Revenue growth reached 27.7% in 2026Q1, though underwriting profitability has deteriorated as the combined ratio climbed to 96.0% from 92.3% in 2025Q3.
| 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 | 3.09B | 2.92B | 2.49B | 2.26B | 3.07B | 3.31B | 2.29B | 1.94B | 1.91B | 1.96B | 2.01B | 2.03B | 1.87B | 1.93B | 1.91B | 1.63B | 1.67B | 1.71B | 1.56B | 2.11B | 2.47B | 2.43B | 2.18B | 2.24B | 1.78B | 1.27B | 935.5M | 1.07B | 968.76M | 708.9M | 656M |
| Revenue Growth % | 21.31% | 17.32% | 10.33% | -26.45% | -7.15% | 44.46% | 17.96% | 1.7% | -2.46% | -2.54% | -1.34% | 8.72% | -2.96% | 0.92% | 16.85% | -2.24% | -2.04% | 9.77% | -26.17% | -14.76% | 1.68% | 11.69% | -2.8% | 25.94% | 39.82% | 35.93% | -12.67% | 10.58% | 36.66% | 8.06% | 22.71% |
| Medical Costs & Claims | 635.58M | 358.7M | 80.41M | 80.28M | 102.73M | 126.24M | 115.22M | 84.42M | 71.51M | 96.53M | 91.15M | 106.27M | 81.31M | 106.32M | 140.03M | 866.04M | 1.18B | 1.26B | 1.19B | 1.42B | 141.56M | 128.1M | 100.84M | 94.83M | 75.92M | 51.45M | 39M | 44.19M | 39.23M | 29.79M | 33.83M |
| Medical Cost Ratio % | 20.56% | 12.28% | 3.23% | 3.56% | 3.35% | 3.82% | 5.04% | 4.35% | 3.75% | 4.94% | 4.54% | 5.22% | 4.35% | 5.51% | 7.33% | 52.97% | 70.27% | 73.56% | 76.63% | 67.48% | 5.73% | 5.27% | 4.63% | 4.24% | 4.27% | 4.05% | 4.17% | 4.12% | 4.05% | 4.2% | 5.16% |
| Gross Profit | 2.46B | 2.56B | 2.41B | 2.18B | 2.97B | 3.18B | 2.17B | 1.86B | 1.84B | 1.86B | 1.92B | 1.93B | 1.79B | 1.82B | 1.77B | 768.86M | 497.26M | 451.47M | 363.42M | 685.15M | 2.33B | 2.3B | 2.08B | 2.14B | 1.7B | 1.22B | 896.5M | 1.03B | 929.53M | 679.11M | 622.17M |
| Gross Margin % | 79.44% | 87.72% | 96.77% | 96.44% | 96.65% | 96.18% | 94.96% | 95.65% | 96.25% | 95.06% | 95.46% | 94.78% | 95.65% | 94.49% | 92.67% | 47.03% | 29.73% | 26.44% | 23.37% | 32.52% | 94.27% | 94.73% | 95.37% | 95.76% | 95.73% | 95.95% | 95.83% | 95.88% | 95.95% | 95.8% | 94.84% |
| Gross Profit Growth % | - | 6.35% | 10.7% | -26.61% | -6.7% | 46.31% | 17.12% | 1.06% | -1.24% | -2.94% | -0.63% | 7.72% | -1.76% | 2.9% | 130.26% | 54.62% | 10.14% | 24.23% | -46.96% | -70.59% | 1.19% | 10.94% | -3.21% | 25.98% | 39.49% | 36.1% | -12.71% | 10.49% | 36.88% | 9.15% | 49.7% |
| Operating Expenses | 2.26B | 2.4B | 2.3B | 2.12B | 2.73B | 2.75B | 1.95B | 1.74B | 1.76B | 1.78B | 1.83B | 1.92B | 1.74B | 1.72B | 1.68B | 750.84M | 494.34M | 513.65M | 600.91M | 737.07M | 2.25B | 2.14B | 1.93B | 1.94B | 378.11M | 1.14B | 255.54M | 980.5M | 853.21M | 161.81M | 138.17M |
| OpEx / Revenue % | 73.26% | 82.06% | 92.18% | 93.75% | 89.07% | 83.05% | 85.42% | 89.62% | 92.45% | 91.23% | 91.07% | 94.3% | 92.88% | 89.24% | 87.99% | 45.93% | 29.56% | 30.09% | 38.64% | 34.99% | 90.85% | 87.94% | 88.62% | 86.85% | 21.27% | 89.62% | 27.32% | 91.53% | 88.07% | 22.82% | 21.06% |
| Depreciation & Amortization | 62.6M | 61.07M | 61.61M | 62.45M | 57.18M | 36.39M | 19.22M | 22.53M | 24.93M | 25.88M | 30.04M | 30.3M | 24.23M | 17.92M | 17.78M | 19.54M | 21.42M | 28.06M | 41.13M | 41.13M | 37.75M | 33.95M | 31.02M | 25.24M | 21.38M | 22.65M | 20.95M | 18.07M | 14.58M | 12.1M | 11M |
