Loews (L) financial statements
Loews reported revenue of $18.5B in fiscal 2025, up 3.9% a year over 9 years.
Net income was $1.7B and the operating margin 12.4%, against 7.1% in 2016.
Free cash flow was $2.7B, and the company returned $52M in dividends and $806M in net buybacks.
The diluted share count fell 38% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Loews's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.1B | $13.7B | $14.1B | $14.9B | $12.6B | $14.7B | $14.0B | $15.9B | $17.5B | $18.5B |
| Cost of revenue | $271M | $299M | $923M | $1.1B | — | — | — | — | — | — |
| Gross profit | $12.8B | $13.4B | $13.1B | $13.8B | — | — | — | — | — | — |
| Operating income | $936M | $1.6B | $834M | $1.1B | -$1.5B | $2.2B | $1.1B | $2.0B | $1.9B | $2.3B |
| Interest expense | $536M | $646M | $574M | $591M | $515M | $424M | $378M | $376M | $441M | $437M |
| Pre-tax income | $936M | $1.6B | $834M | $1.1B | -$1.5B | $2.2B | $1.1B | $2.0B | $1.9B | $2.3B |
| Income tax | $220M | $170M | $128M | $248M | -$173M | $475M | $223M | $451M | $380M | $511M |
| Net income | $654M | $1.2B | $636M | $932M | -$931M | $1.6B | $822M | $1.4B | $1.4B | $1.7B |
| EPS (diluted) | $1.93 | $3.45 | $1.99 | $3.07 | -$3.32 | $6.00 | $3.38 | $6.29 | $6.41 | $7.97 |
| Diluted shares | 338M | 338M | 320M | 303M | 280M | 260M | 243M | 228M | 221M | 209M |
| Gross margin | 97.9% | 97.8% | 93.4% | 92.8% | — | — | — | — | — | — |
| Operating margin | 7.1% | 11.5% | 5.9% | 7.5% | -11.6% | 14.7% | 7.9% | 12.6% | 10.7% | 12.4% |
| Net margin | 5.0% | 8.5% | 4.5% | 6.2% | -7.4% | 10.7% | 5.9% | 9.0% | 8.1% | 9.0% |
Balance sheet
Fiscal years, from Loews's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $5.1B | $5.1B | $4.3B | $5.0B | $5.2B | $5.5B | $5.4B | $4.8B | $5.1B | $6.5B |
| Property, plant and equipment | $15.2B | $15.4B | $15.5B | $15.6B | $10.5B | $9.9B | $10.0B | $10.7B | $10.7B | $10.7B |
| Goodwill | $346M | $659M | $665M | $767M | $785M | $349M | $346M | $347M | $347M | $349M |
| Total assets | $76.6B | $79.6B | $78.3B | $82.2B | $80.2B | $81.6B | $75.6B | $79.2B | $81.9B | $86.3B |
| Long-term debt | $10.7B | $11.3B | $11.4B | $11.5B | $10.1B | $9.0B | $8.2B | $7.9B | $8.9B | $8.4B |
| Total liabilities | $53.2B | $55.0B | $56.9B | $60.3B | $61.1B | $62.5B | $60.4B | $62.7B | $64.0B | $66.7B |
| Shareholders' equity | $18.2B | $19.2B | $18.5B | $19.1B | $17.9B | $17.8B | $14.3B | $15.7B | $17.1B | $18.7B |
| Net debt | $10.3B | $10.8B | $11.0B | $11.1B | $9.6B | $8.4B | $7.6B | $7.5B | $8.4B | $7.9B |
Cash flow
Fiscal years, from Loews's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.3B | $2.6B | $4.2B | $1.7B | $1.7B | $2.6B | $3.3B | $3.9B | $3.0B | $3.3B |
| Capital spending | $1.4B | $1.0B | $995M | $1.0B | $710M | $482M | $660M | $686M | $632M | $579M |
| Free cash flow | $803M | $1.6B | $3.2B | $700M | $1.0B | $2.1B | $2.7B | $3.2B | $2.4B | $2.7B |
| Stock-based compensation | $32M | $33M | $35M | $37M | $37M | $33M | $34M | $36M | $39M | $41M |
| Dividends paid | $84M | $84M | $80M | $76M | $70M | $65M | $61M | $57M | $55M | $52M |
| Share buybacks (net) | -$134M | -$216M | -$1.0B | -$1.1B | -$923M | -$1.1B | -$729M | -$849M | -$608M | -$806M |
| Net borrowing | $196M | $656M | -$178M | $120M | $933M | $6M | -$67M | -$100M | -$72M | $532M |
| Free cash flow margin | 6.1% | 11.4% | 22.9% | 4.7% | 8.2% | 14.6% | 18.9% | 20.3% | 13.7% | 14.6% |
| Dividends per share | $0.25 | $0.25 | $0.25 | $0.25 | $0.25 | $0.25 | $0.25 | $0.25 | $0.25 | $0.25 |
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Open L in InvestinglyQuestions
What was Loews's revenue in 2025?
$18.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Loews generate?
$2.7B in fiscal 2025 (operating cash flow minus capital spending).
From Loews's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.