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	-	2,292	1,843	-487	2,968
Depreciation & Amortization	-	130	112	127	118
Gain (Loss) on Sale of Investments	-	-1,367	-1,108	1,493	-2,353
Change in Accounts Receivable	-	-266	-264	-340	-240
Change in Unearned Revenue	-	694	430	418	311
Change in Income Taxes	-	12	42	-40	-25
Change in Insurance Reserves / Liabilities	-	1,022	749	1,173	635
Change in Other Net Operating Assets	-	120	60	116	117
Other Operating Activities	-	161	268	-312	528
Operating Cash Flow	-	2,649	2,052	2,052	1,981
Operating Cash Flow Growth	-	29.09%	-	3.58%	32.86%
Capital Expenditures	-	-22	-18	-15	-15
Investment in Securities	-	-1,659	-1,575	-925	-1,040
Investing Cash Flow	-	-1,696	-1,608	-933	-1,057
Total Debt Repaid	-	-	-25	-4	-
Net Debt Issued (Repaid)	-	-	-25	-4	-
Issuance of Common Stock	-	10	9	10	13
Repurchases of Common Stock	-	-126	-67	-410	-144
Common Dividends Paid	-	-490	-454	-423	-395
Other Financing Activities	-	-154	-129	-93	-98
Financing Cash Flow	-	-877	-801	-994	-685
Net Cash Flow	-	76	-357	125	239
Free Cash Flow	-	2,627	2,034	2,037	1,966
Free Cash Flow Growth	-	29.15%	-0.15%	3.61%	33.65%
Free Cash Flow Margin	-	23.17%	20.31%	31.04%	20.42%
Free Cash Flow Per Share	-	16.65	12.87	12.83	12.08
Cash Interest Paid	-	53	54	53	52
Cash Income Tax Paid	-	395	136	165	257
Levered Free Cash Flow	-	5,477	1,672	-216.75	2,633
Unlevered Free Cash Flow	-	5,510	1,705	-183.63	2,666
Change in Working Capital	-	1,433	937	1,231	720

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.