Revenue growth remains stable at 7.3% as of 2026Q1, though underwriting profitability remains sensitive to loss ratio fluctuations that previously reached 76.0% in 2024Q2.
| 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 | 1.66B | 1.62B | 1.55B | 1.43B | 1.34B | 1.25B | 1.29B | 1.4B | 1.18B | 1.17B | 1.13B | 1.08B | 1.06B | 1.03B | 1.01B | 998.3M | 974.71M | 937.43M | 834.82M | 887M | 885.84M | 869.41M | 878.35M | 853.7M | 771.8M | 804.5M | 781.2M | 775.43M | 779.44M | 746.98M | 703.8M |
| Revenue Growth % | 5.57% | 4.81% | 8.21% | 6.84% | 7.26% | -3.04% | -8.21% | 19.44% | 0.4% | 3.78% | 4.49% | 1.86% | 2.85% | 2.02% | 1.25% | 2.42% | 3.98% | 12.29% | -5.88% | 0.13% | 1.89% | -1.02% | 2.89% | 10.61% | -4.06% | 2.98% | 0.75% | -0.52% | 4.35% | 6.14% | -4.97% |
| Medical Costs & Claims | 787.3M | 1.05B | 1.07B | 1.08B | 1.01B | 841.3M | 873.4M | 907.1M | 953.65M | 883.13M | 829.76M | 778.13M | 738.38M | 702.85M | 691.33M | 740.74M | 621.56M | 598.08M | 603.33M | 484.15M | 462.73M | 514.18M | 554.41M | 583.32M | 512.16M | 533.63M | 0 | 0 | 0 | 0 | 387.75M |
| Medical Cost Ratio % | 47.51% | 64.8% | 69.14% | 75.1% | 75.21% | 67.29% | 67.73% | 64.57% | 81.08% | 75.38% | 73.5% | 72.02% | 69.61% | 68.15% | 68.39% | 74.2% | 63.77% | 63.8% | 72.27% | 54.58% | 52.24% | 59.14% | 63.12% | 68.33% | 66.36% | 66.33% | 0% | 0% | 0% | 0% | 55.09% |
| Gross Profit | 869.9M | 572M | 478.4M | 356.8M | 332.5M | 409M | 416.1M | 497.7M | 222.54M | 288.42M | 299.15M | 302.32M | 322.3M | 328.41M | 319.48M | 257.56M | 353.15M | 339.35M | 231.49M | 402.86M | 423.11M | 355.23M | 323.94M | 270.38M | 259.64M | 270.87M | 781.2M | 775.43M | 779.44M | 746.98M | 316.05M |
| Gross Margin % | 52.49% | 35.2% | 30.86% | 24.9% | 24.79% | 32.71% | 32.27% | 35.43% | 18.92% | 24.62% | 26.5% | 27.98% | 30.39% | 31.85% | 31.61% | 25.8% | 36.23% | 36.2% | 27.73% | 45.42% | 47.76% | 40.86% | 36.88% | 31.67% | 33.64% | 33.67% | 100% | 100% | 100% | 100% | 44.91% |
| Gross Profit Growth % | - | 19.57% | 34.08% | 7.31% | -18.7% | -1.71% | -16.4% | 123.64% | -22.84% | -3.59% | -1.05% | -6.2% | -1.86% | 2.8% | 24.04% | -27.07% | 4.07% | 46.59% | -42.54% | -4.79% | 19.11% | 9.66% | 19.81% | 4.14% | -4.15% | -65.33% | 0.75% | -0.52% | 4.35% | 136.35% | -54.73% |
| Operating Expenses | 716.2M | 370.8M | 349.8M | 303.5M | 316M | 198.9M | 256.5M | 261.3M | 203.01M | 199.74M | 184.92M | 172.87M | 176.19M | 174.35M | 170.31M | 162.64M | 241.86M | 235.84M | 231.31M | 285.79M | 282.82M | 261.19M | 254.18M | 251.18M | 251.94M | 242.57M | 771.48M | 682.07M | 662.66M | 627.34M | -377.25M |
| OpEx / Revenue % | 43.22% | 22.82% | 22.56% | 21.18% | 23.56% | 15.91% | 19.89% | 18.6% | 17.26% | 17.05% | 16.38% | 16% | 16.61% | 16.91% | 16.85% | 16.29% | 24.81% | 25.16% | 27.71% | 32.22% | 31.93% | 30.04% | 28.94% | 29.42% | 32.64% | 30.15% | 98.76% | 87.96% | 85.02% | 83.98% | -53.6% |
| Depreciation & Amortization | 20.1M | 27.1M | 26.4M | 26.2M | 27.6M | 18.4M | 23.4M | 15.6M | 7.36M | 6.62M | 0 | 0 | 0 | 0 | 0 | 8.58M | 8.32M | 8.35M | 13.96M | 12.78M | 6.08M | 10.24M | 11.05M | 11.08M | 12.51M | 8.3M | 6.76M | -1M | 5.3M | 10.6M | 13.1M |
