AFG financial statements

The full income statement, balance sheet, and cash-flow statement for American Financial Group Inc. (AFG), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 83.9M2024-09 83.9M2024-12 84.0M2025-03 83.5M2025-06 83.4M2025-09 83.4M2025-12 83.3M2026-03 83.1M2026-06 82.9M-1.2% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	8.17B YoY-1.8%	8.32B YoY+6.3%	7.83B YoY+11.2%	7.04B YoY+7.4%	6.55B YoY+13.6%
Selling, general & administrative	2.06B YoY+2.6%	2.01B YoY+3.7%	1.94B YoY+12.6%	1.72B YoY+11.1%	1.55B YoY-4.8%
Amortization of intangibles	20.0M YoY+0.0%	20.0M YoY+33.3%	15.0M YoY+36.4%	11.0M YoY+83.3%	6.00M YoY-50.0%
Operating income	1.07B YoY-4.5%	1.12B YoY+4.8%	1.07B YoY-4.5%	1.12B YoY-15.9%	1.33B YoY+293.8%
Interest expense	80.0M YoY+5.3%	76.0M YoY+0.0%	76.0M YoY-10.6%	85.0M YoY-9.6%	94.0M YoY+6.8%
Equity-method income	56.0M YoY+21.7%	46.0M YoY-53.5%	99.0M YoY-62.9%	267M YoY-16.8%	321M YoY+224.2%
Gain (loss) on equity securities	17.0M YoY-78.8%	80.0M YoY+135.3%	34.0M YoY+137.8%	-90.0M YoY-175.6%	119M
Income tax	231M YoY-2.5%	237M YoY+7.2%	221M YoY-1.8%	225M YoY-11.4%	254M YoY+916.0%
	842M YoY-5.1%	887M YoY+4.1%	852M YoY-5.1%	898M YoY-55.0%	2.00B YoY+172.5%
Income from continuing operations	—	—	852M YoY-5.1%	898M YoY-16.9%	1.08B
Discontinued operations	—	—	—	0.00 YoY-100.0%	914M YoY+124.6%
Net income to non-controlling interest	—	—	—	0.00	0.00 YoY+100.0%
	$10.08 YoY-4.6%	$10.57 YoY+5.2%	$10.05 YoY-4.6%	$10.53 YoY-54.8%	$23.30 YoY+184.1%
EPS (basic)	$10.08 YoY-4.6%	$10.57 YoY+5.1%	$10.06 YoY-4.6%	$10.55 YoY-55.0%	$23.44 YoY+184.1%
	83.5M YoY-0.5%	83.9M YoY-0.9%	84.7M YoY-0.5%	85.1M YoY+0.0%	85.1M YoY-4.1%
	83.5M YoY-0.5%	83.9M YoY-1.1%	84.8M YoY-0.6%	85.3M YoY-0.4%	85.6M YoY-4.0%
Dividends per share	$7.28 YoY-22.8%	$9.43 YoY+16.4%	$8.10 YoY-43.4%	$14.31 YoY-49.0%	$28.06 YoY+628.8%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Cash & equivalents	1.73B YoY+22.8%	1.41B YoY+14.8%	1.23B YoY+40.5%	872M YoY-59.1%	2.13B YoY+28.0%
	32.6B YoY+5.9%	30.8B YoY+3.5%	29.8B YoY+3.3%	28.8B YoY-0.3%	28.9B YoY-60.8%
Operating lease right-of-use	198M YoY-6.6%	212M YoY+20.5%	176M YoY+70.9%	103M YoY-12.7%	118M YoY-15.1%
Goodwill	327M YoY+7.2%	305M YoY+0.0%	305M YoY+24.0%	246M YoY+0.0%	246M YoY+39.8%
Intangible assets	189M YoY-6.9%	203M YoY-4.7%	213M YoY+97.2%	108M YoY+1.9%	106M YoY+211.8%
	27.8B YoY+5.5%	26.4B YoY+3.3%	25.5B YoY+3.0%	24.8B YoY+3.6%	23.9B YoY-64.3%
Long-term debt	1.82B YoY+23.4%	1.48B YoY+0.0%	1.48B YoY-1.4%	1.50B YoY-23.8%	1.96B YoY+0.1%
Operating lease liability (total)	216M YoY-6.9%	232M YoY+17.2%	198M YoY+70.7%	116M YoY-14.7%	136M YoY-14.5%
	4.82B YoY+7.9%	4.47B YoY+4.9%	4.26B YoY+5.1%	4.05B YoY-19.2%	5.01B YoY-26.2%
Common stock	83.0M YoY-1.2%	84.0M YoY+0.0%	84.0M YoY-1.2%	85.0M YoY+0.0%	85.0M YoY-1.2%
Additional paid-in capital	1.43B YoY+1.3%	1.41B YoY+2.8%	1.37B YoY+0.3%	1.37B YoY+2.9%	1.33B YoY+3.8%
