01—Abstract
Summary
Summary of the 10-K filed February 10, 2026. Cited figures are marked; the original filing is the authoritative source.
Loews Corporation reported 2025 net income attributable to Loews Corporation of $1.7 billiona, or $7.97 diluted net income per share, compared with $1.4 billion, or $6.41 per diluted share, in 2024.
The 2024 result included a $265 millionb after-tax and noncontrolling interests pension settlement charge at CNA. The increase was driven mainly by CNA, where higher property and casualty underwriting income and net investment income were partly offset by unfavorable prior year reserve development tied to legacy mass tort abuse reserves. Boardwalk Pipelines also improved on higher transportation revenues from re-contracting at higher rates and recently completed growth projects.
Loews Hotels & Co declined on an asset impairment charge and higher interest expense. The company's segments are CNA Financial (commercial property and casualty insurance, about 92% owned), Boardwalk Pipelines (natural gas and NGL transportation and storage, wholly owned), Loews Hotels & Co (27 hotels, wholly owned), and the Parent Company, which also holds an approximately 53% stake in Altium Packaging LLC, accounted for under the equity method. Parent Company cash and investments, net of receivables and payables, were $3.9 billionc at December 31, 2025, versus $3.3 billion a year earlier.
The company received $1.5 billiond in cash dividends from subsidiaries in 2025 and spent $806 million on treasury stock purchases. Boardwalk Pipelines has growth projects under executed precedent or long-term firm agreements expected to add 4.2 Bcf/d of capacity at an expected aggregate cost of about $3.3 billion, scheduled through 2030. Of that, $135 million had been spent as of December 31, 2025.
Loews also disclosed a Delaware class action tied to its 2018 Boardwalk unit acquisition. The Delaware Supreme Court affirmed in part and reversed in part on December 10, 2025, and the company cannot currently estimate a loss, so no accrual has been recorded.
02—Key points
Key Highlights
- Net income attributable to Loews Corporation rose to $1.67 billion ($7.97 diluted EPS) in 2025 from $1.41 billion ($6.41 diluted EPS) in 2024.
- CNA Financial net income attributable to Loews was $1.17 billion in 2025 versus $879 million in 2024; CNA's catastrophe losses fell to $240 million from $358 million.
- CNA's Other Insurance Operations core loss widened to $322 million, including a $106 million after-tax charge for unfavorable development largely tied to legacy mass tort abuse reserves.
- Boardwalk Pipelines net income attributable to Loews was $444 million versus $413 million, with EBITDA of $1.17 billion versus $1.09 billion; approximately 87% of 2025 revenues came from firm contracts.
- Boardwalk Pipelines entered $7.0 billion of new firm agreements in 2025 and expects about $3.3 billion of growth-project construction costs through 2030.
- Loews Hotels & Co net income fell to $31 million from $70 million, reflecting a $25 million asset impairment and higher interest expense.
- Loews Corporation repurchased 8.9 million shares for $806 million in 2025 and had 206,052,874 shares outstanding as of February 6, 2026.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 10, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $18.45B$17.51B | +5.4% |
| Interest Expense | $437.00M$441.00M | −0.9% |
| Net Income | $1.67B$1.41B | +17.9% |
| EPS (Basic) | $7.98$6.42 | +24.3% |
| EPS (Diluted) | $7.97$6.41 | +24.3% |
| Shares Outstanding (Basic) | 208.96M220.26M | −5.1% |
| Shares Outstanding (Diluted) | 209.10M220.53M | −5.2% |
05—Questions
Frequently Asked Questions
How did Loews Corporation perform in 2025?
Net income attributable to Loews Corporation was $1,667 million, or $7.97 per diluted share, compared with $1,414 million, or $6.41 per diluted share, in 2024. Total revenues were $18.45 billion versus $17.51 billion in 2024.
What drove the change in CNA's results?
CNA's net income attributable to Loews rose $294 million, partly reflecting the absence of the 2024 $265 million after-tax pension settlement charge. Higher property and casualty underwriting income and net investment income also contributed, offset partly by unfavorable net prior year loss reserve development tied to legacy mass tort abuse reserves.
What are Boardwalk Pipelines' main growth plans?
Boardwalk Pipelines has executed precedent or long-term firm transportation agreements for growth projects expected to add 4.2 Bcf/d of pipeline capacity and 10 Bcf of storage working gas capacity, at an expected aggregate cost of about $3.3 billion, scheduled through 2030. As of December 31, 2025, it had spent $135 million on these projects, which remain subject to regulatory approvals.
What is the status of the Boardwalk Pipelines class action?
The Delaware Supreme Court on December 10, 2025 affirmed in part and reversed in part the Trial Court's ruling, finding the General Partner breached the Limited Partnership Agreement in exercising its purchase right. Remaining tortious interference and unjust enrichment claims were remanded to the Trial Court. The company cannot reasonably estimate the loss or range of loss and has recorded no accrual.
How much cash did Loews have at the parent level?
Parent Company cash and investments, net of receivables and payables, totaled $3.9 billion at December 31, 2025, up from $3.3 billion a year earlier. In 2025 the parent received $1.5 billion in dividends from subsidiaries, including a $497 million special dividend from CNA.
06—Continue