ERIE Indemnity
ERIE · NasdaqInsurance Agents, Brokers & Service · Fiscal year ends Dec 31
ERIE Indemnity reported revenue of $4.1B in the fiscal year ended Dec 2025, up 7.2% from the year before. Operating income was $717M, an operating margin of 17.6%, and net income was $559M. Operating cash flow of $687M less capital expenditure of $116M left free cash flow of $571M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $2.6B | $2.8B | $3.3B | $3.8B | $4.1B |
| Operating income | $318M | $376M | $520M | $676M | $717M |
| Interest expense | $4M | $2M | $0 | $0 | – |
| Pre-tax income | $376M | $376M | $562M | $757M | $711M |
| Income tax | $79M | $78M | $116M | $157M | $151M |
| Net income | $298M | $299M | $446M | $600M | $559M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $184M | $142M | $144M | $298M | $346M |
| Receivables | $479M | $525M | $625M | $707M | $736M |
| Current assets | $764M | $779M | $930M | $1.1B | $1.2B |
| Total assets | $2.2B | $2.2B | $2.5B | $2.9B | $3.4B |
| Deferred revenue | $35M | $37M | $41M | $43M | $48M |
| Current liabilities | $631M | $665M | $709M | $803M | $946M |
| Short-term debt | $2M | $0 | – | – | – |
| Long-term debt | $92M | $0 | – | – | – |
| Total liabilities | $900M | $791M | $809M | $901M | $1.1B |
| Shareholders' equity | $1.3B | $1.4B | $1.7B | $2B | $2.3B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $403M | $366M | $381M | $611M | $687M |
| Capital expenditure | $149M | $67M | $93M | $125M | $116M |
| Free cash flow | $254M | $299M | $289M | $486M | $571M |
| Depreciation & amortisation | $37M | $46M | $47M | $57M | $69M |
| Dividends paid | $193M | $207M | $222M | $238M | $254M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 7.8% | 15.1% | 16.1% | 7.2% |
| Operating income growth (YoY) | – | 18.3% | 38.3% | 30.0% | 6.0% |
| Operating margin | 12.1% | 13.2% | 15.9% | 17.8% | 17.6% |
| Net margin | 11.3% | 10.5% | 13.6% | 15.8% | 13.8% |
| Return on equityBlank when equity is negative | 22.2% | 20.6% | 26.8% | 30.2% | 24.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 19.7% | 23.9% | 29.5% | 32.4% | 29.8% |
| Free cash flow margin | 9.6% | 10.5% | 8.8% | 12.8% | 14.0% |
| Cash conversion (CFO ÷ net income) | 1.35x | 1.23x | 0.85x | 1.02x | 1.23x |
| Receivable days | 66 | 67 | 70 | 68 | 66 |
| Interest cover | 77.0x | 187x | – | – | – |
| Debt ÷ equity | 0.07x | 0.00x | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$90M | −$142M | – | – | – |
| Current ratio | 1.21x | 1.17x | 1.31x | 1.43x | 1.27x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.