10-Q · May 4, 2026
Loews Corporation's Q1 2026 results indicate a revenue increase but a slight decline in EPS compared to the previous year. Revenue reached $4.555 billion, exceeding estimates by $61 million, while EPS came in at $1.63,…
Earnings analysis · 10-Q
L earnings analysis
Filed August 3, 2026 · Our reading of the company's report
The latest report
Loews delivered stronger Q2 results, with revenue of $4.734 billion, net income attributable to Loews of $444 million and EPS of $2.16, up 3.9%, 13.6% and 15.5%, respectively, from the prior-year quarter. Hotels and…
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Loews delivered stronger Q2 results, with revenue of $4.734 billion, net income attributable to Loews of $444 million and EPS of $2.16, up 3.9%, 13.6% and 15.5%, respectively, from the prior-year quarter. Hotels and Boardwalk provided the clearest operating momentum, while CNA benefited from investment income but experienced meaningful underwriting deterioration. Liquidity improved at the parent, but Boardwalk’s expansion program materially lifted capital intensity and carries approval, timing and cost risk.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.16
What stood out
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Revenue and EPS rose year over year
Q2 revenue was $4.734 billion, up $179 million (3.9%) from $4.555 billion a year earlier and up $174 million (3.8%) from $4.560 billion in Q1 2026. Diluted EPS rose to $2.16 from $1.87 year over year and $1.63 sequentially.
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Hotels drove strong earnings growth
Loews Hotels & Co net income increased $20 million to $48 million as operating revenue rose $23 million to $245 million, aided by higher average daily rates and occupied room nights.
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Boardwalk growth offsets higher costs
Boardwalk Pipelines net income increased $12 million to $100 million and EBITDA increased $5 million to $279 million. Revenue grew $39 million to $576 million, led by $14 million higher gas transportation revenue and $22 million higher product sales.
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Parent liquidity strengthened
Parent cash and investments, net of receivables and payables, increased to $4.4 billion at June 30, 2026 from $3.9 billion at December 31, 2025. The parent received $885 million of subsidiary distributions during the first six months, including $735 million from CNA.
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Boardwalk is investing heavily in expansion
Boardwalk operating cash flow was $541 million for the first six months, essentially flat with $542 million a year earlier. Capital expenditures rose to $344 million from $122 million, including $269 million of growth capex.
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CNA investment income supported profits
CNA net investment income rose $39 million to $701 million, while pretax investment losses narrowed to $5 million from $46 million. These investment gains helped CNA net income attributable to Loews increase $20 million to $294 million despite weaker underwriting.
What to watch
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CNA underwriting profitability deteriorated
CNA Property & Casualty underwriting gain declined $58 million to $92 million. Its combined ratio worsened 2.4 points to 96.5%, while the underlying combined ratio rose 2.5 points to 94.2%.
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Large pipeline buildout raises execution risk
Boardwalk expects approximately $3.4 billion of growth-project spending through 2030 and had spent $381 million through June 30, 2026. It also had approximately $626 million of binding material-purchase commitments; projects remain contingent on regulatory approvals, permits and construction execution.
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Risk disclosures unchanged; portfolio losses remain
Item 1A reports no material changes to risk factors versus the 2025 Form 10-K. Nevertheless, CNA held $23.236 billion of available-for-sale fixed maturities in gross unrealized loss positions, with $2.396 billion of gross unrealized losses at June 30, 2026.
Management's outlook
The 10-Q provides no consolidated revenue or EPS guidance. Boardwalk has executed agreements supporting approximately $3.4 billion of growth projects through 2030, with $9.4 billion of anticipated contract revenues, but timing and costs remain subject to permits, regulatory approvals and construction risks.
Earlier filings 4
10-Q · November 3, 2025
Loews reported Q3 revenue of $4,671 million, up $205 million (+4.6%) versus the prior-year quarter, and diluted EPS of $2.43, up $0.61 from $1.82. Income before income taxes increased to $689 million (from $550 million)…
10-Q · August 4, 2025
Loews reported quarter revenue of $4,555 million, up $288 million (+6.7%) versus Q2 2024, with diluted EPS rising to $1.87 from $1.67. Insurance premiums and net investment income were key drivers; operating cash flow…
10-K · February 11, 2025
Loews Corporation’s 2024 10-K highlights a diversified holding-company strategy centered on its insurance (CNA), pipelines (Boardwalk) and hospitality (Loews Hotels) businesses, with recent hotel openings and portfolio…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.