该报告暂无中文版，以下为英文版分析。
按公开的固定规则计算，不是模型的主观判断——但其中一项输入（高等级风险的条数）取自下方的 AI 分析。
非投资建议，也不是目标价——评的是本季基本面，不是股价。 完整方法论 →
AI核心结论
Aflac delivered a dramatic earnings turnaround in Q1 2026, with net income surging to $1.02B (up 3,414% YoY) and revenue rising 27.9% to $4.35B, driven by strong operating cash flow and disciplined capital returns.
营收
43.46亿美元
同比 +27.90%
每股收益（稀释）
1.98美元
同比 +3860.00%
SEC XBRL 原值
Aflac (AFL) Q1 FY2026 营收 43.46亿美元，同比增长 27.9%。 经营活动现金流 9.68亿美元，同比增长 64.3%。 AFL 的财年 Q1 FY2026 对应日历 Q1 2026。
近 4 个季度：1 次超预期
| 季度 | 实际 EPS（美元） | 市场预期（美元） | 结果 |
|---|---|---|---|
| 2026年6月 | 1.75 | 1.79 | 不及预期 -2.0% |
| 2026年3月本次财报 | 1.75 | 1.83 | 不及预期 -4.4% |
| 2025年12月 | 1.57 | 1.71 | 不及预期 -8.3% |
| 2025年9月 | 2.49 | 1.79 | 超预期 +38.8% |
2026年3月 调整后（非 GAAP） EPS 1.75美元，分析师一致预期 1.83美元，不及预期 -4.4%。 分析师一致预期按市场通行的调整后（非 GAAP）口径。本季 GAAP 稀释每股收益为 1.98美元。
由 AI 基于本次 SEC 报告整理
Total revenue jumped 27.9% year-over-year to $4.35B in Q1 2026 (vs. $3.40B in Q1 2025), reflecting strong premium income and investment performance across Aflac's U.S. and Japan segments.
来源: 10-Q Financial Data, Income Statement
Net income surged to $1.02B from just $29M in Q1 2025, a 3,414% increase, suggesting the prior-year quarter was significantly impacted by one-time charges or investment losses that did not recur in 2026.
来源: 10-Q Financial Data, Income Statement
Selling, General & Administrative expenses declined 3.9% YoY to $771M from $802M, demonstrating management's commitment to cost efficiency even as revenues expanded significantly.
来源: 10-Q Financial Data, Income Statement
Operating cash flow increased 64.3% YoY to $968M, reflecting improved underlying earnings quality and cash conversion, supporting Aflac's ability to fund dividends and share repurchases.
来源: 10-Q Financial Data, Cash Flow Statement
Aflac returned approximately $1.30B to shareholders in Q1 2026 through $1.0B in share buybacks (up 11.1% YoY) and $304M in dividends, underscoring management's confidence in the company's financial position.
来源: 10-Q Financial Data, Cash Flow Statement
由 AI 基于本次 SEC 报告整理 · 高 2 中 2 低 1
Aflac derives a significant portion of its premiums from Japan, making earnings highly sensitive to USD/JPY fluctuations. A strengthening U.S. dollar relative to the yen can materially reduce reported revenues and net income when translated back to USD. The 3.3% decline in total assets YoY may partly reflect yen depreciation effects.
来源: 10-Q Financial Data, Balance Sheet
Total assets declined 3.3% to $116.3B while total liabilities fell 8.1% to $86.3B, suggesting significant portfolio repositioning. As a large insurance holding company, Aflac's investment portfolio is exposed to interest rate movements and credit spread widening, which could impair asset values and compress investment income.
来源: 10-Q Financial Data, Balance Sheet
The prior-year Q1 2025 net income of only $29M versus $1.02B in Q1 2026 highlights extreme earnings volatility, likely driven by mark-to-market investment gains/losses or one-time charges. This volatility makes it difficult for investors to assess normalized earnings power.
来源: 10-Q Financial Data, Income Statement
Aflac's debt-to-equity ratio stands at 2.88x, indicating meaningful financial leverage typical of insurance companies but still representing a risk if investment returns deteriorate or claims experience worsens. Total liabilities of $86.3B remain substantial relative to stockholders' equity of $30.0B.
来源: 10-Q Financial Data, Balance Sheet
Aflac deployed $1.0B in share repurchases in Q1 2026 alone, representing a significant use of capital. If operating cash flows were to decline, the company may need to reduce buyback activity, which could negatively impact EPS growth expectations.
来源: 10-Q Financial Data, Cash Flow Statement
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营收 亿美元 | 43.46 亿美元 | 33.98 亿美元 | +27.90% |
净利润 亿美元 | 10.19 亿美元 | 0.29 亿美元 | +3413.79% |
每股收益（基本） 美元 | 1.99 美元 | 0.05 美元 | +3880.00% |
每股收益（稀释） 美元 | 1.98 美元 | 0.05 美元 | +3860.00% |
销售及管理费用 亿美元 | 7.71 亿美元 | 8.02 亿美元 | -3.87% |
答案基于本次 SEC 报告与本页数据
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