| Combined Ratio % | 90.73% | 87.62% | 91.71% | 96.28% | 98.77% | 83.2% | 87.62% | 83.17% | 98.34% | 92.43% | 89.88% | 88.02% | 86.22% | 85.06% | 85.24% | 90.49% | 88.58% | 88.96% | 99.98% | 86.8% | 84.16% | 89.18% | 92.06% | 97.75% | 99% | 96.48% | 98.76% | 87.96% | 85.02% | 83.98% | 1.49% |
| Operating Income | 153.7M | 201.2M | 128.6M | 53.3M | 16.5M | 210.1M | 159.6M | 236.4M | 19.54M | 88.69M | 114.23M | 129.45M | 146.11M | 154.07M | 149.17M | 94.92M | 111.29M | 103.51M | 178K | 117.07M | 140.29M | 94.04M | 69.76M | 19.2M | 7.7M | 28.3M | 9.72M | 93.35M | 116.78M | 119.64M | 693.3M |
| Operating Margin % | 9.27% | 12.38% | 8.29% | 3.72% | 1.23% | 16.8% | 12.38% | 16.83% | 1.66% | 7.57% | 10.12% | 11.98% | 13.78% | 14.94% | 14.76% | 9.51% | 11.42% | 11.04% | 0.02% | 13.2% | 15.84% | 10.82% | 7.94% | 2.25% | 1% | 3.52% | 1.24% | 12.04% | 14.98% | 16.02% | 98.51% |
| Operating Income Growth % | - | 56.45% | 141.28% | 223.03% | -92.15% | 31.64% | -32.49% | 1110.01% | -77.97% | -22.36% | -11.76% | -11.4% | -5.16% | 3.28% | 57.16% | -14.71% | 7.52% | 58050% | -99.85% | -16.55% | 49.18% | 34.82% | 263.32% | 149.35% | -72.79% | 191.12% | -89.59% | -20.06% | -2.39% | -82.74% | 0.99% |
| EBITDA | 173.8M | 228.3M | 155M | 79.5M | 44.1M | 228.5M | 183M | 252M | 26.89M | 95.3M | 126.04M | 142.57M | 160.31M | 168.3M | 163.42M | 103.5M | 119.61M | 111.86M | 14.13M | 129.85M | 146.37M | 104.29M | 80.8M | 30.28M | 20.21M | 36.6M | 16.48M | 92.35M | 122.08M | 130.24M | 706.4M |
| EBITDA Margin % | 10.49% | 14.05% | 10% | 5.55% | 3.29% | 18.28% | 14.19% | 17.94% | 2.29% | 8.13% | 11.16% | 13.2% | 15.11% | 16.32% | 16.17% | 10.37% | 12.27% | 11.93% | 1.69% | 14.64% | 16.52% | 12% | 9.2% | 3.55% | 2.62% | 4.55% | 2.11% | 11.91% | 15.66% | 17.44% | 100.37% |
| Interest Expense | 27.5M | 36.4M | 34.6M | 29.7M | 19.4M | 13.9M | 15.2M | 15.6M | 13M | 11.95M | 11.81M | 13.12M | 14.2M | 14.24M | 14.25M | 14.01M | 13.95M | 13.97M | 14.46M | 14.06M | 135.62M | 124.74M | 115.49M | 6.34M | 8.52M | 9.3M | 102.77M | 101.35M | 104.26M | 106.64M | 10.5M |
| Non-Operating Income | -27.5M | -36.4M | -34.6M | -29.7M | -19.4M | -13.9M | -15.2M | -15.6M | -13M | -11.95M | -11.81M | -13.12M | -14.2M | -14.24M | -14.25M | -14.01M | -13.95M | -13.97M | -14.46M | -14.06M | -135.62M | -124.74M | -115.49M | -6.34M | -8.52M | -9.3M | -102.77M | -101.35M | -104.26M | -106.64M | 682.8M |
| Pretax Income | 203.9M | 201.2M | 128.6M | 53.3M | 16.5M | 210.1M | 159.6M | 236.4M | 19.54M | 88.69M | 114.23M | 129.45M | 146.11M | 154.07M | 149.17M | 94.92M | 111.29M | 103.51M | 178K | 117.07M | 140.29M | 94.04M | 69.76M | 19.2M | 7.7M | 28.3M | 9.72M | 93.35M | 116.78M | 119.64M | 100.6M |
| Pretax Margin % | 12.3% | 12.38% | 8.29% | 3.72% | 1.23% | 16.8% | 12.38% | 16.83% | 1.66% | 7.57% | 10.12% | 11.98% | 13.78% | 14.94% | 14.76% | 9.51% | 11.42% | 11.04% | 0.02% | 13.2% | 15.84% | 10.82% | 7.94% | 2.25% | 1% | 3.52% | 1.24% | 12.04% | 14.98% | 16.02% | 14.29% |
