Revenue grew to $4.8B in Q3 2026 with a 56.4% loss ratio and 89.3% combined ratio, suggesting underwriting profitability that remains sensitive to quarterly reserve development.
Loews Corporation (L) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 18.71B | 18.18B | 17.24B | 15.68B | 14.05B | 13.73B | 13.67B | 14.73B | 14.04B | 13.73B | 13.11B | 13.41B | 14.32B | 14.61B | 14.07B | 14.13B | 14.62B | 14.12B | 13.25B | 14.3B | 17.91B | 16.02B | 15.24B | 16.29B | 17.46B | 18.74B | 20.63B | 21.47B | 21.3B | 20.14B | 20.44B |
| Revenue Growth % | 4.03% | 5.44% | 9.96% | 11.59% | 2.35% | 0.44% | -7.2% | 4.86% | 2.25% | 4.81% | -2.31% | -6.35% | -1.97% | 3.84% | -0.4% | -3.33% | 3.53% | 6.57% | -7.38% | -20.15% | 11.82% | 5.09% | -6.45% | -6.7% | -6.79% | -9.19% | -3.88% | 0.79% | 5.75% | -1.49% | 9.45% |
| Medical Costs & Claims | 10.01B | 10.19B | 9.54B | 8.71B | 8.14B | 7.81B | 7.58B | 7.19B | 6.91B | 6.54B | 6.52B | 6.92B | 6.91B | 7.17B | 7B | 6.67B | 6.15B | 6.71B | 0 | 7.53B | 7.58B | 8.54B | 8.13B | 11.88B | 10.18B | 13.19B | 11.71B | 14.03B | 14.03B | 13.41B | 13.56B |
| Medical Cost Ratio % | 53.51% | 56.07% | 55.32% | 55.57% | 57.96% | 56.92% | 55.46% | 48.82% | 49.18% | 47.64% | 49.74% | 51.61% | 48.22% | 49.05% | 49.77% | 47.17% | 42.1% | 47.51% | 0% | 52.64% | 42.32% | 53.32% | 53.31% | 72.92% | 58.3% | 70.38% | 56.76% | 65.38% | 65.87% | 66.57% | 66.35% |
| Gross Profit | 8.7B | 7.98B | 7.7B | 6.97B | 5.91B | 5.91B | 6.09B | 7.54B | 7.14B | 7.19B | 6.59B | 6.49B | 7.42B | 7.45B | 7.07B | 7.46B | 8.46B | 7.41B | 13.25B | 6.77B | 10.33B | 7.48B | 7.12B | 4.41B | 7.28B | 5.55B | 8.92B | 7.43B | 7.27B | 6.73B | 6.88B |
| Gross Margin % | 46.49% | 43.93% | 44.68% | 44.43% | 42.04% | 43.08% | 44.54% | 51.18% | 50.82% | 52.36% | 50.26% | 48.39% | 51.78% | 50.95% | 50.23% | 52.83% | 57.9% | 52.49% | 100% | 47.36% | 57.68% | 46.68% | 46.69% | 27.08% | 41.7% | 29.62% | 43.24% | 34.62% | 34.13% | 33.43% | 33.65% |
| Gross Profit Growth % | - | 3.65% | 10.58% | 17.93% | -0.1% | -2.86% | -19.25% | 5.62% | -0.76% | 9.18% | 1.48% | -12.48% | -0.38% | 5.32% | -5.29% | -11.79% | 14.2% | -44.06% | 95.59% | -34.44% | 38.17% | 5.05% | 61.28% | -39.4% | 31.21% | -37.8% | 20.04% | 2.25% | 7.97% | -2.15% | -0.03% |
| Operating Expenses | 5.8B | 5.7B | 5.83B | 4.97B | 4.79B | 3.75B | 7.55B | 6.42B | 6.3B | 5.61B | 5.65B | 6.25B | 5.61B | 5.17B | 5.05B | 5.24B | 5.56B | 5.68B | 13.25B | 3.58B | 5.86B | 5.63B | 5.29B | 5.79B | 5.62B | 6.31B | 5.79B | 6.49B | 6.19B | 5.14B | 4.47B |
| OpEx / Revenue % | 31.02% | 31.37% | 33.81% | 31.7% | 34.11% | 27.34% | 55.25% | 43.59% | 44.88% | 40.84% | 43.12% | 46.57% | 39.14% | 35.37% | 35.87% | 37.07% | 38.04% | 40.24% | 100% | 25.02% | 32.71% | 35.15% | 34.74% | 35.52% | 32.16% | 33.7% | 28.04% | 30.23% | 29.07% | 25.52% | 21.88% |
