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Insurance - Specialty · Financial Services · Fiscal year ends Dec 31
Old Republic International reported revenue of $9.1B in the fiscal year ended Dec 2025, up 11.0% from the year before. Operating income was $1.3B, an operating margin of 13.7%, and net income was $935M. Net debt was $1.3B.
Ranks among the 10 insurance - specialty companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 9,342 | 8,084 | 7,258 | 8,232 | 9,136 |
| Operating incomederived: pre-tax income + interest | 1,978 | 925 | 815 | 1,150 | 1,255 |
| Interest expense | 55.9 | 67.3 | 67.2 | 79.8 | 70.5 |
| Pre-tax income | 1,922 | 857 | 747 | 1,070 | 1,184 |
| Income tax | 388 | 171 | 149 | 217 | 242 |
| Net income | 1,534 | 686 | 599 | 853 | 935 |
| Diluted EPS | 5.05 | 2.26 | 2.10 | 3.24 | 3.72 |
| Diluted shares | 304 | 303 | 285 | 263 | 251 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 158 | 81.0 | 203 | 202 | 263 |
| Goodwill | 175 | 178 | 178 | 180 | 173 |
| Total assets | 24,982 | 25,159 | 26,501 | 27,843 | 29,863 |
| Long-term debt | 1,589 | 1,597 | 1,591 | 1,589 | 1,590 |
| Total liabilities | 18,089 | 18,986 | 20,091 | 22,224 | 23,934 |
| Shareholders' equity | 6,893 | 6,173 | 6,411 | 5,619 | 5,914 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 1,312 | 1,171 | 880 | 1,233 | 1,164 |
| Depreciation & amortisation | 27.2 | 28.3 | 33.0 | 39.3 | 35.4 |
| Stock-based compensation | 3.2 | 9.0 | 19.5 | 33.2 | 46.7 |
| Acquisitions | 0.0 | – | – | – | – |
| Share buybacks | 0.0 | 281 | 535 | 942 | 124 |
| Dividends paid | 1,019 | 580 | 276 | 272 | 783 |
| Dividend per share | 2.38 | 1.92 | 0.98 | 3.06 | 3.66 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −13.5% | −10.2% | 13.4% | 11.0% |
| Operating income growth (YoY) | – | −53.3% | −11.9% | 41.1% | 9.1% |
| EPS growth (YoY) | – | −55.2% | −7.1% | 54.3% | 14.8% |
| Operating margin | 21.2% | 11.4% | 11.2% | 14.0% | 13.7% |
| Net margin | 16.4% | 8.5% | 8.2% | 10.4% | 10.2% |
| Return on equityBlank when equity is negative | 22.3% | 11.1% | 9.3% | 15.2% | 15.8% |
| Cash conversion (CFO ÷ net income) | 0.85x | 1.71x | 1.47x | 1.45x | 1.24x |
| Interest cover | 35.4x | 13.7x | 12.1x | 14.4x | 17.8x |
| Debt ÷ equity | 0.23x | 0.26x | 0.25x | 0.28x | 0.27x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,430 | 1,516 | 1,388 | 1,387 | 1,327 |
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.