Revenue growth has decelerated from 17.9% in 2024Q2 to roughly 0.2% in 2026Q3 while the combined ratio hovered between 80.3% and 83.6%, suggesting underwriting margins are positive but have narrowed.
Erie Indemnity Company (ERIE) annual income statement — 30-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 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 4.12B | 4.07B | 3.8B | 3.27B | 2.84B | 2.63B | 2.54B | 2.48B | 2.38B | 1.69B | 1.6B | 1.51B | 6.12B | 6.27B | 5.51B | 4.67B | 4.76B | 4.62B | 2.71B | 1.18B | 1.19B | 1.2B | 1.2B | 1.12B | 964.93M | 785.68M | 763.38M | 704.13M | 661.68M | 622.09M | 583.19M |
| Revenue Growth % | 2.04% | 7.17% | 16.1% | 15.1% | 7.83% | 3.84% | 2.39% | 3.99% | 40.81% | 5.96% | 6.05% | -75.42% | -2.34% | 13.77% | 17.9% | -1.83% | 2.98% | 70.69% | 129.59% | -0.95% | -0.91% | -0.04% | 7.61% | 15.82% | 22.81% | 2.92% | 8.42% | 6.42% | 6.36% | 6.67% | 11.2% |
| Medical Costs & Claims | 3.43B | 3.43B | 3.12B | 2.75B | 2.46B | 2.32B | 2.2B | 2.12B | 2.04B | 1.4B | 1.3B | 1.07B | 5.29B | 4.7B | 4.61B | 4.47B | 3.87B | 4.5B | 4.26B | 930.45M | 934.2M | 900.73M | 884.92M | 820.48M | 705.87M | 600.83M | 549.67M | 501.06M | 470.15M | 451.4M | 434.96M |
| Medical Cost Ratio % | 83.09% | 84.25% | 82.18% | 84.08% | 86.75% | 87.92% | 86.67% | 85.58% | 85.55% | 82.84% | 81.62% | 71.38% | 86.45% | 75.01% | 83.69% | 95.53% | 81.25% | 97.31% | 157.07% | 78.86% | 78.42% | 74.93% | 73.58% | 73.42% | 73.15% | 76.47% | 72% | 71.16% | 71.06% | 72.56% | 74.58% |
| Gross Profit | 697.15M | 640.8M | 676.46M | 520.26M | 376.21M | 318.1M | 338.16M | 357.34M | 344.34M | 290.25M | 293.52M | 430.92M | 830M | 1.57B | 899M | 209M | 893M | 124.33M | -1.55B | 249.48M | 257.03M | 301.39M | 317.69M | 297.05M | 259.06M | 184.84M | 213.71M | 203.07M | 191.52M | 170.69M | 148.23M |
| Gross Margin % | 16.91% | 15.76% | 17.82% | 15.92% | 13.25% | 12.08% | 13.33% | 14.42% | 14.45% | 17.16% | 18.38% | 28.62% | 13.55% | 24.99% | 16.31% | 4.47% | 18.75% | 2.69% | -57.07% | 21.14% | 21.58% | 25.07% | 26.42% | 26.58% | 26.85% | 23.53% | 28% | 28.84% | 28.94% | 27.44% | 25.42% |
| Gross Profit Growth % | - | -5.27% | 30.02% | 38.29% | 18.27% | -5.93% | -5.37% | 3.77% | 18.64% | -1.11% | -31.89% | -48.08% | -47.03% | 74.3% | 330.14% | -76.6% | 618.24% | 108.04% | -719.7% | -2.94% | -14.72% | -5.13% | 6.95% | 14.67% | 40.15% | -13.51% | 5.24% | 6.03% | 12.21% | 15.15% | 30.79% |
| Operating Expenses | -38.12M | -78.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 198.37M | 7M | 7M | 0 | -149M | -106M | -399.67M | -707.01M | -59.69M | -41.77M | -38.06M | -8.65M | 2M | 3.65M | 2.74M | -4.73M | -5.69M | -4.83M | -4.23M | -3.82M |
| OpEx / Revenue % | -0.92% | -1.94% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 13.18% | 0.11% | 0.11% | 0% | -3.19% | -2.23% | -8.64% | -26.1% | -5.06% | -3.51% | -3.17% | -0.72% | 0.18% | 0.38% | 0.35% | -0.62% | -0.81% | -0.73% | -0.68% | -0.66% |
