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Cincinnati Financial cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$787M in Q3 2026 · $3.1B over twelve months

Operating cash flow$791M
Capital spending−$4.0M
Free cash flow+$787M
Cash / net income1.7×

Analysis

In Q3 2026, Cincinnati Financial generated $791M of operating cash flow and spent $4.0M on capital projects, leaving free cash flow of $787M. That is $322M less than in Q3 2025 ($1.1B).

Over the twelve months to Sep 30, 2026, operating cash flow was $3.1B; the largest uses were other investing ($2.0B), dividends ($551M), buybacks ($499M); besides operations, cash came from shares issued ($15.0M); the cash balance fell by $221M.

Operating cash flow was $791M against net income of $459M — 1.7× profit, cash ran ahead of reported earnings. The largest differences: deferred taxes −$26.0M, gains on investments −$20.0M, other liabilities +$14.0M.

Free cash flow

Cincinnati Financial: free cash flow by quarterCincinnati Financial: free cash flow by quarter$638MQ4 2024$307MQ1 2025$737MQ2 2025$1.1BQ3 2025$939MQ4 2025$654MQ1 2026$698MQ2 2026$787MQ3 2026
Operating cash flow less capital spending.
Cincinnati Financial: operating cash flow against capital spendingCincinnati Financial: operating cash flow against capital spendingOperating cash flowCapital spending$642M$4.0MQ4 2024$310M$3.0MQ1 2025$741M$4.0MQ2 2025$1.1B$5.0MQ3 2025$947M$8.0MQ4 2025$656M$2.0MQ1 2026$700M$2.0MQ2 2026$791M$4.0MQ3 2026
Latest (Q3 2026): Operating cash flow $791M, Capital spending $4.0M.

Capital allocation, year by year

Cincinnati Financial: where the cash came from (up) and went (down), by fiscal yearCincinnati Financial: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksDividendsFY2021: Operating cash flow $2.0BFY2021: Net borrowing $285MFY2021: Shares issued $13.0MFY2021: Capital spending −$15.0MFY2021: Buybacks −$144MFY2021: Dividends −$395M$2.3BFY2021FY2022: Operating cash flow $2.1BFY2022: Net borrowing $285MFY2022: Shares issued $10.0MFY2022: Capital spending −$15.0MFY2022: Buybacks −$410MFY2022: Dividends −$423M$2.3BFY2022FY2023: Operating cash flow $2.1BFY2023: Net borrowing $284MFY2023: Shares issued $9.0MFY2023: Capital spending −$18.0MFY2023: Buybacks −$67.0MFY2023: Dividends −$454M$2.3BFY2023FY2024: Operating cash flow $2.6BFY2024: Net borrowing −$17.0MFY2024: Shares issued $10.0MFY2024: Capital spending −$22.0MFY2024: Buybacks −$126MFY2024: Dividends −$490M$2.7BFY2024FY2025: Operating cash flow $3.1BFY2025: Net borrowing −$18.0MFY2025: Shares issued $10.0MFY2025: Capital spending −$20.0MFY2025: Buybacks −$205MFY2025: Dividends −$525M$3.1BFY2025
Over these 5 years operating cash flow totalled $11.8B; the largest uses were dividends ($2.3B) and buybacks ($952M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.4B
Debt$791M
Net cash$589M

Cincinnati Financial funds itself: free cash flow was $3.1B over the last twelve months, and $1.4B of cash and investments stands against $791M of debt.

Where the cash came from and went

Cincinnati Financial: sources (+) and uses (−) of cash, Q3 2026Cincinnati Financial: sources (+) and uses (−) of cash, Q3 2026Other investing−$1.1BOperating cash flow$791MCash drawn (+) / kept (−)$511MDividends−$142MOther financing−$44.0MCapital spending−$4.0MShares issued$3.0MBuybacks−$1.0M
Cincinnati Financial: sources (+) and uses (−) of cash, TTM to Q3 2026Cincinnati Financial: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$3.1BOther investing−$2.0BDividends−$551MBuybacks−$499MOther financing−$238MCash drawn (+) / kept (−)$221MCapital spending−$16.0MShares issued$15.0M

From profit to cash

Cincinnati Financial: net income to operating cash flow, Q3 2026Cincinnati Financial: net income to operating cash flow, Q3 2026Net income$459MDeferred taxes−$26.0MGains on investments−$20.0MPrepaid and other assets$6.0MOther liabilities$14.0MOperating cash flow$791M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$791M−$4.0M−$1.0M−$142M$3.0M$511M$787M
Q2 2026$700M−$2.0M−$216M−$143M$5.0M−$540M$698M
Q1 2026$656M−$2.0M−$179M−$133M$5.0M$221M$654M
Q4 2025$947M−$8.0M−$103M−$133M$2.0M$29.0M$939M
Q3 2025$1.1B−$5.0M−$60.0M−$134M$2.0M−$465M$1.1B
Q2 2025$741M−$4.0M—−$133M$2.0M$15.0M$737M
Q1 2025$310M−$3.0M−$42.0M−$125M$4.0M−$27.0M$307M
Q4 2024$642M−$4.0M−$5.0M−$125M$3.0M$769M$638M

Cincinnati Financial: income statement and cash flow

Cincinnati Financial, Q3 2026: revenue $3.0B (-18% year over year), operating margin 18.1%. The chart follows the revenue to costs, profit and cash.

Cincinnati Financial: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.