CINF FY 2023 Earnings Report — Cincinnati Financial Corporation Revenue & Financial Results | Market Cap Arena

Cincinnati Financial CorporationCINF

FY 2023 Earnings

Reported February 26, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$10.0B	—	$6.6B	—	52.6%
Op. Income	$2.3B	—	-$694M	—	428.0%
Gross Margin	47.3%	—	23.5%	—	23.8pp
Net Margin	18.4%	—	-7.4%	—	25.8pp
EPS (Diluted)	$11.66	—	$-3.06	—	481.0%
Free Cash Flow	$2.0B	—	$2.0B	—	-0.1%

Revenue Flow

Item	Amount
REVENUE	$10.0B
Cost of Revenue	$5.3B
GROSS PROFIT	$4.7B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$2.5B
Operating Expenses	$2.5B
Cost & Expenses	$7.7B
OPERATING INCOME	$2.3B
Interest Income	$882M
Interest Expense	$54M
Other Income/Expenses	$0
INCOME BEFORE TAX	$2.3B
Income Tax Expense	$433M
NET INCOME	$1.8B
D&A	$112M
EBIT	$2.3B
EBITDA	$2.4B
EPS	$12
EPS Diluted	$12

Income Statement

Item	Amount
REVENUE	$10.0B
Cost of Revenue	$5.3B
GROSS PROFIT	$4.7B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$2.5B
Operating Expenses	$2.5B
Cost & Expenses	$7.7B
OPERATING INCOME	$2.3B
Interest Income	$882M
Interest Expense	$54M
Other Income/Expenses	$0
INCOME BEFORE TAX	$2.3B
Income Tax Expense	$433M
NET INCOME	$1.8B
D&A	$112M
EBIT	$2.3B
EBITDA	$2.4B
EPS	$12
EPS Diluted	$12

Cash Flow Statement

Item	Amount
Net Income	$1.8B
Depreciation & Amortization	$112M
Stock-Based Compensation	$0
Deferred Income Tax	$223M
Other Non-Cash Items	-$1.1B
Change in Working Capital	$937M
OPERATING CASH FLOW	$2.1B
Capital Expenditure	-$18M
Acquisitions (Net)	$0
Purchases of Investments	-$2.9B
Sales/Maturities of Investments	$1.3B
Other Investing Activities	-$15M
NET CASH FROM INVESTING	-$1.6B
Net Debt Issuance	-$25M
Common Stock Repurchased	-$67M
Common Dividends Paid	-$454M
Other Financing Activities	-$255M
NET CASH FROM FINANCING	-$801M
FREE CASH FLOW	$2.0B
Net Change in Cash	-$357M

Balance Sheet

Item	Amount
Cash & Equivalents	$907M
Short-Term Investments	$13.8B
Net Receivables	$3.5B
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$18.3B
PP&E (Net)	$208M
Goodwill	$0
Intangible Assets	$1.1B
Long-Term Investments	$11.6B
Tax Assets	$0
Other Non-Current Assets	$1.6B
TOTAL NON-CURRENT ASSETS	$14.5B
TOTAL ASSETS	$32.8B
Account Payables	$0
Short-Term Debt	$25M
Deferred Revenue	$4.1B
Other Current Liabilities	$10.4B
TOTAL CURRENT LIABILITIES	$14.5B
Long-Term Debt	$790M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$1.3B
Other Non-Current Liabilities	$4.0B
TOTAL NON-CURRENT LIABILITIES	$6.2B
TOTAL LIABILITIES	$20.7B
Common Stock	$397M
Additional Paid-In Capital	$1.4B
Retained Earnings	$13.1B
Treasury Stock	-$2.4B
Accum. Other Comp. Income	-$435M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$12.1B
Minority Interest	$0
TOTAL EQUITY	$12.1B
TOTAL LIABILITIES & EQUITY	$32.8B
Total Debt	$874M
Net Debt	-$33M