Loews Corporation Reports $1.67 Billion Net Income for 2025, Driven by CNA Financial and Boardwalk Pipelines

Loews Corporation reported net income attributable to Loews Corporation of $1.67 billion, or $7.97 per diluted share, for the year ended December 31, 2025, compared to $1.41 billion, or $6.41 per diluted share, for the previous year. The increase in net income was primarily driven by improved performance in its CNA Financial and Boardwalk Pipelines segments. The company's total assets reached $86.35 billion as of December 31, 2025, compared to $81.94 billion the year prior.

CNA Financial contributed significantly to Loews' overall performance, with net income attributable to Loews Corporation increasing to $1.17 billion in 2025 from $879 million in 2024. This increase was primarily due to higher property and casualty underwriting income and net investment income, partially offset by unfavorable net prior year loss reserve development related to legacy mass tort abuse reserves. Boardwalk Pipelines also saw an increase in net income attributable to Loews Corporation, rising to $444 million from $413 million, driven by increased transportation revenues from higher re-contracting rates, recently completed growth projects, and higher utilization-based revenue, as well as increased storage and parking and lending revenues. These gains were partially offset by higher operating costs and depreciation expenses at Boardwalk Pipelines.

Loews Hotels & Co experienced a decrease in net income attributable to Loews Corporation, falling to $31 million from $70 million. This decline was primarily due to an asset impairment charge, higher interest expense, and renovations at the Loews Miami Beach Hotel, partially offset by improved results at the Universal Orlando Resort hotels and the Loews Arlington Hotel and Convention Center, which was open for the entirety of 2025. The Corporate segment also saw a decrease in net income attributable to Loews Corporation, declining to $19 million from $52 million, primarily due to lower investment income from the parent company trading portfolio.

Boardwalk Pipelines is actively pursuing growth projects, with approximately $3.3 billion in expected aggregate costs through 2030. These projects are expected to increase capacity on its pipeline systems by an aggregate of 4.2 Bcf/d and its storage working gas capacity by 10 Bcf. As of December 31, 2025, Boardwalk Pipelines has spent $135 million on these growth projects. These projects remain contingent upon, among other things, the receipt of required regulatory approvals and permits and are subject to construction risk. Loews Hotels & Co expects to begin the replacement of the existing Arlington Sheraton Hotel with the Americana by Loews Hotels in Arlington, Texas in 2026. The new hotel, which Loews Hotels & Co will wholly own and manage, is expected to be completed in 2029, and is planned to be an approximately 500 guestroom hotel with more than 83,000 square feet of total indoor and outdoor function space.