CINCINNATI FINANCIAL CORP (CINF) financial statements: income statement, balance sheet and cash flow

CINCINNATI FINANCIAL CORP's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), CINCINNATI FINANCIAL CORP reported revenue of $12.6B (+11.4% year on year) and net income of $2.4B (+4.4% year on year).

Income statement

CINCINNATI FINANCIAL CORP income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Earned premiums	$10.0B	$8.9B	$8.0B	$7.2B
Investment income, net of expenses	$1.2B	$1.0B	$894.0M	$781.0M
Investment gains and losses, net	$1.4B	$1.4B	$1.1B	($1.5B)
Fee revenues	$20.0M	$17.0M	$21.0M	$14.0M
Other revenues	$21.0M	$15.0M	$13.0M	$10.0M
Total revenues	$12.6B	$11.3B	$10.0B	$6.6B
Insurance losses and contract holders' benefits	$6.6B	$5.7B	$5.3B	$5.0B
Underwriting, acquisition and insurance expenses	$2.9B	$2.7B	$2.4B	$2.2B
Interest expense	$53.0M	$53.0M	$54.0M	$53.0M
Other operating expenses	$34.0M	$32.0M	$25.0M	$23.0M
Total benefits and expenses	$9.7B	$8.5B	$7.7B	$7.3B
Income Before Income Taxes	$3.0B	$2.9B	$2.3B	($693.0M)
Current	$304.0M	$449.0M	$210.0M	$148.0M
Deferred	$283.0M	$117.0M	$223.0M	($355.0M)
Total provision for income taxes	$587.0M	$566.0M	$433.0M	($207.0M)
Net Income	$2.4B	$2.3B	$1.8B	($486.0M)
Net income—basic	$15.32	$14.65	$11.74	-$3.06
Net income—diluted	$15.17	$14.53	$11.66	-$3.06

CINCINNATI FINANCIAL CORP income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Earned premiums	$2.6B	$2.6B	$2.6B	$2.5B
Investment income, net of expenses	$319.0M	$318.0M	$295.0M	$285.0M
Investment gains and losses, net	$1.3B	($70.0M)	$853.0M	$473.0M
Fee revenues	$5.0M	$5.0M	$5.0M	$5.0M
Other revenues	$7.0M	$6.0M	$6.0M	$5.0M
Total revenues	$4.3B	$2.9B	$3.7B	$3.2B
Insurance losses and contract holders' benefits	$1.9B	$1.8B	$1.5B	$1.7B
Underwriting, acquisition and insurance expenses	$786.0M	$764.0M	$754.0M	$709.0M
Interest expense	$14.0M	$13.0M	$13.0M	$14.0M
Other operating expenses	$11.0M	$9.0M	$6.0M	$10.0M
Total benefits and expenses	$2.7B	$2.5B	$2.3B	$2.4B
Income Before Income Taxes	$1.6B	$326.0M	$1.4B	$855.0M
Current	$182.0M	$134.0M	$128.0M	$81.0M
Deferred	$139.0M	($82.0M)	$163.0M	$89.0M
Total provision for income taxes	$321.0M	$52.0M	$291.0M	$170.0M
Net Income	$1.3B	$274.0M	$1.1B	$685.0M
Net income — basic	$8.14	$1.77	$7.19	$4.38
Net income — diluted	$8.05	$1.75	$7.11	$4.34

