Loews (L) FY2023 results: revenue $15.9 billion, up 13.2% on the year
Loews Corp. (L) reported revenue of $15.9 billion for fiscal 2023, the year ended 31 December 2023, up 13.2% on the year before. Net income was $1.4 billion, up 74.5%, and diluted earnings per share $6.29. The figures are the company's own, from the 10-K it filed with the SEC on 6 February 2024.
Revenue
$15.9 billion
+13.2% on the year
FY2016FY2023
Operating margin
12.6%
7.9% a year earlier
FY2016FY2023
Net income
$1.4 billion
+74.5% on the year
FY2016FY2023
Diluted EPS
$6.29
+86.1% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
3,907
3,314
2,623
+17.9%
Capital expenditure
686
660
482
+3.9%
Free cash flow
3,221
2,654
2,141
+21.4%
Free cash flow margin
20.3%
18.9%
14.6%
Cash from investing
-2,745
-2,347
-1,187
Cash from financing
-1,300
-1,037
-1,289
Depreciation and amortisation
534
509
503
+4.9%
Share-based compensation
36.0
34.0
33.0
+5.9%
Buybacks
849
729
1,136
+16.5%
Dividends paid
57.0
61.0
65.0
-6.6%
Dividend per share
$0.25
$0.25
$0.25
0.0%
Diluted shares, weighted
228m
243m
260m
-6.4%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
15,704
14,349
17,846
+9.4%
Non-controlling interest
821
852
1,329
-3.6%
Debt
7,919
8,165
8,986
-3.0%
Other liabilities
54,753
52,128
53,465
+5.0%
Total liabilities and equity
79,197
75,494
81,626
+4.9%
Fixed assets
10,718
10,027
9,888
+6.9%
Goodwill
347
346
349
+0.3%
Investments
4,396
4,854
4,860
-9.4%
Cash and equivalents
399
532
621
-25.0%
Other assets
63,337
59,735
65,908
+6.0%
Total assets
79,197
75,494
81,626
+4.9%
10-K for the year ended 31 December 2023, filed 6 February 2024: the filing.