Accumulated other comprehensive income	-50.0M YoY+79.2%	-240M YoY+24.8%	-319M YoY+41.3%	-543M YoY-556.3%	119M YoY-90.7%
Total equity incl. non-controlling	—	—	—	4.05B YoY-19.2%	5.01B YoY-26.2%
Total liabilities & equity	32.6B YoY+5.9%	30.8B YoY+3.5%	29.8B YoY+3.3%	28.8B YoY-0.3%	28.9B YoY-60.8%
	83.4M	—	—	—	—
	83.4M YoY-0.7%	84.0M YoY+0.4%	83.6M YoY-1.8%	85.2M YoY+0.3%	84.9M YoY-1.6%
	83.3M YoY-0.8%	84.0M YoY+0.4%	83.7M YoY-1.8%	85.2M YoY+0.3%	84.9M YoY-1.7%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.53B YoY+33.1%	1.15B YoY-41.5%	1.97B YoY+70.9%	1.15B YoY-32.7%	1.71B YoY-21.5%
Depreciation & amortization	86.0M YoY+6.2%	81.0M YoY+3.8%	78.0M YoY-22.0%	100M YoY-46.5%	187M YoY-37.5%
Intangible amortization	20.0M YoY+0.0%	20.0M YoY+33.3%	15.0M YoY+36.4%	11.0M YoY+83.3%	6.00M YoY-50.0%
Deferred income taxes	41.0M YoY+412.5%	8.00M YoY-78.4%	37.0M	—	—
Other operating activities	-7.00M YoY+75.0%	-28.0M YoY-7.7%	-26.0M YoY+81.3%	-139M YoY+66.6%	-416M YoY-1323.5%
	-835M YoY-978.9%	95.0M YoY-77.1%	414M YoY+139.4%	-1.05B YoY-141.1%	-436M YoY+72.1%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Sales/maturities of investments	2.44B YoY+13.6%	2.15B YoY+63.7%	1.31B YoY-47.8%	2.51B YoY-50.1%	5.04B YoY-12.4%
Other investing activities	-7.00M YoY-240.0%	5.00M YoY-16.7%	6.00M YoY+50.0%	4.00M YoY+112.5%	-32.0M YoY-3300.0%
	-377M YoY+64.6%	-1.07B YoY+47.5%	-2.03B YoY-49.2%	-1.36B YoY+30.5%	-1.96B YoY-1491.1%
Long-term debt issued	344M	0.00	0.00	0.00	0.00 YoY-100.0%
Long-term debt repaid	0.00	0.00 YoY-100.0%	21.0M YoY-95.6%	477M	0.00 YoY-100.0%
Common stock issued	12.0M YoY-29.4%	17.0M YoY+13.3%	15.0M YoY-6.3%	16.0M YoY-75.8%	66.0M YoY+200.0%
Common stock repurchased	99.0M	0.00 YoY-100.0%	213M YoY+1836.4%	11.0M YoY-96.6%	319M YoY+1.9%
Dividends paid	606M YoY-23.1%	788M YoY+15.2%	684M YoY-43.6%	1.21B YoY-48.9%	2.37B YoY+610.8%
Net change in cash	321M YoY+77.3%	181M YoY-48.7%	353M YoY+128.0%	-1.26B YoY-85.4%	-679M YoY-236.9%
Interest paid	74.0M YoY+0.0%	74.0M YoY+0.0%	74.0M YoY-16.9%	89.0M YoY-3.3%	92.0M YoY+10.8%
Income taxes paid	168M YoY-16.4%	201M YoY+0.0%	201M YoY-16.9%	242M YoY+14.2%	212M YoY+18.4%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	11.4B YoY-1.0%	11.5B YoY+15.5%	9.96B YoY-14.8%	11.7B YoY+0.2%	11.7B YoY+54.1%
P/E	13.5× YoY+4.3%	13.0× YoY+12.6%	11.5× YoY-3.8%	12.0× YoY+104.6%	5.8× YoY-43.5%
P/S	1.4× YoY+0.8%	1.4× YoY+6.4%	1.3× YoY-23.7%	1.7× YoY-4.4%	1.8× YoY+35.6%
P/B	2.4× YoY-8.3%	2.6× YoY+2.9%	2.5× YoY-15.8%	3.0× YoY+27.7%	2.3× YoY+108.7%
	7.4% YoY-4.1%	7.7% YoY-11.2%	8.7% YoY+3.9%	8.4% YoY-51.1%	17.1% YoY+76.9%
	5.3% YoY-22.7%	6.9% YoY+1.1%	6.8% YoY-34.6%	10.4% YoY-49.0%	20.4% YoY+365.0%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: AFG's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all AFG filings on SEC EDGAR → Not investment advice.