Revenue growth has exhibited significant volatility ranging from 2.3% to 30.4% over the last ten quarters, as management fees remain sensitive to the Exchange's underwriting performance.
| 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 | 4.33B | 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 % | 10.85% | 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 | 2.53B | 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 % | 58.49% | 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 | 784.17M | 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 % | 18.12% | 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 | 1.06B | -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 % | 24.55% | -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 | 51.68M | 76.78M | 56.53M | 47.41M | 46.17M | 37.21M | 21.2M | 16.81M | 13.37M | 14.83M | 15.1M | 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 % | 83.04% | 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 | 733.95M | 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 % | 16.96% | 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 | 785.63M | 796.3M | 732.99M | 567.67M | 422.38M | 355.31M | 359.35M | 374.15M | 357.71M | 305.08M | 308.61M | 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 % | 18.16% | 19.58% | 19.31% | 17.37% | 14.87% | 13.49% | 14.17% | 15.1% | 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 | 69.76M | 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 | 726.18M | 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 % | 16.78% | 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 | 154.79M | 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 % | 21.32% | 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 | 571.39M | 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 % | 13.2% | 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 % | -6.97% | -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) | 10.84 | 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 % | -7.49% | -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 | 52.69M | 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 |
Exchange Surplus Sensitivity
According to recent financial disclosures, ERIE's revenue growth has exhibited significant volatility, ranging from 2.3% to 30.4% over the last ten quarters, reflecting the inherent sensitivity of management fees to the underlying premium volume generated by the Erie Insurance Exchange's regional policyholder base.
The wide variance in quarterly revenue growth suggests that ERIE's top-line performance is heavily dependent on the Exchange's ability to successfully execute rate increases in a competitive Mid-Atlantic market. Investors should monitor whether the recent deceleration to 2.3% in 2026Q1 indicates a cooling in new policy acquisition or a strategic shift in the Exchange's underwriting appetite.
As reported in quarterly filings, the combined ratio for the Exchange has fluctuated significantly, with a notable spike to 85.4% in 2025Q4, which directly influences the operational environment for ERIE's fee-based management model and complicates the predictability of long-term margin expansion.
While ERIE does not bear underwriting risk directly, the correlation between the Exchange's loss ratios and ERIE's operating income suggests that sustained underwriting pressure may eventually force a recalibration of management fee rates. The lack of consistent combined ratio data across all periods warrants caution when assessing the long-term sustainability of current operating margins.
Based on an analysis of the company's unique attorney-in-fact structure, ERIE's earnings appear vulnerable to the Exchange's surplus health, as evidenced by the sharp 58.8% decline in net income during 2025Q4 when loss ratios reached 85.4% and impacted the broader financial ecosystem.
The reliance on the Exchange's surplus to absorb catastrophe losses creates a potential ceiling on ERIE's fee extraction capabilities during periods of high claim severity. Analysts should consider that ERIE's profitability is essentially a derivative of the Exchange's underwriting discipline, making it susceptible to regional weather-related volatility that the company cannot directly control.
Financial statements indicate that ERIE maintains a disciplined fixed-cost base, yet the significant outflow of agent commissions remains a primary variable expense that effectively caps the company's gross margin potential at approximately 15.76% under current operating conditions.
The company's reliance on an independent agency force provides a durable distribution moat but necessitates a high level of ongoing compensation expense that limits operating leverage. Future margin improvement appears contingent on the company's ability to drive technological efficiencies that reduce the administrative burden of policy issuance without alienating its core agency partners.
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.