Cash Flow Statement

Operating Cash Flow

-1%

+88%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	(846)	767	841	927	904	920	(702)	(597)	(742)	(547)	1 115	1 216	1 517	1 542	1 566	1 212	1 407	1 540	1 873	2 491	2 718	2 803	2 723	3 100	3 194	7 759	7 226	5 293	3 958	(702)	(33)	1 383	2 479	2 461	1 923	1 987	1 926	1 789	1 952	1 694	1 651	1 445	1 439	1 110	989	1 203	1 277	1 069	855	658	543	962	827	859	872	287	437	(98)	13	716	908	1 474	1 293	1 412	1 401	1 371	1 448	706	722	699	449	871	(569)	(1 640)	(1 517)	(1 291)	46	1 685	1 769	1 703	1 780	1 189	883	1 103	1 137	1 323	1 659	1 545	1 626	1 633	1 782	1 494	1 401	1 422	1 533	1 772
Depreciation & Amortization	0	0	0	312	0	0	0	325	0	0	0	351	0	0	0	381	0	0	0	352	0	0	0	471	0	0	0	692	0	0	0	784	0	0	0	816	0	0	0	833	0	0	0	905	0	0	0	871	0	0	0	899	0	0	0	955	0	0	0	841	0	0	0	874	0	0	0	912	0	0	0	943	0	0	0	734	0	0	0	515	0	0	0	509	0	0	0	538	0	0	0	583	0	0	0	610
Change in Deffered Taxes	0	0	0	2	0	0	0	154	0	0	0	55	0	0	0	(110)	0	0	0	275	0	0	0	18	0	0	0	(378)	0	0	0	139	0	0	0	471	0	0	0	268	0	0	0	(22)	0	0	0	6	0	0	0	11	0	0	0	(225)	0	0	0	102	0	0	0	(47)	0	0	0	86	0	0	0	70	0	0	0	(235)	0	0	0	213	0	0	0	5	0	0	0	127	0	0	0	(45)	0	0	0	112
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	5	0	0	0	8	0	0	0	11	0	0	0	13	19	24	28	11	9	9	8	10	10	11	11	8	0	0	0	7	0	0	0	6	0	0	0	6	0	0	0	32	0	0	0	33	0	0	0	35	0	0	0	37	0	0	0	37	4	7	5	15	0	0	13	21	0	12	20	26	40	46	47	19	49	49	39	8
Other Non-Cash Items	313	1 333	1 613	269	249	(200)	(264)	261	520	783	1 041	287	18	164	(123)	(154)	(98)	(8)	216	(39)	(131)	(236)	47	(379)	64	(4 620)	(4 276)	(3 287)	(2 470)	2 632	2 094	635	(541)	(756)	(981)	(425)	(436)	(428)	(1)	62	168	292	197	582	647	520	397	606	1 003	1 096	1 172	880	658	582	759	1 189	1 264	1 775	1 495	964	697	189	247	255	122	135	417	618	802	728	244	117	1 111	1 943	1 873	906	(200)	(1 711)	(1 682)	(74)	2	618	737	197	781	705	703	(64)	625	604	560	(168)	456	562	597	(77)
Cash Taxes Paid	0	0	0	(168)	0	0	0	(113)	0	0	0	(74)	0	0	0	504	0	0	0	571	0	0	0	974	0	0	0	655	0	0	0	(34)	0	0	0	378	0	0	0	322	0	0	0	120	0	0	0	183	0	0	0	189	0	0	0	110	0	0	0	114	0	0	0	166	0	0	0	101	0	0	0	190	0	0	0	20	0	0	0	256	0	0	0	376	0	0	0	304	0	0	0	403	0	0	0	381
Cash Interest Paid	0	0	0	339	0	0	0	290	0	0	0	296	0	0	0	405	0	0	0	352	0	0	0	299	0	0	0	429	0	0	0	442	0	0	0	494	0	0	0	526	0	0	0	450	0	0	0	415	0	0	0	501	0	0	0	513	0	0	0	511	0	0	0	533	0	0	0	558	0	0	0	560	0	0	0	463	0	0	0	391	0	0	0	380	0	0	0	385	0	0	0	422	0	0	0	421