| Depreciation & Amortization | 39.15M | 76.78M | 63.91M | 53.59M | 51.72M | 49.1M | 34.3M | 30.77M | 13.37M | 14.83M | 15.15M | 16.46M | 16M | 14M | 11M | 4M | 12M | 9M | 36.93M | 31.36M | 36.05M | 36.85M | 37.32M | 4.29M | 3.99M | 2.35M | 2.75M | 1.77M | 2M | 1.89M | 1.43M |
| Combined Ratio % | 82.17% | 82.32% | 82.18% | 84.08% | 86.75% | 87.92% | 86.67% | 85.58% | 85.55% | 82.84% | 81.62% | 84.55% | 86.56% | 75.12% | 83.69% | 92.34% | 79.02% | 88.67% | 130.97% | 73.8% | 74.92% | 71.76% | 72.86% | 73.6% | 73.53% | 76.82% | 71.38% | 70.35% | 70.32% | 71.88% | 73.93% |
| Operating Income | 735.26M | 719.52M | 676.46M | 520.26M | 376.21M | 318.1M | 338.16M | 357.34M | 344.34M | 290.25M | 293.52M | 232.54M | 823M | 1.56B | 899M | 358M | 999M | 524M | -839M | 309.17M | 298.8M | 339.46M | 326.35M | 295.05M | 255.4M | 182.1M | 218.45M | 208.75M | 196.36M | 174.92M | 152.05M |
| Operating Margin % | 17.83% | 17.69% | 17.82% | 15.92% | 13.25% | 12.08% | 13.33% | 14.42% | 14.45% | 17.16% | 18.38% | 15.45% | 13.44% | 24.88% | 16.31% | 7.66% | 20.98% | 11.33% | -30.97% | 26.2% | 25.08% | 28.24% | 27.14% | 26.4% | 26.47% | 23.18% | 28.62% | 29.65% | 29.68% | 28.12% | 26.07% |
| Operating Income Growth % | - | 6.37% | 30.02% | 38.29% | 18.27% | -5.93% | -5.37% | 3.77% | 18.64% | -1.11% | 26.22% | -71.74% | -47.24% | 73.53% | 151.12% | -64.16% | 90.65% | 162.46% | -371.37% | 3.47% | -11.98% | 4.02% | 10.61% | 15.53% | 40.25% | -16.64% | 4.64% | 6.31% | 12.26% | 15.04% | 10.17% |
| EBITDA | 823.74M | 796.3M | 740.36M | 573.85M | 427.93M | 367.19M | 372.46M | 388.11M | 357.71M | 305.08M | 308.67M | 249M | 839M | 1.57B | 910M | 362M | 1.01B | 533M | -802.07M | 340.53M | 334.85M | 376.31M | 363.66M | 299.35M | 259.39M | 184.45M | 221.19M | 210.52M | 198.36M | 176.81M | 153.48M |
| EBITDA Margin % | 19.98% | 19.58% | 19.51% | 17.55% | 15.07% | 13.94% | 14.68% | 15.67% | 15.02% | 18.03% | 19.33% | 16.54% | 13.7% | 25.1% | 16.51% | 7.74% | 21.23% | 11.53% | -29.61% | 28.86% | 28.11% | 31.3% | 30.24% | 26.79% | 26.88% | 23.48% | 28.98% | 29.9% | 29.98% | 28.42% | 26.32% |
| Interest Expense | 0 | 0 | 0 | 0 | 2.01M | 4.13M | 731K | 856K | 2.46M | 1.24M | 101K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Operating Income | 1.76M | 8.92M | -33.35M | -32.56M | -6.03M | 4.08M | 1.64M | -1.67M | 0 | 0 | 2.41M | 0 | -7M | -7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 115.24M | 0 | 66.74M | 0 | 0 | -5.49M | 0 | 0 | 0 | 0 |
| Pretax Income | 733.51M | 710.6M | 757.28M | 561.94M | 376.45M | 376.4M | 368.51M | 396.7M | 371.32M | 315.69M | 320.09M | 266.25M | 251.26M | 246.61M | 899M | 358M | 999M | 524M | -839M | 309.17M | 298.8M | 339.46M | 326.35M | 295.05M | 255.4M | 182.1M | 218.45M | 208.75M | 196.36M | 174.92M | 152.05M |
