L · Q4 2025 Earnings

Neutral

Loews Corporation

Reported February 9, 2026

30-second summary

Loews closed 2025 with Q4 revenue of $4.73B (+4.1% YoY) and $1.94 GAAP EPS, with CNA core income of $317M on a 93.8% combined ratio (92.3% underlying, +90bps YoY) and Boardwalk EBITDA of $287M, roughly flat vs. $290M in Q4 2024 as recently completed growth projects and higher re-contracting rates offset higher legal expenses. Book value per share advanced to $90.71 ($95.89 ex-AOCI), continuing the YTD compounding arc — up from $79.49 at year-end 2024. No transcript available; this is a press-release read.

Headline numbers

EPS

Q4 FY2025

$1.94

Revenue

Q4 FY2025

$4.73B

+4.1% YoY

Key financials

Q4 FY2025

Metric	Q4 FY2025	YoY	Q3 FY2025	QoQ
Revenue	$4.73B	+4.1%	$4.67B	+1.3%
EPS	$1.94	—	$2.43	-20.2%

Guidance

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

Segment performance

Q4 FY2025

Segment	Q4 FY2025	YoY
CNA Financial	$3.828B	+3.8%
Boardwalk Pipelines	$0.619B	+7.3%
Loews Hotels & Co	$0.235B	-1.9%

Capital & returns

Q4 FY2025

Segment	Q4 FY2025
Parent Company Cash and Investments	$3.9 billion

Other KPIs

Q4 FY2025

Segment	Q4 FY2025
Book Value Per Share	$90.71
Book Value Per Share (ex-AOCI)	$95.89
CNA Combined Ratio	93.8%
CNA Underlying Combined Ratio	92.3%
CNA Core Income	$317 million
Boardwalk EBITDA	$287 million
Loews Hotels Adjusted EBITDA	$113 million

Management tone

No earnings call transcript was available for this quarter; tone analysis is not possible from the press release alone. The release contains no forward 2026 guidance, no qualitative outlook on commercial P&C pricing, and no incremental commentary on Boardwalk's growth project pipeline beyond the standing timeline (projects expected to be completed through 2029, subject to regulatory approvals and permits). Parent cash and investments of $3.9B is disclosed without commentary on deployment posture.

Answers to last quarter's watch list

CNA underlying combined ratio below 92% — 92.3% in Q4, a 90bps YoY deterioration from 91.4% in Q4 2024. This crosses the 92% threshold flagged last quarter, marking the first sign of margin pressure consistent with broader commercial P&C pricing rollover. Not catastrophic — full-year underlying combined ratio of 91.8% is only 30bps above 2024's 91.5% — but the direction has changed.

Resolved negatively

Boardwalk margin trajectory — Q4 EBITDA of $287M was essentially flat YoY vs. $290M, with full-year EBITDA of $1.17B up 8% vs. $1.09B. Recently completed growth projects and higher re-contracting rates are contributing, partially offset by higher legal expenses in the quarter.

Resolved positively

Loews Hotels Q4 trajectory — Adjusted EBITDA of $113M is +35% YoY vs. $84M, driven by three new Universal Orlando properties and higher ADR/occupancy at the other Universal properties. Revenue declined 2.1% YoY but EBITDA conversion is exceptionally strong. No 2026 group booking commentary in the release.

Resolved positively

Book value per share pace — Book value reached $90.71 ($95.89 ex-AOCI), up from $79.49 at year-end 2024 — an $11.22 YoY gain. Loews repurchased 8.9M shares for $782M in 2025 (1.0M for $98M in Q4). Parent cash and investments of $3.9B preserves deployment optionality.

Resolved positively

CNA prior-year development — The 1.5pt spread between Q4 headline (93.8%) and underlying (92.3%) combined ratio is essentially all catastrophe load; development-related items were ~0pts in Q4 2025 per the reconciliation.

Continue monitoring

What to watch into next quarter

CNA underlying combined ratio direction — Q4 at 92.3% (+90bps YoY) broke above the 92% line. Watch whether Q1 2026 holds at 92-93% or drifts further toward 94%, which would confirm commercial P&C pricing has rolled over.

Boardwalk EBITDA run-rate at $280M+ — Q4's $287M sets the bar. Watch whether Q1 2026 sustains this level as a baseline (consistent with completed-project economics and higher re-contracting rates) or whether the legal-expense drag persists.

2026 capital deployment posture — $3.9B parent cash and investments is a sizable war chest with no disclosed deployment framework. Watch the 10-K and Q1 release for any shift in buyback pace (2025 ran at $782M), dividend signaling, or strategic deployment commentary.

CNA dividend to parent — the cash-flow link supporting parent buybacks. Watch the 10-K for full-year upstream dividend total and any change in CNA's payout philosophy as its underlying margin softens.

Loews Hotels 2026 group booking commentary — none disclosed this quarter. Watch the Q1 release for any qualitative read on Orlando ADR/occupancy direction and whether the Universal property contribution continues compounding.

Sources

Loews Corporation Q4 2025 press release (Exhibit 99.1), filed with SEC: https://www.sec.gov/Archives/edgar/data/60086/000006008626000005/exhibit991-q42025.htm
Loews Corporation Q3 2025 press release (prior watch list context).

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