Revenue growth has decelerated to 3.0% as of 2026Q1, though the company maintains underwriting discipline with a 91.8% combined ratio despite historical volatility.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 14.82B | 14.71B | 14B | 13.13B | 11.89B | 11.55B | 10.69B | 10.77B | 10.13B | 9.54B | 9.37B | 9.1B | 9.69B | 9.93B | 9.36B | 8.95B | 9.21B | 8.47B | 7.8B | 9.88B | 10.38B | 9.86B | 9.92B | 11.71B | 12.29B | 13.1B | 15.41B | 16.29B | 17.09B | 17.2B | 16.99B |
| Revenue Growth % | 4.51% | 5.1% | 6.66% | 10.38% | 2.99% | 8.04% | -0.74% | 6.25% | 6.2% | 1.88% | 2.91% | -6.1% | -2.42% | 6.07% | 4.64% | -2.82% | 8.7% | 8.63% | -21.1% | -4.73% | 5.21% | -0.62% | -15.29% | -4.7% | -6.14% | -15% | -5.44% | -4.67% | -0.62% | 1.24% | 15.57% |
| Medical Costs & Claims | 9.87B | 10.19B | 9.54B | 8.71B | 8.14B | 7.81B | 7.58B | 7.19B | 6.91B | 6.54B | 6.52B | 6.92B | 6.91B | 7.17B | 7B | 6.67B | 4.99B | 5.29B | 5.72B | 7.53B | 7.58B | 8.54B | 8.13B | 11.88B | 10.18B | 13.19B | 11.71B | 14.04B | 13.9B | 13.65B | 13.56B |
| Medical Cost Ratio % | 66.6% | 69.27% | 68.12% | 66.38% | 68.48% | 67.68% | 70.93% | 66.77% | 68.16% | 68.57% | 69.59% | 76.08% | 71.28% | 72.17% | 74.79% | 74.48% | 54.13% | 62.44% | 73.38% | 76.17% | 73.06% | 86.62% | 81.87% | 101.42% | 82.84% | 100.69% | 76.01% | 86.19% | 81.3% | 79.37% | 79.84% |
| Gross Profit | 4.95B | 4.52B | 4.46B | 4.41B | 3.75B | 3.73B | 3.11B | 3.58B | 3.23B | 3B | 2.85B | 2.18B | 2.78B | 2.76B | 2.36B | 2.28B | 4.22B | 3.18B | 2.08B | 2.36B | 2.79B | 1.32B | 1.8B | -166M | 2.11B | -90M | 3.7B | 2.25B | 3.2B | 3.55B | 3.43B |
| Gross Margin % | 33.4% | 30.73% | 31.88% | 33.62% | 31.52% | 32.32% | 29.07% | 33.23% | 31.84% | 31.43% | 30.41% | 23.92% | 28.72% | 27.83% | 25.21% | 25.52% | 45.87% | 37.56% | 26.62% | 23.83% | 26.94% | 13.38% | 18.13% | -1.42% | 17.16% | -0.69% | 23.99% | 13.81% | 18.7% | 20.63% | 20.16% |
| Gross Profit Growth % | - | 1.3% | 1.13% | 17.74% | 0.43% | 20.12% | -13.16% | 10.88% | 7.6% | 5.3% | 30.82% | -21.8% | 0.72% | 17.07% | 3.37% | -45.93% | 32.75% | 53.28% | -11.88% | -15.71% | 111.74% | -26.63% | 1183.73% | -107.87% | 2444.44% | -102.43% | 64.24% | -29.57% | -9.92% | 3.58% | 148.61% |
| Operating Expenses | 3.38B | 2.9B | 3.25B | 2.9B | 2.93B | 2.27B | 2.29B | 2.35B | 2.26B | 1.69B | 1.71B | 1.63B | 1.58B | 1.49B | 1.5B | 1.41B | 3.11B | 2.64B | 2.64B | 1.13B | 1.15B | 1.16B | 1.29B | -11.75B | 1.76B | -12.78B | -11.51B | -13.76B | -13.43B | -13.45B | -13.36B |
| OpEx / Revenue % | 22.8% | 19.72% | 23.23% | 22.06% | 24.67% | 19.66% | 21.39% | 21.87% | 22.33% | 17.7% | 18.27% | 17.89% | 16.27% | 14.98% | 16.04% | 15.79% | 33.79% | 31.19% | 33.82% | 11.47% | 11.04% | 11.74% | 13.05% | -100.31% | 14.33% | -97.57% | -74.67% | -84.44% | -78.58% | -78.22% | -78.66% |
| Depreciation & Amortization | 53M | 70M | 67M | 73M | 51M | 54M | 60M | 68M | 79M | 88M | 77M | 84M | 83M | 101M | 125M | 79M | 78M | 86M | 78M | 64M | 48M | 54M | 75M | 7M | -45M | -115M | -133M | -35M | 51M | 88M | -14.3M |
