Company: L
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000060086-25-000181
Chunk: 175

Company: LOEWS CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 2
Chunk 175
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The following table reconciles net income attributable to Loews Corporation to EBITDA for the three and nine months ended September 30, 2025 and 2024:

Three Months EndedNine Months EndedSeptember 30,September 30,2025202420252024(In millions)Net income attributable to Loews Corporation$94 $77 $334 $268 Interest, net 36 38 111 115 Income tax expense30 27 109 92 Depreciation and amortization107 107 333 321 EBITDA$267 $249 $887 $796 

Loews Hotels & Co

The following table summarizes the results of operations for Loews Hotels & Co for the three and nine months ended September 30, 2025 and 2024, as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report. 

Three Months EndedNine Months EndedSeptember 30,September 30,2025202420252024(In millions)     Revenues:  Operating revenue$180 $195 $613 $597 Revenues related to reimbursable expenses31 31 97 96 Total211 226 710 693 Expenses:Operating and other163 163 506 487 Reimbursable expenses31 31 97 96 Depreciation and amortization27 24 75 69 Equity income from joint ventures(25) (60)(59)Interest18 17 52 37 Total214 235 670 630 Income (loss) before income tax(3)(9)40 63 Income tax (expense) benefit 1 (15)(20)Net income (loss) attributable to Loews Corporation$(3)$(8)$25 $43 

Net income (loss) attributable to Loews Corporation improved $5 million and decreased $18 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 periods primarily due to the reasons discussed below.

58

Operating revenues declined by $15 million and increased by $16 million and operating and other expenses were consistent with and increased by $19 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 periods. The decrease in operating revenues for the three-month period was primarily due to renovations at the Loews