Aflac Incorporated (AFL) Balance Sheet: Assets & Liabilities

Aflac Incorporated (AFL) Balance Sheet

As of Dec 31, 2025 (end of fiscal 2025), Aflac Incorporated reported total assets of $116.47B and total liabilities of $86.98B. Shareholders' equity was $29.49B, up 13.0% from $26.10B a year earlier. Total debt stood at $8.41B against $70.40B in cash and short-term investments, a net cash position of $61.99B. That puts debt-to-equity at 0.29, compared with 0.28 a year earlier.

Aflac Incorporated 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 Aflac Incorporated (AFL) - 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	6.25	6.23	4.31	3.94	5.05	5.14	4.90	4.34	3.49
Short-Term Investments	64.15	65.27	73.29	75.74	98.70	105.88	91.26	82.90	84.31
Cash & Short-Term Investments	70.40	71.50	77.60	79.68	103.75	111.02	96.16	87.23	87.80
Accounts Receivable	1.55	0.78	0.85	0.65	0.67	0.80	0.83	0.85	0.83
Inventory	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Current Assets	0.00	-72.28	-78.44	-80.33	-104.42	0.00	0.00	0.00	0.00
Total Current Assets	71.95	0.00	0.00	0.00	0.00	111.82	96.99	88.08	88.63
Non-Current Assets
Property, Plant & Equipment (Net)	0.35	0.39	0.45	0.53	0.54	0.60	0.58	0.44	0.43
Long-Term Investments	33.36	82.03	92.20	95.89	122.30	-105.88	-91.26	-82.90	-84.31
Goodwill	0.00	0.26	0.27	0.00	0.00	0.00	0.00	0.00	0.00
Intangible Assets	9.03	8.76	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Non-Current Assets	1.77	-91.44	-92.64	-96.42	-122.84	158.55	146.46	134.78	132.47
Total Non-Current Assets	44.52	0.00	0.00	0.00	0.00	53.27	55.78	52.32	48.59
Total Assets	116.47	117.57	126.72	131.74	157.54	165.09	152.77	140.41	137.22
Current Liabilities
Accounts Payable	0.00	0.57	0.15	0.00	0.00	0.00	0.00	0.00	0.00
Short-Term Debt	0.00	0.00	0.63	0.00	0.00	0.00	0.00	0.00	0.55
Current Portion of Long-Term Debt	-	0.41	0.63	0.58	0.05	-	-	-	-
Deferred Revenue	1.32	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Current Liabilities	3.12	-0.57	-0.58	-0.70	-4.34	-4.66	-5.37	-4.02	-4.75
Total Current Liabilities	5.81	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.55
Non-Current Liabilities
Long-Term Debt	8.41	7.40	7.24	7.44	7.96	7.90	6.57	5.78	4.74
Other Non-Current Liabilities	72.76	-7.50	-7.36	-7.44	-7.96	123.63	117.24	111.17	107.33
Total Non-Current Liabilities	81.17	0.00	0.00	0.00	0.00	131.53	123.81	116.94	112.07
Total Liabilities	86.98	91.47	104.74	111.60	124.29	131.53	123.81	116.94	112.62
Stockholders' Equity
Common Stock	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.07
Retained Earnings	54.68	52.28	47.99	44.37	41.38	37.98	34.29	31.79	29.90
Accumulated Other Comprehensive Income	1.45	-2.98	-5.52	-6.43	7.39	8.93	6.62	2.15	4.03
Treasury Stock	29.80	26.23	23.40	20.57	18.19	-	-	-	-
Additional Paid-in Capital	-26.78	2.89	2.77	-17.93	-15.66	-13.49	-12.08	-10.61	-9.46
Shares Outstanding	0.52	0.55	0.58	0.62	0.65	-	-	-	-
Total Stockholders' Equity	29.49	26.10	21.99	20.14	33.25	33.56	28.96	23.46	24.37
Total Liabilities & Equity	116.47	117.57	126.72	131.74	157.54	165.09	152.77	140.41	137.22

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

Frequently Asked Questions About Aflac Incorporated Balance Sheet

How much debt does Aflac Incorporated have?

Aflac Incorporated had total debt of $8.41B as of Dec 31, 2025, against $70.40B in cash and short-term investments. Its debt-to-equity ratio was 0.29. Total debt was $7.40B a year earlier.

What are Aflac Incorporated's total assets?

Aflac Incorporated reported total assets of $116.47B as of Dec 31, 2025, down 0.9% from $117.57B a year earlier. Total liabilities were $86.98B.

What is Aflac Incorporated's shareholders' equity?

Aflac Incorporated's shareholders' equity was $29.49B as of Dec 31, 2025, or about $56.85 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