L Loews Corporation Common Stock
About Loews Corporation Common Stock Company overview from Wikipedia
Loews Corporation is an American conglomerate headquartered in New York City. The company's majority-stake holdings include CNA Financial Corporation, Boardwalk Pipelines, Loews Hotels and Altium Packaging.
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Loews Corporation is an American conglomerate headquartered in New York City. The company's majority-stake holdings include CNA Financial Corporation, Boardwalk Pipelines, Loews Hotels and Altium Packaging.
Loews positions itself as a value investor with a long-term focus. The company has allocated significant capital for share buybacks, spending $1.3 billion on share repurchases in the three years ending December 31, 2012. Between 1971 and 2020, Loews reduced its shares outstanding from 1.3 billion to 291 million.
History
Loews Corporation traces its roots to 1946 when Laurence Tisch persuaded his parents to invest $125,000 to buy a resort hotel in Lakewood, New Jersey. Laurence's brother Robert joined the business shortly thereafter. The Tisch brothers began to invest their profits in expanding the hotel business. By 1956, the brothers were in a position to build their first hotel, the Americana in Bal Harbour, Florida, for $17 million in cash.
In the wake of the landmark 1948 Supreme Court antitrust ruling in United States v. Paramount Pictures, Inc., all the major movie studios were ordered to separate from the movie theater chains that had been commonly owned and operated.In 1959, the Tisch brothers purchased a controlling interest in Loew's Theatres, a nationwide chain of 102 movie theaters, as Metro-Goldwyn-Mayer
(formed by theater magnate Marcus Loew's acquisition of three production companies) became a separate entity. This acquisition formed the foundation of the modern-day Loews Corporation, and the company was listed on the New York Stock Exchange that same year.
By the summer of 1960, the brothers became co-chairmen. The theaters were aging and not suited to then-current movie-going trends, which anticipated the multiplex; however, the theaters were located on highly valuable city property. Almost immediately, the Tisch brothers began closing and demolishing many of these theaters, selling the vacant lots to developers. This hastened the end of the classic movie "palaces" from the Golden Age of Hollywood.
The brothers soon diversified the Loews business, successfully venturing into a variety of areas as the 1960s and 1970s progressed. Loews acquired Lorillard Tobacco Company in 1968, CNA Financial in 1974, and the Bulova Watch Company in 1979. Through acquisitions, Loews's revenues grew from $100 million in 1970 to more than $3 billion by a decade later.
Loews sold the theater business in 1985 (it continued operating under the Loew's brand name, while the investment company operates as Loews). Laurence Tisch briefly owned, through Loews, a significant portion of US television and radio broadcaster CBS in the 1980s. As chairman of CBS, he also approved the deal that brought late-night host David Letterman to the network from NBC. Loews involvement in CBS ended in 1995, with the sale of CBS to Westinghouse Electric Corporation for $5.4 billion.
In the late 1980s, Loews diversified into the energy business. In 1989, the company acquired Diamond M Drilling. The subsidiary acquired ODECO in 1992, adding 39 oil rigs. A year later, the combined businesses were renamed Diamond Offshore. The operating subsidiary, which went public in 1995, provides contract drilling services to the energy industry globally.
Diamond Offshore filed for Chapter 11 bankruptcy in April 2020, amid the COVID-19 recession and a collapse in oil demand. Loews deconsolidated Diamond from its financial statements that quarter. Diamond emerged from bankruptcy in April 2021 after equitizing approximately $2.1 billion in senior unsecured notes. In September 2024, Noble Corporation completed its acquisition of Diamond Offshore in a cash-and-stock transaction valued at approximately $1.6 billion, ending Loews's involvement in offshore drilling.
In 2003, Loews purchased Texas Gas Transmission, then bought Gulf South Pipeline Company a year later. These two companies were consolidated into a new entity, Boardwalk Pipeline Partners, which went public in 2005. Structured as a midstream master limited partnership (MLP), Boardwalk Pipeline provides transportation, storage, gathering, and processing of natural gas and liquids for its customers.
In July 2018, Loews exercised a call-right provision in Boardwalk's partnership agreement and took the company private, paying $12.06 per unit to acquire all outstanding public limited partnership units in a transaction valued at approximately $1.5 billion. Minority unitholders filed suit in Delaware. The litigation continued through multiple appeals; in December 2025, the Delaware Supreme Court resolved most claims in Loews's favor while remanding one issue for further proceedings.
On May 10, 2006, Loews Corporation announced that it would offer 15 million shares of Carolina Group via a public offering, with the proceeds to be used for general corporate purposes. The sale's value was $740 million.
Loews Corporation was the parent company of Bulova from 1979 until 2007, when it sold the company to Citizen Watch.
On June 4, 2007, Loews Corporation announced it would acquire a portion of the operations of Dominion Resources for $4.03 billion dollars. Loews rebranded the assets HighMount Exploration & Production. This wholly owned subsidiary is engaged in the exploration and production of natural gas and natural gas liquids. On May 23, 2014, Loews announced that HighMount is pursuing strategic alternatives, including a potential sale of business. HighMount was sold to the private equity firm EnerVest for $805 million, a substantial loss on the original $4.03 billion acquisition price.
On December 17, 2007, Loews Corporation announced a plan to spin off its entire ownership interest in Lorillard to holders of Carolina Group stock and Loews common stock.
In May 2017, Loews acquired Consolidated Container Company from Bain Capital for approximately $1.2 billion, entering the rigid plastic packaging business. The subsidiary rebranded as Altium Packaging in January 2020. In March 2021, Loews sold a 47 percent stake in Altium to GIC, Singapore's sovereign wealth fund, in a transaction that valued Altium at $2 billion.
Subsidiaries
Loews Corporation's principal subsidiaries are:
CNA Financial Corporation (89% owned) — one of the largest commercial property and casualty insurance companies in the United States. CNA reported record core income of $1.3 billion in 2024.
Boardwalk Pipelines (100% owned) — operates approximately 14,000 miles of natural gas and natural gas liquids pipelines.
Loews Hotels & Co (100% owned) — operates luxury hotels across the United States. In 2024, Loews Hotels opened the Loews Arlington Hotel and Convention Center, a 888-room property representing a $550 million investment.
Altium Packaging (53% owned) — rigid plastic packaging manufacturer operating more than 60 facilities in the United States and Canada.
Management
Founders Laurence and Robert Tisch served as co-CEOs until 1998 when they retired as part of a generational shift in corporate leadership. That year, James Tisch was named president and CEO, and the Office of the President was created with three members: James Tisch, Andrew Tisch, and Jonathan Tisch. In 2006, Jonathan Tisch and Andrew Tisch were elected co-chairmen of the board.
