Jun 2026 (Q2 FY26) — Aug 7, 2026
Aflac Q2 FY26 — Solid Profitability and Strategic Portfolio Repositioning
Read the full callAflac (AFL) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Aflac earnings: last reported Fri, 7 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 4,117 | −1.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 825 | +37.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
9 of 11 judged targets kept · 19 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| U.S. agent recruiting | around 10,000 | Dec 2024 | Ghosted | |
| Japan benefit ratio | 60% to 63% | Mar 2026 | Recognizing that the year-to-date benefit ratio is 63.4%, we now expect to be at the high end of our guidance range of 60% to 63% for the full year of 2026, excluding the annual actuarial assumption review in Q3. | Revised Down |
| Annual dividend increase | Increase for the 44th consecutive year | Jun 2026 | We treasure our 43 consecutive years of dividend increases and remain committed to extending this record in 2026 | New |
2 of AFLAC INC's 30 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 27 more targets are in the full ledger.
Claimed
- Aflac Incorporated adjusted EPS increased 1.1% year-over-year to $1.80 (excluding FX).
- Aflac Japan pretax margin increased 230 basis points year-over-year to 34.3%.
- Aflac U.S. sales increased 2.6% year-over-year in Q2, with group business (especially voluntary products and network dental/vision) showing momentum.
- Aflac U.S. maintained a solid pretax margin of 20.9%.
- Returned $1.3 billion to shareholders in Q2 ($983M share repurchases, $309M dividends) and $2.6 billion for the first 6 months.
- Repositioned $4.8 billion of the investment portfolio, expected to increase net investment income by over $50 million annually.
Qualified
- Aflac Japan sales declined 5.6% to JPY 11 billion in Q2 due to strong prior-year comparison.
- Aflac U.S. net earned premium growth rate expected to be just below the 3% to 6% guidance range for FY26.
- Variable investment income ran $72 million or $0.11 per diluted share below long-term expectations.
- Adjusted book value per share (excluding FX remeasurement) decreased 4.1%.
- Japan benefit ratio expected to be at the high end of the 60% to 63% guidance range for FY26.
Price
$118.67 −1.08% · −$1.3
Performance +10.2% 1Y
1Y: $107.71 on 17 Oct 2025 → $118.67. High $129.55 (28 Jul 2026), low $105.7 (29 Oct 2025).
- Previous close
- $119.97
- 52-week range
- $105.7 – $129.55
- One year
- +9.10%
Overview
- Symbol
- AFL
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
9 of 11 judged targets kept · 19 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| U.S. agent recruiting | around 10,000 | Dec 2024 | Ghosted | |
| Japan benefit ratio | 60% to 63% | Mar 2026 | Recognizing that the year-to-date benefit ratio is 63.4%, we now expect to be at the high end of our guidance range of 60% to 63% for the full year of 2026, excluding the annual actuarial assumption review in Q3. | Revised Down |
| Annual dividend increase | Increase for the 44th consecutive year | Jun 2026 | We treasure our 43 consecutive years of dividend increases and remain committed to extending this record in 2026 | New |
Claimed
- Aflac Incorporated adjusted EPS increased 1.1% year-over-year to $1.80 (excluding FX).
- Aflac Japan pretax margin increased 230 basis points year-over-year to 34.3%.
- Aflac U.S. sales increased 2.6% year-over-year in Q2, with group business (especially voluntary products and network dental/vision) showing momentum.
- Aflac U.S. maintained a solid pretax margin of 20.9%.
- Returned $1.3 billion to shareholders in Q2 ($983M share repurchases, $309M dividends) and $2.6 billion for the first 6 months.
- Repositioned $4.8 billion of the investment portfolio, expected to increase net investment income by over $50 million annually.
Qualified
- Aflac Japan sales declined 5.6% to JPY 11 billion in Q2 due to strong prior-year comparison.
- Aflac U.S. net earned premium growth rate expected to be just below the 3% to 6% guidance range for FY26.
- Variable investment income ran $72 million or $0.11 per diluted share below long-term expectations.
- Adjusted book value per share (excluding FX remeasurement) decreased 4.1%.
