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CNA Financial (CNA) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 2, 2026 · CNA Financial (CNA) Q3 2026 earnings results →

Q3 2026 Revenue up 0% year over year to $3.8B · 5¢ of every $1 of revenue kept as net profit · operating margin 6.2%

CNA Financial made $3.8B in Q3 2026 (+0.1% Y/Y). Operating margin 6.2%, net earnings $196M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 2, 2026.

Revenue$3.8B
Year over year+0.1%
Operating margin6.2%
Net earnings$196M
Operating cash flow$654M

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CNA Financial Q3 2026 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
CNA Financial Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $3.8B in Q3 2026, roughly flat year over year and roughly flat from the previous quarter.

Operating profit was $0.24B, a 6.2% margin (down 7.2 points year over year). Operating profit fell $0.28B even though revenue rose $4.0M versus Q3 2025, so costs grew faster than sales. Total costs grew 8% against flat revenue. Net earnings were $0.20B, down 51% year over year. The effective tax rate was 17.3%.

Operating cash flow was $0.65B (down 9% year over year), 334% of net earnings. Non-cash charges added back $0.02B of depreciation and amortization. Working capital and other items added $0.44B. Capital expenditures of $0.02B left free cash flow of $0.63B.

Quarterly history

CNA Financial revenue by quarterCNA Financial revenue by quarter$3.6BQ1 2025$3.7BQ2 2025$3.8BQ3 2025$3.8BQ4 2025$3.7BQ1 2026$3.8BQ2 2026$3.8BQ3 2026
CNA Financial net earnings by quarterCNA Financial net earnings by quarter$274MQ1 2025$299MQ2 2025$403MQ3 2025$302MQ4 2025$211MQ1 2026$321MQ2 2026$196MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 2, 2026$3.8B+0.1%6.2%$196M$654M
Q2 202610-QAug 3, 2026$3.8B+3%10.6%$321M$649M
Q1 202610-QMay 4, 2026$3.7B+1%7.3%$211M$393M
Q4 202510-KFeb 10, 2026$3.8B+4%9.9%$302M$570M
Q3 202510-QNov 3, 2025$3.8B+6%13.4%$403M$720M
Q2 202510-QAug 4, 2025$3.7B+6%10.2%$299M$562M
Q1 202510-QMay 5, 2025$3.6B+5%9.6%$274M$638M

Charts

CNA Financial: revenue growth, year over year and quarter over quarterCNA Financial: revenue growth, year over year and quarter over quarterY/YQ/Q+5%Q1 2025+6%+2%Q2 2025+6%+3%Q3 2025+4%+0%Q4 2025+1%-4%Q1 2026+3%+4%Q2 2026+0%0%Q3 2026
Latest (Q3 2026): Y/Y +0%, Q/Q 0%.
CNA Financial: where the cash came from (+) and went (−), TTM to Q3 2026CNA Financial: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$2.3BDividends−$1.1BOther investing−$674MOther financing−$523MCash drawn (+) / kept (−)$123MCapital spending−$81.0MBuybacks−$36.0MExchange rates−$7.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
CNA Financial: profit against cash, quarter by quarterCNA Financial: profit against cash, quarter by quarterNet incomeOperating cash flow$21.0M$703MQ4 2024$274M$638MQ1 2025$299M$562MQ2 2025$403M$720MQ3 2025$302M$570MQ4 2025$211M$393MQ1 2026$321M$649MQ2 2026$196M$654MQ3 2026
Latest (Q3 2026): Net income $196M, Operating cash flow $654M.
CNA Financial: diluted shares by fiscal yearCNA Financial: diluted shares by fiscal year272MFY2020273MFY2021272MFY2022272MFY2023273MFY2024272MFY2025
+0.0% since FY2020: more shares outstanding (issuance, stock pay).
CNA Financial: long-term debt falling due (FY2025)CNA Financial: long-term debt falling due (FY2025)$500M2027$500M2029$500M2030$1.5BLater
Cash $425M, short-term investments —, long-term debt $3.0B at 2025-12-31.
CNA Financial in its industry: growth against margin (56 companies, SIC 6331)CNA Financial in its industry: growth against margin (56 companies, SIC 6331)revenue growth, year over year →↑ operating marginmedian +2%median 14%BRK-BPGRALLCBTRVAIGHIGLACGLMKLWRBEGCINFAFGEverest Reinsurance Holdings IncAXSTHGRNRMCYSIGIKMPRSPNTHGWTMTIPTRLISKWDKNSLUVEHMNUFCSPLMRROOTSLDELMNDSAFTHCIDGICAHRTGEIGBOWJRVRHIPOGLREASICAIIGBLIAMSFACICNODKKINSKWYPRHIKGOXBRCNA (+0%, 6%)
Fire, Marine & Casualty Insurance; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About CNA Financial

CNA Financial Corporation (CNAF) was incorporated in 1967 and is an insurance holding company. References to “CNA,” “the Company,” “we,” “our,” “us” or like terms refer to the business of CNAF and its subsidiaries. CNA's property and casualty and remaining life and group insurance operations are primarily conducted by Continental Casualty Company (CCC), The Continental Insurance Company, Western Surety Company, CNA Insurance Company Limited, Hardy Underwriting Bermuda Limited and its subsidiaries (Hardy), and CNA Insurance Company (Europe) S.A. Loews Corporation (Loews) owned approximately 92% of our outstanding common stock as of December 31, 2025.

In its own words, from its 10-K, filed Feb 10, 2026.

CNA Financial against its Fire, Marine & Casualty Insurance peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +0.1% against the peers' median +2%. Operating margin: 6.2% against the peers' median 15.1%.

CompanyQuarterRevenueY/YOp. margin
CNA CNA FinancialQ3 2026$3.8B+0.1%6.2%
BRK-B Berkshire HathawayQ2 2026$101.8B+10%15.5%
PGR ProgressiveQ3 2026$23.2B+3%14.0%
ALL AllstateQ3 2026$17.3B+0.5%15.1%
CB ChubbQ3 2026$16.2B+0.3%21.0%
TRV Travelers CompaniesQ3 2026$12.4B-0.5%19.1%
AIG American International GroupQ3 2026$7.4B+17%15.0%
HIG Hartford Insurance GroupQ3 2026$7.2B+4%21.9%
L LoewsQ3 2026$4.8B+2%8.5%

Source: CNA Financial 10-Q on SEC EDGAR · CIK 21175 · Fire, Marine & Casualty Insurance

Guidance and outlook

CNA Financial: what its forward-looking statements are about (10-Q filed 2026-11-02)CNA Financial: what its forward-looking statements are about (10-Q filed 2026-11-02)Other1Supply chain1
2 statements; tone +0.00 (−1 all cautious, +1 all confident); 2 hedged.

13F: who owns CNA and who is buying

Largest holders of CNA (13F)Largest holders of CNA (13F)Loews$12.1BAQR Capital Management LLC$137MBlackRock$80.2MFirst Trust Advisors LP$50.8MMorgan Stanley$47.4MQuantinno Capital Management LP$42.2MCharles Schwab Investment Managem…$39.9MTwo Sigma Investments, LP$39.5MCorda Investment Management, LLC.$34.1MArrowstreet Capital, Limited Part…$28.0M
Funds' net buying of CNA by quarter (13F)Funds' net buying of CNA by quarter (13F)$31.7M2024-09−$49.6M2024-12$10.9M2025-03$69.3M2025-06$108M2025-09$9.2M2025-12−$22.6M2026-03$80.2M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on CNA

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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中文版：CNA Financial（CNA）财报

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