Underwriting discipline remains a core driver of profitability, as evidenced by a 82.8% combined ratio achieved in 2026Q1 despite inflationary pressures.
| 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 | 9.37B | 9.09B | 8.23B | 7.26B | 8.08B | 9.34B | 7.17B | 7.46B | 6.26B | 6.26B | 5.9B | 5.77B | 5.53B | 5.44B | 4.97B | 4.65B | 4.1B | 3.8B | 3.24B | 4.09B | 3.79B | 3.81B | 3.49B | 3.29B | 2.76B | 2.37B | 2.07B | 2.1B | 2.17B | 1.96B | 1.8B |
| Revenue Growth % | 12.53% | 10.41% | 13.41% | -10.21% | -13.47% | 30.36% | -3.95% | 19.2% | -0.07% | 6.15% | 2.33% | 4.26% | 1.62% | 9.51% | 6.98% | 13.23% | 7.86% | 17.48% | -20.86% | 7.82% | -0.31% | 9% | 6.26% | 19.21% | 16.14% | 14.62% | -1.5% | -3.2% | 10.61% | 8.84% | 6.37% |
| Medical Costs & Claims | 4.58B | 4.51B | 3.02B | 2.58B | 2.43B | 2.4B | 2.47B | 5.82B | 5.52B | 5.45B | 5.15B | 5.07B | 4.88B | 4.73B | 5.04B | 4.8B | 4.04B | 4.04B | 4.04B | 3.7B | 3.1B | 3.05B | 2.83B | 2.61B | 2.2B | 1.85B | 1.62B | 1.77B | 1.69B | 1.52B | 1.45B |
| Medical Cost Ratio % | 48.86% | 49.65% | 36.74% | 35.55% | 30.03% | 25.67% | 34.51% | 78.06% | 88.22% | 87.1% | 87.22% | 88.01% | 88.26% | 86.96% | 101.5% | 103.39% | 98.57% | 106.35% | 124.75% | 90.34% | 81.62% | 80.11% | 81.1% | 79.31% | 79.65% | 77.99% | 78.33% | 84.22% | 77.84% | 77.57% | 80.13% |
| Gross Profit | 4.79B | 4.58B | 5.21B | 4.68B | 5.66B | 6.94B | 4.69B | 1.64B | 737.1M | 808M | 754.2M | 691.6M | 649.5M | 709.8M | -74.7M | -157.6M | 58.8M | -241.4M | -801.2M | 395.2M | 697.5M | 757.1M | 660M | 679.8M | 560.8M | 522.5M | 448.6M | 331.7M | 481.3M | 440.3M | 358.5M |
| Gross Margin % | 51.13% | 50.35% | 63.26% | 64.45% | 69.97% | 74.33% | 65.49% | 21.94% | 11.78% | 12.9% | 12.78% | 11.99% | 11.74% | 13.04% | -1.5% | -3.39% | 1.43% | -6.35% | -24.75% | 9.66% | 18.38% | 19.89% | 18.9% | 20.69% | 20.35% | 22.01% | 21.67% | 15.78% | 22.16% | 22.43% | 19.87% |
| Gross Profit Growth % | - | -12.12% | 11.3% | -17.29% | -18.54% | 47.94% | 186.78% | 122.02% | -8.77% | 7.13% | 9.05% | 6.48% | -8.5% | 1050.2% | 52.6% | -368.03% | 124.36% | 69.87% | -302.73% | -43.34% | -7.87% | 14.71% | -2.91% | 21.22% | 7.33% | 16.47% | 35.24% | -31.08% | 9.31% | 22.82% | 4.49% |
| Operating Expenses | 3.5B | 3.39B | 4.14B | 3.93B | 4.8B | 5.02B | 4B | 314.3M | 299.2M | 82.8M | 68.4M | 60M | 40.2M | 37M | 54.2M | 79.2M | 31.3M | 32.2M | 18M | 16.8M | 17.4M | 9.8M | 9.1M | 100K | 100K | 18.6M | 22.2M | 14.7M | 14.6M | -774.7M | 16.1M |
| OpEx / Revenue % | 37.38% | 37.33% | 50.26% | 54.16% | 59.36% | 53.75% | 55.89% | 4.21% | 4.78% | 1.32% | 1.16% | 1.04% | 0.73% | 0.68% | 1.09% | 1.7% | 0.76% | 0.85% | 0.56% | 0.41% | 0.46% | 0.26% | 0.26% | 0% | 0% | 0.78% | 1.07% | 0.7% | 0.67% | -39.46% | 0.89% |
