10-K · February 24, 2026
CNO reported full-year 2025 revenue of $4.5 billion and net income of $229.3 million, with premium collections rising to $4,591.3 million (2025 vs $4,378.7M in 2024). The business remains annuity‑heavy (annuities…
Earnings analysis · 10-Q
CNO earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
CNO Financial Group delivered strong Q1 2026 results, posting a revenue of $1.03 billion, significantly surpassing expectations. The company achieved an EPS of $1.05, demonstrating a robust 33% increase year-over-year,…
Read full summary
CNO Financial Group delivered strong Q1 2026 results, posting a revenue of $1.03 billion, significantly surpassing expectations. The company achieved an EPS of $1.05, demonstrating a robust 33% increase year-over-year, fueled by growth in their health and annuity segments along with improved fee income. Management highlights a focus on strengthening core operations following the exit from their Worksite Division fee services business.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.05
- Segment
- Annuity
- Segment
- Health
- Segment
- Life
What stood out
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Revenue Surpassed Expectations
Actual revenue reached $1.03 billion, exceeding the estimated $999.44 million, marking a 3% increase year-over-year.
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Strong EPS Growth
Reported EPS was $1.05, a solid 33% increase compared to $0.79 in Q1 2025.
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Improved Insurance Product Margins
Total insurance product margin increased to $256.9 million from $248.9 million a year ago, reflecting strong operational performance.
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Growth in Health Segment
Health segment margin rose to $132.6 million, up from $126.2 million in Q1 2025, driven by enhanced Medicare supplement sales.
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Fee Income Recovery
Fee income turned positive at $10.6 million compared to a loss of $0.8 million in Q1 2025, primarily benefiting from the Consumer Division's performance.
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Reduced Expense Ratio
Expense ratio improved to 18.9% compared to 19.9% in the previous year, showcasing operational efficiency.
What to watch
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Non-Operating Investment Losses
Q1 2026 faced net realized investment losses of $15.2 million, up from $13.2 million in Q1 2025.
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Expenses Related to TechMod Initiative
Incurred $13.7 million in Q1 for TechMod expenses, which are expected to continue impacting earnings this year.
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Impact of Recent Market Volatility
Ongoing volatility in financial markets could adversely affect the values of their investment portfolio.
Management's outlook
CNO expects operating EPS for 2026 between $4.25 and $4.45, excluding significant items.
Earlier filings 4
10-Q · August 6, 2025
CNO reported Q2 2025 total revenues of $1,151.5 million (up $85.3 million, +8.0% vs Q2 2024) and generated income before income taxes of $118.0 million. Diluted EPS for the quarter was $0.91, down from $1.06 a year…
10-Q · May 7, 2025
CNO reported Q1 revenues of $1,004.1 million and net income of $13.7 million (diluted EPS $0.13), down materially from revenue of $1,156.5 million and net income of $112.3 million in Q1 2024. The quarter was driven by a…
10-Q · November 7, 2024
CNO reported Q3 2024 revenues of $1,129.6 million, up $182.1 million (+19.2%) versus Q3 2023, but GAAP net income collapsed to $9.3 million from $167.3 million a year ago and diluted EPS fell to $0.09 from $1.46. The…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.