Revenue contracted 11% year-over-year in 2026Q2, and the combined ratio deteriorated from 89.9% in 2025Q1 to 100.7% in 2026Q1, with a $467M operating loss in 2026Q2.
Kemper Corporation (KMPR) 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 | 4.57B | 4.8B | 4.63B | 4.95B | 5.45B | 5.61B | 5.18B | 5.02B | 3.69B | 2.67B | 2.52B | 2.34B | 2.2B | 2.43B | 2.46B | 2.5B | 2.64B | 2.93B | 2.74B | 2.9B | 2.86B | 2.83B | 2.82B | 2.67B | 2.3B | 2.53B | 1.95B | 1.81B | 2.09B | 1.56B | 1.57B |
| Revenue Growth % | -4.13% | 3.62% | -6.32% | -9.27% | -2.92% | 8.42% | 3.16% | 36.13% | 38.17% | 5.83% | 7.74% | 6.56% | -9.47% | -1.45% | -1.31% | -5.58% | -9.92% | 6.97% | -5.54% | 1.6% | 0.99% | 0.36% | 5.62% | 16.14% | -9.3% | 29.73% | 7.7% | -13.05% | 34.12% | -1.17% | 5.44% |
| Medical Costs & Claims | 2.92B | 3.38B | 4.04B | 3.82B | 5.66B | 5.26B | 4.02B | 3.83B | 2.92B | 2.23B | 2.16B | 1.83B | 1.59B | 1.7B | 1.94B | 2B | 1.65B | 1.74B | 1.77B | 2.28B | 2.22B | 2.29B | 2.49B | 2.58B | 2.16B | 1.84B | 1.65B | 1.46B | 1.29B | 1.26B | 1.29B |
| Medical Cost Ratio % | 63.84% | 70.32% | 87.28% | 77.25% | 103.88% | 93.68% | 77.58% | 76.3% | 79.2% | 83.54% | 85.82% | 78.07% | 72.2% | 70.2% | 78.74% | 80.22% | 62.33% | 59.3% | 64.37% | 78.47% | 77.72% | 80.77% | 88.4% | 96.85% | 94.12% | 72.69% | 84.43% | 80.65% | 61.82% | 81.05% | 81.71% |
| Gross Profit | 1.65B | 1.43B | 589.4M | 1.13B | -211.3M | 354.8M | 1.16B | 1.19B | 766.9M | 439.2M | 357.5M | 513.4M | 610.7M | 723.1M | 523.5M | 493.6M | 995.3M | 1.19B | 977M | 624.9M | 636.5M | 544M | 326.9M | 84.2M | 135.2M | 691.9M | 304.1M | 350.9M | 796.4M | 294.8M | 287.8M |
| Gross Margin % | 36.16% | 29.68% | 12.72% | 22.75% | -3.88% | 6.32% | 22.42% | 23.7% | 20.8% | 16.46% | 14.18% | 21.93% | 27.8% | 29.8% | 21.26% | 19.78% | 37.67% | 40.7% | 35.63% | 21.53% | 22.28% | 19.23% | 11.6% | 3.15% | 5.88% | 27.31% | 15.57% | 19.35% | 38.18% | 18.95% | 18.29% |
| Gross Profit Growth % | - | 141.77% | -47.62% | 632.56% | -159.55% | -69.44% | -2.45% | 55.17% | 74.61% | 22.85% | -30.37% | -15.93% | -15.54% | 38.13% | 6.06% | -50.41% | -16.63% | 22.2% | 56.34% | -1.82% | 17% | 66.41% | 288.24% | -37.72% | -80.46% | 127.52% | -13.34% | -55.94% | 170.15% | 2.43% | -80.72% |
| Operating Expenses | 2.18B | 1.26B | 200.9M | 1.47B | 159.7M | 604.2M | 650.8M | 528.4M | 567.8M | 278.1M | 354M | 413.1M | 450.5M | 408.7M | 401.1M | 425.3M | 758.6M | 964.3M | 1.07B | 398.1M | 266.5M | 232.4M | 213.1M | 199.9M | 159.8M | 149.4M | -1.5B | 113.9M | 109.3M | -1.13B | -1.17B |
| OpEx / Revenue % | 47.56% | 26.34% | 4.34% | 29.77% | 2.93% | 10.76% | 12.57% | 10.53% | 15.4% | 10.42% | 14.04% | 17.65% | 20.51% | 16.84% | 16.29% | 17.05% | 28.71% | 32.87% | 38.91% | 13.71% | 9.33% | 8.21% | 7.56% | 7.49% | 6.95% | 5.9% | -76.65% | 6.28% | 5.24% | -72.7% | -74.4% |
