Cincinnati Financial
CINF · NasdaqFire, Marine & Casualty Insurance · Fiscal year ends Dec 31
Cincinnati Financial reported revenue of $12.6B in the fiscal year ended Dec 2025, up 11.4% from the year before. Net income was $2.4B. Operating cash flow of $3.1B less capital expenditure of $20M left free cash flow of $3.1B. It held more cash than debt (net cash $641M).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $9.6B | $6.6B | $10B | $11.3B | $12.6B |
| Interest expense | $53M | $53M | $54M | $53M | $53M |
| Pre-tax income | $3.7B | −$694M | $2.3B | $2.9B | $3B |
| Income tax | $730M | −$207M | $433M | $566M | $587M |
| Net income | $3B | −$487M | $1.8B | $2.3B | $2.4B |
| Diluted EPS | 18.24 | −3.06 | 11.66 | 14.53 | 15.17 |
| Diluted shares | 163M | 159M | 158M | 158M | 158M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.1B | $1.3B | $907M | $983M | $1.4B |
| Net PP&E | $205M | $202M | $208M | $214M | $219M |
| Total assets | $31.4B | $29.7B | $32.8B | $36.5B | $41B |
| Long-term debt | $789M | $789M | $790M | $790M | $790M |
| Total liabilities | $18.3B | $19.2B | $20.7B | $22.6B | $25.1B |
| Shareholders' equity | $12.8B | $10.6B | $12.1B | $13.9B | $15.9B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2B | $2.1B | $2.1B | $2.6B | $3.1B |
| Capital expenditure | $15M | $15M | $18M | $22M | $20M |
| Free cash flow | $2B | $2B | $2B | $2.6B | $3.1B |
| Depreciation & amortisation | $93M | $33M | $30M | $34M | $36M |
| Stock-based compensation | $33M | – | – | – | – |
| Share buybacks | $144M | $410M | $67M | $126M | $205M |
| Dividends paid | $395M | $423M | $454M | $490M | $525M |
| Dividend per share | 2.52 | 2.76 | 3.00 | 3.24 | 3.48 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −31.8% | 52.6% | 13.2% | 11.4% |
| EPS growth (YoY) | – | −116.8% | – | 24.6% | 4.4% |
| Net margin | 30.8% | −7.4% | 18.4% | 20.2% | 18.9% |
| Return on equityBlank when equity is negative | 23.3% | −4.6% | 15.2% | 16.4% | 15.0% |
| Free cash flow margin | 20.4% | 31.0% | 20.3% | 23.2% | 24.5% |
| Cash conversion (CFO ÷ net income) | 0.67x | −4.21x | 1.11x | 1.16x | 1.30x |
| Debt ÷ equity | 0.06x | 0.07x | 0.07x | 0.06x | 0.05x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$350M | −$475M | −$117M | −$193M | −$641M |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.