Cincinnati Financial (CINF) FY2016 results: revenue $5.4 billion, up 6.0% on the year
Cincinnati Financial Corp. (CINF) reported revenue of $5.4 billion for fiscal 2016, the year ended 31 December 2016, up 6.0% on the year before. Net income was $591 million, down 6.8%, and diluted earnings per share $3.55. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2017.
Revenue
$5.4 billion
+6.0% on the year
FY2009FY2016
Operating margin
14.9%
17.1% a year earlier
FY2009FY2016
Net income
$591 million
-6.8% on the year
FY2009FY2016
Diluted EPS
$3.55
-7.3% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
5,449
5,142
4,945
+6.0%
Operating income
812
881
721
-7.8%
Operating margin
14.9%
17.1%
14.6%
Interest expense
53.0
53.0
53.0
0.0%
Pre-tax income
812
881
721
-7.8%
Income tax
221
247
196
-10.5%
Effective tax rate
27.2%
28.0%
27.2%
Net income
591
634
525
-6.8%
Net margin
10.8%
12.3%
10.6%
Diluted EPS
$3.55
$3.83
$3.18
-7.3%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
1,115
1,075
873
+3.7%
Capital expenditure
13.0
10.0
9.0
+30.0%
Free cash flow
1,102
1,065
864
+3.5%
Free cash flow margin
20.2%
20.7%
17.5%
Cash from investing
-456
-624
-311
Cash from financing
-426
-498
-404
Depreciation and amortisation
48.0
52.0
51.0
-7.7%
Share-based compensation
23.0
20.0
19.0
+15.0%
Buybacks
39.0
53.0
21.0
-26.4%
Dividends paid
306
366
278
-16.4%
Dividend per share
$1.92
$2.30
$1.76
-16.5%
Diluted shares, weighted
166m
166m
165m
+0.5%
Shares outstanding at period end
198m
198m
198m
0.0%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
7,060
6,427
6,573
+9.8%
Debt
787
786
786
+0.1%
Other liabilities
12,539
11,675
11,394
+7.4%
Total liabilities and equity
20,386
18,888
18,753
+7.9%
Fixed assets
183
185
194
-1.1%
Investments
n/a
n/a
0.0
Securities held for sale or to maturity
10,085
9,650
n/a
+4.5%
Loans
51.0
62.0
75.0
-17.7%
Cash and equivalents
777
544
591
+42.8%
Other assets
9,290
8,447
17,893
+10.0%
Total assets
20,386
18,888
18,753
+7.9%
10-K for the year ended 31 December 2016, filed 24 February 2017: the filing.