NYSE : L
Loews Corporation — Financial statements
Financials · Insurance - Property & Casualty · United States
Last price 111.69 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 22.83B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 11.08B | 10.90B | 10.21B | 9.48B | 8.67B | 8.18B |
| Total Interest & Dividend Income | 2.46B | 2.44B | 2.42B | 2.18B | 1.80B | 1.86B |
| Gain (Loss) on Sale of Investments | 12.00M | -18.00M | 12.00M | -15.00M | -196.00M | 683.00M |
| Non-Insurance Activities Revenue | 1.49B | 1.58B | 1.61B | 1.62B | 1.57B | 1.43B |
| Other Revenue | 3.74B | 3.56B | 3.26B | 2.63B | 2.19B | 2.51B |
| Total Revenue | 18.78B | 18.45B | 17.51B | 15.90B | 14.04B | 14.66B |
| Policy Benefits | 8.84B | 8.29B | 7.74B | 7.07B | 6.65B | 6.37B |
| Policy Acquisition & Underwriting Costs | 1.92B | 1.90B | 1.80B | 1.64B | 1.49B | 1.44B |
| Selling, General & Administrative | 4.25B | 4.09B | 4.17B | 3.39B | 3.05B | 2.96B |
| Non-Insurance Activities Expense | 1.43B | 1.53B | 1.55B | 1.54B | 1.47B | 1.33B |
| Total Operating Expenses | 16.45B | 15.81B | 15.25B | 13.65B | 12.67B | 12.10B |
| Operating Income | 2.34B | 2.65B | 2.26B | 2.25B | 1.38B | 2.56B |
| Interest Expense | -430.00M | -437.00M | -441.00M | -376.00M | -378.00M | -424.00M |
| Earnings From Equity Investments | 115.00M | 74.00M | 58.00M | 120.00M | 139.00M | 26.00M |
| EBT Excluding Unusual Items | 2.02B | 2.28B | 1.87B | 2.00B | 1.14B | 2.16B |
| Asset Writedown | -25.00M | |||||
| Pretax Income | 2.02B | 2.28B | 1.87B | 2.00B | 1.11B | 2.16B |
| Income Tax Expense | 447.00M | 511.00M | 380.00M | 451.00M | 223.00M | 475.00M |
| Earnings From Continuing Ops. | 1.57B | 1.77B | 1.49B | 1.54B | 891.00M | 1.69B |
| Minority Interest in Earnings | -86.00M | -105.00M | -80.00M | -111.00M | -69.00M | -123.00M |
| Net Income | 1.49B | 1.67B | 1.41B | 1.43B | 822.00M | 1.56B |
| Net Income to Common | 1.49B | 1.67B | 1.41B | 1.43B | 822.00M | 1.56B |
| Shares Outstanding (Basic) | 205.69M | 208.96M | 220.26M | 227.48M | 242.83M | 259.67M |
| Shares Outstanding (Diluted) | 205.78M | 209.10M | 220.53M | 227.81M | 243.28M | 260.20M |
| EPS (Basic) | 7.24 | 7.98 | 6.42 | 6.30 | 3.39 | 6.02 |
| EPS (Diluted) | 7.23 | 7.97 | 6.41 | 6.29 | 3.38 | 6.00 |
| Free Cash Flow | 1.69B | 2.70B | 2.39B | 3.22B | 2.65B | 2.14B |
| Free Cash Flow Per Share | 8.23 | 12.91 | 10.85 | 14.14 | 10.91 | 8.23 |
| Dividend Per Share | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 |
| Operating Margin | 12.44% | 14.34% | 12.89% | 14.16% | 9.81% | 17.45% |
| Profit Margin | 7.93% | 9.03% | 8.08% | 9.02% | 5.85% | 10.66% |
| Free Cash Flow Margin | 9.01% | 14.63% | 13.67% | 20.26% | 18.90% | 14.61% |
| EBITDA | 2.95B | 3.26B | 2.84B | 2.79B | 1.89B | 3.07B |
| EBITDA Margin | 15.73% | 17.64% | 16.22% | 17.55% | 13.46% | 20.97% |
