Revenue expanded to $391.8M in Q3 2026 with combined ratios improving from 101.3% in Q2 2024 to the mid-to-high 80s, though the 2025 loss ratio swing and an EPS miss of $0.03 in Q2 2026 suggest earnings quality depends on the timing of loss recognition.
United Fire Group, Inc. (UFCS) 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 | 1.51B | 1.39B | 1.25B | 1.1B | 988.22M | 1.06B | 1.08B | 1.2B | 1.08B | 1.06B | 986.18M | 896.96M | 939.98M | 870.01M | 810.68M | 705.14M | 590.68M | 572.19M | 601.45M | 638.53M | 635.6M | 619.61M | 608.13M | 573.28M | 510.88M | 472.95M | 420.58M | 353.22M | 338.27M | 311.13M | 300.27M |
| Revenue Growth % | 11.62% | 10.75% | 13.98% | 11.14% | -6.46% | -2.02% | -10.15% | 11.09% | 2.34% | 7.03% | 9.95% | -4.58% | 8.04% | 7.32% | 14.97% | 19.38% | 3.23% | -4.86% | -5.81% | 0.46% | 2.58% | 1.89% | 6.08% | 12.22% | 8.02% | 12.45% | 19.07% | 4.42% | 8.72% | 3.62% | 13.49% |
| Medical Costs & Claims | 400.92M | 764.4M | 1.03B | 1.01B | 850.38M | 855.59M | 1.08B | 1.05B | 937.84M | 933.46M | 875.4M | 723.95M | 770.56M | 685.28M | 686.04M | 658.97M | 493.38M | 406.39M | 429.8M | 276.38M | 460.95M | 558.32M | 449.06M | 0 | 0 | 396.11M | 0 | 0 | 0 | 0 | 0 |
| Medical Cost Ratio % | 26.54% | 55.14% | 81.95% | 92.36% | 86.05% | 80.98% | 100.14% | 87.24% | 86.81% | 88.43% | 88.77% | 80.71% | 81.98% | 78.77% | 84.63% | 93.45% | 83.53% | 71.02% | 71.46% | 43.28% | 72.52% | 90.11% | 73.84% | 0% | 0% | 83.75% | 0% | 0% | 0% | 0% | 0% |
| Gross Profit | 1.11B | 622.01M | 225.92M | 83.93M | 137.84M | 200.91M | -1.46M | 153.18M | 142.44M | 122.09M | 110.78M | 173.01M | 169.42M | 184.73M | 124.64M | 46.18M | 97.3M | 165.8M | 171.65M | 362.15M | 174.65M | 61.28M | 159.07M | 573.28M | 510.88M | 76.84M | 420.58M | 353.22M | 338.27M | 311.13M | 300.27M |
| Gross Margin % | 73.46% | 44.86% | 18.05% | 7.64% | 13.95% | 19.02% | -0.14% | 12.76% | 13.19% | 11.57% | 11.23% | 19.29% | 18.02% | 21.23% | 15.37% | 6.55% | 16.47% | 28.98% | 28.54% | 56.72% | 27.48% | 9.89% | 26.16% | 100% | 100% | 16.25% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 175.33% | 169.19% | -39.11% | -31.39% | 13870.05% | -100.95% | 7.54% | 16.67% | 10.21% | -35.97% | 2.12% | -8.29% | 48.22% | 169.9% | -52.54% | -41.31% | -3.41% | -52.6% | 107.35% | 184.99% | -61.47% | -72.25% | 12.22% | 564.83% | -81.73% | 19.07% | 4.42% | 8.72% | 3.62% | 13.49% |
| Operating Expenses | 936.88M | 474.07M | 148.88M | 123.65M | 125.76M | 104.06M | 168.06M | 136.3M | 151.59M | 106.44M | 53.28M | 57.64M | 92.95M | 82.83M | 78.56M | 58.89M | 38.92M | 194.51M | 204.79M | 202.81M | 49.16M | 54.73M | 44.26M | 573.28M | 510.88M | 48.21M | 420.58M | 353.22M | 338.27M | 311.13M | 300.27M |
| OpEx / Revenue % | 62.01% | 34.19% | 11.89% | 11.26% | 12.73% | 9.85% | 15.59% | 11.36% | 14.03% | 10.08% | 5.4% | 6.43% | 9.89% | 9.52% | 9.69% | 8.35% | 6.59% | 33.99% | 34.05% | 31.76% | 7.73% | 8.83% | 7.28% | 100% | 100% | 10.19% | 100% | 100% | 100% | 100% | 100% |
