Cincinnati Financial Corporation (CINF) Cash Flow Statement
Where CINF’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $3.11B +17.5% vs 2024
- Capital expenditures
- $20.0M 0.2% of revenue
- Free cash flow
- $3.09B 24.5% margin
- Returned to shareholders
- $730.0M 24% of free cash flow
- Change in cash
- $448.0M cash at year-end $1.43B
Drawn to scale: where the cash came from and how it was used. Hover for values.
CINF operating cash flow, capex and free cash flow
CINF cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.10B2016 | $3.11B2025 | +12.2%/yr | |
| Capital expenditures | $13.0M2016 | $20.0M2025 | +4.9%/yr | |
| Free cash flow | $1.09B2016 | $3.09B2025 | +12.3%/yr | |
| Free cash flow margin | 20.0%2016 | 24.5%2025 | +4.5 pts | |
| Operating cash flow / net income | 1.872016 | 1.302025 | −0.57 | |
| Stock-based compensation | $23.0M2016 | $37.0M2025 | +5.4%/yr | |
| Dividends paid | $306.0M2016 | $525.0M2025 | +6.2%/yr | |
| Share buybacks (net) | $39.0M2016 | $205.0M2025 | +20.2%/yr | |
| Capex / revenue | 0.2%2016 | 0.2%2025 | −0.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CINF cash flow by activity
CINF net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CINF cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $2.39B | $2.29B | $1.84B | −$486.0M | $2.95B | $1.22B | $2.00B | $287.0M | $1.04B | $591.0M |
| Depreciation & amortization | $168.0M | $130.0M | $112.0M | $127.0M | $93.0M | $81.0M | $72.0M | $63.0M | $55.0M | $48.0M |
| Stock-based compensation | $37.0M | $51.0M | $40.0M | $27.0M | $33.0M | $31.0M | $30.0M | $28.0M | $26.0M | $23.0M |
| Change in working capital | $1.63B | $1.43B | $937.0M | $1.23B | $740.0M | $835.0M | $362.0M | $395.0M | $470.0M | $479.0M |
| Other non-cash items | −$1.11B | −$1.26B | −$880.0M | $1.15B | −$1.83B | −$672.0M | −$1.25B | $408.0M | −$544.0M | −$38.0M |
| Cash from operating activities | $3.11B | $2.65B | $2.05B | $2.05B | $1.98B | $1.49B | $1.21B | $1.18B | $1.05B | $1.10B |
| Investing activities | ||||||||||
| Capital expenditures | −$20.0M | −$22.0M | −$18.0M | −$15.0M | −$15.0M | −$20.0M | −$24.0M | −$20.0M | −$16.0M | −$13.0M |
| Investments (net) | −$1.64B | −$1.70B | −$1.52B | −$788.0M | −$929.0M | −$490.0M | −$583.0M | −$393.0M | −$527.0M | −$429.0M |
| Acquisitions & other investing | −$30.0M | $22.0M | −$65.0M | −$130.0M | −$113.0M | −$50.0M | −$72.0M | −$38.0M | −$15.0M | −$14.0M |
| Cash from investing activities | −$1.69B | −$1.70B | −$1.61B | −$933.0M | −$1.06B | −$560.0M | −$679.0M | −$451.0M | −$558.0M | −$456.0M |
| Financing activities | ||||||||||
| Dividends paid | −$525.0M | −$490.0M | −$454.0M | −$423.0M | −$395.0M | −$375.0M | −$355.0M | −$336.0M | −$400.0M | −$306.0M |
| Share repurchases & issuance (net) | −$205.0M | −$126.0M | −$67.0M | −$410.0M | −$144.0M | −$261.0M | −$67.0M | −$125.0M | −$92.0M | −$39.0M |
| Net borrowing (repayment) | $0 | $0 | −$25.0M | −$4.0M | $12.0M | $15.0M | $7.0M | $8.0M | $4.0M | −$15.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$243.0M | −$261.0M | −$255.0M | −$157.0M | −$158.0M | −$177.0M | −$131.0M | −$150.0M | −$126.0M | −$54.0M |
| Cash from financing activities | −$973.0M | −$877.0M | −$801.0M | −$994.0M | −$685.0M | −$798.0M | −$546.0M | −$603.0M | −$614.0M | −$414.0M |
| Summary | ||||||||||
| Net change in cash | $448.0M | $76.0M | −$357.0M | $125.0M | $239.0M | $133.0M | −$17.0M | $127.0M | −$120.0M | $233.0M |
| Cash at end of period | $1.43B | $983.0M | $907.0M | $1.26B | $1.14B | $900.0M | $767.0M | $784.0M | $657.0M | $777.0M |
| Free cash flow | $3.09B | $2.63B | $2.03B | $2.04B | $1.97B | $1.47B | $1.18B | $1.16B | $1.04B | $1.09B |
| Free cash flow margin | 24.5% | 23.2% | 20.3% | 31.0% | 20.4% | 19.5% | 14.9% | 21.5% | 18.1% | 20.0% |
| Capex / revenue | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.3% | 0.3% | 0.4% | 0.3% | 0.2% |
| Operating cash flow / net income | 1.30 | 1.16 | 1.11 | — | 0.67 | 1.23 | 0.60 | 4.11 | 1.01 | 1.87 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.25B | $274.0M | $676.0M | $1.12B | $685.0M | −$90.0M | $405.0M | $820.0M | $312.0M | $755.0M | $1.18B | −$99.0M |
| Depreciation & amortization | $42.0M | $40.0M | $42.0M | $33.0M | $46.0M | $47.0M | $15.0M | $39.0M | $42.0M | $34.0M | $24.0M | $14.0M |