| Depreciation & Amortization | 83.6M | 74.3M | 53.7M | 58.6M | 70.9M | 99.8M | 55M | 62.5M | 171.9M | 18.2M | 19.5M | 28.9M | 23.2M | 25.7M | 23.3M | 22.3M | 25.5M | 344.3M | 353.5M | 357.4M | 364.8M | 11.6M | 12.6M | 11.4M | 245.6M | 189.6M | 12.1M | 163.1M | 149.3M | 167.4M | 170.1M |
| Combined Ratio % | 111.4% | 96.65% | 91.61% | 107.02% | 106.81% | 104.44% | 90.15% | 86.82% | 94.6% | 93.96% | 99.86% | 95.72% | 92.71% | 87.04% | 95.03% | 97.26% | 91.04% | 92.17% | 103.28% | 92.19% | 87.05% | 88.99% | 95.96% | 104.33% | 101.07% | 78.59% | 7.78% | 86.93% | 67.06% | 8.35% | 7.31% |
| Operating Income | -521.5M | 160.7M | 388.5M | -347.1M | -371M | -249.4M | 510.1M | 661.6M | 199.1M | 161.1M | 3.5M | 100.3M | 160.2M | 314.4M | 122.4M | 68.3M | 236.7M | 229.6M | -90M | 226.8M | 370M | 311.6M | 113.8M | -115.7M | -24.6M | 542.5M | 1.8B | 237M | 687.1M | 1.43B | 1.46B |
| Operating Margin % | -11.4% | 3.35% | 8.39% | -7.02% | -6.81% | -4.44% | 9.85% | 13.18% | 5.4% | 6.04% | 0.14% | 4.28% | 7.29% | 12.96% | 4.97% | 2.74% | 8.96% | 7.83% | -3.28% | 7.81% | 12.95% | 11.01% | 4.04% | -4.33% | -1.07% | 21.41% | 92.22% | 13.07% | 32.94% | 91.65% | 92.69% |
| Operating Income Growth % | - | -58.64% | 211.93% | 6.44% | -48.76% | -148.89% | -22.9% | 232.3% | 23.59% | 4502.86% | -96.51% | -37.39% | -49.05% | 156.86% | 79.21% | -71.14% | 3.09% | 355.11% | -139.68% | -38.7% | 18.74% | 173.81% | 198.36% | -370.33% | -104.53% | -69.88% | 660.04% | -65.51% | -51.8% | -2.27% | 5.56% |
| EBITDA | -437.9M | 235M | 442.2M | -288.5M | -300.1M | -149.6M | 565.1M | 724.1M | 371M | 179.3M | 23M | 129.2M | 183.4M | 340.1M | 145.7M | 90.6M | 262.2M | 573.9M | 263.5M | 584.2M | 734.8M | 323.2M | 126.4M | -104.3M | 221M | 732.1M | 1.81B | 400.1M | 836.4M | 1.59B | 1.63B |
| EBITDA Margin % | -9.58% | 4.9% | 9.55% | -5.83% | -5.51% | -2.66% | 10.91% | 14.42% | 10.06% | 6.72% | 0.91% | 5.52% | 8.35% | 14.02% | 5.92% | 3.63% | 9.92% | 19.56% | 9.61% | 20.12% | 25.72% | 11.42% | 4.48% | -3.91% | 9.62% | 28.89% | 92.84% | 22.06% | 40.1% | 102.42% | 103.49% |
| Interest Expense | 36.3M | 38.5M | 56.9M | 56.1M | 54.7M | 43.6M | 36M | 42.5M | 43.4M | 34.9M | 44.4M | 46.5M | 46.9M | 38.1M | 37.6M | 36.9M | 68.3M | 241.6M | 321.3M | 398.1M | 62.5M | 64M | 57.4M | 45.3M | 26.9M | 22.2M | 151.9M | 113.9M | 109.3M | 129.8M | 115.1M |
| Non-Operating Income | 2.2M | -38.5M | -56.9M | -56.1M | -54.7M | -43.7M | -36M | -42.5M | -43.4M | -34.9M | -44.4M | -46.5M | -46.9M | -38.1M | -37.6M | -36.9M | -68.3M | -241.6M | -321.3M | -398.1M | -62.5M | -64M | -279.1M | -319.9M | -26.9M | -22.2M | 1.65B | -113.9M | -109.3M | 1.3B | 1.34B |
| Pretax Income | -521.5M | 160.7M | 388.5M | -347.1M | -371M | -249.3M | 510.1M | 661.6M | 199.1M | 161.1M | 3.5M | 100.3M | 160.2M | 314.4M | 122.4M | 68.3M | 236.7M | 229.6M | -90M | 226.8M | 370M | 311.6M | 335.5M | 158.9M | -24.6M | 542.5M | 145.4M | 237M | 687.1M | 165M | 172.7M |
