Cincinnati Financial (CINF) FY2023 results: revenue $10.0 billion, up 52.7% on the year
Cincinnati Financial Corp. (CINF) reported revenue of $10.0 billion for fiscal 2023, the year ended 31 December 2023, up 52.7% on the year before. Net income was $1.8 billion, and diluted earnings per share $11.66. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2024.
Revenue
$10.0 billion
+52.7% on the year
FY2016FY2023
Operating margin
22.7%
-10.6% a year earlier
FY2016FY2023
Net income
$1.8 billion
FY2016FY2023
Diluted EPS
$11.66
FY2016FY2023
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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
2,052
2,052
1,981
0.0%
Capital expenditure
18.0
15.0
15.0
+20.0%
Free cash flow
2,034
2,037
1,966
-0.1%
Free cash flow margin
20.3%
31.1%
20.4%
Cash from investing
-1,608
-933
-1,057
Cash from financing
-801
-994
-685
Depreciation and amortisation
n/a
n/a
93.0
Share-based compensation
n/a
n/a
33.0
Buybacks
67.0
410
144
-83.7%
Dividends paid
454
423
395
+7.3%
Dividend per share
$3.00
$2.76
$2.52
+8.7%
Diluted shares, weighted
158m
159m
163m
-0.4%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
12,098
10,562
12,764
+14.5%
Debt
790
789
789
+0.1%
Other liabilities
19,881
18,385
17,834
+8.1%
Total liabilities and equity
32,769
29,736
31,387
+10.2%
Fixed assets
208
202
205
+3.0%
Investments
0.0
n/a
n/a
Securities held for sale or to maturity
n/a
12,132
13,022
Loans
108
92.0
98.0
+17.4%
Cash and equivalents
907
1,264
1,139
-28.2%
Other assets
31,546
16,046
16,923
+96.6%
Total assets
32,769
29,736
31,387
+10.2%
10-K for the year ended 31 December 2023, filed 26 February 2024: the filing.