NASDAQ : CINF
Cincinnati Financial Corporation — Financial statements
Financials · Insurance - Property & Casualty · United States
Last price 183.02 USD (Nov 2, 2026, 2:28 PM EST) · Market cap 28.10B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 10.52B | 9.98B | 8.89B | 7.96B | 7.22B | 6.48B |
| Total Interest & Dividend Income | 1.27B | 1.17B | 1.02B | 894.00M | 781.00M | 714.00M |
| Gain (Loss) on Sale of Investments | 1.44B | 1.44B | 1.39B | 1.13B | -1.47B | 2.41B |
| Other Revenue | 46.00M | 41.00M | 32.00M | 34.00M | 24.00M | 25.00M |
| Total Revenue | 13.28B | 12.63B | 11.34B | 10.01B | 6.56B | 9.63B |
| Policy Benefits | 6.79B | 6.64B | 5.74B | 5.28B | 5.03B | 3.91B |
| Policy Acquisition & Underwriting Costs | 3.01B | 2.83B | 2.56B | 2.29B | 2.07B | 1.86B |
| Other Operating Expenses | 131.00M | 127.00M | 125.00M | 112.00M | 107.00M | 99.00M |
| Total Operating Expenses | 9.93B | 9.60B | 8.43B | 7.68B | 7.20B | 5.88B |
| Operating Income | 3.35B | 3.03B | 2.91B | 2.33B | -641.00M | 3.75B |
| Interest Expense | -52.00M | -53.00M | -53.00M | -54.00M | -53.00M | -53.00M |
| Pretax Income | 3.29B | 2.98B | 2.86B | 2.28B | -694.00M | 3.70B |
| Income Tax Expense | 631.00M | 587.00M | 566.00M | 433.00M | -207.00M | 730.00M |
| Net Income | 2.66B | 2.39B | 2.29B | 1.84B | -487.00M | 2.97B |
| Net Income to Common | 2.66B | 2.39B | 2.29B | 1.84B | -487.00M | 2.97B |
| Shares Outstanding (Basic) | 154.60M | 156.10M | 156.40M | 157.00M | 158.80M | 161.00M |
| Shares Outstanding (Diluted) | 156.28M | 157.70M | 157.80M | 158.10M | 158.80M | 162.70M |
| EPS (Basic) | 17.23 | 15.33 | 14.65 | 11.74 | -3.07 | 18.43 |
| EPS (Diluted) | 17.04 | 15.17 | 14.53 | 11.66 | -3.07 | 18.24 |
| Free Cash Flow | 3.08B | 3.09B | 2.63B | 2.03B | 2.04B | 1.97B |
| Free Cash Flow Per Share | 19.70 | 19.61 | 16.65 | 12.87 | 12.83 | 12.08 |
| Dividend Per Share | 3.69 | 3.48 | 3.24 | 3.00 | 2.76 | 2.52 |
| Operating Margin | 25.21% | 24.01% | 25.68% | 23.27% | -9.77% | 38.97% |
| Profit Margin | 20.07% | 18.95% | 20.22% | 18.41% | -7.42% | 30.83% |
| Free Cash Flow Margin | 23.19% | 24.48% | 23.17% | 20.31% | 31.04% | 20.42% |
| EBITDA | 3.51B | 3.20B | 3.04B | 2.44B | -514.00M | 3.87B |
| EBITDA Margin | 26.43% | 25.34% | 26.82% | 24.39% | -7.83% | 40.19% |
| D&A For EBITDA | 161.00M | 168.00M | 130.00M | 112.00M | 127.00M | 118.00M |
| EBIT | 3.35B | 3.03B | 2.91B | 2.33B | -641.00M | 3.75B |
| EBIT Margin | 25.21% | 24.01% | 25.68% | 23.27% | -9.77% | 38.97% |
| Effective Tax Rate | 19.15% | 19.70% | 19.80% | 19.02% | 19.74% | |
