Jun 2026 (Q2 FY26) — Jul 28, 2026
Cincinnati Financial Q2 FY26 — Pricing Discipline Amidst Softening Market, Strong Investment Income
Read the full callCincinnati Financial (CINF) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Cincinnati Financial earnings: last reported Tue, 28 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 4,274 | +31.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 1,255 | +83.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
1 of 1 judged target kept · 3 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Pretax catastrophe losses from California wildfires | $450 million to $525 million | Dec 2024 | I don't know if there's any moment in time other than most recently post California wildfire we took a hard look at California and just took a different view of the risk for homeowners, specifically, aggregations, different terms, conditions, pricing. | Pending |
3 of CINCINNATI FINANCIAL CORP's 4 targets are still open. See which are on track and which have gone quiet. The 1 above are the free sample; 3 more targets are in the full ledger.
Claimed
- Net income of nearly $1.3 billion for Q2 FY26, including $882 million after-tax from increase in fair value of equity securities.
- Investment income grew 12% in Q2 FY26, driven by strong cash flow and higher yields on fixed maturity portfolio.
- Cincinnati Re produced an outstanding combined ratio of 87.6% in Q2 FY26.
- Life insurance subsidiary net income grew 15% in Q2 FY26, with term life earned premiums up 5%.
- Cash flow from operating activities for H1 FY26 was $1.4 billion, up 29% from a year ago.
Qualified
- Property casualty combined ratio increased by 5.9 percentage points to 100.8% in Q2 FY26, including 2.3 points from higher catastrophe losses.
- Non-GAAP operating income decreased to $224 million in Q2 FY26 from $311 million a year ago.
- Consolidated property casualty net written premiums grew only 3% for the quarter, reflecting pricing discipline in a softening market.
- Commercial Lines combined ratio increased by 11.2 percentage points to 104.1%, including 4.9 points from higher catastrophe losses.
- Cincinnati Global's combined ratio was 110.8%, impacted by specific events including a $10 million charge from Middle East conflict and a $7.5 million contingency reserve.
Price
$169.89 −0.79% · −$1.36
Performance +11.0% 1Y
1Y: $153.02 on 17 Oct 2025 → $169.89. High $192.03 (2 Jul 2026), low $151.75 (28 Oct 2025).
- Previous close
- $171.25
- 52-week range
- $151.75 – $192.03
- One year
- +9.68%
Overview
- Symbol
- CINF
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
1 of 1 judged target kept · 3 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Pretax catastrophe losses from California wildfires | $450 million to $525 million | Dec 2024 | I don't know if there's any moment in time other than most recently post California wildfire we took a hard look at California and just took a different view of the risk for homeowners, specifically, aggregations, different terms, conditions, pricing. | Pending |
Claimed
- Net income of nearly $1.3 billion for Q2 FY26, including $882 million after-tax from increase in fair value of equity securities.
- Investment income grew 12% in Q2 FY26, driven by strong cash flow and higher yields on fixed maturity portfolio.
- Cincinnati Re produced an outstanding combined ratio of 87.6% in Q2 FY26.
- Life insurance subsidiary net income grew 15% in Q2 FY26, with term life earned premiums up 5%.
- Cash flow from operating activities for H1 FY26 was $1.4 billion, up 29% from a year ago.
Qualified
- Property casualty combined ratio increased by 5.9 percentage points to 100.8% in Q2 FY26, including 2.3 points from higher catastrophe losses.
- Non-GAAP operating income decreased to $224 million in Q2 FY26 from $311 million a year ago.
- Consolidated property casualty net written premiums grew only 3% for the quarter, reflecting pricing discipline in a softening market.
- Commercial Lines combined ratio increased by 11.2 percentage points to 104.1%, including 4.9 points from higher catastrophe losses.
- Cincinnati Global's combined ratio was 110.8%, impacted by specific events including a $10 million charge from Middle East conflict and a $7.5 million contingency reserve.
