Cincinnati scored once in the first period, added two more goals in the second and tacked on one more in the third.
Toledo defenseman Ben Youds scored a power play goal early in the third period and veteran Randy Rowe added another power play maker late in the game for the Walleye.
But the Cyclones also scored a power play goal of their own in the third before a crowd of 6,214 at the Huntington Center.
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Garrett Wilson, Jonathan Hazen, Michael Pelech, and David Pacan scored for the Cyclones.
Toledo, which is averaging 30.2 shots per game, had 24 shots on goal. Cincinnati, which averages 31.6, had only 19.
Walleye rookie goalie Kent Simpson (3-5-1) finished with 15 saves.
Cincinnati (9-4-2) moved past Toledo (9-7-1) host into first place in the ECHL North Division. Toledo had defeated the Cyclones 4-2 on the road Wednesday night.
Toledo also had won five of its last six games. The Walleye went 2 of 6 on the power play.
Youds got Toledo on the board with a power play goal 1:16 into the third period. Andrej Nestrasil and Willie Coetzee got the assists on Youds' third of the season.
But Pacan answered with a power play goal with 11:39 remaining before Rowe scored on an assists from Coetzee and Youds.
Toledo is the middle of a busy stretch of four games in five days. The Walleye play at Fort Wayne on Saturday night and then they face Kalamazoo on Sunday.