Loews Corporation (L) Balance Sheet
L balance sheet, 2025
December 31, 2025 · U.S. dollars$86.35B assets = $66.71B liabilities + $19.64B equity
Both columns are drawn to the same scale: what L owns equals what it owes plus shareholders’ equity. Hover a block for its value.
L financial health
Debt / equity0.51
Moderate leverage · $0.51 of debt for each $1 of equity
Cash / debt90.2%
Partial cover · cash & short-term investments vs total debt
Goodwill & intangibles1.5%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
L balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $76.59B2016 | $86.35B2025 | +1.3%/yr | |
| Total liabilities | $53.23B2016 | $66.71B2025 | +2.5%/yr | |
| Shareholders’ equity | $18.16B2016 | $18.69B2025 | +0.3%/yr | |
| Cash & short-term investments | $45.98B2016 | $8.56B2025 | −17.0%/yr | |
| Total debt | $10.78B2016 | $9.49B2025 | −1.4%/yr | |
| Net cash (debt) | $35.21B2016 | −$928.0M2025 | −$36.1B | |
| Working capital | −$17.86B2016 | −$20.77B2025 | −$2.9B | |
| Book value per share | $53.692016 | $89.362025 | +5.8%/yr | |
| Debt / equity | 0.592016 | 0.512025 | −0.09 | |
| Shares outstanding | 338.3M2016 | 209.1M2025 | −5.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
L assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
L liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
L debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
L balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $8.56B | $7.67B | $5.89B | $43.08B | $49.85B | $49.76B | $47.15B | $43.82B | $46.60B | $45.98B |
| Cash & equivalents | $495.0M | $541.0M | $399.0M | $532.0M | $621.0M | $478.0M | $336.0M | $405.0M | $472.0M | $327.0M |
| Short-term investments | $8.07B | $7.12B | $5.49B | $42.55B | $49.23B | $49.28B | $46.81B | $43.41B | $46.13B | $45.66B |
| Receivables | $10.98B | $10.51B | $9.21B | $9.40B | $8.90B | $7.45B | $7.28B | $7.57B | $7.20B | $7.23B |
| Inventory | $0 | $0 | −$62.42B | −$59.58B | −$10.91B | −$9.99B | −$9.82B | $0 | $0 | $0 |
| Other current assets | $0 | $0 | $62.42B | $59.58B | $10.91B | $2.53B | $0 | $0 | $0 | $0 |
| Total current assets | $19.54B | $18.18B | $15.10B | $52.49B | $58.75B | $49.76B | $2.55B | $2.05B | $472.0M | $327.0M |
| Property, plant & equipment (net) | $10.70B | $10.74B | $10.72B | $10.03B | $9.89B | $10.45B | $15.57B | $15.51B | $15.43B | $15.23B |
| Goodwill & intangible assets | $1.33B | $1.31B | $498.0M | $1.26B | $458.0M | $1.40B | $1.41B | $1.28B | $1.30B | $488.0M |
| Long-term investments | $54.18B | $50.02B | $48.25B | $46.77B | $53.94B | $53.84B | $51.25B | $48.19B | $52.23B | $50.71B |
| Other non-current assets | $596.0M | $1.70B | $4.63B | $0 | $0 | $0 | $11.46B | $11.29B | $10.16B | $9.84B |
| Total assets | $86.35B | $81.94B | $79.20B | $75.57B | $81.63B | $80.24B | $82.24B | $78.32B | $79.59B | $76.59B |
| Liabilities | ||||||||||
