NYSE : CNA
CNA Financial Corporation — Financial statements
Financials · Insurance - Property & Casualty · United States
Last price 48.68 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 13.17B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 11.09B | 10.90B | 10.21B | 9.48B | 8.67B | 8.18B |
| Total Interest & Dividend Income | 2.32B | 2.28B | 2.23B | 2.09B | 1.82B | 1.80B |
| Gain (Loss) on Sale of Investments | -51.00M | -81.00M | -81.00M | -99.00M | -199.00M | 120.00M |
| Other Revenue | 1.79B | 1.89B | 1.91B | 1.83B | 1.59B | 1.82B |
| Total Revenue | 15.15B | 14.99B | 14.27B | 13.30B | 11.88B | 11.91B |
| Policy Benefits | 8.84B | 8.29B | 7.74B | 7.07B | 6.65B | 6.37B |
| Policy Acquisition & Underwriting Costs | 1.92B | 1.90B | 1.80B | 1.64B | 1.49B | 1.44B |
| Other Operating Expenses | 2.97B | 3.04B | 3.39B | 2.94B | 2.81B | 2.52B |
| Total Operating Expenses | 13.73B | 13.23B | 12.93B | 11.65B | 10.95B | 10.33B |
| Operating Income | 1.42B | 1.75B | 1.34B | 1.65B | 926.00M | 1.57B |
| Interest Expense | -134.00M | -135.00M | -133.00M | -127.00M | -112.00M | -113.00M |
| Pretax Income | 1.29B | 1.62B | 1.21B | 1.52B | 814.00M | 1.46B |
| Income Tax Expense | 257.00M | 342.00M | 252.00M | 313.00M | 132.00M | 278.00M |
| Net Income | 1.03B | 1.28B | 959.00M | 1.21B | 682.00M | 1.18B |
| Net Income to Common | 1.03B | 1.28B | 959.00M | 1.21B | 682.00M | 1.18B |
| Shares Outstanding (Basic) | 271.05M | 271.20M | 271.50M | 271.30M | 271.60M | 271.80M |
| Shares Outstanding (Diluted) | 272.10M | 272.40M | 272.70M | 272.20M | 272.50M | 272.80M |
| EPS (Basic) | 3.80 | 4.71 | 3.53 | 4.44 | 2.51 | 4.36 |
| EPS (Diluted) | 3.78 | 4.69 | 3.52 | 4.43 | 2.51 | 4.34 |
| Free Cash Flow | 2.18B | 2.40B | 2.48B | 2.19B | 2.45B | 1.97B |
| Free Cash Flow Per Share | 8.01 | 8.82 | 9.08 | 8.06 | 8.99 | 7.22 |
| Dividend Per Share | 0.46 | 1.84 | 1.76 | 1.68 | 1.60 | 1.52 |
| Operating Margin | 9.38% | 11.71% | 9.42% | 12.37% | 7.80% | 13.23% |
| Profit Margin | 6.80% | 8.53% | 6.72% | 9.06% | 5.74% | 9.94% |
| Free Cash Flow Margin | 14.38% | 16.04% | 17.35% | 16.50% | 20.62% | 16.55% |
| EBITDA | 1.50B | 1.82B | 1.41B | 1.72B | 977.00M | 1.63B |
| EBITDA Margin | 9.88% | 12.18% | 9.89% | 12.92% | 8.22% | 13.68% |
| D&A For EBITDA | 77.00M | 70.00M | 67.00M | 73.00M | 51.00M | 54.00M |
| EBIT | 1.42B | 1.75B | 1.34B | 1.65B | 926.00M | 1.57B |
| EBIT Margin | 9.38% | 11.71% | 9.42% | 12.37% | 7.80% | 13.23% |
| Effective Tax Rate | 19.97% | 21.11% | 20.81% | 20.62% | 16.22% | 19.02% |
