LOEWS CORPORATION REPORTS NET INCOME OF $306 MILLION FOR THE THIRD QUARTER OF 2026

Higher revenue did not offset weaker insurance earnings, while hotel results improved and Loews continued repurchasing shares.

Rhea-AI Summary

Loews Corporation (NYSE: L) reported third-quarter 2026 net income of $306 million, down from the same quarter a year earlier. Earnings per share fell to $1.50 from $2.43, while revenue rose to $4,759 million from $4,671 million. CNA's net income attributable to Loews fell to $180 million from $371 million, including a $125 million unfavorable long-term care reserve impact after tax and noncontrolling interest. Loews expects higher investment yields to almost entirely offset that charge over time.

Boardwalk's net income fell to $85 million from $94 million; Hotels earned $16 million versus a $3 million loss. Nine-month net income fell to $1,087 million from $1,265 million. September 30 book value per share was $90.24, versus $90.71 at year-end. Parent cash and investments totaled $4.4 billion against $1.8 billion of debt. Loews repurchased $167 million of shares in the quarter and another $67 million through October 30.

13 points · 0 major

MixediHow this balance works

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 18 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointCNA premiums grew in Q3 2026: net earned premiums rose 2% and net written premiums rose 3%.
• Minor pointRevenue rose to $4,759 million in Q3 2026 from $4,671 million; nine-month revenue reached $14,048 million versus $13,720 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.Higher investment yields are expected to almost entirely offset CNA's reserve charge through investment income over time.
• Minor pointCNA nine-month investment income increased, supported by fixed-income income and common stock returns.
• Minor pointHotels net income improved to $16 million in Q3 2026 from a $3 million loss a year earlier.

8 minor points

• Minor pointHotels adjusted EBITDA, an adjusted earnings measure, rose 25% to $86 million in Q3 2026 from $69 million.
• Minor pointHotels nine-month net income rose to $90 million in 2026 from $25 million in 2025.
• Minor pointBoardwalk nine-month net income rose to $344 million in 2026 from $334 million, supported by transportation and storage revenues.
• Minor pointBoardwalk Q3 revenue rose to $616 million from $546 million; nine-month revenue increased to $1,823 million from $1,705 million.
• Minor pointHotels Q3 revenue rose to $250 million from $211 million; nine-month revenue increased to $780 million from $710 million.
• Minor pointBook value excluding accumulated other comprehensive income rose to $100.67 per share September 30 from $95.89 at year-end 2025.
• Minor pointQ3 share repurchases returned $167 million through purchases of 1.6 million shares.
• Minor pointOctober 1–30 repurchases totaled $67 million for an additional 0.6 million shares.

Negative

• Moderate pointQ3 2026 net income fell to $306 million from $504 million; EPS declined to $1.50 from $2.43.
• Moderate pointCNA earnings attributable to Loews fell to $180 million in Q3 from $371 million; nine-month earnings fell to $668 million from $897 million.
• Moderate pointCNA long-term care reserve updates had a $125 million unfavorable 2026 impact after tax and noncontrolling interest.
• Moderate pointCNA Q3 combined ratio, underwriting costs relative to premiums, worsened to 97.0% from 92.8%.
• Minor pointNine-month 2026 net income fell to $1,087 million from $1,265 million; EPS declined to $5.29 from $6.03.

13 minor points

• Minor pointCNA core income, an adjusted earnings measure, fell to $203 million in Q3 from $409 million; nine-month income fell to $752 million from $1,025 million.
• Minor pointCNA Q3 underlying combined ratio, excluding catastrophe and development-related items, worsened to 94.2% from 91.3%.
• Minor pointCNA Q3 underlying loss ratio rose 2.2 points year over year to 64.1%, unchanged from Q2 2026.
• Minor pointCNA nine-month combined ratio worsened to 98.6% from 95.1%, including unfavorable prior-year reserve development.
• Minor pointCNA nine-month underlying combined ratio worsened to 94.4% from 91.7%; its underlying loss ratio rose 2.5 points.
• Minor pointBoardwalk Q3 net income fell to $85 million from $94 million.
• Minor pointBoardwalk Q3 EBITDA, earnings before interest, taxes, depreciation and amortization, fell to $262 million from $267 million.
• Minor pointContinuum unrealized losses generated a $10 million charge, or $7 million after tax, in Q3 2026.
• Minor pointBoardwalk office relocation impairment cost $9 million, or $7 million after tax, in Q3 2026.
• Minor pointHotels Q3 joint-venture income decreased, reflecting lower room rates and higher operating expenses at Universal Orlando Resort.
• Minor pointCorporate Q3 net income fell to $25 million from $42 million, primarily on lower trading-portfolio investment income.
• Minor pointCorporate nine-month results fell to a $15 million loss from $9 million income, including higher refinancing-related interest expense.
• Minor pointBook value per share fell to $90.24 at September 30, 2026, from $90.71 at December 31, 2025.

