Filing Flows

Filing Flows › Financials › American Financial Group (AFG)

American Financial Group (AFG) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · American Financial Group (AFG) Q3 2026 earnings results →

Q3 2026 Revenue up 11% year over year to $2.6B · 11¢ of every $1 of revenue kept as net profit · operating margin 13.9%

American Financial Group made $2.6B in Q3 2026 (+11% Y/Y). Operating margin 13.9%, net earnings $282M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$2.6B
Year over year+11%
Operating margin13.9%
Net earnings$282M
Operating cash flow$405M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

American Financial Group Q3 2026 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
American Financial Group Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
Embed this chart on your site

Free to use with the credit line. Click a box to select the code.

What changed this quarter

Revenue was $2.6B in Q3 2026, up 11% year over year and up 27% from the previous quarter.

Operating profit was $0.36B, a 13.9% margin (up 2.4 points year over year). Of the extra revenue versus Q3 2025, 36% reached operating profit, above the 11% margin then. Total costs grew 8% against revenue growth of 11%. Net earnings were $0.28B, up 31% year over year. The effective tax rate was 21.4%.

Operating cash flow was $0.41B (up 88% year over year), 144% of net earnings. Non-cash charges added back $0.02B of depreciation and amortization. Working capital and other items added $0.10B.

Quarterly history

American Financial Group revenue by quarterAmerican Financial Group revenue by quarter$1.9BQ1 2025$1.9BQ2 2025$2.3BQ3 2025$2.1BQ4 2025$1.9BQ1 2026$2.0BQ2 2026$2.6BQ3 2026
American Financial Group net earnings by quarterAmerican Financial Group net earnings by quarter$154MQ1 2025$174MQ2 2025$215MQ3 2025$299MQ4 2025$191MQ1 2026$248MQ2 2026$282MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 5, 2026$2.6B+11%13.9%$282M$405M
Q2 202610-QAug 6, 2026$2.0B+6%15.6%$248M$92.0M
Q1 202610-QMay 7, 2026$1.9B-0.1%12.9%$191M$474M
Q4 202510-KFeb 25, 2026$2.1B-4%18.4%$299M$784M
Q3 202510-QNov 6, 2025$2.3B-2%11.5%$215M$216M
Q2 202510-QAug 7, 2025$1.9B+1%11.9%$174M$191M
Q1 202510-QMay 8, 2025$1.9B-3%10.6%$154M$342M

Charts

American Financial Group: revenue growth, year over year and quarter over quarterAmerican Financial Group: revenue growth, year over year and quarter over quarterY/YQ/Q-3%Q1 2025+1%+4%Q2 2025-2%+21%Q3 2025-4%-11%Q4 20250%-10%Q1 2026+6%+9%Q2 2026+11%+27%Q3 2026
Latest (Q3 2026): Y/Y +11%, Q/Q +27%.
American Financial Group: where the cash came from (+) and went (−), TTM to Q3 2026American Financial Group: where the cash came from (+) and went (−), TTM to Q3 2026Other investing−$2.1BOperating cash flow$1.8BDividends−$582MCash drawn (+) / kept (−)$494MOther financing$489MBuybacks−$113MShares issued$10.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
American Financial Group: profit against cash, quarter by quarterAmerican Financial Group: profit against cash, quarter by quarterNet incomeOperating cash flow$255M$674MQ4 2024$154M$342MQ1 2025$174M$191MQ2 2025$215M$216MQ3 2025$299M$784MQ4 2025$191M$474MQ1 2026$248M$92.0MQ2 2026$282M$405MQ3 2026
Latest (Q3 2026): Net income $282M, Operating cash flow $405M.
American Financial Group: diluted shares by fiscal yearAmerican Financial Group: diluted shares by fiscal year89MFY202086MFY202185MFY202285MFY202384MFY202484MFY2025
-6.4% since FY2020: buybacks shrank the count.
American Financial Group: long-term debt falling due (FY2025)American Financial Group: long-term debt falling due (FY2025)$253M2030$1.6BLater
Cash $1.7B, short-term investments —, long-term debt $1.8B at 2025-12-31.
American Financial Group in its industry: growth against margin (56 companies, SIC 6331)American Financial Group in its industry: growth against margin (56 companies, SIC 6331)revenue growth, year over year →↑ operating marginmedian +2%median 14%BRK-BPGRALLCBTRVAIGHIGLACGLMKLCNAWRBEGCINFEverest Reinsurance Holdings IncAXSTHGRNRMCYSIGIKMPRSPNTHGWTMTIPTRLISKWDKNSLUVEHMNUFCSPLMRROOTSLDELMNDSAFTHCIDGICAHRTGEIGBOWJRVRHIPOGLREASICAIIGBLIAMSFACICNODKKINSKWYPRHIKGOXBRAFG (+11%, 14%)
Fire, Marine & Casualty Insurance; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

