Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Revenue from Contracts with Customers

Disaggregation of revenues – Revenue from contracts with customers, other than insurance premiums, is reported as Non-insurance warranty revenue and within Operating revenues and other on the Consolidated Statements of Operations. The following table presents revenues from contracts with customers disaggregated by revenue type along with the reportable segment and a reconciliation to Operating revenues and other as reported in Note 19:

Year Ended December 31	2025		2024		2023
(In millions)
Non-insurance warranty – CNA Financial	$	1,577	$	1,609	$	1,624
Transportation and storage of natural gas and NGLs and ethane supply and transportation services – Boardwalk Pipelines	$	2,263	$	1,987	$	1,582
Lodging and related services – Loews Hotels & Co	911		906		778
Total revenues from contracts with customers	3,174		2,893		2,360
Other revenues	105		98		95
Operating revenues and other	$	3,279	$	2,991	$	2,455

Receivables from contracts with customers – As of December 31, 2025 and 2024, receivables from contracts with customers were approximately $252 million and $240 million and are included within Receivables on the Consolidated Balance Sheets.

Deferred revenue – As of December 31, 2025 and 2024, deferred revenue resulting from contracts with customers was approximately $4.2 billion and $4.6 billion and is reported as Deferred non-insurance warranty revenue and within Other liabilities on the Consolidated Balance Sheets. The decrease in the deferred revenue balance for the year ended December 31, 2025 was primarily driven by recognized revenue from prior periods outpacing new growth in CNA’s non-insurance warranty business. Approximately $1.4 billion and $1.5 billion of revenues recognized during each of the years ended December 31, 2025 and 2024 were included in deferred revenue as of January 1, 2025 and 2024.

Contract costs – As of December 31, 2025 and 2024, the Company had approximately $3.2 billion and $3.5 billion of costs to obtain contracts with customers related to CNA for amounts paid to dealers and other agents to obtain non-insurance warranty contracts, which are reported as Deferred non-insurance warranty acquisition expenses on the Consolidated Balance Sheets. For the years ended December 31, 2025 and 2024, amortization expense of $1.2 billion is reported as Non-insurance warranty expense on the Consolidated Statement of Operations. There were no adjustments to deferred costs recorded for the years ended December 31, 2025 and 2024.

Performance obligations – As of December 31, 2025, approximately $23.6 billion of estimated operating revenues is expected to be recognized in the future related to outstanding performance obligations. The balance relates primarily to revenues for transportation and storage services for natural gas and natural gas liquids, olefins and other hydrocarbons (“NGLs”) and certain ethane supply contracts at Boardwalk Pipelines and non-insurance warranty revenue at CNA. Included in the balance are $9.9 billion of revenues that are anticipated under executed precedent or long-term firm transportation agreements associated with Boardwalk Pipelines’ growth projects. Approximately $2.9 billion is expected to be recognized during 2026, $2.3 billion in 2027 and the remainder in following years. The actual timing of recognition may vary due to factors outside of the Company’s control.