Revenue growth accelerated to 17.5% year-over-year in 2026Q2, but profitability remains highly sensitive to claims, with the combined ratio improving dramatically to 77.5% from a loss-making 92.8% in 2025Q1.
Investors Title Company (ITIC) 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 | 293.06M | 272.75M | 258.3M | 224.75M | 283.39M | 329.5M | 236.41M | 183.5M | 156.26M | 161.63M | 138.49M | 127.2M | 123.12M | 126.25M | 115.08M | 90.69M | 71.31M | 71.31M | 71.12M | 84.94M | 84.66M | 87.86M | 79.84M | 90.83M | 72.85M | 63.79M | 0 | 47.37M | 48.48M | 32.39M | 22.99M |
| Revenue Growth % | 8.67% | 5.6% | 14.93% | -20.69% | -13.99% | 39.38% | 28.83% | 17.43% | -3.32% | 16.71% | 8.87% | 3.31% | -2.48% | 9.71% | 26.9% | 27.17% | 0% | 0.26% | -16.27% | 0.33% | -3.64% | 10.05% | -12.1% | 24.68% | 14.2% | - | -100% | -2.29% | 49.66% | 40.88% | 32.39% |
| Medical Costs & Claims | 5.46M | 4.61M | 111.87M | 88.14M | 125.82M | 148.5M | 112.01M | 76.31M | 65.44M | 71.95M | 63.89M | 66.65M | 70.86M | 66.58M | 65.5M | 52.94M | 4.44M | 8.47M | 15.21M | 10.13M | 7.41M | 38.47M | 7.98M | 9.29M | 6.87M | 6.79M | 0 | 6.03M | 8.09M | 4.68M | 2.94M |
| Medical Cost Ratio % | 1.86% | 1.69% | 43.31% | 39.22% | 44.4% | 45.07% | 47.38% | 41.59% | 41.88% | 44.52% | 46.13% | 52.4% | 57.56% | 52.74% | 56.92% | 58.38% | 6.22% | 11.87% | 21.38% | 11.93% | 8.75% | 43.79% | 10% | 10.23% | 9.43% | 10.64% | - | 12.72% | 16.7% | 14.45% | 12.79% |
| Gross Profit | 287.6M | 268.15M | 146.43M | 136.61M | 157.57M | 181M | 124.4M | 107.19M | 90.82M | 89.67M | 74.6M | 60.55M | 52.26M | 59.67M | 49.58M | 37.75M | 66.87M | 62.84M | 55.92M | 74.81M | 77.26M | 49.39M | 71.86M | 81.54M | 65.98M | 57.01M | 0 | 41.34M | 40.38M | 27.71M | 20.05M |
| Gross Margin % | 98.14% | 98.31% | 56.69% | 60.78% | 55.6% | 54.93% | 52.62% | 58.41% | 58.12% | 55.48% | 53.87% | 47.6% | 42.44% | 47.26% | 43.08% | 41.62% | 93.78% | 88.13% | 78.62% | 88.07% | 91.25% | 56.21% | 90% | 89.77% | 90.57% | 89.36% | - | 87.28% | 83.3% | 85.55% | 87.21% |
| Gross Profit Growth % | - | 83.13% | 7.18% | -13.3% | -12.94% | 45.5% | 16.05% | 18.03% | 1.27% | 20.2% | 23.21% | 15.86% | -12.43% | 20.36% | 31.35% | -43.56% | 6.41% | 12.39% | -25.25% | -3.17% | 56.42% | -31.27% | -11.87% | 23.58% | 15.74% | - | -100% | 2.38% | 45.72% | 38.2% | 25.82% |
| Operating Expenses | 235.74M | 223.6M | 106.96M | 110.38M | 127.46M | 96.06M | 74.74M | 67.37M | 63.75M | 59.4M | 46.47M | 42.77M | 38.77M | 38.13M | 33.5M | 28.25M | 58.26M | 56.93M | 59.13M | 62.98M | 59.93M | 30.81M | 56.35M | 65.37M | 54.31M | 48.95M | 0 | 34.88M | 32.69M | 21.26M | 14.63M |
| OpEx / Revenue % | 80.44% | 81.98% | 41.41% | 49.11% | 44.98% | 29.15% | 31.61% | 36.71% | 40.8% | 36.75% | 33.56% | 33.62% | 31.49% | 30.2% | 29.11% | 31.15% | 81.7% | 79.83% | 83.14% | 74.15% | 70.78% | 35.06% | 70.58% | 71.97% | 74.55% | 76.73% | - | 73.64% | 67.43% | 65.64% | 63.63% |
