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CNA Financial cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$634M in Q3 2026 · $2.2B over twelve months

Operating cash flow$654M
Capital spending−$20.0M
Free cash flow+$634M
Cash / net income3.3×

Analysis

In Q3 2026, CNA Financial generated $654M of operating cash flow and spent $20.0M on capital projects, leaving free cash flow of $634M. That is $70.0M less than in Q3 2025 ($704M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.3B; the largest uses were dividends ($1.1B), other investing ($674M), other financing ($523M); the cash balance fell by $123M.

Operating cash flow was $654M against net income of $196M — 3.3× profit, cash ran ahead of reported earnings. The largest differences: deferred taxes −$28.0M, depreciation & amortization +$18.0M.

Free cash flow

CNA Financial: free cash flow by quarterCNA Financial: free cash flow by quarter$665MQ4 2024$620MQ1 2025$538MQ2 2025$704MQ3 2025$542MQ4 2025$380MQ1 2026$629MQ2 2026$634MQ3 2026
Operating cash flow less capital spending.
CNA Financial: operating cash flow against capital spendingCNA Financial: operating cash flow against capital spendingOperating cash flowCapital spending$703M$38.0MQ4 2024$638M$18.0MQ1 2025$562M$24.0MQ2 2025$720M$16.0MQ3 2025$570M$28.0MQ4 2025$393M$13.0MQ1 2026$649M$20.0MQ2 2026$654M$20.0MQ3 2026
Latest (Q3 2026): Operating cash flow $654M, Capital spending $20.0M.

Capital allocation, year by year

CNA Financial: where the cash came from (up) and went (down), by fiscal yearCNA Financial: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $2.0BFY2021: Capital spending −$26.0MFY2021: Buybacks −$18.0MFY2021: Dividends −$621M$2.0BFY2021FY2022: Operating cash flow $2.5BFY2022: Capital spending −$52.0MFY2022: Buybacks −$39.0MFY2022: Dividends −$982M$2.5BFY2022FY2023: Operating cash flow $2.3BFY2023: Net borrowing $248MFY2023: Capital spending −$90.0MFY2023: Buybacks −$24.0MFY2023: Dividends −$787M$2.5BFY2023FY2024: Operating cash flow $2.6BFY2024: Net borrowing −$60.0MFY2024: Capital spending −$95.0MFY2024: Buybacks −$20.0MFY2024: Dividends −$1.0B$2.6BFY2024FY2025: Operating cash flow $2.5BFY2025: Net borrowing −$5.0MFY2025: Asset sales $12.0MFY2025: Capital spending −$86.0MFY2025: Buybacks −$34.0MFY2025: Dividends −$1.0B$2.5BFY2025
Over these 5 years operating cash flow totalled $11.8B; the largest uses were dividends ($4.5B) and capital spending ($349M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$360M
Debt$3.5B
Net debt$3.1B

CNA Financial funds itself: free cash flow was $2.2B over the last twelve months, and $360M of cash and investments stands against $3.5B of debt.

CNA Financial: debt maturities by year (FY2025)CNA Financial: debt maturities by year (FY2025)$500MYear 2$500MYear 4$500MYear 5$1.5BAfter year 5
Principal due in each year as disclosed in the annual report, against $360M of cash and investments now.

Where the cash came from and went

CNA Financial: sources (+) and uses (−) of cash, Q3 2026CNA Financial: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$654MOther investing−$477MDividends−$131MCash drawn (+) / kept (−)−$21.0MCapital spending−$20.0MOther financing−$3.0MExchange rates−$2.0M
CNA Financial: sources (+) and uses (−) of cash, TTM to Q3 2026CNA Financial: sources (+) and uses (−) of cash, 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 profit to cash

CNA Financial: net income to operating cash flow, Q3 2026CNA Financial: net income to operating cash flow, Q3 2026Net income$196MDepreciation & amortization$18.0MDeferred taxes−$28.0MOperating cash flow$654M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$654M−$20.0M—−$131M—−$21.0M$634M
Q2 2026$649M−$20.0M—−$130M—$183M$629M
Q1 2026$393M−$13.0M−$36.0M−$682M—−$97.0M$380M
Q4 2025$570M−$28.0M—−$125M−$500M$58.0M$542M
Q3 2025$720M−$16.0M—−$124M$495M−$110M$704M
Q2 2025$562M−$24.0M—−$125M—$110M$538M
Q1 2025$638M−$18.0M−$34.0M−$673M—−$11.0M$620M
Q4 2024$703M−$38.0M—−$119M—−$16.0M$665M

CNA Financial: income statement and cash flow

CNA Financial, Q3 2026: revenue $3.8B (+0.1% year over year), operating margin 6.2%. The chart follows the revenue to costs, profit and cash.

CNA Financial: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.