| Depreciation & Amortization | 0 | 0 | 0 | 33M | 28.3M | 27.2M | 26.9M | 26.8M | 27.6M | 27.2M | 0 | 26.6M | 26.1M | 23.8M | 23.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Combined Ratio % | 86.25% | 86.98% | 87.01% | 89.7% | 89.4% | 79.43% | 90.4% | 82.28% | 93% | 88.42% | 88.38% | 89.05% | 88.98% | 87.64% | 102.59% | 105.1% | 99.33% | 107.19% | 125.3% | 90.75% | 82.08% | 80.36% | 81.36% | 79.31% | 79.66% | 78.77% | 79.41% | 84.92% | 78.51% | 38.12% | 81.02% |
| Operating Income | 1.29B | 1.18B | 1.07B | 747.3M | 857.1M | 1.92B | 688.1M | 1.32B | 437.9M | 725.2M | 685.8M | 631.6M | 609.3M | 672.8M | -128.9M | -236.8M | 27.5M | -273.6M | -819.2M | 378.4M | 680.1M | 747.3M | 650.9M | 679.7M | 560.7M | 503.9M | 426.4M | 317M | 466.7M | 1.22B | 342.4M |
| Operating Margin % | 13.75% | 13.02% | 12.99% | 10.3% | 10.6% | 20.57% | 9.6% | 17.72% | 7% | 11.58% | 11.62% | 10.95% | 11.02% | 12.36% | -2.59% | -5.1% | 0.67% | -7.19% | -25.3% | 9.25% | 17.92% | 19.64% | 18.64% | 20.69% | 20.34% | 21.23% | 20.59% | 15.08% | 21.49% | 61.88% | 18.98% |
| Operating Income Growth % | - | 10.63% | 43.13% | -12.81% | -55.4% | 179.31% | -47.96% | 201.94% | -39.62% | 5.75% | 8.58% | 3.66% | -9.44% | 621.96% | 45.57% | -961.09% | 110.05% | 66.6% | -316.49% | -44.36% | -8.99% | 14.81% | -4.24% | 21.22% | 11.27% | 18.18% | 34.51% | -32.08% | -61.59% | 254.85% | -79.48% |
| EBITDA | 1.34B | 1.24B | 1.15B | 780.3M | 885.4M | 1.95B | 715M | 1.35B | 465.5M | 752.4M | 736.2M | 658.2M | 635.4M | 696.6M | -105M | -173.3M | 59.6M | -249.4M | -816.5M | 385.7M | 690M | 756.8M | 659.8M | 687.9M | 569.4M | 522.8M | 447.6M | 331.5M | 481M | 13.4M | 358.4M |
| EBITDA Margin % | 14.32% | 13.61% | 13.93% | 10.75% | 10.95% | 20.87% | 9.98% | 18.08% | 7.44% | 12.01% | 12.48% | 11.42% | 11.49% | 12.8% | -2.11% | -3.73% | 1.45% | -6.56% | -25.22% | 9.43% | 18.19% | 19.88% | 18.9% | 20.94% | 20.66% | 22.03% | 21.62% | 15.77% | 22.15% | 0.68% | 19.87% |
| Interest Expense | 70M | 70.1M | 77.3M | 70.5M | 66.7M | 56.2M | 43.7M | 40M | 42.2M | 63M | 50.2M | 41.9M | 25.6M | 21.6M | 36.2M | 63.4M | 32M | 24.2M | 2.7M | 7.3M | 9.9M | 9.5M | 8.9M | 7.9M | 8.5M | 18.9M | 21.2M | 14.5M | 14.3M | 13.4M | 16M |
| Non-Operating Income | -53M | -53.2M | -77.4M | -70.6M | -67M | -56.4M | -44M | -40.2M | -42.4M | -63.2M | -50.4M | -42.1M | -25.7M | -21.7M | -36.6M | -63.5M | -32.1M | -24.2M | -2.7M | -7.3M | -9.9M | -9.5M | -8.9M | -8.2M | -8.7M | -18.9M | -21.2M | -14.5M | -14.3M | 1.2B | -16M |
| Pretax Income | 1.29B | 1.18B | 1.07B | 747.4M | 857.4M | 1.92B | 688.4M | 1.32B | 438.1M | 725.4M | 686M | 631.8M | 609.4M | 672.9M | -128.5M | -236.7M | 27.6M | -273.6M | -819.2M | 378.4M | 680.1M | 747.3M | 650.9M | 679.7M | 560.7M | 503.9M | 426.4M | 317M | 466.7M | 427.3M | 342.4M |
| Pretax Margin % | 13.76% | 13.03% | 13% | 10.3% | 10.61% | 20.58% | 9.61% | 17.73% | 7% | 11.58% | 11.63% | 10.96% | 11.02% | 12.36% | -2.59% | -5.1% | 0.67% | -7.19% | -25.3% | 9.25% | 17.92% | 19.64% | 18.64% | 20.69% | 20.34% | 21.23% | 20.59% | 15.08% | 21.49% | 21.76% | 18.98% |
