Detailed financial statements for CNA Financial Corporation (CNA): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
CNA Financial Corporation is a prominent insurer primarily serving the United States market, specializing in commercial property and casualty solutions. Its operations are structured across five key segments: Specialty, Commercial, International, Life & Group, and Corporate & Other. The company delivers a comprehensive range of specialized insurance products and risk management services.
Analysis Summary
CNA Financial Corporation reported revenue of $14.71B in the most recent fiscal year, growing at a 5-year CAGR of 6.6%. Net income reached $1.28B, with a 13.1% 5-year CAGR.
Trailing-twelve-month margins: gross margin 34.5%, operating margin 10.9%, net margin 9.0%. Free cash flow grew at 6.5% CAGR over 5 years.
At $48.68 (closing price, October 30, 2026), CNA trades at a P/E of 10.70 and an ROE of 11.99%. Market capitalisation stands at $13.2B, placing it among large-cap names.
Balance sheet quality for CNA: current ratio of 0.4, net cash position of $1.16B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $2.40B represents 188% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.37B | $9.54B | $10.13B | $10.77B | $10.69B | $11.55B | $11.89B | $13.12B | $14.00B | $14.71B |
| Cost of Revenue | $6.52B | $6.54B | $6.91B | $7.19B | $7.58B | $7.81B | $8.14B | $8.71B | $9.54B | $10.19B |
| Gross Profit | $2.85B | $3.00B | $3.23B | $3.58B | $3.11B | $3.73B | $3.75B | $4.41B | $4.46B | $4.52B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Expenses | $1.71B | $1.69B | $2.26B | $2.35B | $2.29B | $2.27B | $2.93B | $2.90B | $3.25B | $2.90B |
| Operating Income | $1.14B | $1.31B | $964.0M | $1.22B | $821.0M | $1.46B | $814.0M | $1.52B | $1.21B | $1.62B |
| EBITDA | $1.37B | $1.56B | $1.18B | $1.42B | $1.00B | $1.63B | $977.0M | $1.72B | $1.41B | $1.82B |
| Interest Expense | $159.0M | $161.0M | $138.0M | $131.0M | $122.0M | $113.0M | $112.0M | $127.0M | $133.0M | $135.0M |
| Pre-tax Income | $1.14B | $1.31B | $964.0M | $1.22B | $821.0M | $1.46B | $814.0M | $1.52B | $1.21B | $1.62B |
| Income Tax | $278.0M | $411.0M | $151.0M | $223.0M | $131.0M | $278.0M | $132.0M | $313.0M | $252.0M | $342.0M |
| Net Income | $859.0M | $899.0M | $813.0M | $1.00B | $690.0M | $1.18B | $682.0M | $1.21B | $959.0M | $1.28B |
| EPS | $3.18 | $3.32 | $2.99 | $2.54 | $2.54 | $4.42 | $2.51 | $4.44 | $3.53 | $4.71 |
| EPS (Diluted) | $3.17 | $3.30 | $2.98 | $2.53 | $2.53 | $4.41 | $2.50 | $4.43 | $3.52 | $4.69 |
| Shares Outstanding (Diluted) | 271.1 M | 272.1 M | 272.5 M | 272.4 M | 272.8 M | 272.8 M | 272.5 M | 272.2 M | 272.7 M | 272.3 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $3.75B | $3.76B | $3.68B | $3.83B |
| Gross Profit | $1.23B | $1.13B | $1.50B | $1.30B |
| Operating Income | $513.0M | $378.0M | $300.0M | $438.0M |
| EBITDA | $567.0M | $431.0M | $320.0M | $458.0M |
| Net Income | $403.0M | $302.0M | $323.0M | $321.0M |
| EPS | $1.49 | $1.11 | $0.78 | $1.18 |
| EPS (Diluted) | $1.48 | $1.11 | $0.78 | $1.18 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $271.0M | $355.0M | $310.0M | $242.0M | $419.0M | $536.0M | $475.0M | $345.0M | $472.0M | $425.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $3.71B |