On July 29, 2024, Loews announced that James Tisch would retire as president and CEO effective December 31, 2024. The board elected Benjamin Tisch as his successor, making him the third generation of the Tisch family to lead the company. James Tisch became chairman of the board. The company has issued only a single class of common stock and all shareholders have equal voting rights.
Governance
The current members of the board of directors of Loews Corporation include Charles D. Davidson, Paul J. Fribourg, Walter L. Harris, Jonathan C. Locker, Susan P. Peters, Dino Robusto, Alex Tisch(son of Andrew Tisch), Jennifer VanBelle, James S. Tisch (Chairman), and Ben Tisch (President & CEO).
Andrew Tisch and Charles Diker are Directors Emeriti.
Restatement
On February 13, 2003, the company restated its financial statements as of and for the years ended December 31, 2001 to 2000 as well as its interim financial statements for the first three quarters of 2002 to reflect an adjustment to the company's historical accounting for CNA's investment in life settlement contracts and the related revenue recognition. On March 19, 2003, the company announced a revision to its previously reported fourth-quarter and year-end 2002 results to reflect an additional $28.9 million of impairment losses on equity securities at the company's CNA Financial Corporation subsidiary. On February 16, 2006, the company restated results from 2001 through September 2005 to correct accounting for discontinued operations acquired in CNA's merger with the Continental Corp. in 1995. On March 8, 2006, the company said that financial statements for periods from 2001 to 2004 and the first three quarters of 2005 shouldn't be relied on because of accounting classification errors at its majority-owned subsidiary CNA Financial Corp, and it would restate financial statements for 2003 and 2004 and for the first three quarters of 2005 to correct the classification errors.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
L Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
L Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Financial Health Debt, liquidity, solvency — balance sheet strength
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount |
|---|---|
| Aug. 19, 2026 | $0.0630 |
| May 27, 2026 | $0.0630 |
| Feb. 25, 2026 | $0.0630 |
| Nov. 26, 2025 | $0.0630 |
| Aug. 20, 2025 | $0.0630 |
| May 28, 2025 | $0.0630 |
| Feb. 26, 2025 | $0.0630 |
| Nov. 27, 2024 | $0.0630 |
| Aug. 21, 2024 | $0.0630 |
| May 29, 2024 | $0.0630 |
| Feb. 20, 2024 | $0.0630 |
| Nov. 21, 2023 | $0.0630 |
| Aug. 15, 2023 | $0.0630 |
| May 23, 2023 | $0.0630 |
| Feb. 21, 2023 | $0.0630 |
| Nov. 22, 2022 | $0.0630 |
| Aug. 16, 2022 | $0.0630 |
| May 24, 2022 | $0.0630 |
| Feb. 22, 2022 | $0.0630 |
| Nov. 23, 2021 | $0.0630 |
L Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
- Strong Buy 0 0.0%
- Buy 0 0.0%
- Hold 3 42.9%
- Sell 2 28.6%
- Strong Sell 2 28.6%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $2.16 | — | — |
| March 31, 2026 | $1.63 | — | — |
| Dec. 31, 2025 | $1.94 | — | — |
| Sept. 30, 2025 | $2.43 | — | — |
| June 30, 2025 | $1.87 | — | — |
| March 31, 2025 | $1.74 | — | — |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| L | — | 13.2 | 5.4% | 9.0% | 9.3% | — |
| ALL | $54.12B | 5.5 | 5.6% | 15.2% | 39.5% | — |
| AIG | $46.04B | 15.8 | -1.8% | 11.6% | 7.4% | — |
| HIG | $38.16B | 10.3 | 6.9% | 13.5% | 21.4% | — |
| WRB | $26.45B | 15.8 | 7.8% | 12.1% | 19.7% | — |
| CINF | $25.38B | 10.8 | 11.4% | 18.9% | 16.0% | — |
| MKL | $27.06B | 12.7 | 4.7% | 13.6% | 11.9% | — |
| AIZ | — | — | — | — | — | — |
| CNA | $12.92B | 10.2 | 5.0% | 8.5% | 11.6% | — |
| FNF | $14.79B | 24.7 | 5.6% | 4.2% | 7.9% | — |
| ERIE | — | — | 7.2% | 13.8% | 25.0% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 11
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18.45B | $17.51B | $15.90B | $14.04B | $14.66B | $12.58B | $14.93B | $14.07B | $13.73B | $13.11B | $13.41B | $14.32B | |
| Cost of Revenue | · | · | · | · | · | · | $1.08B | $923M | $299M | $271M | · | · | |
| Interest Expense | $437M | $441M | $376M | $378M | $424M | $515M | $591M | $574M | $646M | $536M | $520M | $498M | |
| Pretax Income | $2.28B | $1.87B | $2.00B | $1.11B | $2.16B | $-1.46B | $1.12B | $834M | $1.58B | $936M | $244M | $1.81B | |
| Income Tax | $511M | $380M | $451M | $223M | $475M | $-173M | $248M | $128M | $170M | $220M | $-43M | $457M | |
| Net Income | $1.67B | $1.41B | $1.43B | $822M | $1.56B | $-931M | $932M | $636M | $1.16B | $654M | $260M | $591M | |
| EPS (Basic) | $7.98 | $6.42 | $6.30 | $3.39 | $6.02 | $-3.32 | $3.08 | $1.99 | $3.46 | $1.93 | $0.72 | $1.55 | |
| EPS (Diluted) | $7.97 | $6.41 | $6.29 | $3.38 | $6.00 | $-3.32 | $3.07 | $1.99 | $3.45 | $1.93 | $0.72 | $1.55 | |
| Shares (Basic) | 208,960,000 | 220,260,000 | 227,480,000 | 242,830,000 | 259,670,000 | 280,320,000 | 302,700,000 | 319,060,000 | 336,610,000 | 337,950,000 | 362,430,000 | 381,920,000 | |
