The company struggles with thin underwriting profitability, as demonstrated by a combined ratio that fluctuated between 93.2% and 98.7% over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 1.3B | 1.31B | 1.34B | 1.32B | 1.23B | 1.14B | 1.02B | 1.05B | 1.12B | 1.16B | 1.18B | 1.24B | 1.22B | 1.25B | 1.27B | 1.21B | 1.11B | 1.05B | 1.14B | 1.05B | 900.38M | 854.77M | 811.66M | 768.01M | 757.62M | 766.27M | 712.17M | 701.9M | 667.3M | 692.3M | 633.6M |
| Revenue Growth % | -3.95% | -2% | 1.83% | 6.96% | 8.08% | 12.11% | -3% | -6.71% | -3.5% | -1.18% | -5.15% | 2.02% | -2.91% | -1% | 4.52% | 9.05% | 5.97% | -7.72% | 8.05% | 16.76% | 5.34% | 5.31% | 5.68% | 1.37% | -1.13% | 7.6% | 1.46% | 5.19% | -3.61% | 9.26% | 4.28% |
| Medical Costs & Claims | 956.47M | 992.21M | 973.42M | 957.85M | 924.87M | 847.43M | 737.32M | 752.77M | 808M | 842.17M | 850.11M | 940.35M | 914.81M | 936.43M | 936.06M | 917.93M | 839.25M | 792.33M | 854.43M | 809.53M | 719.03M | 690.74M | 643.96M | 607.44M | 590.64M | 587.09M | 508.83M | 497.8M | 479.8M | 481.2M | 435.8M |
| Medical Cost Ratio % | 73.65% | 75.5% | 72.59% | 72.73% | 75.12% | 74.39% | 72.56% | 71.86% | 71.95% | 72.37% | 72.19% | 75.74% | 75.17% | 74.71% | 73.93% | 75.78% | 75.55% | 75.59% | 75.22% | 77% | 79.86% | 80.81% | 79.34% | 79.09% | 77.96% | 76.62% | 71.45% | 70.92% | 71.9% | 69.51% | 68.78% |
| Gross Profit | 342.13M | 321.9M | 367.55M | 359.07M | 306.35M | 291.8M | 278.88M | 294.85M | 314.97M | 321.54M | 327.48M | 301.17M | 302.15M | 317M | 330.08M | 293.43M | 271.55M | 255.88M | 281.49M | 241.75M | 181.35M | 164.03M | 167.7M | 160.57M | 166.98M | 179.18M | 203.35M | 204.1M | 187.5M | 211.1M | 197.8M |
| Gross Margin % | 26.35% | 24.5% | 27.41% | 27.27% | 24.88% | 25.61% | 27.44% | 28.14% | 28.05% | 27.63% | 27.81% | 24.26% | 24.83% | 25.29% | 26.07% | 24.22% | 24.45% | 24.41% | 24.78% | 23% | 20.14% | 19.19% | 20.66% | 20.91% | 22.04% | 23.38% | 28.55% | 29.08% | 28.1% | 30.49% | 31.22% |
| Gross Profit Growth % | - | -12.42% | 2.36% | 17.21% | 4.99% | 4.64% | -5.42% | -6.39% | -2.04% | -1.81% | 8.74% | -0.32% | -4.69% | -3.96% | 12.49% | 8.06% | 6.13% | -9.1% | 16.44% | 33.31% | 10.56% | -2.19% | 4.44% | -3.84% | -6.81% | -11.89% | -0.37% | 8.85% | -11.18% | 6.72% | 6.63% |
| Operating Expenses | 275.99M | 245.69M | 299.66M | 286.51M | 255.75M | 244.85M | 218.95M | 227.17M | 242.42M | 251.75M | 246.41M | 276M | 237.88M | 232.31M | 246.64M | 221.47M | 202.63M | 209.46M | 222.56M | 207.76M | 153.19M | 138.95M | 135.32M | 130.53M | 129.73M | 126.6M | 140.98M | 140.4M | 129.9M | 125.9M | 125.8M |
| OpEx / Revenue % | 21.25% | 18.7% | 22.35% | 21.76% | 20.77% | 21.49% | 21.55% | 21.68% | 21.59% | 21.63% | 20.93% | 22.23% | 19.55% | 18.53% | 19.48% | 18.28% | 18.24% | 19.98% | 19.59% | 19.76% | 17.01% | 16.26% | 16.67% | 17% | 17.12% | 16.52% | 19.8% | 20% | 19.47% | 18.19% | 19.85% |
