OLD REPUBLIC INTERNATIONAL CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data OLD REPUBLIC INTERNATIONAL 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	5,901	6,263	6,259	7,461	7,166	9,342	8,084	7,258	8,232	9,136
General and administrative							1,581	1,587	1,676	1,846
Interest expense	50.9	64.5	47.2	43.2	42.5	55.9	67.3	67.2	79.8	70.5
Pre-tax income	686	725	438	1,322	688	1,922	857	747	1,070	1,184
Income tax	219	165	67.5	266	130	388	171	149	217	242
Net income	467	561	371	1,056	559	1,534	686	599	853	935
EPS, basic	1.80	2.14	1.26	3.52	1.87	5.08	2.28	2.12	3.30	3.82
EPS, diluted	1.62	1.92	1.24	3.51	1.87	5.05	2.26	2.10	3.24	3.72
Shares, basic (weighted)	259	262	294	300	298	302	302	283	258	245
Shares, diluted (weighted)	296	299	301	301	299	304	303	285	263	251
Dividend per share	0.75	1.00	0.78	1.80	1.84	2.38	1.92	0.98	3.06	3.66

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	146	126	100	78.8	119	158	81	203	202	263
Goodwill	161	161	174	175	175	175	178	178	180	173
Total assets	18,592	19,404	19,327	21,076	22,815	24,982	25,159	26,501	27,843	29,863
Total liabilities	14,131	14,670	14,181	15,076	16,629	18,089	18,986	20,091	22,224	23,934
Total debt	1,529	1,449	981	974	966	1,589	1,597	1,591	1,589	1,590
Paid-in capital	714	815	1,278	1,298	1,307	1,376	1,142	679	0	23.3
Retained earnings	3,200	3,207	3,850	4,386	4,395	5,214	5,322	5,644	5,520	5,515
Treasury stock									0	0
Other comprehensive income	324	474	-210	77.7	284	78	-518	-132	-102	163
Shareholders' equity	4,461	4,733	5,146	6,000	6,187	6,893	6,173	6,411	5,619	5,914
Minority interests									0	14.4
Total equity	4,461	4,733	5,146	6,000	6,187	6,893	6,173	6,411	5,619	5,928
Total liabilities and equity	18,592	19,404	19,327	21,076	22,815	24,982	25,159	26,501	27,843	29,863

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	467	561	371	1,056	559	1,534	686	599	853	942
Depreciation and amortization	29.6	27.2	27.6	26.8	26.9	27.2	28.3	33	39.3	35.4
Stock-based compensation	3.1	3.5	3.8	3.7	2.1	3.2	9	19.5	33.2	46.7
Deferred income tax	28.8	32.2	-46.5	27.4	-27.1	166	-55.1	-37.4	11.7	16.8
Change in payables	157	135	30	88	176	161	1.9	136	-45.4	29.1
Cash from operations	637	453	761	936	1,185	1,312	1,171	880	1,233	1,164
Acquisitions	0	0	-13.1	-1.2	0	0
Purchases of investments	-1,166	-1,607	-1,422	-1,702	-2,059	-2,331	-5,010	-2,920	-4,014	-2,612
Sales and maturities of investments	968	1,001	964	779	1,280	1,411	1,356	1,353	1,618	1,562
Cash from investing	-1,036	-294	-240	-425	-845	-937	-415	25.3	-3.9	-177
Debt issued				0	0	643	0	0	396	0
Stock issued	8.4	17.8	13.1	13.8	6.7	60	26.6	31.1	2	3.8
Share buybacks					0	0	-281	-535	-942	-124
Dividends paid	-194	-199	-499	-539	-250	-1,019	-580	-276	-272	-783
Cash from financing	385	-179	-547	-533	-300	-336	-833	-783	-1,227	-926
Net change in cash	-14.1	-19.7	-25.6	-21.4	39.8	39.4	-77.1	123	2.4	61.3
Interest paid	40.9	62.5	50.8	42.1	41.4	53.4	65.8	66	77.3	69.3
Income taxes paid	179	106	137	229	149	237	227	204	204	211

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 $37.74 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Net margin	11.7%	Net income / revenue.
Operating cash flow margin	13.2%	Cash from operations / revenue.
Return on equity (ROE)	18.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.6%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	9.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	10.9%	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	10.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	14.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	18.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	14.7%	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	-5.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-0.2%	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	-0.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	19.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	24.0%	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	14.7%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	5.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-1.4%	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	-0.9%	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	7.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.9%	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	5.5%	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	-4.4%	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	-6.1%	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	-3.4%	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 / equity	0.38x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	7.2%	Total debt / total assets.
Liabilities / assets	80.7%	Total liabilities / total assets.
Net debt	$1.87B	Total debt - cash - short-term investments. Negative means more cash than debt.
Tangible book value	$6.07B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.31x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.56	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	$39.46	Revenue / diluted weighted shares.
Operating cash flow per share	$5.20	Cash from operations / diluted weighted shares.
Book value per share	$24.66	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$24.66	Tangible book value / shares outstanding.
Cash per share	$1.70	(Cash + short-term investments) / shares outstanding.
Payout ratio	80.1%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$9.11B	Share price x shares outstanding.
Enterprise value	$10.98B	Market cap + total debt - cash - short-term investments.
P/E	8.01x	Market cap / net income. Only when net income is positive.
P/S	0.94x	Market cap / revenue.
P/B	1.50x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.50x	Market cap / tangible book value, when positive.
P/OCF	7.12x	Market cap / cash from operations, when positive.
EV/Sales	1.13x	Enterprise value / revenue.
Earnings yield	12.5%	Net income / market cap (the inverse of P/E).
Dividend yield	10.0%	Dividends paid over the period / market cap.
Shareholder yield	13.5%	(Dividends paid + share buybacks) / market cap.
PEG	0.44x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was OLD REPUBLIC INTERNATIONAL CORP's revenue in fiscal 2025?

OLD REPUBLIC INTERNATIONAL CORP reported revenue of $9.14B for fiscal 2025, 11% higher than the year before.

Was OLD REPUBLIC INTERNATIONAL CORP profitable in fiscal 2025?

Yes. Net income was $935.4M, a net margin of 10.2%.

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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