American Financial Group, Inc.
NYSE: AFGE · FINANCIALS · INSURANCE
Updated 2026-06-05
American Financial Group, Inc. (AFGE) 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 | — | — | — | — | — | — | — |
| 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 | — | — | — | — | — | — | — |
| 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
How profitable is AFGE?
In its most recent fiscal year, AFGE 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 AFGE generate?
AFGE 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 AFGE's balance sheet healthy?
AFGE holds $1.73B in cash and equivalents against — 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.