| Depreciation & Amortization | 4.44M | 4.42M | 4.5M | 4.12M | 3.58M | 2.44M | 2.26M | 2.26M | 2.23M | 2.35M | 1.52M | 1.11M | 833.1K | 1.18M | 954.93K | 814.65K | 851.85K | 949.42K | 1.25M | 1.46M | 1.34M | 1.09M | 1.01M | 874.96K | 986.89K | 1.41M | 0 | 470.84K | 393.03K | 346.55K | 328.68K |
| Combined Ratio % | 82.3% | 83.67% | 84.72% | 88.33% | 89.38% | 74.22% | 78.99% | 78.3% | 82.68% | 81.27% | 79.69% | 86.02% | 89.04% | 82.94% | 86.03% | 89.53% | 87.92% | 91.7% | 104.52% | 86.08% | 79.53% | 78.85% | 80.58% | 82.2% | 83.98% | 87.37% | - | 86.36% | 84.13% | 80.08% | 76.42% |
| Operating Income | 51.86M | 44.55M | 39.46M | 26.23M | 30.11M | 84.93M | 49.66M | 39.82M | 27.07M | 30.27M | 28.13M | 17.78M | 13.49M | 21.54M | 16.08M | 9.5M | 8.62M | 5.92M | -3.22M | 11.82M | 17.33M | 18.58M | 15.5M | 16.17M | 11.67M | 8.06M | 0 | 6.46M | 7.7M | 6.45M | 5.42M |
| Operating Margin % | 17.7% | 16.33% | 15.28% | 11.67% | 10.62% | 25.78% | 21.01% | 21.7% | 17.32% | 18.73% | 20.31% | 13.98% | 10.96% | 17.06% | 13.97% | 10.47% | 12.08% | 8.3% | -4.52% | 13.92% | 20.47% | 21.15% | 19.42% | 17.8% | 16.02% | 12.63% | - | 13.64% | 15.87% | 19.92% | 23.58% |
| Operating Income Growth % | - | 12.89% | 50.45% | -12.88% | -64.55% | 71.02% | 24.7% | 47.12% | -10.58% | 7.61% | 58.24% | 31.79% | -37.39% | 33.97% | 69.28% | 10.25% | 45.64% | 283.9% | -127.2% | -31.77% | -6.75% | 19.87% | -4.14% | 38.58% | 44.79% | - | -100% | -16.04% | 19.3% | 18.98% | 23.11% |
| EBITDA | 56.3M | 48.97M | 43.96M | 30.35M | 33.69M | 87.37M | 51.92M | 42.09M | 29.3M | 32.62M | 29.65M | 18.88M | 14.32M | 22.72M | 17.03M | 10.31M | 9.47M | 6.87M | -1.96M | 13.28M | 18.67M | 19.67M | 16.52M | 17.05M | 12.66M | 9.47M | 0 | 6.93M | 8.09M | 6.8M | 5.75M |
| EBITDA Margin % | 19.21% | 17.95% | 17.02% | 13.5% | 11.89% | 26.52% | 21.96% | 22.94% | 18.75% | 20.18% | 21.41% | 14.85% | 11.63% | 18% | 14.8% | 11.37% | 13.28% | 9.63% | -2.76% | 15.64% | 22.06% | 22.39% | 20.69% | 18.77% | 17.37% | 14.85% | - | 14.64% | 16.69% | 20.99% | 25.01% |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Operating Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 51.86M | 44.55M | 39.46M | 26.23M | 30.11M | 84.93M | 49.66M | 39.82M | 27.07M | 30.27M | 28.13M | 17.78M | 13.49M | 21.54M | 16.08M | 9.5M | 8.62M | 5.92M | -3.22M | 11.82M | 17.33M | 18.58M | 15.5M | 16.17M | 11.67M | 8.74M | 0 | 6.46M | 7.7M | 6.45M | 5.42M |
| Pretax Margin % | 17.7% | 16.33% | 15.28% | 11.67% | 10.62% | 25.78% | 21.01% | 21.7% | 17.32% | 18.73% | 20.31% | 13.98% | 10.96% | 17.06% | 13.97% | 10.47% | 12.08% | 8.3% | -4.52% | 13.92% | 20.47% | 21.15% | 19.42% | 17.8% | 16.02% | 13.7% | - | 13.64% | 15.87% | 19.92% | 23.58% |