Change in Working Capital	567	(1 018)	(1 407)	279	270	536	3 347	2 918	2 942	2 908	462	1 273	1 264	1 398	1 215	2 038	2 470	1 689	465	(1 364)	(2 164)	(758)	1 008	2 461	3 417	2 562	(765)	1 051	1 220	(52)	2 383	1 650	886	1 111	857	(2 896)	(1 989)	(2 579)	(2 156)	1 108	244	1 317	1 306	279	615	(357)	(476)	(456)	(838)	145	271	238	228	545	548	1 341	1 223	824	830	(370)	(445)	107	(136)	96	754	1 177	1 483	1 900	1 268	120	407	(260)	434	391	392	1 631	1 205	1 375	1 544	266	402	991	1 291	1 500	1 692	1 993	1 690	1 761	1 135	667	219	1 161	1 706	1 633	1 473	862
Cash from Operating Activities	483 N/A	1 532 +217%	1 497 -2%	1 788 +19%	1 737 -3%	1 570 -10%	2 695 +72%	3 061 +14%	3 198 +5%	3 623 +13%	3 098 -15%	3 182 +3%	3 206 +1%	3 510 +9%	3 064 -13%	3 367 +10%	4 050 +20%	3 492 -14%	2 825 -19%	1 715 -39%	1 050 -39%	2 436 +132%	4 405 +81%	5 671 +29%	7 164 +26%	6 190 -14%	2 674 -57%	3 371 +26%	3 022 -10%	2 192 -27%	4 758 +117%	4 591 -4%	3 747 -18%	3 739 0%	2 722 -27%	(47) N/A	788 N/A	69 -91%	1 082 +1 468%	3 965 +266%	3 164 -20%	4 155 +31%	4 043 -3%	2 854 -29%	3 134 +10%	2 249 -28%	2 081 -7%	2 096 +1%	1 897 -9%	2 776 +46%	2 863 +3%	2 990 +4%	2 623 -12%	2 896 +10%	3 089 +7%	3 547 +15%	3 654 +3%	3 231 -12%	3 068 -5%	2 253 -27%	2 103 -7%	2 713 +29%	2 347 -13%	2 590 +10%	3 104 +20%	3 510 +13%	4 175 +19%	4 222 +1%	3 790 -10%	2 545 -33%	2 098 -18%	1 741 -17%	1 989 +14%	1 707 -14%	1 761 +3%	1 745 -1%	1 550 -11%	1 848 +19%	2 130 +15%	2 623 +23%	2 912 +11%	3 526 +21%	3 639 +3%	3 314 -9%	3 610 +9%	4 021 +11%	4 052 +1%	3 907 -4%	3 386 -13%	2 904 -14%	2 561 -12%	3 025 +18%	3 563 +18%	3 617 +2%	3 603 0%	3 279 -9%
Investing Cash Flow
Capital Expenditures	(501)	(462)	(481)	(514)	(591)	(614)	(559)	(446)	(329)	(281)	(272)	(267)	(268)	(356)	(388)	(478)	(618)	(660)	(777)	(904)	(1 028)	(1 226)	(1 640)	(2 247)	(2 762)	(3 308)	(3 832)	(3 997)	(3 725)	(3 598)	(3 230)	(2 529)	(2 174)	(1 622)	(1 029)	(917)	(855)	(744)	(749)	(1 335)	(1 423)	(1 565)	(1 658)	(1 405)	(1 769)	(2 025)	(1 887)	(1 737)	(1 893)	(1 739)	(2 025)	(2 753)	(2 448)	(2 828)	(2 605)	(1 555)	(1 394)	(1 302)	(1 372)	(1 450)	(1 369)	(952)	(921)	(1 031)	(1 050)	(1 035)	(1 027)	(995)	(988)	(1 020)	(1 007)	(1 041)	(1 051)	(976)	(882)	(710)	(564)	(453)	(453)	(482)	(516)	(611)	(592)	(660)	(698)	(647)	(686)	(686)	(686)	(705)	(681)	(632)	(571)	(546)	(562)	(579)