| Income Tax | 264.1M | 241.9M | 216.9M | 148.7M | 170.9M | 387.7M | 129.7M | 265.9M | 67.6M | 164.8M | 219M | 209.6M | 199.7M | 225M | -59.8M | -96.1M | -2.5M | -174.4M | -260.8M | 105.9M | 215.2M | 195.9M | 215.9M | 219.9M | 167.6M | -159.6M | -131M | 92.9M | 145.7M | 129.2M | 108.5M |
| Effective Tax Rate % | 20.48% | 20.43% | 20.28% | 19.9% | 19.93% | 20.17% | 18.84% | 20.11% | 15.43% | 22.72% | 31.92% | 33.18% | 32.77% | 33.44% | 46.54% | 40.6% | -9.06% | 63.74% | 31.84% | 27.99% | 31.64% | 26.21% | 33.17% | 32.35% | 29.89% | -31.67% | -30.72% | 29.31% | 31.22% | 30.24% | 31.69% |
| Net Income | 1.02B | 936.1M | 852.7M | 598.6M | 686.4M | 1.53B | 558.6M | 1.06B | 370.5M | 560.5M | 466.9M | 422.1M | 409.7M | 447.8M | -68.6M | -140.5M | 30.1M | -99.1M | -558.3M | 272.4M | 464.8M | 551.4M | 435M | 459.8M | 392.9M | 346.9M | 297.5M | 226.8M | 323.7M | 298.1M | 230.3M |
| Net Margin % | 10.89% | 10.3% | 10.36% | 8.25% | 8.49% | 16.42% | 7.8% | 14.16% | 5.92% | 8.95% | 7.91% | 7.32% | 7.41% | 8.23% | -1.38% | -3.02% | 0.73% | -2.61% | -17.24% | 6.66% | 12.25% | 14.49% | 12.46% | 13.99% | 14.25% | 14.62% | 14.37% | 10.79% | 14.91% | 15.18% | 12.77% |
| Net Income Growth % | 30.78% | 9.78% | 42.45% | -12.79% | -55.26% | 174.67% | -47.12% | 185.13% | -33.9% | 20.05% | 10.61% | 3.03% | -8.51% | 752.77% | 51.17% | -566.78% | 130.37% | 82.25% | -304.96% | -41.39% | -15.71% | 26.76% | -5.39% | 17.03% | 13.26% | 16.61% | 31.17% | -29.94% | 8.59% | 29.44% | 8.27% |
| EPS (Diluted) | 4.09 | 3.73 | 3.24 | 2.10 | 2.26 | 5.05 | 1.87 | 3.51 | 1.23 | 1.92 | 1.62 | 1.48 | 1.44 | 1.52 | -0.27 | -0.55 | 0.13 | -0.42 | -2.41 | 1.17 | 1.99 | 2.37 | 1.89 | 2.01 | 1.73 | 1.54 | 1.32 | 0.93 | 1.24 | 1.12 | 0.85 |
| EPS Growth % | 32.57% | 15.12% | 54.29% | -7.08% | -55.25% | 170.05% | -46.72% | 185.37% | -35.94% | 18.52% | 9.46% | 2.78% | -5.26% | 662.96% | 50.91% | -523.08% | 130.95% | 82.57% | -305.98% | -41.21% | -16.03% | 25.4% | -5.97% | 16.18% | 12.34% | 16.67% | 41.94% | -25% | 10.71% | 31.76% | 57.41% |
| EPS (Basic) | - | 3.84 | 3.30 | 2.12 | 2.28 | 5.08 | 1.87 | 3.52 | 1.26 | 2.14 | 1.80 | 1.63 | 1.58 | 1.74 | -0.27 | -0.55 | 0.13 | -0.42 | -2.41 | 1.18 | 2.01 | 2.40 | 1.91 | 2.02 | 1.74 | 1.56 | 1.33 | 0.94 | 1.25 | 1.18 | 0.86 |
| Diluted Shares Outstanding | 249.64M | 249.64M | 263.18M | 285.47M | 303.3M | 303.67M | 298.9M | 301.23M | 301.02M | 299.39M | 296.38M | 296.09M | 295.07M | 293.68M | 256.39M | 255.05M | 241.33M | 235.66M | 231.48M | 232.91M | 233.03M | 232.11M | 230.76M | 229.13M | 227.11M | 225.61M | 225.37M | 243.35M | 260.91M | 264.51M | 266.69M |
Commercial auto litigation exposure
As reported in financial statements, ORI achieved a 13.5% year-over-year revenue growth in 2026Q1, demonstrating that the company's specialty commercial lines are successfully offsetting the cyclical contraction in title insurance volumes caused by the current high-interest-rate environment and reduced mortgage market activity.