- Japan benefit ratio expected to be at the high end of the 60% to 63% guidance range for FY26.
The full ledger
Open AFLAC INC’s full ledger
A free account opens 5 company ledgers a month. All 30 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 30, 2026
Aflac Incorporated Q1 FY26 — Japan sales surge 25.5% while underlying earned premium still declines
Read the full callDec 2025 (Q4 FY25) — Feb 5, 2026
Aflac Q4 FY25 — Strong Japan Sales and Capital Returns Amidst Shifting Premium Trends
Read the full callEvery analysed call
Aflac earnings calls (AFL)
Financials
What the filings say
Net profit, year on year: +38% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,949 | 5,404 | 3,398 | 4,160 | 4,740 | 4,866 | 4,346 | 4,117 |
| Profit before tax | 92 | 2,136 | 145 | 822 | 1,994 | 1,572 | 1,225 | 995 |
| Tax rate | 201.1% | 11.0% | 80.0% | 27.1% | 17.8% | 12.3% | 16.8% | 17.1% |
| Net profit | -93 | 1,902 | 29 | 599 | 1,639 | 1,379 | 1,019 | 825 |
| EPS ($ per share) | -0.17 | — | 0.05 | 1.12 | 3.09 | — | 1.99 | 1.64 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 135 | 135 | 135 | 135 | 135 | 136 | 136 | 136 |
| Reserves | 31,788 | 34,291 | 37,984 | 41,381 | 44,367 | 47,993 | 52,277 | 54,682 |
| Total liabilities | 116,944 | 123,809 | 131,527 | 124,289 | 111,598 | 104,739 | 91,468 | 86,980 |
| Fixed assets | 443 | 581 | 601 | 538 | 530 | 445 | 387 | 351 |
| Total assets | 140,406 | 152,768 | 165,086 | 157,542 | 131,738 | 126,724 | 117,566 | 116,470 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 6,014 | 5,455 | 5,958 | 5,051 | 3,879 | 3,190 | 2,707 | 2,555 |
| Cash from investing | -3,582 | -3,171 | -4,619 | -2,378 | -1,540 | 817 | 2,781 | 1,561 |
| Cash from financing | -1,616 | -1,713 | -1,115 | -2,739 | -3,551 | -3,723 | -3,486 | -4,069 |
| Net cash flow | 846 | 559 | 245 | -90 | -1,108 | 363 | 1,923 | 16 |
AFL revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Aflac Japan | 81% | 44% | 67% | 59% | 49% | 47% | 50% | 52% | -12.6% |
| Aflac US | 57% | 31% | 51% | 42% | 36% | 35% | 41% | 43% | +2.5% |
| Corporate and Other | 8% | 5% | 10% | 8% | 7% | 6% | 7% | 7% | -13.4% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
AFL operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Policy retention rate Aflac Japan | 93.4%Persistency remained solid at 93.4%, which was unchanged year-over-year and in line with our expectations.Source: earnings call transcript | 93.8%Persistency remained solid at 93.8%, which is up 40 basis points year-over-year and in line with our expectations.Source: earnings call transcript | 93.7%Persistency remained solid at 93.7%, which was up approximately 40 basis points year-over-year, in line with our expectations.Source: earnings call transcript | 93.3%Persistency remained solid year-over-year and in line with our expectations at 93.3%.Source: earnings call transcript | 93.1%Persistency remained solid year-over-year and in line with our expectations at 93.1%.Source: earnings call transcript | 92.8%While persistency was down, it remains strong and in line with our expectations at 92.8%.Source: earnings call transcript | -0.3 pt |
| Policy retention rate US | 79.3%Persistency increased 70 basis points year-over-year to 79.3%.Source: earnings call transcript | 79.3%Net earned premium was up 1.8%, persistency increased 60 basis points year-over-year to 79.3%.Source: earnings call transcript | 79.2%Persistency increased 50 basis points year-over-year to 79.2%.Source: earnings call transcript | 79%More importantly, we maintained strong premium persistency of 79% and increased net earned premiums 2.5%.Source: earnings call transcript | 79.2%It remains strong at 79.2%.Source: earnings call transcript | 79.3%More importantly, we maintain strong premium persistency of 79.3% and increased net earned premium of 3.5% for the quarter.Source: earnings call transcript | +0.1 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
284 filings between Nov 6, 2025 and Oct 14, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$250.37M
230 sales by 11 insiders
93% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 20
- Award — granted as compensation
- 8
- Option exercise — converted options into shares
- 13
- Tax withheld — shares kept back by the company to cover tax
Also filed: 13 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Japan Post Holdings Co., Ltd. | — | $235.41M | Oct 14, 2026 |
| Koide Masatoshi | — | $3.25M | Sep 16, 2026 |
| LAKE CHARLES D II | — | $2.99M | May 5, 2026 |
