Aflac Q3 2026: adjusted EPS $2.43 beats as GAAP net income falls 81.5%
Aflac's reported quarter looks catastrophic and its adjusted quarter looks fine, and the gap is almost entirely an accounting and portfolio story. Revenue of $3.27 billion fell 31.0% because $1.1 billion of investment losses were booked through the top line; adjusted EPS of $2.43 beat the $1.81 consensus. Read the U.S. segment and the reserve gains first, because they carry the earnings.
1 · Expected vs. Actual
Free preview belowGAAP EPS was $0.61 against $3.08 a year ago, hit by $2.15 per share of net investment losses and a $0.10 per share tax capital loss valuation allowance. Adjusted EPS of $2.43, down 2.4%, cleared the $1.81 consensus by a wide margin. The catch is quality: $453 million of the $1.214 billion in adjusted earnings came from reserve remeasurement gains.
Total revenue fell 31.0% to $3.271 billion from $4.740 billion, but this is not a sales collapse: $1.1 billion of net investment losses from repositioning the portfolio sits in that line. Add the three segments — Japan at $2.156 billion, U.S. at $1.781 billion and Corporate and Other at $0.360 billion — and you get $4.297 billion, which is $1.026 billion above GAAP revenue and matches the adjusted net investment losses. On the operating side, U.S. adjusted revenues rose 3.1% while Japan's fell 7.7%.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-11-05
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