NYSE:L · New York Stock Exchange
-$0.22 today
Vol 0.58M · Avg 0.85M
Income Statement
Follow revenue through to earnings
Review sales, margins, expenses, and profit trends to see what is actually driving reported earnings over time.
Stock Ticker Earnings Waterfall
NYSE:L · Revenue to Net Income
Key Ratios
Analysis
$18.3B of revenue converted into $1.9B of net income for the selected period. Gross margin is 46.1% and net margin is 10.2%, showing how much revenue survives after costs and taxes. EPS is $7.85, tying the income statement back to per-share earnings.
Revenue
—
Operating Income
—
Net Income
—
Income Statement
Annual data · 5 periods
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $18.2B +5.4% | $17.2B +10.0% | $15.7B +11.6% | $14.1B +2.4% | $13.7B | $809.6M | $921.6M | $731.2M |
| Cost of Revenue | $10.2B +6.9% | $9.5B +9.5% | $8.7B +7.0% | $8.1B +4.2% | $7.8B | $725.6M | $804.0M | $882.4M |
| Gross Profit | $8.0B +3.6% | $7.7B +10.6% | $7.0B +17.9% | $5.9B -0.1% | $5.9B | $8.9B | $7.6B | $6.2B |
| Gross Margin | 43.9% -0.8pp | 44.7% +0.3pp | 44.4% +2.4pp | 42.0% -1.0pp | 43.1% | 9.8% | 28.9% | 38.3% |
| Research & Development | $0 | $0 | $0 | $0 | $0 | $983.2M | $1.3B | $490.4M |
| Selling, General & Admin | $0 | $0 | $0 | $0 | $0 | $620.6M | $923.0M | -$1.5B |
| Operating Expenses | $5.7B -2.2% | $5.8B +17.3% | $5.0B +3.7% | $4.8B +27.7% | $3.8B | $5.3B | $7.0B | $8.7B |
| Depreciation & Amortization | $610.0M +4.6% | $583.0M +8.4% | $538.0M +5.7% | $509.0M -1.2% | $515.0M | $374.2M | $1.2B | $631.8M |
| EBITDA | $3.3B +14.9% | $2.9B -0.4% | $2.9B +45.4% | $2.0B -35.4% | $3.1B | -$15.2B | $6.8B | $9.3B |
| EBITDA Margin | 18.3% +1.5pp | 16.8% -1.8pp | 18.6% +4.3pp | 14.2% -8.3pp | 22.6% | 5.6% | 46.3% | 42.0% |
| Operating Income | $2.3B +21.8% | $1.9B -6.1% | $2.0B +79.2% | $1.1B -48.4% | $2.2B | $12.3B | $14.0B | -$15.7B |
| Operating Margin | 12.6% +1.7pp | 10.9% -1.9pp | 12.7% +4.8pp | 7.9% -7.8pp | 15.7% | 16.6% | 24.1% | 22.0% |
| Interest Income | $0 | $0 | $0 | $0 | $0 | -$1.5B | -$1.6B | $405.0M |
| Interest Expense | $437.0M -0.9% | $441.0M +17.3% | $376.0M -0.5% | $378.0M -10.8% | $424.0M | $1.1B | $1.0B | $1.2B |
| Other Income / Expenses | $0 | $0 | $0 | $0 | $0 | -$1.5B | $1.4B | $1.2B |
| Income Before Tax | $2.3B +21.8% | $1.9B -6.1% | $2.0B +79.2% | $1.1B -48.4% | $2.2B | $3.3B | $4.9B | $3.6B |
| Pre-Tax Margin | 12.6% +1.7pp | 10.9% -1.9pp | 12.7% +4.8pp | 7.9% -7.8pp | 15.7% | 20.8% | 18.7% | 26.2% |
| Income Tax Expense | $511.0M +34.5% | $380.0M -15.7% | $451.0M +102.2% | $223.0M -53.1% | $475.0M | $1.3B | -$1.6B | $745.2M |
| Net Income | $1.7B +17.9% | $1.4B -1.4% | $1.4B +74.5% | $822.0M -47.4% | $1.6B | $4.9B | $4.8B | $4.7B |
| Net Margin | 9.2% +1.0pp | 8.2% -0.9pp | 9.1% +3.3pp | 5.9% -5.5pp | 11.4% | 12.4% | 17.5% | 22.5% |
| EPS (Basic) | $8 +24.1% | $6 +1.9% | $6 +85.8% | $3 -43.7% | $6 | $400.8M | $703.2M | $1.3B |
| EPS (Diluted) | $8 +24.3% | $6 +1.9% | $6 +86.1% | $3 -43.7% | $6 | $766.2M | $609.4M | $452.6M |
| Weighted Avg Shares | $209.1M -5.1% | $220.3M -3.2% | $227.5M -6.3% | $242.8M -6.5% | $259.7M | $757.8M | $925.8M | $1.1B |
| Weighted Avg Shares (Diluted) | $209.1M -5.2% | $220.5M -3.2% | $227.8M -6.4% | $243.3M -6.5% | $260.2M | $1.2B | $924.4M | $678.0M |
Older periods hidden.
Sign in to unlockCompetitors
Peer companies in the same sector
Credicorp Ltd.
NYSE:BAP
$31.08B
Citizens Financial Group, Inc.
NYSE:CFG
$30.02B
Cincinnati Financial Corporation
NASDAQ:CINF
$29.70B
W. R. Berkley Corporation
NYSE:WRB
$26.84B
Nomura Holdings, Inc.
NYSE:NMR
$26.48B
Regions Financial Corporation
NYSE:RF
$25.84B
KeyCorp
NYSE:KEY
$24.85B
Markel Corporation
NYSE:MKL
$24.77B
The Carlyle Group Inc.
NASDAQ:CG
$15.42B
CNA Financial Corporation
NYSE:CNA
$13.84B
SEC Filings
Recent regulatory filings
No filings found.
How much revenue does L generate?
Loews Corporation (L) reported $18.18B of revenue in fiscal 2025.
Is L profitable?
Loews Corporation (L) reported $1.67B of net income, with a net margin of 9.2%.
Explore More
Continue the stock analysis
Jump to another research area for this company.