Aflac reported second-quarter 2026 results that missed analyst expectations for adjusted earnings per share, causing its stock to fall 1.06 percent on September 24, 2026. The company posted an adjusted EPS of USD 1.75, which was 1.1 percent below the consensus estimate and represented a 1.7 percent year-over-year decline. This miss occurred despite a split in performance across its geographic segments, where US operations showed growth while international results dragged down the consolidated figure. Adjusted revenue for the quarter reached USD 4.2 billion, falling 7 percent from the prior-year quarter but remaining slightly above consensus estimates. The divergence between top-line revenue and earnings highlights specific challenges within the company's international markets. While the US division provided stability with rising sales and premiums, significant declines in Japan offset these gains, resulting in a net negative impact on overall profitability for the period. The weakness was primarily driven by Aflac Japan, where adjusted revenue dropped 12.6 percent year over year to USD 2.2 billion. Net earned premiums in the Japanese segment fell 12.7 percent to USD 1.5 billion, and pretax adjusted earnings declined 6.2 percent to USD 741 million. In contrast, Aflac U.S. supplied the necessary counterweight with a 2.5 percent increase in adjusted revenue and growth in net earned premiums of 2.3 percent. Analysts maintain an average Hold recommendation on the stock with a one-year price target of USD 116.62, which sits just above the current trading price of USD 114.01. The market reaction reflects investor caution regarding the consolidated earnings miss and the contraction in the Japanese market, even as the US business continues to expand its sales base.