| Income Tax | 11.43M | 9.37M | 8.39M | 4.54M | 6.21M | 17.91M | 10.24M | 8.37M | 5.21M | 4.57M | 8.62M | 5.23M | 3.82M | 6.75M | 4.89M | 2.56M | 2.24M | 1.09M | -2.03M | 3.42M | 4.14M | 5.29M | 4.78M | 5.21M | 3.56M | 2.73M | 0 | 2.04M | 2.24M | 1.92M | 1.58M |
| Effective Tax Rate % | 22.04% | 21.03% | 21.26% | 17.32% | 20.61% | 21.09% | 20.62% | 21.01% | 19.25% | 15.1% | 30.63% | 29.41% | 28.29% | 31.31% | 30.4% | 27% | 26.03% | 18.37% | 63.23% | 28.94% | 23.91% | 28.47% | 30.85% | 32.19% | 30.51% | 31.24% | - | 31.59% | 29.06% | 29.77% | 29.11% |
| Net Income | 40.43M | 35.18M | 31.07M | 21.69M | 23.9M | 67.02M | 39.42M | 31.46M | 21.86M | 25.7M | 19.52M | 12.55M | 9.67M | 14.8M | 11.19M | 6.93M | 6.37M | 4.83M | -1.18M | 8.4M | 13.19M | 13.29M | 10.72M | 10.97M | 8.11M | 6.01M | 0 | 4.42M | 5.46M | 4.53M | 3.84M |
| Net Margin % | 13.8% | 12.9% | 12.03% | 9.65% | 8.43% | 20.34% | 16.67% | 17.14% | 13.99% | 15.9% | 14.09% | 9.87% | 7.86% | 11.72% | 9.72% | 7.65% | 8.94% | 6.77% | -1.66% | 9.89% | 15.57% | 15.13% | 13.43% | 12.07% | 11.13% | 9.42% | - | 9.33% | 11.26% | 13.99% | 16.72% |
| Net Income Growth % | 22.05% | 13.22% | 43.29% | -9.28% | -64.33% | 70.02% | 25.31% | 43.91% | -14.95% | 31.7% | 55.51% | 29.74% | -34.63% | 32.22% | 61.39% | 8.81% | 31.97% | 508.25% | -114.08% | -36.28% | -0.81% | 24.01% | -2.24% | 35.22% | 34.95% | - | -100% | -19.03% | 20.51% | 17.87% | 18.24% |
| EPS (Diluted) | 21.35 | 18.57 | 16.42 | 11.46 | 12.59 | 35.27 | 20.79 | 16.59 | 11.52 | 13.56 | 10.19 | 6.30 | 4.74 | 7.08 | 5.24 | 3.20 | 2.78 | 2.10 | -0.50 | 3.35 | 5.14 | 5.10 | 4.09 | 4.18 | 3.12 | 2.31 | 1.21 | 1.59 | 1.92 | 1.60 | 1.39 |
| EPS Growth % | 21.89% | 13.09% | 43.28% | -8.98% | -64.3% | 69.65% | 25.32% | 44.01% | -15.04% | 33.07% | 61.75% | 32.91% | -33.05% | 35.11% | 63.75% | 15.11% | 32.38% | 520% | -114.93% | -34.82% | 0.78% | 24.69% | -2.15% | 33.97% | 35.06% | 90.91% | -23.9% | -17.19% | 20% | 15.11% | 19.83% |
| EPS (Basic) | - | 18.64 | 16.48 | 11.46 | 12.60 | 35.39 | 20.84 | 16.66 | 11.58 | 13.63 | 10.23 | 6.32 | 4.75 | 7.15 | 5.33 | 3.22 | 2.79 | 2.11 | -0.50 | 3.39 | 5.22 | 5.19 | 4.29 | 4.38 | 3.22 | 2.35 | 1.21 | 1.59 | 1.95 | 1.63 | 1.39 |
| Diluted Shares Outstanding | 1.89M | 1.9M | 1.89M | 1.89M | 1.9M | 1.9M | 1.9M | 1.9M | 1.9M | 1.9M | 1.92M | 1.99M | 2.04M | 2.08M | 2.12M | 2.17M | 2.29M | 2.3M | 2.36M | 2.51M | 2.56M | 2.61M | 2.62M | 2.62M | 2.6M | 2.6M | 2.6M | 2.79M | 2.84M | 2.83M | 2.8M |
Quick answers to the most common questions about buying ITIC stock.
For fiscal year 2025, Investors Title Company (ITIC) reported total revenue of $272.8M. This represents a 1086.3% increase compared to $23.0M in 1996.
Investors Title Company (ITIC) is profitable, generating $35.2M in net income for the fiscal year ending 2025 with a net profit margin of 12.9%.