| Combined Ratio % | 89.4% | 88.99% | 91.35% | 88.43% | 93.15% | 87.34% | 92.32% | 88.64% | 90.49% | 86.27% | 87.86% | 93.97% | 87.55% | 87.15% | 90.83% | 90.27% | 87.92% | 93.63% | 107.21% | 87.64% | 84.1% | 98.36% | 94.92% | 1.11% | 97.17% | 3.12% | 1.34% | 1.75% | 2.72% | 1.15% | 1.18% |
| Operating Income | 1.57B | 1.62B | 1.21B | 1.52B | 814M | 1.46B | 821M | 1.22B | 964M | 1.31B | 1.14B | 549M | 1.21B | 1.28B | 859M | 871M | 1.11B | 540M | -562M | 1.22B | 1.65B | 162M | 504M | 11.59B | 348M | 12.69B | 15.2B | 16.01B | 16.63B | 17B | 16.79B |
| Operating Margin % | 10.6% | 11.01% | 8.65% | 11.57% | 6.85% | 12.66% | 7.68% | 11.36% | 9.51% | 13.73% | 12.14% | 6.03% | 12.45% | 12.85% | 9.17% | 9.73% | 12.08% | 6.37% | -7.21% | 12.36% | 15.9% | 1.64% | 5.08% | 98.89% | 2.83% | 96.88% | 98.66% | 98.25% | 97.28% | 98.85% | 98.82% |
| Operating Income Growth % | - | 33.77% | -20.22% | 86.49% | -44.32% | 78.08% | -32.87% | 26.87% | -26.41% | 15.22% | 107.1% | -54.52% | -5.41% | 48.54% | -1.38% | -21.67% | 105.93% | 196.09% | -145.99% | -25.94% | 918.52% | -67.86% | -95.65% | 3229.02% | -97.26% | -16.53% | -5.04% | -3.72% | -2.19% | 1.27% | 1510.48% |
| EBITDA | 1.62B | 1.69B | 1.28B | 1.59B | 865M | 1.52B | 881M | 1.29B | 1.04B | 1.4B | 1.21B | 633M | 1.29B | 1.38B | 984M | 950M | 1.19B | 626M | -484M | 1.29B | 1.7B | 216M | 579M | 11.59B | 303M | 12.57B | 15.07B | 15.97B | 16.68B | 17.09B | 16.77B |
| EBITDA Margin % | 10.96% | 11.49% | 9.13% | 12.12% | 7.27% | 13.13% | 8.24% | 11.99% | 10.29% | 14.65% | 12.96% | 6.96% | 13.31% | 13.86% | 10.51% | 10.62% | 12.92% | 7.39% | -6.21% | 13.01% | 16.36% | 2.19% | 5.83% | 98.95% | 2.46% | 96.01% | 97.8% | 98.04% | 97.58% | 99.36% | 98.74% |
| Interest Expense | 136M | 135M | 133M | 127M | 112M | 113M | 122M | 131M | 138M | 161M | 159M | 155M | 183M | 166M | 170M | 175M | 157M | 128M | 134M | 140M | 131M | 124M | 124M | 130M | 150M | 157M | 206M | 202M | 219M | 198M | 200.4M |
| Non-Operating Income | -103M | -135M | -133M | -127M | -112M | -113M | -122M | -131M | -138M | -161M | -159M | -155M | -183M | -166M | -170M | -175M | -157M | -128M | -134M | -140M | -131M | -124M | -124M | 11.46B | -143M | 12.53B | 15B | 15.81B | 16.41B | 16.8B | 16.59B |
| Pretax Income | 1.54B | 1.62B | 1.21B | 1.52B | 814M | 1.46B | 821M | 1.22B | 964M | 1.31B | 1.14B | 549M | 1.21B | 1.28B | 859M | 871M | 1.11B | 540M | -562M | 1.22B | 1.65B | 162M | 504M | -2.33B | 341M | -2.29B | 1.73B | -87M | 275M | 1.36B | 1.34B |
| Pretax Margin % | 10.38% | 11.01% | 8.65% | 11.57% | 6.85% | 12.66% | 7.68% | 11.36% | 9.51% | 13.73% | 12.14% | 6.03% | 12.45% | 12.85% | 9.17% | 9.73% | 12.08% | 6.37% | -7.21% | 12.36% | 15.9% | 1.64% | 5.08% | -19.91% | 2.77% | -17.52% | 11.21% | -0.53% | 1.61% | 7.9% | 7.92% |