Balance sheet

CINCINNATI FINANCIAL CORP balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Fixed maturities, at fair value (amortized cost: 2025—$18,304; 2024—$16,735)	$18.1B	$16.2B	$13.8B	$12.1B
Equity securities, at fair value (cost: 2025—$4,155; 2024—$3,953)	$12.7B	$11.2B	$11.0B	$9.8B
Short-term investments, at fair value (amortized cost: 2025—$148; 2024—$298)	$148.0M	$298.0M	—	—
Other invested assets	$818.0M	$713.0M	$577.0M	$452.0M
Total investments	$31.8B	$28.4B	$25.4B	$22.4B
Cash and cash equivalents	$1.4B	$983.0M	$907.0M	$1.3B
Investment income receivable	$235.0M	$222.0M	$192.0M	$160.0M
Finance receivable	$146.0M	$120.0M	$108.0M	$92.0M
Premiums receivable	$3.1B	$3.0B	$2.6B	$2.3B
Reinsurance recoverable	$655.0M	$523.0M	$651.0M	$640.0M
Prepaid reinsurance premiums	$71.0M	$70.0M	$55.0M	$79.0M
Deferred policy acquisition costs	$1.3B	$1.2B	$1.1B	$1.0B
Land, building and equipment, net, for company use (accumulated depreciation: 2025—$367; 2024—$347)	$219.0M	$214.0M	$208.0M	$202.0M
Other assets	$995.0M	$828.0M	$681.0M	$646.0M
Total assets	$41.0B	$36.5B	$32.8B	$29.7B
Loss and loss expense reserves	$11.5B	$10.0B	$9.1B	$8.4B
Life policy and investment contract reserves	$3.0B	$3.0B	$3.1B	$3.1B
Unearned premiums	$5.3B	$4.8B	$4.1B	$3.7B
Other liabilities	$1.6B	$1.5B	$1.3B	$1.2B
Deferred income tax	$1.8B	$1.5B	$1.3B	$1.0B
Note payable	$25.0M	$25.0M	$25.0M	$50.0M
Long-Term Debt and Lease Obligation	$861.0M	$850.0M	$849.0M	$841.0M
Separate accounts	$981.0M	$952.0M	$925.0M	$892.0M
Total liabilities	$25.1B	$22.6B	$20.7B	$19.2B
Common stock, par value—$2 per share; (authorized: 2025 and 2024—500 million shares; issued: 2025 and 2024—198.3 million shares)	$397000000.00	$397000000.00	$397000000.00	$397000000.00
Paid-in capital	$1.6B	$1.5B	$1.4B	$1.4B
Retained earnings	$16.7B	$14.9B	$13.1B	$11.7B
Accumulated other comprehensive loss	($34.0M)	($309.0M)	($435.0M)	($636.0M)
Treasury stock, at cost (2025—42.9 million shares and 2024—41.9 million shares)	-2.7B	-2.5B	-2.4B	-2.3B
Total shareholders' equity	$15.9B	$13.9B	$12.1B	$10.5B
Total liabilities and shareholders' equity	$41.0B	$36.5B	$32.8B	$29.7B

CINCINNATI FINANCIAL CORP balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Fixed maturities, at fair value (amortized cost: 2026—$19,280; 2025—$18,304)	$19.0B	$18.5B	$17.6B	$17.1B
Equity securities, at fair value (cost: 2026—$4,287; 2025—$4,155)	$13.2B	$12.6B	$12.5B	$11.6B
Short-term investments, at fair value (amortized cost: 2026—$143; 2025—$148)	$142.0M	$49.0M	$149.0M	$100.0M
Other invested assets	$863.0M	$838.0M	$773.0M	$743.0M
Total investments	$33.2B	$32.0B	$31.1B	$29.6B
Cash and cash equivalents	$1.8B	$1.2B	$1.5B	$995.0M
Investment income receivable	$252.0M	$247.0M	$233.0M	$223.0M
Finance receivable	$143.0M	$142.0M	$147.0M	$121.0M
Premiums receivable	$3.5B	$3.3B	$3.3B	$3.4B
Reinsurance recoverable	$633.0M	$627.0M	$679.0M	$749.0M
Prepaid reinsurance premiums	$124.0M	$95.0M	$100.0M	$130.0M
Deferred policy acquisition costs	$1.4B	$1.4B	$1.4B	$1.4B
Land, building and equipment, net, for company use (accumulated depreciation: 2026—$376; 2025—$367)	$211.0M	$214.0M	$213.0M	$214.0M
Other assets	$981.0M	$982.0M	$998.0M	$1.1B
Total assets	$43.2B	$41.2B	$40.6B	$38.8B
Reserve for loss and loss expenses	$12.5B	$12.0B	$11.3B	$11.1B
Life policy and investment contract reserves	$3.0B	$3.0B	$3.0B	$3.0B
Unearned premiums	$5.7B	$5.4B	$5.4B	$5.4B
Other liabilities	$1.6B	$1.6B	$1.8B	$1.6B
Deferred income tax	$1.9B	$1.7B	$1.8B	$1.6B
Note payable	$17.0M	$25.0M	$25.0M	$25.0M
Long-term debt and lease obligations	$859.0M	$859.0M	$858.0M	$859.0M
Separate accounts	$996.0M	$988.0M	$971.0M	$991.0M
Total liabilities	$26.6B	$25.5B	$25.2B	$24.5B
Common stock, par value—$2 per share; (authorized: 2026 and 2025—500 million shares; issued: 2026 and 2025—198.3 million shares)	$397000000.00	$397000000.00	$397000000.00	$397000000.00
Paid-in capital	$1.6B	$1.6B	$1.5B	$1.5B
Retained earnings	$18.0B	$16.8B	$16.2B	$15.2B
Accumulated other comprehensive loss	($135.0M)	($185.0M)	($84.0M)	($249.0M)
Treasury stock at cost (2026—44.9 million shares and 2025—42.9 million shares)	-3.1B	-2.9B	-2.6B	-2.6B
Total shareholders' equity	$16.7B	$15.7B	$15.4B	$14.3B
Total liabilities and shareholders' equity	$43.2B	$41.2B	$40.6B	$38.8B

