---
title: One earnings season, two directions: growth names raise guidance as insurers absorb reserve charges
description: Tempus, Marriott and Axsome reported growth and raised their outlooks, while Loews and CNA counted the cost of long-term care reserve updates.
canonical: https://hangingcontext.com/stories/2026-11-02/q3-splits-growth-from-reserves/
last-updated: 2026-11-02
url: https://hangingcontext.com/stories/2026-11-02/q3-splits-growth-from-reserves/
published: 2026-11-02T12:32:05Z
edition: 2026-11-02T12
newsroom: finance-investing
beat: None
trust: confirmed
source_count: 5
cited_manifest_ids: ['1793621155069839132', '1793620979651304667', '1793621351443632725', '1793617632871198122', '1793617938438608819']
---

# One earnings season, two directions: growth names raise guidance as insurers absorb reserve charges

*Tempus, Marriott and Axsome reported growth and raised their outlooks, while Loews and CNA counted the cost of long-term care reserve updates.*

Confirmed · 5 sources · Finance & Investing · Published 2026-11-02 12:32 UTC

## Key facts

- The company says Tempus AI reported third quarter 2026 revenue of $411.5 million, up 23 percent on a year earlier, and raised full-year revenue guidance to $1.60 to $1.605 billion. (self-reported) [cites: 1793621155069839132]
- The company says Marriott reported third quarter global RevPAR growth of 6.5 percent and raised full-year RevPAR growth guidance to 4.5 to 5 percent. (self-reported) [cites: 1793620979651304667]
- The company says Axsome reported third quarter total net product revenue of $259.7 million and narrowed its net loss to $12.9 million. (self-reported) [cites: 1793621351443632725]
- The company says Loews reported third quarter net income of $306 million, with a $125 million after-tax charge at CNA from long-term care reserve updates. (self-reported) [cites: 1793617632871198122]
- The company says CNA reported third quarter net income of $196 million and core income of $203 million, after a $137 million after-tax impact from long-term care reserve assumption updates. (self-reported) [cites: 1793617938438608819]

## Growth names raise the bar

The company says Tempus AI reported third quarter 2026 revenue of $411.5 million, an increase of 23 percent compared with the same period in 2025, and increased its full-year 2026 revenue guidance to $1.60 to $1.605 billion. The company says it expects full-year Adjusted EBITDA of approximately $65 million, after reporting third quarter Adjusted EBITDA of $25.6 million against $1.5 million a year earlier, and a third quarter net loss of $14.9 million against $80.0 million a year earlier. That combination of faster revenue, a smaller loss and a raised outlook is the clearest growth signal in this set of filings. [cites: 1793621155069839132]

Tempus is also using partnerships and deals to extend that growth. The company says it announced a multi-year strategic collaboration with Merck and Moderna to support commercialisation of their individualized neoantigen therapy class of drugs, entered a strategic collaboration with Bristol Myers Squibb to license oncology data and models for up to $137.5 million over five years, and entered a data licensing agreement with Bristol Myers Squibb alongside Pathos for Alzheimer or dementia patients worth $55 million over five years. It also cleared regulatory review for its acquisition of Personalis, with a shareholder meeting planned for November 30, 2026, and received two FDA 510(k) clearances for Tempus ECG-PH and ECG-MR. [cites: 1793621155069839132]

Marriott tells a similar demand story from a different sector. The company says it reported third quarter 2026 global RevPAR growth of 6.5 percent and reported diluted earnings per share of $3.04, with Adjusted diluted EPS of $3.02 and Adjusted EBITDA of $1,512 million. It raised its full-year 2026 global RevPAR growth outlook to 4.5 to 5 percent, added approximately 20,100 net rooms globally during the quarter, and ended the quarter with about 309 million Marriott Bonvoy members and a development pipeline of over 4,200 properties and more than 634,000 rooms. The company says it returned approximately $4.0 billion to shareholders through dividends and share repurchases year to date through October 28, 2026, including repurchasing 3.5 million shares for $1.3 billion in the quarter. [cites: 1793620979651304667]

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Axsome completes the growth side. The company says it reported total net product revenue of $259.7 million for the third quarter of 2026 and a net loss of $12.9 million. By product, the company says AUVELITY net product sales were $207.6 million, SUNOSI net product revenue was $48.2 million, and SYMBRAVO net product sales were $3.9 million. It initiated the SUMMIT Phase 3 trial for AXS-05 in August 2026, expects topline results in the second half of 2027, and believes its current cash is sufficient to fund anticipated operations into cash flow positivity. Total cost of revenue was $17.8 million and research and development expenses were $50.6 million in the quarter. [cites: 1793621351443632725]

## Insurers count a reserve charge

Loews shows the other side of the season. The company says it reported net income of $306 million for the third quarter of 2026, with CNA Financial recording an unfavourable impact of $125 million after tax from long-term care reserve updates. The company says Loews Hotels and Co adjusted EBITDA increased 25 percent to $86 million, while Boardwalk Pipelines EBITDA decreased to $262 million from $267 million a year earlier, and the CNA Property and Casualty combined ratio increased by 4.2 points to 97.0 percent. Loews repurchased 1.6 million shares for $167 million during the quarter, held $4.4 billion in cash and investments at the parent company as of September 30, 2026, reported book value per share of $90.24, and parent company debt of $1.8 billion. CNA management expects the long-term care reserve charge to be offset by higher investment yields over time. [cites: 1793617632871198122]