| Shares (Diluted) | 209,100,000 | 220,530,000 | 227,810,000 | 243,280,000 | 260,200,000 | 280,320,000 | 303,350,000 | 319,930,000 | 337,500,000 | 338,310,000 | 362,690,000 | 382,550,000 | |
| EBITDA | $607M | $580M | $534M | $509M | $503M | $673M | $898M | $880M | $854M | $841M | $955M | $861M |
Balance Sheet 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $495M | $541M | $399M | $532M | $621M | $478M | $336M | $405M | $472M | $327M | $440M | $364M | |
| Short-term Investments | $6.04B | $4.61B | $4.40B | $4.85B | $4.86B | $4.67B | $4.63B | $3.87B | $4.65B | $4.76B | $4.81B | $6.01B | |
| PP&E (Net) | $10.70B | $10.74B | $10.72B | $10.03B | $9.89B | $10.45B | $15.57B | $15.51B | $15.43B | $15.23B | $15.48B | $15.61B | |
| Goodwill | $349M | $347M | $347M | $346M | $349M | $785M | $767M | $665M | $659M | $346M | $351M | $374M | |
| Total Assets | $86.35B | $81.94B | $79.20B | $75.57B | $81.63B | $80.24B | $82.24B | $78.32B | $79.59B | $76.59B | $76.01B | $78.37B | |
| Short-term Debt | · | · | · | · | · | $37M | $77M | · | · | · | · | · | |
| Deferred Tax | $839M | $550M | $398M | $243M | $1.08B | $1.06B | $1.17B | · | · | · | · | · | |
| Total Liabilities | $66.71B | $64.01B | $62.67B | $60.37B | $62.45B | $61.05B | $60.31B | $56.93B | $55.02B | $53.23B | $53.20B | $53.72B | |
| Long-term Debt | · | · | · | · | · | $10.07B | $11.46B | · | $11.53B | $10.78B | $10.58B | $10.67B | |
| Common Stock | $2M | $2M | $2M | $2M | $2M | $3M | $3M | $3M | $3M | $3M | $3M | $4M | |
| Paid-in Capital | $2.37B | $2.49B | $2.59B | $2.75B | $2.88B | $3.13B | $3.37B | · | · | · | · | · | |
| Retained Earnings | $17.38B | $16.46B | $15.62B | $14.93B | $14.78B | $14.15B | $15.82B | $15.77B | $16.10B | $15.20B | $14.73B | $15.52B | |
| Treasury Stock | $0 | $18M | $7M | $12M | $3M | $7M | $13M | $5M | $20M | · | · | · | |
| AOCI | $-1.07B | $-1.87B | $-2.50B | $-3.32B | $186M | $581M | $-68M | $-880M | $-26M | $-223M | $-357M | $280M | |
| Stockholders' Equity | $18.69B | $17.07B | $15.70B | $14.35B | $17.85B | $17.86B | $19.12B | $18.52B | $19.20B | $18.16B | $17.56B | $19.28B | |
| Liabilities + Equity | $86.35B | $81.94B | $79.20B | $75.57B | $81.63B | $80.24B | $82.24B | $78.32B | $79.59B | $76.59B | $76.01B | $78.37B | |
| Shares Outstanding | · | · | · | · | · | · | · | · | · | 336,621,358 | 339,897,547 | 372,934,540 |
Cash Flow 19
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $607M | $580M | $534M | $509M | $503M | $673M | $898M | $880M | $854M | $841M | $955M | $861M | |
| Stock-based Comp | · | · | · | · | · | · | · | · | · | · | · | $6M | |
| Deferred Tax | $112M | $-45M | $127M | $-50M | $209M | $-235M | $70M | $86M | $-47M | $102M | $-225M | $11M | |
| Amort. of Intangibles | · | $4M | $3M | $3M | $3M | $61M | $45M | $32M | $20M | $3M | $3M | · | |
| Other Non-cash | $893M | $1.08B | $1.81B | $1.79B | $329M | $2.24B | $-159M | $2.62B | $619M | $656M | $2.56B | $1.52B | |
| Operating Cash Flow | $3.28B | $3.02B | $3.91B | $3.31B | $2.62B | $1.75B | $1.74B | $4.22B | $2.59B | $2.25B | $3.55B | $2.99B | |
| CapEx | $579M | $632M | $686M | $660M | $482M | $710M | $1.04B | $995M | $1.03B | $1.45B | $1.55B | $2.75B | |
| Investing Cash Flow | $-2.83B | $-1.98B | $-2.75B | $-2.35B | $-1.19B | $-1.41B | $-671M | $-1.44B | $-2.65B | $-2.19B | · | · | |
| Debt Issued | · | · | · | · | · | · | · | · | · | · | · | $2.00B | |
| Net Debt Issued | · | · | · | · | · | · | · | · | · | · | · | $-265M | |
| Stock Issued | · | · | · | · | · | · | · | · | · | · | $7M | $6M | |
| Stock Repurchased | $806M | $608M | $849M | $729M | $1.14B | $923M | $1.05B | $1.03B | $216M | $134M | $1.26B | $622M | |
| Net Stock Activity | $-806M | $-608M | $-849M | $-729M | $-1.14B | $-923M | $-1.05B | $-1.03B | $-216M | $-134M | $-1.26B | $-616M | |
| Dividends Paid | $52M | $55M | $57M | $61M | $65M | $70M | $76M | $80M | $84M | $84M | $90M | $95M | |
| Financing Cash Flow | $-513M | $-898M | $-1.30B | $-1.04B | $-1.29B | $-198M | $-1.14B | $-2.83B | $201M | $-166M | · | · | |
| Net Change in Cash | $-46M | $142M | $-133M | $-89M | $143M | $142M | $-69M | $-67M | $145M | $-113M | $76M | $70M | |
| Taxes Paid | $381M | $403M | $304M | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | $2.70B | $2.39B | $3.22B | $2.65B | $2.14B | $1.03B | $700M | $3.23B | $1.56B | $803M | $1.99B | $237M | |
| Levered FCF | $2.36B | $2.04B | $2.93B | $2.35B | $1.81B | $581M | $240M | $2.74B | $982M | $393M | $1.38B | $-135M |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 9.0% | 8.1% | 9.0% | 7.2% | 10.8% | -7.4% | 6.2% | 4.5% | 8.5% | 5.0% | 1.9% | 4.1% | |
| Pretax Margin | 12.4% | 10.7% | 12.6% | 9.8% | 14.9% | -11.6% | 7.5% | 5.9% | 11.5% | 7.1% | 1.8% | 12.6% | |
| EBITDA Margin | 3.3% | 3.3% | 3.4% | 3.6% | 3.4% | 5.3% | 6.0% | 6.3% | 6.2% | 6.4% | 7.1% | 6.0% | |