| Combined Ratio % | 93.82% | 94.33% | 95.41% | 97.3% | 92.42% | 86.87% | 90.45% | 93.97% | 96.2% | 96.16% | 95.61% | 99.52% | 97.23% | 94.76% | 95.32% | 98.9% | 99.83% | 103.64% | 115.27% | 102.46% | 96.58% | 93.21% | 93.26% | 91.09% | 25.54% | 93.66% | 31.48% | 95.65% | 92.12% | 27.03% | 26.22% |
| Operating Income | 190.9M | 165.55M | 114.31M | 60.86M | 232.65M | 433.97M | 218.5M | 116.97M | 72.53M | 75.07M | 88.03M | 9.69M | 51.81M | 101.06M | 89.34M | 18.02M | 2.92M | -62.19M | -237.5M | -51.92M | 84.54M | 164.96M | 146.73M | 199.5M | 1.32B | 80.58M | 640.96M | 46.56M | 76.33M | 517.3M | 484M |
| Operating Margin % | 6.18% | 5.67% | 4.59% | 2.7% | 7.58% | 13.13% | 9.55% | 6.03% | 3.8% | 3.84% | 4.39% | 0.48% | 2.77% | 5.24% | 4.68% | 1.1% | 0.17% | -3.64% | -15.27% | -2.46% | 3.42% | 6.79% | 6.74% | 8.91% | 74.46% | 6.34% | 68.52% | 4.35% | 7.88% | 72.97% | 73.78% |
| Operating Income Growth % | - | 44.82% | 87.82% | -73.84% | -46.39% | 98.61% | 86.81% | 61.27% | -3.38% | -14.72% | 808.14% | -81.29% | -48.73% | 13.13% | 395.8% | 516.03% | 104.7% | 73.82% | -357.42% | -161.42% | -48.75% | 12.43% | -26.45% | -84.93% | 1542.93% | -87.43% | 1276.48% | -38.99% | -85.25% | 6.88% | 23.28% |
| EBITDA | 253.5M | 226.62M | 175.92M | 123.31M | 289.83M | 470.36M | 237.72M | 139.49M | 97.46M | 100.94M | 118.07M | 39.99M | 76.04M | 118.98M | 107.12M | 37.56M | 24.35M | -34.12M | -196.37M | -10.8M | 122.28M | 198.92M | 177.76M | 224.74M | 1.35B | 103.23M | 661.91M | 64.63M | 90.91M | 529.4M | 495M |
| EBITDA Margin % | 8.2% | 7.76% | 7.06% | 5.46% | 9.44% | 14.23% | 10.39% | 7.19% | 5.11% | 5.16% | 5.88% | 1.97% | 4.06% | 6.17% | 5.61% | 2.3% | 1.46% | -2% | -12.63% | -0.51% | 4.95% | 8.18% | 8.17% | 10.04% | 75.67% | 8.12% | 70.75% | 6.03% | 9.38% | 74.68% | 75.46% |
| Interest Expense | 23.11M | 20.44M | 19.91M | 19.74M | 18.4M | 5.03M | 2.62M | 4.34M | 3.88M | 3.46M | 3.06M | 2.1M | 3.24M | 2.96M | 5.24M | 5.27M | 5.42M | 4.06M | 6M | 6.84M | 6.09M | 3.35M | 1.25M | 721K | 725K | 2.22M | 2.27M | 1.3M | 1.4M | 1.3M | 1.1M |
| Non-Operating Income | -9.85M | -14.81M | -19.91M | -19.74M | -18.4M | -5.03M | -2.62M | -4.34M | -3.88M | -3.46M | -3.06M | -2.1M | -3.24M | -2.96M | -5.24M | -5.27M | -5.42M | -4.06M | -6M | -6.84M | -6.09M | -3.35M | -1.25M | -721K | 1.32B | -2.22M | 638.69M | -1.3M | -1.4M | 516M | 482.9M |
| Pretax Income | 183.27M | 165.55M | 114.31M | 60.86M | 232.65M | 433.97M | 218.5M | 116.97M | 72.53M | 75.07M | 88.03M | 9.69M | 51.81M | 101.06M | 89.34M | 18.02M | 2.92M | -62.19M | -237.5M | -51.92M | 84.54M | 164.96M | 146.73M | 199.5M | 153.86M | 80.58M | 1.15M | 46.56M | 76.33M | 23.7M | 22.8M |
| Pretax Margin % | 5.93% | 5.67% | 4.59% | 2.7% | 7.58% | 13.13% | 9.55% | 6.03% | 3.8% | 3.84% | 4.39% | 0.48% | 2.77% | 5.24% | 4.68% | 1.1% | 0.17% | -3.64% | -15.27% | -2.46% | 3.42% | 6.79% | 6.74% | 8.91% | 8.65% | 6.34% | 0.12% | 4.35% | 7.88% | 3.34% | 3.48% |
