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CNA reported Q2 FY2026 revenue of $3.8 billion, up from $3.7 billion a year earlier. On the measure used for the consensus comparison, revenue was $3.5 billion, above the $3.3 billion consensus; adjusted earnings per share of $1.19 also beat the $1.04 consensus.
Diluted earnings per share rose to $1.18 from $1.10, while CNA’s filing said core income fell as lower underlying underwriting results reduced property and casualty income, partly offset by higher investment income. The filing attributed higher Specialty premiums to new business and rates, and higher Commercial premiums to renewal premium changes and new business; International premiums declined.
CNA’s gross margin fell to 43.4% from 43.9%, while its operating margin rose to 11.4% from 11.1%. The company reported free cash flow of $629.0 million, compared with $538.0 million a year earlier.
| Q2 FY2026 | Q2 FY2025 | Change | |
|---|---|---|---|
| Revenue | $3.8 billion | $3.7 billion | 3.01% |
| Diluted EPS | $1.18 | $1.10 | 7.27% |
| Gross margin | 43.4% | 43.9% | −0.6 percentage points |
| Operating margin | 11.4% | 11.1% | 0.4 percentage points |
| Free cash flow | $629.0 million | $538.0 million | 16.9% |
| Against the consensus | Reported | Consensus | Result |
|---|---|---|---|
| Adjusted EPS | $1.19 | $1.04 | Beat by 14.4% |
| Revenue | $3.5 billion | $3.3 billion | Beat by 3.65% |
Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.
What management said on the call
CNA’s latest earnings call is unavailable, so its executives’ call commentary cannot be reported.
Guidance
CNA’s management guidance is unavailable. In its filing, CNA identified inflationary pressures on medical care and construction costs, as well as increased litigation activity, among its business risks.