| Revenue as Reported | 15.15B | 14.99B | 14.27B | 13.30B | 11.88B | 11.91B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 43.40B | 41.11B | 40.42B | 37.62B | 44.37B | |
| Investments in Equity & Preferred Securities | 3.54B | 3.18B | 2.86B | 2.60B | 2.89B | |
| Other Investments | 48.64B | 2.42B | 2.17B | 2.25B | 1.91B | 2.08B |
| Total Investments | 48.64B | 50.45B | 47.48B | 46.56B | 43.18B | 50.33B |
| Cash & Equivalents | 425.00M | 472.00M | 345.00M | 475.00M | 536.00M | |
| Reinsurance Recoverable | 6.55B | 6.38B | 6.05B | 5.41B | 5.42B | 5.46B |
| Other Receivables | 4.22B | 4.12B | 3.89B | 3.56B | 3.32B | |
| Deferred Policy Acquisition Cost | 986.00M | 959.00M | 896.00M | 806.00M | 737.00M | |
| Property, Plant & Equipment | 430.00M | 453.00M | 393.00M | 381.00M | 401.00M | |
| Goodwill | 148.00M | 145.00M | 146.00M | 144.00M | 148.00M | |
| Other Intangible Assets | 78.00M | 71.00M | 67.00M | |||
| Long-Term Deferred Tax Assets | 575.00M | 850.00M | 1.02B | 1.25B | 142.00M | |
| Long-Term Deferred Charges | 3.22B | 3.52B | 3.66B | 3.67B | 3.48B | |
| Other Long-Term Assets | 12.71B | 2.61B | 2.43B | 2.32B | 2.05B | 2.02B |
| Total Assets | 67.90B | 69.44B | 66.49B | 64.71B | 61.00B | 66.64B |
| Accrued Expenses | 33.00M | 30.00M | 28.00M | 26.00M | 56.00M | |
| Insurance & Annuity Liabilities | 12.44B | 13.54B | 13.24B | 14.04B | 13.55B | 13.31B |
| Unpaid Claims | 27.92B | 26.60B | 24.98B | 23.30B | 22.12B | 24.17B |
| Unearned Premiums | 7.71B | 7.63B | 7.35B | 6.93B | 6.37B | 5.76B |
| Reinsurance Payable | 470.00M | 425.00M | 417.00M | 425.00M | 429.00M | |
| Current Portion of Leases | 34.00M | |||||
| Short-Term Debt | 550.00M | 243.00M | ||||
| Long-Term Debt | 2.97B | 2.97B | 2.97B | 2.48B | 2.54B | 2.78B |
| Long-Term Leases | 184.00M | 239.00M | 215.00M | 220.00M | 248.00M | |
| Other Current Liabilities | 1.00M | 1.00M | 12.00M | |||
| Other Long-Term Liabilities | 6.63B | 2.18B | 2.17B | 2.10B | 2.18B | 2.49B |
| Total Liabilities | 57.67B | 57.82B | 55.98B | 54.82B | 52.45B | 53.83B |
| Common Stock | 10.23B | 683.00M | 683.00M | 683.00M | 683.00M | 683.00M |
| Additional Paid-In Capital | 2.23B | 2.23B | 2.22B | 2.22B | 2.21B | |
| Retained Earnings | 9.91B | 9.69B | 9.76B | 9.34B | 9.66B | |
| Treasury Stock | -108.00M | -94.00M | -94.00M | -93.00M | -72.00M | |
| Comprehensive Income & Other | -1.10B | -1.99B | -2.67B | -3.60B | 320.00M | |
| Shareholders' Equity | 10.23B | 11.62B | 10.51B | 9.89B | 8.55B | 12.81B |
| Total Liabilities & Equity | 67.90B | 69.44B | 66.49B | 64.71B | 61.00B | 66.64B |
