American Financial Group (AFG) Balance Sheet: Assets & Liabilities

American Financial Group (AFG) Balance Sheet

As of Dec 31, 2025 (end of fiscal 2025), American Financial Group reported total assets of $32.64B and total liabilities of $27.82B. Shareholders' equity was $4.82B, up 7.9% from $4.47B a year earlier. Total debt stood at $1.82B against $2.35B in cash and short-term investments, a net cash position of $533.00M. That puts debt-to-equity at 0.38, compared with 0.34 a year earlier.

American Financial Group Balance Sheet Analysis

Values in billions USD

Income Statement Balance Sheet Cash Flow Ratios

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Balance sheet showing assets, liabilities, and shareholders' equity for American Financial Group, Inc. (AFG) - Annual data in billions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Current Assets
Cash and Cash Equivalents	1.73	1.41	1.23	0.87	2.13	1.67	2.31	1.52	2.34
Short-Term Investments	0.63	10.40	10.38	10.10	10.36	0.00	0.00	0.00	0.00
Cash & Short-Term Investments	2.35	11.80	11.60	10.97	12.49	1.67	2.31	1.52	2.34
Accounts Receivable	7.17	6.71	5.95	5.32	4.78	1.23	1.34	1.23	1.15
Inventory	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Current Assets	1.09	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Current Assets	11.91	2.94	2.70	2.21	3.40	2.89	3.65	2.75	3.48
Non-Current Assets
Property, Plant & Equipment (Net)	0.00	0.21	0.18	0.10	0.12	0.14	0.16	0.00	0.00
Long-Term Investments	2.42	2.28	1.81	1.70	1.52	11.83	53.57	47.54	44.35
Goodwill	0.33	0.31	0.31	0.25	0.25	0.18	0.21	0.21	0.20
Intangible Assets	0.33	0.20	0.21	0.11	0.11	0.03	0.04	0.05	0.03
Other Non-Current Assets	5.33	6.44	6.79	7.40	7.02	54.43	8.24	8.58	8.48
Total Non-Current Assets	20.73	22.07	21.92	21.88	21.49	67.00	63.22	57.26	53.91
Total Assets	32.64	30.84	29.79	28.83	28.93	69.89	66.87	60.00	57.40
Current Liabilities
Accounts Payable	1.20	1.19	1.19	1.04	4.34	0.00	0.00	0.00	0.00
Short-Term Debt	0.00	0.04	0.04	0.04	0.04	0.00	0.05	0.00	0.00
Deferred Revenue	3.74	2.57	2.49	2.33	2.21	2.04	2.15	1.99	1.81
Other Current Liabilities	19.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Current Liabilities	23.93	2.61	2.53	2.37	2.25	2.04	2.20	1.99	1.81
Non-Current Liabilities
Long-Term Debt	1.82	1.49	1.48	1.50	1.96	2.28	1.74	1.30	1.30
Deferred Tax Liabilities	0.00	0.36	0.27	0.15	0.31	0.24	0.83	0.51	0.71
Other Non-Current Liabilities	2.07	15.71	15.77	15.86	15.16	58.55	55.83	51.24	48.24
Total Non-Current Liabilities	3.89	17.93	17.83	17.67	17.63	61.07	58.40	53.05	50.25
Total Liabilities	27.82	26.37	25.53	24.78	23.92	63.10	60.60	55.03	52.06
Stockholders' Equity
Common Stock	0.08	0.08	0.08	0.09	0.09	0.09	0.09	0.09	0.09
Retained Earnings	3.36	3.21	3.12	3.14	3.48	4.15	4.01	3.59	3.25
Accumulated Other Comprehensive Income	-0.05	-0.24	-0.32	-0.54	0.12	1.27	0.86	0.05	0.81
Additional Paid-in Capital	1.43	1.41	1.37	1.37	1.33	1.28	1.31	1.25	1.18
Minority Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Shares Outstanding	0.08	0.08	0.08	0.09	0.08	-	-	-	-
Total Stockholders' Equity	4.82	4.47	4.26	4.05	5.01	6.79	6.27	4.97	5.33
Total Liabilities & Equity	32.64	30.84	29.79	28.83	28.93	73.71	70.13	63.46	60.66

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About American Financial Group Balance Sheet

How much debt does American Financial Group have?

American Financial Group had total debt of $1.82B as of Dec 31, 2025, against $2.35B in cash and short-term investments. Its debt-to-equity ratio was 0.38. Total debt was $1.53B a year earlier.

What are American Financial Group's total assets?

American Financial Group reported total assets of $32.64B as of Dec 31, 2025, up 5.9% from $30.84B a year earlier. Total liabilities were $27.82B.

What is American Financial Group's shareholders' equity?

American Financial Group's shareholders' equity was $4.82B as of Dec 31, 2025, or about $57.78 of book value per share.

What is the debt-to-equity ratio?

The debt-to-equity ratio divides a company's total debt by its shareholders' equity. It shows how much of the business is financed with borrowed money; normal levels vary widely by industry. Full definition