Other Items	(534)	(1 393)	(1 767)	(1 418)	(112)	(508)	(1 847)	(2 683)	(3 427)	(3 002)	(2 819)	(3 775)	(3 537)	(2 304)	(1 571)	(1 296)	(1 273)	(3 137)	(4 057)	(1 733)	(1 109)	(1 768)	(3 365)	(4 568)	(5 681)	(4 180)	1 613	783	633	1 169	(1 725)	(2 334)	(1 992)	(1 738)	(1 573)	1 581	1 114	1 933	1 486	(568)	(177)	(1 869)	(1 794)	(1 690)	(1 446)	(1 205)	(1 171)	(1 561)	(1 409)	(1 425)	(373)	1 283	1 709	1 483	513	(380)	(792)	(716)	(822)	(737)	(388)	(1 672)	(1 507)	(1 624)	(1 822)	(1 303)	(258)	(449)	(212)	857	(204)	370	507	(64)	(413)	(704)	(971)	(543)	(277)	(705)	(1 164)	(1 455)	(1 950)	(1 687)	(1 596)	(2 381)	(2 135)	(2 059)	(2 951)	(1 849)	(1 827)	(1 343)	(582)	(1 166)	(1 614)	(2 249)
Cash from Investing Activities	(1 035) N/A	(1 855) -79%	(2 248) -21%	(1 933) +14%	(703) +64%	(1 122) -60%	(2 406) -114%	(3 129) -30%	(3 756) -20%	(3 284) +13%	(3 091) +6%	(4 042) -31%	(3 805) +6%	(2 660) +30%	(1 959) +26%	(1 774) +9%	(1 891) -7%	(3 797) -101%	(4 833) -27%	(2 637) +45%	(2 137) +19%	(2 995) -40%	(5 005) -67%	(6 815) -36%	(8 443) -24%	(7 488) +11%	(2 219) +70%	(3 214) -45%	(3 092) +4%	(2 429) +21%	(4 955) -104%	(4 863) +2%	(4 166) +14%	(3 360) +19%	(2 602) +23%	664 N/A	259 -61%	1 189 +359%	737 -38%	(1 903) N/A	(1 600) +16%	(3 434) -115%	(3 452) -1%	(3 095) +10%	(3 215) -4%	(3 230) 0%	(3 058) +5%	(3 298) -8%	(3 302) 0%	(3 164) +4%	(2 398) +24%	(1 470) +39%	(739) +50%	(1 345) -82%	(2 092) -56%	(1 935) +8%	(2 186) -13%	(2 018) +8%	(2 194) -9%	(2 187) +0%	(1 757) +20%	(2 624) -49%	(2 428) +7%	(2 655) -9%	(2 872) -8%	(2 338) +19%	(1 285) +45%	(1 444) -12%	(1 200) +17%	(163) +86%	(1 211) -643%	(671) +45%	(544) +19%	(1 040) -91%	(1 295) -25%	(1 414) -9%	(1 535) -9%	(996) +35%	(730) +27%	(1 187) -63%	(1 680) -42%	(2 066) -23%	(2 542) -23%	(2 347) +8%	(2 294) +2%	(3 028) -32%	(2 821) +7%	(2 745) +3%	(3 637) -32%	(2 554) +30%	(2 508) +2%	(1 975) +21%	(1 153) +42%	(1 712) -48%	(2 176) -27%	(2 828) -30%
Financing Cash Flow