Loading the interactive chart…

🌏Named in Asian annual reportsinteractive

Loading the interactive chart…

🔄Rotation against the market and its industry (RRG)interactive

Loading the interactive chart…

🔍Earnings qualityinteractive

Loading the interactive chart…

⚖️Fair value by methodinteractive

Loading the interactive chart…

🔭Outlook & guidanceinteractive

Loading the interactive chart…

📈Investments: gains and what it boughtinteractive

Loading the interactive chart…

🏭Its industry’s money flow (input-output)interactive

Loading the interactive chart…

About American Financial Group

American Financial Group, Inc. (“AFG” or the “Company”) is an insurance holding company. Through the operations of Great American Insurance Group, AFG is engaged in property and casualty insurance, focusing on specialized commercial products for businesses. AFG’s in-house team of investment professionals oversees the Company’s investment portfolio. The members of the Great American Insurance Group have been in business for over 150 years. Management believes that over 55% of the 2025 gross written premiums in AFG’s Specialty property and casualty group are produced by businesses that rank in the “top 10” amongst competitors based on gross written premiums.

In its own words, from its 10-K, filed Feb 25, 2026.

American Financial Group against its Fire, Marine & Casualty Insurance peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +11% against the peers' median +3%. Operating margin: 13.9% against the peers' median 15.1%.

CompanyQuarterRevenueY/YOp. margin
AFG American Financial GroupQ3 2026$2.6B+11%13.9%
BRK-B Berkshire HathawayQ2 2026$101.8B+10%15.5%
PGR ProgressiveQ3 2026$23.2B+3%14.0%
ALL AllstateQ3 2026$17.3B+0.5%15.1%
CB ChubbQ3 2026$16.2B+0.3%21.0%
TRV Travelers CompaniesQ3 2026$12.4B-0.5%19.1%
AIG American International GroupQ3 2026$7.4B+17%15.0%
HIG Hartford Insurance GroupQ3 2026$7.2B+4%21.9%
L LoewsQ3 2026$4.8B+2%8.5%

Source: American Financial Group 10-Q on SEC EDGAR · CIK 1042046 · Fire, Marine & Casualty Insurance

Guidance and outlook

American Financial Group: what its forward-looking statements are about (10-Q filed 2026-11-05)American Financial Group: what its forward-looking statements are about (10-Q filed 2026-11-05)Other3Financing1Buybacks & dividends1Margins1
6 statements; tone +0.50 (−1 all cautious, +1 all confident); 1 hedged.
American Financial Group: outlook statements against the filing beforeAmerican Financial Group: outlook statements against the filing beforeConfident3

13F: who owns AFG and who is buying

Largest holders of AFG (13F)Largest holders of AFG (13F)BlackRock$1.1BVanguard Group$997MFMR LLC$765MVanguard Portfolio Management LLC$501MState Street$431MVanguard Capital Management LLC$424MCharles Schwab Investment Managem…$324MAmerican Financial Group Inc 401(…$314MGeode Capital Management, LLC$243MVictory Capital Management$227M
Funds' net buying of AFG by quarter (13F)Funds' net buying of AFG by quarter (13F)$9.1M2024-09$23.7M2024-12$65.5M2025-03$108M2025-06$116M2025-09$46.3M2025-12−$133M2026-03$53.6M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on AFG

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

Compare AFG with

中文版：American Financial Group（AFG）财报

Español · Français