Filing Flows

Filing Flows › Companies › Aflac › Cash flow

Aflac cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.2B in Q3 2026 · $2.6B over twelve months

Operating cash flow$1.2B
Free cash flow+$1.2B
Cash / net income4.0×

Analysis

In Q3 2026, Aflac generated $1.2B of operating cash flow. That is $55.0M less than in Q3 2025 ($1.3B).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.6B; the largest uses were buybacks ($3.6B), dividends ($1.2B), other financing ($327M); besides operations, cash came from other investing ($831M), net borrowing (+) / repaid (−) ($511M); the cash balance fell by $1.1B.

Operating cash flow was $1.2B against net income of $303M — 4.0× profit, cash ran ahead of reported earnings. The largest differences: gains on investments +$1.1B, other non-cash +$203M, income taxes payable +$148M.

Free cash flow

Aflac: free cash flow by quarterAflac: free cash flow by quarter$333MQ4 2024$589MQ1 2025$399MQ2 2025$1.3BQ3 2025$315MQ4 2025$968MQ1 2026$112MQ2 2026$1.2BQ3 2026
Operating cash flow less capital spending.
Aflac: operating cash flow against capital spendingAflac: operating cash flow against capital spendingOperating cash flowCapital spending$333M$0Q4 2024$589M$0Q1 2025$399M$0Q2 2025$1.3B$0Q3 2025$315M$0Q4 2025$968M$0Q1 2026$112M$0Q2 2026$1.2B$0Q3 2026
Latest (Q3 2026): Operating cash flow $1.2B, Capital spending $0.

Capital allocation, year by year

Aflac: where the cash came from (up) and went (down), by fiscal yearAflac: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedBuybacksDividendsFY2021: Operating cash flow $5.1BFY2021: Net borrowing $453MFY2021: Shares issued $52.0MFY2021: Buybacks −$2.3BFY2021: Dividends −$855M$5.6BFY2021FY2022: Operating cash flow $3.9BFY2022: Net borrowing −$139MFY2022: Shares issued $33.0MFY2022: Buybacks −$2.4BFY2022: Dividends −$979M$3.9BFY2022FY2023: Operating cash flow $3.2BFY2023: Net borrowing $204MFY2023: Shares issued $33.0MFY2023: Buybacks −$2.8BFY2023: Dividends −$966M$3.4BFY2023FY2024: Operating cash flow $2.7BFY2024: Net borrowing $629MFY2024: Shares issued $27.0MFY2024: Buybacks −$2.8BFY2024: Dividends −$1.1B$3.4BFY2024FY2025: Operating cash flow $2.6BFY2025: Net borrowing $955MFY2025: Shares issued $17.0MFY2025: Buybacks −$3.5BFY2025: Dividends −$1.2B$3.5BFY2025
Over these 5 years operating cash flow totalled $17.4B; the largest uses were buybacks ($13.8B) and dividends ($5.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$5.6B
Debtnone
Net cash$5.6B
Due within a year$700M

Aflac funds itself: free cash flow was $2.6B over the last twelve months, with $5.6B of cash and investments and no debt on the balance sheet ($700M due within a year, 8.0× covered by cash).

Aflac: debt maturities by year (FY2025)Aflac: debt maturities by year (FY2025)$700MYear 1$458MYear 2$539MYear 4$1.5BYear 5$5.2BAfter year 5
Principal due in each year as disclosed in the annual report, against $5.6B of cash and investments now.

Where the cash came from and went

Aflac: sources (+) and uses (−) of cash, Q3 2026Aflac: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$1.2BBuybacks−$803MOther investing−$563MCash drawn (+) / kept (−)$497MDividends−$295MOther financing−$91.0MExchange rates$54.0MShares issued$4.0M
Aflac: sources (+) and uses (−) of cash, TTM to Q3 2026Aflac: sources (+) and uses (−) of cash, TTM to Q3 2026Buybacks−$3.6BOperating cash flow$2.6BDividends−$1.2BCash drawn (+) / kept (−)$1.1BOther investing$831MNet borrowing (+) / repaid (−)$511MOther financing−$327MShares issued$21.0MExchange rates$5.0M

From profit to cash

Aflac: net income to operating cash flow, Q3 2026Aflac: net income to operating cash flow, Q3 2026Net income$303MGains on investments$1.1BOther non-cash$203MReceivables$42.0MIncome taxes payable$148MOperating cash flow$1.2B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.2B−$803M−$295M—$4.0M$497M$1.2B
Q2 2026$112M−$984M−$299M—$5.0M−$466M$112M
Q1 2026$968M−$1.0B−$304M−$400M$7.0M$591M$968M
Q4 2025$315M−$801M−$292M—$5.0M$523M$315M
Q3 2025$1.3B−$1.0B−$299M−$84.0M$5.0M$197M$1.3B
Q2 2025$399M−$829M−$301M$1.0B−$2.0M−$1.7B$399M
Q1 2025$589M−$900M−$306M—$9.0M$998M$589M
Q4 2024$333M−$750M−$267M—−$5.0M−$617M$333M

Aflac: income statement and cash flow

Aflac, Q3 2026: revenue $3.3B (-31% year over year), operating margin 15.3%. The chart follows the revenue to costs, profit and cash.

Aflac: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.