Cincinnati Financial filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $13.3 billion, which rose 9.9% on the year before. That growth rate was down 9.6 percentage points on the rate a quarter earlier.
What stands out in the filings
Net income rose 25.5% over the year while free cash flow rose 10.3%, meaning reported profit and cash are moving at different speeds.
Profitability
Reported profit is running well ahead of the cash, with a trailing net margin of 20.1%. Net income over the twelve months was $2.7 billion, which rose 25.5% on the year before.
Cash flow
Today’s cash margin sits near the top of the company’s own record. Operating cash flow over the twelve months was $3.1 billion, up 10.2% on the year before. Capital spending was $16.0 million, or 0.1% of revenue. Free cash flow, operating cash flow less capital spending, was $3.1 billion, up 10.3% on the year before. The free-cash-flow margin was 23.2% of revenue, up 0.1 percentage points from a year earlier.
The share base
The average diluted share count fell 0.6% over the year.
In context
Measured against its own history, today’s free-cash-flow margin of 23.2% is higher than 88% of the company’s own past quarterly readings, which have ranged from 6.3% to 31.0%. Today’s twelve-month revenue growth rate of 9.9% is higher than 68% of past readings (−31.8% to 74.1%).
The valuation angle
Our model translates these figures into value. In our model, growth 5 percentage points lower would lower the value by 24.5%, and 5 percentage points higher would raise it by 31.9%. A free-cash-flow margin 1 percentage point lower would lower it by 4.2%.
Next to watch
The next filing will show whether the trends above continue, slow or reverse.