The full ledger
Open CINCINNATI FINANCIAL CORP’s full ledger
A free account opens 5 company ledgers a month. All 4 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 28, 2026
Cincinnati Financial Q1 FY26 — Combined ratio improves 17.7 pts on benign cats and underwriting discipline
Read the full callDec 2025 (Q4 FY25) — Feb 10, 2026
Cincinnati Financial Q4 FY25 — Strong Underwriting Performance and Investment Income Growth
Read the full callEvery analysed call
Cincinnati Financial earnings calls (CINF)
Financials
What the filings say
Net profit, year on year: +83% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,320 | 2,538 | 2,566 | 3,248 | 3,726 | 3,091 | 2,863 | 4,274 |
| Interest | 13 | 13 | 13 | 14 | 13 | 13 | 13 | 14 |
| Profit before tax | 1,040 | 479 | -128 | 855 | 1,413 | 840 | 326 | 1,576 |
| Tax rate | 21.1% | 15.4% | 29.7% | 19.9% | 20.6% | 19.5% | 15.9% | 20.4% |
| Net profit | 820 | 405 | -90 | 685 | 1,122 | 676 | 274 | 1,255 |
| EPS ($ per share) | 5.25 | — | -0.57 | 4.38 | 7.19 | — | 1.77 | 8.14 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 397 | 397 | 397 | 397 | 397 | 397 | 397 | 397 |
| Reserves | 7,625 | 9,257 | 10,085 | 12,625 | 11,711 | 13,084 | 14,869 | 16,719 |
| Total liabilities | 14,102 | 15,544 | 16,753 | 18,282 | 19,170 | 20,671 | 22,566 | 25,091 |
| Fixed assets | 195 | 207 | 213 | 205 | 202 | 208 | 214 | 219 |
| Investments | — | — | — | — | — | 0 | 298 | 148 |
| Total assets | 21,935 | 25,408 | 27,542 | 31,387 | 29,732 | 32,769 | 36,501 | 41,002 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,181 | 1,208 | 1,491 | 1,981 | 2,052 | 2,052 | 2,649 | 3,112 |
| Cash from investing | -451 | -679 | -560 | -1,057 | -933 | -1,608 | -1,696 | -1,691 |
| Cash from financing | -603 | -546 | -798 | -685 | -994 | -801 | -877 | -973 |
| Net cash flow | — | — | 133 | 239 | 125 | -357 | 76 | 448 |
| Capital expenditure | -20 | -24 | -20 | -15 | -15 | -18 | -22 | -20 |
| Free cash flow | 1,161 | 1,184 | 1,471 | 1,966 | 2,037 | 2,034 | 2,627 | 3,092 |
CINF revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Investment Segment Of CINF | 31% | 6% | 8% | 23% | 31% | 16% | 9% | 38% | +114.6% |
| Commercial Lines Insurance | 34% | — | 46% | 37% | 33% | 40% | 43% | 29% | +3.3% |
| Personal Lines Insurance | 20% | 29% | 27% | 25% | 23% | 28% | 31% | 21% | +9.3% |
| Excess and Surplus Lines Insurance | 5% | 7% | 6% | 5% | 5% | 6% | 6% | 4% | +8.6% |
| Life Insurance | 2% | 3% | 3% | 3% | 2% | 3% | 3% | 2% | +4.7% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
CINF operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Combined ratio Property Casualty | 113.3%Our 113.3% first quarter 2025 property casualty combined ratio was 19.7 percentage points higher than the first quarter of last year, including an increase of 19.1 points for catastrophe losses.Source: earnings call transcript | 94.9%Our 94.9% second quarter 2025 property casualty combined ratio improved by 3.6 percentage points compared with second quarter last year despite a 1 point increase in catastrophe losses.Source: earnings call transcript | 88.2%Our 88.2% third quarter 2025 property casualty combined ratio improved by 9.2 percentage points compared with third quarter last year, including a decrease of 9.3 points for catastrophe losses.Source: earnings call transcript | 85.2%Our fourth quarter 2025 property casualty combined ratio was an outstanding 85.2%.Source: earnings call transcript | 95.6%The 95.6% first quarter 2026 property casualty combined ratio improved by 17.7 percentage points compared with first quarter last year.Source: earnings call transcript | 100.8%The 100.8% second quarter 2026 property casualty combined ratio increased by 5.9 percentage points compared with second quarter last year including an increase of 2.3 points for catastrophe losses.Source: earnings call transcript | +5.2 pt |
| Value creation ratio | -0.5%Our first quarter 2025 VCR was negative 0.5%.Source: earnings call transcript | 5.2%Our VCR was 5.2% for the second quarter of 2025.Source: earnings call transcript | 8.9%Our VCR was 8.9% for the third quarter of 2025.Source: earnings call transcript | — | 0.2%Our VCR was 0.2% for the first quarter of 2026.Source: earnings call transcript | 7.9%Our VCR was 7.9% for the second quarter of 2026.Source: earnings call transcript | +7.7 pt |
