Cincinnati Financial (CINF) FY2017 results: revenue $5.7 billion, up 5.2% on the year
Cincinnati Financial Corp. (CINF) reported revenue of $5.7 billion for fiscal 2017, the year ended 31 December 2017, up 5.2% on the year before. Net income was $1.0 billion, up 76.8%, and diluted earnings per share $6.29. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2018.
Revenue
$5.7 billion
+5.2% on the year
FY2010FY2017
Operating margin
12.7%
14.9% a year earlier
FY2010FY2017
Net income
$1.0 billion
+76.8% on the year
FY2010FY2017
Diluted EPS
$6.29
+77.2% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
5,732
5,449
5,142
+5.2%
Operating income
730
812
881
-10.1%
Operating margin
12.7%
14.9%
17.1%
Interest expense
53.0
53.0
53.0
0.0%
Pre-tax income
730
812
881
-10.1%
Income tax
-315
221
247
Effective tax rate
-43.2%
27.2%
28.0%
Net income
1,045
591
634
+76.8%
Net margin
18.2%
10.8%
12.3%
Diluted EPS
$6.29
$3.55
$3.83
+77.2%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
1,052
1,115
1,075
-5.7%
Capital expenditure
16.0
13.0
10.0
+23.1%
Free cash flow
1,036
1,102
1,065
-6.0%
Free cash flow margin
18.1%
20.2%
20.7%
Cash from investing
-558
-456
-624
Cash from financing
-614
-426
-498
Depreciation and amortisation
55.0
48.0
52.0
+14.6%
Share-based compensation
26.0
23.0
20.0
+13.0%
Buybacks
92.0
39.0
53.0
+135.9%
Dividends paid
400
306
366
+30.7%
Dividend per share
$2.50
$1.92
$2.30
+30.2%
Diluted shares, weighted
166m
166m
166m
-0.3%
Shares outstanding at period end
198m
198m
198m
0.0%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
8,243
7,060
6,427
+16.8%
Debt
787
787
786
0.0%
Other liabilities
12,813
12,539
11,675
+2.2%
Total liabilities and equity
21,843
20,386
18,888
+7.1%
Fixed assets
185
183
185
+1.1%
Securities held for sale or to maturity
10,699
10,085
9,650
+6.1%
Loans
61.0
51.0
62.0
+19.6%
Cash and equivalents
657
777
544
-15.4%
Other assets
10,241
9,290
8,447
+10.2%
Total assets
21,843
20,386
18,888
+7.1%
10-K for the year ended 31 December 2017, filed 23 February 2018: the filing.