| Stock-based compensation | $21.0M | $27.0M | −$5.0M | $3.0M | $26.0M | $13.0M | $51.0M | $8.0M | $16.0M | $17.0M | $25.0M | $2.0M |
| Change in working capital | −$278.0M | $278.0M | $264.0M | −$294.0M | −$264.0M | $264.0M | $162.0M | $747.0M | $500.0M | $24.0M | $176.0M | $372.0M |
| Other non-cash items | −$340.0M | $37.0M | −$30.0M | $250.0M | $248.0M | $76.0M | $9.0M | −$702.0M | −$128.0M | −$477.0M | −$831.0M | $361.0M |
| Cash from operating activities | $700.0M | $656.0M | $947.0M | $1.11B | $741.0M | $310.0M | $642.0M | $912.0M | $742.0M | $353.0M | $577.0M | $650.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$2.0M | −$2.0M | −$10.0M | −$7.0M | −$4.0M | −$3.0M | −$4.0M | −$6.0M | −$5.0M | −$7.0M | −$8.0M | −$2.0M |
| Investments (net) | — | −$494.0M | −$666.0M | −$403.0M | −$556.0M | −$58.0M | −$1.21B | $251.0M | −$385.0M | −$355.0M | −$370.0M | −$318.0M |
| Acquisitions & other investing | $245.0M | $3.0M | $2.0M | $7.0M | $4.0M | $3.0M | $4.0M | $6.0M | $5.0M | $7.0M | $8.0M | $2.0M |
| Cash from investing activities | $243.0M | −$493.0M | −$674.0M | −$403.0M | −$556.0M | −$58.0M | −$1.21B | $251.0M | −$385.0M | −$355.0M | −$370.0M | −$318.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$143.0M | −$133.0M | −$133.0M | −$134.0M | −$133.0M | −$125.0M | −$125.0M | −$124.0M | −$125.0M | −$116.0M | −$116.0M | −$115.0M |
| Share repurchases & issuance (net) | −$216.0M | −$179.0M | −$103.0M | $42.0M | $0 | −$42.0M | −$5.0M | $121.0M | −$46.0M | −$75.0M | $67.0M | −$1.0M |
| Net borrowing (repayment) | — | — | — | — | — | — | $0 | $0 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$44.0M | −$72.0M | −$66.0M | −$154.0M | −$67.0M | −$58.0M | −$74.0M | −$179.0M | −$34.0M | −$95.0M | −$150.0M | −$65.0M |
| Cash from financing activities | −$403.0M | −$384.0M | −$302.0M | −$246.0M | −$200.0M | −$225.0M | −$204.0M | −$182.0M | −$205.0M | −$286.0M | −$199.0M | −$181.0M |
| Summary | ||||||||||||
| Net change in cash | $540.0M | −$221.0M | −$29.0M | $465.0M | −$15.0M | $27.0M | −$769.0M | $981.0M | $152.0M | −$288.0M | $8.0M | $151.0M |
| Cash at end of period | $1.75B | $1.21B | $1.43B | $1.46B | $995.0M | $1.01B | $983.0M | $1.75B | $771.0M | $619.0M | $907.0M | $899.0M |
| Free cash flow | $702.0M | $654.0M | $937.0M | $1.12B | $737.0M | $307.0M | $638.0M | $906.0M | $737.0M | $346.0M | $569.0M | $648.0M |
| Free cash flow margin | 16.4% | 22.8% | 30.3% | 30.1% | 22.7% | 12.0% | 25.1% | 27.3% | 29.0% | 11.8% | 17.0% | 35.8% |
| Capex / revenue | 0.0% | 0.1% | 0.3% | 0.2% | 0.1% | 0.1% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.1% |
| Operating cash flow / net income | 0.56 | 2.39 | 1.40 | 0.99 | 1.08 | — | 1.59 | 1.11 | 2.38 | 0.47 | 0.49 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
CINF cash generation
In fiscal 2025 (ended December 31, 2025), Cincinnati Financial generated $3.1 billion of cash from operations (up 17.5%) and spent $20.0 million on capital expenditures, leaving free cash flow of $3.1 billion, 24.5% of revenue. It returned $730.0 million to shareholders through dividends ($525.0 million) and net share buybacks ($205.0 million). Cash and equivalents rose by $448.0 million over the year.
Related: CINF income statement, CINF balance sheet, CINF dividend history. See the CINF stock overview for the latest quote and news.
CINF cash flow FAQ
What is Cincinnati Financial's free cash flow?
Cincinnati Financial's free cash flow was $3.1 billion in fiscal 2025: $3.1 billion of operating cash flow minus $20.0 million of capital expenditures It was $2.6 billion a year earlier..
How much cash does Cincinnati Financial generate from operations?
Cincinnati Financial generated $3.1 billion of cash from operating activities in fiscal 2025, 1.30 times its net income of $2.4 billion.
How much does Cincinnati Financial spend on capital expenditures?
Cincinnati Financial spent $20.0 million on capital expenditures in fiscal 2025, 0.2% of revenue, compared with $22.0 million the year before.
How much stock does Cincinnati Financial buy back?
Cincinnati Financial spent $205.0 million on net share repurchases in fiscal 2025.
How much does Cincinnati Financial pay in dividends?
Cincinnati Financial paid $525.0 million in dividends in fiscal 2025, 17.0% of free cash flow.