Loews Corp Q3 2025 Earnings: A Deep Dive into their 10-Q Filing

Loews Corporation, a diversified holding company, recently released its financial results for the third quarter of 2025. Today, we'll dive into the numbers from their latest 10-Q filing to see what's driving the company's performance. As a holding company, Loews's success is tied to its diverse portfolio of subsidiaries, primarily CNA Financial (a major commercial property and casualty insurer), Boardwalk Pipelines (an energy infrastructure company), and Loews Hotels & Co.

A Strong Quarter at a Glance

Loews reported a solid performance in the third quarter, with total revenue reaching $4.7 billion. This resulted in a net income of $536 million, a significant 26% increase from the $425 million earned in the same period last year. This jump in profitability is also reflected in the earnings per share (EPS), which rose to $2.43 from $1.83 a year ago.

To better visualize how the company generated its profit, the following flow diagram breaks down the quarterly revenue and shows how it's allocated across various expenses to arrive at the final net income.

Performance by Division

The strength of Loews's diversified business model is evident when looking at the performance of its individual segments. The company's two largest subsidiaries were the primary engines of growth this quarter.

• CNA Financial: The insurance giant continues to be the cornerstone of Loews's portfolio, contributing the lion's share of revenue at $3.8 billion. The segment generated an operating income of approximately $549 million for the quarter. Insurance claims and related benefits were the single largest expense for Loews, totaling over $2.0 billion, which is expected for a business of this scale.

• Boardwalk Pipelines: The energy transportation and storage business delivered a strong performance, with revenues of $546 million. This division was solidly profitable, with an operating income of about $164 million, underscoring the steady demand for its energy infrastructure services.

• Loews Hotels & Co: In contrast to the other major segments, the hospitality division faced some headwinds. With revenues of $211 million, the segment posted a small operating loss of $10 million for the quarter.

Key Takeaways

Loews Corp's third-quarter results highlight the benefits of its diversified structure. The impressive strength of its insurance and pipeline operations more than compensated for the softer performance in its hotel business. The significant year-over-year growth in net income and EPS signals healthy momentum in its core profit centers. For investors, Loews's performance is a clear reflection of the collective health of its underlying—and quite different—businesses.