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Erie Indemnity (ERIE) Financials

Erie Indemnity logo
$242.04 +8.37 (+3.58%)
Closing price 07/31/2026 04:00 PM Eastern
Extended Trading
$241.81 -0.23 (-0.10%)
As of 07/31/2026 07:34 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Erie Indemnity

Annual Income Statements for Erie Indemnity

This table shows Erie Indemnity's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 175 210 197 288 317 293 298 299 446 600 659
Consolidated Net Income / (Loss)		 175 210 197 288 317 293 298 299 446 600 559
Net Income / (Loss) Continuing Operations		 175 210 197 288 317 293 298 299 446 600 659
Total Pre-Tax Income 		266 320 316 371 397 369 376 376 562 757 711
Total Operating Income		 233 294 290 344 357 338 318 376 520 676 717
Total Gross Profit		 1,279 1,597 1,692 2,382 2,477 2,536 2,634 2,841 3,269 3,795 4,067
Total Revenue		 1,506 1,597 1,692 2,382 2,477 2,536 2,634 2,841 3,269 3,795 4,067
Operating Revenue		 1,506 1,597 1,692 2,382 2,477 2,536 2,634 2,841 3,269 3,795 4,067
Total Cost of Revenue		 227 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 1,046 1,303 1,402 2,038 2,120 2,198 2,316 2,464 2,749 3,119 3,350
Other Operating Expenses / (Income)		 848 1,303 1,402 2,038 2,120 2,198 2,316 - 2,749 3,119 3,350
Total Other Income / (Expense), net		 34 27 25 27 40 30 58 0.24 42 81 93
Interest & Investment Income		 15 28 29 26 40 33 67 0.63 29 69 85
Other Income / (Expense), net		 18 -1.16 -1.91 3.64 0.26 -1.78 -4.89 1.62 13 12 8.56
Income Tax Expense		 92 110 119 83 80 75 79 78 116 157 151
Basic Earnings per Share		 $566.75 $4.52 $4.23 $6.19 $6.80 $6.30 $6.40 $968.41 $9.58 $12.89 $12.01
Weighted Average Basic Shares Outstanding		 46.19M 46.19M 46.19M 46.19M 46.19M 46.19M 46.19M 46.19M 46.19M 46.19M 46.19M
Diluted Earnings per Share		 $565.33 $4.01 $3.76 $5.51 $6.06 $5.61 $5.69 $967.71 $8.53 $11.48 $10.69
Weighted Average Diluted Shares Outstanding		 52.50M 52.44M 52.34M 52.32M 52.32M 52.31M 52.31M 52.30M 52.30M 52.31M 52.31M
Weighted Average Basic & Diluted Shares Outstanding		 46.19M 46.19M 46.19M 46.19M 46.19M 46.19M 46.19M 46.19M 46.19M 46.19M 46.19M

Quarterly Income Statements for Erie Indemnity

This table shows Erie Indemnity's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 111 125 164 160 152 138 175 183 163 150 180
Consolidated Net Income / (Loss)		 111 125 164 160 152 138 175 183 63 150 180
Net Income / (Loss) Continuing Operations		 111 125 164 160 152 138 175 183 163 150 180
Total Pre-Tax Income 		140 157 207 201 192 175 221 233 82 190 228
Total Operating Income		 127 139 190 180 167 151 199 209 158 167 204
Total Gross Profit		 818 881 990 1,000 924 989 1,060 1,067 951 1,012 1,090
Total Revenue		 818 881 990 1,000 924 989 1,060 1,067 951 1,012 1,090
Operating Revenue		 818 881 990 1,000 924 989 1,060 1,067 951 1,012 1,090
Total Cost of Revenue		 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00
Total Operating Expenses		 691 742 800 820 757 838 861 858 793 845 886
Total Other Income / (Expense), net		 13 18 17 21 24 23 22 24 25 24 24
Interest & Investment Income		 9.77 15 14 20 21 20 20 22 24 22 23
Other Income / (Expense), net		 3.07 3.41 3.29 1.17 3.69 3.83 1.97 2.29 0.46 1.42 1.40
Income Tax Expense		 29 33 43 41 40 36 46 50 19 40 48
Basic Earnings per Share		 $2.39 - - - $3.27 $2.97 $3.75 - - $3.23 $3.87
Weighted Average Basic Shares Outstanding		 46.19M 0.00 0.00 0.00 46.19M 46.19M 46.19M 0.00 46.19M 46.19M 46.19M
Diluted Earnings per Share		 $2.12 - - - $2.91 $2.65 $3.34 - - $2.88 $3.45
Weighted Average Diluted Shares Outstanding		 52.30M 0.00 0.00 0.00 52.31M 52.30M 52.30M 0.00 52.31M 52.30M 52.30M
Weighted Average Basic & Diluted Shares Outstanding		 46.19M 0.00 0.00 0.00 46.19M 0.00 0.00 0.00 46.19M 46.19M 46.19M
Cash Dividends to Common per Share		 - - - - - $1.37 $1.37 - - $1.46 $1.46