| Depreciation & Amortization | 39.98M | 40.04M | 36.2M | 35.74M | 36.1M | 40.18M | 40.11M | 40.51M | 44.08M | 41.66M | 40.74M | 43.5M | 37.64M | 33.9M | 32.8M | 31.82M | 30.6M | 31.01M | 30.33M | 29.65M | 20.55M | 19.18M | 18.18M | 16.64M | 17.73M | 20.63M | 20.15M | 17M | 14.8M | 15.4M | 15.7M |
| Combined Ratio % | 94.91% | 94.2% | 94.94% | 94.49% | 95.89% | 95.88% | 94.1% | 93.54% | 93.54% | 94% | 93.12% | 97.97% | 94.72% | 93.24% | 93.41% | 94.06% | 93.79% | 95.57% | 94.81% | 96.77% | 96.87% | 97.07% | 96.01% | 96.09% | 95.08% | 93.14% | 91.24% | 90.92% | 91.37% | 87.69% | 88.64% |
| Operating Income | 66.14M | 76.21M | 67.88M | 72.57M | 50.6M | 46.95M | 59.92M | 67.68M | 72.55M | 69.8M | 81.06M | 25.17M | 64.27M | 84.7M | 83.44M | 71.96M | 68.93M | 46.42M | 58.93M | 33.99M | 28.16M | 25.09M | 32.39M | 30.04M | 37.25M | 52.58M | 62.37M | 63.7M | 57.6M | 85.2M | 72M |
| Operating Margin % | 5.09% | 5.8% | 5.06% | 5.51% | 4.11% | 4.12% | 5.9% | 6.46% | 6.46% | 6% | 6.88% | 2.03% | 5.28% | 6.76% | 6.59% | 5.94% | 6.21% | 4.43% | 5.19% | 3.23% | 3.13% | 2.93% | 3.99% | 3.91% | 4.92% | 6.86% | 8.76% | 9.08% | 8.63% | 12.31% | 11.36% |
| Operating Income Growth % | - | 12.26% | -6.45% | 43.4% | 7.78% | -21.65% | -11.47% | -6.71% | 3.95% | -13.9% | 222.04% | -60.83% | -24.12% | 1.51% | 15.95% | 4.4% | 48.49% | -21.23% | 73.36% | 20.73% | 12.24% | -22.54% | 7.81% | -19.35% | -29.16% | -15.69% | -2.09% | 10.59% | -32.39% | 18.33% | 19.21% |
| EBITDA | 106.12M | 116.25M | 104.08M | 108.31M | 86.7M | 87.13M | 100.03M | 108.2M | 116.63M | 111.45M | 121.8M | 68.67M | 101.91M | 118.6M | 116.24M | 103.78M | 99.53M | 77.43M | 89.26M | 63.64M | 48.7M | 44.27M | 50.56M | 46.68M | 54.98M | 73.21M | 82.52M | 80.7M | 72.4M | 100.6M | 87.7M |
| EBITDA Margin % | 8.17% | 8.85% | 7.76% | 8.22% | 7.04% | 7.65% | 9.84% | 10.33% | 10.39% | 9.58% | 10.34% | 5.53% | 8.37% | 9.46% | 9.18% | 8.57% | 8.96% | 7.39% | 7.86% | 6.05% | 5.41% | 5.18% | 6.23% | 6.08% | 7.26% | 9.55% | 11.59% | 11.5% | 10.85% | 14.53% | 13.84% |
| Interest Expense | 15.81M | 17.97M | 20.3M | 19.81M | 10.97M | 6.98M | 8.19M | 11.52M | 11.4M | 9.91M | 9.93M | 8.98M | 6.81M | 7.19M | 9.57M | 16.93M | 15.68M | 14.17M | 17.62M | 17.33M | 8.15M | 5.14M | 3.54M | 5.41M | 4.71M | 4.78M | 4.48M | 0 | 0 | 0 | 0 |
| Non-Operating Income | 17.67M | 23.64M | 6.47M | 5.4M | 34.59M | -3.9M | 0 | 32.53M | 17.02M | 17.63M | 7.89M | 47.96M | -2.43M | -3.6M | -9.57M | -3.4M | 14.76M | 145M | -3.14M | 3.98M | -1.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 32.67M | 34.6M | 41.11M | 47.36M | 5.05M | 43.86M | 39.09M | 23.64M | 44.13M | 42.26M | 63.24M | -31.77M | 59.89M | 81.1M | 83.44M | 58.43M | 38.49M | -112.75M | 44.45M | 21.51M | 24.07M | 19.94M | 37.42M | 16.63M | 38.54M | 47.8M | 41.15M | 63.8M | 43.9M | 74.7M | 72M |
| Pretax Margin % | 2.52% | 2.63% | 3.07% | 3.6% | 0.41% | 3.85% | 3.85% | 2.26% | 3.93% | 3.63% | 5.37% | -2.56% | 4.92% | 6.47% | 6.59% | 4.82% | 3.46% | -10.76% | 3.91% | 2.05% | 2.67% | 2.33% | 4.61% | 2.16% | 5.09% | 6.24% | 5.78% | 9.09% | 6.58% | 10.79% | 11.36% |
