Cincinnati Financial Corporation

CINF · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$25,481	$22,462	$16,234	$16,094	$18,359	$14,079	$16,944	$12,476	$12,081	$12,206	$9,535	$8,474	$8,662	$6,409	$4,973	$5,158	$4,272	$4,749	$6,745	$7,858	$7,914	$7,519	$6,752	$6,128	$6,127	$6,353	$5,146	$6,110	$7,766	$3,615	$3,460	$2,655	$2,751	$3,096	$1,763	$1,384	$1,294	$845	$599	$953	$904
Enterprise value	$24,788	$22,056	$16,201	$15,721	$18,117	$14,078	$17,061	$11,755	$11,469	$11,509	$9,099	$8,754	$8,476	$6,890	$4,789	$4,991	$4,548	$4,496	$7,278	$8,401	$8,511	$7,933	$7,264	$6,619	$6,688	$6,913	$5,381	$6,523	$8,024	$3,897	$3,741	$2,816	$2,823	$3,243	$1,870	$1,456	$1,360	$846	$603	$962	$912
P/E (TTM) at period end	10.65×	9.80×	8.81×	–	6.19×	11.58×	8.48×	43.47×	11.56×	20.65×	15.04×	16.14×	16.75×	15.22×	29.96×	13.68×	9.89×	11.07×	7.89×	8.45×	13.15×	12.87×	18.05×	25.75×	31.74×	53.84×	20.18×	25.29×	25.94×	16.16×	15.22×	13.19×	12.74×	18.07×	12.05×	10.73×	11.30×	6.57×	6.60×	11.41×	17.21×
P/S (TTM) at period end	2.02×	1.98×	1.62×	2.45×	1.91×	1.87×	2.14×	2.31×	2.11×	2.24×	1.85×	1.71×	1.91×	1.56×	1.31×	1.37×	1.09×	1.24×	1.58×	1.73×	2.10×	2.08×	2.12×	2.16×	2.39×	2.73×	2.42×	2.97×	4.00×	2.00×	2.09×	1.76×	1.91×	2.37×	1.52×	1.32×	1.33×	0.92×	0.68×	1.23×	1.49×
P/B at period end	1.60×	1.61×	1.34×	1.52×	1.44×	1.30×	1.72×	1.59×	1.47×	1.73×	1.48×	1.29×	1.43×	1.18×	0.99×	1.03×	0.90×	1.14×	1.14×	1.15×	1.30×	1.20×	1.09×	1.09×	1.02×	1.06×	0.95×	1.09×	1.65×	1.14×	1.30×	1.37×	1.41×	1.81×	1.22×	1.37×	1.27×	1.04×	0.94×	1.64×	1.92×
EV / EBITDA (TTM)	8.08×	7.49×	6.86×	–	4.71×	8.62×	6.57×	32.03×	13.69×	12.61×	9.23×	10.61×	10.36×	10.38×	17.61×	8.37×	7.34×	7.86×	5.93×	6.15×	9.94×	9.58×	14.24×	21.99×	27.19×	54.43×	15.92×	20.45×	19.77×	13.46×	12.27×	10.86×	10.17×	14.79×	2.16×	1.67×	1.69×	–	–	–	–
EV / Sales (TTM)	1.96×	1.95×	1.62×	2.40×	1.88×	1.87×	2.15×	2.17×	2.00×	2.11×	1.77×	1.77×	1.87×	1.68×	1.26×	1.32×	1.17×	1.18×	1.71×	1.85×	2.26×	2.19×	2.28×	2.33×	2.61×	2.97×	2.53×	3.18×	4.13×	2.15×	2.26×	1.86×	1.96×	2.49×	1.61×	1.39×	1.40×	0.92×	0.68×	1.24×	1.50×
Returns
Return on equity	15.0%	16.4%	15.2%	(4.6%)	23.3%	11.3%	20.2%	3.7%	12.7%	8.4%	9.9%	8.0%	8.5%	7.7%	3.3%	7.5%	9.1%	10.3%	14.4%	13.7%	9.9%	9.3%	6.0%	4.3%	3.2%	2.0%	4.7%	4.3%	6.3%	7.1%	8.6%	10.4%	11.1%	10.0%	10.1%	12.8%	11.2%	15.8%	14.3%	14.4%	11.2%
Return on invested capital	15.9%	16.9%	15.6%	(4.4%)	24.0%	11.7%	20.4%	3.8%	9.3%	8.8%	10.0%	8.2%	8.5%	7.8%	3.9%	7.6%	8.6%	10.7%	13.0%	12.5%	8.9%	8.7%	5.6%	3.9%	2.9%	1.7%	4.5%	4.0%	6.0%	6.5%	7.7%	9.6%	13.0%	11.2%	45.9%	69.2%	63.2%	–	–	–	–
Dividend yield	2.1%	2.2%	2.8%	2.6%	2.2%	2.7%	2.1%	2.7%	3.3%	2.5%	3.8%	3.3%	3.0%	4.0%	5.1%	4.9%	5.8%	5.3%	3.6%	2.9%	2.6%	2.4%	2.3%	2.3%	2.2%	1.9%	2.1%	1.6%	1.1%	2.2%	2.0%	2.4%	2.0%	1.6%	2.5%	2.8%	2.6%	–	–	–	–
Financial health
Current ratio	–	–	–	–	–	1.29×	1.26×	1.31×	1.29×	1.36×	1.27×	1.36×	1.29×	1.06×	1.39×	1.35×	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Debt / equity	0.06×	0.06×	0.07×	0.08×	0.07×	0.08×	0.09×	0.11×	0.10×	0.12×	0.13×	0.13×	0.15×	0.17×	0.18×	0.17×	0.18×	0.20×	0.15×	0.12×	0.13×	0.13×	0.10×	0.11×	0.10×	0.10×	0.11×	0.08×	0.07×	0.11×	0.11×	0.11×	0.08×	0.09×	0.07×	0.07×	0.07×	0.00×	0.01×	0.01×	0.02×
Effective tax rate	19.7%	19.8%	19.0%	29.8%	19.7%	18.9%	19.2%	(14.3%)	(43.2%)	27.2%	28.0%	27.2%	27.6%	25.6%	5.2%	24.7%	25.8%	20.6%	28.3%	30.0%	26.9%	27.0%	22.1%	14.7%	12.7%	(8.3%)	20.8%	21.3%	24.1%	20.8%	23.0%	19.3%	(24.3%)	(18.1%)	17.4%	13.9%	14.0%	16.0%	8.2%	9.1%	10.3%
Share count
Diluted shares outstanding	158	158	158	159	163	162	165	164	166	166	166	165	165	164	163	163	163	163	172	175	177	178	178	180	179	181	186	190	188	191	191	188	188	184	181	180	180	178	167	168	166