The revenue trajectory appears bifurcated, with the General Insurance segment providing a stabilizing force against the transactional volatility of the Title segment. Investors should monitor whether the recent growth in premiums earned can be sustained if the broader logistics sector faces a prolonged downturn in freight tonnage.
Based on reported figures, the company maintained a combined ratio of 82.8% in 2026Q1, which suggests that ORI continues to exercise rigorous underwriting discipline despite the inflationary pressures currently impacting the broader insurance industry's loss cost structures and overall expense ratios.
The consistent ability to keep the combined ratio well below the 100% threshold indicates that the company is generating significant underwriting profit. This performance appears to be supported by the specialized nature of the Great West Casualty subsidiary, which likely benefits from proprietary loss-cost data that competitors lack.
According to recent SEC filings, the company's exposure to commercial auto litigation remains a critical risk, as evidenced by the 2025Q4 loss ratio spike to 88.0%, which may indicate that prior-year reserve estimates are being challenged by rising social inflation and larger-than-anticipated jury awards.
While the company has a history of conservative reserve setting, the recent volatility in the loss ratio warrants further investigation into whether current reserves are sufficient to cover long-tail liabilities. Investors should remain cautious, as any necessary reserve strengthening could materially compress future operating margins.
As indicated by the company's financial data, ORI maintains a highly efficient operating model, leveraging a decentralized agency network that allows for variable cost management, which appears to be a key factor in maintaining profitability during periods of fluctuating premium volume.
The company's ability to scale expenses alongside revenue suggests that the decentralized structure is effectively mitigating the fixed-cost burden typically associated with large insurance carriers. This operational flexibility may provide a competitive advantage in navigating the cyclicality inherent in the title insurance business.
Quick answers to the most common questions about buying ORI stock.
For fiscal year 2025, Old Republic International Corporation (ORI) reported total revenue of $9.09B. This represents a 403.8% increase compared to $1.80B in 1996.
Old Republic International Corporation (ORI) is profitable, generating $936.1M in net income for the fiscal year ending 2025 with a net profit margin of 10.3%.
Old Republic International Corporation (ORI) reported an operating income of $1.18B, resulting in an operating profit margin of 13.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Old Republic International Corporation (ORI) generated $4.58B in gross profit for the year, representing a gross profit margin of 50.3%. This demonstrates the company's core pricing power and production efficiency.