CNA Financial (CNA) Q4 2025 earnings summary

Executive summary

• Achieved record net income of $1,278 million for the full year, up 33% year-over-year, and record core income of $1,342 million, up 2% year-over-year.

• Fourth quarter net income was $302 million, rebounding from $21 million in the prior year quarter, which included a significant pension settlement loss.

• P&C core income rose to $1,664 million for the year, driven by improved underwriting and higher investment income.

• Quarterly dividend increased 4% to $0.48 per share; special dividend of $2.00 per share declared.

• Core income for Q4 2025 was $317 million ($1.16 per share).

Financial highlights

• Full year revenues increased 5% to $14,989 million; fourth quarter revenues up 4% year-over-year.

• Net investment income for the year reached $2,557 million, with Q4 net investment income at $653 million.

• Book value per share excluding AOCI increased 10% to $46.99, adjusting for $3.84 in dividends per share paid.

• Stockholders' equity increased 11% to $11.6 billion, driven by net income and improved unrealized investment losses.

• Diluted EPS for the year was $4.69, up 33% year-over-year; core EPS was $4.93, up 2%.

Outlook and guidance

• Management expressed confidence entering 2026, citing momentum from disciplined underwriting and strong financial strength.

• Financial strength and credit ratings upgraded by AM Best to A+ with a stable outlook; Moody’s maintains a positive outlook.