| Depreciation & Amortization | 139M | 610M | 583M | 538M | 509M | 515M | 734M | 943M | 912M | 874M | 841M | 955M | 899M | 871M | 905M | 833M | 816M | 784M | 692M | 205M | -8M | 174.5M | 329.3M | 192M | 139M | 58.7M | -13.9M | 395.3M | 437M | 341.7M | 285M |
| Combined Ratio % | 84.53% | 87.44% | 89.13% | 87.27% | 92.07% | 84.26% | 110.71% | 92.4% | 94.06% | 88.48% | 92.86% | 98.18% | 87.36% | 84.42% | 85.63% | 84.25% | 80.14% | 87.75% | 100% | 77.66% | 75.03% | 88.47% | 88.05% | 108.44% | 90.46% | 104.08% | 84.8% | 95.6% | 94.94% | 92.09% | 88.22% |
| Operating Income | 2.9B | 2.28B | 1.87B | 2B | 1.11B | 2.16B | -1.46B | 1.12B | 834M | 1.58B | 936M | 244M | 1.81B | 2.28B | 2.02B | 2.23B | 2.9B | 1.73B | 0 | 3.19B | 4.47B | 1.85B | 1.82B | -1.38B | 1.67B | -764.5M | 3.14B | 944.2M | 1.08B | 1.59B | 2.41B |
| Operating Margin % | 15.47% | 12.56% | 10.87% | 12.73% | 7.93% | 15.74% | -10.71% | 7.6% | 5.94% | 11.52% | 7.14% | 1.82% | 12.64% | 15.58% | 14.37% | 15.75% | 19.86% | 12.25% | 0% | 22.34% | 24.97% | 11.53% | 11.95% | -8.44% | 9.54% | -4.08% | 15.2% | 4.4% | 5.06% | 7.91% | 11.78% |
| Operating Income Growth % | - | 21.82% | -6.11% | 79.17% | -48.43% | 247.54% | -230.83% | 34.17% | -47.28% | 69.02% | 283.61% | -86.52% | -20.51% | 12.61% | -9.16% | -23.29% | 67.75% | - | -100% | -28.56% | 142.19% | 1.34% | 232.51% | -182.53% | 317.93% | -124.38% | 232.12% | -12.36% | -32.38% | -33.83% | -15.2% |
| EBITDA | 3.15B | 2.89B | 2.46B | 2.53B | 1.62B | 2.67B | -730M | 2.06B | 1.75B | 2.46B | 1.78B | 1.2B | 2.71B | 3.15B | 2.93B | 3.06B | 3.72B | 2.51B | 1.62B | 3.4B | 4.46B | 2.02B | 2.15B | -1.18B | 1.81B | -705.8M | 3.12B | 1.34B | 1.51B | 1.93B | 2.69B |
| EBITDA Margin % | 16.82% | 15.92% | 14.25% | 16.16% | 11.55% | 19.49% | -5.34% | 14% | 12.43% | 17.88% | 13.56% | 8.94% | 18.91% | 21.54% | 20.8% | 21.65% | 25.44% | 17.81% | 12.26% | 23.77% | 24.92% | 12.62% | 14.11% | -7.26% | 10.34% | -3.77% | 15.13% | 6.24% | 7.11% | 9.61% | 13.17% |
| Interest Expense | 430M | 437M | 441M | 376M | 378M | 424M | 515M | 591M | 574M | 646M | 536M | 520M | 498M | 425M | 426M | 522M | 517M | 448M | 345M | 318M | 304.1M | 364.2M | 324.1M | 308.4M | 309.6M | 332M | 356.9M | 354.3M | 369.2M | 323.4M | 318M |
| Non-Operating Income | -113M | -437M | -441M | -376M | -378M | -424M | -515M | -591M | -574M | -646M | -536M | -520M | -498M | -425M | -426M | -522M | -517M | -448M | -932M | -318M | -304.1M | -364.2M | -324.1M | -305M | -309.6M | -332M | -356.9M | -354.3M | -369.2M | -323.4M | -318M |
| Pretax Income | 2.02B | 2.28B | 1.87B | 2B | 1.11B | 2.16B | -1.46B | 1.12B | 834M | 1.58B | 936M | 244M | 1.81B | 2.28B | 2.02B | 2.23B | 2.9B | 1.73B | 587M | 3.19B | 4.47B | 1.85B | 1.82B | -1.38B | 1.67B | -764.5M | 3.14B | 944.2M | 1.08B | 1.59B | 2.41B |
