Root, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Root, Inc. 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

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	43.3	290	347	345	311	455	1,177	1,517
Selling and marketing	40.3	110	140	270	48	49.3	136	175
General and administrative	9.3	43	78.5	97.6	127	83.3	69.5	96.9
Operating expenses	112	550	632	831	574	556	1,098	1,455
Operating income		-260	-285	-485	-263	-101	78.5	61.8
Interest expense	0.9	22.3	77.7	20	34.6	46.1	42.2	21
Pre-tax income	-69.1	-282	-363	-521	-298	-147	30.9	40.8
Income tax	0	0	0	0	0	0	0	0.5
Net income	-69.1	-282	-363	-521	-298	-147	30.9	40.3
EBITDA		-255	-270	-469	-249	-88.7	93.4	73.6
EPS, basic	-49.05	-149.68	-86.43	-37.76	-21.11	-10.24	1.96	2.49
EPS, diluted	-49.05	-149.68	-86.43	-37.76	-21.11	-10.24	1.83	2.36
Shares, basic (weighted)	1.41	1.89	4.2	13.8	14.1	14.4	14.9	15.4
Shares, diluted (weighted)	1.41	1.89	4.2	13.8	14.1	14.4	16.9	17.1

Balance sheet

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	122	392	1,113	706	762	679	599	669
Short-term investments		3.5	3	0	0.4	0.9
Property, plant and equipment		10.2	8.9	10.3	5.5	2.8	1.8	1.2
Lease right-of-use assets				5.1	4.3	3.5	2.6	2
Long-term investments		119	221	130	128	166
Total assets		729	1,762	1,319	1,313	1,348	1,496	1,675
Total liabilities		542	730	671	924	1,070	1,180	1,278
Total debt		192	188	0	295	299	200	200
Paid-in capital		10.5	1,776	1,806	1,851	1,883	1,888	1,922
Retained earnings		-385	-748	-1,270	-1,568	-1,715	-1,682	-1,642
Treasury stock		-0.1	-0.8	0
Other comprehensive income		0.6	5.6	0.4	-5.8	-2.5	-2.3	3.9
Shareholders' equity	-103	-374	1,031	536	277	166	204	284
Total equity	-103	-374	1,031	536	277	166	204	284
Total liabilities and equity		729	1,762	1,319	1,313	1,348	1,496	1,675
Shares outstanding		2.47

Cash flow statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-69.1	-282	-363	-521	-298	-147	30.9	40.3
Depreciation and amortization	0.6	4.9	15.6	16.6	13.8	12.6	14.9	11.8
Stock-based compensation	0.1	1.4	3.7	19.3	30.5	17.3	18.5	40.1
Deferred income tax	0	0	0	0	0	0	0	0
Change in payables	9	19.2	18.2	-19.2	17.9	27.7	1.3	2.7
Cash from operations	-26.1	-127	-287	-403	-211	-33.6	196	207
Capital expenditures	-1.2	-6.6	-1.8	-4.6	0	-0.2	-0.4	0
Purchases of investments	-40.3	-138	-158	-17	-47.7	-76	-198	-147
Sales and maturities of investments	19.2	36.2	42.5	34.7	34.1	37.5	54.6	67.8
Cash from investing	-20.6	-114	-114	76.9	-16.6	-45.7	-154	-91.7
Debt repaid	0	-15.5	-13.5	-200	0	0	-237	0
Stock issued				3.2	1.3	0	0.1	0.3
Share buybacks	0	0	-0.2	0	0
Cash from financing	151	536	1,099	-80.3	283	-4.1	-121	-25.2
Net change in cash	104	294	697	-407	56.1	-83.4	-79.4	89.6
Free cash flow	-27.3	-134	-289	-408	-211	-33.8	195	207
Interest paid	0.8	4.3	4.5	23.9	24.5	42.5	43.9	20.7
Income taxes paid	0	0	0	0	0	0	0

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 $47.40 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	5.5%	Operating income / revenue.
EBITDA margin	6.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	4.0%	Pre-tax income / revenue.
Net margin	3.9%	Net income / revenue.
Operating cash flow margin	12.4%	Cash from operations / revenue.
Effective tax rate	1.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	18.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.7%	Net income / average total assets.
Return on invested capital (ROIC)	528.3%	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%.
Stock-based pay / revenue	2.6%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	0.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	29.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	69.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	34.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-21.3%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-21.2%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	30.4%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	29.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	5.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	5.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	39.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	0.9%	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	-22.7%	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	12.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.4%	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	-1.0%	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	1.2%	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	6.6%	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	32.4%	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	0.60x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	11.9%	Total debt / total assets.
Liabilities / assets	73.6%	Total liabilities / total assets.
Net debt	-$311.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-3.12x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	4.47x	Operating income / interest expense.
Tangible book value	$327.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.94x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.60	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	$92.21	Revenue / diluted weighted shares.
Operating cash flow per share	$11.44	Cash from operations / diluted weighted shares.
Book value per share	$19.29	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$19.29	Tangible book value / shares outstanding.
Cash per share	$29.98	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$734.4M	Share price x shares outstanding.
Enterprise value	$422.6M	Market cap + total debt - cash - short-term investments.
P/E	12.0x	Market cap / net income. Only when net income is positive.
P/S	0.47x	Market cap / revenue.
P/B	2.24x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.24x	Market cap / tangible book value, when positive.
P/OCF	3.78x	Market cap / cash from operations, when positive.
EV/Sales	0.27x	Enterprise value / revenue.
EV/EBIT	4.90x	Enterprise value / operating income, when both are positive.
EV/EBITDA	4.23x	Enterprise value / EBITDA, when both are positive.
Earnings yield	8.3%	Net income / market cap (the inverse of P/E).

What was Root, Inc.'s revenue in fiscal 2025?

Root, Inc. reported revenue of $1.52B for fiscal 2025, 29% higher than the year before.

Was Root, Inc. profitable in fiscal 2025?

Yes. Net income was $40.3M, a net margin of 2.7%.

How much free cash flow did Root, Inc. generate in fiscal 2025?

Cash from operations of $206.5M minus capital expenditures of $0.0 left free cash flow of $206.5M.

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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