| Receivables | $2.21B | $2.29B | $2.32B | $2.45B | $2.61B | $2.94B | $3.16B | $3.44B | $3.67B | $10.60B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $2.48B | $2.65B | $2.63B | $2.69B | $3.03B | $3.48B | $3.63B | $3.79B | $4.14B | $14.73B |
| Property, Plant & Equipment | $310.0M | $326.0M | $324.0M | $502.0M | $451.0M | $401.0M | $381.0M | $393.0M | $453.0M | $282.0M |
| Goodwill | $145.0M | $148.0M | $146.0M | $147.0M | $148.0M | $148.0M | $144.0M | $146.0M | $145.0M | $148.0M |
| Intangible Assets | 0 | 0 | 0 | 0 | $69.0M | $67.0M | 0 | $78.0M | $77.0M | $986.0M |
| Total Assets | $51.39B | $52.73B | $52.92B | $56.87B | $60.19B | $61.69B | $55.79B | $59.56B | $60.81B | $69.44B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | 0 | $150.0M | 0 | $38.0M | $44.0M | $42.0M | $243.0M | $586.0M | $43.0M | 0 |
| Total Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $38.37B |
| Long-term Debt | $2.71B | $2.71B | $2.68B | $2.68B | $2.78B | $2.78B | $2.54B | $2.48B | $2.97B | $2.97B |
| Total Liabilities | $39.42B | $40.48B | $41.70B | $44.65B | $47.49B | $48.88B | $47.25B | $49.67B | $50.30B | $57.82B |
| Retained Earnings | $9.36B | $9.41B | $9.28B | $9.35B | $9.08B | $9.66B | $9.34B | $9.76B | $9.69B | $9.91B |
| Total Equity | $11.97B | $12.24B | $11.22B | $12.21B | $12.71B | $12.81B | $8.55B | $9.89B | $10.51B | $11.62B |
| Total Debt | $2.71B | $2.86B | $2.68B | $3.05B | $3.11B | $3.03B | $3.00B | $3.25B | $3.21B | $2.97B |
| Net Debt | $2.44B | $2.50B | $2.37B | $2.81B | $2.69B | $2.49B | $2.53B | $2.90B | $2.74B | -$1.16B |
| Working Capital | $2.48B | $2.65B | $2.63B | $2.69B | $3.03B | $3.48B | $3.63B | $3.79B | $4.14B | -$23.64B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $483.0M | $425.0M | $522.0M | $339.0M |
| Total Assets | $69.76B | $69.44B | $68.56B | $69.87B |
| Total Liabilities | $58.43B | $57.82B | $57.70B | $58.69B |
| Total Equity | $11.32B | $11.62B | $10.86B | $11.19B |
| Total Debt | $3.47B | $2.97B | $2.97B | $2.97B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $859.0M | $899.0M | $813.0M | $690.0M | $690.0M | $1.18B | $682.0M | $1.21B | $959.0M | $1.28B |
| Depreciation & Amortization | $77.0M | $88.0M | $79.0M | $68.0M | $60.0M | $54.0M | $51.0M | $73.0M | $67.0M | $70.0M |
| Stock-based Compensation | $36.0M | $36.0M | $32.0M | $34.0M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | $163.0M | $101.0M | -$24.0M | $1.25B | $1.25B | $1.10B | $1.72B | $1.30B | $1.39B | $1.30B |
| Operating Cash Flow | $1.42B | $1.25B | $1.23B | $1.77B | $1.77B | $2.00B | $2.50B | $2.29B | $2.57B | $2.49B |
| Capital Expenditure | -$146.0M | -$102.0M | -$99.0M | -$23.0M | -$23.0M | -$26.0M | -$52.0M | -$90.0M | -$95.0M | -$86.0M |
| Acquisitions | $38.0M | $21.0M | -$76.0M | $149.0M | $149.0M | -$194.0M | -$199.0M | -$238.0M | -$238.0M | -$257.0M |
| Stock Repurchased | 0 | 0 | 0 | -$23.0M | -$18.0M | -$18.0M | -$39.0M | -$24.0M | -$20.0M | -$34.0M |
| Dividends Paid | -$813.0M | -$842.0M | -$896.0M | -$929.0M | -$950.0M | -$621.0M | -$982.0M | -$787.0M | -$1.02B | -$1.05B |
| Free Cash Flow | $1.27B | $1.15B | $1.13B | $1.75B | $1.75B | $1.97B | $2.45B | $2.19B | $2.48B | $2.40B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $720.0M | $570.0M | $393.0M | $649.0M |
| Capital Expenditure | -$16.0M | -$28.0M | -$13.0M | -$20.0M |
