L · Q3 2025 Earnings

Neutral

Loews Corporation

Reported November 3, 2025

30-second summary

SENTIMENT: Constructive Loews posted $4.67B revenue (+4.6% YoY) and $2.43 GAAP EPS (+34% YoY), with net income of $504M up 26% YoY. CNA's underlying combined ratio improved 30bps YoY to 91.3% from 91.6% on light catastrophe losses ($41M, 1.5 points vs 5.8 points a year ago) and core income jumped 40% to $409M. Boardwalk EBITDA grew 7% YoY to $267M on higher re-contracting rates and completed growth projects. Book value per share advanced to $88.39 from $79.49 at year-end 2024 (+$8.90 YTD). No transcript available; this is a press-release read.

Headline numbers

EPS

Q3 FY2025

$2.43

Revenue

Q3 FY2025

$4.67B

+4.6% YoY

Key financials

Q3 FY2025

Metric	Q3 FY2025	YoY	Q2 FY2025	QoQ
Revenue	$4.67B	+4.6%	$4.55B	+2.5%
EPS	$2.43	—	$1.87	+29.9%

Guidance

No quantitative guidance provided in either prior or current quarter; unable to assess changes.

Segment performance

Q3 FY2025

Segment	Q3 FY2025	YoY
CNA Financial	$3.817B	+5.5%
Boardwalk Pipelines	$0.546B	+13.0%
Loews Hotels & Co	$0.211B	-6.6%

Other KPIs

Q3 FY2025

Segment	Q3 FY2025
CNA Combined Ratio	92.8%
CNA Underlying Combined Ratio	91.3%
CNA Catastrophe Losses	$41 million (1.5 points)
CNA Core Income	$409 million
Boardwalk EBITDA	$267 million
Boardwalk Revenue Backlog	$15.6 billion
Loews Hotels Adjusted EBITDA	$69 million
Book Value Per Share	$88.39

Management tone

No earnings call transcript was available for this quarter; tone analysis is not possible from the press release alone. The only forward-looking qualitative items in the release relate to multi-year Boardwalk project timelines (completion through 2029, pending permits) and standing share-repurchase authorization language. Neither signals a posture shift.

Answers to last quarter's watch list

CNA underlying combined ratio trajectory — 91.3% in Q3, a 30bps YoY improvement from 91.6%, and comfortably below the 92% threshold flagged last quarter. Pricing discipline is intact through Q3 despite industry-wide commercial P&C deceleration.

Resolved positively

Boardwalk EBITDA durability — EBITDA of $267M is +7% YoY ($249M prior-year period) on revenue +13%, indicating some YoY margin compression but continued absolute growth driven by re-contracting rates and completed growth projects. Backlog at $15.6B (plus $3.8B Texas Gateway) supports the long-term build-out story.

Resolved positively

Loews Hotels RevPAR commentary — Revenue fell 6.6% YoY but adjusted EBITDA grew 8% to $69M, driven by new Universal Orlando properties and higher ADR/occupancy at existing Orlando properties. Miami Beach renovations are a transient drag. The press release does not break out group vs transient.

Resolved positively

Parent-level buybacks — Loews repurchased 0.6 million shares for $56 million in Q3, plus an additional 0.3 million shares for $29 million between October 1 and October 31. Book value per share rose to $88.39 from $79.49 at year-end 2024 (+$8.90 YTD), reflecting both retained earnings and share count reduction.

Resolved positively

CNA dividend to parent — Not disclosed in the press release; CNA's separate filing and Loews' 10-Q will carry the upstream cash flow detail.

Continue monitoring

What to watch into next quarter

CNA underlying combined ratio below 92% — at 91.3% YoY-improved, watch whether Q4 holds the line or shows the first signs of commercial P&C pricing rolling over. A move above 92% would mark the inflection.

Boardwalk margin trajectory — Q3 showed revenue +13% but EBITDA only +7% YoY. Watch whether Q4 sees margin recovery as completed growth projects fully ramp, or whether re-contracting economics imply a structurally lower margin profile.

Loews Hotels Q4 trajectory — Q4 is seasonally softer for resort properties; watch whether the EBITDA growth continues as new Universal properties fully contribute and Miami Beach renovations roll off. Any qualitative commentary on 2026 group bookings would be the leading indicator.

Book value per share pace — $8.90 YTD gain is a strong compounding signal. Watch the 10-Q for the breakdown of buybacks vs retained earnings, and whether October's $29M repurchase pace continues into Q4.

CNA prior-year development — the nine-month underlying combined ratio of 91.7% vs the 95.1% headline implies meaningful unfavorable PYD YTD (release flags legacy mass tort abuse reserves). Watch Q4 for any incremental reserve charges, which would be the cleanest tell on reserve adequacy in casualty lines.

Sources

Loews Corporation Q3 2025 press release (Exhibit 99.1), filed with SEC: https://www.sec.gov/Archives/edgar/data/60086/000006008625000177/exhibit991-q32025.htm

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