CNA FY 2023 Earnings Report — CNA Financial Corporation Revenue & Financial Results | Market Cap Arena

CNA Financial CorporationCNA

FY 2023 Earnings

Reported February 6, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$13.1B	—	$11.9B	—	10.4%
Op. Income	$1.5B	—	$814M	—	86.5%
Gross Margin	33.6%	—	31.5%	—	2.1pp
Net Margin	9.2%	—	5.7%	—	3.4pp
EPS (Diluted)	$4.43	—	$2.50	—	77.2%
Free Cash Flow	$2.2B	—	$2.5B	—	-10.4%

Revenue Flow

Item	Amount
REVENUE	$13.1B
Cost of Revenue	$8.7B
GROSS PROFIT	$4.4B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$2.9B
Operating Expenses	$2.9B
Cost & Expenses	$11.6B
OPERATING INCOME	$1.5B
Interest Income	$0
Interest Expense	$127M
Other Income/Expenses	$0
INCOME BEFORE TAX	$1.5B
Income Tax Expense	$313M
Net Income from Continuing Ops	$1.2B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.2B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.2B
D&A	$73M
EBIT	$1.6B
EBITDA	$1.7B
EPS	$4
EPS Diluted	$4

Income Statement

Item	Amount
REVENUE	$13.1B
Cost of Revenue	$8.7B
GROSS PROFIT	$4.4B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$2.9B
Operating Expenses	$2.9B
Cost & Expenses	$11.6B
OPERATING INCOME	$1.5B
Interest Income	$0
Interest Expense	$127M
Other Income/Expenses	$0
INCOME BEFORE TAX	$1.5B
Income Tax Expense	$313M
Net Income from Continuing Ops	$1.2B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.2B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.2B
D&A	$73M
EBIT	$1.6B
EBITDA	$1.7B
EPS	$4
EPS Diluted	$4

Cash Flow Statement

Item	Amount
Net Income	$1.2B
Depreciation & Amortization	$73M
Stock-Based Compensation	$0
Deferred Income Tax	$2M
Other Non-Cash Items	-$291M
Change in Working Capital	$1.3B
OPERATING CASH FLOW	$2.3B
Capital Expenditure	-$90M
Acquisitions (Net)	-$238M
Purchases of Investments	-$7.2B
Sales/Maturities of Investments	$5.7B
Other Investing Activities	-$10M
NET CASH FROM INVESTING	-$1.8B
Net Debt Issuance	$248M
Common Stock Repurchased	-$24M
Common Dividends Paid	-$787M
Other Financing Activities	-$14M
NET CASH FROM FINANCING	-$577M
FREE CASH FLOW	$2.2B
Net Change in Cash	-$130M

Balance Sheet

Item	Amount
Cash & Equivalents	$345M
Short-Term Investments	$2.2B
Net Receivables	$8.9B
Inventory	$0
Other Current Assets	$40.4B
TOTAL CURRENT ASSETS	$51.8B
PP&E (Net)	$253M
Goodwill	$146M
Intangible Assets	$78M
Long-Term Investments	$45.4B
Tax Assets	$1.3B
Other Non-Current Assets	-$1.3B
TOTAL NON-CURRENT ASSETS	$45.9B
TOTAL ASSETS	$64.7B
Account Payables	$0
Short-Term Debt	$550M
Deferred Revenue	$0
Other Current Liabilities	$17.9B
TOTAL CURRENT LIABILITIES	$18.5B
Long-Term Debt	$2.5B
Deferred Revenue NC	$4.7B
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$47.6B
TOTAL NON-CURRENT LIABILITIES	$54.8B
TOTAL LIABILITIES	$54.8B
Common Stock	$683M
Additional Paid-In Capital	$2.2B
Retained Earnings	$9.8B
Treasury Stock	-$94M
Accum. Other Comp. Income	-$2.7B
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$9.9B
Minority Interest	$0
TOTAL EQUITY	$9.9B
TOTAL LIABILITIES & EQUITY	$64.7B
Total Debt	$3.0B
Net Debt	$2.7B