Cincinnati Financial (CINF) Q1 FY2026 earnings: revenue $2.9 billion, up 11.6% on the year

Cincinnati Financial Corp. (CINF) reported revenue of $2.9 billion for Q1 FY2026, the quarter ended 31 March 2026, up 11.6% on the same quarter a year earlier. Net income was $274 million, and diluted earnings per share $1.75. The figures are the company's own, from the 10-Q it filed with the SEC on 27 April 2026.

Revenue

$2.9 billion

+11.6% on the year · -7.4% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

11.4%

-5.0% a year earlier

Q2 FY2024Q1 FY2026

Net income

$274 million

-59.5% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$1.75

-59.2% on the quarter

Q2 FY2024Q1 FY2026

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

What management said

Net income rose on lower catastrophe losses: Net income was $274 million, or $1.75 per diluted share, versus a $90 million loss a year earlier. Non-GAAP operating income was $330 million, or $2.10 per share, against a $37 million loss; the company cited a $233 million after-tax benefit from lower catastrophe losses.
Combined ratio improved about 18 points: The property casualty combined ratio was 95.6%, compared with 113.3% in the first quarter of 2025. Management attributed much of the improvement to lower catastrophe losses and also cited a lower current accident year combined ratio before catastrophe losses.
Personal lines underwriting swung to profit: Personal lines posted a $30 million underwriting profit with a 96.8% combined ratio, against a $357 million loss and a 151.3% ratio a year earlier. Catastrophe losses fell 43.5 points; net written premiums rose 15%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	2,863	3,091	2,566	-7.4%	+11.6%
Operating income	326	840	-128	-61.2%
Operating margin	11.4%	27.2%	-5.0%
Interest expense	13.0	13.0	13.0	0.0%	0.0%
Pre-tax income	326	840	-128	-61.2%
Income tax	52.0	164	-38.0	-68.3%
Effective tax rate	16.0%	19.5%	n/a
Net income	274	676	-90.0	-59.5%
Net margin	9.6%	21.9%	-3.5%
Diluted EPS	$1.75	$4.29	-$0.57	-59.2%

$ 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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	656	947	310	-30.7%	+111.6%
Capital expenditure	2.0	8.0	3.0	-75.0%	-33.3%
Free cash flow	654	939	307	-30.4%	+113.0%
Free cash flow margin	22.8%	30.4%	12.0%
Cash from investing	-493	-674	-58.0
Cash from financing	-384	-302	-225
Buybacks	179	103	42.0	+73.8%	+326.2%
Dividends paid	133	133	125	0.0%	+6.4%
Dividend per share	$0.94	n/a	$0.87		+8.0%
Diluted shares, weighted	157m	158m	156m	-0.4%	+0.4%
Shares outstanding at period end	155m	156m	156m	-0.6%	-1.0%

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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	15,714	15,911	13,718	-1.2%	+14.6%
Debt	791	790	790	+0.1%	+0.1%
Other liabilities	24,706	24,301	22,768	+1.7%	+8.5%
Total liabilities and equity	41,211	41,002	37,276	+0.5%	+10.6%
Fixed assets	214	219	216	-2.3%	-0.9%
Investments	49.0	148	100	-66.9%	-51.0%
Cash and equivalents	1,210	1,431	1,010	-15.4%	+19.8%
Other assets	39,738	39,204	35,950	+1.4%	+10.5%
Total assets	41,211	41,002	37,276	+0.5%	+10.6%

Questions

What was Cincinnati Financial's revenue in Q1 FY2026?

Cincinnati Financial (CINF) reported revenue of $2.9 billion for Q1 FY2026, the quarter ended 31 March 2026, up 11.6% on the same quarter a year earlier.

How much did Cincinnati Financial earn in Q1 FY2026?

Net income for Q1 FY2026 was $274 million, and diluted earnings per share $1.75.

When did Cincinnati Financial report Q1 FY2026 results?

Cincinnati Financial filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 27 April 2026.

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-Q for the period ended 31 March 2026, filed 27 April 2026: the filing.