Revenue declined 20.9% year over year to $189.3M in 2026Q3 while the loss ratio held near 60.2% and net income of $11.6M suggests margins remain thin and sensitive to claim volatility.
Employers Holdings, Inc. (EIG) annual income statement — 21-year revenue, gross profit & net income history
| 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 |
|---|
| Revenue | 787.3M | 858.2M | 880.7M | 850.9M | 713.5M | 703.1M | 711.4M | 835.9M | 800.4M | 799.3M | 779.8M | 752.1M | 773.5M | 723.5M | 579.18M | 464.15M | 415.6M | 495.94M | 396.78M | 429.92M | 520.25M | 496.49M |
| Revenue Growth % | -12.99% | -2.55% | 3.5% | 19.26% | 1.48% | -1.17% | -14.89% | 4.44% | 0.14% | 2.5% | 3.68% | -2.77% | 6.91% | 24.92% | 24.78% | 11.68% | -16.2% | 24.99% | -7.71% | -17.36% | 4.79% | - |
| Medical Costs & Claims | 427.7M | 581.8M | 557.4M | 505.7M | 486.9M | 391.3M | 381.2M | 454M | 470.9M | 508.6M | 501.4M | 514.8M | 534.8M | 541.9M | 353.49M | 309.86M | 232.58M | 214.46M | 136.51M | 143.3M | 129.75M | 211.69M |
| Medical Cost Ratio % | 54.32% | 67.79% | 63.29% | 59.43% | 68.24% | 55.65% | 53.58% | 54.31% | 58.83% | 63.63% | 64.3% | 68.45% | 69.14% | 74.9% | 61.03% | 66.76% | 55.96% | 43.24% | 34.41% | 33.33% | 24.94% | 42.64% |
| Gross Profit | 359.4M | 276.4M | 323.3M | 345.2M | 226.6M | 311.8M | 330.2M | 381.9M | 329.5M | 290.7M | 278.4M | 237.3M | 238.7M | 181.6M | 225.69M | 154.3M | 183.03M | 281.47M | 260.26M | 286.62M | 390.5M | 284.8M |
| Gross Margin % | 45.65% | 32.21% | 36.71% | 40.57% | 31.76% | 44.35% | 46.42% | 45.69% | 41.17% | 36.37% | 35.7% | 31.55% | 30.86% | 25.1% | 38.97% | 33.24% | 44.04% | 56.76% | 65.59% | 66.67% | 75.06% | 57.36% |
| Gross Profit Growth % | - | -14.51% | -6.34% | 52.34% | -27.33% | -5.57% | -13.54% | 15.9% | 13.35% | 4.42% | 17.32% | -0.59% | 31.44% | -19.54% | 46.27% | -15.7% | -34.98% | 8.15% | -9.2% | -26.6% | 37.11% | - |
| Operating Expenses | 325.8M | 264.4M | 176.6M | 196.8M | 170.8M | 164.8M | 182.5M | 188.1M | 160M | 146.7M | 137.7M | 137.9M | 132.1M | 128.5M | 128.15M | 107.78M | 116.03M | 189.18M | 148.21M | 135.74M | 136.2M | 116.81M |
| OpEx / Revenue % | 41.38% | 30.81% | 20.05% | 23.13% | 23.94% | 23.44% | 25.65% | 22.5% | 19.99% | 18.35% | 17.66% | 18.34% | 17.08% | 17.76% | 22.13% | 23.22% | 27.92% | 38.15% | 37.35% | 31.57% | 26.18% | 23.53% |
| Depreciation & Amortization | 11.6M | 11.2M | 3.6M | 4.8M | 5.3M | 7.4M | 8.2M | 9M | 6.3M | 8.2M | 8.5M | 8.3M | 7M | 6.1M | 5.6M | 6.39M | 7.1M | 9.9M | 7.23M | 6.41M | 4.15M | 2.22M |
| Combined Ratio % | 95.71% | 98.6% | 83.34% | 82.56% | 92.18% | 79.09% | 79.24% | 76.82% | 78.82% | 81.98% | 81.96% | 86.78% | 86.22% | 92.66% | 83.16% | 89.98% | 83.88% | 81.39% | 71.76% | 64.9% | 51.12% | 66.16% |
| Operating Income | 33.6M | 12M | 146.7M | 148.4M | 55.8M | 147M | 147.7M | 193.8M | 169.5M | 144M | 140.7M | 99.4M | 106.6M | 53.1M | 97.54M | 46.52M | 66.99M | 92.3M | 112.05M | 150.89M | 254.29M | 167.99M |
| Operating Margin % | 4.27% | 1.4% | 16.66% | 17.44% | 7.82% | 20.91% | 20.76% | 23.18% | 21.18% | 18.02% | 18.04% | 13.22% | 13.78% | 7.34% | 16.84% | 10.02% | 16.12% | 18.61% | 28.24% | 35.1% | 48.88% | 33.84% |
