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CNA Financial (CNA) Q2 FY2022 earnings: revenue $2.9 billion, down 3.4% on the year

CNA Financial Corp. (CNA) reported revenue of $2.9 billion for Q2 FY2022, the quarter ended 30 June 2022, down 3.4% on the same quarter a year earlier. Net income was $190 million, down 48.4% on the year, and diluted earnings per share $0.69. The figures are the company's own, from the 10-Q it filed with the SEC on 1 August 2022.

Revenue$2.9 billiondown 3.4%
Net income$190 milliondown 48.4%
Diluted EPS$0.69
QuarterQ2 FY2022ended 30 June 2022

The quarter, against the one before and a year earlier

LineQ2 FY2022Q1 FY2022A year earlierChange on the year
Revenue2,9262,885n/an/a
Operating income227355n/an/a
Operating margin7.8%12.3%n/a
Interest expense28.028.0n/an/a
Pre-tax income227355n/an/a
Income tax37.060.0n/an/a
Effective tax rate16.3%16.9%n/a
Net income190295n/an/a
Net margin6.5%10.2%n/a
Diluted EPS$0.69$1.08n/an/a
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

LineQ2 FY2022Q1 FY2022A year earlierChange on the year
Operating cash flow608645n/an/a
Capital expenditure13.012.0n/an/a
Free cash flow595633n/an/a
Free cash flow margin20.3%21.9%n/a
Cash from investing-302-129n/an/a
Cash from financing-98.0-688n/an/a
Depreciation and amortisation12.013.0n/an/a
Buybacks0.021.0n/an/a
Dividends paid108657n/an/a
Dividend per share$0.40$2.40n/an/a
Diluted shares, weighted273m273mn/an/a
Shares outstanding at period end271m271mn/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ2 FY2022Q1 FY2022A year earlierChange on the year
Shareholders' equity9,51210,817n/an/a
Debt2,7802,779n/an/a
Other liabilities49,93750,196n/an/a
Total liabilities and equity62,22963,792n/an/a
Fixed assets227225n/an/a
Goodwill145147n/an/a
Securities held for sale or to maturity39,38541,939n/an/a
Cash and equivalents560361n/an/a
Other assets21,91221,120n/an/a
Total assets62,22963,792n/an/a

Questions

What was CNA Financial's revenue in Q2 FY2022?

CNA Financial (CNA) reported revenue of $2.9 billion for Q2 FY2022, the quarter ended 30 June 2022, down 3.4% on the same quarter a year earlier.

How much did CNA Financial earn in Q2 FY2022?

Net income for Q2 FY2022 was $190 million, down 48.4% on the year, and diluted earnings per share $0.69.

When did CNA Financial report Q2 FY2022 results?

CNA Financial filed its 10-Q for the quarter ended 30 June 2022 with the SEC on 1 August 2022.

Quarterly results, the last 20 quarters

Q3 FY2021Q4 FY2021 *Q1 FY2022 †Q2 FY2022 †Q3 FY2022 †Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue2,9593,0542,8852,9262,9573,1113,1523,3043,3363,5073,4443,5193,6183,6893,6273,7173,8173,8283,6773,829
Operating income314330355227-51.029437136132646042740236121.0349380513378267405
Operating margin11%11%12%8%-2%9%12%11%10%13%12%11%10%1%10%10%13%10%7%11%
Interest expense28.028.028.028.028.028.028.031.034.034.035.034.032.032.032.031.036.036.033.033.0
Pre-tax income314330355227-51.029437136132646042740236121.0349380513378267405
Tax rate18%19%17%16%n/a16%20%22%21%20%21%21%22%0%21%21%21%20%21%21%
Net income256266295190-42.023929728325836733831728321.0274299403302211321
Net margin9%9%10%6%-1%8%9%9%8%10%10%9%8%1%8%8%11%8%6%8%
Diluted EPS$0.94$0.98$1.08$0.69-$0.15$0.87$1.09$1.04$0.95$1.35$1.24$1.17$1.04$0.07$1.00$1.10$1.48$1.11$0.78$1.18
Operating cash flow669643645608737512436501828520504616748703638562720570393649
Capital expenditure11.010.012.013.016.011.020.023.024.023.020.019.018.038.018.024.016.028.013.020.0
Free cash flow658633633595721501416478804497484597730665620538704542380629
Buybacks0.00.021.00.018.00.024.00.00.00.00.020.00.00.034.00.00.00.036.00.0
Dividends paid104103657108109108445114114114667119120119673125124125682130
Shares outstanding271m271m271m271m271m271m271m271m271m271m271m271m271m271m271m271m271m271m271m271m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 June 2022, filed 1 August 2022: the filing.