| Accounts payable | $53.0M | $110.0M | $79.0M | $133.0M | $90.0M | $92.0M | $108.0M | $42.0M | $60.0M | $150.0M |
| Short-term debt | $1.05B | $5.0M | $1.08B | $854.0M | $93.0M | $37.0M | $77.0M | $17.0M | $280.0M | $110.0M |
| Deferred revenue | $7.63B | $7.35B | $6.93B | $6.37B | — | — | — | — | — | — |
| Total current liabilities | $40.32B | $37.52B | $1.16B | $34.44B | $183.0M | $129.0M | $185.0M | $17.62B | $18.08B | $18.19B |
| Long-term debt | $8.44B | $8.94B | $7.92B | $8.16B | $8.99B | $10.07B | $11.46B | $11.36B | $11.25B | $10.67B |
| Other long-term liabilities | $17.95B | $17.55B | $53.59B | $17.76B | $53.28B | $50.89B | $48.75B | $45.53B | $43.49B | $42.42B |
| Total liabilities | $66.71B | $64.01B | $62.67B | $60.37B | $62.45B | $61.05B | $60.31B | $56.93B | $55.02B | $53.23B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $3.0M | $3.0M | $3.0M | $3.0M | $3.0M |
| Retained earnings (deficit) | $17.38B | $16.46B | $15.62B | $14.93B | $14.78B | $14.15B | $15.82B | $15.77B | $16.10B | $15.20B |
| Treasury stock | — | — | — | — | −$3.0M | −$7.0M | −$13.0M | −$5.0M | −$20.0M | $0 |
| Accumulated other comprehensive income | −$1.07B | −$1.87B | −$2.50B | −$3.32B | $186.0M | $581.0M | −$68.0M | −$880.0M | −$26.0M | −$223.0M |
| Minority interest | $955.0M | $871.0M | $821.0M | $880.0M | $1.33B | $1.32B | $2.81B | $2.87B | $5.36B | $5.20B |
| Total shareholders' equity | $18.69B | $17.07B | $15.70B | $14.35B | $17.85B | $17.86B | $19.12B | $18.52B | $19.20B | $18.16B |
| Key figures | ||||||||||
| Total debt | $9.49B | $8.94B | $9.00B | $9.02B | $9.08B | $10.11B | $11.53B | $11.38B | $11.53B | $10.78B |
| Net cash (debt) | −$928.0M | −$1.28B | −$3.12B | $34.06B | $40.77B | $39.65B | $35.62B | $32.44B | $35.07B | $35.21B |
| Working capital | −$20.77B | −$19.34B | $13.94B | $18.05B | $58.57B | $49.63B | $2.37B | −$15.57B | −$17.61B | −$17.86B |
| Tangible book value | $17.35B | $15.76B | $15.21B | $13.09B | $17.39B | $16.46B | $17.70B | $17.24B | $17.91B | $17.68B |
| Book value per share | $89.36 | $77.39 | $68.93 | $58.98 | $68.59 | $63.71 | $63.03 | $57.88 | $56.90 | $53.69 |
| Shares outstanding | 209.1M | 220.5M | 227.8M | 243.3M | 260.2M | 280.3M | 303.4M | 319.9M | 337.5M | 338.3M |
| Current ratio | 0.48 | 0.48 | 12.98 | 1.52 | 321.04 | 385.71 | 13.78 | 0.12 | 0.03 | 0.02 |
| Quick ratio | 0.48 | 0.48 | 12.98 | 1.52 | 321.04 | 443.47 | 294.22 | 2.92 | 2.98 | 2.93 |
| Debt / equity | 0.51 | 0.52 | 0.57 | 0.63 | 0.51 | 0.57 | 0.60 | 0.61 | 0.60 | 0.59 |
| Equity / assets | 21.6% | 20.8% | 19.8% | 19.0% | 21.9% | 22.3% | 23.2% | 23.6% | 24.1% | 23.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $7.44B | $6.12B | $8.56B | $7.70B | $7.13B | $7.54B | $7.67B | $5.79B | $6.88B | $7.15B | $5.89B | $5.83B |
| Cash & equivalents | $508.0M | $843.0M | $495.0M | $567.0M | $447.0M | $560.0M | $541.0M | $548.0M | $470.0M | $556.0M | $399.0M | $762.0M |