| Depreciation & Amortization | 8.56M | 10.77M | 10.9M | 10.51M | 7.67M | 6.57M | 6.66M | 11.19M | 5.17M | 4.57M | 6.04M | 6.47M | 6.89M | 5.6M | 7.98M | 5.58M | 2.87M | 3.53M | 3.62M | 3.57M | 3.48M | 3.75M | 3.91M | 3.97M | 3.75M | 4.05M | 4.45M | 3.08M | 468K | 1.12M | 2.1M |
| Combined Ratio % | 88.55% | 89.33% | 93.85% | 103.62% | 98.78% | 90.83% | 115.72% | 98.59% | 100.85% | 98.52% | 94.17% | 87.14% | 91.87% | 88.29% | 94.32% | 101.8% | 90.12% | 105.02% | 105.51% | 75.05% | 80.26% | 98.94% | 81.12% | 100% | 100% | 93.95% | 100% | 100% | 100% | 100% | 100% |
| Operating Income | 172.97M | 147.94M | 77.03M | -39.72M | 12.08M | 96.84M | -169.51M | 16.88M | -9.15M | 15.65M | 57.5M | 115.37M | 76.46M | 101.9M | 46.07M | -12.71M | 58.38M | -28.71M | -33.14M | 159.33M | 125.49M | 6.56M | 114.81M | 0 | 0 | 28.63M | 0 | 0 | 0 | 0 | 0 |
| Operating Margin % | 11.45% | 10.67% | 6.15% | -3.62% | 1.22% | 9.17% | -15.72% | 1.41% | -0.85% | 1.48% | 5.83% | 12.86% | 8.13% | 11.71% | 5.68% | -1.8% | 9.88% | -5.02% | -5.51% | 24.95% | 19.74% | 1.06% | 18.88% | 0% | 0% | 6.05% | 0% | 0% | 0% | 0% | 0% |
| Operating Income Growth % | - | 92.04% | 293.94% | -428.9% | -87.53% | 157.13% | -1104.3% | 284.47% | -158.47% | -72.78% | -50.16% | 50.88% | -24.96% | 121.17% | 462.36% | -121.78% | 303.38% | 13.37% | -120.8% | 26.97% | 1814.15% | -94.29% | - | - | -100% | - | - | - | - | - | - |
| EBITDA | 184.72M | 158.71M | 87.94M | -29.21M | 19.75M | 103.41M | -162.86M | 28.07M | -3.98M | 20.22M | 63.53M | 121.84M | 83.35M | 107.5M | 54.05M | -7.13M | 61.26M | -25.17M | -29.52M | 162.91M | 128.97M | 10.3M | 118.72M | 140.33M | 81.54M | 32.68M | 64.21M | 52.6M | 55.46M | 61.78M | 50.18M |
| EBITDA Margin % | 12.23% | 11.45% | 7.02% | -2.66% | 2% | 9.79% | -15.1% | 2.34% | -0.37% | 1.92% | 6.44% | 13.58% | 8.87% | 12.36% | 6.67% | -1.01% | 10.37% | -4.4% | -4.91% | 25.51% | 20.29% | 1.66% | 19.52% | 24.48% | 15.96% | 6.91% | 15.27% | 14.89% | 16.4% | 19.86% | 16.71% |
| Interest Expense | 12.74M | 11.27M | 7.28M | 3.26M | 3.19M | 3.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 42.83M | 42.99M | 41.65M | 40.18M | 43.09M | 49.16M | 54.73M | 56.39M | 56.46M | 51.73M | 48.21M | 42.41M | 32.3M | 26.6M | 22.5M | 20.7M |
| Non-Operating Income | -12.74M | -11.27M | -7.28M | -3.26M | -3.19M | -3.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -42.83M | -42.99M | -41.65M | -40.18M | -43.09M | -49.16M | -54.73M | -56.39M | -136.36M | -77.79M | -48.21M | -59.76M | -49.52M | -55M | -60.67M | -48.08M |
| Pretax Income | 172.97M | 147.94M | 77.03M | -39.72M | 12.08M | 96.84M | -169.51M | 16.88M | -9.15M | 15.65M | 57.5M | 115.37M | 76.46M | 101.9M | 46.07M | -12.71M | 58.38M | -28.71M | -33.14M | 159.33M | 125.49M | 6.56M | 114.81M | 79.9M | 26.05M | 28.63M | 17.35M | 17.22M | 28.4M | 38.17M | 27.38M |
