P/E at fiscal year-ends: Dec 2025 16.2x, Dec 2024 10.7x, Dec 2023 10.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold AFL (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| John Rogers | Ariel Investments | 0.28% | $27.7M | Reduced -1.3% | Q2 2026 |
| David Katz | Matrix Asset Advisors | 0.06% | $701K | Added +0.2% | Q3 2026 |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | JP Morgan | Target raised | Neutral | $116 → $119 |
| 2026-10-12 | Wells Fargo | Target lowered | Equal-Weight | $122 → $116 |
| 2026-10-09 | Keefe, Bruyette & Woods | Target lowered | Market Perform | $125 → $120 |
| 2026-10-07 | Mizuho | Target lowered | Underperform | $116 → $107 |
| 2026-10-07 | Barclays | Target raised | Underweight | $99 → $101 |
| 2026-10-06 | UBS | Target raised | Neutral | $124 → $125 |
| 2026-08-19 | Wolfe Research | Initiated | Underperform | $103 |
| 2026-08-19 | Wells Fargo | Target raised | Equal-Weight | $120 → $122 |
| 2026-08-11 | JP Morgan | Target lowered | Neutral | $117 → $116 |
| 2026-08-11 | Keefe, Bruyette & Woods | Target raised | Market Perform | $120 → $125 |
| 2026-08-10 | Piper Sandler | Target raised | Overweight | $130 → $138 |
| 2026-08-10 | Mizuho | Target raised | Underperform | $112 → $116 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +17.0% | +144.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +17.1% | +19.5% |
| Volatility (annualized) | 17.2% | 21.4% |
| Max drawdown | -13.8% (Jul 2026→Oct 2026) | -18.5% (Mar 2022→Jun 2022) |

## Peers (Insurance - Life)
MET (MetLife, Inc.) USD 103.57 +1.36% · MFC (Manulife Financial Corporation) USD 45.62 +0.80% · PRU (Prudential Financial, Inc.) USD 118.17 +2.92% · PUK (Prudential Public Limited Compa) USD 24.01 -1.60% · UNM (Unum Group) USD 93.75 +0.04% · GL (Globe Life Inc.) USD 168.41 -0.71%

## More
Full page: https://nexqual.com/AFL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.80 | $1.78 | +0.8% | $4.21B | 15 |
| Next quarter (ends 2026-12-31) | $1.73 | $1.72 | +0.6% | $4.28B | 13 |
| Current fiscal year (ends 2026-12-31) | $7.02 | $7.02 | +0.0% | $16.94B | 16 |
| Next fiscal year (ends 2027-12-31) | $7.62 | $7.56 | +0.8% | $17.23B | 15 |