Revenue and profitability are highly erratic, with quarterly revenue growth swinging from -21.4% to +13.5% and the combined ratio varying between 81.6% and 117.3% over the past ten quarters, highlighting significant earnings instability.
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 | 837.3M | 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 % | -5.87% | -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 | 523.3M | 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 % | 62.5% | 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 | 313.8M | 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 % | 37.48% | 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 | 307.2M | 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 % | 36.69% | 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 | 12.5M | 3.6M | 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 % | 99.19% | 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 | 6.6M | 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 % | 0.79% | 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 | 20.4M | 15.6M | 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 % | 2.44% | 1.82% | 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 | 2.8M | 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 | -2.8M | -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 | 6.6M | 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 |
| Pretax Margin % | 0.79% | 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 | -1M | 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 % | -15.15% | 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 | 7.6M | 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 % | 0.91% | 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 % | -92.48% | -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) | 0.42 | 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 % | -83.41% | -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 | 18.29M | 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
Severe earnings volatility from loss events
Metrics are mathematically derived from official filings.
Premium Growth Swings Suggest Portfolio Churn
Employers' revenue trajectory shows extreme quarterly volatility, with a 21.4% sequential decline in 2025Q4 followed by a 2.5% rebound in 2026Q1, suggesting the top line is highly sensitive to discrete policy expirations and renewals within its workers' compensation book.
The lack of a consistent growth trend, alternating between sharp declines and moderate gains, implies the top line is driven by the timing of large account renewals rather than broad market pricing momentum. This pattern makes forward visibility challenging, as each quarter's performance can be heavily influenced by the loss or retention of a few significant policies.
Combined Ratio Volatility Undermines Profitability
The combined ratio has swung from a highly profitable 81.6% in 2024Q2 to an unprofitable 117.3% in 2025Q4, a variance that appears driven by catastrophic loss quarters rather than a steady erosion of underwriting discipline.
The extreme fluctuations, particularly the 2025Q3 and 2025Q4 periods where the ratio exceeded 100%, indicate the company's profitability is vulnerable to large, discrete loss events. The return to an 84.2% combined ratio in 2026Q2 suggests normalization, but the pattern highlights an inherent fragility in the core underwriting earnings stream.
Anomalous Loss Ratio Signals Reserve Activity
The 2025Q4 loss ratio of 36.6% is a stark outlier compared to the adjacent quarters' ratios of 87.6% and 62.2%, strongly suggesting the quarter benefited from a substantial, non-recurring release of prior-year reserves.
For a workers' compensation insurer, a loss ratio this low is atypical and likely reflects favorable development on reserves established in earlier periods. While such releases boost current earnings, they also raise questions about the adequacy of past reserves and the sustainability of future profitability if such favorable development does not recur. The subsequent quarters' higher loss ratios may represent a reversion to a more normalized claims environment.
2025 Mid-Year Loss Events Disrupted Earnings
The company's operating income shifted from a $37.0M profit in 2025Q2 to an $11.2M loss in 2025Q3, marking a critical inflection point where severe underwriting losses overwhelmed the business's core profitability.
This sudden deterioration in 2025Q3, with a loss ratio spiking to 87.6%, suggests the company experienced a cluster of large or frequent claims that year. The subsequent return to profitability in 2026 appears contingent on maintaining a low combined ratio, but the episode underscores the operational risk embedded in its specialty lines portfolio and the potential for rapid earnings swings.
Core Loss Trend Appears to Be Weakening
A key analytical challenge is that excluding the anomalous 2025Q4, the underlying loss ratio trend has been deteriorating, rising from 62.1% in 2024Q2 to 62.2% in 2026Q1, which may indicate persistent pricing or claims pressure.
The 2026Q2 improvement to a 55.5% loss ratio is notable, but investors should monitor whether it represents a sustainable improvement or a favorable quarter in a generally upward trend. The inconsistency in quarterly results makes it difficult to assess the true core underwriting trajectory, and reliance on volatile quarters for earnings creates valuation uncertainty.