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Loews 8-K Report, Financial Results (Feb 9, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 9, 2026
Period End
February 9, 2026
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. Leadership change8-K · Feb ’18Feb ’18
  2. Deal closed8-K · Apr ’20Apr ’20
  3. Leadership change8-K · May ’25May ’25

01—Abstract

Summary

Summary of the 8-K filed February 9, 2026. Cited figures are marked; the original filing is the authoritative source.

Loews Corporation reported net income of $402 milliona, or $1.94 per share, for the fourth quarter of 2025, compared with $187 million, or $0.86 per share, in the fourth quarter of 2024.

The prior-year quarter included a $265 millionb after-tax and noncontrolling-interest pension settlement charge at CNA. For the full year 2025, net income was $1,667 million, or $7.97 per share, versus $1,414 million, or $6.41 per share, in 2024. Book value per share rose to $90.71 from $79.49, and book value per share excluding AOCI rose to $95.89 from $88.18 at December 31, 2024.

Segment results were mixed. CNA's net income attributable to Loews was $276 millionc in the quarter, while Boardwalk Pipelines' fell to $110 million from $145 million, largely because of a $36 million tax benefit recorded in the prior-year quarter. Loews Hotels' quarterly net income declined to $6 million, including a $20 million after-tax impairment tied to the planned Arlington Sheraton replacement, even though adjusted EBITDA rose 35% to $113 million.

Loews repurchased 8.9 million shares in 2025 for $782 milliond. The parent company held $3.9 billion of cash and investments against $1.8 billion of debt at year-end. The filing also highlights the Boardwalk litigation, in which the Delaware Supreme Court found that the Boardwalk general partner breached the partnership agreement in connection with the 2018 purchase of minority units.

Claims for tortious interference and unjust enrichment were remanded to the Delaware Chancery Court. In the earnings remarks, management described the potential judgment as exceeding $1.0 billion and said material events are not expected until at least the end of 2026.

02—Key points

Key Highlights

  1. Q4 2025 net income attributable to Loews was $402 million ($1.94 per share), up from $187 million ($0.86 per share) in Q4 2024, which included a $265 million after-tax CNA pension settlement charge.
  2. Full-year 2025 net income was $1,667 million ($7.97 per share), compared with $1,414 million ($6.41 per share) in 2024.
  3. Book value per share increased to $90.71 from $79.49; excluding AOCI, it increased to $95.89 from $88.18.
  4. CNA contributed $276 million of Q4 net income versus $19 million a year earlier; its combined ratio rose to 93.8% from 93.1% on a higher underlying loss ratio.
  5. Boardwalk Pipelines' Q4 net income fell to $110 million from $145 million, and management is pursuing about $3.3 billion of projects under development, including the $1.0 billion Kosci Junction and $1.3 billion Texas Gateway projects.
  6. Loews Hotels' Q4 net income was $6 million, reflecting a $20 million after-tax impairment, while adjusted EBITDA rose to $113 million from $84 million.
  7. Loews repurchased 8.9 million shares for $782 million in 2025, and the parent company had $3.9 billion of cash and investments against $1.8 billion of debt at December 31, 2025.

03—Questions

Frequently Asked Questions

  1. How did Loews perform in the fourth quarter and full year of 2025?

    Loews reported Q4 2025 net income of $402 million ($1.94 per share), up from $187 million in Q4 2024, which included a $265 million after-tax CNA pension charge. For full-year 2025, net income was $1,667 million ($7.97 per share), compared with $1,414 million ($6.41 per share) in 2024.

  2. What is the status of the Boardwalk litigation?

    In December 2025 the Delaware Supreme Court found that the Boardwalk general partner breached the partnership agreement in connection with the 2018 minority unit purchase. Tortious interference and unjust enrichment claims were remanded to the Delaware Chancery Court. Management said it is defending the case vigorously and does not expect material events until at least the end of 2026.

  3. What drove the decline in Boardwalk and Loews Hotels net income in Q4?

    Boardwalk's Q4 net income declined to $110 million from $145 million mainly because the prior-year quarter included a $36 million income tax benefit; EBITDA was $287 million versus $290 million. Loews Hotels' Q4 net income fell to $6 million from $27 million, primarily due to a $20 million after-tax asset impairment related to the planned Arlington Sheraton replacement, although its adjusted EBITDA rose to $113 million from $84 million.

  4. How much capital did Loews return to shareholders and what is its balance sheet position?

    Loews repurchased 1.0 million shares for $98 million in Q4 2025 and 8.9 million shares for $782 million in 2025. At December 31, 2025, the parent company had $3.9 billion of cash and investments and $1.8 billion of debt, and shares outstanding were 206.0 million.

04—Continue

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