| ROA | 2.0% | 1.7% | 1.8% | 1.3% | 1.9% | -1.1% | 1.2% | 0.81% | 1.5% | 0.86% | 0.34% | 0.75% | |
| ROE | 9.3% | 8.6% | 9.5% | 6.2% | 8.8% | -5.0% | 5.0% | 3.4% | 6.2% | 3.7% | 1.4% | 3.0% |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 |
Growth Rates 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 5.4% | 10.1% | 13.2% | -4.2% | 16.5% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 9.5% | 6.1% | 8.1% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 8.0% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 24.3% | 1.9% | 86.1% | -43.7% | · | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 33.1% | 2.2% | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 17.9% | -1.4% | 74.5% | -47.4% | · | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 26.6% | -3.3% | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | -5.8% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $18.45B | $17.51B | $15.90B | $14.04B | $14.66B | $12.58B | $14.93B | $14.07B | $13.73B | $13.11B | $13.41B | $14.32B | |
| Net Income TTM | $1.67B | $1.41B | $1.43B | $822M | $1.56B | $-931M | $932M | $636M | $1.16B | $654M | $260M | $591M | |
| Market Cap | · | · | · | · | · | · | · | · | · | $15.76B | $13.05B | $15.67B | |
| P/E | 13.2 | 13.2 | 11.1 | 17.3 | 9.6 | -13.6 | 17.1 | 22.9 | 14.5 | 24.3 | 53.3 | 27.1 | |
| P/S | · | · | · | · | · | · | · | · | · | 1.2 | 1.0 | 1.1 | |
| P/B | · | · | · | · | · | · | · | · | · | 0.9 | 0.7 | 0.8 | |
| P / Cash Flow | · | · | · | · | · | · | · | · | · | 7.0 | 3.7 | 5.2 | |
| P / FCF | · | · | · | · | · | · | · | · | · | 19.6 | 6.6 | 66.1 | |
| Dividend Yield | · | · | · | · | · | · | · | · | · | 0.53% | 0.69% | 0.61% | |
| Earnings Yield | 7.6% | 7.6% | 9.0% | 5.8% | 10.4% | -7.4% | 5.9% | 4.4% | 6.9% | 4.1% | 1.9% | 3.7% | |
| Payout Ratio | 3.1% | 3.9% | 4.0% | 6.0% | 4.1% | -7.5% | 8.2% | 12.6% | 7.2% | 12.8% | 34.6% | 16.1% | |
| Annual Payout | $52M | $55M | $57M | $61M | $65M | $70M | $76M | $80M | $84M | $84M | $90M | $95M |
Income Statement 9
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.73B | $4.55B | $4.73B | $4.67B | $4.55B | $4.49B | $4.55B | $4.47B | $4.27B | $4.23B | $3.93B | $3.93B | $3.78B | $3.79B | $3.46B | $3.39B | |
| Interest Expense | $103M | $113M | $113M | $112M | $107M | $105M | $110M | $114M | $114M | $103M | $94M | $91M | $95M | $94M | $92M | $96M | |
| Pretax Income | $612M | $463M | $541M | $689M | $539M | $514M | $188M | $550M | $507M | $629M | $356M | $508M | $519M | $465M | $-25M | $235M | |
| Income Tax | $141M | $109M | $113M | $153M | $123M | $122M | $-1M | $125M | $112M | $144M | $80M | $120M | $115M | $86M | $2M | $48M | |
| Net Income | $444M | $337M | $402M | $504M | $391M | $370M | $187M | $401M | $369M | $457M | $253M | $360M | $375M | $355M | $-22M | $167M | |
| EPS (Basic) | $2.16 | $1.63 | $1.94 | $2.43 | $1.87 | $1.74 | $0.87 | $1.83 | $1.67 | $2.05 | $1.12 | $1.58 | $1.61 | $1.50 | $-0.09 | $0.68 | |
| EPS (Diluted) | $2.16 | $1.63 | $1.93 | $2.43 | $1.87 | $1.74 | $0.87 | $1.82 | $1.67 | $2.05 | $1.12 | $1.58 | $1.61 | $1.50 | $-0.09 | $0.68 | |
| Shares (Basic) | 205,500,000 | 206,180,000 | -420,300,000 | 207,570,000 | 209,240,000 | 212,450,000 | -443,230,000 | 219,670,000 | 221,350,000 | 222,470,000 | 225,640,000 | 227,690,000 | 233,300,000 | -490,960,000 | 240,370,000 | 245,450,000 | |
| Shares (Diluted) | 205,570,000 | 206,270,000 | -420,570,000 | 207,710,000 | 209,360,000 | 212,600,000 | -443,790,000 | 219,940,000 | 221,600,000 | 222,780,000 | 225,990,000 | 227,970,000 | 233,620,000 | -491,900,000 | 240,760,000 | 245,940,000 |
Balance Sheet 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $508M | $843M | $495M | $567M | $447M | $560M | $541M | $548M | $470M | $556M | $762M | $463M | $594M | · | $886M | $951M | |
| Short-term Investments | $5.60B | $5.27B | $6.04B | $5.38B | $4.45B | $4.35B | $4.61B | $5.24B | $4.92B | $5.39B | $3.97B | $4.48B | $4.08B | · | $4.12B | $4.29B | |
| PP&E (Net) | $10.86B | $10.78B | $10.70B | $10.67B | $10.67B | $10.67B | $10.74B | $10.69B | $10.71B | $10.72B | $10.67B | $10.33B | $10.10B | · | $9.95B | $9.96B | |
| Goodwill | $483M | $348M | $349M | $349M | $349M | $347M | $347M | $349M | $347M | $347M | $346M | $347M | $346M | $346M | $344M | $346M | |
| Total Assets | $87.23B | $85.65B | $86.35B | $85.94B | $84.67B | $83.14B | $81.94B | $83.62B | $81.06B | $80.91B | $76.47B | $77.35B | $76.56B | · | $75.11B | $77.07B | |
| Deferred Tax | $848M | $793M | $839M | $836M | $633M | $613M | $550M | $697M | $502M | $500M | $258M | $257M | $251M | · | $245M | $350M | |
| Total Liabilities | $67.20B | $66.06B | $66.71B | $66.72B | $66.28B | $65.11B | $64.01B | $65.37B | $63.86B | $63.91B | $61.31B | $61.88B | $61.25B | · | $60.46B | $60.85B | |
| Common Stock | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | · | $2M | $2M | |
| Paid-in Capital | $2.33B | $2.33B | $2.37B | $2.47B | $2.47B | $2.45B | $2.49B | $2.56B | $2.56B | $2.55B | $2.76B | $2.73B | $2.72B | · | $2.89B | $2.87B | |