| Combined ratio Commercial lines | 91.9%Our commercial lines insurance segment produced a superb combined ratio of 91.9%, continuing its steady improvement over the past 3 years.Source: earnings call transcript | 92.9%Commercial lines grew net written premiums 9% with an excellent 92.9% combined ratio that improved by 6.2 percentage points, including 2.3 points from lower catastrophe losses.Source: earnings call transcript | 91.1%Commercial lines grew net written premiums 5% with a 91.1% combined ratio that improved by 1.9 percentage points, including 2.8 points from lower catastrophe losses.Source: earnings call transcript | — | 98.6%Commercial Lines grew net written premiums 3% with a 98.6% combined ratio that increased by 6.7 percentage points, including a 60 -- including 6.0 points from higher catastrophe losses.Source: earnings call transcript | 104.1%Commercial Lines grew net written premiums 3% with a 104.1% combined ratio that increased by 11.2 percentage points, including 4.9 points from higher catastrophe losses.Source: earnings call transcript | +5.5 pt |
| Combined ratio Personal lines | 151.3%Its combined ratio was 151.3%, 57.4 percentage points higher than last year, primarily due to an increase of 49.9 points from higher catastrophe losses.Source: earnings call transcript | 102%Its combined ratio was 102%, 4.9 percentage points better than last year despite an increase of 2.9 points from higher catastrophe losses.Source: earnings call transcript | 88.2%Its combined ratio was 88.2%, 22.1 percentage points better than last year, including a decrease of 19.5 points from lower catastrophe losses.Source: earnings call transcript | — | 96.8%The combined ratio for personal lines was 96.8%, 54.5 percentage points better than last year, including a decrease of 41.9 points from lower catastrophe losses.Source: earnings call transcript | 99.9%The combined ratio for personal lines was 99.9%, 2.1 percentage points better than last year, including a decrease of 1.6 points from lower catastrophe losses.Source: earnings call transcript | +3.1 pt |
| Combined ratio Excess and surplus lines | 88.3%Excess and surplus lines grew net written premiums 15% with a very profitable combined ratio of 88.3%, an improvement of 3.6 percentage points compared with a year ago.Source: earnings call transcript | 91.1%That segment produced a combined ratio of 91.1%, an improvement of 4.3 percentage points.Source: earnings call transcript | 89.8%Excess and surplus lines grew net written premiums 11% and produced a combined ratio of 89.8%, an improvement of 5.5 percentage points.Source: earnings call transcript | — | 89.3%Excess and surplus lines grew net written premiums 8% and produced a very good combined ratio of 89.3%.Source: earnings call transcript | 90.5%Excess and surplus lines grew net written premiums 8% and and produced an excellent combined ratio of 90.5%.Source: earnings call transcript | +1.2 pt |
| Combined ratio Cincinnati Re | 137.4%It had 137.4% combined ratio, which included 63.9 percentage points from catastrophe losses.Source: earnings call transcript | 82.8%Its combined ratio was 82.8%.Source: earnings call transcript | 80.8%Its combined ratio was 80.8%.Source: earnings call transcript | — | 79.7%Its combined ratio was an outstanding 79.7%.Source: earnings call transcript | 87.6%Its combined ratio was an outstanding 87.6%.Source: earnings call transcript | +7.9 pt |
| Combined ratio Cincinnati Global | 95.8%Cincinnati Global's combined ratio was 95.8% for the first quarter, 26 percentage points higher than last year, driven by an increase of 23.4 points from higher catastrophe losses, including $20 million for the wildfires.Source: earnings call transcript | 78.4%Cincinnati Global's combined ratio was 78.4%, along with premium growth of 45% as it continues to benefit from product expansion in recent years.Source: earnings call transcript | 61.2%Cincinnati Global's combined ratio was 61.2%, along with premium growth of 6% as it continues to benefit from product expansion in recent years.Source: earnings call transcript | — | 78.7%Cincinnati Global's combined ratio was also stellar at 78.7%, along with premium growth of 31% as it continues to benefit from product expansion in recent years.Source: earnings call transcript | 110.8%Cincinnati Global's combined ratio of 110.8% along with premium growth of 1%.Source: earnings call transcript | +32.1 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
197 filings between Oct 28, 2025 and Aug 25, 2026.