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$13,954	$12,631	$11,337	$10,013	$6,563	$9,626	$7,536	$7,924	$5,407	$5,732	$5,449	$5,142	$4,945	$4,531	$4,111	$3,803	$3,772	$3,903	$3,824	$4,259	$4,550	$3,767	$3,614	$3,181	$2,843	$2,561	$2,331	$2,128	$2,054	$1,942	$1,809	$1,656	$1,513	$1,442	$1,304	$1,161	$1,049	$974	$916	$883	$776	$608
Cost of revenue	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($2,242)	($2,176)	($1,954)	($2,107)	($1,892)	($1,816)	($1,845)	($1,769)	($1,636)	($1,548)	($1,237)	($1,210)	($1,047)	($1,079)	($954)	($895)	($826)	($762)	($294)	($175)	($169)	–	–	–	–
Gross profit	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	$1,661	$1,648	$2,305	$2,443	$1,875	$1,798	$1,336	$1,074	$925	$783	$891	$844	$895	$730	$702	$617	$616	$542	$868	$874	$805	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	–	–	–	–	–	–	($1,829)	($1,738)	($1,597)	($1,546)	($1,465)	($1,387)	($1,301)	($1,243)	($1,155)	($1,036)	($1,021)	($20)	($987)	($13)	($984)	($929)	($885)	($740)	($674)	($576)	($523)	($468)	($439)	($422)	($376)	($343)	($316)	($304)	($289)	–	–	–	–	–	–	–
Total operating expenses	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($1,079)	($1,108)	($1,113)	($1,114)	($1,052)	($998)	($856)	($795)	($704)	($674)	($569)	($537)	($501)	($447)	($406)	($368)	($349)	($333)	($7)	($6)	($7)	–	–	–	–
Total costs and expenses	($9,753)	($9,598)	($8,426)	($7,683)	($7,204)	($5,875)	($5,983)	($5,399)	($5,103)	($4,949)	($4,584)	($4,208)	($4,171)	($3,763)	($3,491)	($3,573)	($3,217)	($3,321)	($3,284)	($3,067)	($3,221)	($2,944)	($2,814)	($2,701)	($2,564)	($2,340)	($2,222)	($1,806)	($1,747)	($1,548)	($1,526)	($1,360)	($1,263)	($1,175)	($1,095)	($300)	($181)	($176)	–	–	–	–
Operating income	$4,201	$3,033	$2,911	$2,330	($641)	$3,751	$1,553	$2,525	$304	$783	$865	$934	$774	$768	$620	$230	$555	$582	$540	$1,192	$1,329	$823	$800	$480	$279	$221	$109	$322	$307	$395	$282	$295	$249	$267	$209	$861	$868	$799	–	–	–	–
Earnings
EBITDA	$4,358	$3,069	$2,945	$2,360	($608)	$3,844	$1,634	$2,597	$367	$838	$913	$986	$825	$818	$664	$272	$596	$620	$572	$1,228	$1,367	$856	$828	$510	$301	$246	$127	$338	$319	$406	$290	$305	$259	$277	$219	$867	$873	$805	–	–	–	–
Interest income	$930	$875	$733	$600	$510	$477	$455	$446	$445	$445	$440	$428	$417	$413	$420	$424	$423	$402	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($53)	($53)	($53)	($54)	($53)	($53)	($54)	($53)	($53)	($53)	($53)	($53)	($53)	($54)	($54)	($54)	($54)	($55)	($53)	($52)	($53)	($51)	($38)	($34)	($35)	($39)	($37)	($33)	($28)	($21)	($20)	($17)	($10)	($7)	($7)	($7)	($6)	($7)	($6)	($5)	($5)	($2)
