01—Abstract
Summary
Summary of the 10-Q filed November 2, 2026. Cited figures are marked; the original filing is the authoritative source.
Loews Corporation reported net income attributable to Loews Corporation of $306 milliona, or $1.50 per share, for the three months ended September 30, 2026, down from $504 million, or $2.43 per share, in the comparable 2025 period.
For the nine months, net income attributable to Loews Corporation was $1,087 millionb, or $5.29 per share, compared with $1,265 million, or $6.03 per share. Total revenues rose to $4,759 million in the third quarter from $4,671 million and to $14,048 million for the nine months from $13,720 million. The filing attributes the decline mainly to CNA, which recorded an unfavorable impact of $125 million (after-tax and noncontrolling interest) from its annual long-term care reserve assumption updates, along with lower property and casualty underwriting results and higher catastrophe losses.
Catastrophe losses for the nine months were $226 millionc, and unfavorable net prior year loss reserve development was $190 million. The balance sheet shows total assets of $85,328 million at September 30, 2026, compared with $86,348 million at December 31, 2025, and total shareholders' equity of $18,304 million, compared with $18,686 million. Accumulated other comprehensive loss widened to $2,117 million from $1,067 million, reflecting net unrealized losses on investments.
Parent Company cash and investments, net of receivables and payables, were $4.4 billiond, up from $3.9 billion at December 31, 2025. During the nine months, Loews purchased 3.2 million shares of its common stock for $348 million and issued $500 million of 4.9% senior notes due 2036. Boardwalk Pipelines acquired Spire Marketing LLC, now named Boardwalk Continuum Marketing, LLC, for $206 million on April 30, 2026.
Its growth projects under executed precedent or long-term firm transportation agreements have an expected aggregate cost of approximately $3.6 billion, with $525 million spent through September 30, 2026. The filing also discloses an unresolved Boardwalk Pipelines partnership litigation matter for which no accrual has been recorded and the Company cannot estimate a loss range.
02—Key points
Key Highlights
- Net income attributable to Loews Corporation was $306 million ($1.50 per share) for Q3 2026, versus $504 million ($2.43 per share) in Q3 2025; nine-month net income was $1,087 million ($5.29 per share) versus $1,265 million ($6.03 per share).
- CNA's results were the main drag, with Q3 2026 net income attributable to Loews of $180 million versus $371 million, including a $125 million after-tax and noncontrolling interest impact from annual long-term care reserve assumption updates.
- The third-quarter long-term care cash flow assumption updates increased pretax long-term care reserves by $173 million, driven by cost of care inflation and morbidity impacts, partly offset by premium rate actions.
- Catastrophe losses for Property & Casualty Operations were $226 million for the nine months of 2026, and unfavorable net prior year loss reserve development totaled $190 million across CNA.
- Boardwalk Pipelines acquired Spire Marketing LLC (now Boardwalk Continuum Marketing, LLC) for $206 million; its growth projects carry an expected aggregate cost of approximately $3.6 billion, with $9.6 billion of associated estimated revenues under executed agreements.
- Loews issued $500 million of 4.9% senior notes due 2036 and used the proceeds to redeem its $500 million 3.8% senior notes due April 1, 2026, while Parent Company cash and investments rose to $4.4 billion from $3.9 billion at year-end 2025.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2026filed November 2, 2026Financial Statements
Q3 FY2026 against Q3 FY2025
| Line item | Q3 FY2026Q3 FY2025 | Change |
|---|---|---|
| Revenue | $4.76B$4.67B | +1.9% |
| Interest Expense | $101.00M$112.00M | −9.8% |
| Net Income | $306.00M$504.00M | −39.3% |
| EPS (Basic) | $1.50$2.43 | −38.3% |
| EPS (Diluted) | $1.50$2.43 | −38.3% |
| Shares Outstanding (Basic) | 204.48M207.57M | −1.5% |
| Shares Outstanding (Diluted) | 204.57M207.71M | −1.5% |
05—Questions
Frequently Asked Questions
What drove the decline in Loews' third-quarter 2026 earnings?
Net income attributable to Loews Corporation fell to $306 million from $504 million. The filing primarily attributes the decrease to CNA, where an unfavorable $125 million after-tax and noncontrolling interest impact from annual long-term care reserve assumption updates, lower property and casualty underlying underwriting results and higher catastrophe losses reduced earnings. Lower Corporate investment income from the parent company trading portfolio and lower Boardwalk Pipelines results, including $14 million after-tax of charges related to net unrealized losses at Boardwalk Continuum Marketing and an impairment tied to the relocation of Boardwalk's corporate office, also contributed.
How did Loews' cash position and capital return activity change in 2026?
Parent Company cash and investments, net of receivables and payables, totaled $4.4 billion at September 30, 2026, compared with $3.9 billion at December 31, 2025. During the nine months, Loews received $1.1 billion in dividends and distributions from subsidiaries, including $855 million from CNA (with a special cash dividend of $497 million) and $225 million from Boardwalk Pipelines. Loews paid $348 million to purchase treasury stock and $39 million in common dividends during the period. The filing notes that dividends are declared at the discretion of the Board.
What is the status of the Boardwalk Pipelines litigation?
The case involves a 2018 unit purchase by Boardwalk Pipelines' general partner. The Delaware Supreme Court, on December 10, 2025, affirmed in part and reversed in part, finding a breach of the Limited Partnership Agreement but leaving tortious interference and unjust enrichment claims against non-general partner defendants for remand. A hearing on the remanded claims was held in July 2026. Loews states it cannot reasonably estimate the amount or range of loss, has recorded no accrual, and says the matter could be material to its financial position, results of operations or cash flows in a particular period.
What is the outlook for Boardwalk Pipelines' growth projects?
Boardwalk Pipelines has growth projects under executed precedent or long-term firm transportation agreements expected to add 4.7 Bcf/d of pipeline capacity and 10 Bcf of storage working gas capacity at an expected aggregate cost of approximately $3.6 billion, scheduled for completion through 2030. Through September 30, 2026, it had spent $525 million. The projects remain subject to regulatory approvals and construction risk, and they will not contribute to earnings and cash flows until placed into service over the next several years. The Eunice - Iowa project went into service in September 2026.
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