Loews Corporation (L) Cash Flow Statement
Where L’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $3.28B +8.4% vs 2024
- Capital expenditures
- $579.0M 3.2% of revenue
- Free cash flow
- $2.70B 14.9% margin
- Returned to shareholders
- $858.0M 32% of free cash flow
- Change in cash
- −$46.0M cash at year-end $495.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
L operating cash flow, capex and free cash flow
L cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.25B2016 | $3.28B2025 | +4.3%/yr | |
| Capital expenditures | $1.45B2016 | $579.0M2025 | −9.7%/yr | |
| Free cash flow | $803.0M2016 | $2.70B2025 | +14.4%/yr | |
| Free cash flow margin | 6.1%2016 | 14.9%2025 | +8.7 pts | |
| Operating cash flow / net income | 3.152016 | 1.852025 | −1.30 | |
| Stock-based compensation | $32.0M2016 | $36.0M2023 | +1.7%/yr | |
| Dividends paid | $84.0M2016 | $52.0M2025 | −5.2%/yr | |
| Share buybacks (net) | $134.0M2016 | $806.0M2025 | +22.1%/yr | |
| Capex / revenue | 11.1%2016 | 3.2%2025 | −7.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
L cash flow by activity
L net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
L cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.77B | $1.49B | $1.54B | $1.10B | $1.70B | −$1.29B | $871.0M | $706.0M | $1.41B | $716.0M |
| Depreciation & amortization | $610.0M | $583.0M | $538.0M | $509.0M | $515.0M | $734.0M | $943.0M | $912.0M | $874.0M | $841.0M |
| Stock-based compensation | — | — | $36.0M | $34.0M | −$724.0M | $2.16B | $70.0M | $35.0M | $33.0M | $32.0M |
| Change in working capital | $781.0M | $1.08B | $1.71B | $1.30B | $926.0M | $385.0M | −$211.0M | $1.84B | $218.0M | −$320.0M |
| Other non-cash items | $116.0M | −$132.0M | $80.0M | $367.0M | $203.0M | −$241.0M | $68.0M | $726.0M | $53.0M | $984.0M |
| Cash from operating activities | $3.28B | $3.02B | $3.91B | $3.31B | $2.62B | $1.75B | $1.74B | $4.22B | $2.59B | $2.25B |
| Investing activities | ||||||||||
| Capital expenditures | −$579.0M | −$632.0M | −$686.0M | −$660.0M | −$482.0M | −$710.0M | −$1.04B | −$995.0M | −$1.03B | −$1.45B |
| Investments (net) | −$1.82B | −$1.98B | −$2.82B | −$1.75B | −$1.30B | −$4.0M | $722.0M | $43.0M | $55.0M | −$1.30B |
| Acquisitions & other investing | −$426.0M | $632.0M | $762.0M | $60.0M | $596.0M | −$700.0M | −$352.0M | −$492.0M | −$1.68B | $567.0M |
| Cash from investing activities | −$2.83B | −$1.98B | −$2.75B | −$2.35B | −$1.19B | −$1.41B | −$671.0M | −$1.44B | −$2.65B | −$2.19B |
| Financing activities | ||||||||||
| Dividends paid | −$52.0M | −$55.0M | −$57.0M | −$61.0M | −$65.0M | −$70.0M | −$76.0M | −$80.0M | −$84.0M | −$84.0M |
| Share repurchases & issuance (net) | −$806.0M | −$608.0M | −$849.0M | −$729.0M | −$1.14B | −$923.0M | −$1.05B | −$2.53B | −$216.0M | −$134.0M |
| Net borrowing (repayment) | $532.0M | −$72.0M | −$100.0M | −$67.0M | $6.0M | $933.0M | $120.0M | −$178.0M | $656.0M | $196.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$187.0M | −$163.0M | −$294.0M | −$180.0M | −$94.0M | −$138.0M | −$137.0M | −$47.0M | −$155.0M | −$144.0M |
| Cash from financing activities | −$513.0M | −$898.0M | −$1.30B | −$1.04B | −$1.29B | −$198.0M | −$1.14B | −$2.83B | $201.0M | −$166.0M |
| Summary | ||||||||||
| Net change in cash | −$46.0M | $142.0M | −$133.0M | −$89.0M | $143.0M | $142.0M | −$69.0M | −$67.0M | $145.0M | −$113.0M |
| Cash at end of period | $495.0M | $541.0M | $399.0M | $532.0M | $621.0M | $478.0M | $336.0M | $405.0M | $472.0M | $327.0M |
| Free cash flow | $2.70B | $2.39B | $3.22B | $2.65B | $2.14B | $1.03B | $700.0M | $3.23B | $1.56B | $803.0M |
| Free cash flow margin | 14.9% | 13.9% | 20.5% | 18.9% | 15.6% | 7.6% | 4.8% | 23.0% | 11.4% | 6.1% |
| Capex / revenue | 3.2% | 3.7% | 4.4% | 4.7% | 3.5% | 5.2% | 7.1% | 7.1% | 7.5% | 11.1% |
| Operating cash flow / net income | 1.85 | 2.02 | 2.53 | 3.00 | 1.54 | — | 2.00 | 5.98 | 1.83 | 3.15 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $471.0M | $354.0M | $428.0M | $524.0M | $416.0M | $370.0M | $189.0M | $425.0M | $395.0M | $457.0M | $446.0M | $276.0M |
| Depreciation & amortization | — | — | — | $135.0M | — | $131.0M | −$108.0M | $131.0M | $108.0M | $127.0M | $228.0M | $103.0M |
