Cincinnati Financial (CINF) FY2019 results: revenue $7.9 billion, up 46.6% on the year
Cincinnati Financial Corp. (CINF) reported revenue of $7.9 billion for fiscal 2019, the year ended 31 December 2019, up 46.6% on the year before. Net income was $2.0 billion, up 595.8%, and diluted earnings per share $12.10. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2020.
Revenue
$7.9 billion
+46.6% on the year
FY2012FY2019
Operating margin
31.2%
4.6% a year earlier
FY2012FY2019
Net income
$2.0 billion
+595.8% on the year
FY2012FY2019
Diluted EPS
$12.10
+591.4% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
7,924
5,407
5,732
+46.6%
Operating income
2,472
251
730
+884.9%
Operating margin
31.2%
4.6%
12.7%
Interest expense
53.0
53.0
53.0
0.0%
Pre-tax income
2,472
251
730
+884.9%
Income tax
475
-36.0
-315
Effective tax rate
19.2%
-14.3%
-43.2%
Net income
1,997
287
1,045
+595.8%
Net margin
25.2%
5.3%
18.2%
Diluted EPS
$12.10
$1.75
$6.29
+591.4%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,208
1,181
1,052
+2.3%
Capital expenditure
24.0
20.0
16.0
+20.0%
Free cash flow
1,184
1,161
1,036
+2.0%
Free cash flow margin
14.9%
21.5%
18.1%
Cash from investing
-679
-451
-558
Cash from financing
-546
-603
-614
Depreciation and amortisation
72.0
63.0
55.0
+14.3%
Share-based compensation
30.0
28.0
26.0
+7.1%
Buybacks
67.0
125
92.0
-46.4%
Dividends paid
355
336
400
+5.7%
Dividend per share
$2.24
$2.12
$2.50
+5.7%
Diluted shares, weighted
165m
164m
166m
+0.4%
Shares outstanding at period end
198m
198m
198m
0.0%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
9,864
7,833
8,243
+25.9%
Debt
788
788
787
0.0%
Other liabilities
14,756
13,314
12,813
+10.8%
Total liabilities and equity
25,408
21,935
21,843
+15.8%
Fixed assets
207
195
185
+6.2%
Securities held for sale or to maturity
11,698
10,689
10,699
+9.4%
Loans
77.0
71.0
61.0
+8.5%
Cash and equivalents
767
784
657
-2.2%
Other assets
12,659
10,196
10,241
+24.2%
Total assets
25,408
21,935
21,843
+15.8%
10-K for the year ended 31 December 2019, filed 25 February 2020: the filing.