Revenue performance remains inconsistent, evidenced by a 13.3% year-over-year decline in 2025Q4, while underwriting profitability continues to fluctuate significantly as shown by the 111.6% combined ratio recorded in 2023Q4.
| 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 |
|---|
| Revenue | 6.87B | 6.37B | 7.14B | 7.37B | 7.4B | 7.6B | 8.21B | 7.71B | 7.89B | 7.51B | 8.36B | 8.55B | 8.73B | 8.63B | 9.64B | 9.92B | 10.09B | 9.07B | 9.95B | 11.13B | 10.29B | 9.79B | 10.37B | 11B | 11.23B |
| Revenue Growth % | -2.93% | -10.86% | -3.09% | -0.34% | -2.67% | -7.46% | 6.57% | -2.33% | 5.02% | -10.16% | -2.16% | -2.07% | 1.21% | -10.53% | -2.85% | -1.65% | 11.25% | -8.84% | -10.58% | 8.17% | 5.1% | -5.6% | -5.74% | -2.06% | - |
| Medical Costs & Claims | 4.57B | 4.82B | 6.58B | 7.07B | 6.02B | 6.55B | 7.16B | 6.95B | 7.51B | 7.12B | 7.71B | 8.14B | 8.75B | 7.18B | 8.47B | 9.26B | 9.69B | 8.69B | 9.26B | 8.21B | 6.02B | 5.57B | 1.81B | 1.94B | 0 |
| Medical Cost Ratio % | 66.54% | 75.72% | 92.19% | 95.88% | 81.45% | 86.2% | 87.2% | 90.23% | 95.16% | 94.77% | 92.22% | 95.27% | 100.19% | 83.27% | 87.85% | 93.3% | 96% | 95.78% | 93.07% | 73.77% | 58.5% | 56.96% | 17.48% | 17.66% | 0% |
| Gross Profit | 522M | 1.55B | 558M | 304M | 1.37B | 1.05B | 1.05B | 753M | 382M | 393M | 651M | 404M | -17M | 1.44B | 1.17B | 665M | 404M | 383M | 689M | 2.92B | 4.27B | 4.21B | 8.55B | 9.06B | 11.23B |
| Gross Margin % | 7.6% | 24.28% | 7.81% | 4.12% | 18.55% | 13.8% | 12.8% | 9.77% | 4.84% | 5.23% | 7.78% | 4.73% | -0.19% | 16.73% | 12.15% | 6.7% | 4% | 4.22% | 6.93% | 26.23% | 41.5% | 43.04% | 82.52% | 82.34% | 100% |
| Gross Profit Growth % | - | 177.06% | 83.55% | -77.84% | 30.79% | -0.19% | 39.57% | 97.12% | -2.8% | -39.63% | 61.14% | 2476.47% | -101.18% | 23.23% | 76.09% | 64.6% | 5.48% | -44.41% | -76.39% | -31.63% | 1.33% | -50.77% | -5.53% | -19.35% | - |
| Operating Expenses | 428M | 1.11B | -37M | 1M | 7M | -63M | 123M | 231M | 245M | 266M | 331M | 419M | 1.28B | 450M | 565M | 535M | 457M | 1.18B | 1.63B | 1.31B | 2.42B | 2.47B | 6.97B | 7.75B | 9.44B |
| OpEx / Revenue % | 6.23% | 17.48% | -0.52% | 0.01% | 0.09% | -0.83% | 1.5% | 3% | 3.11% | 3.54% | 3.96% | 4.9% | 14.69% | 5.22% | 5.86% | 5.39% | 4.53% | 12.96% | 16.4% | 11.79% | 23.48% | 25.21% | 67.24% | 70.48% | 84.05% |
| Depreciation & Amortization | 0 | 93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 743M | 756M | 782M | 884M | 831M | 702M | 809M | 1.15B | 1.35B | 1.22B |
| Combined Ratio % | 72.77% | 93.2% | 91.67% | 95.89% | 81.54% | 85.37% | 88.7% | 93.23% | 98.26% | 98.31% | 96.17% | 100.18% | 114.88% | 88.49% | 93.71% | 98.69% | 100.53% | 108.73% | 109.47% | 85.56% | 81.98% | 82.17% | 84.72% | 88.13% | 84.05% |
| Operating Income | 387M | 433M | 595M | 303M | 1.36B | 1.11B | 928M | 522M | 137M | 127M | 320M | -15M | -1.3B | 993M | 606M | 130M | -53M | -792M | -942M | 1.61B | 1.85B | 1.75B | 1.58B | 1.3B | 1.79B |
| Operating Margin % | 5.63% | 6.8% | 8.33% | 4.11% | 18.46% | 14.63% | 11.3% | 6.77% | 1.74% | 1.69% | 3.83% | -0.18% | -14.88% | 11.51% | 6.29% | 1.31% | -0.53% | -8.73% | -9.47% | 14.44% | 18.02% | 17.83% | 15.28% | 11.87% | 15.95% |
| Operating Income Growth % | - | -27.23% | 96.37% | -77.8% | 22.75% | 19.83% | 77.78% | 281.02% | 7.87% | -60.31% | 2233.33% | 98.85% | -230.82% | 63.86% | 366.15% | 345.28% | 93.31% | 15.92% | -158.66% | -13.33% | 6.19% | 10.16% | 21.38% | -27.14% | - |
