Is AFL diluting shareholders?

Read three numbers together: shares outstanding over time (501.3M as of 2026-07-28), warrants that can convert into new shares, and how much cash runway remains. A company short on cash with live registrations is structurally likely to issue shares.

Where do these numbers come from?

SEC EDGAR only: the XBRL company-facts API for shares, warrants and cash, and filing metadata for registrations and pricings. Every figure shows its source form, and nothing here is estimated by us beyond the arithmetic stated next to it.

Why might a warrant tranche be missing from the table?

The tranche table is built from the dimensions the company tagged in its own 10-Q or 10-K XBRL. A tranche the filer chose not to dimension does not appear, and its absence proves nothing: the exhibits remain the ground truth. Everything shown carries the filing it came from.

Dilution profile // every instrument, one screen, from SEC filings

AFLAC INC (AFL)

CIK 4977 · all EDGAR filings →

Overall dilution risk

HIGHworst of 3 computed sub-ratings (offering ability)

= the worst band among the computed sub-ratings, no hidden weighting

not every sub-rating was computable; treat as a floor

Offering ability

HIGH$1878M registered

= total registered offering amount from the fee exhibits of live registrations (bands: $1M / $20M)

one or more live registrations had no structured fee data, so the true total is AT LEAST this

Overhead supply

NOT COMPUTEDno warrant count tagged in XBRL

= warrant shares outstanding divided by current shares outstanding

absence of a tag is not proof of absence of warrants

Historical dilution

LOW-14% O/S in 3y

= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative

Cash need

LOWoperating cash flow positive

= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

Latest: 501.3M shares as of Jul 28, 2026 (10-Q).

⊙

EVIDENCE — filed/published fact

SourceSEC XBRL, cover-page share count

Fielddei:EntityCommonStockSharesOutstanding

As of2026-07-28

HowThe newest cover-page count as filed, whatever its age. The float checker applies a 200-day freshness rule and sets this beside the balance-sheet count.

Open the source document →

Cash runway

Self-funding

profitable · generates cash

Full breakdown: cash runway tool · source filing →

Warrants

No warrant figures tagged in this filer’s XBRL facts. That means the company has not reported them in structured form; it does not prove no warrants exist. The exhibits are the ground truth.

Convertible notes

No convertible-note facts tagged in the 10-Q filed Aug 7, 2026. If convertible notes exist, their terms live in exhibit prose for this filer and are not parsed; absence of a tag is not proof of absence. The exhibits are the ground truth.

Registrations and offerings

Registered offering capacity on live registrations: $1877.6Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-3ASRJun 24, 2026fee exhibit found but no total offering amount (fees deferred, typical for automatic shelves)filing →

S-3Apr 23, 2026$1877.6M registeredfiling →

S-3ASRSep 6, 2024fee exhibit found but no total offering amount (fees deferred, typical for automatic shelves)filing →

Last 12 months: 4 executed · 2 registered.

REGISTEREDJun 24, 2026Automatic shelf registration — effective immediately (large filers)S-3ASR →

EXECUTEDMay 22, 2026Prospectus supplement priced — shares or notes (large filers: often a bond deal)424B2 →

MARKETINGMay 21, 2026Free-writing prospectus — offering being marketedFWP →

EXECUTEDMay 18, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →

EXECUTEDMay 12, 2026Prospectus supplement priced — shares or notes (large filers: often a bond deal)424B2 →

EXECUTEDMay 11, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →

MARKETINGMay 11, 2026Free-writing prospectus — offering being marketedFWP →

EFFECTIVEMay 1, 2026SEC declared a registration effective — selling can beginEFFECT →

REGISTEREDApr 23, 2026S-3 registration — capacity to sell shares, not a sale yetS-3 →

EXECUTEDJun 3, 2025Prospectus supplement priced — shares or notes (large filers: often a bond deal)424B2 →

MARKETINGMay 30, 2025Free-writing prospectus — offering being marketedFWP →

EXECUTEDMay 27, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

Keep going: float checker · offering calendar · short-squeeze screener · full AFL workspace