| D&A For EBITDA | 617.00M | 610.00M | 583.00M | 538.00M | 512.00M | 515.00M |
| EBIT | 2.34B | 2.65B | 2.26B | 2.25B | 1.38B | 2.56B |
| EBIT Margin | 12.44% | 14.34% | 12.89% | 14.16% | 9.81% | 17.45% |
| Effective Tax Rate | 22.11% | 22.38% | 20.28% | 22.60% | 20.02% | 21.99% |
| Revenue as Reported | 18.78B | 18.45B | 17.51B | 15.90B | 14.04B | 14.66B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 42.30B | 43.35B | 41.06B | 40.42B | 37.63B | 44.37B |
| Investments in Equity & Preferred Securities | 4.35B | 5.03B | 4.52B | 4.22B | 3.97B | 4.34B |
| Other Investments | 6.86B | 7.24B | 5.72B | 5.52B | 5.98B | 5.95B |
| Total Investments | 53.51B | 56.25B | 52.07B | 50.37B | 47.65B | 54.67B |
| Cash & Equivalents | 505.00M | 495.00M | 541.00M | 399.00M | 532.00M | 621.00M |
| Reinsurance Recoverable | 6.38B | 6.05B | 5.41B | 5.42B | 5.46B | |
| Other Receivables | 11.55B | 4.60B | 4.47B | 4.25B | 3.99B | 3.81B |
| Deferred Policy Acquisition Cost | 1.01B | 986.00M | 959.00M | 896.00M | 806.00M | 737.00M |
| Property, Plant & Equipment | 11.02B | 11.00B | 11.06B | 11.02B | 10.36B | 10.16B |
| Goodwill | 475.00M | 349.00M | 347.00M | 347.00M | 346.00M | 349.00M |
| Other Intangible Assets | 151.00M | 111.00M | 109.00M | |||
| Long-Term Deferred Tax Assets | 16.00M | 39.00M | 54.00M | 274.00M | 45.00M | |
| Long-Term Deferred Charges | 2.87B | 3.22B | 3.52B | 3.66B | 3.67B | 3.48B |
| Other Long-Term Assets | 4.39B | 3.05B | 2.88B | 2.64B | 2.42B | 2.18B |
| Total Assets | 85.33B | 86.35B | 81.94B | 79.20B | 75.57B | 81.63B |
| Accrued Expenses | 416.00M | 53.00M | 110.00M | 79.00M | 133.00M | 90.00M |
| Insurance & Annuity Liabilities | 12.44B | 14.01B | 13.67B | 14.46B | 13.98B | 13.74B |
| Unpaid Claims | 27.92B | 26.60B | 24.98B | 23.30B | 22.12B | 24.17B |
| Unearned Premiums | 7.71B | 7.63B | 7.35B | 6.93B | 6.37B | 5.76B |
| Current Portion of Long-Term Debt | 1.05B | 4.00M | 1.08B | 853.00M | 93.00M | |
| Current Portion of Leases | 56.00M | 1.00M | 1.00M | 1.00M | ||
| Long-Term Debt | 8.42B | 8.44B | 8.94B | 7.92B | 8.16B | 8.98B |
| Long-Term Leases | 322.00M | 409.00M | 388.00M | 401.00M | 369.00M | |
| Long-Term Deferred Tax Liabilities | 550.00M | 839.00M | 550.00M | 398.00M | 243.00M | 1.08B |
| Other Long-Term Liabilities | 4.59B | 3.42B | 3.33B | 3.26B | 3.22B | 3.46B |
| Total Liabilities | 66.19B | 66.71B | 64.01B | 62.67B | 60.37B | 62.45B |
| Common Stock | 2.00M | 2.00M | 2.00M | 2.00M | 2.00M | 2.00M |
| Additional Paid-In Capital | 2.34B | 2.37B | 2.49B | 2.59B | 2.75B | 2.88B |
| Retained Earnings | 18.43B | 17.38B | 16.46B | 15.62B | 14.93B | 14.78B |
| Treasury Stock | -348.00M | -18.00M | -7.00M | -12.00M | -3.00M | |
| Comprehensive Income & Other | -2.12B | -1.07B | -1.87B | -2.50B | -3.32B | 186.00M |
