Cincinnati Financial (CINF) FY2020 results: revenue $7.5 billion, down 4.9% on the year
Cincinnati Financial Corp. (CINF) reported revenue of $7.5 billion for fiscal 2020, the year ended 31 December 2020, down 4.9% on the year before. Net income was $1.2 billion, down 39.1%, and diluted earnings per share $7.49. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2021.
Revenue
$7.5 billion
-4.9% on the year
FY2013FY2020
Operating margin
19.9%
31.2% a year earlier
FY2013FY2020
Net income
$1.2 billion
-39.1% on the year
FY2013FY2020
Diluted EPS
$7.49
-38.1% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
7,536
7,924
5,407
-4.9%
Operating income
1,499
2,472
251
-39.4%
Operating margin
19.9%
31.2%
4.6%
Interest expense
54.0
53.0
53.0
+1.9%
Pre-tax income
1,499
2,472
251
-39.4%
Income tax
283
475
-36.0
-40.4%
Effective tax rate
18.9%
19.2%
-14.3%
Net income
1,216
1,997
287
-39.1%
Net margin
16.1%
25.2%
5.3%
Diluted EPS
$7.49
$12.10
$1.75
-38.1%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,491
1,208
1,181
+23.4%
Capital expenditure
20.0
24.0
20.0
-16.7%
Free cash flow
1,471
1,184
1,161
+24.2%
Free cash flow margin
19.5%
14.9%
21.5%
Cash from investing
-560
-679
-451
Cash from financing
-798
-546
-603
Depreciation and amortisation
81.0
72.0
63.0
+12.5%
Share-based compensation
31.0
30.0
28.0
+3.3%
Buybacks
261
67.0
125
+289.6%
Dividends paid
375
355
336
+5.6%
Dividend per share
$2.40
$2.24
$2.12
+7.1%
Diluted shares, weighted
162m
165m
164m
-1.6%
Shares outstanding at period end
n/a
198m
198m
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
10,789
9,864
7,833
+9.4%
Debt
788
788
788
0.0%
Other liabilities
15,965
14,756
13,314
+8.2%
Total liabilities and equity
27,542
25,408
21,935
+8.4%
Fixed assets
213
207
195
+2.9%
Securities held for sale or to maturity
12,338
11,698
10,689
+5.5%
Loans
95.0
77.0
71.0
+23.4%
Cash and equivalents
900
767
784
+17.3%
Other assets
13,996
12,659
10,196
+10.6%
Total assets
27,542
25,408
21,935
+8.4%
10-K for the year ended 31 December 2020, filed 25 February 2021: the filing.