Revenue growth has moderated to 5.3% in Q2 2026 from 8.4% in Q1 2024, while the combined ratio improved to 88.6% from 99.4% in Q4 2024, indicating strong underwriting profitability.
CNA Financial Corporation (CNA) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 15.01B | 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 % | 4.46% | 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 | 9.84B | 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 % | 65.55% | 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 | 5.17B | 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 % | 34.45% | 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 | 3.54B | 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 % | 23.6% | 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 | 75M | 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 % | 89.15% | 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 | 1.63B | 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 % | 10.85% | 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 | 1.7B | 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 % | 11.35% | 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 | 138M | 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 | -72M | -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 | 1.56B | 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 % | 10.41% | 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 | 46M | 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 % | 2.94% | 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 | 1.35B | 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 % | 8.99% | 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 % | 53.82% | 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) | 4.97 | 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 % | 41.44% | 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 | 271.7M | 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 |
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.
Key Metrics
Top Statement Risk
Catastrophe loss exposure and reserve adequacy
Metrics are mathematically derived from official filings.
Premium Growth Steady Amid Hard Market
CNA's revenue growth has moderated to 5.3% in Q2 2026 from 8.4% in Q1 2024, indicating a stable but decelerating pricing environment, as per quarterly filings.
The deceleration in revenue growth from 8.4% to 5.3% over the past two years suggests that the hard market cycle is maturing, with rate increases tapering. However, the sustained positive growth indicates that CNA continues to benefit from favorable pricing, particularly in its specialty lines. Investors should monitor whether retention rates and rate-on-renewal can maintain this trajectory as competition intensifies.
Underwriting Discipline Keeps Combined Ratio Low
CNA's combined ratio improved to 88.6% in Q2 2026 from 99.4% in Q4 2024, reflecting strong underwriting profitability, as reported in financial statements.
The combined ratio has consistently remained below 90% in recent quarters, indicating robust underwriting discipline. The loss ratio of 65.9% in Q2 2026 is slightly higher than the 59.2% in Q1 2026, but still within a healthy range. This suggests that CNA is effectively managing claims costs, though the slight uptick warrants monitoring for potential loss cost inflation.
Reserve Releases Bolster Earnings Quality
Favorable prior-year reserve development appears to be contributing to earnings, as evidenced by the low combined ratios, but the extent is not fully disclosed, per SEC filings.
The consistently low combined ratios, often below 90%, may be partly driven by favorable reserve development from prior years. While this enhances current earnings, it also raises questions about the adequacy of current reserves, especially given the rising frequency of nuclear verdicts. Investors should scrutinize reserve adequacy in casualty lines, as any adverse development could pressure future margins.
Investment Income Provides Earnings Buffer
Although investment income data is not separately disclosed in the provided table, the strong operating income suggests that higher yields are supporting earnings, as indicated in recent reports.
The absence of explicit investment income figures limits direct analysis, but the overall operating income growth, despite stable premiums, implies that net investment income is benefiting from the higher interest rate environment. This provides a cushion against underwriting volatility, but investors should note that investment income is subject to market fluctuations and may not be sustainable if rates decline.
Q4 2024 Dip Highlights Volatility
CNA's operating income plunged to $21 million in Q4 2024, a stark contrast to the $438 million in Q2 2026, indicating a period of elevated losses, as per quarterly data.
The Q4 2024 quarter stands out as an inflection point, with operating income collapsing to $21 million and a combined ratio of 99.4%. This likely reflects a significant catastrophe event or reserve strengthening. The subsequent recovery to a combined ratio of 88.6% by Q2 2026 suggests that management took corrective actions, but it also underscores the inherent volatility in P&C underwriting.
Earnings Quality Questioned by Cat Exposure
The strong Q2 2026 results may be flattered by a benign catastrophe quarter, as the absence of major cat events could mask underlying loss trends, based on reported figures.
While CNA's combined ratio of 88.6% is impressive, it may be partly due to a lack of significant catastrophe losses in the quarter. Given the company's property and casualty focus, a severe hurricane or wildfire season could quickly erode underwriting margins. Additionally, the lack of forward guidance limits visibility into management's expectations for loss costs, warranting caution in extrapolating current profitability.