| Revenue as Reported | 13.28B | 12.63B | 11.34B | 10.01B | 6.56B | 9.63B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 18.93B | 18.12B | 16.18B | 13.79B | 12.13B | 13.02B |
| Investments in Equity & Preferred Securities | 13.87B | 13.34B | 11.75B | 11.42B | 10.18B | 11.54B |
| Policy Loans | 40.00M | 38.00M | 36.00M | 33.00M | 31.00M | 31.00M |
| Other Investments | 247.00M | 250.00M | 385.00M | 67.00M | 57.00M | 64.00M |
| Total Investments | 33.23B | 31.87B | 28.45B | 25.38B | 22.45B | 24.70B |
| Cash & Equivalents | 1.24B | 1.43B | 983.00M | 907.00M | 1.26B | 1.14B |
| Reinsurance Recoverable | 624.00M | 655.00M | 523.00M | 651.00M | 665.00M | 570.00M |
| Other Receivables | 3.84B | 3.52B | 3.31B | 2.89B | 2.57B | 2.29B |
| Deferred Policy Acquisition Cost | 1.42B | 1.34B | 1.24B | 1.09B | 1.01B | 905.00M |
| Separate Account Assets | 1.00B | 981.00M | 952.00M | 925.00M | 892.00M | 959.00M |
| Property, Plant & Equipment | 209.00M | 219.00M | 214.00M | 208.00M | 202.00M | 205.00M |
| Goodwill | 30.00M | 30.00M | 30.00M | 30.00M | 30.00M | |
| Other Intangible Assets | 31.00M | 31.00M | 31.00M | 31.00M | 31.00M | |
| Other Current Assets | 115.00M | 87.00M | 86.00M | 99.00M | 88.00M | 113.00M |
| Other Long-Term Assets | 933.00M | 832.00M | 680.00M | 553.00M | 528.00M | 445.00M |
| Total Assets | 42.61B | 41.00B | 36.50B | 32.77B | 29.73B | 31.39B |
| Insurance & Annuity Liabilities | 15.61B | 14.50B | 12.96B | 12.12B | 11.41B | 10.32B |
| Unearned Premiums | 5.64B | 5.25B | 4.81B | 4.12B | 3.69B | 3.27B |
| Current Portion of Leases | 21.00M | |||||
| Short-Term Debt | 17.00M | 25.00M | 25.00M | 25.00M | 50.00M | 54.00M |
| Long-Term Debt | 791.00M | 790.00M | 790.00M | 790.00M | 789.00M | 789.00M |
| Long-Term Leases | 67.00M | 50.00M | 60.00M | 59.00M | 52.00M | 54.00M |
| Long-Term Deferred Tax Liabilities | 1.62B | 1.83B | 1.48B | 1.32B | 1.05B | 1.74B |
| Separate Account Liability | 1.00B | 981.00M | 952.00M | 925.00M | 892.00M | 959.00M |
| Other Current Liabilities | 114.00M | |||||
| Other Long-Term Liabilities | 1.68B | 1.52B | 1.49B | 1.31B | 1.23B | 1.09B |
| Total Liabilities | 26.43B | 25.09B | 22.57B | 20.67B | 19.17B | 18.28B |
| Common Stock | 397.00M | 397.00M | 397.00M | 397.00M | 397.00M | 397.00M |
| Additional Paid-In Capital | 1.59B | 1.56B | 1.50B | 1.44B | 1.39B | 1.36B |
| Retained Earnings | 18.27B | 16.72B | 14.87B | 13.08B | 11.71B | 12.62B |
| Treasury Stock | -3.13B | -2.73B | -2.52B | -2.38B | -2.32B | -1.92B |
| Comprehensive Income & Other | -951.00M | -34.00M | -309.00M | -435.00M | -614.00M | 648.00M |
