CINCINNATI FINANCIAL CORP Earnings Per Share Disclosure
| (In millions, except per share data) | Years ended December 31, | |||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Numerator: | ||||||||||||||||||||
| Net income—basic and diluted | $ | 2,393 | $ | 2,292 | $ | 1,843 | ||||||||||||||
| Denominator: | ||||||||||||||||||||
| Basic weighted-average common shares outstanding | 156.1 | 156.4 | 157.0 | |||||||||||||||||
| Effect of share-based awards: | ||||||||||||||||||||
| Stock options | 1.0 | 0.8 | 0.7 | |||||||||||||||||
| Nonvested shares | 0.6 | 0.6 | 0.4 | |||||||||||||||||
| Diluted weighted-average shares | 157.7 | 157.8 | 158.1 | |||||||||||||||||
| Earnings per share: | ||||||||||||||||||||
| Basic | $ | 15.32 | $ | 14.65 | $ | 11.74 | ||||||||||||||
| Diluted | 15.17 | 14.53 | 11.66 | |||||||||||||||||
| Number of anti-dilutive share-based awards | 0.4 | 1.1 | 1.3 | |||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 23, 2026 | Showing above |
| 2024 | Feb 24, 2025 | |
| 2023 | Feb 26, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 25, 2020 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.