Skip to content
AnalystLens

LoewsL

Legal name
Loews Corp.
Sector
Financial Services
Industry
Fire, Marine & Casualty Insurance
Exchange
NYSE

Stock Price $L

Latest filings

You are here#73 of 80 in Financials by market cap

Filing record · 2016–202610-K1110-Q338-K83

L filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 83 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Deal closed8-K · Apr ’20Apr ’20
  3. Leadership change8-K · Feb ’22Feb ’22
  4. Leadership change8-K · Dec ’25Dec ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $18.45B
YoY changeLargest recent move+16.5%in FY21Latest +5.4%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All L Financial Metrics50 metrics

Income Statement12

Balance Sheet18

Cash Flow15

Per Share5

02—Overview

Loews Financial Overview 2021–2025

Updated Nov 4, 2026

Loews nearly doubled its per-share earnings in a single year: diluted EPS jumped from $3.38 in FY2022 to $6.29a in FY2023, an 86% increase. That matters because the FY2021 result leaned on a $555 million pretax asset-sale gain, while this jump came from operating businesses. The core thesis is that Loews is an earnings compounder anchored by CNA's insurance engine and increasingly powered by Boardwalk Pipelines, with buybacks steadily shrinking the share count.

Over the full span, net income attributable to Loews grew from $1,578 million in FY2021 to $1.67 billionb in FY2025, while diluted EPS rose from $6.07 to $7.97. In FY2025, CNA earned $1.17 billion, up from $879 million, as catastrophe losses fell to $240 million from $358 million. Boardwalk lifted net income to $444 million from $413 million, with $1.17 billion of EBITDA and about 87% of revenue from firm contracts. Loews Hotels was the soft spot, falling to $31 million from $70 million. The company repurchased 8.9 million shares for $806 million and ended FY2025 with $3.9 billion of parent cash and investments.

The market put a modest price on all this. Shares closed at $105.31c on the last trading days of FY2025, or 13.2x earnings. The unresolved risk is Boardwalk litigation. The Delaware Supreme Court affirmed in part and reversed in part on December 10, 2025. Management cannot estimate a loss and has recorded no accrual.

Recent Developments (Q2 and Q3 2026)

Earnings turned lower in Q3 2026. Net income fell to $306 milliond from $504 million, as CNA took a $125 million after-tax hit from its annual long-term care reserve review. Management expects the economic impact to be close to breakeven over time. CNA's P&C combined ratio rose 4.2 points to 97.0%. Q2 2026 had been stronger, with net income of $444 million versus $391 million. Boardwalk bought Spire Marketing, now Boardwalk Continuum Marketing, on April 30, 2026. Its backlog grew by almost $600 million in Q3 2026. Loews Hotels Adjusted EBITDA rose 25% to $86 million.

Bull case: Boardwalk and Hotels are growing, parent cash reached $4.4 billione, and buybacks continue at $167 million in Q3 2026. Bear case: underlying combined ratio worsened to 94.2% from 91.3%, and book value per share fell to $90.24. The stock traded at 14.0x earnings as of the November 1, 2026 quarterly report date, not today.

What to watch: CNA's underlying combined ratio and reserve development; Boardwalk's $3.6 billion growth project spending