| Income Tax | 38.8M | 39.1M | 25.8M | 8.3M | -3.3M | 39.7M | 26.3M | 52M | 1.19M | -80.77M | 30.47M | 35.97M | 41.87M | 43.17M | 45.31M | 24.41M | 30.43M | 30.02M | -10.74M | 34.28M | 41.59M | 16.77M | 13.44M | 204K | -3.67M | 4.02M | -2.44M | 28.85M | 31.47M | 32.58M | 26.8M |
| Effective Tax Rate % | 19.03% | 19.43% | 20.06% | 15.57% | -20% | 18.9% | 16.48% | 22% | 6.11% | -91.08% | 26.67% | 27.79% | 28.66% | 28.02% | 30.37% | 25.72% | 27.34% | 29% | -6033.15% | 29.28% | 29.64% | 17.83% | 19.27% | 1.06% | -47.64% | 14.22% | -25.08% | 30.9% | 26.95% | 27.23% | 26.64% |
| Net Income | 165.1M | 162.1M | 102.8M | 45M | 19.8M | 170.4M | 133.3M | 184.4M | 18.34M | 169.46M | 83.77M | 93.48M | 104.24M | 110.89M | 103.87M | 70.51M | 80.86M | 73.49M | 10.92M | 82.79M | 98.71M | 77.27M | 56.31M | 19M | 11.33M | 25.6M | 20.84M | 44.51M | 85.31M | 83.58M | 64.6M |
| Net Margin % | 9.96% | 9.98% | 6.63% | 3.14% | 1.48% | 13.63% | 10.34% | 13.13% | 1.56% | 14.46% | 7.42% | 8.65% | 9.83% | 10.75% | 10.28% | 7.06% | 8.3% | 7.84% | 1.31% | 9.33% | 11.14% | 8.89% | 6.41% | 2.23% | 1.47% | 3.18% | 2.67% | 5.74% | 10.95% | 11.19% | 9.18% |
| Net Income Growth % | 44.19% | 57.68% | 128.44% | 127.27% | -88.38% | 27.83% | -27.71% | 905.29% | -89.18% | 102.3% | -10.39% | -10.32% | -6% | 6.77% | 47.32% | -12.81% | 10.04% | 573.13% | -86.81% | -16.13% | 27.74% | 37.22% | 196.38% | 67.65% | -55.73% | 22.83% | -53.17% | -47.83% | 2.08% | 29.37% | -12.58% |
| EPS (Diluted) | 4.01 | 3.90 | 2.48 | 1.09 | 0.47 | 3.39 | 3.22 | 4.40 | 0.44 | 4.08 | 2.02 | 2.20 | 2.47 | 2.66 | 2.51 | 1.70 | 1.97 | 1.81 | 0.27 | 1.86 | 2.19 | 1.67 | 1.25 | 0.44 | 0.28 | 0.63 | 0.51 | 1.07 | 1.95 | 1.80 | 1.43 |
| EPS Growth % | 44.2% | 57.26% | 127.52% | 131.91% | -86.14% | 5.28% | -26.82% | 900% | -89.22% | 101.98% | -8.18% | -10.93% | -7.14% | 5.98% | 47.65% | -13.71% | 8.84% | 570.37% | -85.48% | -15.07% | 31.14% | 33.6% | 184.09% | 57.14% | -55.56% | 23.53% | -52.34% | -45.13% | 8.33% | 25.87% | 104.29% |
| EPS (Basic) | - | 3.93 | 2.49 | 1.09 | 0.48 | 3.45 | 3.22 | 4.47 | 0.45 | 4.16 | 2.08 | 2.30 | 2.55 | 2.74 | 2.64 | 1.77 | 2.05 | 1.88 | 0.27 | 1.92 | 2.29 | 1.80 | 1.32 | 0.44 | 0.28 | 0.63 | 0.51 | 1.08 | 1.97 | 1.82 | 1.44 |
| Diluted Shares Outstanding | 41.2M | 41.6M | 41.5M | 41.4M | 41.8M | 42.2M | 42M | 41.9M | 41.89M | 41.56M | 41.48M | 42.42M | 42.23M | 41.63M | 41.39M | 41.44M | 41.01M | 40.53M | 40.59M | 44.61M | 45.77M | 47.88M | 47.35M | 43.18M | 40.48M | 40.63M | 40.97M | 41.71M | 43.84M | 46.52M | 45.22M |
P&C underwriting margin volatility
According to the provided quarterly data, Horace Mann Educators Corporation has maintained a consistent revenue growth trajectory, with the most recent period showing a 7.3% year-over-year increase, suggesting that the company's specialized educator-focused distribution model continues to capture market share despite broader industry competitive pressures.