Annual Cash Flow Statements for Erie Indemnity

This table details how cash moves in and out of Erie Indemnity's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 91 6.18 27 51 70 -175 111 -42 1.97 154 151
Net Cash From Operating Activities		 217 254 197 264 365 343 403 366 381 611 687
Net Cash From Continuing Operating Activities		 165 201 197 264 365 426 491 366 381 611 791
Net Income / (Loss) Continuing Operations		 -26 -27 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Non-Cash Adjustments To Reconcile Net Income		 184 227 202 266 365 426 491 368 381 611 791
Net Cash From Investing Activities		 0.62 -137 -75 -81 -125 -243 -185 -107 -158 -227 -439
Net Cash From Continuing Investing Activities		 0.62 -137 -75 -81 -125 -243 -185 -107 -158 -227 -439
Purchase of Property, Plant & Equipment		 -13 -25 -29 -56 -102 -56 -149 -67 -93 -125 -116
Purchase of Investments		 -229 -370 -392 -397 -1,025 -477 -440 -484 -316 -514 -730
Sale and/or Maturity of Investments		 242 257 350 377 1,011 292 400 447 263 438 429
Other Investing Activities, net		 - 1.59 -4.21 -11 -9.69 -2.63 3.00 -3.11 -12 -26 -23
Net Cash From Financing Activities		 -127 -111 -96 -131 -170 -275 -195 -301 -222 -230 -200
Net Cash From Continuing Financing Activities		 -127 -111 -96 -131 -170 -275 -195 -301 -222 -230 -200
Payment of Dividends		 -127 -136 -146 -156 -168 -273 -193 -207 -222 -238 -254
Other Financing Activities, net		 - - - - - - - 0.00 0.00 7.51 54
Cash Income Taxes Paid		 - - - - - 83 84 - - - 104

Quarterly Cash Flow Statements for Erie Indemnity

This table details how cash moves in and out of Erie Indemnity's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 41 0.82 26 51 77 -38 98 211 -119 -77 14
Net Cash From Operating Activities		 148 87 131 199 193 118 178 219 172 92 215
Net Cash From Continuing Operating Activities		 148 87 131 199 193 118 178 219 276 92 215
Non-Cash Adjustments To Reconcile Net Income		 148 87 131 199 193 118 178 219 276 92 215
Net Cash From Investing Activities		 -52 -27 -53 -91 -57 -98 -39 36 -338 -89 -146
Net Cash From Continuing Investing Activities		 -52 -27 -53 -91 -57 -98 -39 36 -338 -89 -146
Purchase of Property, Plant & Equipment		 -21 -22 -28 -28 -47 -30 -20 -35 -31 -37 -42
Purchase of Investments		 -83 -85 -171 -150 -107 -138 -85 -14 -493 -190 -435
Sale and/or Maturity of Investments		 65 80 146 113 99 81 67 95 186 151 333
Other Investing Activities, net		 -13 0.34 0.90 -26 -1.65 -10 -0.87 -10 -1.24 -12 -2.00
Net Cash From Financing Activities		 -55 -59 -53 -58 -60 -58 -41 -44 -56 -80 -55
Net Cash From Continuing Financing Activities		 -55 -59 -53 -58 -60 -58 -41 -44 -56 -80 -55
Payment of Dividends		 -55 -59 -59 -59 -59 -64 -64 -64 -64 -68 -68
Other Financing Activities, net		 - 0.00 - 1.56 -0.39 5.19 22 19 7.61 -12 13