Key Figures

Net income: $306 million vs. $504 million Net income per share: $1.50 vs. $2.43 CNA core income: $203 million vs. $409 million +4 more

Net income

$306 million vs. $504 million

Third quarter 2026 vs. third quarter 2025

Net income per share

$1.50 vs. $2.43

Third quarter 2026 vs. third quarter 2025

CNA core income

$203 million vs. $409 million

Third quarter 2026 vs. third quarter 2025

Property and Casualty combined ratio

97.0% vs. 92.8%

Third quarter 2026 vs. third quarter 2025

Book value per share excluding AOCI

$100.67 vs. $95.89

September 30, 2026 vs. December 31, 2025

Common shares repurchased

1.6 million shares for $167 million

Third quarter 2026

Additional common shares repurchased

0.6 million shares for $67 million

October 1–30, 2026

Previous Earnings Reports

2 past events · Latest: Aug 03

Same Type 2 events

1. Aug 03

   Quarterly earnings

   24h Move

   +0.2%

   Net income rose year over year to $444 million, or $2.16 per share.

2. May 04

   Quarterly earnings

   24h Move

   -5.9%

   Net income fell year over year to $337 million, or $1.63 per share.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

aoci, core income, combined ratio, underlying loss ratio, +2 more

6 terms

aoci financial

"Book value per share, excluding AOCI, increased to $100.67"

Accumulated Other Comprehensive Income (AOCI) is a section of owners’ equity that records certain unrealized gains and losses that aren’t shown in the company’s regular profit and loss statement—things like currency translation shifts, changes in the value of certain investments, or pension plan adjustments. Think of it as a separate holding jar for value swings the company hasn’t cashed in yet; investors watch it because large or volatile balances can change reported net worth and signal future earnings or balance-sheet risk when those items are realized.

core income financial

"Core income decreased to $203 million compared to $409 million"

Core income is a company's regular, recurring profit generated by its main business activities after stripping out one-time items, unusual gains or losses, and accounting quirks. Investors use it to judge the business’s sustainable earning power—like measuring a household’s steady paycheck rather than occasional bonuses—so it gives a clearer view of ongoing performance and helps compare companies over time.

combined ratio financial

"Property and Casualty's combined ratio increased by 4.2 points"

The combined ratio is a way insurance companies measure how well they are doing by adding up all their costs and claims and comparing them to the money they earn from premiums. If the ratio is below 100%, it means the company is making a profit; if it's above 100%, they are losing money. It helps see if an insurance company is financially healthy or not.

underlying loss ratio financial

"Property and Casualty's underlying loss ratio of 64.1%"

Underlying loss ratio measures the core insurance losses for a period as a share of the premiums earned during that same period, while excluding one-off events like major disasters, large prior-year adjustments, or other unusual items. For investors it reveals the steady, day-to-day profitability of an insurer’s underwriting—like checking a car’s fuel efficiency after removing the effect of a single long trip—to see if the business is sustainably earning more in premiums than it pays out in claims.

ebitda financial

"EBITDA decreased to $262 million compared to $267 million"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

View in glossary

non-gaap financial

"These non-GAAP measures are defined and reconciled"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, Nov. 2, 2026 /PRNewswire/ -- Loews Corporation (NYSE: L) today released its third quarter 2026 financial results.

Third Quarter 2026 highlights: 
Loews Corporation reported net income of $306 million, or $1.50 per share, in the third quarter of 2026, compared to $504 million, or $2.43 per share, in the third quarter of 2025. The following are key highlights of our third quarter results:

