CNA Financial
CNA · NYSEFire, Marine & Casualty Insurance · Fiscal year ends Dec 31
CNA Financial reported revenue of $1.6B in the fiscal year ended Dec 2025, down 2.0% from the year before. Net income was $1.3B. Operating cash flow of $2.5B less capital expenditure of $86M left free cash flow of $2.4B. Net debt was $2.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $1.4B | $1.6B | $1.6B | $1.6B | $1.6B |
| Net interest incomeBanks | $0 | $0 | $0 | $0 | $0 |
| Interest expense | $113M | $112M | $127M | $133M | $135M |
| Pre-tax income | $1.5B | $814M | $1.5B | $1.2B | $1.6B |
| Income tax | $278M | $132M | $313M | $252M | $342M |
| Net income | $1.2B | $682M | $1.2B | $959M | $1.3B |
| Diluted EPS | 4.34 | 2.51 | 4.43 | 3.52 | 4.69 |
| Diluted shares | 273M | 273M | 272M | 273M | 272M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $536M | $475M | $345M | $472M | $425M |
| Net PP&E | $226M | $226M | $253M | $295M | $282M |
| Goodwill | $148M | $144M | $146M | $145M | $148M |
| Total assets | $66.6B | $61B | $64.7B | $66.5B | $69.4B |
| Deferred revenue | $4.5B | $4.7B | $4.7B | $4.5B | $4.1B |
| Short-term debt | $0 | $243M | $550M | $0 | – |
| Long-term debt | $2.8B | $2.5B | $2.5B | $3B | $3B |
| Total liabilities | $53.8B | $52.5B | $54.8B | $56B | $57.8B |
| Shareholders' equity | $11.1B | $8.5B | $9.9B | $10.5B | $11.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2B | $2.5B | $2.3B | $2.6B | $2.5B |
| Capital expenditure | $26M | $52M | $90M | $95M | $86M |
| Free cash flow | $2B | $2.5B | $2.2B | $2.5B | $2.4B |
| Depreciation & amortisation | $54M | $51M | $73M | $67M | $70M |
| Stock-based compensation | $32M | $36M | $38M | $42M | $41M |
| Share buybacks | $18M | $39M | $24M | $20M | $34M |
| Dividends paid | $621M | $982M | $787M | $1B | $1B |
| Dividend per share | 2.27 | 3.60 | 2.88 | 3.76 | 3.84 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 10.1% | 3.2% | −0.9% | −2.0% |
| EPS growth (YoY) | – | −42.2% | 76.5% | −20.5% | 33.2% |
| Net margin | 82.8% | 43.3% | 74.2% | 59.6% | 81.0% |
| Return on equityBlank when equity is negative | 10.7% | 8.0% | 12.2% | 9.1% | 11.0% |
| Free cash flow margin | 137.8% | 155.7% | 135.2% | 153.9% | 152.4% |
| Cash conversion (CFO ÷ net income) | 1.69x | 3.67x | 1.90x | 2.68x | 1.95x |
| Debt ÷ equity | 0.25x | 0.33x | 0.31x | 0.28x | 0.26x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $2.2B | $2.3B | $2.7B | $2.5B | $2.5B |
Recent filings
More in Fire, Marine & Casualty Insurance
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.