Loews Corporation filed its third quarter 2026 earnings release on November 2, 2026, reporting net income of $306 million, or $1.50 per share, down from $504 million, or $2.43 per share, in the third quarter of 2025.

Key Highlights

  • Net income declined: Third quarter 2026 net income attributable to Loews Corporation was $306 million, or $1.50 per share, compared to $504 million, or $2.43 per share, in the same period of 2025.
  • CNA long-term care reserve charge: CNA Financial's results included an unfavorable impact of $125 million (after-tax and noncontrolling interest) from its annual long-term care reserve assumption updates.
  • Boardwalk charges: Boardwalk Pipelines recorded $14 million (after-tax) in charges related to net unrealized losses at Continuum and an impairment charge associated with the relocation of its corporate office.
  • Loews Hotels improvement: Loews Hotels net income increased to $16 million from a net loss of $3 million in Q3 2025, with adjusted EBITDA rising 25% to $86 million from $69 million.
  • Book value per share: Book value per share was $90.24 as of September 30, 2026, down from $90.71 as of December 31, 2025; book value per share excluding AOCI increased to $100.67 from $95.89.
  • Share repurchases: Loews repurchased 1.6 million shares for $167 million during Q3 2026, and an additional 0.6 million shares for $67 million between October 1 and October 30, 2026.
  • Parent company liquidity: As of September 30, 2026, the parent company held $4.4 billion of cash and investments and $1.8 billion of debt.

Loews Corporation Third Quarter 2026 Segment Results and Key Drivers

According to the filing, the year-over-year decline in consolidated net income was driven primarily by CNA Financial (NYSE:CNA), which reported net income attributable to Loews Corporation of $180 million in Q3 2026, down from $371 million in Q3 2025. The filing attributed this decrease primarily to the $125 million after-tax unfavorable impact from CNA's annual long-term care reserve assumption updates, lower Property and Casualty underlying underwriting results, and higher catastrophe losses. CNA's Property and Casualty combined ratio increased by 4.2 points to 97.0%, compared to 92.8% in the prior year period. The filing noted that "the unfavorable long-term care reserve charge will almost entirely be offset by higher investment yields from recent investment portfolio actions," with the anticipated benefit expected to flow through investment income over time.

Boardwalk Pipelines reported net income of $85 million, compared to $94 million in Q3 2025. The filing stated that EBITDA declined to $262 million from $267 million, largely because of $10 million in net unrealized losses at Continuum and a $9 million impairment charge tied to the relocation of Boardwalk's corporate office. Excluding those two items, the filing disclosed that net income and EBITDA increased by $5 million and $14 million, respectively, driven by higher gas transportation revenues. The Corporate segment reported net income of $25 million, down from $42 million, due to lower investment income from the parent company trading portfolio.

For the nine months ended September 30, 2026, Loews reported net income of $1,087 million, or $5.29 per share, compared to $1,265 million, or $6.03 per share, in the first nine months of 2025. As of September 30, 2026, shares of common stock outstanding totaled 202.9 million, compared to 206.0 million as of December 31, 2025. The filing noted that Loews "may from time to time purchase shares" depending on market conditions, and that such purchases may or may not satisfy all conditions of the Rule 10b-18 voluntary safe harbor.

What Was Disclosed

Loews Corporation disclosed its Q3 2026 financial results on November 2, 2026, covering net income, per-share earnings, segment performance, book value, parent company liquidity, and share repurchase activity for the quarter and nine-month period ending September 30, 2026.