• CNA Financial Corporation's (NYSE: CNA) net income attributable to Loews Corporation decreased year-over-year primarily due to an unfavorable impact of $125 million (after-tax and noncontrolling interest) in 2026 from its annual long-term care reserve assumption updates, as well as lower Property and Casualty underlying underwriting results and higher catastrophe losses. The unfavorable long-term care reserve charge will almost entirely be offset by higher investment yields from recent investment portfolio actions. This anticipated benefit will flow through investment income over time.
• Boardwalk Pipelines' net income decreased year-over-year primarily due to higher operating expenses, including $14 million (after-tax) of charges related to net unrealized losses at Continuum and an impairment charge associated with the relocation of Boardwalk's corporate office. Excluding those items, results improved year-over-year, benefiting from higher gas transportation revenues.
• Loews Hotels' net income increased year-over-year primarily due to a higher overall average daily rate and an increase in occupied room nights across most of the portfolio, partially offset by lower equity income from joint ventures.
• Corporate segment net income decreased year-over-year primarily due to lower investment income from the parent company trading portfolio.
• Book value per share decreased to $90.24 as of September 30, 2026, from $90.71 as of December 31, 2025.
• Book value per share, excluding AOCI, increased to $100.67 as of September 30, 2026, from $95.89 as of December 31, 2025.
• On September 30, 2026, the parent company had $4.4 billion of cash and investments and $1.8 billion of debt.
• Loews Corporation repurchased 1.6 million shares of its common stock during the third quarter of 2026 for a total cost of $167 million.

Consolidated highlights:

	September 30,
	Three Months		Nine Months
(In millions)	2026	2025	2026	2025
Net Income (Loss) Attributable to Loews Corporation:
CNA Financial	$        180	$        371	$        668	$        897
Boardwalk Pipelines	85	94	344	334
Loews Hotels & Co	16	(3)	90	25
Corporate	25	42	(15)	9
Net income attributable to Loews Corporation	$        306	$        504	$     1,087	$     1,265
Net income per share attributable to Loews Corporation	$       1.50	$       2.43	$       5.29	$       6.03

	September 30, 2026		December 31, 2025
Book value per share	$                     90.24		$                     90.71
Book value per share excluding AOCI	$                   100.67		$                     95.89
Shares of common stock outstanding (in millions)	202.9		206.0

Three months ended September 30, 2026 compared to 2025

CNA:

• Net income attributable to Loews Corporation is $180 million compared to $371 million.
• Core income decreased to $203 million compared to $409 million primarily driven by an increase in long-term care reserves in 2026 resulting from the annual reserve review, lower Property and Casualty underlying underwriting results and higher catastrophe losses.
• The unfavorable impact of $125 million (after-tax and noncontrolling interest) due to CNA's long-term care reserve charge will almost entirely be offset by higher investment yields from recent investment portfolio actions. This anticipated benefit will flow through investment income over time.
• Net earned premiums grew by 2% and net written premiums grew by 3% for CNA's Property and Casualty business.
• Property and Casualty's combined ratio increased by 4.2 points to 97.0% compared to 92.8% largely due to a higher underlying loss ratio and higher catastrophe losses. Property and Casualty's underlying combined ratio increased to 94.2% from 91.3%.
• Property and Casualty's underlying loss ratio of 64.1% was consistent with the second quarter of 2026, but increased by 2.2 points compared to the prior year third quarter, mainly driven by higher loss cost trends and lower-than-expected rate in certain lines in recent quarters.
• Net investment income was relatively flat as lower limited partnership returns were partially offset by higher income from fixed income securities, as a result of a larger invested asset base and favorable reinvestment rates, and higher common stock returns.

Boardwalk:

• Net income is $85 million compared to $94 million.
• EBITDA decreased to $262 million compared to $267 million.
• Net income and EBITDA declined primarily due to $10 million ($7 million after tax) of net unrealized losses at Continuum and a $9 million ($7 million after tax) impairment charge related to the relocation of Boardwalk's corporate office.
• Excluding these two items, net income and EBITDA increased by $5 million and $14 million, driven by higher revenues from gas transportation due to higher contracting rates and utilization.

Loews Hotels:

• Net income increased to $16 million compared to a net loss of $3 million.
• Adjusted EBITDA increased 25% to $86 million compared to $69 million.
• Net income and adjusted EBITDA improved primarily due to higher overall average daily rates and an increase in occupied room nights across most of the portfolio, particularly at the Loews Miami Beach Hotel following the conclusion of its renovation at the end of 2025, as well as the Loews Hotels & Co Arlington hotel properties.
• Equity income from joint ventures decreased primarily due to lower average daily rate and higher operating expenses at the Universal Orlando Resort.

Corporate:

• Net income is $25 million compared to $42 million.
• Net income decreased primarily due to lower investment income from the parent company trading portfolio.

