Cincinnati Financial (CINF) FY2021 results: revenue $9.6 billion, up 27.8% on the year
Cincinnati Financial Corp. (CINF) reported revenue of $9.6 billion for fiscal 2021, the year ended 31 December 2021, up 27.8% on the year before. Net income was $3.0 billion, up 144.1%, and diluted earnings per share $18.24. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2022.
Revenue
$9.6 billion
+27.8% on the year
FY2014FY2021
Operating margin
38.4%
19.9% a year earlier
FY2014FY2021
Net income
$3.0 billion
+144.1% on the year
FY2014FY2021
Diluted EPS
$18.24
+143.5% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
1,981
1,491
1,208
+32.9%
Capital expenditure
15.0
20.0
24.0
-25.0%
Free cash flow
1,966
1,471
1,184
+33.7%
Free cash flow margin
20.4%
19.5%
14.9%
Cash from investing
-1,057
-560
-679
Cash from financing
-685
-798
-546
Depreciation and amortisation
93.0
81.0
72.0
+14.8%
Share-based compensation
33.0
31.0
30.0
+6.5%
Buybacks
144
261
67.0
-44.8%
Dividends paid
395
375
355
+5.3%
Dividend per share
$2.52
$2.40
$2.24
+5.0%
Diluted shares, weighted
163m
162m
165m
+0.2%
Shares outstanding at period end
n/a
n/a
198m
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
12,764
10,789
9,864
+18.3%
Debt
789
788
788
+0.1%
Other liabilities
17,834
15,965
14,756
+11.7%
Total liabilities and equity
31,387
27,542
25,408
+14.0%
Fixed assets
205
213
207
-3.8%
Securities held for sale or to maturity
13,022
12,338
11,698
+5.5%
Loans
98.0
95.0
77.0
+3.2%
Cash and equivalents
1,139
900
767
+26.6%
Other assets
16,923
13,996
12,659
+20.9%
Total assets
31,387
27,542
25,408
+14.0%
10-K for the year ended 31 December 2021, filed 24 February 2022: the filing.