| Retained Earnings | $18.13B | $17.70B | $17.38B | $17.69B | $17.20B | $16.82B | $16.46B | $16.80B | $16.41B | $16.06B | $15.88B | $15.64B | $15.29B | · | $15.38B | $15.26B | |
| Treasury Stock | $179M | $31M | $0 | $708M | $651M | $398M | $18M | $271M | $206M | $24M | $722M | $604M | $498M | · | $616M | $386M | |
| AOCI | $-1.18B | $-1.30B | $-1.07B | $-1.16B | $-1.50B | $-1.69B | $-1.87B | $-1.74B | $-2.38B | $-2.40B | $-3.47B | $-3.16B | $-3.06B | · | $-3.80B | $-2.51B | |
| Stockholders' Equity | $19.11B | $18.70B | $18.69B | $18.29B | $17.51B | $17.19B | $17.07B | $17.36B | $16.38B | $16.18B | $14.45B | $14.60B | $14.45B | · | $13.85B | $15.24B | |
| Liabilities + Equity | $87.23B | $85.65B | $86.35B | $85.94B | $84.67B | $83.14B | $81.94B | $83.62B | $81.06B | $80.91B | $76.47B | $77.35B | $76.56B | · | $75.11B | $77.07B |
Cash Flow 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $966M | $72M | $617M | $920M | $1.01B | $736M | $941M | $934M | $952M | $198M | $1.28B | $1.43B | $719M | $622M | $1.25B | $1.02B | |
| CapEx | $258M | $204M | $191M | $156M | $134M | $98M | $174M | $140M | $159M | $159M | $164M | $140M | $159M | $223M | $125M | $191M | |
| Investing Cash Flow | $-1.12B | $994M | $-611M | $-1.20B | $-809M | $-204M | $41M | $-740M | $-250M | $-1.03B | $-786M | $-1.33B | $-134M | $-568M | $-993M | $-599M | |
| Stock Repurchased | $154M | $31M | $100M | $55M | $257M | $394M | $346M | $59M | $179M | $24M | $116M | $131M | $462M | $118M | $231M | $248M | |
| Net Stock Activity | · | $-31M | · | · | · | $-394M | · | · | · | $-24M | · | · | $-462M | · | · | · | |
| Dividends Paid | $13M | $13M | $13M | $13M | $13M | $13M | $13M | $14M | $14M | $14M | $14M | $14M | $15M | $15M | $15M | $15M | |
| Financing Cash Flow | $-178M | $-714M | $-79M | $408M | $-322M | $-520M | $-976M | $-122M | $-787M | $987M | $-188M | $-235M | $-524M | $-416M | $-303M | $-262M | |
| Net Change in Cash | $-335M | $348M | $-72M | $120M | $-113M | $19M | $-7M | $78M | $-86M | $157M | $299M | $-131M | $62M | $-354M | $-65M | $153M | |
| Free Cash Flow | · | $-132M | · | · | · | $638M | · | · | · | $39M | · | · | $560M | · | · | · | |
| Levered FCF | · | $-218M | · | · | · | $558M | · | · | · | $-40M | · | · | $486M | · | · | · |
Profitability 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 9.4% | 7.4% | · | 10.8% | 8.6% | 8.2% | · | 9.0% | 8.6% | 10.8% | 6.4% | 9.2% | 9.9% | · | 3.8% | 5.3% | |
| Pretax Margin | 12.9% | 10.2% | · | 14.8% | 11.8% | 11.4% | · | 12.3% | 11.9% | 14.9% | 9.1% | 12.9% | 13.7% | · | 5.5% | 7.5% | |
| ROA | 0.52% | 0.40% | · | 0.59% | 0.47% | 0.45% | · | 0.50% | 0.47% | 0.58% | 0.33% | 0.47% | 0.48% | · | 0.17% | 0.23% | |
| ROE | 2.4% | 1.9% | · | 2.8% | 2.3% | 2.2% | · | 2.5% | 2.4% | 3.0% | 1.8% | 2.4% | 2.4% | · | 0.82% | 1.1% |
Efficiency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.0 | · | 0.0 | 0.0 |
Valuation (TTM) 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $18.52B | $18.27B | · | $18.19B | $17.78B | $17.46B | · | $16.89B | $16.36B | $15.87B | $15.10B | $14.57B | $14.03B | · | $13.62B | $14.16B | |
| Net Income TTM | $1.68B | $1.60B | · | $1.67B | $1.53B | $1.60B | · | $1.48B | $1.44B | $1.45B | $1.34B | $1.07B | $875M | · | $687M | $1.46B | |
| P/E | 14.0 | 13.9 | · | 12.8 | 12.9 | 12.6 | · | 11.9 | 11.6 | 12.3 | 10.9 | 12.9 | 15.7 | · | 18.3 | 10.4 | |
| Earnings Yield | 7.1% | 7.2% | · | 7.8% | 7.8% | 7.9% | · | 8.4% | 8.6% | 8.1% | 9.2% | 7.7% | 6.4% | · | 5.5% | 9.6% | |
| Payout Ratio | · | 3.9% | · | · | · | 3.5% | · | · | · | 3.1% | · | · | 4.0% | · | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | |
|---|---|---|---|---|---|
| Revenue | $18.45B | — | — | $17.51B | — |
| Net Income | $1.67B | — | — | $1.41B | — |
| Diluted EPS | $7.97 | — | — | $6.41 | — |
Cash Flow
| 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | |
|---|---|---|---|---|---|
| Free Cash Flow | $2.70B | — | — | $2.39B | — |
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Institutional owners (13F) 836 filers · $9.9B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 87 (-23 vs prior Q) | 66 (+3 vs prior Q) | 291 (+29 vs prior Q) | 244 (+10 vs prior Q) | +8.8M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD GROUP INC | $1,872,452,976 | 17,780,391 | 18.85% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $1,234,108,663 | 10,901,057 | 12.42% | Shares |
| STATE STREET CORP | $900,834,272 | 7,957,197 | 9.07% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $800,239,376 | 7,068,628 | 8.06% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $537,028,675 | 4,761,649 | 5.41% | Shares |
| NORGES BANK | $510,455,060 | 4,508,922 | 5.14% | Shares |
| CITADEL ADVISORS LLC | $382,738,330 | 3,380,782 | 3.85% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $205,807,997 | 1,817,932 | 2.07% | Shares |