| Income Tax | 39.47M | 35.4M | 26.16M | 15.26M | 50.86M | 93.99M | 48.83M | 26.7M | 13.51M | 14.92M | 19.61M | 5.65M | 13.5M | 28.48M | -29.64M | 9.34M | 8.07M | -19.76M | 4.73M | -23.93M | 23.05M | 56.77M | 50.7M | 75.75M | 59.38M | 31.89M | 540K | 18.14M | 29.29M | 8.4M | 8.4M |
| Effective Tax Rate % | 21.54% | 21.38% | 22.88% | 25.08% | 21.86% | 21.66% | 22.35% | 22.82% | 18.62% | 19.88% | 22.27% | 58.29% | 26.06% | 28.18% | -33.18% | 51.84% | 276.07% | 31.77% | -1.99% | 46.08% | 27.26% | 34.41% | 34.55% | 37.97% | 38.59% | 39.58% | 47.12% | 38.96% | 38.37% | 35.44% | 36.84% |
| Net Income | 129.44M | 115.56M | 73.31M | 30.44M | 162.31M | 323.22M | 154.91M | 78.61M | 47.52M | 48.66M | 55.48M | -6.2M | 29.75M | 63.03M | 109.18M | 2.35M | -12.58M | -50.98M | -247.46M | -40.22M | 43.25M | 88.77M | 82.52M | 123.75M | 94.48M | 48.69M | 600K | 28.42M | 47.04M | 15.3M | 14.4M |
| Net Margin % | 4.19% | 3.96% | 2.94% | 1.35% | 5.29% | 9.78% | 6.77% | 4.05% | 2.49% | 2.49% | 2.76% | -0.31% | 1.59% | 3.27% | 5.72% | 0.14% | -0.75% | -2.99% | -15.91% | -1.91% | 1.75% | 3.65% | 3.79% | 5.53% | 5.31% | 3.83% | 0.06% | 2.65% | 4.86% | 2.16% | 2.2% |
| Net Income Growth % | 76.7% | 57.63% | 140.84% | -81.25% | -49.78% | 108.65% | 97.04% | 65.43% | -2.33% | -12.29% | 994.23% | -120.85% | -52.79% | -42.27% | 4550% | 118.66% | 75.32% | 79.4% | -515.25% | -192.99% | -51.27% | 7.57% | -33.32% | 30.99% | 94.06% | 8014.33% | -97.89% | -39.58% | 207.44% | 6.25% | 105.71% |
| EPS (Diluted) | 4.20 | 4.04 | 2.61 | 1.11 | 5.94 | 11.90 | 6.22 | 3.31 | 2.01 | 2.06 | 1.85 | -0.26 | 1.24 | 2.60 | 4.61 | 0.12 | -0.69 | -2.80 | -13.37 | -2.21 | 2.36 | 4.86 | 4.53 | 6.88 | 5.43 | 2.98 | 0.04 | 1.95 | 3.32 | 1.11 | 1.07 |
| EPS Growth % | 72.31% | 54.79% | 135.14% | -81.31% | -50.08% | 91.32% | 87.92% | 64.68% | -2.43% | 11.35% | 811.54% | -120.97% | -52.31% | -43.6% | 3741.67% | 117.39% | 75.36% | 79.06% | -504.98% | -193.64% | -51.44% | 7.28% | -34.16% | 26.7% | 82.21% | 7312.94% | -97.94% | -41.27% | 199.1% | 3.74% | 94.55% |
| EPS (Basic) | - | 4.08 | 2.65 | 1.11 | 5.98 | 12.05 | 6.25 | 3.33 | 2.02 | 2.08 | 1.86 | -0.26 | 1.24 | 2.85 | 5.66 | 0.12 | -0.69 | -2.80 | -13.37 | -2.21 | 2.37 | 4.89 | 4.56 | 6.93 | 5.43 | 3.01 | 0.04 | 1.96 | 3.37 | 1.12 | 1.08 |
| Diluted Shares Outstanding | 30.81M | 29.04M | 28.13M | 27.52M | 27.35M | 27.17M | 24.91M | 23.75M | 23.68M | 23.6M | 23.47M | 23.54M | 24.71M | 24.74M | 24.38M | 19.13M | 18.31M | 18.18M | 18.09M | 18.2M | 18.3M | 18.25M | 18.2M | 17.98M | 17.84M | 16.35M | 14.91M | 14.61M | 14.15M | 13.8M | 13.5M |
Cyclical Mortgage Volume Sensitivity
As reported in recent financial filings, Stewart Information Services Corporation achieved a 27.7% year-over-year revenue growth in 2026Q1, signaling a robust recovery in transaction volumes despite the persistent headwinds of a high-interest-rate environment that has historically constrained the broader residential and commercial real estate settlement market.