Net Issuance of Common Stock	734	528	766	719	(247)	(42)	0	400	401	400	383	288	290	293	317	703	652	1 213	2 309	1 562	1 608	986	(408)	(129)	(126)	178	460	218	218	(59)	22	(146)	(1)	(48)	(197)	(53)	(377)	(367)	(568)	(556)	(128)	(110)	395	650	309	643	369	147	225	(219)	(386)	(611)	(574)	(604)	(720)	(1 144)	(1 201)	(1 064)	(763)	(134)	0	(54)	(25)	(216)	(713)	(1 009)	(1 099)	(1 026)	(846)	(705)	(780)	(1 051)	(1 192)	(1 064)	(1 086)	(923)	(745)	(916)	(1 070)	(1 136)	(988)	(1 032)	(922)	(729)	(1 059)	(942)	(827)	(849)	(411)	(459)	(402)	(608)	(978)	(1 056)	(1 052)	(806)
Net Issuance of Debt	16	75	453	(288)	(417)	(125)	(108)	(101)	302	(521)	(270)	1 142	940	(384)	(633)	(1 818)	(1 933)	(91)	696	367	409	421	1 744	2 137	2 219	2 278	449	1 003	1 083	1 270	1 031	1 226	1 189	389	766	(14)	(147)	85	(279)	(511)	(463)	(50)	(412)	242	427	969	1 317	1 761	1 998	1 340	875	(265)	(849)	(526)	(184)	(101)	37	216	153	196	90	198	411	656	677	91	10	(178)	(126)	34	(17)	120	569	857	1 282	933	588	109	(258)	6	115	150	166	(67)	(226)	(303)	(182)	(100)	962	500	331	(72)	(1 171)	(636)	(103)	532
Cash Paid for Dividends	(116)	(133)	(150)	(166)	(183)	(183)	(183)	(192)	(200)	(209)	(217)	(217)	(221)	(226)	(231)	(240)	(245)	(263)	(288)	(308)	(328)	(333)	(333)	(331)	(330)	(330)	(275)	(219)	(164)	(108)	(107)	(108)	(107)	(107)	(106)	(105)	(105)	(103)	(102)	(101)	(100)	(100)	(99)	(99)	(98)	(98)	(98)	(97)	(97)	(96)	(96)	(95)	(94)	(93)	(92)	(90)	(88)	(86)	(84)	(84)	(84)	(84)	(84)	(84)	(83)	(82)	(81)	(80)	(79)	(78)	(77)	(76)	(75)	(74)	(72)	(70)	(69)	(67)	(66)	(65)	(64)	(63)	(62)	(61)	(60)	(59)	(58)	(57)	(56)	(56)	(56)	(55)	(54)	(53)	(52)	(52)
Other	(134)	(129)	(168)	(117)	(103)	(94)	(74)	(86)	(68)	(51)	(40)	(325)	(373)	(397)	(500)	(290)	(683)	(734)	(738)	(707)	(597)	(549)	(463)	(552)	(424)	(794)	(986)	(1 175)	(1 131)	(900)	(830)	(651)	(675)	(661)	(609)	(516)	(435)	(821)	(874)	(885)	(896)	(471)	(438)	(457)	(473)	(503)	(521)	(540)	(605)	(529)	(475)	(471)	(381)	(344)	(299)	(190)	(173)	(165)	(151)	(144)	(136)	(138)	(153)	(155)	(83)	(75)	(1 561)	(1 551)	(1 642)	(1 643)	(133)	(137)	(141)	(156)	(154)	(138)	(86)	(83)	(84)	(94)	(150)	(125)	(179)	(180)	(160)	(174)	(296)	(294)	(284)	(326)	(148)	(163)	(202)	(195)	(203)	(187)
Cash from Financing Activities	499 N/A	340 -32%	901 +165%	147 -84%	(950) N/A	(443) +53%	(365) +18%	21 N/A	434 +1 978%	(380) N/A	(144) +62%	888 N/A	636 -28%	(714) N/A	(1 047) -47%	(1 645) -57%	(2 208) -34%	126 N/A	1 979 +1 468%	914 -54%	1 093 +20%	524 -52%	541 +3%	1 125 +108%	1 339 +19%	1 332 -1%	(352) N/A	(173) +51%	6 N/A	203 +3 283%	116 -43%	