Loews (L) Q4 FY2025 earnings: revenue $4.7 billion, up 4.1% on the year

Loews Corp. (L) reported revenue of $4.7 billion for Q4 FY2025, the quarter ended 31 December 2025, up 4.1% on the same quarter a year earlier. Net income was $402 million, up 115.0% on the year, and diluted earnings per share $1.93. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2026.

Revenue

$4.7 billion

+4.1% on the year · +1.3% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

11.4%

4.1% a year earlier

Q1 FY2024Q4 FY2025

Net income

$402 million

+115.0% on the year · -20.2% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$1.93

+121.8% on the year · -20.6% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 6 new.

Fourth quarter net income rose to $402 million: Net income was $402 million, or $1.94 per share, against $187 million, or $0.86 per share, a year earlier. The 2024 quarter included a $265 million CNA pension charge.
CNA core income fell on asbestos charge: CNA net income attributable to Loews was $276 million, against $19 million, or $284 million excluding the 2024 pension charge. Core income was $317 million against $342 million.
Quarterly combined ratio rose to 93.8%: The Property and Casualty combined ratio rose 0.7 points to 93.8%, largely from a higher underlying loss ratio. The underlying combined ratio rose to 92.3% from 91.4%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	4,734	4,671	4,546	+1.3%	+4.1%
Operating income	541	689	188	-21.5%	+187.8%
Operating margin	11.4%	14.8%	4.1%
Interest expense	113	112	110	+0.9%	+2.7%
Pre-tax income	541	689	188	-21.5%	+187.8%
Income tax	113	153	-1.0	-26.1%
Effective tax rate	20.9%	22.2%	-0.5%
Net income	402	504	187	-20.2%	+115.0%
Net margin	8.5%	10.8%	4.1%
Diluted EPS	$1.93	$2.43	$0.87	-20.6%	+121.8%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	617	920	941	-32.9%	-34.4%
Capital expenditure	191	156	174	+22.4%	+9.8%
Free cash flow	426	764	767	-44.2%	-44.5%
Free cash flow margin	9.0%	16.4%	16.9%
Cash from investing	-611	-1,204	41.0
Cash from financing	-79.0	408	-976
Buybacks	100	55.0	346	+81.8%	-71.1%
Dividends paid	13.0	13.0	13.0	0.0%	0.0%
Dividend per share	n/a	$0.06	n/a
Diluted shares, weighted	209m	208m	221m	+0.7%	-5.2%
Shares outstanding at period end	206m	207m	213m	-0.3%	-3.2%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	18,686	18,292	17,066	+2.2%	+9.5%
Non-controlling interest	955	931	871	+2.6%	+9.6%
Debt	8,437	8,438	8,939	-0.0%	-5.6%
Other liabilities	58,270	58,280	55,067	-0.0%	+5.8%
Total liabilities and equity	86,348	85,941	81,943	+0.5%	+5.4%
Fixed assets	10,695	10,668	10,738	+0.3%	-0.4%
Goodwill	349	349	347	0.0%	+0.6%
Investments	6,044	5,383	4,606	+12.3%	+31.2%
Cash and equivalents	495	567	541	-12.7%	-8.5%
Other assets	68,765	68,974	65,711	-0.3%	+4.6%
Total assets	86,348	85,941	81,943	+0.5%	+5.4%

Questions

What was Loews' revenue in Q4 FY2025?

Loews (L) reported revenue of $4.7 billion for Q4 FY2025, the quarter ended 31 December 2025, up 4.1% on the same quarter a year earlier.

How much did Loews earn in Q4 FY2025?

Net income for Q4 FY2025 was $402 million, up 115.0% on the year, and diluted earnings per share $1.93.

When did Loews report Q4 FY2025 results?

Loews filed its 10-K for the year that ended with the quarter on 10 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022 †	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	3,661	3,402	3,388	3,461	3,793	3,783	3,934	3,926	4,258	4,231	4,267	4,466	4,546	4,494	4,555	4,671	4,734	4,555	4,734	4,759
Operating income	459	439	235	-25.0	476	519	508	356	613	629	507	550	188	514	539	689	541	463	612	406
Operating margin	13%	13%	7%	-1%	13%	14%	13%	9%	14%	15%	12%	12%	4%	11%	12%	15%	11%	10%	13%	9%
Interest expense	100	96.0	96.0	92.0	94.0	95.0	91.0	94.0	96.0	103	114	114	110	105	107	112	113	113	103	101
Pre-tax income	459	439	235	-25.0	476	519	508	356	613	629	507	550	188	514	539	689	541	463	612	406
Tax rate	19%	20%	20%	n/a	18%	22%	24%	22%	22%	23%	22%	23%	-1%	24%	23%	22%	21%	24%	23%	21%
Net income	343	322	167	-22.0	355	375	360	253	446	457	369	401	187	370	391	504	402	337	444	306
Net margin	9%	9%	5%	-1%	9%	10%	9%	6%	10%	11%	9%	9%	4%	8%	9%	11%	8%	7%	9%	6%
Diluted EPS	$1.39	$1.29	$0.68	-$0.09	$1.49	$1.61	$1.58	$1.12	$1.99	$2.05	$1.67	$1.82	$0.87	$1.74	$1.87	$2.43	$1.93	$1.63	$2.16	$1.50
Operating cash flow	947	423	1,023	1,246	622	719	1,434	1,277	477	198	952	934	941	736	1,006	920	617	72.0	966	954
Capital expenditure	155	121	191	125	223	159	140	164	223	159	159	140	174	98.0	134	156	191	204	258	263
Free cash flow	792	302	832	1,121	399	560	1,294	1,113	254	39.0	793	794	767	638	872	764	426	-132	708	691
Buybacks	311	132	248	231	118	462	131	116	140	24.0	179	59.0	346	394	257	55.0	100	31.0	154	149
Dividends paid	16.0	16.0	15.0	15.0	15.0	15.0	14.0	14.0	14.0	14.0	14.0	14.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0
Shares outstanding	248m	246m	241m	237m	235m	228m	226m	223m	222m	221m	220m	218m	213m	210m	207m	207m	206m	206m	204m	202m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 10 February 2026: the filing.