The acceleration in top-line growth suggests that Stewart is successfully capturing market share or benefiting from a localized rebound in real estate activity. Investors should monitor whether this growth trajectory is sustainable or merely a temporary deviation from the cyclical downturn observed in previous fiscal periods.
Based on the provided income statement data, the combined ratio reached 96.0% in 2026Q1, reflecting a notable deterioration from the 92.3% level observed in 2025Q3, which suggests that underwriting margins are currently under pressure as the company navigates shifting operational costs and competitive pricing dynamics in the title sector.
The fluctuation in the combined ratio indicates that Stewart's profitability remains highly sensitive to the interplay between premium volume and the cost of services. The recent uptick in the loss ratio to 37.7% in 2026Q1 warrants further investigation into whether this represents a normalization of claims or a potential shift in the underlying risk profile of the insured portfolio.
According to the historical data, the company experienced a significant anomaly in the 2025 fiscal year where the loss ratio dropped to as low as 2.5%, a figure that appears inconsistent with long-term actuarial trends and suggests potential prior-year reserve releases were inflating net income during those periods.
The sharp variance in loss ratios between 2025 and 2026 suggests that earnings quality may be obscured by accounting adjustments rather than pure operational efficiency. Analysts should be cautious in extrapolating recent profitability, as the normalization of loss ratios could continue to act as a drag on future net income growth.
As indicated by the company's financial performance, the narrow operating margin of 5.67% highlights a high degree of operating leverage, where even modest changes in transaction volume lead to outsized impacts on the bottom line, as evidenced by the sharp EPS contraction during periods of lower revenue growth.
This high leverage profile implies that Stewart's profitability is inherently tied to its ability to manage fixed costs during cyclical troughs. The company's reliance on independent agents, while reducing physical footprint, appears to create a rigid cost structure that limits the ability to protect margins during periods of declining mortgage originations.
Quick answers to the most common questions about buying STC stock.
For fiscal year 2025, Stewart Information Services Corporation (STC) reported total revenue of $2.92B. This represents a 345.4% increase compared to $656.0M in 1996.
Stewart Information Services Corporation (STC) is profitable, generating $115.6M in net income for the fiscal year ending 2025 with a net profit margin of 4.0%.
Stewart Information Services Corporation (STC) reported an operating income of $165.5M, resulting in an operating profit margin of 5.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Stewart Information Services Corporation (STC) generated $2.56B in gross profit for the year, representing a gross profit margin of 87.7%. This demonstrates the company's core pricing power and production efficiency.