Loews (L) Q2 FY2026 earnings: revenue $4.7 billion, up 3.9% on the year

Loews Corp. (L) reported revenue of $4.7 billion for Q2 FY2026, the quarter ended 30 June 2026, up 3.9% on the same quarter a year earlier. Net income was $444 million, up 13.6% on the year, and diluted earnings per share $2.16. The figures are the company's own, from the 10-Q it filed with the SEC on 3 August 2026.

Revenue

$4.7 billion

+3.9% on the year · +3.9% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

12.9%

11.8% a year earlier

Q3 FY2024Q2 FY2026

Net income

$444 million

+13.6% on the year · +31.8% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$2.16

+15.5% on the year · +32.5% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Net income rose 14 percent: Net income attributable to Loews was $444 million, or $2.16 per share, against $391 million, or $1.87 per share, a year earlier. Management said the increase came from improved results across all consolidated subsidiaries.
CNA earnings up on investment results: CNA net income attributable to Loews was $294 million versus $274 million. Core income fell to $324 million from $335 million on lower underlying underwriting results, partly offset by higher net investment income.
Hotel earnings and EBITDA rose: Loews Hotels net income was $48 million versus $28 million, and adjusted EBITDA was $137 million versus $109 million, up about 26%. Occupancy rose to 81% from 78% and average daily rates rose 7%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	4,734	4,555	4,555	+3.9%	+3.9%
Operating income	612	463	539	+32.2%	+13.5%
Operating margin	12.9%	10.2%	11.8%
Interest expense	103	113	107	-8.8%	-3.7%
Pre-tax income	612	463	539	+32.2%	+13.5%
Income tax	141	109	123	+29.4%	+14.6%
Effective tax rate	23.0%	23.5%	22.8%
Net income	444	337	391	+31.8%	+13.6%
Net margin	9.4%	7.4%	8.6%
Diluted EPS	$2.16	$1.63	$1.87	+32.5%	+15.5%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	966	72.0	1,006	+1,241.7%	-4.0%
Capital expenditure	258	204	134	+26.5%	+92.5%
Free cash flow	708	-132	872		-18.8%
Free cash flow margin	15.0%	-2.9%	19.1%
Cash from investing	-1,121	994	-809
Cash from financing	-178	-714	-322
Buybacks	154	31.0	257	+396.8%	-40.1%
Dividends paid	13.0	13.0	13.0	0.0%	0.0%
Dividend per share	$0.06	$0.06	$0.06	0.0%	0.0%
Diluted shares, weighted	206m	206m	209m	-0.3%	-1.8%
Shares outstanding at period end	204m	206m	207m	-0.7%	-1.4%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	19,115	18,704	17,514	+2.2%	+9.1%
Non-controlling interest	917	887	875	+3.4%	+4.8%
Debt	8,914	8,933	7,942	-0.2%	+12.2%
Other liabilities	58,282	57,128	58,337	+2.0%	-0.1%
Total liabilities and equity	87,228	85,652	84,668	+1.8%	+3.0%
Fixed assets	10,862	10,775	10,666	+0.8%	+1.8%
Goodwill	483	348	349	+38.8%	+38.4%
Investments	5,598	5,274	4,452	+6.1%	+25.7%
Cash and equivalents	508	843	447	-39.7%	+13.6%
Other assets	69,777	68,412	68,754	+2.0%	+1.5%
Total assets	87,228	85,652	84,668	+1.8%	+3.0%

Questions

What was Loews' revenue in Q2 FY2026?

Loews (L) reported revenue of $4.7 billion for Q2 FY2026, the quarter ended 30 June 2026, up 3.9% on the same quarter a year earlier.

How much did Loews earn in Q2 FY2026?

Net income for Q2 FY2026 was $444 million, up 13.6% on the year, and diluted earnings per share $2.16.

When did Loews report Q2 FY2026 results?

Loews filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 3 August 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022 †	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	3,661	3,402	3,388	3,461	3,793	3,783	3,934	3,926	4,258	4,231	4,267	4,466	4,546	4,494	4,555	4,671	4,734	4,555	4,734	4,759
Operating income	459	439	235	-25.0	476	519	508	356	613	629	507	550	188	514	539	689	541	463	612	406
Operating margin	13%	13%	7%	-1%	13%	14%	13%	9%	14%	15%	12%	12%	4%	11%	12%	15%	11%	10%	13%	9%
Interest expense	100	96.0	96.0	92.0	94.0	95.0	91.0	94.0	96.0	103	114	114	110	105	107	112	113	113	103	101
Pre-tax income	459	439	235	-25.0	476	519	508	356	613	629	507	550	188	514	539	689	541	463	612	406
Tax rate	19%	20%	20%	n/a	18%	22%	24%	22%	22%	23%	22%	23%	-1%	24%	23%	22%	21%	24%	23%	21%
Net income	343	322	167	-22.0	355	375	360	253	446	457	369	401	187	370	391	504	402	337	444	306
Net margin	9%	9%	5%	-1%	9%	10%	9%	6%	10%	11%	9%	9%	4%	8%	9%	11%	8%	7%	9%	6%
Diluted EPS	$1.39	$1.29	$0.68	-$0.09	$1.49	$1.61	$1.58	$1.12	$1.99	$2.05	$1.67	$1.82	$0.87	$1.74	$1.87	$2.43	$1.93	$1.63	$2.16	$1.50
Operating cash flow	947	423	1,023	1,246	622	719	1,434	1,277	477	198	952	934	941	736	1,006	920	617	72.0	966	954
Capital expenditure	155	121	191	125	223	159	140	164	223	159	159	140	174	98.0	134	156	191	204	258	263
Free cash flow	792	302	832	1,121	399	560	1,294	1,113	254	39.0	793	794	767	638	872	764	426	-132	708	691
Buybacks	311	132	248	231	118	462	131	116	140	24.0	179	59.0	346	394	257	55.0	100	31.0	154	149
Dividends paid	16.0	16.0	15.0	15.0	15.0	15.0	14.0	14.0	14.0	14.0	14.0	14.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0
Shares outstanding	248m	246m	241m	237m	235m	228m	226m	223m	222m	221m	220m	218m	213m	210m	207m	207m	206m	206m	204m	202m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 June 2026, filed 3 August 2026: the filing.