| 59 North Capital Management, LP | $186,197,732 | 1,644,711 | 1.87% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $183,520,316 | 1,621,061 | 1.85% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $106,835,485 | 943,693 | 1.08% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $79,017,750 | 697,975 | 0.80% | Shares |
| Swedbank AB | $77,522,019 | 684,763 | 0.78% | Shares |
| Davis Selected Advisers | $61,723,337 | 545,211 | 0.62% | Shares |
| Quantinno Capital Management LP | $60,923,271 | 538,143 | 0.61% | Shares |
| Boston Partners | $60,680,910 | 535,842 | 0.61% | Shares |
| Point72 Asset Management, L.P. | $56,947,007 | 503,021 | 0.57% | Shares |
| Swiss National Bank | $54,211,854 | 478,861 | 0.55% | Shares |
| Legal & General Group Plc | $53,799,432 | 475,218 | 0.54% | Shares |
| BlackRock, Inc. | $51,231,940 | 452,539 | 0.52% | Shares |
| St. James Investment Company, LLC | $51,091,673 | 451,300 | 0.51% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $49,841,155 | 440,254 | 0.50% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $49,045,515 | 433,226 | 0.49% | Shares |
| GOLDMAN SACHS GROUP INC | $48,548,799 | 428,838 | 0.49% | Shares |
| FMR LLC | $47,971,182 | 423,736 | 0.48% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $47,845,603 | 422,627 | 0.48% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $44,763,234 | 395,400 | 0.45% | Shares |
| Gotham Asset Management, LLC | $41,977,702 | 370,795 | 0.42% | Shares |
| RHUMBLINE ADVISERS | $41,428,294 | 365,943 | 0.42% | Shares |
| Vanguard Global Advisers, LLC | $41,139,155 | 363,388 | 0.41% | Shares |
| BANK OF AMERICA CORP /DE/ | $40,790,355 | 360,307 | 0.41% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $38,291,358 | 338,233 | 0.39% | Shares |
| California Public Employees Retirement System | $37,633,721 | 332,424 | 0.38% | Shares |
| ROYAL BANK OF CANADA | $36,935,000 | 326,254 | 0.37% | Shares |
| Tredje AP-fonden | $36,417,846 | 321,684 | 0.37% | Shares |
| MILLENNIUM MANAGEMENT LLC | $34,822,717 | 307,594 | 0.35% | Shares |
| TD Asset Management Inc | $33,299,589 | 294,140 | 0.34% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $31,918,729 | 282,873 | 0.32% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $31,647,742 | 279,549 | 0.32% | Shares |
| Arbejdsmarkedets Tillaegspension | $29,694,983 | 262,300 | 0.30% | Shares |
| Mraz, Amerine & Associates, Inc. | $28,965,333 | 255,855 | 0.29% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $28,757,831 | 254,022 | 0.29% | Shares |
| BARCLAYS PLC | $28,340,311 | 250,334 | 0.29% | Shares |
| MORGAN STANLEY | $28,061,396 | 247,870 | 0.28% | Shares |
| Wallace Capital Management Inc. | $27,682,672 | 244,525 | 0.28% | Shares |
| GABELLI FUNDS LLC | $26,208,115 | 231,500 | 0.26% | Shares |
| Qube Research & Technologies Ltd | $25,175,640 | 222,380 | 0.25% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $24,883,558 | 219,800 | 0.25% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $23,489,264 | 207,484 | 0.24% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $21,508,530 | 189,988 | 0.22% | Shares |
| Emmett Investment Management, LP | $20,440,718 | 179,116 | 0.21% | Shares |
| FIRST MANHATTAN CO. LLC. | $20,054,246 | 177,142 | 0.20% | Shares |
| O'Keefe Stevens Advisory, Inc. | $19,451,757 | 171,820 | 0.20% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $18,772,482 | 165,820 | 0.19% | Shares |
| ALLIANCEBERNSTEIN L.P. | $18,632,214 | 174,557 | 0.19% | Shares |
| APG Asset Management N.V. | $17,939,621 | 181,171 | 0.18% | Shares |
| LEE DANNER & BASS INC | $17,593,734 | 155,408 | 0.18% | Shares |
| SCHWERIN BOYLE CAPITAL MANAGEMENT INC | $17,462,756 | 154,251 | 0.18% | Shares |
| CIBC Asset Management Inc | $16,370,505 | 144,746 | 0.16% | Shares |
| Ethic Inc. | $16,209,094 | 143,177 | 0.16% | Shares |
| AVIVA PLC | $16,067,669 | 141,928 | 0.16% | Shares |
| ASR Vermogensbeheer N.V. | $15,944,949 | 140,844 | 0.16% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $15,883,363 | 140,300 | 0.16% | Shares |
| Robeco Institutional Asset Management B.V. | $15,577,244 | 137,596 | 0.16% | Shares |
| HighTower Advisors, LLC | $14,803,466 | 130,761 | 0.15% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $14,649,374 | 129,400 | 0.15% | Call option |
| FJARDE AP-FONDEN /FOURTH SWEDISH NATIONAL PENSION FUND | $14,568,429 | 128,685 | 0.15% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $14,389,897 | 127,108 | 0.14% | Shares |
| FOUNDATION RESOURCE MANAGEMENT INC | $14,192,006 | 125,360 | 0.14% | Shares |
| Mitsubishi UFJ Trust & Banking Corp | $13,964,340 | 123,349 | 0.14% | Shares |
| AMERICAN CENTURY COMPANIES INC | $13,738,160 | 121,351 | 0.14% | Shares |
| KLP KAPITALFORVALTNING AS | $13,559,841 | 119,776 | 0.14% | Shares |
| FRANKLIN RESOURCES INC | $13,385,045 | 118,232 | 0.13% | Shares |
| AustralianSuper Pty Ltd | $13,211,267 | 116,697 | 0.13% | Shares |
