Cincinnati Financial (CINF) Q4 FY2025 earnings: revenue $3.1 billion, up 21.8% on the year

Cincinnati Financial Corp. (CINF) reported revenue of $3.1 billion for Q4 FY2025, the quarter ended 31 December 2025, up 21.8% on the same quarter a year earlier. Net income was $676 million, up 66.9% on the year, and diluted earnings per share $4.29. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2026.

Revenue

$3.1 billion

+21.8% on the year · -17.0% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

27.2%

18.9% a year earlier

Q1 FY2024Q4 FY2025

Net income

$676 million

+66.9% on the year · -39.8% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$4.29

+67.6% on the year · -39.7% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 kept.

Full-year operating income up 5%: Full-year non-GAAP operating income was $1.254 billion, or $7.95 per share. The increase included $112 million more after-tax net investment income, partly offset by a $62 million decrease in after-tax property casualty underwriting profit.
Full-year combined ratio rose to 94.9%: The full-year property casualty combined ratio was 94.9%, compared with 93.4% in 2024. The fourth-quarter combined ratio was 85.2%, compared with 84.7% a year earlier.
Personal lines full-year loss from catastrophes: The full-year personal lines combined ratio was 103.6%, against 97.5%, and underwriting was a loss of $111 million. Catastrophe losses were 22.2% of earned premiums, against 15.6%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	3,091	3,726	2,538	-17.0%	+21.8%
Operating income	840	1,413	479	-40.6%	+75.4%
Operating margin	27.2%	37.9%	18.9%
Interest expense	13.0	13.0	13.0	0.0%	0.0%
Pre-tax income	840	1,413	479	-40.6%	+75.4%
Income tax	164	291	74.0	-43.6%	+121.6%
Effective tax rate	19.5%	20.6%	15.4%
Net income	676	1,122	405	-39.8%	+66.9%
Net margin	21.9%	30.1%	16.0%
Diluted EPS	$4.29	$7.11	$2.56	-39.7%	+67.6%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	947	1,114	642	-15.0%	+47.5%
Capital expenditure	8.0	5.0	4.0	+60.0%	+100.0%
Free cash flow	939	1,109	638	-15.3%	+47.2%
Free cash flow margin	30.4%	29.8%	25.1%
Cash from investing	-674	-403	-1,207
Cash from financing	-302	-246	-204
Buybacks	103	60.0	5.0	+71.7%	+1,960.0%
Dividends paid	133	134	125	-0.7%	+6.4%
Dividend per share	n/a	$0.87	n/a
Diluted shares, weighted	158m	158m	158m	-0.1%	-0.1%
Shares outstanding at period end	156m	156m	157m	-0.3%	-0.6%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	15,911	15,406	13,935	+3.3%	+14.2%
Debt	790	790	790	0.0%	0.0%
Other liabilities	24,301	24,371	21,776	-0.3%	+11.6%
Total liabilities and equity	41,002	40,567	36,501	+1.1%	+12.3%
Fixed assets	219	213	214	+2.8%	+2.3%
Investments	148	149	298	-0.7%	-50.3%
Cash and equivalents	1,431	1,460	983	-2.0%	+45.6%
Other assets	39,204	38,745	35,006	+1.2%	+12.0%
Total assets	41,002	40,567	36,501	+1.1%	+12.3%

Questions

What was Cincinnati Financial's revenue in Q4 FY2025?

Cincinnati Financial (CINF) reported revenue of $3.1 billion for Q4 FY2025, the quarter ended 31 December 2025, up 21.8% on the same quarter a year earlier.

How much did Cincinnati Financial earn in Q4 FY2025?

Net income for Q4 FY2025 was $676 million, up 66.9% on the year, and diluted earnings per share $4.29.

When did Cincinnati Financial report Q4 FY2025 results?

Cincinnati Financial filed its 10-K for the year that ended with the quarter on 23 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022 †	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	3,323	1,218	820	1,408	3,114	2,241	2,605	1,811	3,356	2,935	2,544	3,320	2,538	2,566	3,248	3,726	3,091	2,863	4,274	3,047
Operating income	1,846	-351	-1,053	-579	1,287	268	666	-148	1,490	953	386	1,040	479	-128	855	1,413	840	326	1,576	553
Operating margin	56%	-29%	-128%	-41%	41%	12%	26%	-8%	44%	32%	15%	31%	19%	-5%	26%	38%	27%	11%	37%	18%
Interest expense	14.0	13.0	13.0	14.0	13.0	14.0	13.0	13.0	14.0	13.0	14.0	13.0	13.0	13.0	14.0	13.0	13.0	13.0	14.0	12.0
Pre-tax income	1,846	-351	-1,053	-577	1,287	268	666	-148	1,490	953	386	1,040	479	-128	855	1,413	840	326	1,576	553
Tax rate	20%	n/a	n/a	n/a	21%	16%	20%	n/a	21%	21%	19%	21%	15%	n/a	20%	21%	20%	16%	20%	17%
Net income	1,470	-266	-818	-416	1,013	225	534	-99.0	1,183	755	312	820	405	-90.0	685	1,122	676	274	1,255	459
Net margin	44%	-22%	-100%	-30%	33%	10%	20%	-5%	35%	26%	12%	25%	16%	-4%	21%	30%	22%	10%	29%	15%
Diluted EPS	$9.03	-$1.66	-$5.12	-$2.63	$6.40	$1.42	$3.38	-$0.63	$7.50	$4.78	$1.98	$5.20	$2.56	-$0.57	$4.34	$7.11	$4.29	$1.75	$8.05	$2.96
Operating cash flow	463	198	557	666	631	250	575	650	577	353	742	912	642	310	741	1,114	947	656	700	791
Capital expenditure	3.0	4.0	4.0	4.0	3.0	4.0	4.0	2.0	8.0	7.0	5.0	6.0	4.0	3.0	4.0	5.0	8.0	2.0	2.0	4.0
Free cash flow	460	194	553	662	628	246	571	648	569	346	737	906	638	307	737	1,109	939	654	698	787
Buybacks	104	45.0	151	203	11.0	25.0	41.0	1.0	0.0	75.0	46.0	0.0	5.0	42.0	0.0	60.0	103	179	216	1.0
Dividends paid	100	99.0	109	108	107	106	117	115	116	116	125	124	125	125	133	134	133	133	143	142
Shares outstanding	160m	160m	159m	157m	157m	157m	157m	157m	157m	157m	156m	156m	157m	156m	156m	156m	156m	155m	153m	154m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 23 February 2026: the filing.