Cash flow statement

CINCINNATI FINANCIAL CORP cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net Income	$2.4B	$2.3B	$1.8B	($486.0M)
Depreciation, amortization and other	$168.0M	$130.0M	$112.0M	$127.0M
Investment gains and losses, net	($1.4B)	($1.4B)	($1.1B)	$1.5B
Interest credited	$44.0M	$44.0M	$45.0M	—
Deferred income tax expense	$283.0M	$117.0M	$223.0M	($355.0M)
Premiums and reinsurance receivable	($306.0M)	($266.0M)	($264.0M)	($340.0M)
Deferred policy acquisition costs	($102.0M)	($149.0M)	($80.0M)	($96.0M)
Other assets	($73.0M)	($14.0M)	($30.0M)	$28.0M
Loss and loss expense reserves	$1.5B	$953.0M	$650.0M	$1.1B
Life policy and investment contract reserves	$55.0M	$69.0M	$99.0M	$77.0M
Unearned premiums	$441.0M	$694.0M	$430.0M	$418.0M
Other liabilities	$84.0M	$134.0M	$90.0M	$88.0M
Current income tax receivable/payable	$26.0M	$12.0M	$42.0M	($40.0M)
Net cash provided by operating activities	$3.1B	$2.6B	$2.1B	$2.1B
Sale, call or maturity of fixed maturities	$3.8B	$3.2B	$1.1B	$1.1B
Sale of equity securities	$335.0M	$1.6B	$206.0M	$430.0M
Purchase of fixed maturities	($5.4B)	($5.7B)	($2.6B)	($1.9B)
Purchase of equity securities	($409.0M)	($321.0M)	($220.0M)	($466.0M)
Change in short-term investments, net	$156.0M	($295.0M)	—	—
Changes in finance receivables	($30.0M)	($15.0M)	($15.0M)	$7.0M
Investment in buildings and equipment	($20.0M)	($22.0M)	($18.0M)	($15.0M)
Change in other invested assets, net	($112.0M)	($112.0M)	($143.0M)	($101.0M)
Net cash used in investing activities	($1.7B)	($1.7B)	($1.6B)	($933.0M)
Payment of cash dividends to shareholders	($525.0M)	($490.0M)	($454.0M)	($423.0M)
Shares acquired - share repurchase authorization	-205.0M	-126.0M	-67.0M	-410.0M
Changes in note payable	$0	$0	($25.0M)	($4.0M)
Proceeds from stock options exercised	$10.0M	$10.0M	$9.0M	$10.0M
Contract holders' funds deposited	$66.0M	$73.0M	$83.0M	$70.0M
Contract holders' funds withdrawn	($166.0M)	($190.0M)	($218.0M)	($144.0M)
Other	($153.0M)	($154.0M)	($129.0M)	($93.0M)
Net cash used in financing activities	($973.0M)	($877.0M)	($801.0M)	($994.0M)
Net change in cash and cash equivalents	$448.0M	$76.0M	($357.0M)	$125.0M
Cash and cash equivalents at beginning of year	$983.0M	$907.0M	$1.3B	$1.1B
Cash and cash equivalents at end of year	$1.4B	$983.0M	$907.0M	$1.3B
Interest paid	$53.0M	$53.0M	$54.0M	$53.0M
Income taxes paid	$220.0M	$395.0M	$136.0M	$165.0M
Equipment acquired under finance lease obligations	$24.0M	$19.0M	$20.0M	$17.0M
Share-based compensation	$37.0M	$51.0M	$19.0M	$27.0M
Other assets and other liabilities	$113.0M	$103.0M	$77.0M	$115.0M