| Shareholders' Equity | 16.18B | 15.91B | 13.94B | 12.10B | 10.56B | 13.11B |
| Total Liabilities & Equity | 42.61B | 41.00B | 36.50B | 32.77B | 29.73B | 31.39B |
| Filing Date Shares Outstanding | 153.51M | 155.62M | 156.52M | 156.67M | 157.24M | 160.43M |
| Total Common Shares Outstanding | 153.50M | 155.40M | 156.40M | 157.00M | 157.10M | 160.30M |
| Total Debt | 875.00M | 886.00M | 875.00M | 874.00M | 891.00M | 897.00M |
| Net Cash (Debt) | 364.00M | 545.00M | 108.00M | 33.00M | 373.00M | 242.00M |
| Net Cash Per Share | 2.33 | 3.46 | 0.68 | 0.21 | 2.35 | 1.49 |
| Book Value Per Share | 105.42 | 102.39 | 89.10 | 77.06 | 67.23 | 81.75 |
| Tangible Book Value | 16.18B | 15.85B | 13.87B | 12.04B | 10.50B | 13.04B |
| Tangible Book Value Per Share | 105.42 | 101.99 | 88.71 | 76.67 | 66.84 | 81.37 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 2.66B | 2.39B | 2.29B | 1.84B | -487.00M | 2.97B |
| Depreciation & Amortization | 161.00M | 168.00M | 130.00M | 112.00M | 127.00M | 118.00M |
| Gain (Loss) on Sale of Investments | -1.41B | -1.41B | -1.37B | -1.11B | 1.49B | -2.35B |
| Change in Accounts Receivable | -69.00M | -306.00M | -266.00M | -264.00M | -340.00M | -240.00M |
| Change in Unearned Revenue | 220.00M | 441.00M | 694.00M | 430.00M | 418.00M | 311.00M |
| Change in Income Taxes | -39.00M | 26.00M | 12.00M | 42.00M | -40.00M | -25.00M |
| Change in Insurance Reserves / Liabilities | 1.57B | 1.56B | 1.02B | 749.00M | 1.17B | 635.00M |
| Change in Other Net Operating Assets | -37.00M | 11.00M | 120.00M | 60.00M | 116.00M | 117.00M |
| Other Operating Activities | 101.00M | 327.00M | 161.00M | 268.00M | -312.00M | 528.00M |
| Operating Cash Flow | 3.09B | 3.11B | 2.65B | 2.05B | 2.05B | 1.98B |
| Capital Expenditures | -16.00M | -20.00M | -22.00M | -18.00M | -15.00M | -15.00M |
| Investment in Securities | -2.02B | -1.64B | -1.66B | -1.57B | -925.00M | -1.04B |
| Investing Cash Flow | -2.04B | -1.69B | -1.70B | -1.61B | -933.00M | -1.06B |
| Total Debt Repaid | -8.00M | -25.00M | -4.00M | |||
| Net Debt Issued (Repaid) | -8.00M | -25.00M | -4.00M | |||
| Issuance of Common Stock | 15.00M | 10.00M | 10.00M | 9.00M | 10.00M | 13.00M |
| Repurchases of Common Stock | -499.00M | -205.00M | -126.00M | -67.00M | -410.00M | -144.00M |
| Common Dividends Paid | -551.00M | -525.00M | -490.00M | -454.00M | -423.00M | -395.00M |
| Other Financing Activities | -142.00M | -153.00M | -154.00M | -129.00M | -93.00M | -98.00M |
| Financing Cash Flow | -1.27B | -973.00M | -877.00M | -801.00M | -994.00M | -685.00M |
| Net Cash Flow | -221.00M | 448.00M | 76.00M | -357.00M | 125.00M | 239.00M |