03—Filings

Recent SEC Filings

  1. 8-KLoews 8-K Report, Financial Results (Nov 2, 2026)Loews Corporation reported third-quarter 2026 net income attributable to Loews of $306 million, or $1.50 per share, compared with $504 million, or $2.43 per share, in the third quarter of 2025. The decline was driven mainly by an unfavorable $125 million (after-tax and noncontrolling interest) impact from CNA Financial's annual long-term care reserve assumption updates, along with lower Property and Casualty underlying underwriting results and higher catastrophe losses. Nine-month net income attributable to Loews was $1,087 million, or $5.29 per share, versus $1,265 million, or $6.03 per share, a year earlier. CNA's Property and Casualty combined ratio rose 4.2 points to 97.0%, and the underlying combined ratio increased to 94.2% from 91.3%. Management said the long-term care reserve charge should be almost entirely offset over time by higher investment yields from recent portfolio actions, and it characterized the P&C pricing environment as competitive. Boardwalk Pipelines' net income fell to $85 million from $94 million, including $7 million after-tax of Continuum unrealized losses and a $7 million after-tax office relocation impairment, while Loews Hotels' net income rose to $16 million from a $3 million loss, with Adjusted EBITDA up 25% to $86 million. Book value per share was $90.24 at September 30, 2026, versus $90.71 at December 31, 2025, while book value per share excluding AOCI rose to $100.67 from $95.89. Loews repurchased 1.6 million shares for $167 million in the quarter and a further 0.6 million shares for $67 million from October 1 through October 30, 2026. At quarter end the parent company held $4.4 billion of cash and investments and $1.8 billion of debt.
  2. 8-KLoews 8-K Report, Financial Results (Aug 3, 2026)Loews Corporation reported net income of $444 million, or $2.16 per share, for the second quarter of 2026, compared with $391 million, or $1.87 per share, in the second quarter of 2025. For the six months ended June 30, 2026, net income attributable to Loews was $781 million, or $3.79 per share, versus $761 million, or $3.61 per share, a year earlier. All three consolidated subsidiaries (CNA Financial, Boardwalk Pipelines and Loews Hotels & Co) contributed to the year-over-year improvement in the quarter, with Corporate segment results essentially unchanged. Book value per share rose to $93.52 as of June 30, 2026, from $90.71 at December 31, 2025, and book value per share excluding AOCI rose to $99.27 from $95.89. The parent company held $4.4 billion of cash and investments and $1.8 billion of debt at quarter-end. Loews repurchased 1.4 million shares for $146 million during the quarter, and shares outstanding stood at 204.4 million. At CNA, net income attributable to Loews increased to $294 million, but the Property and Casualty combined ratio rose 2.4 points to 96.5%, driven largely by a higher underlying loss ratio. Management described a more cautious underwriting stance, and CNA executed a $1 billion extension trade in its long-term care portfolio, lengthening duration from about 9.5 to 10 years and improving credit quality. Boardwalk's net income rose to $100 million and Loews Hotels' Adjusted EBITDA rose 26% to $137 million. These results are presented in a press release and earnings remarks furnished under Item 2.02 of this Form 8-K.
  3. 8-KLoews 8-K Report, Shareholder Vote Results (May 12, 2026)Loews Corporation held its 2026 Annual Meeting of Shareholders on May 12, 2026. Shareholders elected all ten director nominees: Charles D. Davidson, Paul J. Fribourg, Walter L. Harris, Jonathan C. Locker, Susan P. Peters, Dino E. Robusto, Alexander H. Tisch, Benjamin J. Tisch, James S. Tisch, and Jennifer VanBelle. Each nominee received more votes for than against, though support varied considerably across the slate. Shareholders also approved, on an advisory basis, the compensation of the named executive officers (Say on Pay), with 177,208,800 votes for and 8,952,691 against. In a separate proposal, shareholders ratified the appointment of Deloitte & Touche LLP as the Company's independent auditor for 2026, with 186,777,192 votes for, 7,033,867 against, and 142,860 abstentions. Item 9.01 of the report states that exhibits are referenced, but the filing text provides no further description of them. The voting results are the substantive content of this filing.
  4. 8-KLoews 8-K Report, Financial Results (May 4, 2026)Loews Corporation reported net income attributable to Loews Corporation of $337 million, or $1.63 per share, for the first quarter of 2026, compared with $370 million, or $1.74 per share, in the first quarter of 2025. CEO Ben Tisch described it as a "tale of two cities" quarter: Boardwalk Pipelines and Loews Hotels posted strong results while CNA Financial took a step back. CNA's net income attributable to Loews fell to $194 million from $252 million, with its combined ratio rising 3.8 points to 102.2% from 98.4%, driven by a higher underlying loss ratio and $100 million of unfavorable net prior year loss reserve development. Management said it would not expect growth at CNA to reaccelerate meaningfully in the near term. Boardwalk Pipelines' net income rose to $159 million from $152 million, with EBITDA up to $360 million from $346 million, reflecting higher contracting rates and utilization-based revenues. Loews Hotels' net income increased to $26 million from less than $1 million, and its Adjusted EBITDA rose 53% to $124 million, driven largely by the Universal Orlando joint ventures. Book value per share was $90.90 at March 31, 2026, up from $90.71, and book value per share excluding AOCI rose to $97.20 from $95.89. At the parent level, the company held $4.5 billion of cash and investments against $1.8 billion of debt and repurchased 0.3 million shares for $31 million during the quarter. Management said it is maintaining a larger-than-normal parent cash balance because Boardwalk's capex backlog has grown to approximately $3.2 billion, and it flagged the Boardwalk litigation as an ongoing risk. Boardwalk also completed its $215 million acquisition of Spire Marketing (now Continuum) on April 30, 2026, self-funded from cash on hand.
  5. 8-KLoews 8-K Report, Corporate Update (Feb 18, 2026)Loews Corporation completed a public offering on February 18, 2026 of $500,000,000 aggregate principal amount of its 4.940% Senior Notes due 2036. The offering was made under the Company's Form S-3 registration statement (File No. 333-276935) and a prospectus supplement dated February 10, 2026, with J.P. Morgan Securities LLC, Barclays Capital Inc., MUFG Securities Americas Inc. and Wells Fargo Securities, LLC acting as representatives of the underwriters under an Underwriting Agreement dated February 10, 2026. Interest on the Notes is payable semi-annually on April 1 and October 1, beginning October 1, 2026, at 4.940% per annum until April 1, 2036. The Notes were issued under an Indenture dated March 1, 1986, as supplemented, with The Bank of New York Mellon as successor trustee. The Company may redeem the Notes before January 1, 2036 at a make-whole price based on the applicable U.S. Treasury rate plus 12.5 basis points, and on or after January 1, 2036 at 100% of principal plus accrued interest. The filing is a debt issuance disclosure under Item 8.01 (Other Events). It also files the Underwriting Agreement, the form of Note and a legality opinion from Sullivan & Cromwell LLP as exhibits. The filing does not describe use of proceeds.
View all 8-K filings →
View all filings (10-K, 10-Q, 8-K, proxy & more) →

04—See also

Related Companies

Annual revenue over each company’s last eight fiscal years, each strip on its own scale from zero.