CINCINNATI FINANCIAL CORP cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net Income	$1.5B	$274.0M	$1.7B	$595.0M
Depreciation, amortization and other	$82.0M	$40.0M	$126.0M	$93.0M
Investment gains and losses, net	($1.2B)	$75.0M	($1.2B)	($392.0M)
Interest credited to contract holders	$21.0M	$11.0M	$33.0M	$22.0M
Deferred income tax expense	$57.0M	($82.0M)	$256.0M	$93.0M
Premiums and reinsurance receivable	($435.0M)	($175.0M)	($524.0M)	($737.0M)
Deferred policy acquisition costs	($98.0M)	($40.0M)	($118.0M)	($125.0M)
Other assets	($20.0M)	($13.0M)	($57.0M)	($65.0M)
Loss and loss expense reserves	$972.0M	$452.0M	$1.3B	$1.1B
Life policy and investment contract reserves	$40.0M	$18.0M	$34.0M	$8.0M
Unearned premiums	$470.0M	$170.0M	$610.0M	$631.0M
Other liabilities	($62.0M)	($187.0M)	$43.0M	($54.0M)
Current income tax receivable/payable	$31.0M	$113.0M	$23.0M	($87.0M)
Net cash provided by operating activities	$1.4B	$656.0M	$2.2B	$1.1B
Sale, call or maturity of fixed maturities	$1.6B	$1.0B	$2.6B	$1.3B
Sale of equity securities	$1.2B	$454.0M	$201.0M	$34.0M
Purchase of fixed maturities	($2.6B)	($1.6B)	($3.5B)	($2.1B)
Purchase of equity securities	($463.0M)	($400.0M)	($319.0M)	($95.0M)
Change in short-term investments	$9.0M	$101.0M	$154.0M	$201.0M
Changes in finance receivables	$1.0M	$3.0M	($30.0M)	($3.0M)
Investment in building and equipment	($4.0M)	($2.0M)	($12.0M)	($7.0M)
Change in other invested assets, net	($48.0M)	($25.0M)	($67.0M)	($32.0M)
Net cash used in investing activities	($250.0M)	($493.0M)	($1.0B)	($614.0M)
Payment of cash dividends to shareholders	($276.0M)	($133.0M)	($392.0M)	($258.0M)
Shares acquired - share repurchase authorization	-395.0M	-179.0M	-102.0M	-42.0M
Changes in note payable	($8.0M)	—	—	—
Proceeds from stock options exercised	$10.0M	$5.0M	$8.0M	$6.0M
Contract holders' funds deposited	$33.0M	$16.0M	$47.0M	$31.0M
Contract holders' funds withdrawn	($76.0M)	($39.0M)	($121.0M)	($80.0M)
Other	($75.0M)	($54.0M)	($111.0M)	($82.0M)
Net cash used in financing activities	($787.0M)	($384.0M)	($671.0M)	($425.0M)
Net change in cash and cash equivalents	$319.0M	($221.0M)	$477.0M	$12.0M
Cash and cash equivalents at beginning of year	$1.4B	$1.4B	$983.0M	$983.0M
Cash and cash equivalents at end of period	$1.8B	$1.2B	$1.5B	$995.0M
Interest paid	$26.0M	—	$27.0M	$27.0M
Income taxes paid	$249.0M	$4.0M	$99.0M	$97.0M
Equipment acquired under finance lease obligations	$7.0M	$3.0M	$16.0M	$12.0M
Share-based compensation	48.0M	27.0M	29.0M	26.0M
Other assets and other liabilities	$66.0M	$38.0M	$344.0M	$254.0M

CINCINNATI FINANCIAL CORP score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.