CINCINNATI FINANCIAL CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CINCINNATI FINANCIAL CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	5,449	5,732	5,407	7,924	7,536	9,626	6,563	10,013	11,337	12,631
Interest expense	53	53	53	53	54	53	53	54	53	53
Interest income	440	445	445	446	455	477	510	600	733	875
Pre-tax income	812	730	251	2,472	1,499	3,698	-694	2,276	2,858	2,980
Income tax	221	-315	-36	475	283	730	-207	433	566	587
Net income	591	1,045	287	1,997	1,216	2,968	-487	1,843	2,292	2,393
EPS, basic	3.59	6.36	1.76	12.24	7.55	18.43	-3.06	11.74	14.65	15.32
EPS, diluted	3.55	6.29	1.75	12.10	7.49	18.24	-3.06	11.66	14.53	15.17
Shares, basic (weighted)	165	164	163	163	161	161	159	157	156	156
Shares, diluted (weighted)	167	166	165	165	162	163	159	158	158	158
Dividend per share	1.92	2.50	2.12	2.24	2.40	2.52	2.76	3.00	3.24	3.48

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	777	657	784	767	900	1,139	1,264	907	983	1,431
Short-term investments								0	298	148
Property, plant and equipment	183	185	195	207	213	205	202	208	214	219
Total assets	20,386	21,843	21,935	25,408	27,542	31,387	29,732	32,769	36,501	41,002
Long-term debt	826	827	834	846	845	843	841	849	850	861
Total liabilities	13,326	13,600	14,102	15,544	16,753	18,282	19,170	20,671	22,566	25,091
Total debt	787	787	788	788	788	789	789	790	790	790
Paid-in capital	1,252	1,265	1,281	1,306	1,328	1,356	1,392	1,437	1,502	1,561
Retained earnings	5,037	5,180	7,625	9,257	10,085	12,625	11,711	13,084	14,869	16,719
Treasury stock	-1,319	-1,387	-1,492	-1,544	-1,790	-1,921	-2,324	-2,385	-2,524	-2,732
Other comprehensive income	1,693	2,788	22	448	769	648	-614	-435	-309	-34
Shareholders' equity	7,060	8,243	7,833	9,864	10,789	12,764	10,562	12,098	13,935	15,911
Total equity	7,060	8,243	7,833	9,864	10,789	12,764	10,562	12,098	13,935	15,911
Total liabilities and equity	20,386	21,843	21,935	25,408	27,542	31,387	29,732	32,769	36,501	41,002
Shares outstanding	198	198	198	198

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	591	1,045	287	1,997	1,216	2,968	-487	1,843	2,292	2,393
Depreciation and amortization	48	55	63	72	81	93	33	30	34	36
Stock-based compensation	23	26	28	30	31	33
Deferred income tax	38	-444	-47	343	136	483	-355	223	117	283
Cash from operations	1,115	1,052	1,181	1,208	1,491	1,981	2,052	2,052	2,649	3,112
Capital expenditures	-13	-16	-20	-24	-20	-15	-15	-18	-22	-20
Purchases of investments	-1,994	-1,723	-1,510	-1,742	-1,382	-2,388	-1,901	-2,554	-5,732	-5,388
Sales and maturities of investments	1,511	1,172	1,127	1,241	912	1,343	1,113	1,136	3,202	3,777
Cash from investing	-456	-558	-451	-679	-560	-1,057	-933	-1,608	-1,696	-1,691
Stock issued	21	13	9	11	7	13	10	9	10	10
Share buybacks	-39	-92	-125	-67	-261	-144	-410	-67	-126	-205
Dividends paid	-306	-400	-336	-355	-375	-395	-423	-454	-490	-525
Cash from financing	-426	-614	-603	-546	-798	-685	-994	-801	-877	-973
Net change in cash	233	-120	127	-17	133	239	125	-357	76	448
Free cash flow	1,102	1,036	1,161	1,184	1,471	1,966	2,037	2,034	2,627	3,092
Interest paid	52	52	53	53	53	52	53	54	53	53
Income taxes paid	2	18	0	94	0	0	165	136	395	220

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $162.54 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	29.8%	Pre-tax income / revenue.
Net margin	23.8%	Net income / revenue.
FCF margin	24.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	24.5%	Cash from operations / revenue.
Effective tax rate	19.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	20.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.7%	Net income / average total assets.
Capex / revenue	0.1%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	24.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	4.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	14.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	4.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	15.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	17.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	14.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	15.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	17.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	14.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	16.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	7.4%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	8.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	7.7%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	14.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	14.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	8.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	12.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	11.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.05x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	1.8%	Total debt / total assets.
Liabilities / assets	61.4%	Total liabilities / total assets.
Net debt	-$1.10B	Total debt - cash - short-term investments. Negative means more cash than debt.
Tangible book value	$16.67B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.32x	Revenue / average total assets.
Fixed asset turnover	66.1x	Revenue / average property, plant and equipment.
FCF conversion	102.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	0.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$21.37	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$89.62	Revenue / diluted weighted shares.
FCF per share	$21.84	Free cash flow / diluted weighted shares.
Operating cash flow per share	$21.95	Cash from operations / diluted weighted shares.
Book value per share	$107.07	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$107.07	Tangible book value / shares outstanding.
Cash per share	$12.15	(Cash + short-term investments) / shares outstanding.
Payout ratio	16.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	16.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	16.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$24.95B	Share price x shares outstanding.
Enterprise value	$23.85B	Market cap + total debt - cash - short-term investments.
P/E	7.50x	Market cap / net income. Only when net income is positive.
P/S	1.79x	Market cap / revenue.
P/B	1.50x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.50x	Market cap / tangible book value, when positive.
P/FCF	7.34x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.30x	Market cap / cash from operations, when positive.
EV/Sales	1.71x	Enterprise value / revenue.
EV/FCF	7.01x	Enterprise value / free cash flow, when both are positive.
FCF yield	13.6%	Free cash flow / market cap.
Earnings yield	13.3%	Net income / market cap (the inverse of P/E).
Dividend yield	2.2%	Dividends paid over the period / market cap.
Shareholder yield	4.4%	(Dividends paid + share buybacks) / market cap.

What was CINCINNATI FINANCIAL CORP's revenue in fiscal 2025?

CINCINNATI FINANCIAL CORP reported revenue of $12.63B for fiscal 2025, 11.4% higher than the year before.

Was CINCINNATI FINANCIAL CORP profitable in fiscal 2025?

Yes. Net income was $2.39B, a net margin of 18.9%.

How much free cash flow did CINCINNATI FINANCIAL CORP generate in fiscal 2025?

Cash from operations of $3.11B minus capital expenditures of $20.0M left free cash flow of $3.09B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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