Open market
decisions to buy or sellPurchases
$511.1K
4 purchases by 2 insiders
Sales
$1.33M
1 sale by 1 insider
Compensation
not trading decisions- 29
- Award — granted as compensation
- 77
- Option exercise — converted options into shares
- 76
- Tax withheld — shares kept back by the company to cover tax
Also filed: 9 gifts, 1 other.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Schiff Charles Odell | — | $1.33M | Aug 3, 2026 |
| Debbink Dirk J | $488.2K | — | Aug 25, 2026 |
| WILKINS EDWARD SCOTT | $22.9K | — | Dec 3, 2025 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 25, 2026 | Debbink Dirk J Director | Purchase | 1,000 | $171.6K |
| Aug 3, 2026 | Schiff Charles Odell Director | Sale | 7,600 | $1.33M |
| Jun 8, 2026 | KELLINGTON JOHN S EVP, Chief Info Off. -Sub | Option exercise | 24,221 | $2.08M |
| Jun 8, 2026 | KELLINGTON JOHN S EVP, Chief Info Off. -Sub | Tax withheld | 17,536 | $2.87M |
| May 28, 2026 | Fu Luyang Sr. VP, Chief Actuary - Sub | Option exercise | 774 | $66.3K |
| May 28, 2026 | Fu Luyang Sr. VP, Chief Actuary - Sub | Tax withheld | 99 | $16.0K |
| May 11, 2026 | Schiff Charles Odell Director | Other | 27,122 | $0 |
| May 7, 2026 | Hogan Thomas Christopher EVP/CLO & Corp Secretary | Option exercise | 957 | $68.1K |
| May 7, 2026 | Hogan Thomas Christopher EVP/CLO & Corp Secretary | Tax withheld | 145 | $23.3K |
| May 7, 2026 | Hogan Thomas Christopher EVP/CLO & Corp Secretary | Tax withheld | 74 | $11.9K |
| May 7, 2026 | Hogan Thomas Christopher EVP/CLO & Corp Secretary | Option exercise | 487 | $34.4K |
| May 5, 2026 | Brown Roger A Sr VP, COO - Subsidary | Tax withheld | 4,685 | $749.0K |
| May 5, 2026 | Brown Roger A Sr VP, COO - Subsidary | Option exercise | 6,900 | $491.2K |
| May 5, 2026 | Brown Roger A Sr VP, COO - Subsidary | Gift | 2,500 | $0 |
| May 1, 2026 | Sewell Michael J CFO, EVP & Treasurer | Option exercise | 36,909 | $2.61M |
| May 1, 2026 | Sewell Michael J CFO, EVP & Treasurer | Tax withheld | 8,822 | $1.44M |
| Apr 29, 2026 | Fu Luyang Sr. VP, Chief Actuary - Sub | Option exercise | 957 | $68.1K |
| Apr 29, 2026 | Fu Luyang Sr. VP, Chief Actuary - Sub | Tax withheld | 147 | $24.1K |
| Apr 29, 2026 | KELLINGTON JOHN S EVP, Chief Info Off. -Sub | Option exercise | 28,156 | $2.00M |
| Apr 29, 2026 | KELLINGTON JOHN S EVP, Chief Info Off. -Sub | Tax withheld | 18,935 | $3.10M |
| Apr 29, 2026 | Cracas Teresa C EVP, Chief Risk Off. - Sub | Tax withheld | 10,321 | $1.69M |
| Apr 29, 2026 | Cracas Teresa C EVP, Chief Risk Off. - Sub | Option exercise | 15,386 | $1.09M |