| Filing Date Shares Outstanding | 270.90M | 270.67M | 270.86M | 270.90M | 270.90M | 271.37M |
| Total Common Shares Outstanding | 270.90M | 270.67M | 270.84M | 270.88M | 270.90M | 271.36M |
| Total Debt | 2.97B | 3.19B | 3.21B | 3.25B | 3.00B | 3.03B |
| Net Cash (Debt) | -2.97B | -2.76B | -2.74B | -2.90B | -2.53B | -2.49B |
| Net Cash Per Share | -10.93 | -10.15 | -10.05 | -10.66 | -9.27 | -9.13 |
| Book Value Per Share | 37.76 | 42.93 | 38.82 | 36.52 | 31.55 | 47.20 |
| Tangible Book Value | 10.23B | 11.47B | 10.37B | 9.67B | 8.33B | 12.59B |
| Tangible Book Value Per Share | 37.76 | 42.39 | 38.28 | 35.69 | 30.76 | 46.41 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.03B | 1.28B | 959.00M | 1.21B | 682.00M | 1.18B |
| Depreciation & Amortization | 70.00M | 70.00M | 67.00M | 73.00M | 51.00M | 54.00M |
| Gain (Loss) on Sale of Investments | -127.00M | -127.00M | -119.00M | -92.00M | 70.00M | -201.00M |
| Change in Accounts Receivable | -323.00M | -323.00M | -898.00M | -245.00M | -226.00M | -1.36B |
| Change in Insurance Reserves / Liabilities | 1.67B | 1.67B | 2.37B | 1.67B | 2.06B | 2.48B |
| Change in Other Net Operating Assets | -26.00M | -26.00M | -8.00M | -41.00M | -29.00M | 3.00M |
| Other Operating Activities | 23.00M | -1.00M | 375.00M | -189.00M | -275.00M | -13.00M |
| Operating Cash Flow | 2.27B | 2.49B | 2.57B | 2.29B | 2.50B | 2.00B |
| Capital Expenditures | -86.00M | -86.00M | -95.00M | -90.00M | -52.00M | -26.00M |
| Sale of Property, Plant & Equipment | 12.00M | 12.00M | ||||
| Investment in Securities | -1.30B | -1.30B | -1.24B | -1.74B | -1.38B | -1.30B |
| Other Investing Activities | 686.00M | -8.00M | -5.00M | -10.00M | 1.00M | |
| Investing Cash Flow | -755.00M | -1.45B | -1.32B | -1.84B | -1.51B | -1.23B |
| Long-Term Debt Issued | 495.00M | 490.00M | 491.00M | |||
| Total Debt Repaid | -500.00M | -500.00M | -550.00M | -243.00M | ||
| Net Debt Issued (Repaid) | -5.00M | -5.00M | -60.00M | 248.00M | ||
| Repurchases of Common Stock | -34.00M | -34.00M | -20.00M | -24.00M | -39.00M | -18.00M |
| Common Dividends Paid | -501.69M | -501.69M | -1.02B | -787.00M | -982.00M | -621.00M |
| Other Financing Activities | -541.00M | -18.00M | -12.00M | -14.00M | -11.00M | -9.00M |
| Financing Cash Flow | -1.63B | -1.10B | -1.12B | -577.00M | -1.03B | -648.00M |
| Foreign Exchange Rate Adjustments | 16.00M | 16.00M | -10.00M | 5.00M | -19.00M | -4.00M |
| Net Cash Flow | -100.00M | -47.00M | 127.00M | -130.00M | -61.00M | 117.00M |
| Free Cash Flow | 2.18B | 2.40B | 2.48B | 2.19B | 2.45B | 1.97B |