| Pretax Margin % | 17.79% | 17.47% | 19.95% | 17.19% | 13.25% | 14.29% | 14.53% | 16.01% | 15.59% | 18.66% | 20.05% | 17.68% | 4.1% | 3.93% | 16.31% | 7.66% | 20.98% | 11.33% | -30.97% | 26.2% | 25.08% | 28.24% | 27.14% | 26.4% | 26.47% | 23.18% | 28.62% | 29.65% | 29.68% | 28.12% | 26.07% |
| Income Tax | 157.37M | 151.27M | 156.97M | 115.88M | 77.88M | 78.54M | 75.21M | 79.88M | 83.1M | 118.7M | 109.72M | 91.57M | 83.76M | 84M | 280M | 90M | 339M | 78M | -223M | 99.14M | 99.06M | 111.73M | 105.14M | 102.24M | 84.89M | 60.56M | 71.16M | 65.65M | 61.81M | 56.34M | 46.92M |
| Effective Tax Rate % | 21.45% | 21.29% | 20.73% | 20.62% | 20.69% | 20.87% | 20.41% | 20.14% | 22.38% | 37.6% | 34.28% | 34.39% | 33.34% | 34.06% | 31.15% | 25.14% | 33.93% | 14.89% | 26.58% | 32.07% | 33.15% | 32.92% | 32.22% | 34.65% | 33.24% | 33.26% | 32.58% | 31.45% | 31.48% | 32.21% | 30.86% |
| Net Income | 576.14M | 559.34M | 600.31M | 446.06M | 298.57M | 297.86M | 293.3M | 316.82M | 288.22M | 197M | 210.37M | 174.68M | 167.5M | 162.61M | 160M | 169M | 162M | 108M | 69M | 212.94M | 204.03M | 231.1M | 226.41M | 199.72M | 172.13M | 122.26M | 152.39M | 143.11M | 134.55M | 118.58M | 105.13M |
| Net Margin % | 13.97% | 13.75% | 15.82% | 13.65% | 10.51% | 11.31% | 11.56% | 12.79% | 12.1% | 11.64% | 13.18% | 11.6% | 2.74% | 2.59% | 2.9% | 3.61% | 3.4% | 2.34% | 2.55% | 18.05% | 17.13% | 19.22% | 18.83% | 17.87% | 17.84% | 15.56% | 19.96% | 20.32% | 20.33% | 19.06% | 18.03% |
| Net Income Growth % | -11.09% | -6.83% | 34.58% | 49.4% | 0.24% | 1.55% | -7.42% | 9.92% | 46.31% | -6.35% | 20.43% | 4.28% | 3.01% | 1.63% | -5.33% | 4.32% | 50% | 56.52% | -67.6% | 4.37% | -11.72% | 2.07% | 13.36% | 16.03% | 40.79% | -19.77% | 6.49% | 6.36% | 13.47% | 12.79% | 12.38% |
| EPS (Diluted) | 11.02 | 10.62 | 11.48 | 8.53 | 5.71 | 5.69 | 5.61 | 6.06 | 4.93 | 3.76 | 4.01 | 3.33 | 3.18 | 3.08 | 2.99 | 3.08 | 2.85 | 1.89 | 1.19 | 3.43 | 3.13 | 3.34 | 3.21 | 2.81 | 2.41 | 1.71 | 2.12 | 1.95 | 1.81 | 1.59 | 1.41 |
| EPS Growth % | -11.16% | -7.49% | 34.58% | 49.39% | 0.35% | 1.43% | -7.43% | 22.92% | 31.12% | -6.23% | 20.42% | 4.72% | 3.25% | 3.01% | -2.92% | 8.07% | 50.79% | 58.82% | -65.31% | 9.58% | -6.29% | 4.05% | 14.23% | 16.6% | 40.94% | -19.34% | 8.72% | 7.73% | 13.84% | 12.77% | 11.9% |
| EPS (Basic) | - | 12.01 | 12.89 | 9.58 | 6.41 | 6.40 | 6.30 | 6.80 | 4.93 | 4.23 | 4.52 | 3.75 | 3.59 | 3.46 | 3.38 | 3.45 | 3.18 | 2.10 | 1.34 | 3.80 | 3.45 | 3.69 | 3.54 | 3.09 | 2.68 | 1.71 | 2.12 | 1.95 | 1.81 | 1.59 | 1.41 |
| Diluted Shares Outstanding | 52.3M | 52.69M | 52.69M | 52.68M | 46.19M | 46.19M | 52.69M | 58.42M | 52.7M | 58.44M | 58.54M | 58.6M | 58.72M | 58.96M | 59.65M | 61.17M | 63M | 63.55M | 64.09M | 68.25M | 65.26M | 69.29M | 77.4M | 71.09M | 71.16M | 71.34M | 71.95M | 73.58M | 74.57M | 74.58M | 74.56M |
Quick answers to the most common questions about buying ERIE stock.