| Pretax Margin % | 10.81% | 12.56% | 10.87% | 12.73% | 7.93% | 15.74% | -10.71% | 7.6% | 5.94% | 11.52% | 7.14% | 1.82% | 12.64% | 15.58% | 14.37% | 15.75% | 19.86% | 12.25% | 4.43% | 22.34% | 24.97% | 11.53% | 11.95% | -8.44% | 9.54% | -4.08% | 15.2% | 4.4% | 5.06% | 7.91% | 11.78% |
| Income Tax | 229M | 511M | 380M | 451M | 223M | 475M | -173M | 248M | 128M | 170M | 220M | -43M | 457M | 656M | 513M | 532M | 894M | 345M | 7M | 995M | 1.45B | 490.4M | 533.8M | -534.1M | 579.8M | -178.4M | 1.09B | -305.5M | -354.5M | -495.3M | -791.4M |
| Effective Tax Rate % | 11.33% | 22.38% | 20.28% | 22.6% | 20.02% | 21.99% | 11.82% | 22.16% | 15.35% | 10.75% | 23.5% | -17.62% | 25.25% | 28.81% | 25.37% | 23.9% | 30.81% | 19.94% | 1.19% | 31.14% | 32.44% | 26.56% | 29.3% | 38.84% | 34.8% | 23.34% | 34.75% | -32.36% | -32.9% | -31.09% | -32.87% |
| Net Income | 1.74B | 1.67B | 1.41B | 1.43B | 822M | 1.56B | -931M | 932M | 636M | 1.16B | 654M | 260M | 591M | 595M | 568M | 1.06B | 1.29B | 564M | 4.53B | 2.49B | 2.49B | 1.21B | 1.23B | -597M | 912M | -553.8M | 1.85B | 363.2M | 464.8M | 793.6M | 1.38B |
| Net Margin % | 9.3% | 9.17% | 8.2% | 9.15% | 5.85% | 11.38% | -6.81% | 6.33% | 4.53% | 8.47% | 4.99% | 1.94% | 4.13% | 4.07% | 4.04% | 7.52% | 8.82% | 4% | 34.2% | 17.4% | 13.91% | 7.56% | 8.08% | -3.66% | 5.22% | -2.96% | 8.96% | 1.69% | 2.18% | 3.94% | 6.77% |
| Net Income Growth % | 19.83% | 17.89% | -1.39% | 74.45% | -47.38% | 267.78% | -199.89% | 46.54% | -45.36% | 77.98% | 151.54% | -56.01% | -0.67% | 4.75% | -46.52% | -17.61% | 128.55% | -87.55% | 82% | -0.09% | 105.62% | -1.6% | 306.25% | -165.46% | 264.68% | -129.96% | 408.98% | -21.86% | -41.43% | -42.65% | -21.62% |
| EPS (Diluted) | 8.51 | 7.97 | 6.41 | 6.29 | 3.38 | 6.00 | -3.32 | 3.07 | 1.99 | 3.45 | 1.93 | 0.72 | 1.55 | 1.53 | 1.43 | 2.63 | 3.07 | 1.30 | 9.05 | 3.65 | 3.75 | 1.72 | 1.88 | -1.28 | 1.64 | -0.94 | 3.10 | 0.56 | 0.68 | 1.15 | 1.99 |
| EPS Growth % | 4.49% | 24.34% | 1.91% | 86.09% | -43.67% | 280.72% | -208.14% | 54.27% | -42.32% | 78.76% | 168.06% | -53.55% | 1.31% | 6.99% | -45.63% | -14.33% | 136.15% | -85.64% | 147.95% | -2.67% | 118.02% | -8.51% | 246.88% | -178.05% | 274.47% | -130.32% | 453.57% | -17.65% | -40.87% | -42.21% | -20.4% |
| EPS (Basic) | - | 7.97 | 6.42 | 6.30 | 3.39 | 6.02 | -3.32 | 3.08 | 1.99 | 3.46 | 1.93 | 0.76 | 1.58 | 1.53 | 1.44 | 2.69 | 3.08 | 1.30 | 9.05 | 3.66 | 3.75 | 1.72 | 1.88 | -1.28 | 1.64 | -0.96 | 3.10 | 0.56 | 0.68 | 1.15 | 1.99 |
| Diluted Shares Outstanding | 204.57M | 209.1M | 220.53M | 227.81M | 243.28M | 260.2M | 280.32M | 303.35M | 319.93M | 337.5M | 338.31M | 362.69M | 382.55M | 389.51M | 395.87M | 405.32M | 419.52M | 433.45M | 477.23M | 644.57M | 647.01M | 557.97M | 556.5M | 556.35M | 564.93M | 587.07M | 591.69M | 666.67M | 689.45M | 690.09M | 699.12M |
Quick answers to the most common questions about buying L stock.