| Operating Income Growth % | - | -91.82% | -1.15% | 165.95% | -62.04% | -0.47% | -23.79% | 14.34% | 17.71% | 2.35% | 41.55% | -6.75% | 100.75% | -45.56% | 109.7% | -30.56% | -27.42% | -17.63% | -25.74% | -40.66% | 51.37% | - |
| EBITDA | 45.2M | 23.2M | 150.3M | 153.2M | 61.1M | 154.4M | 155.9M | 202.8M | 175.8M | 152.2M | 149.2M | 107.7M | 113.6M | 59.2M | 103.14M | 52.91M | 74.09M | 102.2M | 119.28M | 157.29M | 258.44M | 170.22M |
| EBITDA Margin % | 5.74% | 2.7% | 17.07% | 18% | 8.56% | 21.96% | 21.91% | 24.26% | 21.96% | 19.04% | 19.13% | 14.32% | 14.69% | 8.18% | 17.81% | 11.4% | 17.83% | 20.61% | 30.06% | 36.59% | 49.68% | 34.28% |
| Interest Expense | 3.9M | 500K | 100K | 5.8M | 3.5M | 500K | 400K | 600K | 1.5M | 1.4M | 1.6M | 2.7M | 3M | 3.2M | 3.5M | 3.64M | 5.69M | 7.41M | 2.13M | 0 | 0 | 0 |
| Non-Operating Income | -2.6M | -500K | -100K | -5.8M | -3.5M | -500K | -400K | -600K | -1.5M | -1.4M | -1.6M | -2.7M | -3M | -3.2M | -3.5M | -3.64M | -5.69M | -7.41M | -2.13M | 0 | 0 | 0 |
| Pretax Income | 32.3M | 12M | 146.7M | 148.4M | 55.8M | 147M | 147.7M | 193.8M | 169.5M | 144M | 140.7M | 99.4M | 106.6M | 53.1M | 97.54M | 46.52M | 66.99M | 92.3M | 112.05M | 150.89M | 254.29M | 167.99M |
| Pretax Margin % | 4.1% | 1.4% | 16.66% | 17.44% | 7.82% | 20.91% | 20.76% | 23.18% | 21.18% | 18.02% | 18.04% | 13.22% | 13.78% | 7.34% | 16.84% | 10.02% | 16.12% | 18.61% | 28.24% | 35.1% | 48.88% | 33.84% |
| Income Tax | 4.8M | 1.2M | 28.1M | 30.3M | 7.4M | 27.7M | 27.9M | 36.7M | 28.2M | 42.8M | 34M | 5M | 5.9M | -10.7M | -9.35M | -2.11M | 3.52M | 9.28M | 10.27M | 30.6M | 82.72M | 30.39M |
| Effective Tax Rate % | 14.86% | 10% | 19.15% | 20.42% | 13.26% | 18.84% | 18.89% | 18.94% | 16.64% | 29.72% | 24.16% | 5.03% | 5.53% | -20.15% | -9.58% | -4.53% | 5.26% | 10.05% | 9.16% | 20.28% | 32.53% | 18.09% |
| Net Income | 27.5M | 10.8M | 118.6M | 118.1M | 48.4M | 119.3M | 119.8M | 157.1M | 141.3M | 101.2M | 106.7M | 94.4M | 100.7M | 63.8M | 106.89M | 48.62M | 63.47M | 83.02M | 101.78M | 120.28M | 171.57M | 137.6M |
| Net Margin % | 3.49% | 1.26% | 13.47% | 13.88% | 6.78% | 16.97% | 16.84% | 18.79% | 17.65% | 12.66% | 13.68% | 12.55% | 13.02% | 8.82% | 18.46% | 10.48% | 15.27% | 16.74% | 25.65% | 27.98% | 32.98% | 27.71% |
| Net Income Growth % | -56% | -90.89% | 0.42% | 144.01% | -59.43% | -0.42% | -23.74% | 11.18% | 39.62% | -5.15% | 13.03% | -6.26% | 57.84% | -40.31% | 119.84% | -23.39% | -23.55% | -18.43% | -15.38% | -29.89% | 24.69% | - |
| EPS (Diluted) | 1.52 | 0.45 | 4.71 | 4.45 | 1.75 | 4.17 | 3.97 | 4.83 | 4.24 | 3.06 | 3.24 | 2.90 | 3.14 | 2.00 | 3.37 | 1.28 | 1.51 | 1.80 | 2.07 | 2.19 | 3.21 | 2.61 |
| EPS Growth % | -33.6% | -90.45% | 5.84% | 154.29% | -58.03% | 5.04% | -17.81% | 13.92% | 38.56% | -5.56% | 11.72% | -7.64% | 57% | -40.65% | 163.28% | -15.23% | -16.11% | -13.04% | -5.48% | -31.78% | 22.99% | - |
| EPS (Basic) | - | 0.45 | 4.74 | 4.48 | 1.76 | 4.22 | 4.01 | 4.89 | 4.30 | 3.11 | 3.29 | 2.94 | 3.19 | 2.05 | 3.40 | 1.28 | 1.52 | 1.81 | 2.07 | 2.19 | 3.21 | 2.61 |
| Diluted Shares Outstanding | 18.06M | 24.14M | 25.2M | 26.52M | 27.68M | 28.6M | 30.2M | 32.54M | 33.31M | 33.06M | 32.98M | 32.56M | 32.07M | 31.94M | 31.7M | 37.42M | 41.52M | 46.09M | 49.26M | 51.94M | 53.53M | 52.72M |
Quick answers to the most common questions about buying EIG stock.