| Brandywine Global Investment Management, LLC | $13,197,133 | 125,317 | 0.13% | Shares |
| LPL Financial LLC | $13,175,241 | 116,379 | 0.13% | Shares |
| MARTINGALE ASSET MANAGEMENT L P | $12,554,310 | 110,894 | 0.13% | Shares |
| ROYAL LONDON ASSET MANAGEMENT LTD | $12,169,057 | 107,491 | 0.12% | Shares |
| LEVIN CAPITAL STRATEGIES, L.P. | $12,125,357 | 107,105 | 0.12% | Shares |
| LETSON INVESTMENT MANAGEMENT, INC. | $11,649,196 | 102,899 | 0.12% | Shares |
| Hartree Partners, LP | $11,638,780 | 102,807 | 0.12% | Shares |
| Caisse de depot et placement du Quebec | $11,625,422 | 102,689 | 0.12% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $11,305,794 | 105,919 | 0.11% | Shares |
| Hosking Partners LLP | $10,464,227 | 92,432 | 0.11% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $10,264,977 | 90,672 | 0.10% | Shares |
| SEB Asset Management AB | $9,759,834 | 86,210 | 0.10% | Shares |
| Campbell & CO Investment Adviser LLC | $9,319,108 | 82,317 | 0.09% | Shares |
| Korea Investment CORP | $9,315,711 | 82,287 | 0.09% | Shares |
| Vanguard Investments Australia, Ltd. | $9,166,387 | 80,968 | 0.09% | Shares |
| PRUDENTIAL FINANCIAL INC | $9,086,348 | 80,261 | 0.09% | Shares |
| Resona Asset Management Co.,Ltd. | $8,902,388 | 78,593 | 0.09% | Shares |
| Ervin Investment Management, LLC | $8,825,775 | 77,959 | 0.09% | Shares |
| National Pension Service | $8,715,245 | 76,983 | 0.09% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $8,683,546 | 76,703 | 0.09% | Shares |
| Trexquant Investment LP | $8,614,828 | 76,096 | 0.09% | Shares |
| RAYMOND JAMES FINANCIAL INC | $8,548,717 | 75,512 | 0.09% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $8,525,392 | 75,306 | 0.09% | Shares |
| Corient Private Wealth LP | $8,489,316 | 74,987 | 0.09% | Shares |
| State of Tennessee, Department of Treasury | $8,383,541 | 74,053 | 0.08% | Shares |
| MACKENZIE FINANCIAL CORP | $8,359,879 | 73,844 | 0.08% | Shares |
Company insiders 39 insiders · 11 officers · 17 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Alexander H Tisch | VP; Pres. & CEO, Loews Hotels | Feb. 17, 2025 A | 49,283 | 0 | 0 | $0 |
| Jane J. Wang | Sr. Vice President & CFO | Feb. 17, 2025 A | 12,312 | 0 | 0 | $0 |
| David B Edelson | Sr. Vice President & CFO | June 12, 2018 A | 6,236 | 0 | 0 | $0 |
| Peter W Keegan | Sr. Vice President & CFO | March 31, 2014 A | 0 | 0 | 0 | $0 |
| Kenneth I Siegel | Senior Vice President | Feb. 9, 2026 A | 14,321 | 0 | 0 | $0 |
| David Czerniecki | SVP & Chief Investment Officer | Feb. 9, 2026 A | — | 0 | 0 | $0 |
| Benjamin J Tisch | PRES. & CHIEF EXEC. OFFICER | May 6, 2025 G | 360,377 | 0 | 0 | $0 |
| Marc A Alpert | Sr. VP, Gen. Coun. & Secy. | Feb. 11, 2025 S | 13,089 | 0 | 0 | $0 |
| Gary W Garson | Sr. Vice Pres., GC & Sec. | May 10, 2016 A | 0 | 0 | 0 | $0 |
| Herbert C Hofmann | Sr. Vice President | May 29, 2012 A | 0 | 0 | 0 | $0 |
| Guy A Kwan | Controller | June 30, 2005 A | — | 0 | 0 | $0 |
| Jennifer Vanbelle | Director | June 30, 2026 A | 848 | 0 | 0 | $0 |
| Jonathan C Locker | Director | June 30, 2026 A | 25,448 | 0 | 0 | $0 |
| Susan Peters | Director | June 30, 2026 A | 3,051 | 0 | 0 | $0 |
| Dino Robusto | Director | June 30, 2026 A | 10,458 | 2 | 0 | $1,050,900 |
| Walter L Harris | Director | June 30, 2026 A | 25,286 | 0 | 2 | $-292,959 |
| Charles D Davidson | Director | June 30, 2026 A | 29,286 | 0 | 0 | $0 |
| Paul J Fribourg | Director | June 30, 2026 A | 1,092 | 0 | 2 | $-293,416 |
| Anthony Welters | Director | March 3, 2025 M | 9,845 | 0 | 0 | $0 |
| Joseph L Bower | Director | March 1, 2024 M | 15,525 | 0 | 0 | $0 |
| Philip A Laskawy | Director | March 1, 2023 M | 7,365 | 0 | 0 | $0 |
| Jacob A Frenkel | Director | June 12, 2018 A | 4,675 | 0 | 0 | $0 |
| Lawrence S Bacow | Director | March 13, 2018 A | — | 0 | 0 | $0 |
| Ken Miller | Director | March 13, 2018 A | 17,000 | 0 | 0 | $0 |
| Gloria R Scott | Director | March 31, 2014 A | 0 | 0 | 0 | $0 |
| John Brademas | Director | March 31, 2006 A | — | 0 | 0 | $0 |
| Fred Wilpon | Director | March 31, 2004 A | — | 0 | 0 | $0 |
| LOEWS CORP | 10% owner | Aug. 6, 2015 P | 73,119,047 | 0 | 0 | $0 |
| Joan H Tisch | 10% owner | June 30, 2008 G | 12,642,446 | 0 | 0 | $0 |
| ROSS FINANCIAL CORP | 10% owner | May 19, 2004 S | 5,321,700 | 0 | 0 | $0 |
| Andrew H Tisch | — | Aug. 6, 2026 W | 13,069,487 | 0 | 14 | $-37,678,101 |
| James S Tisch | — | Aug. 5, 2026 W | 12,009,192 | 0 | 0 | $0 |
| Charles M Diker | — | June 30, 2026 A | 22,165 | 0 | 2 | $-293,228 |
| Ann E Berman | — | March 31, 2026 A | 5,233 | 0 | 3 | $-505,289 |
| TISCH JONATHAN M | — | March 4, 2026 G | 6,455,529 | 0 | 0 | $0 |
| Mark S Schwartz | — | Feb. 16, 2026 A | 12,080 | 0 | 1 | $-346,500 |
| Richard Waldo Scott | — | Dec. 11, 2025 S | 32,901 | 0 | 1 | $-104,740 |
| Arthur L Rebell | — | Sept. 30, 2009 A | 0 | 0 | 0 | $0 |
