Loews Corporation (L) delivered a strong finish to 2025, posting fourth-quarter net income that more than doubled compared to the same period in 2024. The conglomerate reported net income of $402 million, or $1.94 per share, versus $187 million, or 86 cents per share, a year earlier.
The earnings surge wasn't primarily about operational fireworks—it's largely a story of what didn't happen this year. The prior year's results took a hit from a pension settlement charge, and the absence of that drag helped boost the bottom line significantly.
The Numbers Behind the Quarter
Total revenue climbed to $4.74 billion from $4.55 billion in the year-ago period, showing solid top-line momentum across the business.
Book value metrics also improved. As of December 31, 2025, book value per share rose to $90.71 from $79.49 at the end of 2024. Excluding accumulated other comprehensive income (AOCI), book value increased to $95.89 from $88.18 at December 31, 2024.
The parent company's balance sheet showed $3.9 billion in cash and investments against $1.8 billion of debt as of year-end. Loews also returned capital to shareholders during the quarter, repurchasing 1.0 million shares for $98 million.
CNA Financial: Higher Contribution, Lower Core Income
CNA Financial Corporation (CNA), Loews' insurance subsidiary, contributed $276 million in net income attributable to Loews—a substantial increase from just $19 million in the prior-year quarter.
Here's where things get interesting: despite the higher contribution to Loews, CNA's core income actually declined to $317 million from $342 million a year ago. The culprit? An unfavorable charge related to transferring the asbestos and environmental pollution loss portfolio.
On the positive side, net investment income at CNA increased, driven by higher income from fixed-income securities. The insurance business showed growth elsewhere too, with net written premiums up 2% and earned premiums climbing 5% year over year. However, CNA's Property and Casualty underwriting income rose by just 0.7 points due to a higher underlying loss ratio.
Hotels Show Mixed Results
The Loews Hotels segment saw net income decline to $6 million from $27 million in the year-ago quarter. But adjusted EBITDA tells a different story—it jumped 35% year over year to $113 million. The boost came from adding three new properties at the Universal Orlando Resort, combined with higher average daily rates and improved occupancy at existing Universal Orlando properties.
Boardwalk Pipelines Faces Legal Headwinds
The Boardwalk segment posted net income of $110 million compared to $145 million in the same quarter last year. EBITDA slipped slightly to $287 million from $290 million in the prior-year period.
The pressure on both metrics came from increased legal expenses, which weighed on the pipeline business's bottom line.
Price Action: Loews shares traded up 1.33% at $112.75 on Monday, hitting a new 52-week high.
