LOEWS
L · NYSEFire, Marine & Casualty Insurance · Fiscal year ends Dec 31
LOEWS reported revenue of $3.2B in the fiscal year ended Dec 2025, up 9.7% from the year before. Net income was $1.7B. Operating cash flow of $3.3B less capital expenditure of $579M left free cash flow of $2.7B. Net debt was $7.9B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $2B | $2.1B | $2.4B | $2.9B | $3.2B |
| Interest expense | $424M | $378M | $376M | $441M | $437M |
| Pre-tax income | $2.2B | $1.1B | $2B | $1.9B | $2.3B |
| Income tax | $475M | $223M | $451M | $380M | $511M |
| Net income | $1.6B | $822M | $1.4B | $1.4B | $1.7B |
| Diluted EPS | 6.00 | 3.38 | 6.29 | 6.41 | 7.97 |
| Diluted shares | 260M | 243M | 228M | 221M | 209M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $621M | $532M | $399M | $541M | $495M |
| Net PP&E | $9.9B | $10B | $10.7B | $10.7B | $10.7B |
| Goodwill | $349M | $346M | $347M | $347M | $349M |
| Total assets | $81.6B | $75.6B | $79.2B | $81.9B | $86.3B |
| Deferred revenue | $4.5B | $4.8B | – | – | – |
| Long-term debt | $9B | $8.2B | $7.9B | $8.9B | $8.4B |
| Total liabilities | $62.5B | $60.4B | $62.7B | $64B | $66.7B |
| Shareholders' equity | $17.8B | $14.3B | $15.7B | $17.1B | $18.7B |
| Backlog (remaining obligations) | $13.4B | $13.7B | $14.2B | $18.6B | $23.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.6B | $3.3B | $3.9B | $3B | $3.3B |
| Capital expenditure | $482M | $660M | $686M | $632M | $579M |
| Free cash flow | $2.1B | $2.7B | $3.2B | $2.4B | $2.7B |
| Depreciation & amortisation | $503M | $509M | $534M | $580M | $607M |
| Stock-based compensation | $33M | $34M | $36M | $39M | $41M |
| Acquisitions | – | – | $401M | – | – |
| Share buybacks | $1.1B | $729M | $849M | $608M | $806M |
| Dividends paid | $65M | $61M | $57M | $55M | $52M |
| Dividend per share | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 4.1% | 13.1% | 22.6% | 9.7% |
| EPS growth (YoY) | – | −43.7% | 86.1% | 1.9% | 24.3% |
| Net margin | 77.9% | 39.4% | 60.8% | 48.9% | 52.5% |
| Return on equityBlank when equity is negative | 8.8% | 5.7% | 9.1% | 8.3% | 8.9% |
| Free cash flow margin | 106.8% | 127.2% | 136.5% | 82.7% | 85.1% |
| Cash conversion (CFO ÷ net income) | 1.68x | 4.03x | 2.72x | 2.14x | 1.97x |
| Debt ÷ equity | 0.50x | 0.57x | 0.50x | 0.52x | 0.45x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $8.4B | $7.6B | $7.5B | $8.4B | $7.9B |
Recent filings
More in Fire, Marine & Casualty Insurance
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.