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Loews cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$691M in Q3 2026 · $1.7B over twelve months

Operating cash flow$954M
Capital spending−$263M
Free cash flow+$691M
Cash / net income3.0×

Analysis

In Q3 2026, Loews generated $954M of operating cash flow and spent $263M on capital projects, leaving free cash flow of $691M. That is $73.0M less than in Q3 2025 ($764M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.6B; the largest uses were capital spending ($916M), other investing ($600M), net borrowing (+) / repaid (−) ($515M); the cash balance fell by $62.0M.

Operating cash flow was $954M against net income of $322M — 3.0× profit, cash ran ahead of reported earnings. The largest differences: receivables +$319M, other liabilities −$307M, prepaid and other assets +$162M.

Free cash flow

Loews: free cash flow by quarterLoews: free cash flow by quarter$767MQ4 2024$638MQ1 2025$872MQ2 2025$764MQ3 2025$426MQ4 2025−$132MQ1 2026$708MQ2 2026$691MQ3 2026
Operating cash flow less capital spending.
Loews: operating cash flow against capital spendingLoews: operating cash flow against capital spendingOperating cash flowCapital spending$941M$174MQ4 2024$736M$98.0MQ1 2025$1.0B$134MQ2 2025$920M$156MQ3 2025$617M$191MQ4 2025$72.0M$204MQ1 2026$966M$258MQ2 2026$954M$263MQ3 2026
Latest (Q3 2026): Operating cash flow $954M, Capital spending $263M.

Capital allocation, year by year

Loews: where the cash came from (up) and went (down), by fiscal yearLoews: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $2.6BFY2021: Net borrowing $6.0MFY2021: Asset sales $497MFY2021: Capital spending −$482MFY2021: Buybacks −$1.1BFY2021: Dividends −$65.0M$3.1BFY2021FY2022: Operating cash flow $3.3BFY2022: Net borrowing −$67.0MFY2022: Asset sales $16.0MFY2022: Capital spending −$660MFY2022: Buybacks −$729MFY2022: Dividends −$61.0M$3.3BFY2022FY2023: Operating cash flow $3.9BFY2023: Net borrowing −$100MFY2023: Capital spending −$686MFY2023: Acquisitions −$401MFY2023: Buybacks −$849MFY2023: Dividends −$57.0M$3.9BFY2023FY2024: Operating cash flow $3.0BFY2024: Net borrowing −$72.0MFY2024: Asset sales $23.0MFY2024: Capital spending −$632MFY2024: Buybacks −$608MFY2024: Dividends −$55.0M$3.0BFY2024FY2025: Operating cash flow $3.3BFY2025: Net borrowing $532MFY2025: Capital spending −$579MFY2025: Buybacks −$806MFY2025: Dividends −$52.0M$3.8BFY2025
Over these 5 years operating cash flow totalled $16.1B; the largest uses were buybacks ($4.1B) and capital spending ($3.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$6.2B
Debt$9.5B
Net debt$3.3B
Due within a year$1.1B

Loews funds itself: free cash flow was $1.7B over the last twelve months, and $6.2B of cash and investments stands against $9.5B of debt ($1.1B due within a year, 5.7× covered by cash).

Loews: debt maturities by year (FY2025)Loews: debt maturities by year (FY2025)$1.1BYear 1$1.1BYear 2$56.0MYear 3$1.2BYear 4$1.1BYear 5$5.1BAfter year 5
Principal due in each year as disclosed in the annual report, against $6.2B of cash and investments now.

Where the cash came from and went

Loews: sources (+) and uses (−) of cash, Q3 2026Loews: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$954MOther investing−$521MCapital spending−$263MBuybacks−$149MDividends−$13.0MPartners−$11.0MAcquisitions$6.0MOther financing−$3.0MCash drawn (+) / kept (−)$3.0MExchange rates−$2.0MNet borrowing (+) / repaid (−)−$1.0M
Loews: sources (+) and uses (−) of cash, TTM to Q3 2026Loews: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$2.6BCapital spending−$916MOther investing−$600MNet borrowing (+) / repaid (−)−$515MBuybacks−$434MPartners−$123MCash drawn (+) / kept (−)$62.0MDividends−$52.0MOther financing−$24.0MExchange rates−$7.0M

From profit to cash

Loews: net income to operating cash flow, Q3 2026Loews: net income to operating cash flow, Q3 2026Net income$322MGains on investments$9.0MReceivables$319MPrepaid and other assets$162MOther liabilities−$307MOperating cash flow$954M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$954M−$263M$6.0M−$149M−$13.0M−$1.0M$3.0M$691M
Q2 2026$966M−$258M—−$154M−$13.0M—$335M$708M
Q1 2026$72.0M−$204M—−$31.0M−$13.0M−$556M−$348M−$132M
Q4 2025$617M−$191M—−$100M−$13.0M$42.0M$72.0M$426M
Q3 2025$920M−$156M—−$55.0M−$13.0M−$1.0M−$120M$764M
Q2 2025$1.0B−$134M—−$257M−$13.0M−$2.0M$113M$872M
Q1 2025$736M−$98.0M—−$394M−$13.0M−$1.0M−$19.0M$638M
Q4 2024$941M−$174M—−$346M−$13.0M−$593M$7.0M$767M

Loews: income statement and cash flow

Loews, Q3 2026: revenue $4.8B (+2% year over year), operating margin 8.5%. The chart follows the revenue to costs, profit and cash.

Loews: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.