CorVel Corporation (CRVL) Income Statement

30Y historyFree accessUpdated daily

Revenue growth accelerated to 10.7% in 2027Q1 with combined ratio improving to 83.3%, but negative operating income of -$1.4M raises earnings quality concerns.

Annual statement

CRVL Income Statement

CorVel Corporation (CRVL) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Mar'26	Mar'25	Mar'24	Mar'23	Mar'22	Mar'21	Mar'20	Mar'19	Mar'18	Mar'17	Mar'16	Mar'15	Mar'14	Mar'13	Mar'12	Mar'11	Mar'10	Mar'09	Mar'08	Mar'07	Mar'06	Mar'05	Mar'04	Mar'03	Mar'02	Mar'01	Mar'00	Mar'99	Mar'98	Mar'97

Revenue	983.74M	958.53M	895.59M	795.31M	718.56M	646.23M	552.64M	592.23M	595.74M	558.35M	518.69M	503.58M	492.63M	478.82M	429.31M	412.67M	380.67M	337.97M	310.08M	301.89M	274.58M	266.5M	291M	305.28M	282.78M	235.91M	209.55M	186.76M	165.46M	141.71M	121.7M
Revenue Growth %	7.09%	7.03%	12.61%	10.68%	11.19%	16.93%	-6.68%	-0.59%	6.7%	7.65%	3%	2.22%	2.88%	11.53%	4.03%	8.41%	12.63%	9%	2.71%	9.95%	3.03%	-8.42%	-4.68%	7.96%	19.86%	12.58%	12.2%	12.88%	16.76%	16.44%	11.55%
Medical Costs & Claims	739.85M	725.66M	685.86M	623.62M	560.3M	494.12M	429.02M	466.3M	470.93M	451.1M	413.89M	399.04M	392.66M	370.33M	337.65M	318.83M	284.1M	252.43M	236.33M	223.83M	208.75M	221.06M	246.34M	253.85M	230.95M	193.22M	172.01M	145.75M	129.8M	110.3M	95.1M
Medical Cost Ratio %	75.21%	75.71%	76.58%	78.41%	77.98%	76.46%	77.63%	78.74%	79.05%	80.79%	79.8%	79.24%	79.71%	77.34%	78.65%	77.26%	74.63%	74.69%	76.22%	74.14%	76.02%	82.95%	84.65%	83.15%	81.67%	81.91%	82.08%	78.04%	78.45%	77.84%	78.14%
Gross Profit	243.9M	232.86M	209.73M	171.69M	158.26M	152.11M	123.62M	125.92M	124.81M	107.25M	104.79M	104.54M	99.97M	108.48M	91.66M	93.84M	96.57M	85.54M	73.74M	78.06M	65.83M	45.44M	44.66M	51.43M	51.83M	42.69M	37.54M	41.02M	35.66M	31.41M	26.6M
Gross Margin %	24.79%	24.29%	23.42%	21.59%	22.02%	23.54%	22.37%	21.26%	20.95%	19.21%	20.2%	20.76%	20.29%	22.66%	21.35%	22.74%	25.37%	25.31%	23.78%	25.86%	23.98%	17.05%	15.35%	16.85%	18.33%	18.09%	17.92%	21.96%	21.55%	22.16%	21.86%
Gross Profit Growth %	-	11.03%	22.15%	8.49%	4.04%	23.05%	-1.82%	0.89%	16.37%	2.35%	0.24%	4.58%	-7.85%	18.35%	-2.33%	-2.82%	12.9%	16%	-5.54%	18.58%	44.87%	1.76%	-13.17%	-0.76%	21.42%	13.7%	-8.47%	15.04%	13.52%	18.08%	14.66%