321 +177%	406 +26%	(427) N/A	(146) +66%	(688) -371%	(1 064) -55%	(1 206) -13%	(1 823) -51%	(2 053) -13%	(1 587) +23%	(731) +54%	(554) +24%	336 N/A	165 -51%	1 011 +513%	1 067 +6%	1 271 +19%	1 521 +20%	496 -67%	(82) N/A	(1 442) -1 659%	(1 898) -32%	(1 567) +17%	(1 295) +17%	(1 525) -18%	(1 425) +7%	(1 099) +23%	(845) +23%	(166) +80%	(231) -39%	(78) +66%	149 N/A	201 +35%	(202) N/A	(1 075) -432%	(2 731) -154%	(2 835) -4%	(2 693) +5%	(2 392) +11%	(1 007) +58%	(1 144) -14%	(839) +27%	(437) +48%	(30) +93%	(198) -560%	(312) -58%	(957) -207%	(1 478) -54%	(1 289) +13%	(1 087) +16%	(1 070) +2%	(997) +7%	(1 037) -4%	(1 505) -45%	(1 478) +2%	(1 363) +8%	(1 300) +5%	211 N/A	(341) N/A	(275) +19%	(898) -227%	(2 405) -168%	(1 940) +19%	(1 410) +27%	(513) +64%
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	5	4	4	(1)	(13)	(14)	(7)	1	10	10	3	2	1	5	5	0	0	(1)	(2)	4	4	(4)	(2)	(2)	(3)	5	5	(3)	(8)	(15)	(12)	(11)	(11)	(6)	(15)	(13)	(13)	(11)	(2)	4	9	9	(1)	(4)	(10)	(9)	(3)	(9)	5	(6)	(2)	8	9	0	15	3	(4)	(7)	(17)	(25)	(19)	(15)	(3)	8	5	2	(2)	8	(10)	(1)	12	2	16
Net Change in Cash	(53) N/A	17 N/A	150 +795%	3 -98%	83 +2 587%	5 -94%	(76) N/A	(48) +38%	(123) -159%	(40) +68%	(137) -243%	28 N/A	37 +30%	136 +272%	58 -57%	(52) N/A	(49) +6%	(179) -264%	(29) +84%	(8) +73%	6 N/A	(34) N/A	(59) -73%	(14) +76%	64 N/A	38 -41%	102 +168%	(29) N/A	(78) -169%	(41) +47%	(80) -95%	59 N/A	(3) N/A	(45) -1 400%	(24) +47%	(70) -192%	(12) +83%	57 N/A	(4) N/A	9 N/A	(24) N/A	(12) +50%	41 N/A	99 +141%	80 -19%	28 -65%	88 +214%	66 -25%	121 +83%	113 -7%	380 +236%	70 -82%	(29) N/A	(28) +3%	(309) -1 004%	76 N/A	37 -51%	99 +168%	16 -84%	(113) N/A	104 N/A	9 -91%	72 +700%	145 +101%	39 -73%	96 +146%	155 +61%	(67) N/A	(112) -67%	(13) +88%	(129) -892%	(69) +47%	600 N/A	228 -62%	444 +95%	142 -68%	(297) N/A	(90) +70%	(75) +17%	143 N/A	138 -3%	373 +170%	75 -80%	(89) N/A	(204) -129%	(488) -139%	(124) +75%	(133) -7%	(38) +71%	7 N/A	(214) N/A	142 N/A	4 -97%	(23) N/A	19 N/A	(46) N/A

Income Statement Balance Sheet Cash Flow Statement

Loews Corp
NYSE:L

Cash Flow Statement

Cash Flow Statement
Loews Corp

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Loews Corp NYSE:L

Cash Flow Statement

Cash Flow Statement Loews Corp

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Loews Corp
NYSE:L

Cash Flow Statement
Loews Corp