American Financial Group, Inc.
NYSE: AFG · FINANCIAL SERVICES · INSURANCE - PROPERTY & CASUALTY
Updated 2026-06-05
American Financial Group, Inc. (AFG) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.25B | $4.38B | $4.29B | $4.32B | $4.50B | $4.64B | $4.96B | $5.10B | $5.73B | $6.14B | $6.50B | $6.87B | $6.99B | $6.12B | $5.67B | $6.23B | $6.77B | $7.73B | $8.28B | $8.17B |
| Revenue growth (YoY) | — | +3.0% | -2.0% | +0.6% | +4.1% | +3.2% | +6.8% | +2.9% | +12.3% | +7.2% | +5.7% | +5.6% | +1.8% | -12.5% | -7.3% | +9.9% | +8.7% | +14.1% | +7.1% | -1.3% |
| Cost of revenue | $2.88B | $2.32B | $2.55B | $2.17B | $3.33B | $3.71B | $4.02B | $4.02B | $4.75B | $5.17B | $5.28B | $5.63B | $6.06B | $5.49B | $5.37B | $4.86B | $5.58B | $6.37B | $6.80B | $4.39B |
| Gross profit | $1.37B | $2.05B | $1.74B | $2.15B | $1.17B | $928.00M | $938.00M | $1.09B | $980.00M | $976.00M | $1.22B | $1.23B | $933.00M | $628.00M | $301.00M | $1.37B | $1.20B | $1.35B | $1.47B | $3.79B |
| Gross margin | 32.2% | 46.9% | 40.5% | 49.8% | 26.0% | 20.0% | 18.9% | 21.3% | 17.1% | 15.9% | 18.7% | 17.9% | 13.3% | 10.3% | 5.3% | 22.0% | 17.7% | 17.5% | 17.8% | 46.3% |
| R&D | — | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — | — | — | — | — |
| SG&A | — | $524.00M | $463.00M | $463.00M | $395.00M | $434.00M | $404.00M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — | — | $36.00M | $41.00M | $42.00M |
| Operating income | $694.40M | $638.90M | $315.90M | $812.00M | $694.00M | $558.00M | $537.00M | $689.00M | $626.00M | $565.00M | $787.00M | $724.00M | $639.00M | $634.00M | $339.00M | $1.33B | $1.12B | $1.07B | $1.12B | $1.07B |
| Operating margin | 16.3% | 14.6% | 7.4% | 18.8% | 15.4% | 12.0% | 10.8% | 13.5% | 10.9% | 9.2% | 12.1% | 10.5% | 9.1% | 10.4% | 6.0% | 21.4% | 16.6% | 13.9% | 13.6% | 13.1% |
| EBITDA | $933.90M | $904.50M | $606.40M | $1.08B | $974.00M | $812.00M | $869.00M | $902.00M | $844.00M | $774.00M | $998.00M | $916.00M | $911.00M | $961.00M | $726.00M | $1.62B | $1.31B | $1.23B | $1.28B | $1.24B |
| EBITDA margin | 22.0% | 20.7% | 14.1% | 24.9% | 21.7% | 17.5% | 17.5% | 17.7% | 14.7% | 12.6% | 15.4% | 13.3% | 13.0% | 15.7% | 12.8% | 25.9% | 19.3% | 15.9% | 15.5% | 15.2% |
| EBIT | $766.90M | $710.20M | $385.90M | $879.00M | $772.00M | $632.00M | $612.00M | $760.00M | $700.00M | $640.00M | $864.00M | $809.00M | $701.00M | $702.00M | $427.00M | $1.43B | $1.21B | $1.15B | $1.20B | $1.15B |
| Interest expense | $72.50M | $71.30M | $70.00M | $67.00M | $78.00M | $74.00M | $75.00M | $71.00M | $74.00M | $75.00M | $77.00M | $85.00M | $62.00M | $68.00M | $88.00M | $94.00M | $85.00M | $76.00M | $76.00M | $80.00M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $453.40M | $383.20M | $195.80M | $519.00M | $482.00M | $342.00M | $488.00M | $471.00M | $452.00M | $352.00M | $649.00M | $475.00M | $530.00M | $897.00M | $732.00M | $2.00B | $898.00M | $852.00M | $887.00M | $842.00M |
| Net income growth (YoY) | — | -15.5% | -48.9% | +165.1% | -7.1% | -29.0% | +42.7% | -3.5% | -4.0% | -22.1% | +84.4% | -26.8% | +11.6% | +69.2% | -18.4% | +172.5% | -55.0% | -5.1% | +4.1% | -5.1% |
| Profit margin | 10.7% | 8.8% | 4.6% | 12.0% | 10.7% | 7.4% | 9.8% | 9.2% | 7.9% | 5.7% | 10.0% | 6.9% | 7.6% | 14.7% | 12.9% | 32.0% | 13.3% | 11.0% | 10.7% | 10.3% |
Frequently asked questions
What is American Financial Group, Inc.'s revenue?
American Financial Group, Inc.'s trailing twelve-month revenue is $7.95B. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is AFG?
In its most recent fiscal year, AFG ran a gross margin of 46.32%, an operating margin of 13.13%, and a net margin of 10.30%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does AFG generate?
AFG produced $1.40B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is AFG's balance sheet healthy?
AFG holds $1.73B in cash and equivalents against $1.82B in long-term debt, on $4.82B of shareholder equity. That debt is best read against the cash flow the business throws off each year.