For fiscal year 2025, Employers Holdings, Inc. (EIG) reported total revenue of $858.2M. This represents a 72.9% increase compared to $496.5M in 2005.
Employers Holdings, Inc. (EIG) is profitable, generating $10.8M in net income for the fiscal year ending 2025 with a net profit margin of 1.3%.
Employers Holdings, Inc. (EIG) reported an operating income of $12.0M, resulting in an operating profit margin of 1.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Employers Holdings, Inc. (EIG) generated $276.4M in gross profit for the year, representing a gross profit margin of 32.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Volatile underwriting results
Metrics are mathematically derived from official filings.
Top Line Softening After Peak Revenue
Based on EIG's reported quarterly figures, revenue fell 20.9% year over year to $189.3M in 2026Q3, following a 10.6% decline in 2026Q2, suggesting premium growth has stalled after a period of expansion through 2024 and mid-2025.
The sequence of year-over-year revenue declines in recent quarters points to a softening rate environment or deliberate underwriting discipline reducing written exposure. Without disclosed policy counts or rate change data in the supplied figures, the cause cannot be isolated, so investors should monitor whether the decline reflects shrinking volume or pricing pressure. Continued top-line contraction would constrain the premium base that supports investment float.
Combined Ratio Swings Driven by Loss Volatility
As reported in the quarterly income statements, EIG's combined ratio ranged from 84.0% to 117.3% over ten quarters, with the 2025Q4 spike to 117.3% coinciding with a loss ratio drop to 36.6%, which warrants further investigation.
The combined ratio moved above 100% in 2025Q3 and 2025Q4, meaning underwriting lost money in those periods and profitability depended on investment income. The loss ratio itself swung between 36.6% and 87.6%, a range wide enough to suggest reserve timing or catastrophe effects rather than a steady underwriting trend. The unusually low 2025Q4 loss ratio alongside a high combined ratio points to expense or reserve items that the supplied data does not decompose.
Reserve Development Not Visible in Supplied Data
Reserve development data is unavailable in the supplied EIG figures, so whether prior-year releases are supporting reported earnings cannot be determined from these reported figures alone.
The quarterly loss ratio volatility is consistent with reserve adjustments, but the dataset does not separate current-accident-year losses from prior-year development. This gap matters because favorable development can flatter a quarter's combined ratio while masking underlying underwriting weakness. Analysts should obtain the schedule of reserve development before drawing conclusions about earnings quality.
Earnings Quality Questioned by Volatile Quarters
Based on EIG's reported figures, net income swung from a $29.7M profit in 2025Q2 to an $8.3M loss in 2025Q3, and the EPS trajectory suggests the earnings base is less stable than the revenue scale implies.
The strongest challenge to reported profitability is that quarterly net income depends heavily on loss timing, so a single favorable quarter such as 2026Q2's $1.59 EPS may not represent a sustainable run rate. Investment income is absent from the supplied data, so the offset that normally cushions underwriting losses cannot be quantified here. Investors should treat recent profitability as provisional until underwriting results show consistency across several quarters.
Investment Contribution Not Quantified
Investment income and yield are reported as unavailable in the supplied EIG data, so the contribution of investment earnings to total profitability cannot be measured from these figures.
Because the underwriting-loss quarters in 2025 would require investment income to reach breakeven, the missing investment line is a material gap in the analysis. The absence of a reported yield prevents any judgment about the spread between portfolio returns and liability costs. Analysts should retrieve the investment income disclosure before assessing how dependent net income is on portfolio performance.