The revenue growth appears to be supported by the company's unique institutional access within K-12 school districts, which likely insulates it from the aggressive pricing wars seen in mass-market P&C insurance. Investors should monitor whether this growth rate remains sustainable as the company attempts to scale its supplemental benefits segment without diluting its core educator value proposition.
As reported in the financial statements, the combined ratio has fluctuated significantly, reaching a peak of 98.8% in 2024Q2 before improving to 89.1% by 2025Q4, which indicates that underwriting profitability remains sensitive to periodic spikes in loss costs and claims activity within the P&C segment.
The volatility in the combined ratio suggests that the company's underwriting discipline is frequently tested by external inflationary pressures, particularly in auto repair and medical costs. While the recent improvement toward sub-90% levels is encouraging, the historical variance implies that the company's margin profile may remain susceptible to unpredictable weather-related events or social inflation.
Based on the quarterly income statement data, 2024Q2 represented a critical inflection point where the company experienced a sharp contraction in operating income to $4.6 million, likely driven by elevated loss ratios that have since normalized in subsequent reporting periods through 2026Q1.
This period of extreme margin compression highlights the inherent risks of the P&C business model when loss costs outpace premium adjustments. The subsequent recovery suggests that management's corrective actions, potentially including rate increases or stricter underwriting standards, have been effective in restoring profitability to more normalized levels.
While the company demonstrates a strong ability to maintain institutional relationships, the persistent loss ratio volatility, which reached as high as 76.0% in 2024Q2, warrants further investigation into whether current premium pricing is sufficient to offset long-term inflationary trends in the P&C insurance sector.
The reliance on a captive agency force provides a unique moat, but it also creates a fixed-cost burden that may limit the company's ability to rapidly pivot during periods of high claims inflation. Investors should remain cautious regarding whether the current profitability levels are sustainable if the P&C segment continues to face unpredictable loss cost cycles.
Quick answers to the most common questions about buying HMN stock.
For fiscal year 2025, Horace Mann Educators Corporation (HMN) reported total revenue of $1.62B. This represents a 130.9% increase compared to $703.8M in 1996.
Horace Mann Educators Corporation (HMN) is profitable, generating $162.1M in net income for the fiscal year ending 2025 with a net profit margin of 10.0%.
Horace Mann Educators Corporation (HMN) reported an operating income of $201.2M, resulting in an operating profit margin of 12.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Horace Mann Educators Corporation (HMN) generated $572.0M in gross profit for the year, representing a gross profit margin of 35.2%. This demonstrates the company's core pricing power and production efficiency.