| Pretax Margin % | -11.4% | 3.35% | 8.39% | -7.02% | -6.81% | -4.44% | 9.85% | 13.18% | 5.4% | 6.04% | 0.14% | 4.28% | 7.29% | 12.96% | 4.97% | 2.74% | 8.96% | 7.83% | -3.28% | 7.81% | 12.95% | 11.01% | 11.9% | 5.95% | -1.07% | 21.41% | 7.44% | 13.07% | 32.94% | 10.61% | 10.97% |
| Income Tax | -16.9M | 28.1M | 76M | -74.8M | -84.4M | -125.6M | 100.2M | 130.5M | 10.7M | 41.2M | -9.2M | 20.1M | 47.6M | 99.9M | 30.6M | 6.6M | 67.5M | 66.4M | -46.2M | 49.9M | 115M | 80.2M | 98.9M | 34.1M | -18.3M | 190.3M | 54.4M | 77.9M | 238.6M | 47.1M | 40.2M |
| Effective Tax Rate % | 3.24% | 17.49% | 19.56% | 21.55% | 22.75% | 50.38% | 19.64% | 19.72% | 5.37% | 25.57% | -262.86% | 20.04% | 29.71% | 31.77% | 25% | 9.66% | 28.52% | 28.92% | 51.33% | 22% | 31.08% | 25.74% | 29.48% | 21.46% | 74.39% | 35.08% | 37.41% | 32.87% | 34.73% | 28.55% | 23.28% |
| Net Income | -495.5M | 143.3M | 317.8M | -272.1M | -286.6M | -123.7M | 409.9M | 531.1M | 190.1M | 120.9M | 16.8M | 85.7M | 114.5M | 217.7M | 103.4M | 74.5M | 184.6M | 164.7M | -29.6M | 205.4M | 283.1M | 255.5M | 240.2M | 123.6M | -8.2M | 380.9M | 91M | 201M | 510.8M | 117.9M | 132.5M |
| Net Margin % | -10.83% | 2.99% | 6.86% | -5.5% | -5.26% | -2.2% | 7.92% | 10.58% | 5.15% | 4.53% | 0.67% | 3.66% | 5.21% | 8.97% | 4.2% | 2.99% | 6.99% | 5.61% | -1.08% | 7.08% | 9.91% | 9.03% | 8.52% | 4.63% | -0.36% | 15.03% | 4.66% | 11.08% | 24.49% | 7.58% | 8.42% |
| Net Income Growth % | -244.29% | -54.91% | 216.8% | 5.06% | -131.69% | -130.18% | -22.82% | 179.38% | 57.24% | 619.64% | -80.4% | -25.15% | -47.4% | 110.54% | 38.79% | -59.64% | 12.08% | 656.42% | -114.41% | -27.45% | 10.8% | 6.37% | 94.34% | 1607.32% | -102.15% | 318.57% | -54.73% | -60.65% | 333.25% | -11.02% | -12.02% |
| EPS (Diluted) | -8.42 | 2.29 | 4.91 | -4.25 | -4.49 | -1.88 | 6.14 | 7.96 | 3.24 | 2.33 | 0.33 | 1.65 | 2.12 | 3.80 | 1.74 | 1.38 | 2.98 | 2.64 | -0.47 | 3.12 | 4.15 | 3.67 | 3.48 | 1.82 | -0.12 | 5.60 | 1.32 | 2.74 | 6.51 | 1.56 | 1.74 |
| EPS Growth % | -258.36% | -53.36% | 215.53% | 5.35% | -138.83% | -130.62% | -22.86% | 145.68% | 39.06% | 606.06% | -80% | -22.17% | -44.21% | 118.39% | 26.09% | -53.69% | 12.88% | 661.7% | -115.06% | -24.82% | 13.08% | 5.46% | 91.21% | 1616.67% | -102.14% | 324.24% | -51.82% | -57.91% | 317.31% | -10.34% | -5.95% |
| EPS (Basic) | - | 2.31 | 4.95 | -4.25 | -4.49 | -1.88 | 6.24 | 8.04 | 3.27 | 2.34 | 0.33 | 1.65 | 2.12 | 3.81 | 1.75 | 1.38 | 2.98 | 2.64 | -0.47 | 3.13 | 4.17 | 3.70 | 3.51 | 1.83 | -0.12 | 5.64 | 1.32 | 2.76 | 6.55 | 1.58 | 1.76 |
| Diluted Shares Outstanding | 58.87M | 62.61M | 64.78M | 64.03M | 63.83M | 64.26M | 66.73M | 66.55M | 58.75M | 51.58M | 51.21M | 51.68M | 53.87M | 56.98M | 59.43M | 60.26M | 61.77M | 62.16M | 62.68M | 65.83M | 68.22M | 69.62M | 69.02M | 67.91M | 68.33M | 68.02M | 68.94M | 73.36M | 78.46M | 75.58M | 76.15M |
Quick answers to the most common questions about buying KMPR stock.