| Free Cash Flow Margin | 14.38% | 16.04% | 17.35% | 16.50% | 20.62% | 16.55% |
| Free Cash Flow Per Share | 8.01 | 8.82 | 9.08 | 8.06 | 8.99 | 7.22 |
| Levered Free Cash Flow | 7.87B | 2.34B | 3.47B | 2.05B | -968.25M | 2.14B |
| Unlevered Free Cash Flow | 7.95B | 2.42B | 3.55B | 2.13B | -898.25M | 2.21B |
| Cash Interest Paid | 129.00M | 129.00M | 122.00M | 124.00M | 109.00M | 110.00M |
| Cash Income Tax Paid | 263.00M | 263.00M | 281.00M | 282.00M | 277.00M | 278.00M |
| Change in Working Capital | 1.30B | 1.30B | 1.39B | 1.30B | 1.72B | 1.10B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 12.96B | 12.92B | 13.10B | 11.46B | 11.45B | 11.96B |
| Enterprise Value | 15.60B | 15.91B | 15.62B | 14.25B | 13.73B | 14.11B |
| PE Ratio | 12.67 | 10.11 | 13.66 | 9.51 | 16.79 | 10.10 |
| PS Ratio | 0.85 | 0.86 | 0.92 | 0.86 | 0.96 | 1.00 |
| PB Ratio | 1.29 | 1.11 | 1.25 | 1.16 | 1.34 | 0.93 |
| P/FCF Ratio | 5.94 | 5.38 | 5.29 | 5.22 | 4.67 | 6.07 |
| P/OCF Ratio | 5.72 | 5.19 | 5.10 | 5.02 | 4.58 | 5.99 |
| EV/Sales Ratio | 1.05 | 1.06 | 1.09 | 1.07 | 1.16 | 1.19 |
| EV/EBITDA Ratio | 10.63 | 8.72 | 11.07 | 8.29 | 14.05 | 8.66 |
| EV/EBIT Ratio | 11.21 | 9.06 | 11.62 | 8.66 | 14.83 | 8.96 |
| EV/FCF Ratio | 7.31 | 6.62 | 6.31 | 6.49 | 5.60 | 7.16 |
| Debt / Equity Ratio | 0.29 | 0.27 | 0.31 | 0.33 | 0.35 | 0.24 |
| Debt / EBITDA Ratio | 1.93 | 1.70 | 2.20 | 1.83 | 2.90 | 1.80 |
| Debt / FCF Ratio | 1.36 | 1.33 | 1.30 | 1.48 | 1.23 | 1.54 |
| Net Debt / Equity Ratio | 0.29 | 0.24 | 0.26 | 0.29 | 0.30 | 0.19 |
| Net Debt / EBITDA Ratio | 1.99 | 1.51 | 1.94 | 1.69 | 2.58 | 1.53 |
| Net Debt / FCF Ratio | 1.36 | 1.15 | 1.11 | 1.32 | 1.03 | 1.26 |
| Quick Ratio | 0.18 | 0.18 | 0.19 | 0.19 | 0.18 | |
| Current Ratio | 0.18 | 0.37 | 0.37 | 0.38 | 0.39 | 0.37 |
| Asset Turnover | 0.22 | 0.22 | 0.22 | 0.21 | 0.19 | 0.18 |
| Return on Equity (ROE) | 9.56% | 11.55% | 9.40% | 13.07% | 6.39% | 9.28% |
| Return on Assets (ROA) | 1.29% | 1.61% | 1.28% | 1.64% | 0.91% | 1.51% |
| Return on Invested Capital (ROIC) | 8.31% | 9.70% | 7.92% | 10.58% | 5.67% | 8.07% |
| Earnings Yield | 7.89% | 9.89% | 7.32% | 10.51% | 5.96% | 9.90% |
| FCF Yield | 16.83% | 18.60% | 18.90% | 19.15% | 21.39% | 16.48% |
| Dividend Yield | 4.01% | 3.85% | 3.64% | 3.97% | 3.78% | 3.45% |
| Payout Ratio | 42.29% | 39.26% | 106.88% | 65.31% | 143.99% | 52.45% |
| Buyback Yield / Dilution | 0.14% | 0.11% | -0.18% | 0.11% | 0.11% | -0.15% |
| Total Shareholder Return | 4.15% | 3.96% | 3.45% | 4.08% | 3.89% | 3.30% |