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Insurance - Life · Financial Services · Fiscal year ends Dec 31
CNO Financial reported revenue of $4.5B in the fiscal year ended Dec 2025, up 0.9% from the year before. Operating income was $553M, an operating margin of 12.3%, and net income was $229M.
Ranks among the 19 insurance - life companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 4,122 | 3,577 | 4,147 | 4,450 | 4,487 |
| Operating incomederived: pre-tax income + interest | 515 | 467 | 460 | 551 | 553 |
| Interest expense | 95.4 | 137 | 239 | 254 | 231 |
| Pre-tax income | 733 | 817 | 357 | 540 | 293 |
| Income tax | 163 | 186 | 80.3 | 119 | 64.1 |
| Net income | 570 | 631 | 277 | 421 | 229 |
| Diluted EPS | 4.35 | 5.36 | 2.40 | 3.89 | 2.30 |
| Diluted shares | 131 | 118 | 115 | 108 | 99.8 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 732 | 645 | 889 | 1,998 | 984 |
| Total assets | 36,204 | 33,133 | 35,027 | 37,849 | 38,791 |
| Total liabilities | 30,945 | 31,364 | 32,812 | 35,334 | 36,152 |
| Shareholders' equity | 3,685 | 1,769 | 2,216 | 2,515 | 2,638 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 598 | 495 | 583 | 628 | 676 |
| Depreciation & amortisation | 237 | 249 | 267 | 292 | 319 |
| Share buybacks | 408 | 190 | 166 | 300 | 331 |
| Dividends paid | 65.7 | 64.8 | 68.1 | 67.7 | 66.2 |
| Dividend per share | 0.51 | 0.55 | 0.59 | 0.63 | 0.67 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −13.2% | 15.9% | 7.3% | 0.9% |
| Operating income growth (YoY) | – | −9.3% | −1.5% | 19.9% | 0.4% |
| EPS growth (YoY) | – | 23.2% | −55.2% | 62.1% | −40.9% |
| Operating margin | 12.5% | 13.0% | 11.1% | 12.4% | 12.3% |
| Net margin | 13.8% | 17.6% | 6.7% | 9.5% | 5.1% |
| Return on equityBlank when equity is negative | 15.5% | 35.7% | 12.5% | 16.7% | 8.7% |
| Cash conversion (CFO ÷ net income) | 1.05x | 0.79x | 2.11x | 1.49x | 2.95x |
| Interest cover | 5.40x | 3.41x | 1.93x | 2.17x | 2.40x |
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.