| EBITDA | 466M | 526M | 710M | 421M | 1.47B | 1.27B | 1.12B | 752M | 393M | 393M | 657M | 404M | -866M | 1.44B | 1.08B | 873M | 703M | -10M | -58M | 2.44B | 2.56B | 2.55B | 2.73B | 2.66B | 3.01B |
| EBITDA Margin % | 6.78% | 8.26% | 9.94% | 5.71% | 19.89% | 16.74% | 13.68% | 9.76% | 4.98% | 5.23% | 7.86% | 4.73% | -9.92% | 16.73% | 11.22% | 8.8% | 6.97% | -0.11% | -0.58% | 21.91% | 24.84% | 26.1% | 26.32% | 24.15% | 26.82% |
| Interest Expense | 104M | 105M | 115M | 118M | 106M | 160M | 195M | 231M | 256M | 266M | 337M | 419M | 433M | 450M | 476M | 506M | 457M | 393M | 470M | 481M | 1.88B | 1.72B | 1.65B | 1.76B | 1.77B |
| Non-Operating Income | -79M | -105M | -115M | -118M | -106M | -160M | -195M | -230M | -256M | -266M | -337M | -419M | -433M | -450M | -476M | -506M | -457M | -393M | -470M | -481M | -1.88B | -1.72B | -1.7B | -1.84B | -1.77B |
| Pretax Income | 418M | 433M | 595M | 303M | 1.36B | 1.11B | 928M | 521M | 137M | 127M | 320M | -15M | -1.3B | 993M | 606M | 130M | -53M | -792M | -942M | 1.61B | 1.85B | 1.75B | 1.58B | 1.3B | 1.79B |
| Pretax Margin % | 6.08% | 6.8% | 8.33% | 4.11% | 18.46% | 14.63% | 11.3% | 6.76% | 1.74% | 1.69% | 3.83% | -0.18% | -14.88% | 11.51% | 6.29% | 1.31% | -0.53% | -8.73% | -9.47% | 14.44% | 18.02% | 17.83% | 15.28% | 11.87% | 15.95% |
| Income Tax | 79M | 84M | 158M | 104M | 319M | 248M | 230M | 139M | 70M | -406M | 358M | -9M | -94M | 313M | 138M | -11M | -248M | -393M | -370M | 452M | 570M | 559M | 475M | 384M | 411M |
| Effective Tax Rate % | 18.9% | 19.4% | 26.55% | 34.32% | 23.37% | 22.3% | 24.78% | 26.68% | 51.09% | -319.69% | 111.87% | 60% | 7.24% | 31.52% | 22.77% | -8.46% | 467.92% | 49.62% | 39.28% | 28.14% | 30.76% | 32.03% | 29.99% | 29.43% | 22.95% |
| Net Income | 249M | 223M | 299M | 76M | 916M | 850M | 178M | 343M | 119M | 817M | -277M | -615M | -1.24B | 560M | 325M | 38M | 52M | -460M | -572M | 1.22B | 1.33B | 1.22B | 1.16B | 1.08B | 1.17B |
| Net Margin % | 3.62% | 3.5% | 4.19% | 1.03% | 12.39% | 11.19% | 2.17% | 4.45% | 1.51% | 10.87% | -3.31% | -7.19% | -14.25% | 6.49% | 3.37% | 0.38% | 0.52% | -5.07% | -5.75% | 10.97% | 12.91% | 12.48% | 11.16% | 9.83% | 10.46% |
| Net Income Growth % | 16.36% | -25.42% | 293.42% | -91.7% | 7.76% | 377.53% | -48.1% | 188.24% | -85.43% | 394.95% | 54.96% | 50.56% | -322.14% | 72.31% | 755.26% | -26.92% | 111.3% | 19.58% | -146.89% | -8.13% | 8.76% | 5.53% | 7.03% | -7.92% | - |
| EPS (Diluted) | 0.63 | 0.54 | 0.68 | 0.16 | 1.19 | 1.76 | 1.49 | 1.02 | 0.24 | 1.63 | -0.56 | -1.24 | -2.51 | 1.12 | 0.66 | 0.08 | 0.11 | -1.02 | -1.32 | 2.73 | 2.83 | 2.52 | 2.26 | 1.88 | 2.42 |
| EPS Growth % | 5.49% | -20.59% | 325% | -86.55% | -32.39% | 18.12% | 46.08% | 325% | -85.28% | 391.07% | 54.84% | 50.6% | -324.11% | 69.7% | 725% | -27.27% | 110.78% | 22.73% | -148.35% | -3.53% | 12.3% | 11.5% | 20.21% | -22.31% | - |
| EPS (Basic) | - | 0.55 | 0.69 | 0.16 | 1.21 | 1.78 | 1.51 | 1.03 | 0.24 | 1.64 | -0.56 | -1.24 | -2.51 | 1.13 | 0.66 | 0.08 | 0.11 | -1.02 | -1.32 | 2.77 | 2.91 | 2.57 | 2.27 | 1.88 | 2.42 |
| Diluted Shares Outstanding | 393.7M | 414M | 439.4M | 474.9M | 511M | 514.7M | 511.6M | 509.7M | 500.4M | 501.4M | 498.3M | 497.4M | 496.4M | 498.7M | 494.4M | 493.5M | 493.9M | 451.1M | 433.2M | 447.6M | 469.4M | 484.6M | 490.5M | 489.5M | 485.71M |
