CNO

MKT CAP:$4B

CNO Financial Group, Inc.

Market Cap

$4B

Financial Services·Insurance - Life·🇺🇸 United States·NYSE

Financials·Insurance - Life·🇺🇸·NYSE

Stock Price

$43.79+$1.59 (+3.77%)

Apr 23, 2026

Company Details

CNO Financial Group, Inc., through its subsidiaries, develops, markets, and administers health insurance, annuity, individual life insurance, and other insurance products for senior and middle-income markets in the United States. It offers ...

CEO

Gary Chandru Bhojwani

IPO Date

Sep 10, 2003

Website

www.cnoinc.com

Key Metrics TTM

Revenue

$4.4B

-1.9% YoY

Net Income

$296M

EPS (Diluted)

$2.90

Free Cash Flow

$721M

Revenue / Share

$45.56

Gross Margin

42.5%

Operating Margin

8.5%

Net Margin

6.7%

FCF Margin

16.3%

P/S

0.9x

P/E

14.0x

Earnings Reports

Q1 2026

Apr 27, 2026

PENDING

FY 2025

Feb 24, 2026

$4.5B+0.9%EPS $2.35

Q4 2025

Feb 24, 2026

$1.1B+4.2%EPS $0.96

Q3 2025

Nov 6, 2025

$1.2B+5.2%EPS $0.23

Q1 2025

May 7, 2025

$1.0B-12.9%EPS $0.13

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$1.1B	$373M	$102M
Q3 21	$968M	$386M	$128M
Q4 21	$1.1B	$445M	$148M
Q1 22	$843M	$482M	$240M
Q4 22	$974M	$384M	$55M
Q1 23	$1.0B	$325M	-$1M
Q2 23	$1.0B	$410M	$96M
Q3 23	$948M	$525M	$216M
Q4 23	$1.2B	$383M	$46M
Q1 24	$1.2B	$481M	$146M
Q2 24	$1.1B	$466M	$151M
Q3 24	$1.1B	$348M	$11M
Q4 24	$1.1B	$529M	$211M
Q1 25	$1.0B	$354M	$18M
Q3 25	$1.2B	$460M	$36M
Q4 25	$1.1B	$540M	$111M

Valuation

Quarter	P/S	P/E
Q2 21	1.0x	8.8x
Q3 21	1.0x	9.4x
Q4 21	1.0x	9.4x
Q1 22	1.0x	8.7x
Q4 22	1.1x	9.3x
Q1 23	1.1x	12.1x
Q2 23	1.1x	13.8x
Q3 23	1.0x	14.6x
Q4 23	1.0x	14.9x
Q1 24	1.0x	10.6x
Q2 24	1.0x	9.5x
Q3 24	0.9x	15.1x
Q4 24	0.9x	10.2x
Q1 25	1.0x	13.5x
Q3 25	0.9x	19.5x
Q4 25	0.9x	14.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	$149M	$149M
Q3 21	$241M	$241M
Q4 21	$119M	$119M
Q1 22	$56M	$56M
Q4 22	$161M	$161M
Q1 23	$82M	$82M
Q2 23	$142M	$142M
Q3 23	$183M	$183M
Q4 23	$177M	$177M
Q1 24	$95M	$95M
Q2 24	$111M	$111M
Q3 24	$231M	$231M
Q4 24	$191M	$191M
Q1 25	$137M	$137M
Q3 25	$198M	$198M
Q4 25	$196M	$196M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	+5.8%	+6.9%
Q3 21	-4.5%	-0.8%
Q4 21	-0.1%	-0.6%
Q1 22	-16.2%	-26.2%
Q4 22	-9.3%	-5.5%
Q1 23	+3.9%	+19.8%
Q2 23	-4.8%	+0.0%
Q3 23	+12.4%	+21.5%
Q4 23	+20.2%	+22.5%
Q1 24	+14.6%	-0.0%
Q2 24	+4.2%	-1.2%
Q3 24	+19.2%	+52.8%
Q4 24	-6.3%	-21.1%
Q1 25	-12.9%	-2.0%
Q3 25	+11.5%	+25.9%
Q4 25	+1.2%	-7.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q4 22	$25M	2.5%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

Revenue Segments

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$48M	$23.5B	$23.5B
Q2 22	$52M	$21.4B	$21.4B
Q3 22	$56M	$20.3B	$20.4B
Q4 22	$69M	$20.4B	$20.4B
Q1 23	$425M	$21.1B	$21.5B
Q2 23	$458M	$21.0B	$21.4B
Q3 23	$461M	$20.3B	$20.8B
Q4 23	$775M	$21.5B	$22.3B
Q1 24	$566M	$7.3B	$7.9B
Q2 24	$879M	$8.1B	$8.9B
Q3 24	$1.2B	$8.0B	$9.2B
Q4 24	$1.7B	$7.8B	$9.5B
Q1 25	$928M	$7.9B	$8.8B
Q2 25	$766M	$7.5B	$8.3B
Q3 25	$1.2B	$7.4B	$8.6B
Q4 25	$956M	$7.9B	$8.9B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	134M	-2.1%	-7.0%
Q3 21	129M	-3.6%	-9.0%
Q4 21	125M	-3.1%	-10.9%
Q1 22	137M	+9.3%	0.0%
Q4 22	117M	-14.6%	-12.8%
Q1 23	115M	-1.8%	-11.2%
Q2 23	116M	+1.0%	-7.5%
Q3 23	114M	-1.0%	-16.2%
Q4 23	114M	-0.7%	-2.6%
Q1 24	111M	-2.5%	-3.2%
Q2 24	109M	-1.4%	-5.5%
Q3 24	105M	-3.8%	-8.2%
Q4 24	106M	+1.0%	-6.6%
Q1 25	103M	-2.9%	-7.0%
Q3 25	99M	-4.3%	-9.8%
Q4 25	97M	-1.3%	-7.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	$315.6K	3K
Q3 21	$284.8K	3K
Q4 21	$320.8K	3K
Q1 22	$251.6K	3K
Q4 22	$286.4K	3K
Q1 23	$295.9K	3K
Q2 23	$300.8K	3K
Q3 23	$278.7K	3K
Q4 23	$334.4K	4K
Q1 24	$329.3K	4K
Q2 24	$304.6K	4K
Q3 24	$322.7K	4K
Q4 24	$313.5K	4K
Q1 25	$286.9K	4K
Q3 25	$339.6K	4K
Q4 25	$346.4K	3K

Revenue / Employee