| Stock-based compensation | — | — | — | — | — | — | $39.0M | −$443.1M | — | — | $36.0M | — |
| Change in working capital | $293.0M | −$400.0M | $34.0M | $361.0M | $409.0M | $308.0M | $726.0M | $334.0M | $367.0M | $145.0M | −$135.0M | $782.0M |
| Other non-cash items | $202.0M | $118.0M | $155.0M | $87.0M | $181.0M | −$73.0M | $95.0M | $487.1M | $82.0M | −$531.0M | −$98.0M | $116.0M |
| Cash from operating activities | $966.0M | $72.0M | $617.0M | $1.11B | $1.01B | $736.0M | $941.0M | $934.0M | $952.0M | $198.0M | $477.0M | $1.28B |
| Investing activities | ||||||||||||
| Capital expenditures | −$258.0M | −$204.0M | −$191.0M | −$89.0M | −$134.0M | −$98.0M | −$174.0M | −$140.0M | −$159.0M | −$159.0M | −$223.0M | −$164.0M |
| Investments (net) | −$646.0M | $1.21B | −$289.0M | −$1.20B | −$809.0M | −$204.0M | $41.0M | −$740.0M | −$250.0M | −$1.03B | −$492.0M | −$786.0M |
| Acquisitions & other investing | −$217.0M | −$15.0M | −$131.0M | $89.0M | $134.0M | $98.0M | $174.0M | $140.0M | $159.0M | $159.0M | $223.0M | −$1.30B |
| Cash from investing activities | −$1.12B | $994.0M | −$611.0M | −$1.20B | −$809.0M | −$204.0M | $41.0M | −$740.0M | −$250.0M | −$1.03B | −$492.0M | −$2.25B |
| Financing activities | ||||||||||||
| Dividends paid | −$13.0M | −$13.0M | −$13.0M | −$13.0M | −$13.0M | −$13.0M | −$13.0M | −$14.0M | −$14.0M | −$14.0M | −$14.0M | −$14.0M |
| Share repurchases & issuance (net) | −$154.0M | −$31.0M | −$100.0M | −$55.0M | −$257.0M | −$394.0M | −$346.0M | −$59.0M | −$179.0M | −$24.0M | −$140.0M | −$116.0M |
| Net borrowing (repayment) | $0 | −$556.0M | $42.0M | $493.0M | −$2.0M | −$1.0M | −$593.0M | −$40.0M | — | — | — | $129.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$11.0M | −$114.0M | −$8.0M | −$17.0M | −$50.0M | −$112.0M | −$24.0M | −$9.0M | −$594.0M | $1.02B | −$199.0M | −$187.0M |
| Cash from financing activities | −$178.0M | −$714.0M | −$79.0M | $408.0M | −$322.0M | −$520.0M | −$976.0M | −$122.0M | −$787.0M | $987.0M | −$353.0M | −$188.0M |
| Summary | ||||||||||||
| Net change in cash | −$335.0M | $348.0M | −$72.0M | $120.0M | −$113.0M | $19.0M | −$7.0M | $78.0M | −$86.0M | $157.0M | −$363.0M | $299.0M |
| Cash at end of period | $508.0M | $843.0M | $495.0M | $567.0M | $447.0M | $560.0M | $541.0M | $548.0M | $470.0M | $556.0M | $399.0M | $762.0M |
| Free cash flow | $708.0M | −$132.0M | $426.0M | $1.02B | $872.0M | $638.0M | $767.0M | $794.0M | $793.0M | $39.0M | $254.0M | $1.11B |
| Free cash flow margin | 15.0% | −2.9% | 9.1% | 22.1% | 19.5% | 14.4% | 17.2% | 18.0% | 18.9% | 0.9% | 6.1% | 28.6% |
| Capex / revenue | 5.4% | 4.5% | 4.1% | 1.9% | 3.0% | 2.2% | 3.9% | 3.2% | 3.8% | 3.8% | 5.3% | 4.2% |
| Operating cash flow / net income | 2.05 | 0.20 | 1.44 | 2.11 | 2.42 | 1.99 | 4.98 | 2.20 | 2.41 | 0.43 | 1.07 | 4.63 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
L cash generation
In fiscal 2025 (ended December 31, 2025), Loews generated $3.3 billion of cash from operations (up 8.4%) and spent $579.0 million on capital expenditures, leaving free cash flow of $2.7 billion, 14.9% of revenue. It returned $858.0 million to shareholders through dividends ($52.0 million) and net share buybacks ($806.0 million). Cash and equivalents fell by $46.0 million over the year.
Related: L income statement, L balance sheet, L dividend history. See the L stock overview for the latest quote and news.
L cash flow FAQ
What is Loews's free cash flow?
Loews's free cash flow was $2.7 billion in fiscal 2025: $3.3 billion of operating cash flow minus $579.0 million of capital expenditures It was $2.4 billion a year earlier..
How much cash does Loews generate from operations?
Loews generated $3.3 billion of cash from operating activities in fiscal 2025, 1.85 times its net income of $1.8 billion.
How much does Loews spend on capital expenditures?
Loews spent $579.0 million on capital expenditures in fiscal 2025, 3.2% of revenue, compared with $632.0 million the year before.
How much stock does Loews buy back?
Loews spent $806.0 million on net share repurchases in fiscal 2025.
How much does Loews pay in dividends?
Loews paid $52.0 million in dividends in fiscal 2025, 1.9% of free cash flow.