| Pretax Margin % | 11.45% | 10.67% | 6.15% | -3.62% | 1.22% | 9.17% | -15.72% | 1.41% | -0.85% | 1.48% | 5.83% | 12.86% | 8.13% | 11.71% | 5.68% | -1.8% | 9.88% | -5.02% | -5.51% | 24.95% | 19.74% | 1.06% | 18.88% | 13.94% | 5.1% | 6.05% | 4.13% | 4.87% | 8.39% | 12.27% | 9.12% |
| Income Tax | 36.12M | 29.75M | 15.08M | -10.02M | -2.95M | 16.25M | -56.81M | 2.06M | -11.4M | -29.22M | 8.38M | 30.05M | 17.33M | 25.76M | 5.86M | -12.73M | 10.87M | -18.27M | -20.07M | 47.94M | 37.41M | -2.49M | 35.99M | 24.32M | 5.27M | 4.54M | 1.82M | 1.83M | 4.72M | 9.44M | 5.42M |
| Effective Tax Rate % | 20.88% | 20.11% | 19.57% | 25.23% | -24.46% | 16.78% | 33.51% | 12.2% | 124.64% | -186.71% | 14.57% | 26.05% | 22.66% | 25.28% | 12.72% | 100.09% | 18.62% | 63.63% | 60.57% | 30.09% | 29.81% | -37.95% | 31.35% | 30.44% | 20.22% | 15.85% | 10.5% | 10.65% | 16.62% | 24.72% | 19.79% |
| Net Income | 136.86M | 118.19M | 61.96M | -29.7M | 15.03M | 80.59M | -112.71M | 14.82M | 27.65M | 51.02M | 49.9M | 89.13M | 59.14M | 76.14M | 40.21M | 11K | 47.51M | -10.44M | -13.06M | 111.39M | 88.08M | 9.04M | 78.82M | 55.57M | 20.79M | 24.09M | 15.53M | 15.38M | 23.68M | 28.73M | 21.96M |
| Net Margin % | 9.06% | 8.52% | 4.95% | -2.7% | 1.52% | 7.63% | -10.45% | 1.23% | 2.56% | 4.83% | 5.06% | 9.94% | 6.29% | 8.75% | 4.96% | 0% | 8.04% | -1.82% | -2.17% | 17.45% | 13.86% | 1.46% | 12.96% | 9.69% | 4.07% | 5.09% | 3.69% | 4.36% | 7% | 9.23% | 7.31% |
| Net Income Growth % | 22.98% | 90.76% | 308.61% | -297.59% | -81.35% | 171.51% | -860.5% | -46.4% | -45.81% | 2.24% | -44.01% | 50.71% | -22.33% | 89.35% | - | -99.98% | 555.06% | 20.08% | -111.73% | 26.46% | 873.96% | -88.53% | 41.82% | 167.36% | -13.73% | 55.17% | 0.93% | -35.03% | -17.59% | 30.84% | -23.76% |
| EPS (Diluted) | 5.23 | 4.48 | 2.39 | -1.18 | 0.59 | 3.16 | -4.50 | 0.58 | 1.08 | 1.99 | 1.93 | 3.53 | 2.32 | 2.98 | 1.58 | 0.00 | 1.81 | -0.39 | -0.48 | 4.03 | 3.36 | 0.22 | 3.34 | 2.36 | 0.88 | 1.20 | 0.78 | 0.77 | 1.14 | 1.34 | 1.02 |
| EPS Growth % | 23.35% | 87.45% | 302.54% | -300% | -81.33% | 170.22% | -875.86% | -46.3% | -45.73% | 3.11% | -45.33% | 52.16% | -22.15% | 88.61% | - | -99.98% | 564.1% | 18.75% | -111.91% | 19.94% | 1427.27% | -93.41% | 41.53% | 168.18% | -26.67% | 53.85% | 1.3% | -32.46% | -14.93% | 31.37% | -23.31% |
| EPS (Basic) | - | 4.48 | 2.45 | -1.18 | 0.59 | 3.21 | -4.50 | 0.59 | 1.10 | 2.05 | 1.96 | 3.54 | 2.36 | 3.00 | 1.59 | 0.00 | 1.81 | -0.39 | -0.48 | 4.04 | 3.37 | 0.22 | 3.68 | 2.53 | 0.88 | 1.20 | 0.78 | 0.77 | 1.14 | 1.34 | 1.02 |
| Diluted Shares Outstanding | 26.18M | 26.38M | 25.92M | 25.25M | 25.32M | 25.09M | 25.03M | 25.58M | 25.62M | 25.64M | 25.8M | 25.24M | 25.49M | 25.53M | 25.5M | 25.96M | 26.2M | 26.59M | 26.96M | 27.64M | 26.22M | 22.54M | 22.18M | 21.54M | 20.07M | 20.07M | 20.09M | 20.16M | 20.79M | 21.45M | 21.55M |
Quick answers to the most common questions about buying UFCS stock.