| Income Tax | 14.82M | 14.92M | 14.58M | 17.1M | 23.58M | 13.32M | 12.01M | 14.11M | 18.54M | 15.04M | 25.57M | 13.83M | 28.78M | 29.77M | 33.69M | 12.74M | 9.71M | 2.62M | 11.56M | 5.4M | 9.06M | 7.06M | 12.25M | 8.96M | 14.03M | 18.36M | 15.8M | 24.5M | 16.4M | 27.7M | 29.2M |
| Effective Tax Rate % | 45.36% | 43.13% | 35.47% | 36.1% | 467.26% | 30.36% | 30.73% | 59.7% | 42.02% | 35.59% | 40.42% | -43.53% | 48.06% | 36.7% | 40.37% | 21.8% | 25.23% | -2.32% | 26.02% | 25.08% | 37.64% | 35.4% | 32.74% | 53.92% | 36.4% | 38.4% | 38.4% | 38.4% | 37.36% | 37.08% | 40.56% |
| Net Income | 17.86M | 19.63M | 26.6M | 30.61M | -18.3M | 30.69M | 28.3M | 12.48M | 25.98M | 27.66M | 35.97M | -45.49M | 30.62M | 50.98M | 48.89M | 45.4M | 28.33M | -115.68M | 32.26M | 16.12M | 15.01M | 12.88M | 25.17M | 7.66M | 24.51M | 29.45M | 25.35M | 39.3M | 27.5M | 47M | 42.8M |
| Net Margin % | 1.37% | 1.49% | 1.98% | 2.32% | -1.49% | 2.69% | 2.78% | 1.19% | 2.31% | 2.38% | 3.05% | -3.66% | 2.52% | 4.07% | 3.86% | 3.75% | 2.55% | -11.04% | 2.84% | 1.53% | 1.67% | 1.51% | 3.1% | 1% | 3.24% | 3.84% | 3.56% | 5.6% | 4.12% | 6.79% | 6.76% |
| Net Income Growth % | -41.35% | -26.18% | -13.11% | 267.22% | -159.64% | 8.47% | 126.64% | -51.94% | -6.1% | -23.08% | 179.07% | -248.54% | -39.93% | 4.28% | 7.67% | 60.28% | 124.49% | -458.61% | 100.17% | 7.36% | 16.54% | -48.83% | 228.53% | -68.74% | -16.75% | 16.16% | -35.5% | 42.91% | -41.49% | 9.81% | 18.89% |
| EPS (Diluted) | 0.36 | 0.39 | 0.53 | 0.62 | -0.37 | 0.57 | 0.54 | 0.18 | 0.50 | 0.52 | 0.67 | -0.79 | 0.57 | 0.93 | 0.97 | 0.84 | 0.53 | -2.23 | 0.62 | 0.32 | 0.30 | 0.26 | 0.51 | 0.16 | 0.50 | 0.61 | 0.52 | 0.78 | 0.54 | 0.93 | 0.84 |
| EPS Growth % | -40.12% | -26.42% | -14.52% | 267.57% | -164.91% | 5.56% | 200% | -64% | -3.85% | -22.39% | 184.81% | -238.6% | -38.71% | -4.12% | 15.48% | 58.49% | 123.77% | -459.68% | 93.75% | 6.67% | 15.38% | -49.02% | 218.75% | -68% | -18.03% | 17.31% | -33.33% | 44.44% | -41.94% | 10.71% | 82.61% |
| EPS (Basic) | - | 0.40 | 0.54 | 0.63 | -0.37 | 0.58 | 0.54 | 0.18 | 0.51 | 0.53 | 0.68 | -0.79 | 0.58 | 0.95 | 0.99 | 0.84 | 0.54 | -2.23 | 0.63 | 0.32 | 0.30 | 0.26 | 0.52 | 0.16 | 0.50 | 0.61 | 0.52 | 0.78 | 0.55 | 0.95 | 0.84 |
| Diluted Shares Outstanding | 49.4M | 50.07M | 49.74M | 49.59M | 49.47M | 53.98M | 53.38M | 54.06M | 51.96M | 53.2M | 53.68M | 57.58M | 53.73M | 55.55M | 54.24M | 53.78M | 53.23M | 51.83M | 52.34M | 50.6M | 49.58M | 49.35M | 49M | 48.78M | 48.66M | 48.56M | 48.93M | 50.5M | 50.94M | 50.54M | 51.03M |
High Operating Margin Sensitivity
As indicated by the most recent quarterly data, Crawford & Company experienced a revenue contraction of 1.0% in 2026Q1, following a volatile period where year-over-year growth fluctuated significantly, suggesting that the firm is struggling to maintain consistent top-line momentum in a competitive claims services environment.
