ERIE INDEMNITY CO financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ERIE INDEMNITY CO files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,597	1,692	2,382	2,477	2,536	2,634	2,840	3,269	3,795	4,067
Operating expenses	1,303	1,402	2,038	2,120	2,198	2,316	2,464	2,749	3,119	3,350
Operating income	294	290	344	357	338	318	376	520	676	717
Interest expense	0.1	1.24	2.46	0.86	0.73	4.13	2.01	0	0
Other non-operating income	-1.16	-1.91	3.64	0.26	-1.78	-4.89	1.62	12.7	11.6	8.56
Pre-tax income	320	316	371	397	369	376	376	562	757	711
Income tax	110	119	83.1	79.9	75.2	78.5	77.9	116	157	151
Net income	210	197	288	317	293	298	299	446	600	559
EBITDA	309	305	358	374	359	355	422	568	733	787

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	189	216	266	337	161	184	142	144	298	346
Short-term investments			402	32.8	17.7	38.4	24.3	82	44.6	33.9
Receivables				469	495	479	525	625	707	736
Other current assets	30.2	34.9	36.9	44.9	52.6	56.2	79.2	69.3	83.9	66.1
Total current assets	666	802	1,169	891	732	764	779	930	1,145	1,199
Lease right-of-use assets			0
Long-term investments			346	698	911	908	870	879	992	1,287
Other non-current assets	20.1	28.8	61.6	62.7	40.1	49.3	43.3	42.9	43.3	48.5
Total assets	1,549	1,666	1,778	2,016	2,117	2,242	2,239	2,472	2,889	3,355
Accounts payable	88.2	105	111	135	151	138	166	176	190	201
Deferred revenue			33.9	35.9	36.9	34.9	36.5	41.2	42.8	47.6
Short-term debt		0	1.87	1.98	2.03	2.1	0
Total current liabilities	470	510	547	588	628	631	665	709	803	946
Long-term debt	24.8	74.7	97.9	95.8	93.8	91.7	0
Lease liabilities			0
Other non-current liabilities	1.86	1.9	11.9	21.6	9.44	14.3	29	21.6	23.5	23
Total liabilities	732	809	805	883	929	900	791	809	901	1,072
Total debt	24.8	74.7	99.7	97.8	95.9	93.8	0
Paid-in capital	16.3	16.5	16.5	16.5	16.5	16.5	16.5	16.5	16.5	16.5
Retained earnings	2,066	2,141	2,231	2,378	2,394	2,495	2,583	2,804	3,162	3,463
Treasury stock	-1,156	-1,156	-1,158	-1,159	-1,164	-1,168	-1,169	-1,169	-1,169	-1,171
Other comprehensive income	-121	-156	-130	-117	-78.1	-25.3	-7.41	-13.4	-47.6	-52
Shareholders' equity	817	857	974	1,133	1,188	1,342	1,448	1,663	1,987	2,283
Total equity	817	857	974	1,133	1,188	1,342	1,448	1,663	1,987	2,283
Total liabilities and equity	1,549	1,666	1,778	2,016	2,117	2,242	2,239	2,472	2,889	3,355

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	210	197	288	317	293	298	299	446	600	559
Depreciation and amortization	15.1	14.8	13.4	16.8	21.2	37.2	45.9	47.4	56.5	69.5
Deferred income tax	-0	26.9	-1.36	3.35	-5.16	-1.85	9.47	-1	4.03
Change in payables	11.1	17.2	11	-3.63	-14.3	-4.82	19	7.24	-7.52	-7.8
Cash from operations	254	197	264	365	343	403	366	381	611	687
Capital expenditures	-25.2	-28.9	-56.3	-102	-55.5	-149	-67.2	-92.6	-125	-116
Purchases of investments			-393	-957	-396	-380	-465	-280	-474	-693
Sales and maturities of investments	146	195	134	304	119	185	130	76.6	197	189
Cash from investing	-137	-74.7	-81.4	-125	-243	-185	-107	-158	-227	-439
Share buybacks	0
Dividends paid	-136	-146	-156	-168	-273	-193	-207	-222	-238	-254
Cash from financing	-111	-95.8	-131	-170	-275	-195	-301	-222	-230	-200
Net change in cash	6.18	26.6	50.7	70.3	-175	22.5	-41.6	1.97	154	47.5
Free cash flow	229	168	207	262	287	254	299	289	486	571
Interest paid	0	1.04	2.38	0.85	0.69	4.14	2.13	0	0
Income taxes paid	105	106	58.8	72.8	82.6	84.5	80.6	104	160	104

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $222.86 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	17.9%	Operating income / revenue.
Pre-tax margin	17.8%	Pre-tax income / revenue.
Net margin	14.0%	Net income / revenue.
FCF margin	13.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	16.9%	Cash from operations / revenue.
Effective tax rate	21.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	23.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	16.2%	Net income / average total assets.
Return on invested capital (ROIC)	26.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	3.5%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	12.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	6.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	24.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	16.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	7.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	23.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	17.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-6.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	23.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	13.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	12.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	23.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	14.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	17.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	24.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	14.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	14.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	16.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	14.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	16.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	14.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.25x	Current assets / current liabilities.
Quick ratio	1.13x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.36x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	30.6%	Total liabilities / total assets.
Working capital	$238.1M	Current assets - current liabilities.
Tangible book value	$2.47B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.16x	Revenue / average total assets.
Receivables turnover	5.47x	Revenue / average receivables.
Days sales outstanding	67 days	365 x average receivables / revenue.
FCF conversion	95.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	20.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Payout ratio	45.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	47.6%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$10.29B	Share price x shares outstanding.
Enterprise value	$9.95B	Market cap + total debt - cash - short-term investments.
P/E	17.8x	Market cap / net income. Only when net income is positive.
P/S	2.50x	Market cap / revenue.
P/B	4.17x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.17x	Market cap / tangible book value, when positive.
P/FCF	18.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	14.8x	Market cap / cash from operations, when positive.
EV/Sales	2.42x	Enterprise value / revenue.
EV/EBIT	13.5x	Enterprise value / operating income, when both are positive.
EV/FCF	18.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.4%	Free cash flow / market cap.
Earnings yield	5.6%	Net income / market cap (the inverse of P/E).
Dividend yield	2.6%	Dividends paid over the period / market cap.
Shareholder yield	2.6%	(Dividends paid + share buybacks) / market cap.

What was ERIE INDEMNITY CO's revenue in fiscal 2025?

ERIE INDEMNITY CO reported revenue of $4.07B for fiscal 2025, 7.2% higher than the year before.

Was ERIE INDEMNITY CO profitable in fiscal 2025?

Yes. Net income was $559.3M, a net margin of 13.8%.

How much free cash flow did ERIE INDEMNITY CO generate in fiscal 2025?

Cash from operations of $686.7M minus capital expenditures of $115.7M left free cash flow of $571.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to ERIE INDEMNITY CO