Cincinnati Financial

Q2 FY2026 EarningsQ2 FY26 GAAP net income of $1.255B ($8.05/share) significantly beat the consensus mean of $275.5M ($1.79/share), primarily driven by an $882M after-tax unrealized gain in equity securities. However, non-GAAP operating income fell 28% YoY to $224M ($1.43/share), missing the normalized EPS consensus of $1.82 due to elevated catastrophe losses which pushed the combined ratio to 100.8%. Total revenue of $4.27B exceeded the $3.01B consensus by 42.1%, though insurance pricing discipline led to a slowdown in new business written premiums.