CNO Financial Group (CNO) Q4 FY2024 earnings: revenue $1.1 billion, down 6.3% on the year

CNO Financial Group, Inc. (CNO) reported revenue of $1.1 billion for Q4 FY2024, the quarter ended 31 December 2024, down 6.3% on the same quarter a year earlier. Net income was $183 million, up 403.9% on the year, and diluted earnings per share $1.58. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2025.

Revenue$1.1 billiondown 6.3%

Net income$183 millionup 403.9%

Diluted EPS$1.58

QuarterQ4 FY2024ended 31 December 2024

The quarter, against the one before and a year earlier

Line	Q4 FY2024	Q3 FY2024	Q4 FY2023	Change on the year
Revenue	1,097	1,130	1,170	-6.3%
Operating income	174	154	172	+1.0%
Operating margin	15.8%	13.6%	14.7%
Interest expense	62.0	68.0	63.7	-2.7%
Pre-tax income	232	11.0	46.1	+403.5%
Income tax	44.4	1.7	9.8	+353.1%
Effective tax rate	19.1%	15.5%	21.3%
Net income	183	9.3	36.3	+403.9%
Net margin	16.7%	0.8%	3.1%
Diluted EPS	$1.58	$0.09	$0.32	+393.8%

$ million except per share.

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. 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.

Cash flow and capital returned

Line	Q4 FY2024	Q3 FY2024	Q4 FY2023	Change on the year
Operating cash flow	191	231	177	+8.1%
Cash from investing	-151	-168	73.0	n/a
Cash from financing	713	190	56.5	+1161.2%
Depreciation and amortisation	76.1	74.4	68.9	+10.4%
Buybacks	91.7	89.9	70.3	+30.4%
Dividends paid	16.4	16.8	16.7	-1.8%
Dividend per share	n/a	$0.16	n/a	n/a
Diluted shares, weighted	n/a	107m	n/a	n/a
Shares outstanding at period end	102m	104m	109m	-7.1%

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

Balance sheet at quarter end

Line	Q4 FY2024	Q3 FY2024	Q4 FY2023	Change on the year
Shareholders' equity	2,498	2,688	2,216	+12.8%
Debt	1,834	1,833	1,140	+60.8%
Other liabilities	33,521	33,125	31,746	+5.6%
Total liabilities and equity	37,853	37,645	35,102	+7.8%
Securities held for sale or to maturity	22,840	23,725	21,506	+6.2%
Cash and equivalents	1,998	1,245	889	+124.7%
Other assets	13,014	12,675	12,707	+2.4%
Total assets	37,853	37,645	35,102	+7.8%

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 †	Q1 FY2025 †	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026
Revenue	948	1,170	1,156	1,066	1,130	1,097	1,004	1,152	1,189	1,143	1,030	1,285
Operating income	130	172	74.8	149	154	174	105	112	163	174	130	151
Operating margin	14%	15%	6%	14%	14%	16%	10%	10%	14%	15%	13%	12%
Interest expense	62.6	63.7	60.2	64.2	68.0	62.0	62.0	59.1	56.6	53.2	50.9	55.3
Pre-tax income	216	46.1	146	151	11.0	232	27.8	118	36.2	111	48.4	160
Tax rate	22%	21%	23%	23%	15%	19%	23%	22%	78%	n/a	22%	21%
Net income	167	36.3	112	116	9.3	183	21.5	91.8	23.1	92.9	37.7	126
Net margin	18%	3%	10%	11%	1%	17%	2%	8%	2%	8%	4%	10%
Diluted EPS	$1.46	$0.32	$1.01	$1.06	$0.09	$1.58	$0.13	$0.91	$0.24	$0.95	$0.39	$1.33
Operating cash flow	183	177	94.6	111	231	191	137	146	198	196	149	157
Buybacks	40.2	70.3	58.8	59.8	89.9	91.7	110	100	60.6	60.2	73.3	60.9
Dividends paid	16.9	16.7	17.3	17.2	16.8	16.4	16.9	16.7	16.4	16.2	17.1	16.7
Shares outstanding	112m	109m	109m	107m	104m	102m	100m	97m	96m	94m	94m	93m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

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.

Source

10-K for the period ended 31 December 2024, filed 26 February 2025, accession 0001224608-25-000006: the filing on EDGAR. All of CNO Financial Group, Inc.'s filings: EDGAR company page.

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