For fiscal year 2025, United Fire Group, Inc. (UFCS) reported total revenue of $1.39B. This represents a 361.7% increase compared to $300.3M in 1996.
United Fire Group, Inc. (UFCS) is profitable, generating $118.2M in net income for the fiscal year ending 2025 with a net profit margin of 8.5%.
United Fire Group, Inc. (UFCS) reported an operating income of $147.9M, resulting in an operating profit margin of 10.7%. This margin reflects the operational efficiency of the business before interest and taxes.
United Fire Group, Inc. (UFCS) generated $622.0M in gross profit for the year, representing a gross profit margin of 44.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Midwest convective storm catastrophe exposure
Metrics are mathematically derived from official filings.
Top-Line Growth Holds Double-Digit Pace
Based on UFCS's reported figures, quarterly revenue expanded to $391.8M in Q3 2026, a 10.7% year-over-year gain that extends a run of double-digit growth in most recent quarters and suggests sustained premium momentum.
Growth has been consistently in the 10% to 18% range across the ten quarters shown, which points to a firm pricing environment and steady policy retention rather than a single rate action. The deceleration to 10.7% in the latest quarter, after 14.0% in Q2, may indicate that the hard market tailwind is maturing, so investors should monitor whether net written premium growth keeps pace with rate increases. Sustained top-line expansion only translates into durable value if underwriting margins hold, which the next sections address.
Underwriting Margins Recovered Toward Discipline
As reported in UFCS's financial statements, the combined ratio improved from 101.3% in Q2 2024 to roughly 86% to 90% through 2025 and early 2026, indicating that underwriting profitability has moved decisively below the breakeven threshold.
The shift from a loss-making quarter in mid-2024 to a sustained combined ratio below 100% suggests a meaningful repricing and loss-cost containment effort. The loss ratio stepping down from roughly 80% in 2025 to 52.7% to 56.3% in the most recent quarters is a notable improvement, though part of this may reflect lighter catastrophe activity in specific periods. Investors should treat the durability of these margins as the central question, since a single severe convective storm season could reverse much of the gain.
Earnings Quality Depends on Reserve Adequacy
Based on the supplied income statement, the sharp swing in loss ratios between 76% to 81% in 2025 and 52.7% to 56.3% in late 2025 and early 2026 warrants scrutiny of whether prior-year reserve releases are contributing to the recent improvement.
A drop of this magnitude in loss ratio within two quarters could reflect genuine underwriting improvement, favorable loss trends, or reserve releases from prior accident years, and the data supplied does not separate these drivers. Without accident-year disclosure, the current-period combined ratio may overstate the sustainable profitability of the franchise. Analysts should review reserve development tables before assuming the lower loss ratio is structurally durable.
Investment Income Data Unavailable
Investment income and yield figures are not populated in the supplied quarterly data, so the contribution of investment returns to total earnings cannot be quantified from the reported figures provided.
Because net investment income is blank across all ten quarters, the share of pre-tax earnings derived from the float portfolio cannot be assessed with this dataset. Management commentary referencing the highest investment income in over a decade would, if confirmed, suggest a meaningful contributor to recent net income, but that claim cannot be verified against the supplied figures. Analysts should pull the investment income line from the full filing before drawing conclusions about earnings mix.
Headline Beats Mask an EPS Miss
Based on UFCS's reported Q2 2026 results, EPS of $1.29 came in $0.03 below consensus despite record net written premium, a divergence that may reflect timing of loss recognition rather than underlying operational weakness.
The gap between record operational results and a headline miss could be attributable to one-off items, catastrophe timing, or reserve recognition, though the supplied data does not confirm any of these. If elevated convective storm activity in the Midwest is partly responsible, the current margin picture may be temporarily flattered or depressed depending on quarter-end accrual decisions. Investors should monitor whether subsequent quarters reconcile the operational strength with reported earnings before treating the recent margin improvement as settled.