| Free Cash Flow | 3.08B | 3.09B | 2.63B | 2.03B | 2.04B | 1.97B |
| Free Cash Flow Margin | 23.19% | 24.48% | 23.17% | 20.31% | 31.04% | 20.42% |
| Free Cash Flow Per Share | 19.70 | 19.61 | 16.65 | 12.87 | 12.83 | 12.08 |
| Levered Free Cash Flow | 2.41B | 6.14B | 2.06B | 1.67B | -216.75M | 2.63B |
| Unlevered Free Cash Flow | 2.44B | 6.17B | 2.09B | 1.71B | -183.62M | 2.67B |
| Cash Interest Paid | 53.00M | 53.00M | 53.00M | 54.00M | 53.00M | 52.00M |
| Cash Income Tax Paid | 546.00M | 220.00M | 395.00M | 136.00M | 165.00M | 257.00M |
| Change in Working Capital | 1.58B | 1.63B | 1.43B | 937.00M | 1.23B | 720.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 28.21B | 25.48B | 22.46B | 16.23B | 16.09B | 18.36B |
| Enterprise Value | 27.85B | 24.90B | 21.58B | 16.20B | 15.90B | 18.18B |
| PE Ratio | 10.78 | 10.65 | 9.80 | 8.81 | 6.19 | |
| PS Ratio | 2.13 | 2.02 | 1.98 | 1.62 | 2.45 | 1.91 |
| PB Ratio | 1.74 | 1.60 | 1.61 | 1.34 | 1.52 | 1.40 |
| P/FCF Ratio | 9.17 | 8.24 | 8.55 | 7.98 | 7.90 | 9.34 |
| P/OCF Ratio | 9.12 | 8.19 | 8.48 | 7.91 | 7.84 | 9.27 |
| EV/Sales Ratio | 2.10 | 1.97 | 1.90 | 1.62 | 2.42 | 1.89 |
| EV/EBITDA Ratio | 7.94 | 7.78 | 7.10 | 6.63 | 4.70 | |
| EV/EBIT Ratio | 8.32 | 8.21 | 7.42 | 6.95 | 4.85 | |
| EV/FCF Ratio | 9.05 | 8.05 | 8.22 | 7.97 | 7.80 | 9.25 |
| Debt / Equity Ratio | 0.05 | 0.06 | 0.06 | 0.07 | 0.08 | 0.07 |
| Debt / EBITDA Ratio | 0.25 | 0.28 | 0.29 | 0.36 | 0.23 | |
| Debt / FCF Ratio | 0.28 | 0.29 | 0.33 | 0.43 | 0.44 | 0.46 |
| Net Debt / Equity Ratio | -0.02 | -0.03 | -0.01 | -0.00 | -0.04 | -0.02 |
| Net Debt / EBITDA Ratio | -0.10 | -0.17 | -0.04 | -0.01 | 0.73 | -0.06 |
| Net Debt / FCF Ratio | -0.12 | -0.18 | -0.04 | -0.02 | -0.18 | -0.12 |
| Quick Ratio | 0.88 | 0.53 | 0.90 | 0.87 | 0.98 | 0.99 |
| Current Ratio | 1.05 | 0.64 | 1.07 | 1.10 | 1.23 | 1.24 |
| Asset Turnover | 0.32 | 0.33 | 0.33 | 0.32 | 0.21 | 0.33 |
| Return on Equity (ROE) | 16.87% | 16.04% | 17.61% | 16.27% | -4.12% | 24.84% |
| Return on Assets (ROA) | 5.03% | 4.89% | 5.25% | 4.66% | -1.31% | 7.96% |
| Return on Invested Capital (ROIC) | 15.64% | 15.41% | 16.81% | 15.45% | -5.04% | 23.44% |
| Earnings Yield | 9.27% | 9.39% | 10.20% | 11.35% | -3.03% | 16.17% |
| FCF Yield | 10.91% | 12.13% | 11.70% | 12.53% | 12.66% | 10.71% |
| Dividend Yield | 2.05% | 2.12% | 2.26% | 2.90% | 2.69% | 2.20% |
| Payout Ratio | 22.06% | 21.94% | 21.38% | 24.63% | 13.31% | |
| Buyback Yield / Dilution | 1.01% | 0.06% | 0.19% | 0.44% | 2.40% | -0.18% |
| Total Shareholder Return | 3.06% | 2.19% | 2.45% | 3.34% | 5.09% | 2.02% |