| Short-term investments | $6.93B | $5.27B | $8.07B | $7.13B | $6.69B | $6.98B | $7.12B | $5.24B | $6.41B | $6.59B | $5.49B | $5.07B |
| Receivables | $11.72B | $10.99B | $10.98B | $10.94B | $11.36B | $10.79B | $10.51B | $10.14B | $10.28B | $9.75B | $9.21B | $9.44B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$17.49B | −$15.67B | −$16.91B | −$10.13B | −$16.36B |
| Other current assets | $4.01B | $0 | $0 | $0 | $0 | $0 | $0 | $17.44B | $15.67B | $16.91B | $10.13B | $16.36B |
| Total current assets | $23.17B | $17.11B | $19.54B | $18.63B | $18.49B | $18.33B | $18.18B | $15.88B | $17.16B | $16.91B | $15.10B | $15.26B |
| Property, plant & equipment (net) | $10.86B | $10.78B | $10.70B | $10.67B | $10.67B | $10.67B | $10.74B | $10.69B | $10.71B | $10.72B | $10.72B | $10.67B |
| Goodwill & intangible assets | $483.0M | $348.0M | $1.33B | $1.33B | $1.37B | $1.35B | $1.31B | $349.0M | $1.29B | $1.27B | $498.0M | $1.23B |
| Long-term investments | $54.04B | $53.11B | $54.18B | $53.59B | $51.86B | $50.84B | $50.02B | $51.97B | $49.28B | $49.61B | $48.25B | $45.34B |
| Other non-current assets | $0 | $4.31B | $596.0M | $1.71B | $2.28B | $1.95B | $1.70B | $4.73B | $2.61B | $2.40B | $4.63B | $3.96B |
| Total assets | $87.23B | $85.65B | $86.35B | $85.94B | $84.67B | $83.14B | $81.94B | $83.62B | $81.06B | $80.91B | $79.20B | $76.47B |
| Liabilities | ||||||||||||
| Accounts payable | $174.0M | $206.0M | $53.0M | $133.0M | $374.0M | $206.0M | $110.0M | $269.0M | $130.0M | $202.0M | $79.0M | $444.0M |
| Short-term debt | $22.0M | $1.0M | $1.05B | $1.00B | $1.00B | $505.0M | $5.0M | $713.0M | $1.01B | $1.68B | $1.08B | $1.26B |
| Deferred revenue | $11.83B | — | $7.63B | $7.58B | $7.89B | $7.50B | $7.35B | $4.59B | $4.62B | $4.64B | — | $4.74B |
| Total current liabilities | $39.52B | $47.98B | $40.32B | $40.37B | $40.53B | $38.90B | $37.52B | $982.0M | $1.14B | $1.88B | $1.16B | $1.71B |
| Long-term debt | $8.91B | $8.93B | $8.44B | $8.44B | $7.94B | $8.44B | $8.94B | $8.82B | $8.56B | $8.43B | $7.92B | $7.92B |
| Other long-term liabilities | $18.76B | $9.15B | $17.95B | $17.91B | $17.81B | $17.77B | $17.55B | $55.25B | $54.16B | $53.60B | $53.59B | $51.68B |
| Total liabilities | $67.20B | $66.06B | $66.71B | $66.72B | $66.28B | $65.11B | $64.01B | $65.37B | $63.86B | $63.91B | $62.67B | $61.31B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M |
| Retained earnings (deficit) | $18.13B | $17.70B | $17.38B | $17.69B | $17.20B | $16.82B | $16.46B | $16.80B | $16.41B | $16.06B | $15.62B | $15.88B |
| Accumulated other comprehensive income | −$1.18B | −$1.30B | −$1.07B | −$1.16B | −$1.50B | −$1.69B | −$1.87B | −$1.74B | −$2.38B | −$2.40B | −$2.50B | −$3.47B |
| Minority interest | $917.0M | $887.0M | $955.0M | $931.0M | $875.0M | — | — | — | — | — | — | — |
| Total shareholders' equity | $19.11B | $18.70B | $18.69B | $18.29B | $17.51B | $17.19B | $17.07B | $17.36B | $16.38B | $16.18B | $15.70B | $14.45B |
