Filing Flows › American Financial Group (AFG) › Q4 2025
American Financial Group (AFG) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
American Financial Group (AFG) reported revenue of $2.1B for the fourth quarter 2025 (Q4 2025), -4% from a year earlier and -11% from the quarter before. Operating margin was 18.4%, net earnings $299M (14.5% of revenue).
American Financial Group, Q4 2025: revenue $2.1B (-4% year over year), operating margin 18.4%, net earnings $299M, operating cash flow $784M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.1B | -11% | -4% |
| Operating profit | $379M | +41% | +18% |
| Net earnings | $299M | +39% | +17% |
| Operating cash flow | $784M | +263% | +16% |
What changed
Revenue was $2.1B in Q4 2025, down 4% year over year and down 11% from the previous quarter.
Operating profit was $0.38B, a 18.4% margin (up 3.5 points year over year). Total costs fell 8% while revenue fell 4%. Net earnings were $0.30B, up 17% year over year. The effective tax rate was 21.1%.
Operating cash flow was $0.78B (up 16% year over year), 262% of net earnings. Non-cash charges added back $0.02B of depreciation and amortization. Working capital and other items added $0.46B.
Questions
What was American Financial Group's revenue in the fourth quarter 2025?
American Financial Group (AFG) reported revenue of $2.1B for the fourth quarter 2025 (Q4 2025), -4% from a year earlier and -11% from the quarter before.
Was American Financial Group profitable in the fourth quarter 2025?
Operating profit was $379M (18.4% of revenue) and net earnings $299M.