| Mar 2, 2026 | KELLINGTON JOHN S EVP, Chief Info Off. -Sub | Option exercise | 541 | $0 |
| Mar 2, 2026 | KELLINGTON JOHN S EVP, Chief Info Off. -Sub | Option exercise | 465 | $0 |
| Mar 2, 2026 | KELLINGTON JOHN S EVP, Chief Info Off. -Sub | Option exercise | 456 | $0 |
| Mar 2, 2026 | KELLINGTON JOHN S EVP, Chief Info Off. -Sub | Option exercise | 10,458 | $0 |
| Mar 2, 2026 | Sewell Michael J CFO, EVP & Treasurer | Option exercise | 667 | $0 |
| Mar 2, 2026 | Sewell Michael J CFO, EVP & Treasurer | Tax withheld | 281 | $45.9K |
| Mar 2, 2026 | Cracas Teresa C EVP, Chief Risk Off. - Sub | Tax withheld | 184 | $30.1K |
| Mar 2, 2026 | KELLINGTON JOHN S EVP, Chief Info Off. -Sub | Tax withheld | 203 | $33.2K |
| Mar 2, 2026 | Cracas Teresa C EVP, Chief Risk Off. - Sub | Tax withheld | 181 | $29.6K |
| Mar 2, 2026 | Sewell Michael J CFO, EVP & Treasurer | Option exercise | 774 | $0 |
| Mar 2, 2026 | Sewell Michael J CFO, EVP & Treasurer | Option exercise | 653 | $0 |
| Mar 2, 2026 | Cracas Teresa C EVP, Chief Risk Off. - Sub | Option exercise | 423 | $0 |
| Mar 2, 2026 | Cracas Teresa C EVP, Chief Risk Off. - Sub | Option exercise | 415 | $0 |
| Mar 2, 2026 | Cracas Teresa C EVP, Chief Risk Off. - Sub | Option exercise | 9,522 | $0 |
| Mar 2, 2026 | JOHNSTON STEVEN J Chairman | Tax withheld | 11,836 | $1.93M |
| Mar 2, 2026 | JOHNSTON STEVEN J Chairman | Tax withheld | 337 | $55.1K |
| Mar 2, 2026 | JOHNSTON STEVEN J Chairman | Tax withheld | 392 | $64.1K |
| Mar 2, 2026 | JOHNSTON STEVEN J Chairman | Tax withheld | 132 | $21.6K |
| Mar 2, 2026 | JOHNSTON STEVEN J Chairman | Option exercise | 313 | $0 |
| Mar 2, 2026 | Cracas Teresa C EVP, Chief Risk Off. - Sub | Option exercise | 492 | $0 |
| Mar 2, 2026 | JOHNSTON STEVEN J Chairman | Option exercise | 930 | $0 |
| Mar 2, 2026 | JOHNSTON STEVEN J Chairman | Option exercise | 28,818 | $0 |
| Mar 2, 2026 | JOHNSTON STEVEN J Chairman | Option exercise | 801 | $0 |
| Mar 2, 2026 | Cracas Teresa C EVP, Chief Risk Off. - Sub | Tax withheld | 215 | $35.1K |
| Mar 2, 2026 | KELLINGTON JOHN S EVP, Chief Info Off. -Sub | Tax withheld | 3,861 | $631.0K |
| Mar 2, 2026 | KELLINGTON JOHN S EVP, Chief Info Off. -Sub | Tax withheld | 199 | $32.5K |
| Mar 2, 2026 | KELLINGTON JOHN S EVP, Chief Info Off. -Sub | Tax withheld | 236 | $38.6K |
| Mar 2, 2026 | Cracas Teresa C EVP, Chief Risk Off. - Sub | Tax withheld | 3,367 | $550.3K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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