01—Abstract
Summary
Summary of the 10-Q filed May 4, 2026. Cited figures are marked; the original filing is the authoritative source.
Loews Corporation reported net income attributable to Loews Corporation of $337 milliona, or $1.63 per share, for the three months ended March 31, 2026, down from $370 million, or $1.74 per share, in the same period of 2025.
Total revenues rose to $4,555 millionb from $4,494 million, but income before income tax fell to $463 million from $514 million. The decline was driven mainly by CNA Financial, whose net income attributable to Loews fell to $194 million from $252 million on lower underlying underwriting results and $100 million of unfavorable net prior year loss reserve development in Property & Casualty Operations. Boardwalk Pipelines ($159 million vs. $152 million) and Loews Hotels & Co ($26 million vs. $0) improved, while the Corporate segment loss widened to $42 million from $34 million.
Cash flow from operating activities was $72 millionc, compared with $736 million a year earlier. Total assets declined to $85.65 billion at March 31, 2026 from $86.35 billion at December 31, 2025. Long-term debt increased to $8,933 million from $8,437 million, after Loews issued $500 million of 4.9% senior notes due 2036 to redeem $500 million of 3.8% notes, and Boardwalk Pipelines redeemed $550 million of 6.0% notes.
Parent Company cash and investments, net of receivables and payables, totaled $4.5 billiond, up from $3.9 billion at year-end 2025, after $691 million of dividends and distributions from subsidiaries, including a $497 million special dividend from CNA. Boardwalk Pipelines has executed precedent or long-term firm transportation agreements for growth projects expected to add 4.2 Bcf/d of capacity at an expected aggregate cost of approximately $3.2 billion, with $245 million spent through March 31, 2026, and $9.5 billion of associated anticipated revenues. These projects remain subject to regulatory approvals.
The filing also discloses an ongoing Boardwalk Pipelines litigation matter in which the Delaware Supreme Court found in December 2025 that the General Partner breached the Limited Partnership Agreement; Loews states it cannot estimate a loss and has recorded no accrual, but says the outcome could be material. After the quarter, on April 30, 2026, Boardwalk Pipelines acquired Spire Marketing LLC for $215 million in cash.
02—Key points
Key Highlights
- Net income attributable to Loews Corporation was $337 million ($1.63 per share) versus $370 million ($1.74 per share) in Q1 2025.
- CNA Financial net income attributable to Loews fell to $194 million from $252 million, driven by lower underlying underwriting results and $100 million of unfavorable net prior year loss reserve development in Property & Casualty Operations (vs. $61 million).
- Boardwalk Pipelines net income attributable to Loews rose to $159 million from $152 million, with EBITDA of $360 million versus $346 million.
- Loews Hotels & Co net income attributable to Loews was $26 million versus $0, mainly due to higher equity income from joint ventures, including the Universal Orlando Resort.
- Operating cash flow was $72 million versus $736 million in the prior-year period, reflecting CNA's reinsurance-related payments and higher net claim payments.
- Long-term debt rose to $8,933 million from $8,437 million, and short-term debt fell to $1 million from $1,052 million.
- Boardwalk Pipelines growth projects total about $3.2 billion of expected cost and $9.5 billion of anticipated revenues, subject to regulatory approvals; a Delaware Supreme Court ruling against the General Partner leaves a potentially material, unaccrued litigation matter.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2026filed May 4, 2026Financial Statements
Q1 FY2026 against Q1 FY2025
| Line item | Q1 FY2026Q1 FY2025 | Change |
|---|---|---|
| Revenue | $4.55B$4.49B | +1.4% |
| Interest Expense | $113.00M$105.00M | +7.6% |
| Net Income | $337.00M$370.00M | −8.9% |
| EPS (Basic) | $1.63$1.74 | −6.3% |
| EPS (Diluted) | $1.63$1.74 | −6.3% |
| Shares Outstanding (Basic) | 206.18M212.45M | −3.0% |
| Shares Outstanding (Diluted) | 206.27M212.60M | −3.0% |
05—Questions
Frequently Asked Questions
Why did Loews' net income decline in the first quarter of 2026?
Net income attributable to Loews Corporation decreased to $337 million from $370 million. The filing attributes the decline primarily to lower net income at CNA Financial, which reflected lower underlying underwriting results and unfavorable net prior year loss reserve development, partially offset by higher net investment income. Lower results at the Parent Company, from lower trading portfolio investment income and higher interest expense, also contributed. Higher results at Loews Hotels & Co and Boardwalk Pipelines partially offset these declines.
How did catastrophe losses and reserve development affect CNA's results?
CNA's Property & Casualty Operations recorded catastrophe losses of $88 million in the first quarter of 2026, compared with $97 million in the prior-year period, and $9 million of catastrophe-related reinsurance reinstatement premiums. Unfavorable net prior year loss reserve development was $100 million, compared with $61 million in 2025. The 2026 development was largely in professional errors and omissions, excess casualty and general liability lines in recent accident years.
What is the status of the Boardwalk Pipelines litigation?
In December 2025, the Delaware Supreme Court affirmed in part and reversed in part the Trial Court's ruling, finding that the General Partner breached the Limited Partnership Agreement in exercising its purchase right. The remaining claims are tortious interference and unjust enrichment against non-General Partner defendants. Loews states that it cannot reasonably estimate a loss or range of loss, has recorded no accrual, and says the resolution could be material to its financial position, results of operations and/or cash flows in a particular period.
How is Loews financing its Boardwalk Pipelines growth projects?
Boardwalk Pipelines expects to finance its growth projects through operating cash flows and long-term debt issuance, including revolving credit facility borrowings. As of March 31, 2026, it had $245 million of spending on projects with an expected aggregate cost of about $3.2 billion. It had no revolver borrowings outstanding and $1.0 billion of available capacity, and in March 2026 it became effective with a $3.5 billion shelf registration statement. The company also redeemed $550 million of 6.0% senior notes due June 2026.
What capital returns and cash actions did Loews take during the quarter?
Loews repurchased 0.3 million shares of its common stock for $31 million and paid $13 million in cash dividends to shareholders, at $0.0625 per share. CNA paid $2.48 per share in dividends, including a special dividend of $2.00 per share, and the Parent Company received $691 million in dividends and distributions from subsidiaries, including $497 million of CNA's special dividend. Loews declared no new dividend increase in the filing, and CNA declared a quarterly dividend of $0.48 per share on May 1, 2026.
06—Continue