Cincinnati Financial Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	2,393	2,292	1,843	-487	2,968
Depreciation & Amortization	168	130	112	127	118
Other Adjustments	-1,023	-1,137	-741	1,259	-1,749
Changes in Receivables	-306	-266	-264	-340	-240
Changes in Deferred Acquisition Costs	-102	-149	-80	-96	-78
Changes in Unearned Premiums	441	694	430	418	311
Changes in Claims Reserves	1,504	953	650	1,095	559
Changes in Income Taxes Payable	26	12	42	-40	-25
Changes in Other Operating Activities	11	120	60	116	117
Operating Cash Flow	3,112	2,649	2,052	2,052	1,981
Operating Cash Flow Growth	17.48%	29.09%	-	3.58%	32.86%
Capital Expenditures	-20	-22	-18	-15	-15
Purchases of Investments	-5,797	-6,053	-2,774	-2,367	-2,701
Proceeds from Sale of Investments	4,112	4,801	1,342	1,543	1,597
Other Investing Activities	14	-422	-158	-94	62
Investing Cash Flow	-1,691	-1,696	-1,608	-933	-1,057
Issuance of Common Stock	10	10	9	10	13
Repurchase of Common Stock	-205	-126	-67	-410	-144
Net Common Stock Issued (Repurchased)	-195	-116	-58	-400	-131
Common Dividends Paid	-525	-490	-454	-423	-395
Other Financing Activities	-253	-271	-289	-171	-159
Financing Cash Flow	-973	-877	-801	-994	-685
Net Cash Flow	448	76	-357	125	239
Free Cash Flow	3,092	2,627	2,034	2,037	1,966
Free Cash Flow Growth	17.70%	29.15%	-0.15%	3.61%	33.65%
FCF Margin	24.48%	23.17%	20.31%	31.04%	20.42%
Free Cash Flow Per Share	19.61	16.65	12.87	12.83	12.08
Levered Free Cash Flow	2,917	3,077	2,389	23	3,396
Unlevered Free Cash Flow	2,960	3,120	2,433	60.19	3,439

Updated Dec 31, 2025. Data Source: Fiscal.ai. Insurance template. Financial Sources.