For fiscal year 2025, Erie Indemnity Company (ERIE) reported total revenue of $4.07B. This represents a 597.4% increase compared to $583.2M in 1996.
Erie Indemnity Company (ERIE) is profitable, generating $559.3M in net income for the fiscal year ending 2025 with a net profit margin of 13.8%.
Erie Indemnity Company (ERIE) reported an operating income of $719.5M, resulting in an operating profit margin of 17.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Erie Indemnity Company (ERIE) generated $640.8M in gross profit for the year, representing a gross profit margin of 15.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Elevated catastrophe and reserve volatility
Metrics are mathematically derived from official filings.
Premium Growth Decelerating From Double Digits
Based on Erie Indemnity's reported quarterly figures, revenue growth fell from 17.9% in 2024Q2 to roughly 0.2% in 2026Q3, indicating that top-line momentum has largely stalled after a strong expansion phase.
The steady compression in revenue growth across the ten reported quarters suggests the pricing and exposure tailwinds that drove 2024 expansion have faded. Flat revenue in the most recent quarter may indicate a softening rate environment or slowing policy count growth, though the reported figures alone do not isolate which driver is responsible. Investors should monitor whether renewal retention holds as growth slows.
Combined Ratio Hovering Near Underwriting Breakeven
Erie's reported combined ratios of 80.3% to 83.6% across recent quarters, with a loss ratio of 85.5% in 2026Q1, suggest underwriting profitability that remains positive but has narrowed in some periods.
A combined ratio consistently below 100% indicates the core insurance book is generating underwriting profit rather than relying on investment income to offset losses. The swing in loss ratio from 79.4% to 85.5% between 2026Q2 and 2026Q1 points to meaningful sensitivity in claims costs quarter to quarter. This pattern warrants further investigation into whether weather-related or severity-driven claims are driving the variability.
Reserve Development Data Unavailable
Reserve development figures are not included in the supplied quarterly data, so the quality of prior-year reserve releases cannot be assessed from the reported figures provided.
Without disclosed prior-year development, it is not possible to determine whether reported earnings are supported by favorable reserve releases. Analysts should review the Schedule P or equivalent reserve roll-forward disclosures in the annual filings before drawing conclusions about earnings quality. The absence of this data in the present analysis limits confidence in the sustainability of recent combined ratios.
Earnings Sensitivity to Claims Volatility
Net income swung from $182.9M in 2025Q3 to $63.4M in 2025Q4 as claims rose to $812.5M, illustrating how quickly earnings can compress when loss experience deteriorates.
The sharp drawdown in fourth-quarter 2025 earnings, with EPS falling to $1.20 from $3.47 the prior quarter, suggests that the reported profitability is more exposed to claims variability than the headline combined ratio alone implies. If loss trends continue to firm, the current margin cushion may narrow further. The counter-case is that a single quarter may reflect seasonal or catastrophe timing rather than a durable shift, which the supplied data cannot confirm.