Operating Expenses	92.71M	89.73M	88.9M	76.59M	73.7M	67.6M	64.45M	65.21M	63.3M	59.35M	57.24M	58.48M	54.41M	51.97M	47.77M	50.41M	59.17M	42.06M	42.13M	39.72M	35.38M	29.59M	28.14M	26.07M	25.08M	18.78M	16.39M	21.72M	18.9M	16.3M	12.8M
OpEx / Revenue %	9.42%	9.36%	9.93%	9.63%	10.26%	10.46%	11.66%	11.01%	10.62%	10.63%	11.04%	11.61%	11.04%	10.85%	11.13%	12.21%	15.54%	12.44%	13.59%	13.16%	12.89%	11.1%	9.67%	8.54%	8.87%	7.96%	7.82%	11.63%	11.42%	11.5%	10.52%
Depreciation & Amortization	23.95M	31.76M	29.54M	26.25M	25.12M	23.92M	23.44M	22.52M	22.98M	21.77M	20.97M	19.95M	18M	16.41M	15.74M	14.72M	12.25M	11.99M	11.78M	11.77M	10.12M	10.94M	11.09M	9.96M	9.34M	8.41M	6.76M	6.96M	6.3M	5.3M	4.2M
Combined Ratio %	84.63%	85.07%	86.51%	88.04%	88.23%	86.92%	89.29%	89.75%	89.67%	91.42%	90.83%	90.85%	90.75%	88.2%	89.78%	89.47%	90.17%	87.13%	89.81%	87.3%	88.91%	94.05%	94.32%	91.69%	90.54%	89.87%	89.9%	89.66%	89.87%	89.34%	88.66%
Operating Income	106.49M	143.13M	120.82M	95.1M	84.55M	84.51M	59.17M	60.71M	61.51M	47.9M	47.55M	46.06M	45.56M	56.51M	43.9M	43.44M	37.4M	43.48M	31.61M	38.34M	30.45M	15.85M	16.52M	25.37M	26.75M	23.9M	21.16M	19.3M	16.76M	15.11M	13.8M
Operating Margin %	10.82%	14.93%	13.49%	11.96%	11.77%	13.08%	10.71%	10.25%	10.33%	8.58%	9.17%	9.15%	9.25%	11.8%	10.22%	10.53%	9.83%	12.87%	10.19%	12.7%	11.09%	5.95%	5.68%	8.31%	9.46%	10.13%	10.1%	10.34%	10.13%	10.66%	11.34%
Operating Income Growth %	-	18.46%	27.05%	12.47%	0.05%	42.82%	-2.53%	-1.3%	28.41%	0.74%	3.23%	1.09%	-19.37%	28.73%	1.05%	16.13%	-13.98%	37.57%	-17.57%	25.92%	92.08%	-4%	-34.89%	-5.17%	11.9%	12.99%	9.59%	15.19%	10.91%	9.49%	14.05%
EBITDA	175.14M	174.9M	150.36M	121.35M	109.67M	108.43M	82.61M	83.23M	84.5M	69.68M	68.52M	66.01M	63.56M	72.92M	59.63M	58.16M	49.65M	55.47M	43.39M	50.11M	40.57M	26.79M	27.6M	35.32M	36.09M	32.32M	27.91M	26.27M	23.06M	20.41M	18M
EBITDA Margin %	17.8%	18.25%	16.79%	15.26%	15.26%	16.78%	14.95%	14.05%	14.18%	12.48%	13.21%	13.11%	12.9%	15.23%	13.89%	14.09%	13.04%	16.41%	13.99%	16.6%	14.78%	10.05%	9.48%	11.57%	12.76%	13.7%	13.32%	14.06%	13.94%	14.4%	14.79%
Interest Expense	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non-Operating Income	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Pretax Income	109.21M	143.13M	120.82M	95.1M	84.55M	84.51M	59.17M	60.71M	61.51M	47.9M	47.55M	46.06M	45.56M	56.51M	43.9M	43.44M	37.4M	43.48M	31.61M	38.34M	30.45M	15.85M	16.52M	25.37M	26.75M	23.9M	21.16M	19.3M	16.8M	15.2M	13.7M