For fiscal year 2025, Loews Corporation (L) reported total revenue of $18.18B. This represents a 11.1% decline compared to $20.44B in 1996.
Loews Corporation (L) is profitable, generating $1.67B in net income for the fiscal year ending 2025 with a net profit margin of 9.2%.
Loews Corporation (L) reported an operating income of $2.28B, resulting in an operating profit margin of 12.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Loews Corporation (L) generated $7.98B in gross profit for the year, representing a gross profit margin of 43.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Social inflation casualty reserve pressure
Metrics are mathematically derived from official filings.
Top-Line Growth Steady at Mid-Single Digits
Based on reported quarterly figures, Loews' revenue climbed from $4.2B in Q2 2024 to $4.8B in Q3 2026, with the latest quarter showing 3.4% year-over-year growth that suggests moderating expansion relative to the 12.9% peak in Q3 2024.
The revenue trajectory appears to reflect disciplined CNA premium growth and steady pipeline contributions rather than a step change in volume. The deceleration from double-digit growth in late 2024 may indicate a softening pricing tailwind or a more selective underwriting posture, which investors should monitor against the rate environment. Sustained mid-single-digit growth would be consistent with a mature insurance-led conglomerate rather than a business in an accelerating phase.
Underwriting Results Volatile Within Profitable Range
According to the reported quarterly income statements, Loews' combined ratio ranged from 72.4% in Q2 2026 to 95.8% in Q4 2024, with the most recent quarter at 89.3%, indicating underwriting profitability in most periods but meaningful quarterly dispersion.
Combined ratios below 100% indicate that CNA's underwriting operations generated profit before investment income, a favorable position that appears to have held across the ten-quarter window. The 95.8% reading in Q4 2024 and the spread between the best and worst quarters suggest sensitivity to catastrophe losses or reserve adjustments that the consolidated figures alone cannot fully isolate. Loss ratios near 47% to 57% imply that claims cost discipline is the primary driver of these results.
Reserve Development Warrants Closer Scrutiny
Reported loss ratios fluctuating between 47.7% and 57.1% across recent quarters may reflect reserve development effects that are not separately disclosed in the supplied income statement data, creating uncertainty about underlying loss trends.
The quarter-to-quarter swing in loss ratio, including the 47.7% reading in Q1 2026 against 56.3% in adjacent periods, could be consistent with favorable prior-year reserve releases flattering a given quarter. Given social inflation pressures in US casualty lines, investors should examine whether reserve strengthening is occurring in a manner that could reverse. Without explicit development tables in the supplied data, this assessment remains an inference warranting further investigation of the underlying filings.
Investment Income Contribution Not Separately Visible
Investment income and investment yield data are unavailable in the supplied quarterly figures, so the contribution of the insurance float to total earnings cannot be quantified from the data provided.
Net income has varied materially, from $187M in Q4 2024 to $572M in Q1 2026, and that dispersion may partly reflect investment portfolio marks rather than operating performance. The absence of reported investment income figures limits confidence in separating underwriting results from portfolio returns. Analysts should reference the segment disclosures to determine how much of recent earnings depend on fixed-income yields versus realized and unrealized gains.
Q4 2024 Earnings Trough Versus Recovery
Based on reported figures, Loews' operating income fell to $188M in Q4 2024 from $550M in the prior quarter, with EPS declining 56.6% year-over-year, before recovering to $541M in Q4 2025 and sustaining higher levels.
The Q4 2024 trough coincided with a combined ratio of 95.8%, the weakest underwriting result in the period, which suggests a concentrated pressure event rather than a broad deterioration. The subsequent recovery to $541M and beyond implies that the underlying franchise absorbed the shock without lasting impairment. Investors should determine whether the Q4 2024 pressure reflected catastrophe activity or reserve charges, as the answer shapes how durable the recovery may be.
Reported Earnings May Overstate Underwriting Durability
As reported in the quarterly figures, Loews' Q1 2026 net income of $572M on a 47.7% loss ratio may reflect favorable reserve development or portfolio marks, and investors should test whether that level is repeatable against a 56% to 57% loss ratio run rate.
The strongest challenge to the reported earnings base is that the lowest loss ratio readings may be flattering the trend, and Q1 2026 EPS of $1.63 sits well above the $0.86 to $1.92 range seen in adjacent quarters. If social inflation is lifting casualty severity, a return toward the 56% to 57% loss ratio band would compress combined ratios back toward 88% to 89% and reduce earnings power. Without disclosed reserve development tables or investment income detail in the supplied data, this remains an analytical inference warranting further review of the underlying filings.