Company: L
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0000060086-25-000166
Chunk: 57

Company: LOEWS CORP
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 1
Chunk 57
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30,June 30,2025202420252024(In millions)Net income attributable to Loews Corporation$88 $70 $240 $191 Interest, net 37 38 75 77 Income tax expense29 24 79 65 Depreciation and amortization120 108 226 214 EBITDA$274 $240 $620 $547 

56

Loews Hotels & Co

The following table summarizes the results of operations for Loews Hotels & Co for the three and six months ended June 30, 2025 and 2024, as presented in Note 11 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report. 

Three Months EndedSix Months EndedJune 30,June 30,2025202420252024(In millions)     Revenues:  Operating revenue$222 $219 $433 $402 Revenues related to reimbursable expenses32 32 66 65 Total254 251 499 467 Expenses:Operating and other170 169 343 324 Reimbursable expenses32 32 66 65 Depreciation and amortization24 24 48 45 Equity income from joint ventures(29)(32)(35)(59)Interest18 14 34 20 Total215 207 456 395 Income before income tax39 44 43 72 Income tax expense(11)(9)(15)(21)Net income attributable to Loews Corporation$28 $35 $28 $51 

Net income attributable to Loews Corporation decreased $7 million and $23 million for the three and six months ended June 30, 2025 as compared with the comparable 2024 periods primarily due to the reasons discussed below.

Operating revenues improved by $3 million and $31 million and operating and other expenses increased by $1 million and $19 million for the three and six months ended June 30, 2025 as compared with the comparable 2024 periods. The increase in operating revenues during the six month period was primarily driven by growth in overall average daily rate, an increase in the number of occupied room nights and increased food and beverage revenues. The increase in operating and other expenses was driven by the costs associated with the increased number of occupied room nights and the termination of a contract with a minority owner in the first quarter of 2025