The inconsistent revenue trajectory appears to reflect a reliance on event-driven demand, where the absence of major catastrophe activity leaves the firm vulnerable to volume declines. Investors should monitor whether the company can decouple its growth from seasonal weather patterns by expanding its TPA and platform-based service offerings.
Based on the reported combined ratio of 96.0% in 2026Q1, Crawford & Company operates with thin underwriting margins, which have fluctuated between 93.2% and 98.7% over the last ten quarters, indicating that the firm lacks the scale to consistently absorb operational costs during periods of lower claim volume.
The proximity of the combined ratio to the 100% break-even threshold suggests that the company's profitability is highly sensitive to minor shifts in loss ratios and administrative expenses. This narrow margin profile implies that any sustained increase in labor costs for field adjusters could rapidly erode the firm's bottom-line performance.
Financial statements reveal a significant inflection point in 2025Q4, where the company reported a net loss of $7.2 million despite generating $320.9 million in revenue, highlighting the extreme sensitivity of the firm's earnings to fluctuations in operating income and potential non-recurring charges during that specific period.
This quarterly loss underscores the fragility of the current business model, where high fixed costs for professional labor are not sufficiently offset by service fees during quieter claim cycles. The subsequent return to profitability in 2026Q1 warrants further investigation into whether this was driven by cost-cutting measures or a temporary spike in billable adjusting activity.
According to the provided income statement data, the company's net margin of 1.49% suggests that the firm is operating as a high-volume, low-reward service provider, which may be unsustainable if competitive pressures in the TPA space continue to force pricing concessions on long-term service contracts.
The reliance on labor-intensive field operations creates a structural disadvantage compared to tech-enabled competitors who may be better positioned to automate claims processing. Investors should be wary of the potential for further margin erosion if the company fails to transition its cost structure toward more scalable, platform-based solutions.
Quick answers to the most common questions about buying CRD-A stock.
For fiscal year 2025, Crawford & Company (CRD-A) reported total revenue of $1.31B. This represents a 107.4% increase compared to $633.6M in 1996.
Crawford & Company (CRD-A) is profitable, generating $19.6M in net income for the fiscal year ending 2025 with a net profit margin of 1.5%.
Crawford & Company (CRD-A) reported an operating income of $76.2M, resulting in an operating profit margin of 5.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Crawford & Company (CRD-A) generated $321.9M in gross profit for the year, representing a gross profit margin of 24.5%. This demonstrates the company's core pricing power and production efficiency.