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Arphra AIPlain-English read on Aflac Incorporated’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $21.55B | $19.15B | $18.84B | $19.13B | $17.44B | $16.79B | $16.91B | $17.17B | $17.43B |
| Cost of revenue | $0 | $0 | $0 | $12.31B | $10.65B | $7.07B | $6.98B | $7.34B | $7.39B |
| Gross profit | $21.55B | $19.15B | $18.84B | $6.82B | $6.79B | $9.89B | $9.72B | $9.76B | $9.93B |
| Gross margin | +100.00% | +100.00% | +100.00% | +35.63% | +38.93% | +58.93% | +57.48% | +56.88% | +56.97% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $0 | $0 | $0 | $0 | $2.7B | $850.08M | $889.3M | $866.38M | $893.59M |
| Total operating expenses | $16.34B | $14.28B | $13.58B | $398M | $2.15B | $4.87B | $4.76B | $4.95B | $5.04B |
| Operating income | $5.21B | $4.87B | $5.26B | $6.42B | $4.64B | $4.87B | $4.88B | $5.06B | $5.18B |
| Operating margin | +24.17% | +25.42% | +27.93% | +33.55% | +26.61% | +29.02% | +28.87% | +29.50% | +29.75% |
| EBITDA | $5.21B | $4.87B | $5.26B | $6.42B | $5.53B | $5.23B | $5.35B | $5.43B | $5.46B |
| EBIT | $5.21B | $4.87B | $5.26B | $6.42B | $4.65B | $5.02B | $4.91B | $5.04B | $5.2B |
| Below the line | |||||||||
| Interest expense | $238M | $226M | $195M | $197M | $220M | $191.72M | $188.29M | $190.79M | $194.5M |
| Interest income | $0 | $0 | $0 | $0 | $973M | $309.13M | $316.11M | $326.68M | $332.35M |
| Other income / expense | $0 | $0 | $0 | $0 | -$108M | — | — | — | — |
| Pre-tax income | $5.21B | $4.87B | $5.26B | $6.42B | $4.53B | $4.83B | $4.86B | $5.04B | $5.04B |
| Income tax expense | $977M | $451M | $603M | $974M | $887M | $757.05M | $774.37M | $757.53M | $787.57M |
| Earnings | |||||||||
| Net income | $4.23B | $4.42B | $4.66B | $5.44B | $3.65B | $4.19B | $4.26B | $4.31B | $4.42B |
| Net income · continuing ops | $4.23B | $4.42B | $4.66B | $5.44B | $3.65B | $4.21B | $4.23B | $4.16B | $4.26B |
| Net margin | +19.64% | +23.07% | +24.73% | +28.46% | +20.91% | +24.98% | +25.21% | +25.11% | +25.37% |
| EPS · basic | $6.42 | $6.96 | $7.81 | $9.68 | $6.86 | $7.19 | $7.63 | $8.05 | $8.32 |
| EPS · diluted | $6.39 | $6.93 | $7.78 | $9.63 | $6.83 | $7.06 | $7.60 | $7.98 | $8.20 |
| EPS · low estimate | — | — | — | — | — | $6.96 | $7.37 | $7.85 | $8.02 |
| EPS · high estimate | — | — | — | — | — | $7.28 | $8.35 | $8.10 | $8.38 |
| Shares · basic | 673.62M | 634.82M | 596.17M | 557.9M | 530.05M | 525.86M | 530.32M | 531.69M | 531.46M |
| Shares · diluted | 676.73M | 637.66M | 598.75M | 565.02M | 532.02M | 531.36M | 527.56M | 527.76M | 529.88M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 4 | 4 | 3 | 2 |
| Analysts (EPS) | — | — | — | — | — | 9 | 9 | 4 | 2 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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