MERCURY GENERAL CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MERCURY GENERAL CORP 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	3,228	3,416	3,380	3,973	3,785	3,993	3,643	4,630	5,476	5,992
Cost of revenue		10.2	10.5	10.5	11.8	12.8	11	11.4	13.4	15.2
Gross profit		3,406	3,370	3,962	3,773	3,981	3,632	4,618	5,462	5,977
Interest expense	3.96	15.2	17	17	17	17.1	17.2	24.2
Pre-tax income	70.7	167	-30.6	378	459	299	-671	99.4	575	664
Income tax	-2.32	22.2	-24.9	58	83.9	51.4	-158	3.09	107	123
Net income	73	145	-5.73	320	375	248	-513	96.3	468	541
EPS, basic	1.32	2.62	-0.10	5.78	6.77	4.48	-9.26	1.74	8.45	9.77
EPS, diluted	1.32	2.62	-0.10	5.78	6.77	4.48	-9.26	1.74	8.45	9.77
Shares, basic (weighted)	55.2	55.3	55.3	55.4	55.4	55.4	55.4	55.4	55.4	55.4
Shares, diluted (weighted)	55.3	55.3	55.3	55.4	55.4	55.4	55.4	55.4	55.4	55.4
Dividend per share	2.48	2.49	2.50	2.51	2.52	2.53	1.91	1.27	1.27	1.27

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	220	291	314	294	348	336	290	551	720	1,316
Short-term investments	376	303	253	494	376
Property, plant and equipment	156	145	153	169	179	191	171	151	138	147
Lease right-of-use assets			0	44.9	40.6	32	20.2	14.4	13.4	12.1
Goodwill	42.8	42.8	42.8	42.8	42.8	42.8	42.8	42.8	42.8	42.8
Intangible assets	25.6	20.7	15.5	10.6	11.3	10.3	9.21	8.33	7.68	6.83
Total assets	4,789	5,101	5,434	5,889	6,328	6,772	6,514	7,103	8,311	9,561
Total liabilities	3,036	3,340	3,816	4,090	4,296	4,632	4,992	5,555	6,364	7,143
Total debt		375	375	375	375	375	400	575	575	575
Paid-in capital	0
Retained earnings	1,657	1,664	1,520	1,701	1,934	2,041	1,423	1,449	1,847	2,318
Total equity	1,752	1,761	1,618	1,800	2,033	2,140	1,522	1,548	1,947	2,417
Total liabilities and equity	4,789	5,101	5,434	5,889	6,328	6,772	6,514	7,103	8,311	9,561
Shares outstanding	55.3	55.3	55.3	55.4	55.4	55.4	55.4	55.4	55.4	55.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	73	145	-5.73	320	375	248	-513	96.3	468	541
Depreciation and amortization	53.3	55.3	58.8	64.7	68.5	79.1	82.4	72.2	73.4	75
Stock-based compensation	0.14	0.06	0.15	0.12	0.14	0.14	0.02	0	4.65	14.6
Deferred income tax	-22	10.4	-41.1	41.3	13.2	12.4	-96.5	9.89	-12.8	15.2
Change in payables	-10.6	-4.18	6.59	26.5	52	-26.7	-15.8	29.9	69.6	32.7
Cash from operations	292	341	383	520	606	502	353	453	1,037	1,087
Capital expenditures	-17	-19.4	-28	-40.1	-40	-41.4	-35.5	-36.8	-46.1	-58.4
Purchases of investments	-1,078	-734	-706	-492	-878	-1,461	-1,795	-785	-1,721	-1,843
Sales and maturities of investments	647	576	335	317	251	519	480	294	941	877
Cash from investing	-227	-186	-222	-401	-411	-374	-316	-295	-797	-420
Debt issued	0	371	0	0
Stock issued	1.63	2.16	0.36	0.7	0	0.22	0	0	0.75	0
Dividends paid	-137	-138	-138	-139	-140	-140	-105	-70.3	-70.3	-70.3
Cash from financing	-109	-84.7	-138	-138	-140	-141	-82	104	-71.1	-71.7
Net change in cash	-43.9	71.1	22.9	-19.9	54.1	-12.9	-45.8	261	169	595
Free cash flow	275	322	355	480	566	460	317	416	991	1,029
Interest paid	3.53	9.86	16.6	16.6	16.6	16.6	16.7	23	30.1	28.2
Income taxes paid	-0.18	25.2	-11	-14.6	52.7	69.5	-26.5	-57.9	94.9	97.3

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 $99.41 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	99.7%	Gross profit / revenue.
Pre-tax margin	18.3%	Pre-tax income / revenue.
Net margin	14.8%	Net income / revenue.
Operating cash flow margin	20.9%	Cash from operations / revenue.
Effective tax rate	19.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	8.9%	Net income / average total assets.
D&A / revenue	1.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	18.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	9.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	18.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	9.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	15.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	7.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	15.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	7.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	4.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	45.5%	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	12.4%	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	3.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	48.0%	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	12.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-12.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-12.8%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	15.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	13.6%	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	8.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / assets	9.0%	Total debt / total assets.
Liabilities / assets	73.1%	Total liabilities / total assets.
Net debt	-$757.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	0.5%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.60x	Revenue / average total assets.
Fixed asset turnover	42.0x	Revenue / average property, plant and equipment.

Per share

Metric	Value	How it is calculated
EPS, diluted	$16.91	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$114.50	Revenue / diluted weighted shares.
Operating cash flow per share	$23.97	Cash from operations / diluted weighted shares.
Cash per share	$30.71	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$5.51B	Share price x shares outstanding.
Enterprise value	$4.75B	Market cap + total debt - cash - short-term investments.
P/E	5.88x	Market cap / net income. Only when net income is positive.
P/S	0.87x	Market cap / revenue.
P/OCF	4.15x	Market cap / cash from operations, when positive.
EV/Sales	0.75x	Enterprise value / revenue.
Earnings yield	17.0%	Net income / market cap (the inverse of P/E).

What was MERCURY GENERAL CORP's revenue in fiscal 2025?

MERCURY GENERAL CORP reported revenue of $5.99B for fiscal 2025, 9.4% higher than the year before.

Was MERCURY GENERAL CORP profitable in fiscal 2025?

Yes. Net income was $541.1M, a net margin of 9%.

How much free cash flow did MERCURY GENERAL CORP generate in fiscal 2025?

Cash from operations of $1.09B minus capital expenditures of $58.4M left free cash flow of $1.03B.

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.

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