CNO Financial Group, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CNO Financial Group, Inc. 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	3,985	4,297	4,314	4,016	3,821	4,122	3,577	4,147	4,450	4,487
Operating income		455	381	368	464	515	467	460	551	553
Interest expense	116	124	150	152	109	95.4	137	239	254	231
Pre-tax income	353	481	-265	274	344	733	817	357	540	293
Income tax	-5	305	50.2	-135	42.5	163	186	80.3	119	64.1
Net income	358	176	-315	409	302	570	631	277	421	229
EBITDA		720	673	636	768	751	715	727	843	872
EPS, basic	2.63	1.33	-2.46	3.39	2.74	4.44	5.45	2.44	3.96	2.35
EPS, diluted	2.60	1.32	-2.46	3.38	2.73	4.35	5.36	2.40	3.89	2.30
Shares, basic (weighted)	136	131	128	121	110	128	116	113	106	97.8
Shares, diluted (weighted)	138	133	128	121	111	131	118	115	108	99.8
Dividend per share	0.40	0.45	0.50	0.56	0.61	0.51	0.55	0.59	0.63	0.67

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	668	757	657	655	992	732	645	889	1,998	984
Lease right-of-use assets				66.5	54.7	48.2	46.6	85.3	90.7	83.6
Total assets	31,975	33,110	31,440	33,631	35,340	36,204	33,133	35,027	37,849	38,791
Total liabilities	27,488	28,263	28,069	28,954	29,856	30,945	31,364	32,812	35,334	36,152
Total debt	913	915	917
Paid-in capital	3,212	3,073	2,995	2,767	2,545	2,184	2,034	1,892	1,633	1,336
Retained earnings	651	560	197	536	752	1,127	1,691	1,900	2,253	2,416
Other comprehensive income	622	1,212	178	1,373	2,186	1,947	-1,957	-1,577	-1,371	-1,115
Shareholders' equity	4,487	4,848	3,371	4,677	5,484	3,685	1,769	2,216	2,515	2,638
Total equity	4,487	4,848	3,371	4,677	5,484	3,685	1,769	2,216	2,515	2,638
Total liabilities and equity	31,975	33,110	31,440	33,631	35,340	36,204	33,133	35,027	37,849	38,791
Shares outstanding	134	129	125	114	104	120	114	109	102	94.5

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	358	176	-315	409	302	570	631	277	421	229
Depreciation and amortization	275	265	292	268	304	237	249	267	292	319
Deferred income tax	173	72	93.1	39.3	101	98.7	154	12	92.7	0.4
Cash from operations	776	633	318	697	736	598	495	583	628	676
Cash from investing	-930	-270	-526	-556	-608	-1,526	-1,781	-872	-1,489	-1,667
Stock issued	8.4	8.3	3.9	9.2	19	21.5	13.5	13.2	11.2	11.6
Share buybacks	-210	-168	-108	-255	-268	-408	-190	-166	-300	-331
Dividends paid	-54.8	-59.6	-64.8	-67.1	-67	-65.7	-64.8	-68.1	-67.7	-66.2
Cash from financing	26.2	-274	107	-143	210	668	1,199	534	1,970	-22.6
Net change in cash	-129	89.1	-101	-1.9	337	-260	-86.8	244	1,109	-1,014
Interest paid	106	121	141	151	111	92.8	121	233	259	230
Income taxes paid	6.7	77.4	31.8	-2.4	28.4	-19.8	33.9	59.1	55.1	37.7

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 $53.98 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	13.3%	Operating income / revenue.
EBITDA margin	20.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	7.7%	Pre-tax income / revenue.
Net margin	6.0%	Net income / revenue.
Operating cash flow margin	15.0%	Cash from operations / revenue.
Effective tax rate	21.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.7%	Net income / average total assets.
Return on invested capital (ROIC)	37.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
D&A / revenue	7.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	0.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	5.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	3.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	3.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	6.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	2.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-45.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-28.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-5.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-40.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-24.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-3.4%	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	7.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	10.9%	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	-1.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	6.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	6.8%	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	1.9%	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	4.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	14.3%	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	-13.6%	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	2.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.4%	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	1.9%	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	-7.7%	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	-5.3%	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	-2.0%	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
Liabilities / assets	93.5%	Total liabilities / total assets.
Interest coverage	2.86x	Operating income / interest expense.
Tangible book value	$2.59B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.12x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.91	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	$48.94	Revenue / diluted weighted shares.
Operating cash flow per share	$7.36	Cash from operations / diluted weighted shares.
Book value per share	$27.96	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$27.96	Tangible book value / shares outstanding.
Cash per share	$14.09	(Cash + short-term investments) / shares outstanding.
Payout ratio	23.7%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$4.99B	Share price x shares outstanding.
Enterprise value	$3.69B	Market cap + total debt - cash - short-term investments.
P/E	17.9x	Market cap / net income. Only when net income is positive.
P/S	1.07x	Market cap / revenue.
P/B	1.93x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.93x	Market cap / tangible book value, when positive.
P/OCF	7.15x	Market cap / cash from operations, when positive.
EV/Sales	0.79x	Enterprise value / revenue.
EV/EBIT	5.98x	Enterprise value / operating income, when both are positive.
EV/EBITDA	3.90x	Enterprise value / EBITDA, when both are positive.
Earnings yield	5.6%	Net income / market cap (the inverse of P/E).
Dividend yield	1.3%	Dividends paid over the period / market cap.
Shareholder yield	6.4%	(Dividends paid + share buybacks) / market cap.

What was CNO Financial Group, Inc.'s revenue in fiscal 2025?

CNO Financial Group, Inc. reported revenue of $4.49B for fiscal 2025, 0.9% higher than the year before.

Was CNO Financial Group, Inc. profitable in fiscal 2025?

Yes. Net income was $229.3M, a net margin of 5.1%.

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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