Pre-tax income	$4,155	$2,980	$2,858	$2,276	($694)	$3,698	$1,499	$2,472	$251	$730	$812	$881	$721	$714	$566	$173	$498	$582	$540	$1,192	$1,329	$823	$800	$480	$279	$221	$109	$322	$307	$395	$282	$295	$249	$267	$209	$177	$150	$133	$153	$99	$92	$58
Income tax expense	($828)	($587)	($566)	($433)	$207	($730)	($283)	($475)	$36	$315	($221)	($247)	($196)	($197)	($145)	($9)	($123)	($150)	($111)	($337)	($399)	($221)	($216)	($106)	($41)	($28)	$9	($67)	($66)	($95)	($59)	($68)	($48)	$65	$38	($31)	($21)	($19)	($24)	($8)	($8)	($6)
Net income	$3,327	$2,393	$2,292	$1,843	($487)	$2,968	$1,216	$1,997	$287	$1,045	$591	$634	$525	$517	$421	$164	$375	$432	$429	$855	$930	$602	$584	$374	$238	$193	$118	$255	$242	$299	$224	$227	$201	$216	$171	$146	$129	$114	$129	$91	$84	$52
Per share
Diluted EPS (GAAP)	$21.21	$15.17	$14.53	$11.66	($3.06)	$18.24	$7.49	$12.10	$1.75	$6.29	$3.55	$3.83	$3.18	$3.12	$2.57	$1.01	$2.30	$2.65	$2.62	$4.97	$5.30	$3.40	$3.28	$2.10	$1.32	$1.08	$0.66	$1.38	$1.28	$1.61	$1.19	$1.21	$1.07	$1.15	$0.93	$0.81	$0.72	$0.63	$0.73	$0.54	$0.50	$0.32
Basic EPS (GAAP)	$21.29	$15.32	$14.65	$11.74	($3.06)	$18.43	$7.55	$12.24	$1.76	$6.36	$3.59	$3.87	$3.21	$3.16	$2.59	$1.01	$2.30	$2.66	$2.63	$5.01	$5.36	$3.44	$3.30	$2.11	$1.33	$1.09	$0.67	$1.41	$1.32	$1.64	$1.22	$1.23	$1.07	$1.15	$0.93	$0.82	$0.72	$0.64	$0.73	$0.54	$0.50	$0.32
Basic shares outstanding	156	156	156	157	159	161	161	163	163	164	164	164	164	164	162	163	163	163	163	171	173	177	178	178	180	177	177	182	184	183	184	184	188	188	184	179	180	178	175	167	168	166
Margins
Gross margin	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	42.6%	43.1%	54.1%	53.7%	49.8%	49.8%	42.0%	37.8%	36.1%	33.6%	41.9%	41.1%	46.1%	40.3%	42.4%	40.8%	42.7%	41.5%	74.7%	83.4%	82.6%	–	–	–	–
Operating margin	30.1%	24.0%	25.7%	23.3%	(9.8%)	39.0%	20.6%	31.9%	5.6%	13.7%	15.9%	18.2%	15.7%	16.9%	15.1%	6.0%	14.7%	14.9%	14.1%	28.0%	29.2%	21.8%	22.1%	15.1%	9.8%	8.6%	4.7%	15.1%	14.9%	20.3%	15.6%	17.8%	16.5%	18.5%	16.0%	74.2%	82.7%	82.0%	–	–	–	–
Net margin	23.8%	18.9%	20.2%	18.4%	(7.4%)	30.8%	16.1%	25.2%	5.3%	18.2%	10.8%	12.3%	10.6%	11.4%	10.2%	4.3%	9.9%	11.1%	11.2%	20.1%	20.4%	16.0%	16.2%	11.8%	8.4%	7.5%	5.1%	12.0%	11.8%	15.4%	12.4%	13.7%	13.3%	15.0%	13.1%	12.6%	12.3%	11.8%	14.1%	10.3%	10.8%	8.6%

