Bought back $3.5B of its own shares
Dilution: new shares, stock pay and buybacks
Shares offered
Since Nov 12, 2023: 1 shelf registration; also 1 debt shelf, 1 resale by holders.
- Jun 24, 2026 Shelf registration: shares and other securities, amount not fixed S-3ASR
Every offering filing →“Contracts Purchase Units Aflac Incorporated (“Aflac”) may offer, issue and sell, together or separately, from time to time: • shares of our common stock; debt securities, which may be issued in one or more series and which may be senior debt securities or subordinated debt securities (together, “debt securities”); warrants to purchase shares of our common stock or debt securities; subscription rights to purchase …”
S-3ASR, Jun 24, 2026 ↗
Paid in stock
-
no stock-based pay line in the 10-K XBRL, year to Dec 31, 2025; shares sold for $9.0M in cash
Diluted shares: 534.88M in the year to Dec 31, 2025 2025 -5.3%2024 -5.6%2023 -6.1%2022 -5.8%
Change in the diluted weighted average share count from the fiscal year before, stock splits taken out. Bars use one scale for stock pay and buybacks. Prospectuses are read from their cover page; preliminary ones are left out. Cash & buybacks, year by year → · How
Where the cash came from and where it went
No cash flow chart for banks and insurers: their operating cash flow moves with loans, deposits and trading, so it says little about how cash was spent.
Buybacks, dividends and share count
| Fiscal year to | Buybacks | Dividends | Stock pay | Shares issued for cash | Diluted shares |
|---|---|---|---|---|---|
| 2025-12-31 | $3.5B | $1.2B | - | $9.0M | 534.88M |
| 2024-12-31 | $2.8B | $1.1B | - | $13.0M | 565.01M |
| 2023-12-31 | $2.8B | $966.0M | - | $16.0M | 598.75M |
| 2022-12-31 | $2.4B | $979.0M | - | $16.0M | 637.65M |
| 2021-12-31 | $2.3B | $855.0M | - | $26.0M | 676.73M |
From the XBRL of the 10-Ks (cash flow statement and diluted weighted average shares); each year as reported in the latest 10-K that includes it. Concepts: buybacks = PaymentsForRepurchaseOfCommonStock; dividends = PaymentsOfDividends; issuance = ProceedsFromStockOptionsExercised; diluted_shares = WeightedAverageNumberOfDilutedSharesOutstanding.
What it paid for each share it bought back
What AFL paid on average for each share it bought back, each fiscal year: dollars spent divided by shares bought, both from the 10-K.
| Fiscal year to | Shares bought | Spent | Average price | |
|---|---|---|---|---|
| 2025-12-31 | 32.99M | $3.6B | $109.29 | |
| 2024-12-31 | 30.43M | $2.9B | $94.26 | |
| 2023-12-31 | 38.90M | $2.9B | $73.38 | |
| 2022-12-31 | 39.19M | $2.4B | $61.88 | |
| 2021-12-31 | 43.33M | $2.3B | $53.59 | |
| 2020-12-31 | 37.90M | $1.6B | $41.29 |
Shares and dollars from the statement of shareholders' equity (the cash flow line also counts shares withheld for taxes, so it is not used). Share counts filed before a stock split are put on today's count. A year where the 10-K does not tag both numbers is left out.