Nine months ended September 30, 2026 compared to 2025

Loews Corporation reported net income of $1,087 million, or $5.29 per share, compared to $1,265 million, or $6.03 per share, in 2025. The following are key highlights:

• CNA's net income attributable to Loews Corporation decreased primarily due to an unfavorable impact of $125 million (after-tax and noncontrolling interest) in 2026 from its annual long-term care reserve assumption updates and lower Property and Casualty underwriting results, partially offset by higher net investment income.
• Property and Casualty's combined ratio increased by 3.5 points to 98.6% compared to 95.1% largely due to a higher underlying loss ratio and unfavorable net prior year loss reserve development. Property and Casualty's underlying combined ratio was 94.4% compared to 91.7%.
• Property and Casualty's underlying loss ratio increased by 2.5 points, mainly driven by higher loss cost trends and lower-than-expected rate in certain lines in recent quarters.
• CNA's net investment income increased due to higher income from fixed income securities, as a result of a larger invested asset base and favorable reinvestment rates, as well as higher common stock returns, partially offset by lower limited partnership returns.
• Boardwalk's net income improved primarily due to an increase in gas transportation revenues from higher contracting rates and higher utilization-based and growth project revenues, as well as higher storage and parking and lending revenues, partially offset by higher operating expenses, including costs associated with growth projects.
• Loews Hotels' net income improved primarily due to a higher overall average daily rate and an increase in occupied room nights across most of the portfolio and higher equity income from joint ventures, driven by the Universal Orlando Resort, partially offset by higher operating expenses.
• Corporate segment results declined year-over-year primarily driven by lower investment income from the parent company trading portfolio and higher interest expense related to a recent debt refinancing.

Share Purchases:

• On September 30, 2026, there were 202.9 million shares of Loews common stock outstanding.
• During the three months ended September 30, 2026, Loews Corporation repurchased 1.6 million shares of its common stock for a total cost of $167 million.
• An additional 0.6 million shares were repurchased for $67 million between October 1, 2026 and October 30, 2026.
• Depending on market conditions, Loews may from time to time purchase shares of its and its subsidiaries' outstanding common stock in the open market (including, with respect to Loews common stock, in open market transactions that may or may not satisfy all of the conditions of the Rule 10b-18 voluntary safe harbor), in privately negotiated transactions or otherwise.

Reconciliation of GAAP Measures to Non-GAAP Measures

This news release contains financial measures that are not in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management believes some investors may find these measures useful to evaluate our and our subsidiaries' financial performance. CNA utilizes core income, underlying loss ratio and underlying combined ratio. Boardwalk utilizes earnings before interest, income tax expense, depreciation and amortization ("EBITDA"), and Loews Hotels utilizes Adjusted EBITDA. These non-GAAP measures are defined and reconciled to the most comparable GAAP measures on pages 6 through 8 of this release.

Earnings Remarks

For Loews Corporation

• Today, November 2, 2026, earnings remarks will be available on the Investors section of our website at www.loews.com.
• Remarks will include commentary from Loews's president and chief executive officer and chief financial officer.

For CNA

• Today, November 2, 2026, earnings remarks will be available on the Investor Relations section of CNA's website at www.cna.com.
• Remarks will include commentary from CNA's president and chief executive officer and chief financial officer.

About Loews Corporation

Loews Corporation is a diversified company with businesses in the insurance, energy, hospitality and packaging industries. For more information, please visit www.loews.com.

Forward-Looking Statements

Statements contained in this news release which are not historical facts are "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are inherently uncertain and subject to a variety of risks that could cause actual results to differ materially from those expected by the Company. A discussion of the important risk factors and other considerations that could materially impact these matters, as well as the Company's overall business and financial performance, can be found in the Company's reports filed with the Securities and Exchange Commission and readers of this release are urged to review those reports carefully when considering these forward-looking statements. Copies of these reports are available through the Company's website (www.loews.com). Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Any such forward-looking statements speak only as of the date of this news release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.