| Total Common Equity | 18.30B | 18.69B | 17.07B | 15.70B | 14.35B | 17.85B |
| Minority Interest | 839.00M | 955.00M | 871.00M | 821.00M | 852.00M | 1.33B |
| Shareholders' Equity | 19.14B | 19.64B | 17.94B | 16.52B | 15.20B | 19.18B |
| Total Liabilities & Equity | 85.33B | 86.35B | 81.94B | 79.20B | 75.57B | 81.63B |
| Filing Date Shares Outstanding | 202.23M | 206.05M | 212.86M | 222.20M | 235.00M | 248.20M |
| Total Common Shares Outstanding | 202.85M | 206.00M | 214.70M | 222.17M | 235.96M | 248.42M |
| Total Debt | 8.94B | 9.86B | 9.35B | 9.39B | 9.42B | 9.44B |
| Net Cash (Debt) | -8.43B | -9.37B | -8.81B | -8.99B | -8.88B | -8.82B |
| Net Cash Per Share | -40.98 | -44.81 | -39.94 | -39.45 | -36.52 | -33.90 |
| Book Value Per Share | 90.23 | 90.71 | 79.49 | 70.69 | 60.81 | 71.84 |
| Tangible Book Value | 17.83B | 18.34B | 16.72B | 15.21B | 13.89B | 17.39B |
| Tangible Book Value Per Share | 87.89 | 89.01 | 77.87 | 68.44 | 58.87 | 70.00 |
| Machinery | 13.51B | 13.30B | 12.89B | 12.33B | 12.05B | |
| Construction In Progress | 357.00M | 247.00M | 764.00M | 513.00M | 340.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.49B | 1.67B | 1.41B | 1.43B | 822.00M | 1.56B |
| Depreciation & Amortization | 610.00M | 610.00M | 583.00M | 538.00M | 512.00M | 515.00M |
| Gain (Loss) on Sale of Investments | -127.00M | -127.00M | -119.00M | -138.00M | 70.00M | -741.00M |
| Change in Accounts Receivable | -340.00M | -408.00M | -929.00M | -268.00M | -316.00M | -1.41B |
| Change in Insurance Reserves / Liabilities | 1.95B | 1.67B | 2.37B | 1.67B | 2.06B | 2.48B |
| Change in Other Net Operating Assets | -275.00M | -51.00M | 408.00M | -183.00M | -254.00M | -49.00M |
| Other Operating Activities | 167.00M | 339.00M | 133.00M | 347.00M | 106.00M | 413.00M |
| Operating Cash Flow | 2.61B | 3.28B | 3.02B | 3.91B | 3.31B | 2.62B |
| Capital Expenditures | -916.00M | -579.00M | -632.00M | -686.00M | -660.00M | -482.00M |
| Sale of Property, Plant & Equipment | 16.00M | 80.00M | ||||
| Cash Acquisitions | -206.00M | -401.00M | ||||
| Investment in Securities | -435.00M | -2.17B | -1.35B | -1.48B | -1.53B | -1.29B |
| Other Investing Activities | 41.00M | -82.00M | 9.00M | -178.00M | -171.00M | 87.00M |
| Investing Cash Flow | -1.52B | -2.83B | -1.98B | -2.75B | -2.35B | -1.19B |
| Long-Term Debt Issued | 1.40B | 1.29B | 778.00M | 573.00M | 1.20B | |
| Total Debt Repaid | -1.97B | -869.00M | -1.37B | -878.00M | -640.00M | -1.19B |
| Net Debt Issued (Repaid) | -515.00M | 532.00M | -72.00M | -100.00M | -67.00M | 6.00M |
| Repurchases of Common Stock | -434.00M | -806.00M | -608.00M | -849.00M | -729.00M | -1.14B |
| Common Dividends Paid | -52.00M | -52.00M | -55.00M | -57.00M | -61.00M | -65.00M |
| Other Financing Activities | -147.00M | -187.00M | -163.00M | -294.00M | -180.00M | -94.00M |
