Cincinnati Financial (CINF) FY2015 results: revenue $5.1 billion, up 4.0% on the year
Cincinnati Financial Corp. (CINF) reported revenue of $5.1 billion for fiscal 2015, the year ended 31 December 2015, up 4.0% on the year before. Net income was $634 million, up 20.8%, and diluted earnings per share $3.83. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2016.
Revenue
$5.1 billion
+4.0% on the year
FY2008FY2015
Operating margin
17.1%
14.6% a year earlier
FY2008FY2015
Net income
$634 million
+20.8% on the year
FY2008FY2015
Diluted EPS
$3.83
+20.4% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
5,142
4,945
4,531
+4.0%
Operating income
881
721
714
+22.2%
Operating margin
17.1%
14.6%
15.8%
Interest expense
53.0
53.0
54.0
0.0%
Pre-tax income
881
721
714
+22.2%
Income tax
247
196
197
+26.0%
Effective tax rate
28.0%
27.2%
27.6%
Net income
634
525
517
+20.8%
Net margin
12.3%
10.6%
11.4%
Diluted EPS
$3.83
$3.18
$3.12
+20.4%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
1,075
873
796
+23.1%
Capital expenditure
10.0
9.0
7.0
+11.1%
Free cash flow
1,065
864
789
+23.3%
Free cash flow margin
20.7%
17.5%
17.4%
Cash from investing
-624
-311
-509
Cash from financing
-498
-404
-341
Depreciation and amortisation
52.0
51.0
50.0
+2.0%
Share-based compensation
20.0
19.0
18.0
+5.3%
Buybacks
53.0
21.0
52.0
+152.4%
Dividends paid
366
278
263
+31.7%
Dividend per share
$2.30
$1.76
$1.66
+30.7%
Diluted shares, weighted
166m
165m
165m
+0.3%
Shares outstanding at period end
198m
198m
198m
0.0%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
6,427
6,573
6,070
-2.2%
Debt
786
786
790
0.0%
Other liabilities
11,675
11,394
10,802
+2.5%
Total liabilities and equity
18,888
18,753
17,662
+0.7%
Fixed assets
185
194
210
-4.6%
Investments
n/a
0.0
n/a
Securities held for sale or to maturity
9,650
n/a
9,121
Loans
62.0
75.0
85.0
-17.3%
Cash and equivalents
544
591
433
-8.0%
Other assets
8,447
17,893
7,813
-52.8%
Total assets
18,888
18,753
17,662
+0.7%
10-K for the year ended 31 December 2015, filed 26 February 2016: the filing.