Loews Corporation and Subsidiaries Selected Financial Information
	September 30,
	Three Months		Nine Months
(In millions)	2026	2025	2026	2025
Revenues:
CNA Financial (a)	$      3,821	$      3,817	$     11,327	$     11,161
Boardwalk Pipelines	616	546	1,823	1,705
Loews Hotels & Co	250	211	780	710
Corporate investment income, net	72	97	118	144
Total	$      4,759	$      4,671	$     14,048	$     13,720
Income (Loss) Before Income Tax:
CNA Financial (a)	$         237	$         513	$         909	$      1,242
Boardwalk Pipelines (b)	114	124	458	443
Loews Hotels & Co	20	(3)	126	40
Corporate:
Investment income, net	75	97	126	146
Other (c)	(40)	(42)	(138)	(129)
Total	$         406	$         689	$      1,481	$      1,742
Net Income (Loss) Attributable to Loews Corporation:
CNA Financial (a)	$         180	$         371	$         668	$         897
Boardwalk Pipelines (b)	85	94	344	334
Loews Hotels & Co	16	(3)	90	25
Corporate:
Investment income, net	59	77	100	117
Other (c)	(34)	(35)	(115)	(108)
Net income attributable to Loews Corporation	$         306	$         504	$      1,087	$      1,265

(a)	The three months ended September 30, 2026 and 2025 include net investment losses of $9 million and $7 million ($7 million and $5 million after tax and noncontrolling interests). The nine months ended September 30, 2026 and 2025 include net investment losses of $32 million and $62 million ($23 million and $45 million after tax and noncontrolling interests).
(b)	Includes $10 million ($7 million after tax) of charges related to net unrealized losses at Continuum and a $9 million ($7 million after tax) impairment charge related to the relocation of Boardwalk's corporate office for the three and nine months ended September 30, 2026.
(c)	Consists of parent company interest expense, corporate expenses and the equity loss of Altium Packaging.

 

Loews Corporation and Subsidiaries Consolidated Financial Review
	September 30,
	Three Months		Nine Months
(In millions, except per share data)	2026	2025	2026	2025
Revenues:
Insurance premiums	$      2,829	$      2,783	$      8,285	$      8,103
Net investment income	713	743	2,087	2,065
Investment losses	(9)	(7)	(32)	(62)
Operating revenues and other	1,226	1,152	3,708	3,614
Total	4,759	4,671	14,048	13,720
Expenses:
Insurance claims and policyholders' benefits	2,347	2,032	6,691	6,144
Operating expenses and other	2,006	1,950	5,876	5,834
Total	4,353	3,982	12,567	11,978
Income before income tax	406	689	1,481	1,742
Income tax expense	(84)	(153)	(334)	(398)
Net income	322	536	1,147	1,344
Amounts attributable to noncontrolling interests	(16)	(32)	(60)	(79)
Net income attributable to Loews Corporation	$         306	$         504	$      1,087	$      1,265
Net income per share attributable to Loews Corporation	$        1.50	$        2.43	$        5.29	$        6.03
Weighted average number of shares	204.57	207.71	205.46	209.88

Definitions of Non-GAAP Measures and Reconciliation of GAAP Measures to Non-GAAP Measures:

CNA Financial Corporation

Core income is calculated by excluding from CNA's net income attributable to Loews Corporation the after-tax effects of investment gains or losses and gains or losses resulting from pension settlement transactions. In addition, core income excludes the effects of noncontrolling interests. The calculation of core income excludes investment gains or losses because they are generally driven by economic factors that are not necessarily reflective of CNA's primary insurance operations. The calculation of core income excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding CNA's defined benefit pension plans which are unrelated to its primary insurance operations.

The following table presents a reconciliation of CNA net income attributable to Loews Corporation to core income:

	September 30,
	Three Months		Nine Months
(In millions)	2026	2025	2026	2025
CNA net income attributable to Loews Corporation	$         180	$         371	$         668	$         897
Investment losses	7	6	24	49
Noncontrolling interests	16	32	60	79
Core income	$         203	$         409	$         752	$      1,025

In evaluating the results of Property & Casualty operations, CNA utilizes the loss ratio, the underlying loss ratio, the expense ratio, the dividend ratio, the combined ratio and the underlying combined ratio. These ratios are calculated using GAAP financial results. The loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums. The underlying loss ratio excludes the impact of catastrophe-related reinstatement premiums, catastrophe losses and development-related items from the loss ratio. Development-related items represent net prior year loss reserve and premium development, and includes the effects of interest accretion and change in allowance for uncollectible reinsurance. The expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums. The dividend ratio is the ratio of policyholders' dividends incurred to net earned premiums. The combined ratio is the sum of the loss ratio, the expense ratio and the dividend ratio. The underlying combined ratio is the sum of the underlying loss ratio, the expense ratio and the dividend ratio. The underlying loss ratio and the underlying combined ratio are deemed to be non-GAAP financial measures, and management believes some investors may find these ratios useful to evaluate CNA's underwriting performance since they remove the impact of catastrophes which are unpredictable as to timing and amount, and development-related items as they are not indicative of current year underwriting performance.