| BEAVER STEVEN KENT | — | $2.47M | May 22, 2026 |
| TILLMAN AUDREY B | — | $2.17M | Nov 18, 2025 |
| MOSKOWITZ JOSEPH L | — | $1.85M | Aug 10, 2026 |
| Broden Max | — | $1.53M | Feb 6, 2026 |
| Collins Arthur Reginald | — | $268.1K | May 14, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 14, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 6,305 | $734.8K |
| Oct 14, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 29,649 | $3.50M |
| Oct 14, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 19,046 | $2.24M |
| Oct 13, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 41,660 | $4.85M |
| Oct 13, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 340 | $39.8K |
| Oct 12, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 732 | $85.1K |
| Oct 12, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 11,468 | $1.33M |
| Oct 9, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 40 | $4.6K |
| Oct 9, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 11,960 | $1.37M |
| Oct 8, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 950 | $108.1K |
| Oct 8, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 400 | $46.3K |
| Oct 8, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 8,393 | $965.6K |
| Oct 8, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 3,257 | $367.9K |
| Oct 7, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 11,960 | $1.35M |
| Oct 7, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 40 | $4.5K |
| Oct 6, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 4,168 | $471.9K |
| Oct 6, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 8,882 | $1.01M |
| Oct 5, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 13,000 | $1.46M |
| Oct 2, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 7,529 | $840.0K |
| Oct 2, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 5,671 | $629.1K |
| Oct 1, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 11,800 | $1.31M |
| Oct 1, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 100 | $11.2K |
| Sep 29, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 6,378 | $721.4K |
| Sep 29, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 5,722 | $650.2K |
| Sep 28, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 11,840 | $1.35M |
| Sep 28, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 160 | $18.3K |
| Sep 25, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 360 | $41.1K |
| Sep 25, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 11,740 | $1.33M |
| Sep 24, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 7,207 | $823.1K |
| Sep 24, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 4,893 | $564.1K |
| Sep 23, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 3,542 | $407.1K |
| Sep 23, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 9,958 | $1.15M |
| Sep 22, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 12,200 | $1.40M |
| Sep 21, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 10,373 | $1.20M |
| Sep 21, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 1,827 | $212.3K |
| Sep 18, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 11,840 | $1.38M |
| Sep 18, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 960 | $111.9K |
| Sep 17, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 11,745 | $1.37M |
| Sep 17, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 1,155 | $135.1K |
| Sep 16, 2026 | Koide Masatoshi Pres. and Rep. Director, ALIJ | Option exercise | 3,201 | $113.7K |
| Sep 16, 2026 | Koide Masatoshi Pres. and Rep. Director, ALIJ | Sale | 3,201 | $377.5K |
| Sep 16, 2026 | Koide Masatoshi Pres. and Rep. Director, ALIJ | Sale | 10,000 | $1.18M |
| Sep 16, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 2,986 | $349.0K |
| Sep 16, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 10,814 | $1.27M |
| Sep 15, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 4,019 | $469.6K |
| Sep 15, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 9,581 | $1.13M |
| Sep 15, 2026 | Simard Frederic Jean Guy Deputy President, Aflac U.S. | Tax withheld | 409 | $48.1K |
| Sep 14, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 9,545 | $1.11M |
| Sep 14, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 4,055 | $474.5K |
| Sep 11, 2026 | Japan Post Holdings Co., Ltd. 10% owner | Sale 10b5-1 plan | 827 | $95.4K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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