Loews Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1,667	1,414	1,434	822	1,562
Depreciation & Amortization	610	583	538	512	515
Gain (Loss) on Sale of Investments	-127	-119	-138	70	-741
Change in Accounts Receivable	-408	-929	-268	-316	-1,409
Change in Insurance Reserves / Liabilities	1,670	2,365	1,667	2,058	2,485
Change in Other Net Operating Assets	-51	408	-183	-254	-49
Other Operating Activities	339	133	347	106	413
Operating Cash Flow	3,279	3,025	3,907	3,314	2,623
Operating Cash Flow Growth	8.40%	-22.57%	17.89%	26.34%	50.31%
Capital Expenditures	-579	-632	-686	-660	-482
Sale of Property, Plant & Equipment	-	-	-	16	80
Cash Acquisitions	-	-	-401	-	-
Investment in Securities	-2,167	-1,352	-1,480	-1,532	-1,289
Other Investing Activities	-82	9	-178	-171	87
Investing Cash Flow	-2,828	-1,975	-2,745	-2,347	-1,187
Long-Term Debt Issued	1,401	1,294	778	573	1,199
Total Debt Repaid	-869	-1,366	-878	-640	-1,193
Net Debt Issued (Repaid)	532	-72	-100	-67	6
Repurchases of Common Stock	-806	-608	-849	-729	-1,136
Common Dividends Paid	-52	-55	-57	-61	-65
Other Financing Activities	-187	-163	-294	-180	-94
Financing Cash Flow	-513	-898	-1,300	-1,037	-1,289
Foreign Exchange Rate Adjustments	16	-10	5	-19	-4
Net Cash Flow	-46	142	-133	-89	143
Free Cash Flow	2,700	2,393	3,221	2,654	2,141
Free Cash Flow Growth	12.83%	-25.71%	21.36%	23.96%	106.86%
Free Cash Flow Margin	14.63%	13.67%	20.26%	18.90%	14.61%
Free Cash Flow Per Share	12.91	10.85	14.14	10.91	8.23
Cash Interest Paid	421	422	385	380	391
Cash Income Tax Paid	381	403	304	376	256
Levered Free Cash Flow	1,542	1,604	2,820	-1,074	1,917
Unlevered Free Cash Flow	1,815	1,880	3,055	-837.75	2,182
Change in Working Capital	781	1,080	1,708	1,568	948

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.