CINCINNATI FINANCIAL CORP
For the period ended Dec 31, 2025. Filed Feb 23, 2026.
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FY2025 · Filed Feb 23, 2026
CINF$189.89+2.0%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| (Dollars in millions) | Years ended December 31, | ||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash Flows From Operating Activities | |||
| Net income | $2,393 | $2,292 | $1,843 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation, amortization and other | 168 | 130 | 112 |
| Investment gains and losses, net | (1,405) | (1,367) | (1,108) |
| Interest credited to contract holders | 44 | 44 | 45 |
| Deferred income tax expense | 283 | 117 | 223 |
| Changes in: | |||
| Premiums and reinsurance receivable | (306) | (266) | (264) |
| Deferred policy acquisition costs | (102) | (149) | (80) |
| Other assets | (73) | (14) | (30) |
| Loss and loss expense reserves | 1,504 | 953 | 650 |
| Life policy and investment contract reserves | 55 | 69 | 99 |
| Unearned premiums | 441 | 694 | 430 |
| Other liabilities | 84 | 134 | 90 |
| Current income tax receivable/payable | 26 | 12 | 42 |
| Net cash provided by operating activities | 3,112 | 2,649 | 2,052 |
| Cash Flows From Investing Activities | |||
| Sale, call or maturity of fixed maturities | 3,777 | 3,202 | 1,136 |
| Sale of equity securities | 335 | 1,599 | 206 |
| Purchase of fixed maturities | (5,388) | (5,732) | (2,554) |
| Purchase of equity securities | (409) | (321) | (220) |
| Change in short-term investments, net | 156 | (295) | — |
| Changes in finance receivables | (30) | (15) | (15) |
| Investment in buildings and equipment | (20) | (22) | (18) |
| Change in other invested assets, net | (112) | (112) | (143) |
| Net cash used in investing activities | (1,691) | (1,696) | (1,608) |
| Cash Flows From Financing Activities | |||
| Payment of cash dividends to shareholders | (525) | (490) | (454) |
| Shares acquired - share repurchase authorization | (205) | (126) | (67) |
| Changes in note payable | — | — | (25) |
| Proceeds from stock options exercised | 10 | 10 | 9 |
| Contract holders' funds deposited | 66 | 73 | 83 |
| Contract holders' funds withdrawn | (166) | (190) | (218) |
| Other | (153) | (154) | (129) |
| Net cash used in financing activities | (973) | (877) | (801) |
| Net change in cash and cash equivalents | 448 | 76 | (357) |
| Cash and cash equivalents at beginning of year | 983 | 907 | 1,264 |
| Cash and cash equivalents at end of year | $1,431 | $983 | $907 |
| Supplemental Disclosures of Cash Flow Information | |||
| Interest paid | $53 | $53 | $54 |
| Income taxes paid | 220 | 395 | 136 |
| Noncash Activities | |||
| Equipment acquired under finance lease obligations | $24 | $19 | $20 |
| Share-based compensation | 37 | 51 | 19 |
| Other assets and other liabilities | 113 | 103 | 77 |
Cincinnati Financial Corporation - 2025 10-K - Page 123
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.