CNA FINANCIAL CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CNA FINANCIAL CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	9,366	9,542	10,134	10,767	10,808	11,908	11,879	13,299	14,270	14,989
Interest expense	159	161	138	131	122	113	112	127	133	135
Pre-tax income	1,137	1,310	964	1,223	821	1,462	814	1,518	1,211	1,620
Income tax	278	411	151	223	131	278	132	313	252	342
Income from continuing operations	859	899	813	1,000	690	1,184	682	1,205	959	1,278
Net income	859	899	813	1,000	690	1,184	682	1,205	959	1,278
EPS, basic	3.18	3.32	2.99	3.68	2.54	4.36	2.51	4.44	3.53	4.71
EPS, diluted	3.17	3.30	2.98	3.67	2.53	4.34	2.51	4.43	3.52	4.69
Shares, basic (weighted)	270	271	272	272	272	272	272	271	272	271
Shares, diluted (weighted)	271	272	273	273	272	273	273	272	273	272
Dividend per share	3.00	3.10	3.30	3.40	3.48	2.27	3.60	2.88	3.76	3.84

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	271	355	310	242	419	536	475	345	472	425
Short-term investments	1,407	1,436	1,286	1,861
Property, plant and equipment	310	326	324	282	252	226	226	253	295	282
Lease right-of-use assets				220	199	175	155	140	158	148
Goodwill	145	148	146	147	148	148	144	146	145	148
Total assets	55,233	56,567	57,152	60,612	64,026	66,639	61,000	64,711	66,492	69,443
Short-term debt	0	150	0			0	243	550	0
Long-term debt	2,710	2,708	2,680	2,679	2,776	2,779	2,538	2,481	2,973	2,971
Total liabilities	43,264	44,323	45,935	48,397	51,319	53,830	52,452	54,818	55,979	57,822
Total debt	2,710	2,858	2,680	2,679	2,776	2,779	2,781	3,031	2,973	2,971
Paid-in capital	2,173	2,175	2,192	2,203	2,211	2,215	2,220	2,221	2,229	2,229
Retained earnings	9,359	9,414	9,277	9,348	9,081	9,663	9,336	9,755	9,686	9,915
Treasury stock	-73	-60	-57	-70	-71	-72	-93	-94	-94	-108
Other comprehensive income	-173	32	-878	51	803	320	-3,598	-2,672	-1,991	-1,098
Shareholders' equity	11,969	12,244	11,217	12,215	12,707	11,105	8,548	9,893	10,513	11,621
Total equity	11,969	12,244	11,217	12,215	12,707	11,105	8,548	9,893	10,513	11,621
Total liabilities and equity	55,233	56,567	57,152	60,612	64,026	66,639	61,000	64,711	66,492	69,443
Shares outstanding	270	271	271	271	271	271	271	271	271	271

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	859	899	813	1,000	690	1,184	682	1,205	959	1,278
Depreciation and amortization	77	88	79	68	60	54	51	73	67	70
Stock-based compensation	36	36	32	34	37	32	36	38	42	41
Deferred income tax	136	168	-20	-46	-49	43	-89	2	-45	75
Cash from operations	1,416	1,254	1,227	1,140	1,775	1,997	2,502	2,285	2,571	2,490
Capital expenditures	-146	-102	-99	-26	-23	-26	-52	-90	-95	-86
Purchases of investments	-9,827	-9,065	-10,785	-8,661	-10,269	-9,307	-9,821	-6,616	-6,404	-7,118
Sales and maturities of investments	3,219	3,641	2,370	2,997	3,760	4,464	2,358	1,334	2,396	3,357
Cash from investing	-846	-424	-177	-225	-705	-1,228	-1,512	-1,843	-1,317	-1,449
Debt issued	498	496	0	496	495	0	0	491	490	495
Debt repaid	-358	-391	-180	-520	-419	0	0	-243	-550	-500
Share buybacks		0	0	-23	-18	-18	-39	-24	-20	-34
Dividends paid	-813	-842	-896	-929	-950	-621	-982	-787	-1,025	-1,047
Cash from financing	-673	-755	-1,085	-988	-902	-648	-1,032	-577	-1,117	-1,104
Exchange rate effect	-13	9	-10	5	9	-4	-19	5	-10	16
Net change in cash	-116	84	-45	-68	177	117	-61	-130	127	-47
Free cash flow	1,270	1,152	1,128	1,114	1,752	1,971	2,450	2,195	2,476	2,404
Interest paid	157	155	145	136	124	110	109	124	122	129
Income taxes paid	170	152	308	255	108	278	277	282	281	263

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $45.98 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	10.3%	Pre-tax income / revenue.
Net margin	8.2%	Net income / revenue.
FCF margin	14.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	15.4%	Cash from operations / revenue.
Effective tax rate	20.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.8%	Net income / average total assets.
Capex / revenue	0.5%	Capital expenditures / revenue.
D&A / revenue	0.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	33.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	23.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	13.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	33.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	23.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	13.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-3.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-0.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	7.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-2.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-0.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	6.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	2.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	2.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	2.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	10.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	10.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-1.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	4.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.27x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	4.3%	Total debt / total assets.
Liabilities / assets	84.0%	Total liabilities / total assets.
Net debt	$2.63B	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	0.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$11.04B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.22x	Revenue / average total assets.
Fixed asset turnover	52.1x	Revenue / average property, plant and equipment.
FCF conversion	182.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	3.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.55	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$55.76	Revenue / diluted weighted shares.
FCF per share	$8.30	Free cash flow / diluted weighted shares.
Operating cash flow per share	$8.58	Cash from operations / diluted weighted shares.
Book value per share	$41.34	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$40.79	Tangible book value / shares outstanding.
Cash per share	$1.25	(Cash + short-term investments) / shares outstanding.
Payout ratio	85.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	47.1%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	1.6%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$12.44B	Share price x shares outstanding.
Enterprise value	$15.08B	Market cap + total debt - cash - short-term investments.
P/E	10.1x	Market cap / net income. Only when net income is positive.
P/S	0.82x	Market cap / revenue.
P/B	1.11x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.13x	Market cap / tangible book value, when positive.
P/FCF	5.52x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.34x	Market cap / cash from operations, when positive.
EV/Sales	1.00x	Enterprise value / revenue.
EV/FCF	6.69x	Enterprise value / free cash flow, when both are positive.
FCF yield	18.1%	Free cash flow / market cap.
Earnings yield	9.9%	Net income / market cap (the inverse of P/E).
Dividend yield	8.5%	Dividends paid over the period / market cap.
Shareholder yield	8.8%	(Dividends paid + share buybacks) / market cap.
PEG	0.43x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was CNA FINANCIAL CORP's revenue in fiscal 2025?

CNA FINANCIAL CORP reported revenue of $14.99B for fiscal 2025, 5% higher than the year before.

Was CNA FINANCIAL CORP profitable in fiscal 2025?

Yes. Net income was $1.28B, a net margin of 8.5%.

How much free cash flow did CNA FINANCIAL CORP generate in fiscal 2025?

Cash from operations of $2.49B minus capital expenditures of $86.0M left free cash flow of $2.40B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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