| Free Cash Flow | $704.0M | $542.0M | $380.0M | $629.0M |
| Dividends Paid | -$124.0M | -$125.0M | -$682.0M | -$130.0M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +1.9% | +6.2% | +6.2% | -0.7% | +8.0% | +3.0% | +10.4% | +6.7% | +5.1% | |
| Net Income Growth (YoY) | +4.7% | -9.6% | +23.0% | -31.0% | +71.6% | -42.4% | +76.7% | -20.4% | +33.3% | |
| EPS Growth (YoY) | +4.4% | -9.9% | -15.1% | +0.0% | +74.0% | -43.2% | +76.9% | -20.5% | +33.4% | |
| Shares Change (YoY) | +0.4% | +0.1% | -0.0% | +0.1% | +0.0% | -0.1% | -0.1% | +0.2% | -0.1% | |
| FCF Growth (YoY) | -9.3% | -2.1% | +55.3% | +0.0% | +12.5% | +24.3% | -10.4% | +12.8% | -2.9% | |
| Gross Margin | 30.4% | 31.4% | 31.8% | 33.2% | 29.1% | 32.3% | 31.5% | 33.6% | 31.9% | 30.7% |
| Operating Margin | 12.1% | 13.7% | 9.5% | 11.4% | 7.7% | 12.7% | 6.8% | 11.6% | 8.7% | 11.0% |
| EBITDA Margin | 14.7% | 16.3% | 11.7% | 13.2% | 9.4% | 14.1% | 8.2% | 13.1% | 10.1% | 12.4% |
| Net Margin | 9.2% | 9.4% | 8.0% | 9.3% | 6.5% | 10.3% | 5.7% | 9.2% | 6.9% | 8.7% |
| FCF Margin | 13.6% | 12.1% | 11.1% | 16.3% | 16.4% | 17.1% | 20.6% | 16.7% | 17.7% | 16.3% |
| Effective Tax Rate | 24.5% | 31.4% | 15.7% | 18.2% | 16.0% | 19.0% | 16.2% | 20.6% | 20.8% | 21.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $4.68 | $4.23 | $4.14 | $6.43 | $6.42 | $7.23 | $8.99 | $8.06 | $9.08 | $8.83 |
| Dividends Per Share | $3.00 | $3.09 | $3.29 | $3.41 | $3.48 | $2.28 | $3.60 | $2.89 | $3.76 | $3.85 |
| Shares Outstanding (Basic) | 270.4 M | 271.1 M | 271.5 M | 271.6 M | 271.6 M | 271.8 M | 271.6 M | 271.3 M | 271.3 M | 271.1 M |
What to look at in Insurance
Insurers earn in 2 ways: underwriting well (combined ratio) and investing the float. Buffett built Berkshire that way.
- Op Margin 5y (Combined Ratio proxy) — Combined ratio proxy when our data does not include it. ≥10% 5y average = underwriting discipline (CR <100%)
- Book Value / Share growth — How Buffett measures Berkshire. The real value shareholders accumulate
- Debt / Equity — Leveraged insurers fail fast under catastrophes
- P/B (Price / Book) — Insurers are valued by book multiple. Here it is crossed with ROE (quality × valuation)
- Dividend growth streak — Consecutive years raising dividend per share — solid insurers stack decades
Profitability
| Return on Equity | 11.99% |
| Return on Invested Capital | -121.62% |
| Return on Assets | 1.93% |
| Gross Margin | 34.45% |
| Operating Margin | 10.85% |
| Net Margin | 8.99% |
Financial Health
| Debt / Equity | 0.27 |
| Current Ratio | 0.54 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 0.21 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 13.05 | 15.98 | 14.77 | 17.64 | 15.34 | 9.97 | 16.84 | 9.53 | 13.70 | 10.14 |
| P/B | 0.94 | 1.17 | 1.07 | 1.00 | 0.83 | 0.94 | 1.34 | 1.16 | 1.25 | 1.11 |
| P/S | 1.20 | 1.51 | 1.18 | 1.13 | 0.99 | 1.04 | 0.97 | 0.87 | 0.94 | 0.88 |
| Gross Margin | 30.4% | 31.4% | 31.8% | 33.2% | 29.1% | 32.3% | 31.5% | 33.6% | 31.9% | 30.7% |
| Operating Margin | 12.1% | 13.7% | 9.5% | 11.4% | 7.7% | 12.7% | 6.8% | 11.6% | 8.7% | 11.0% |
| Net Margin | 9.2% | 9.4% | 8.0% | 9.3% | 6.5% | 10.3% | 5.7% | 9.2% | 6.9% | 8.7% |
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Explore sector: Financial Services · Insurance - Property & Casualty
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