Pretax Margin %	11.1%	14.93%	13.49%	11.96%	11.77%	13.08%	10.71%	10.25%	10.33%	8.58%	9.17%	9.15%	9.25%	11.8%	10.22%	10.53%	9.83%	12.87%	10.19%	12.7%	11.09%	5.95%	5.68%	8.31%	9.46%	10.13%	10.1%	10.34%	10.15%	10.73%	11.26%
Income Tax	35.85M	32.79M	25.66M	18.85M	18.19M	18.1M	12.82M	13.33M	14.81M	12.21M	18.07M	17.54M	16.97M	22.11M	17.16M	16.89M	12.74M	17.39M	12.33M	14.96M	11.88M	6.1M	6.36M	9.35M	10.16M	9.08M	7.93M	7.34M	6.4M	5.7M	5.2M
Effective Tax Rate %	32.83%	22.91%	21.24%	19.82%	21.51%	21.42%	21.66%	21.96%	24.08%	25.48%	38%	38.07%	37.25%	39.14%	39.1%	38.87%	34.06%	39.99%	39.01%	39.02%	39%	38.48%	38.5%	36.87%	38%	38%	37.5%	38%	38.1%	37.5%	37.96%
Net Income	115.33M	110.34M	95.17M	76.25M	66.36M	66.41M	46.36M	47.38M	46.7M	35.7M	29.48M	28.52M	28.59M	34.39M	26.73M	26.55M	24.66M	26.1M	19.28M	23.38M	18.58M	9.75M	10.16M	16.01M	16.58M	14.82M	13.22M	11.97M	10.4M	9.5M	8.5M
Net Margin %	11.72%	11.51%	10.63%	9.59%	9.24%	10.28%	8.39%	8%	7.84%	6.39%	5.68%	5.66%	5.8%	7.18%	6.23%	6.43%	6.48%	7.72%	6.22%	7.75%	6.77%	3.66%	3.49%	5.25%	5.86%	6.28%	6.31%	6.41%	6.29%	6.7%	6.98%
Net Income Growth %	14.39%	15.95%	24.8%	14.9%	-0.07%	43.26%	-2.16%	1.44%	30.84%	21.09%	3.34%	-0.23%	-16.87%	28.66%	0.67%	7.66%	-5.49%	35.37%	-17.56%	25.88%	90.46%	-3.98%	-36.57%	-3.44%	11.9%	12.09%	10.49%	15.07%	9.47%	11.76%	16.44%
EPS (Diluted)	2.26	2.14	1.83	1.47	1.26	1.22	2.50	2.56	2.46	1.87	1.51	1.43	1.37	1.61	0.36	0.36	0.33	0.35	0.26	0.28	0.22	0.11	0.10	0.17	0.17	0.13	0.11	0.10	0.09	0.09	0.06
EPS Growth %	15.98%	16.94%	24.49%	16.67%	3.28%	-51.2%	-2.34%	4.06%	31.55%	23.84%	5.59%	4.38%	-14.91%	347.22%	0%	9.09%	-5.71%	34.62%	-7.14%	27.27%	100%	14.58%	-43.53%	0%	30.77%	18.18%	11.11%	4.54%	9.99%	43.5%	17.65%
EPS (Basic)	-	2.15	1.85	1.48	1.28	1.25	0.86	0.86	0.83	0.63	0.51	0.47	0.47	1.63	0.36	0.36	0.34	0.36	0.26	0.28	0.22	0.11	0.10	0.17	0.17	0.14	0.12	0.10	0.09	0.09	0.06
Diluted Shares Outstanding	50.93M	51.63M	52.04M	52.04M	52.78M	54.38M	18.54M	18.54M	19.01M	19.04M	19.57M	20M	20.89M	63.72M	74.26M	74.26M	74.26M	74.26M	74.26M	84.22M	85.61M	87.55M	94.68M	95.79M	97.46M	102.3M	105.04M	110.04M	109.77M	110.3M	126.6M

