01—Abstract
Summary
Summary of the 10-Q filed August 3, 2026. Cited figures are marked; the original filing is the authoritative source.
Loews Corporation reported net income attributable to Loews Corporation of $444 milliona, or $2.16 per share, for the three months ended June 30, 2026, up from $391 million, or $1.87 per share, a year earlier.
For the six months ended June 30, 2026, net income attributable to Loews Corporation was $781 millionb, or $3.79 per share, compared with $761 million, or $3.61 per share, in the 2025 period. Total revenues for the six months were $9.29 billion versus $9.05 billion, and net income rose at Boardwalk Pipelines and Loews Hotels & Co, while CNA's net income declined for the six-month period on lower underlying underwriting results. CNA Financial's combined ratio for Property & Casualty Operations was 99.4% for the six months ended June 30, 2026, up from 96.3% in 2025, with catastrophe losses of $148 million and unfavorable net prior year loss reserve development of $94 million in that segment.
Other Insurance Operations recorded unfavorable net prior year development of $97 millionc in the second quarter, largely tied to legacy mass tort abuse claims. Boardwalk Pipelines acquired Spire Marketing LLC (renamed Boardwalk Continuum Marketing, LLC) for $212 million on April 30, 2026, and has growth projects with an expected aggregate cost of approximately $3.4 billion, with $381 million spent through June 30, 2026. The balance sheet showed total assets of $87.23 billion and total equity of $20.03 billion at June 30, 2026.
Loews issued $500 milliond of 4.9% senior notes due 2036 and used the proceeds to redeem its $500 million 3.8% notes due 2026. Long-term debt rose to $8.91 billion from $8.44 billion at December 31, 2025.
The company repurchased 1.7 million shares for $179 million during the six months. The filing also discloses a pending Boardwalk Pipelines litigation matter for which no accrual has been recorded and the Company is unable to estimate a loss range.
02—Key points
Key Highlights
- Net income attributable to Loews Corporation rose to $444 million ($2.16 per share) in Q2 2026 from $391 million ($1.87 per share) in Q2 2025.
- Six-month net income attributable to Loews Corporation was $781 million ($3.79 per share), up from $761 million ($3.61 per share).
- CNA's six-month net income attributable to Loews fell to $488 million from $526 million, driven by lower underlying underwriting results; Property & Casualty combined ratio was 99.4% versus 96.3%.
- Boardwalk Pipelines and Loews Hotels & Co drove earnings growth, with Boardwalk's six-month net income at $259 million and Loews Hotels & Co's at $74 million.
- Total shareholders' equity was $19.12 billion at June 30, 2026, and total assets were $87.23 billion.
- Long-term debt increased to $8.91 billion, reflecting the February 2026 $500 million 4.9% senior notes issuance that refinanced 3.8% notes due April 2026.
- Loews repurchased 1.7 million shares for $179 million in the six months ended June 30, 2026, and paid $0.125 per share in dividends for the six-month period.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2026filed August 3, 2026Financial Statements
Q2 FY2026 against Q2 FY2025
| Line item | Q2 FY2026Q2 FY2025 | Change |
|---|---|---|
| Revenue | $4.73B$4.55B | +3.9% |
| Interest Expense | $103.00M$107.00M | −3.7% |
| Net Income | $444.00M$391.00M | +13.6% |
| EPS (Basic) | $2.16$1.87 | +15.5% |
| EPS (Diluted) | $2.16$1.87 | +15.5% |
| Shares Outstanding (Basic) | 205.50M209.24M | −1.8% |
| Shares Outstanding (Diluted) | 205.57M209.36M | −1.8% |
05—Questions
Frequently Asked Questions
What drove the increase in Loews Corporation's second-quarter 2026 net income?
The increase was primarily driven by higher net income at CNA, Loews Hotels & Co and Boardwalk Pipelines. CNA's increase reflected higher net investment income and lower investment losses, partially offset by lower underlying underwriting results. Loews Hotels & Co benefited from higher average daily rates and occupied room nights, and Boardwalk Pipelines benefited from higher gas transportation contracting rates and higher product sales.
Why did CNA's six-month net income decline in 2026?
CNA's six-month net income attributable to Loews Corporation decreased $38 million to $488 million, primarily due to lower underlying underwriting results. Property & Casualty Operations also recorded unfavorable net prior year loss reserve development of $94 million, compared with $57 million in the prior year period, and catastrophe losses of $148 million.
What is the status of the Boardwalk Pipelines litigation?
The case is a class action regarding Boardwalk Pipelines' 2018 purchase right exercise. On December 10, 2025, the Delaware Supreme Court found the General Partner breached the Limited Partnership Agreement but affirmed that it was exculpated from damages. Remanded tortious interference and unjust enrichment claims against non-General Partner defendants were briefed in June 2026 and heard in July 2026. The Company cannot estimate a loss range, has recorded no accrual, and states the matter could be material in a particular period.
What growth projects is Boardwalk Pipelines pursuing?
Boardwalk Pipelines has growth projects with executed precedent or long-term firm transportation agreements expected to add an aggregate 4.5 billion cubic feet per day of pipeline capacity and 10 Bcf of storage working gas capacity, at an expected aggregate cost of approximately $3.4 billion, scheduled for completion through 2030. These projects are subject to regulatory approvals, and $381 million had been spent through June 30, 2026.
How did Loews' debt and share repurchase activity change in 2026?
In February 2026 Loews issued $500 million of 4.9% senior notes due 2036 and redeemed $500 million of 3.8% senior notes due April 2026 on March 19, 2026. Boardwalk Pipelines redeemed $550 million of 6.0% senior notes due June 2026. Loews repurchased 1.7 million shares for $179 million in the six months ended June 30, 2026, compared with 7.4 million shares for $633 million in the prior year period.
06—Continue