| Financing Cash Flow | -1.15B | -513.00M | -898.00M | -1.30B | -1.04B | -1.29B |
| Foreign Exchange Rate Adjustments | -7.00M | 16.00M | -10.00M | 5.00M | -19.00M | -4.00M |
| Net Cash Flow | -62.00M | -46.00M | 142.00M | -133.00M | -89.00M | 143.00M |
| Free Cash Flow | 1.69B | 2.70B | 2.39B | 3.22B | 2.65B | 2.14B |
| Free Cash Flow Margin | 9.01% | 14.63% | 13.67% | 20.26% | 18.90% | 14.61% |
| Free Cash Flow Per Share | 8.23 | 12.91 | 10.85 | 14.14 | 10.91 | 8.23 |
| Levered Free Cash Flow | 2.27B | 1.54B | 1.60B | 2.82B | -1.07B | 1.92B |
| Unlevered Free Cash Flow | 2.54B | 1.81B | 1.88B | 3.05B | -837.75M | 2.18B |
| Cash Interest Paid | 421.00M | 421.00M | 422.00M | 385.00M | 380.00M | 391.00M |
| Cash Income Tax Paid | 381.00M | 381.00M | 403.00M | 304.00M | 376.00M | 256.00M |
| Change in Working Capital | 461.00M | 781.00M | 1.08B | 1.71B | 1.57B | 948.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 22.57B | 21.76B | 18.44B | 15.54B | 13.85B | 14.65B |
| Enterprise Value | 31.00B | 31.57B | 28.32B | 24.67B | 23.06B | 24.27B |
| PE Ratio | 13.53 | 13.05 | 13.04 | 10.83 | 16.85 | 9.38 |
| PS Ratio | 1.22 | 1.18 | 1.05 | 0.98 | 0.99 | 1.00 |
| PB Ratio | 1.19 | 1.11 | 1.03 | 0.94 | 0.91 | 0.76 |
| P/FCF Ratio | 12.89 | 8.06 | 7.71 | 4.82 | 5.22 | 6.84 |
| P/OCF Ratio | 8.84 | 6.64 | 6.10 | 3.98 | 4.18 | 5.59 |
| EV/Sales Ratio | 1.67 | 1.71 | 1.62 | 1.55 | 1.64 | 1.66 |
| EV/EBITDA Ratio | 9.63 | 9.70 | 9.97 | 8.84 | 12.20 | 7.90 |
| EV/EBIT Ratio | 11.88 | 11.93 | 12.55 | 10.96 | 16.73 | 9.49 |
| EV/FCF Ratio | 17.66 | 11.69 | 11.84 | 7.66 | 8.69 | 11.34 |
| Debt / Equity Ratio | 0.47 | 0.50 | 0.52 | 0.57 | 0.62 | 0.49 |
| Debt / EBITDA Ratio | 2.95 | 2.96 | 3.20 | 3.26 | 4.76 | 2.98 |
| Debt / FCF Ratio | 5.28 | 3.65 | 3.91 | 2.91 | 3.55 | 4.41 |
| Net Debt / Equity Ratio | 0.44 | 0.48 | 0.49 | 0.54 | 0.58 | 0.46 |
| Net Debt / EBITDA Ratio | 2.85 | 2.88 | 3.10 | 3.22 | 4.70 | 2.87 |
| Net Debt / FCF Ratio | 4.98 | 3.47 | 3.68 | 2.79 | 3.35 | 4.12 |
| Quick Ratio | 0.49 | 0.32 | 0.31 | 0.28 | 0.31 | 0.30 |
| Current Ratio | 0.49 | 0.51 | 0.51 | 0.47 | 0.50 | 0.49 |
| Asset Turnover | 0.22 | 0.22 | 0.22 | 0.20 | 0.18 | 0.18 |
| Return on Equity (ROE) | 8.21% | 9.43% | 8.67% | 9.74% | 5.18% | 8.79% |
| Return on Assets (ROA) | 1.71% | 1.97% | 1.75% | 1.82% | 1.10% | 1.98% |
| Return on Invested Capital (ROIC) | 6.38% | 7.23% | 6.77% | 6.90% | 4.14% | 6.83% |
| Earnings Yield | 7.39% | 7.66% | 7.67% | 9.23% | 5.93% | 10.66% |
| FCF Yield | 7.76% | 12.41% | 12.97% | 20.73% | 19.16% | 14.61% |
| Dividend Yield | 0.23% | 0.24% | 0.29% | 0.36% | 0.43% | 0.42% |
| Payout Ratio | 3.06% | 3.12% | 3.89% | 3.98% | 7.42% | 4.16% |
| Buyback Yield / Dilution | 3.89% | 5.18% | 3.20% | 6.36% | 6.50% | 7.18% |
| Total Shareholder Return | 4.11% | 5.42% | 3.49% | 6.72% | 6.93% | 7.60% |