Key Metrics

Growth RegimeAccelerating

ProfitabilityStrong

Balance SheetHealthy

Cash FlowRobust

Top Statement Risk

Dependence on investment income

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2027Q1)

Premium Growth Accelerates Steadily

CorVel's revenue growth accelerated to 10.7% in 2027Q1 from 7.4% in 2026Q4, according to the latest quarterly data, signaling sustained momentum in its insurance brokerage operations.

The sequential acceleration in revenue growth, from 7.4% in 2026Q4 to 10.7% in 2027Q1, suggests a strengthening demand environment for claims management services. This trend is supported by a consistent upward trajectory over the past year, with growth rates ranging from 3.4% in 2026Q3 to 14.8% in 2025Q2. The persistence of double-digit growth in recent quarters may indicate that CorVel is gaining market share or benefiting from a hard market cycle in workers' compensation.

Underwriting Profitability Improves

The combined ratio improved to 83.3% in 2027Q1 from 89.1% in 2024Q4, as reported in financial statements, indicating stronger underwriting performance and margin expansion.

The combined ratio has consistently declined from 89.1% in 2024Q4 to 83.3% in 2027Q1, reflecting a 580 basis point improvement. This improvement is driven by a lower loss ratio, which fell from 79.1% to 73.9% over the same period, suggesting better claims management or favorable loss trends. The expense ratio appears stable, implying that the margin gains are primarily from underwriting efficiency rather than cost cutting.

Reserve Releases May Boost Earnings

The loss ratio declined to 73.9% in 2027Q1 from 79.1% in 2024Q4, based on reported figures, potentially indicating favorable prior-year reserve development that may be inflating current earnings.

The steady decline in the loss ratio, despite stable revenue growth, could be attributed to favorable reserve development from prior accident years. If reserves are being released, this would artificially boost underwriting income and net income, masking underlying deterioration in current accident year loss ratios. Investors should monitor the adequacy of reserves, as excessive releases could signal future earnings volatility.

Investment Income Supports Earnings

Investment income data is unavailable, but net income exceeds operating income in 2027Q1, suggesting that investment returns are a significant contributor to overall profitability, as per the income statement.

In 2027Q1, operating income was -$1.4 million, yet net income was $32.2 million, implying a substantial contribution from non-operating items, likely investment income. This reliance on investment income to offset underwriting losses is a key risk, as market volatility could directly impact earnings. The absence of disclosed investment yield data limits further analysis, but the gap between operating and net income warrants attention.

Expense Ratio Remains Efficient

The expense ratio, derived from the combined ratio and loss ratio, held steady around 9-10% over the past ten quarters, as per financial statements, indicating stable operating leverage.

The expense ratio, calculated as the difference between the combined ratio and loss ratio, has remained remarkably stable, ranging from 9.4% to 10.0% across the period. This stability suggests that CorVel is effectively scaling its operations without significant cost inflation, which is crucial for maintaining profitability as revenue grows. The consistent expense ratio also implies that the company is not heavily investing in new technology or expansion, which could be a double-edged sword.

Earnings Quality Questioned

Despite strong reported earnings, the negative operating income in 2027Q1, as per the income statement, raises concerns about the sustainability of profits if investment income falters.

The most striking anomaly is the negative operating income of -$1.4 million in 2027Q1, which contrasts sharply with positive operating income in all prior quarters. This could indicate a one-time charge or a fundamental deterioration in underwriting profitability. If operating losses persist, the company's reliance on investment income becomes a critical vulnerability, especially in a rising interest rate environment where bond values may decline. Investors should scrutinize the components of operating income to assess whether this is a temporary blip or a trend.

CRVL — Frequently Asked Questions

Quick answers to the most common questions about buying CRVL stock.

What was CorVel Corporation's (CRVL) revenue in 2026?

For fiscal year 2026, CorVel Corporation (CRVL) reported total revenue of $958.5M. This represents a 687.6% increase compared to $121.7M in 1997.

Is CorVel Corporation (CRVL) profitable?

CorVel Corporation (CRVL) is profitable, generating $110.3M in net income for the fiscal year ending 2026 with a net profit margin of 11.5%.

What is CorVel Corporation's operating profit margin?

CorVel Corporation (CRVL) reported an operating income of $143.1M, resulting in an operating profit margin of 14.9%. This margin reflects the operational efficiency of the business before interest and taxes.

What is CorVel Corporation's gross profit and gross margin?

CorVel Corporation (CRVL) generated $232.9M in gross profit for the year, representing a gross profit margin of 24.3%. This demonstrates the company's core pricing power and production efficiency.