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Loews 8-K Report, Financial Results (Nov 3, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed November 3, 2025
Period End
November 3, 2025
Security
L
In the 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. Deal closed8-K · Apr ’20Apr ’20
  2. Leadership change8-K · Feb ’22Feb ’22
  3. Leadership change8-K · Jul ’24Jul ’24

01—Abstract

Summary

Summary of the 8-K filed November 3, 2025. Cited figures are marked; the original filing is the authoritative source.

Loews Corporation reported net income of $504 milliona, or $2.43 per share, for the third quarter of 2025, compared to $401 million, or $1.82 per share, in the third quarter of 2024.

The results were driven primarily by CNA Financial, whose net income attributable to Loews rose to $371 millionb from $259 million, reflecting lower catastrophe losses ($41 million versus $143 million), improved underlying underwriting results and higher net investment income. CNA's Property and Casualty combined ratio improved 4.4 points to 92.8%. Boardwalk Pipelines' net income increased to $94 million from $77 million and its EBITDA rose to $267 million from $249 million, while Loews Hotels' net loss narrowed to $3 million and its Adjusted EBITDA increased to $69 million from $64 million.

Boardwalk executed a precedent agreement on October 30, 2025 for its Texas Gateway Project, which would add 1.5 Bcf/d of capacity and bring total announced growth projects to 4.2 Bcf/d at an anticipated aggregate cost of approximately $3.0 billionc. Boardwalk's revenue backlog was $15.6 billion as of September 30, 2025, excluding $3.8 billion from the Texas Gateway Project. Book value per share rose to $88.39 from $79.49 at December 31, 2024, and book value per share excluding AOCI rose to $94.00 from $88.18.

Loews repurchased 0.6 million shares for $56 milliond in the third quarter and an additional 0.3 million shares for $29 million in October 2025. At September 30, 2025, the parent company held $3.6 billion of cash and investments and $1.8 billion of debt, and 206.9 million shares were outstanding.

02—Key points

Key Highlights

  1. Net income attributable to Loews of $504 million ($2.43 per share) in Q3 2025, up from $401 million ($1.82 per share) in Q3 2024.
  2. CNA Financial net income attributable to Loews rose to $371 million from $259 million; Property and Casualty combined ratio improved to 92.8% from 97.2%, with catastrophe losses of $41 million versus $143 million.
  3. Boardwalk Pipelines net income rose to $94 million from $77 million and EBITDA rose to $267 million from $249 million; revenue backlog was $15.6 billion at September 30, 2025.
  4. Boardwalk's Texas Gateway Project precedent agreement (October 30, 2025) would add 1.5 Bcf/d; total announced growth projects total 4.2 Bcf/d at an anticipated aggregate cost of approximately $3.0 billion.
  5. Loews Hotels & Co Adjusted EBITDA increased to $69 million from $64 million, driven by three new Universal Orlando properties.
  6. Book value per share increased to $88.39 from $79.49 at December 31, 2024; excluding AOCI, it increased to $94.00 from $88.18.
  7. Loews repurchased $56 million of stock in Q3 2025 and a further $29 million from October 1 to October 31, 2025; the parent held $3.6 billion of cash and investments against $1.8 billion of debt.

03—Questions

Frequently Asked Questions

  1. What drove the increase in Loews' third-quarter 2025 net income?

    The filing attributes the increase primarily to CNA, whose net income attributable to Loews rose to $371 million from $259 million on lower catastrophe losses, improved underlying underwriting results and higher net investment income, with Boardwalk Pipelines also contributing higher net income.

  2. How large is Boardwalk's growth pipeline and backlog?

    Boardwalk executed a precedent agreement on October 30, 2025 for the Texas Gateway Project, bringing total announced growth projects to 4.2 Bcf/d of additional capacity at an anticipated aggregate cost of approximately $3.0 billion. Its revenue backlog was $15.6 billion as of September 30, 2025, which does not include $3.8 billion from the Texas Gateway Project; projects are expected to be completed through 2029, subject to regulatory approvals and permits.

  3. How much has Loews spent on share repurchases?

    Loews repurchased 0.6 million shares for $56 million in the third quarter of 2025 and an additional 0.3 million shares for $29 million between October 1 and October 31, 2025. Shares outstanding were 206.9 million at September 30, 2025, compared with 214.7 million previously.

  4. What is the state of Loews' parent-company liquidity and leverage?

    On September 30, 2025, the parent company had $3.6 billion of cash and investments and $1.8 billion of debt. Loews received $189 million from its subsidiaries in the third quarter, including $114 million in CNA dividends and $75 million in Boardwalk distributions.

  5. Why did the Corporate segment's results decline?

    Corporate segment net income decreased to $42 million from $73 million, primarily due to lower investment income from the parent company trading portfolio.

04—Continue

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