For fiscal year 2025, Kemper Corporation (KMPR) reported total revenue of $4.80B. This represents a 205.0% increase compared to $1.57B in 1996.
Kemper Corporation (KMPR) is profitable, generating $143.3M in net income for the fiscal year ending 2025 with a net profit margin of 3.0%.
Kemper Corporation (KMPR) reported an operating income of $160.7M, resulting in an operating profit margin of 3.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Kemper Corporation (KMPR) generated $1.43B in gross profit for the year, representing a gross profit margin of 29.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Underwriting losses and reserve adequacy
Metrics are mathematically derived from official filings.
Premium Growth Stalls Amid Soft Market
Revenue contracted 11% year-over-year in 2026Q2, with sequential declines through 2025, suggesting Kemper's premium base is shrinking in a competitive P&C environment.
Reported revenue fell from $1.2B in 2025Q1 to $1.1B by 2026Q2, a 6.8% decline in 2026Q1 and 11% in 2026Q2. This deceleration appears tied to disciplined underwriting or portfolio pruning, but it also signals reduced market share. Investors should monitor whether this is a strategic repositioning or a loss of competitive footing.
Combined Ratio Deteriorates Sharply
Combined ratio worsened from 89.9% in 2025Q1 to 100.7% in 2026Q1, with 2026Q2 showing a massive operating loss of $467M, indicating severe underwriting strain.
The combined ratio crossed the 100% threshold in 2026Q1, and the 2026Q2 operating loss of $467M suggests a catastrophic event or significant reserve strengthening. Loss ratios spiked to 100% in 2025Q3 and 114.8% in 2024Q4, indicating volatility in claims experience. This pattern implies underwriting profitability is fragile and dependent on favorable loss development.
Reserve Releases Mask Underlying Weakness
Prior-year reserve releases appear to have flattered earnings in 2024 and early 2025, as combined ratios were below 100% despite loss ratios above 100% in some quarters.
In 2024Q2 and 2024Q4, loss ratios exceeded 100% yet combined ratios were below 92%, implying favorable prior-year reserve development offset current accident year losses. This suggests reported underwriting profits may not reflect current pricing adequacy. As reserve releases fade, the underlying combined ratio could deteriorate further, as seen in 2026.
Investment Income Not Disclosed
Investment income data is unavailable across all quarters, limiting visibility into the contribution of the investment portfolio to offset underwriting losses.
Given the lack of reported investment income, it is unclear how much of Kemper's earnings rely on investment returns. With underwriting losses in 2026, investment income may be a critical buffer, but its absence from disclosures warrants further investigation. Analysts should seek supplemental information on portfolio yield and asset allocation.
2026Q2 Marks a Turning Point
The $467M operating loss in 2026Q2, versus a $87.5M profit in 2025Q2, represents a dramatic inflection, likely driven by a major catastrophe or reserve charge.
This quarter's loss is unprecedented in the provided data, dwarfing prior fluctuations. The magnitude suggests either a large single-event loss or a significant reserve strengthening. This inflection may indicate a shift in underwriting strategy or a recognition of prior inadequacies. Investors should assess whether this is a one-off or the start of a prolonged downturn.
Earnings Quality Questioned by Reserve Releases
Reported profitability in 2024 and early 2025 may be overstated if reserve releases are not sustainable, as evidenced by the 2026Q2 loss.
The pattern of low combined ratios despite high loss ratios suggests reliance on favorable reserve development. If those releases were one-time, the true underwriting performance is worse than reported. The 2026Q2 loss could be a correction, implying that prior earnings were not of high quality. This warrants a discount on historical earnings power and a cautious outlook.