Legacy LTC reserve volatility
As indicated by recent quarterly filings, Genworth's top-line revenue has exhibited a mixed trajectory, with a 13.3% decline in 2025Q4 revenue highlighting the inherent difficulty in maintaining consistent premium growth across its disparate mortgage insurance and legacy life insurance segments in a high-interest rate environment.
The revenue fluctuations suggest that the company is struggling to offset the natural runoff of its legacy life portfolio with new business generation. Investors should monitor whether the Enact segment can continue to provide sufficient volume to stabilize the consolidated top line as the U.S. Life segment remains constrained by its closed-block nature.
Based on reported financial data, the combined ratio has fluctuated significantly, peaking at 111.6% in 2023Q4 before showing signs of stabilization, which suggests that underwriting profitability remains highly susceptible to actuarial adjustments and the ongoing management of long-term care claims within the U.S. Life segment.
The volatility in the loss ratio, which reached 112.2% in late 2023, underscores the structural risk inherent in the company's legacy liabilities. While recent quarters show a return to underwriting discipline, the margin profile appears fragile and heavily dependent on the successful execution of premium rate increases.
According to the provided income statement data, the frequent swings in net income, including the shift from a $212 million loss in 2023Q4 to positive earnings in subsequent periods, suggest that reserve re-measurements under LDTI accounting standards are significantly distorting the company's reported quarterly profitability metrics.
The reliance on reserve adjustments to manage capital adequacy implies that GAAP earnings may not accurately reflect the underlying cash-generating capacity of the business. Analysts should exercise caution when interpreting these figures, as they may mask the true economic cost of the long-term care liability block.
As reported in financial statements, the company's ability to deploy capital is hampered by the fact that a significant portion of its $2.036 billion in cash and equivalents is trapped within regulated insurance subsidiaries, limiting the parent company's financial flexibility despite a low debt-to-equity ratio.
The disconnect between holding company liquidity and subsidiary capital requirements warrants further investigation by investors. This structural limitation suggests that even if the Enact segment generates robust cash flow, the ability to return that capital to shareholders remains subject to regulatory approval and internal capital needs.
Quick answers to the most common questions about buying GNW stock.
For fiscal year 2025, Genworth Financial, Inc. (GNW) reported total revenue of $6.37B. This represents a 43.3% decline compared to $11.23B in 2002.
Genworth Financial, Inc. (GNW) is profitable, generating $223.0M in net income for the fiscal year ending 2025 with a net profit margin of 3.5%.
Genworth Financial, Inc. (GNW) reported an operating income of $433.0M, resulting in an operating profit margin of 6.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Genworth Financial, Inc. (GNW) generated $1.55B 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.