| Preston R Tisch | — | Sept. 12, 2005 G | 2,897,149 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 7 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Andrew H. Tisch ×3 filings | Aug. 7, 2026 | 7.30% | Amendment | — | SEC |
| James S. Tisch ×4 filings | Aug. 7, 2026 | 8.40% | Amendment | — | SEC |
| LOEWS CORP | Aug. 12, 2025 | 9.00% | Initial filing | Passive investment | SEC |
| Loews Corporation ×4 filings | March 23, 2020 | — | Initial filing | — | SEC |
| Wilma S. Tisch, Andrew H. Tisch, Daniel R. Tisch, James S. Tisch, Thomas J. Tisch | Nov. 24, 2003 | — | Initial filing | Passive investment | SEC |
| Preston R. Tisch ×2 filings | Feb. 26, 2002 | — | Initial filing | — | SEC |
| Laurence A. Tisch, Andrew H. Tisch, Daniel R. Tisch, James S. Tisch, Thomas J. Tisch | Feb. 26, 2002 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 214 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| DFNL · Davis Fundamental ETF Trust | 3.23% | 134,681 NS | April 30, 2026 | N-PORT |
| HUSV · First Trust Exchange-Traded Fund III | 1.86% | 12,007 NS | April 30, 2026 | N-PORT |
| ULVM · Victory Portfolios II | 1.49% | 34,285 NS | June 30, 2026 | N-PORT |
| VFMV · VANGUARD WELLINGTON FUND | 1.45% | 53,507 SH | Aug. 19, 2026 | Daily |
| SPVM · Invesco Exchange-Traded Fund Trust | 1.40% | 17,448 SH | Aug. 27, 2026 | Daily |
| BUYB · ProShares Trust | 1.35% | 1,212 NS | May 31, 2026 | N-PORT |
| FXO · First Trust Exchange-Traded AlphaDE… | 1.25% | 119,442 NS | April 30, 2026 | N-PORT |
| TEQI · T. Rowe Price Exchange-Traded Funds… | 1.23% | 45,033 NS | June 30, 2026 | N-PORT |
| RSPF · Invesco Exchange-Traded Fund Trust | 1.20% | 33,785 SH | Aug. 27, 2026 | Daily |
| SPGP · Invesco Exchange-Traded Fund Trust | 1.20% | 248,540 SH | Aug. 27, 2026 | Daily |
| SPLV · Invesco Exchange-Traded Fund Trust … | 1.20% | 781,824 SH | Aug. 27, 2026 | Daily |
| ALTL · Pacer Funds Trust | 1.13% | 9,647 NS | April 30, 2026 | N-PORT |
| SYLD · Cambria ETF Trust | 0.99% | 84,101 NS | April 30, 2026 | N-PORT |
| TAX · EA Series Trust | 0.95% | 2,328 NS | May 29, 2026 | N-PORT |
| VAMO · Cambria ETF Trust | 0.89% | 6,590 NS | April 30, 2026 | N-PORT |
| FLRG · FIDELITY COVINGTON TRUST | 0.85% | 21,344 NS | April 30, 2026 | N-PORT |
| EWC · iShares, Inc. | 0.76% | 1,189,270 SH | Aug. 27, 2026 | Daily |
| RPV · Invesco Exchange-Traded Fund Trust | 0.75% | 117,717 SH | Aug. 27, 2026 | Daily |
| FTA · First Trust Exchange-Traded AlphaDE… | 0.73% | 84,832 NS | April 30, 2026 | N-PORT |
| AFLG · First Trust Exchange-Traded Fund VI… | 0.72% | 44,937 NS | May 31, 2026 | N-PORT |
| INTF · iShares Trust | 0.70% | 598,117 SH | Aug. 26, 2026 | Daily |
| ACWV · iShares, Inc. | 0.66% | 336,027 SH | Aug. 27, 2026 | Daily |
| KXI · iShares Trust | 0.65% | 158,714 SH | Aug. 27, 2026 | Daily |
| NULV · Nushares ETF Trust | 0.60% | 111,016 NS | April 30, 2026 | N-PORT |
| SSPY · Exchange Listed Funds Trust | 0.54% | 6,091 NS | June 30, 2026 | N-PORT |
| PIZ · Invesco Exchange-Traded Fund Trust … | 0.53% | 86,247 SH | Aug. 26, 2026 | Daily |
| VLLU · Harbor ETF Trust | 0.50% | 192 NS | April 30, 2026 | N-PORT |
| FCTR · First Trust Exchange-Traded Fund | 0.46% | 2,325 NS | June 30, 2026 | N-PORT |
| VIGI · VANGUARD WHITEHALL FUNDS | 0.45% | 911,637 SH | Aug. 19, 2026 | Daily |
| AVMV · AMERICAN CENTURY ETF TRUST | 0.44% | 26,452 NS | May 31, 2026 | N-PORT |
| BTAL · AGF Investments Trust | 0.43% | 10,626 NS | June 30, 2026 | N-PORT |
| CFA · Victory Portfolios II | 0.40% | 18,818 NS | June 30, 2026 | N-PORT |
| CFO · Victory Portfolios II | 0.40% | 14,548 NS | June 30, 2026 | N-PORT |
| FMDE · Fidelity Covington Trust | 0.40% | 259,184 NS | June 30, 2026 | N-PORT |
| IDLV · Invesco Exchange-Traded Fund Trust … | 0.38% | 30,140 SH | Aug. 27, 2026 | Daily |
| PABD · iShares Trust | 0.38% | 29,120 SH | Aug. 27, 2026 | Daily |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.36% | 4,475 NS | April 30, 2026 | N-PORT |
| GLOF · iShares Trust | 0.35% | 16,860 SH | Aug. 27, 2026 | Daily |
| USMV · iShares Trust | 0.35% | 760,200 SH | Aug. 27, 2026 | Daily |
| FEX · First Trust Exchange-Traded AlphaDE… | 0.35% | 46,036 NS | April 30, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.34% | 70,889 NS | April 30, 2026 | N-PORT |
| SCHM · SCHWAB STRATEGIC TRUST | 0.32% | 456,886 NS | May 31, 2026 | N-PORT |
| JPME · J.P. Morgan Exchange-Traded Fund Tr… | 0.32% | 12,507 NS | April 30, 2026 | N-PORT |
| VOE · VANGUARD INDEX FUNDS | 0.32% | 1,057,439 SH | Aug. 19, 2026 | Daily |
| FELV · Fidelity Covington Trust | 0.29% | 81,915 NS | June 30, 2026 | N-PORT |
| IDHQ · Invesco Exchange-Traded Fund Trust … | 0.28% | 66,482 SH | Aug. 27, 2026 | Daily |
| IYF · iShares Trust | 0.28% | 109,432 SH | Aug. 27, 2026 | Daily |
| PHEQ · Morgan Stanley ETF Trust | 0.27% | 3,328 NS | June 30, 2026 | N-PORT |
| IDMO · Invesco Exchange-Traded Fund Trust … | 0.26% | 254,049 SH | Aug. 27, 2026 | Daily |
| ROUS · Lattice Strategies Trust | 0.25% | 13,034 NS | April 30, 2026 | N-PORT |