The following table presents a reconciliation of CNA's loss ratio to underlying loss ratio and CNA's combined ratio to underlying combined ratio:

	September 30,
	Three Months		Nine Months
	2026	2025	2026	2025
Loss ratio	66.9 %	63.4 %	68.3 %	65.0 %
Expense ratio	29.7	29.1	29.9	29.7
Dividend ratio	0.4	0.3	0.4	0.4
Combined ratio	97.0 %	92.8 %	98.6 %	95.1 %
Less: Effect of catastrophe impacts	2.8	1.5	2.9	2.6
Less: Effect of development-related items			1.3	0.8
Underlying combined ratio	94.2 %	91.3 %	94.4 %	91.7 %
Underlying loss ratio	64.1 %	61.9 %	64.1 %	61.6 %

Boardwalk Pipelines

EBITDA is defined as earnings before interest, income tax expense, depreciation and amortization. The following table presents a reconciliation of Boardwalk's net income attributable to Loews Corporation to its EBITDA:

	September 30,
	Three Months		Nine Months
(In millions)	2026	2025	2026	2025
Boardwalk net income attributable to Loews    Corporation	$          85	$          94	$         344	$         334
Interest, net	34	36	106	111
Income tax expense	29	30	114	109
Depreciation and amortization	114	107	337	333
EBITDA	$         262	$         267	$         901	$         887

Loews Hotels & Co

Adjusted EBITDA is calculated by excluding from Loews Hotels & Co's EBITDA, the noncontrolling interest share of EBITDA adjustments, gains or losses on asset acquisitions and dispositions, asset impairments, and equity method income, and including Loews Hotels & Co's pro rata Adjusted EBITDA of equity method investments. Pro rata Adjusted EBITDA of equity method investments is calculated by applying Loews Hotels & Co's ownership percentage to the underlying equity method investment's components of Adjusted EBITDA and excluding distributions in excess of basis.

The following table presents a reconciliation of Loews Hotels & Co net income (loss) attributable to Loews Corporation to its Adjusted EBITDA:

	September 30,
	Three Months		Nine Months
(In millions)	2026	2025	2026	2025
Loews Hotels & Co net income (loss) attributable to    Loews Corporation	$          16	$           (3)	$          90	$          25
Interest, net	11	14	35	43
Income tax expense	4		36	15
Depreciation and amortization	27	27	80	75
EBITDA	58	38	241	158
Noncontrolling interest share of EBITDA adjustments				(2)
Asset impairments			9
Equity investment adjustments:
Loews Hotels & Co's equity method income	(17)	(25)	(102)	(60)
Pro rata Adjusted EBITDA of equity method    investments	47	58	201	164
Consolidation adjustments	(2)	(2)	(2)	(1)
Adjusted EBITDA	$          86	$          69	$         347	$         259

The following table presents a reconciliation of Loews Hotels & Co's equity method income to the Pro rata Adjusted EBITDA of its equity method investments:

	September 30,
	Three Months		Nine Months
(In millions)	2026	2025	2026	2025
Loews Hotels & Co's equity method income	$            17	$            25	$          102	$            60
Pro rata share of equity method investments:
Interest, net	17	17	53	43
Income tax expense
Depreciation and amortization	16	17	51	45
Asset impairments				9
Distributions in excess of basis	(2)	(1)	1	7
Other adjustments	(1)		(6)
Pro rata Adjusted EBITDA of equity method    investments	$            47	$            58	$          201	$          164

 

View original content:https://www.prnewswire.com/news-releases/loews-corporation-reports-net-income-of-306-million-for-the-third-quarter-of-2026-302925360.html

SOURCE Loews Corporation

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Loews Corporation's third-quarter 2026 earnings?

Loews earned $306 million, or $1.50 per share, in the third quarter of 2026, compared with $504 million, or $2.43 per share, a year earlier. Revenue increased to $4,759 million from $4,671 million.

How much stock did Loews repurchase in the third quarter of 2026?

Loews repurchased 1.6 million shares for $167 million during the third quarter of 2026. It purchased another 0.6 million shares for $67 million between October 1 and October 30, 2026.

How did Boardwalk's third-quarter 2026 results compare excluding the two charges?

Excluding the Continuum unrealized losses and office relocation impairment, Boardwalk's net income increased by $5 million and EBITDA increased by $14 million year over year. Higher gas transportation revenue reflected higher contracting rates and utilization.