| Key figures | ||||||||||||
| Total debt | $8.94B | $8.93B | $9.49B | $9.44B | $8.95B | $8.95B | $8.94B | $9.53B | $9.57B | $10.10B | $9.00B | $9.19B |
| Net cash (debt) | −$1.50B | −$2.82B | −$928.0M | −$1.75B | −$1.81B | −$1.40B | −$1.28B | −$3.74B | −$2.69B | −$2.95B | −$3.12B | −$3.36B |
| Working capital | −$16.35B | −$30.87B | −$20.77B | −$21.74B | −$22.04B | −$20.57B | −$19.34B | $14.90B | $16.02B | $15.03B | $13.94B | $13.56B |
| Tangible book value | $18.63B | $18.36B | $17.35B | $16.96B | $16.14B | $15.85B | $15.76B | $17.01B | $15.09B | $14.91B | $15.21B | $13.22B |
| Book value per share | $93.02 | $90.68 | $89.36 | $87.37 | $83.65 | $80.84 | $78.35 | $78.92 | $73.94 | $72.60 | $69.83 | $63.93 |
| Shares outstanding | 205.5M | 206.3M | 209.1M | 209.4M | 209.4M | 212.6M | 217.8M | 219.9M | 221.6M | 222.9M | 224.9M | 226.0M |
| Current ratio | 0.59 | 0.36 | 0.48 | 0.46 | 0.46 | 0.47 | 0.48 | 16.17 | 15.01 | 8.99 | 12.98 | 8.95 |
| Quick ratio | 0.48 | 0.36 | 0.48 | 0.46 | 0.46 | 0.47 | 0.48 | 16.22 | 15.01 | 8.99 | 12.98 | 8.95 |
| Debt / equity | 0.47 | 0.48 | 0.51 | 0.52 | 0.51 | 0.52 | 0.52 | 0.55 | 0.58 | 0.62 | 0.57 | 0.64 |
| Equity / assets | 21.9% | 21.8% | 21.6% | 21.3% | 20.7% | 20.7% | 20.8% | 20.8% | 20.2% | 20.0% | 19.8% | 18.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 10, 2026); data from EODHD.
L financial position
At the end of fiscal 2025 (December 31, 2025), Loews had total assets of $86.3 billion (up 5.4% from a year earlier), total liabilities of $66.7 billion and shareholders' equity of $18.7 billion. It held $8.6 billion in cash and short-term investments against $9.5 billion of debt, net debt of $928.0 million. Its current ratio was 0.48. In the latest quarter (ended June 30, 2026) total assets were $87.2 billion and equity $19.1 billion.
Related: L income statement, L cash flow statement, L key metrics. See the L stock overview for the latest quote and news.
L balance sheet FAQ
What are Loews's total assets?
Loews reported total assets of $86.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $81.9 billion a year earlier.
How much debt does Loews have?
Loews had $9.5 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.51.
How much cash does Loews have?
Loews held $8.6 billion in cash and short-term investments at the end of fiscal 2025; with $9.5 billion of debt that is net debt of $928.0 million.
What is Loews's book value?
Loews's shareholders' equity (book value) was $18.7 billion at the end of fiscal 2025, or $89.36 per share.
What is Loews's current ratio?
Loews had current assets of $19.5 billion and current liabilities of $40.3 billion, a current ratio of 0.48 (current liabilities exceed current assets).
How much goodwill does Loews have?
Loews carried $1.3 billion of goodwill and intangible assets, 1.5% of total assets, at the end of fiscal 2025.