| Income Tax | 211M | 342M | 252M | 313M | 132M | 278M | 131M | 223M | 151M | 411M | 278M | 70M | 319M | 361M | 239M | 242M | 333M | 57M | -311M | 317M | 469M | -105M | 31M | -913M | 68M | -744M | 550M | -88M | 47M | 392M | 380.2M |
| Effective Tax Rate % | 13.72% | 21.11% | 20.81% | 20.62% | 16.22% | 19.02% | 15.96% | 18.23% | 15.66% | 31.37% | 24.45% | 12.75% | 26.43% | 28.29% | 27.82% | 27.78% | 29.95% | 10.56% | 55.34% | 25.94% | 28.42% | -64.81% | 6.15% | 39.15% | 19.94% | 32.43% | 31.85% | 101.15% | 17.09% | 28.87% | 28.27% |
| Net Income | 1.33B | 1.28B | 959M | 1.21B | 682M | 1.18B | 690M | 1B | 813M | 899M | 859M | 479M | 691M | 937M | 628M | 612M | 690M | 419M | -299M | 851M | 1.11B | 264M | 425M | -1.42B | 163M | -1.6B | 1.18B | -172M | 228M | 966M | 964.8M |
| Net Margin % | 8.95% | 8.69% | 6.85% | 9.18% | 5.74% | 10.25% | 6.46% | 9.29% | 8.02% | 9.42% | 9.17% | 5.26% | 7.13% | 9.43% | 6.71% | 6.84% | 7.49% | 4.95% | -3.83% | 8.61% | 10.68% | 2.68% | 4.28% | -12.1% | 1.33% | -12.25% | 7.67% | -1.06% | 1.33% | 5.62% | 5.68% |
| Net Income Growth % | 48.27% | 33.26% | -20.41% | 76.69% | -42.4% | 71.59% | -31% | 23% | -9.57% | 4.66% | 79.33% | -30.68% | -26.25% | 49.2% | 2.61% | -11.3% | 64.68% | 240.13% | -135.14% | -23.19% | 319.7% | -37.88% | 129.99% | -969.33% | 110.16% | -235.79% | 787.21% | -175.44% | -76.4% | 0.12% | 27.45% |
| EPS (Diluted) | 4.91 | 4.69 | 3.52 | 4.43 | 2.50 | 4.41 | 2.53 | 2.53 | 2.98 | 3.30 | 3.17 | 1.77 | 2.55 | 3.47 | 2.33 | 2.27 | 2.28 | 1.10 | -1.11 | 3.13 | 4.05 | 0.76 | 1.40 | -6.32 | 0.72 | -8.18 | 6.40 | -0.68 | 1.19 | 5.20 | 1.72 |
| EPS Growth % | 35.99% | 33.24% | -20.54% | 77.2% | -43.31% | 74.31% | 0% | -15.1% | -9.7% | 4.1% | 79.1% | -30.59% | -26.51% | 48.93% | 2.64% | -0.44% | 107.27% | 199.1% | -135.46% | -22.72% | 432.89% | -45.71% | 122.15% | -977.78% | 108.8% | -227.81% | 1041.18% | -157.14% | -77.12% | 202.33% | -57.53% |
| EPS (Basic) | - | 4.71 | 3.53 | 4.44 | 2.51 | 4.42 | 2.54 | 2.54 | 2.99 | 3.32 | 3.18 | 1.77 | 2.56 | 3.48 | 2.33 | 2.27 | 2.28 | 1.10 | -1.11 | 3.13 | 4.06 | 0.76 | 1.40 | -6.32 | 0.72 | -8.18 | 6.40 | -0.68 | 1.19 | 5.20 | 1.72 |
| Diluted Shares Outstanding | 270.51M | 272.3M | 272.7M | 272.2M | 272.5M | 272.8M | 272.8M | 272.4M | 272.5M | 272.1M | 271.1M | 270.7M | 270.6M | 270.2M | 269.8M | 269.6M | 269.5M | 269.1M | 269.4M | 271.8M | 262.3M | 256M | 256M | 226.88M | 226.39M | 200.88M | 184.53M | 190.11M | 185.71M | 185.65M | 185.59M |
Social inflation litigation exposure
As reported in recent financial filings, CNA's revenue growth has decelerated from 10.6% in 2023Q4 to 3.0% by 2026Q1, suggesting that the company is facing increased competitive pressure or a cooling pricing environment within its core commercial and specialty insurance segments across the United States.