Investors Title Company (ITIC) reported an operating income of $44.5M, resulting in an operating profit margin of 16.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Investors Title Company (ITIC) generated $268.1M in gross profit for the year, representing a gross profit margin of 98.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Volatile claims and earnings
Metrics are mathematically derived from official filings.
Robust Premium Growth Accelerates
Investors Title Company's total revenue grew 17.5% year-over-year in 2026Q2, building on a consistent double-digit growth trend, suggesting strong demand and favorable pricing in the title insurance market.
The company has demonstrated sustained top-line expansion, with revenue growth accelerating from 4.1% in 2024Q1 to 17.5% in 2026Q2. This trajectory indicates a favorable underwriting environment and effective market share capture, though the volatility in quarterly growth rates warrants monitoring for potential cyclicality.
Underwriting Profitability Volatile but Strong
The combined ratio improved dramatically to 77.5% in 2026Q2 from 92.8% in 2025Q1, indicating a significant swing from underwriting losses to robust profitability, though the pattern suggests earnings are highly sensitive to claims activity.
The loss ratio has been the primary driver of margin volatility, swinging from 44.5% in 2025Q1 to just 3.2% in 2026Q2. This extreme variability implies that ITIC's profitability is heavily influenced by discrete claim events rather than steady operational efficiency, making the expense ratio a more stable indicator of underlying cost structure.
2025Q1 Claims Spike Distorts Trend
The 2025Q1 quarter, with a loss ratio of 44.5% and a combined ratio of 92.8%, represents a significant negative inflection point that temporarily suppressed earnings and highlights the company's exposure to large, unpredictable loss events.
This quarter stands out as a material deviation from the otherwise strong underwriting performance, with claims of $25.2M drastically reducing operating income to $4.1M. The subsequent quarters show a sharp recovery, suggesting the event was non-recurring, but it underscores the inherent risk in the title insurance business model.
Earnings Quality and Claims Sustainability
The recent quarters of exceptionally low loss ratios (below 4%) may not be sustainable, and investors should consider whether the current profitability level is masking underlying risk accumulation or benefiting from favorable claim development.
While the 2026Q2 results are strong, the historical pattern shows that periods of very low claims are often followed by spikes. The absence of investment income data in the provided figures also limits a full assessment of total return on capital, making it difficult to judge if underwriting profits alone are sufficient to justify the company's valuation relative to peers.