CNA own filing gives the fuller picture of that charge. The company says CNA reported third quarter net income of $196 million and core income of $203 million. The Property and Casualty segment delivered core income of $397 million, while the Life and Group segment produced a core loss of $171 million, and annual long-term care reserve assumption updates resulted in an unfavourable after-tax impact of $137 million. The P and C combined ratio was 97.0 percent, P and C segments generated net written premium growth of 3 percent, and catastrophe losses were $78 million pretax in the quarter. CNA declared a quarterly cash dividend of $0.48 per share, payable December 3, 2026, to stockholders of record on November 16, 2026. [cites: 1793617938438608819]

## What the split means

Read together, the five filings describe a season divided by what drives the result. Tempus, Marriott and Axsome are reporting operating momentum and, in the first two cases, raising guidance on the back of it. Loews and CNA are reporting a quarter shaped by an annual reserve assumption update in long-term care, a charge that hits reported income even while their property and casualty operations continue to produce core income. That distinction matters for bankers comparing headline earnings across sectors: a reserve charge and a demand shortfall are not the same event, even when both reduce the bottom line. [cites: 1793621155069839132, 1793620979651304667, 1793621351443632725, 1793617632871198122, 1793617938438608819]

The forward markers to watch are concrete. Tempus has a Personalis shareholder meeting planned for November 30, 2026, and Axsome expects SUMMIT topline results in the second half of 2027. CNA has a dividend payable December 3, 2026, and its management expects higher investment yields to offset the reserve charge over time. Whether those markers land as described will determine whether this quarter split was a one-off accounting moment for insurers or the start of a longer divergence between growth earnings and reserve-heavy balance sheets. [cites: 1793621155069839132, 1793621351443632725, 1793617938438608819, 1793617632871198122]

## What is still unresolved

- Whether Tempus closes the Personalis acquisition after the planned November 30, 2026 shareholder meeting.
- Whether Axsome SUMMIT topline results in the second half of 2027 support its path to cash flow positivity.
- Whether higher investment yields offset the CNA long-term care reserve charge over time, as CNA management expects.

## Decision card

- **Useful for:** Bankers comparing growth earnings against reserve-driven earnings; Lenders tracking guidance raises versus one-off charges
- **Not for:** Anyone treating company-reported guidance as a guaranteed outcome; Investors seeking advice on buying or selling any named stock
- **Compare against:** Next quarter reported results for the same five companies; Full-year guidance against full-year reported results

## Provenance ledger

| Manifest id | Title | Source | Claims used | Published |
|---|---|---|---|---|
| `1793621155069839132` | 8-K - Current report | [sec-company-0001717115](https://sec.gov/Archives/edgar/data/1717115/000119312526442619/tem-ex99_1.htm) | 1793621407189709320, 1793621407192771707, 1793621407194596310, 1793621407205962672, 1793621407203057008, 1793621407196017304, 1793621407197311317, 1793621407199823914, 1793621407200002302, 1793621407202497769 | 11-02 00:00 |
| `1793620979651304667` | 8-K - Current report | [sec-company-0001048286](https://sec.gov/Archives/edgar/data/1048286/000104828626000040/mar-2026q3xex99earningsrel.htm) | 1793621224189686212, 1793621224197686053, 1793621224192701124, 1793621224194855256, 1793621224195360095, 1793621224198773679, 1793621224202776675, 1793621224204417383, 1793621224201665033, 1793621224200864602 | 11-02 00:00 |
| `1793621351443632725` | 8-K - Current report | [sec-company-0001579428](https://sec.gov/Archives/edgar/data/1579428/000119312526442628/axsm-ex99_1.htm) | 1793621629865819231, 1793621629872309373, 1793621629868693169, 1793621629869102178, 1793621629871706818, 1793621629874275606, 1793621629875722181, 1793621629877473923, 1793621629878967272, 1793621629880138850 | 11-02 00:00 |
| `1793617632871198122` | 8-K - Current report | [sec-company-0000060086](https://sec.gov/Archives/edgar/data/60086/000006008626000054/exhibit991-q32026.htm) | 1793617922696895224, 1793617922699504030, 1793617922702704174, 1793617922705981980, 1793617922708430188, 1793617922700050225, 1793617922703901663, 1793617922706595602, 1793617922709612212, 1793617922710697386 | 11-02 00:00 |
| `1793617938438608819` | 8-K - Current report | [sec-company-0000021175](https://sec.gov/Archives/edgar/data/21175/000002117526000055/q32026exhibit991.htm) | 1793618226522974347, 1793618226525270952, 1793618226529037231, 1793618226526687989, 1793618226527259121, 1793618226533479183, 1793618226535629635, 1793618226536623393, 1793618226530709090, 1793618226532358829 | 11-02 00:00 |

## Run these Manifests yourself

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1. **Get a Synorb Key.** Click Generate Free Agent Key at https://synorb.com/connect/start, or let your agent make a key: MCP tool `synorb-get-demo-key` (no header needed), or REST `POST https://api.synorb.com/api/connect/demo-key` with a JSON body such as `{"client":"your-agent-name"}`. The key is the `api_key` field of the answer. Save the key. The 72 Hour Agent Demo key needs no email. It lasts 72 hours and can pull up to 25 Manifests. It includes 5 Beacons; all of them are starter Beacons.
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Cited Manifest ids:

- `1793621155069839132`
- `1793620979651304667`
- `1793621351443632725`
- `1793617632871198122`
- `1793617938438608819`

```sh
for id in 1793621155069839132 1793620979651304667 1793621351443632725 1793617632871198122 1793617938438608819; do
  curl -s -H "Authorization: Bearer $SYNORB_KEY" "https://api.synorb.com/manifests/by-id/$id"
done
```

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