The consistent decline in year-over-year revenue growth rates indicates that the firm may be struggling to maintain its pricing power in a maturing market cycle. Investors should monitor whether this trend reflects a strategic choice to prioritize underwriting discipline over volume or a loss of market share in key professional liability niches.
Based on the provided quarterly data, CNA has maintained a relatively stable combined ratio, which reached 91.8% in 2026Q1, demonstrating that the company continues to generate underwriting profit despite the volatility observed in the 2024Q4 period where the ratio spiked to 99.4%.
The ability to keep the combined ratio consistently below the 100% threshold suggests that the firm's actuarial pricing models remain effective in managing loss costs. However, the fluctuation in the loss ratio, which peaked at 70.2% in 2025Q2, warrants further investigation into whether social inflation is beginning to exert upward pressure on long-tail casualty claims.
According to the historical income statement data, 2024Q4 represented a significant inflection point where net income plummeted to $21 million, a sharp deviation from the typical quarterly performance, likely driven by non-recurring charges or adverse development in the legacy Life & Group run-off segment.
This period serves as a reminder of the inherent earnings volatility associated with the company's legacy liabilities. Analysts should interpret this as a potential indicator of the sensitivity of the bottom line to actuarial assumption changes, which can mask the underlying operational health of the core P&C business.
While current underwriting margins appear healthy, the persistent rise in loss ratios, which reached 69.2% on average over the last several quarters, suggests that CNA may be underestimating the impact of social inflation on its umbrella and general liability lines, potentially leading to future reserve deficiencies.
The reliance on historical loss data may prove insufficient if the frequency and severity of nuclear verdicts continue to accelerate. Investors should be wary that current profitability levels might be artificially supported by favorable prior-year reserve releases that could diminish as the litigation environment becomes increasingly hostile.
Quick answers to the most common questions about buying CNA stock.
For fiscal year 2025, CNA Financial Corporation (CNA) reported total revenue of $14.71B. This represents a 13.4% decline compared to $16.99B in 1996.
CNA Financial Corporation (CNA) is profitable, generating $1.28B in net income for the fiscal year ending 2025 with a net profit margin of 8.7%.
CNA Financial Corporation (CNA) reported an operating income of $1.62B, resulting in an operating profit margin of 11.0%. This margin reflects the operational efficiency of the business before interest and taxes.
CNA Financial Corporation (CNA) generated $4.52B in gross profit for the year, representing a gross profit margin of 30.7%. This demonstrates the company's core pricing power and production efficiency.