CNO CNO Financial Group, Inc.

Overview and Growth

Fiscal 2025 results for CNO Financial Group, Inc. combined $4.49B of revenue with net income of $229.30M and an operating cash inflow of $675.70M. Revenue of $4.49B sets the scale for evaluating how effectively sales translated into profit and cash during the year. The top line expanded 0.9% from $4.45B in fiscal 2024, increasing the company’s operating scale. On a per-share basis, diluted EPS was $2.30, which connects the reported earnings outcome with the company’s diluted share count. The per-share result recorded a 40.9% decrease from fiscal 2024 diluted EPS of $3.89. Diluted shares averaged 99.82M; this is the reported share base over which the company’s diluted per-share earnings were spread. Diluted shares moved 7.7% from 108.12M in fiscal 2024, leaving the current share base lower year over year. The company employed $38.79B of total assets, the balance-sheet base supporting its current operating and cash-flow results. Asset turnover was 0.12x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

The reported operating result was $553.20M, capturing profitability after direct costs and the operating expenses reflected in the statements. The operating result equaled 12.3% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. After all reported below-operating-line items, the company recorded net income of $229.30M for the fiscal year. The final earnings result represented 5.1% of revenue, connecting the absolute net income figure with the company’s top-line scale. Reported EBITDA totaled $871.70M, adding a pre-interest, tax, depreciation, and amortization perspective to the profitability profile. The earnings statement records $293.40M of pretax income, the profit base against which the reported tax provision can be assessed. Measured against revenue, pretax income equaled 6.5%, adding a pre-tax profitability layer between revenue and net income. The reported income-tax provision was $64.10M, the amount recognized between pretax income and the final net-income result. The income-tax provision equaled 21.8% of pretax income, showing the tax burden absorbed by the year’s earnings. Net income equaled 8.7% of period-end equity, showing the earnings generated on shareholders’ book capital. Return on period-end assets was 0.6%, connecting net income with the company’s total asset base. Current net income of $229.30M was below fiscal 2024 net income of $420.80M, showing the direction of the bottom-line change.

Liquidity and Capital Structure

Total assets were $38.79B, supported by $36.15B of liabilities and $2.64B of shareholder equity. Cash and equivalents totaled $983.50M, identifying the most liquid reported component available within the broader current-asset balance. Equity equaled 6.8% of assets, showing the shareholder-capital layer within the company’s balance sheet. The liabilities-to-assets relationship was 93.2%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 2.5% of total assets, showing the liquid cash component within the company’s broader resource base. Total assets were 2.5% higher than fiscal 2024 assets of $37.85B, measuring the company’s own balance-sheet change. Book equity was 4.9% higher than fiscal 2024 equity of $2.52B, showing how shareholder capital changed year over year. The reported cash balance changed 50.8% from $2.00B in fiscal 2024, ending lower year over year.

Cash Flow and Earnings Quality

Cash flow from operations was $675.70M, a reported cash inflow that can be compared directly with net income and capital spending. The operating-cash-flow-to-net-income relationship was 2.95x, comparing cash generated by operations with the bottom-line earnings result. Compared with $627.70M in fiscal 2024, current operating cash flow of $675.70M was above the prior result.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.