Analyst consensus

Hold17 analysts

Bearish · 1 · Hold · 9 · Bullish · 7

Earnings history

	EPS	Estimate
Q3 2024	$1.42	$1.46	Miss
Q4 2024	$3.14	$1.90	Beat
Q1 2025	$-0.24	$-0.62	Beat
Q2 2025	$1.97	$1.41	Beat
Q3 2025	$2.85	$2.14	Beat
Q4 2025	$3.37	$2.90	Beat
Q1 2026	$2.10	$1.95	Beat
Q2 2026	$1.43	$1.84	Miss

Peers

Company overview

IPO dateMar 17, 1980

CEOStephen Michael Spray

Employees5,705

SectorFinancial Services

IndustryInsurance - Property & Casualty

CountryUS

ExchangeNASDAQ Global Select

Websitewww.cinfin.com

Cincinnati Financial Corporation, operating through its various subsidiaries, delivers a range of property and casualty insurance offerings across the United States. Its operations are organized into five distinct divisions: Commercial Lines, Personal Lines, Excess and Surplus Lines, Life Insurance, and Investments. The Commercial Lines division safeguards businesses against risks such as commercial casualty, property damage, vehicle incidents, and workers' compensation claims; it also offers specialized protection including director and officer liability, various surety and fidelity bonds, and coverage for machinery and equipment. For individual clients, the Personal Lines segment provides essential coverages like personal auto and homeowner policies, alongside dwelling fire, inland marine, personal umbrella liability, and watercraft protection. The Excess and Surplus Lines segment specializes in commercial casualty insurance, protecting companies from third-party liabilities stemming from on-site incidents, operational activities, or product-related injuries; this segment also delivers commercial property insurance, securing assets like buildings, inventory, and equipment, as well as business income, against a broad spectrum of perils including fire, wind, hail, water damage, theft, and vandalism. Through its Life Insurance division, the company offers a comprehensive suite of life policies, encompassing term life, universal life, worksite-based term life, and whole life insurance options. The Investments segment manages a portfolio including fixed-maturity assets like taxable and tax-exempt bonds, along with redeemable preferred stocks, and equity holdings such as common and non-redeemable preferred stocks. Beyond insurance, Cincinnati Financial Corporation extends its services to include commercial leasing and financing, as well as insurance brokerage. Established in 1950, Cincinnati Financial Corporation's corporate headquarters are situated in Fairfield, Ohio.

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