Annual Balance Sheets for Erie Indemnity

This table presents Erie Indemnity's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 1,407 1,549 1,666 1,778 2,016 2,117 2,242 2,239 2,472 2,889 3,355
Total Current Assets		 635 666 802 1,169 891 732 764 779 930 1,145 1,199
Restricted Cash		 - - - - - - - 142 144 298 346
Short-Term Investments		 68 62 78 408 41 24 45 33 91 56 52
Accounts Receivable		 348 379 418 450 469 495 479 525 625 707 736
Prepaid Expenses		 25 30 35 37 45 53 56 79 69 84 66
Plant, Property, & Equipment, net		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Noncurrent Assets		 772 883 864 609 1,125 1,385 1,478 1,461 1,542 1,744 2,156
Long-Term Investments		 626 715 733 381 698 911 908 870 879 999 1,348
Noncurrent Note & Lease Receivables		 25 25 - - 61 62 59 61 58 81 94
Employee Benefit Assets		 - - - - - - - 0.00 34 21 24
Other Noncurrent Operating Assets		 80 89 112 204 349 399 512 530 570 643 691
Total Liabilities & Shareholders' Equity		 1,407 1,549 1,666 1,778 2,016 2,117 2,242 2,239 2,472 2,889 3,355
Total Liabilities		 638 732 809 805 883 929 900 791 809 901 1,072
Total Current Liabilities		 446 470 510 547 588 628 631 665 709 803 946
Accounts Payable		 89 88 105 111 135 151 138 166 176 190 201
Accrued Expenses		 196 211 228 242 263 262 271 300 354 408 425
Customer Deposits		 - - - - - - - - 0.00 7.51 62
Dividends Payable		 34 36 39 42 45 48 52 55 59 64 68
Current Employee Benefit Liabilities		 21 20 16 13 11 17 13 12 11 15 9.40
Other Current Liabilities		 107 115 123 137 132 147 155 132 109 118 180
Total Noncurrent Liabilities		 192 262 299 258 295 301 269 126 100 99 127
Noncurrent Deferred & Payable Income Tax Liabilities		 - - - - - - 0.00 14 11 6.42 25
Noncurrent Employee Benefit Liabilities		 191 236 222 130 159 179 145 65 47 48 55
Other Noncurrent Operating Liabilities		 1.58 1.86 1.90 30 40 28 32 47 41 45 46
Total Equity & Noncontrolling Interests		 770 817 857 974 1,133 1,188 1,342 1,448 1,663 1,987 2,283
Total Preferred & Common Equity		 770 817 857 974 1,133 1,188 1,342 1,448 1,663 1,987 2,283
Total Common Equity		 770 817 857 974 1,133 1,188 1,342 1,448 1,663 1,987 2,283
Common Stock		 18 18 19 19 19 19 19 19 19 19 19
Retained Earnings		 1,994 2,066 2,141 2,231 2,378 2,394 2,495 2,583 2,804 3,162 3,463
Treasury Stock		 -1,155 - - -1,158 -1,159 -1,164 -1,168 -1,169 -1,169 -1,169 -1,171
Accumulated Other Comprehensive Income / (Loss)		 -97 -121 -156 -130 -117 -78 -25 -7.41 -13 -48 -52
Other Equity Adjustments		 9.02 -1,146 -1,146 12 13 18 22 23 23 23 25

Quarterly Balance Sheets for Erie Indemnity

This table presents Erie Indemnity's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 2,224 2,326 2,395 2,556 2,692 2,864 2,968 3,128 3,324 3,377 3,557
Total Current Assets		 784 873 874 942 1,020 1,097 1,122 1,269 1,498 1,161 1,207
Restricted Cash		 - - - 145 171 221 260 358 569 269 283
Short-Term Investments		 66 72 79 86 58 59 64 71 75 69 78
Accounts Receivable		 533 591 621 642 708 737 720 769 780 743 753
Prepaid Expenses		 63 66 71 69 84 80 78 71 74 80 93
Plant, Property, & Equipment, net		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Noncurrent Assets		 1,440 1,453 1,521 1,614 1,672 1,767 1,846 1,859 1,826 2,216 2,350
Long-Term Investments		 858 857 845 893 953 1,008 1,060 1,084 1,022 1,351 1,395
Noncurrent Note & Lease Receivables		 59 60 60 57 57 80 86 85 95 102 101
Employee Benefit Assets		 - - 65 66 65 64 57 55 52 67 62
Other Noncurrent Operating Assets		 522 535 551 597 597 614 643 635 658 696 793
Total Liabilities & Shareholders' Equity		 2,224 2,326 2,395 2,556 2,692 2,864 2,968 3,128 3,324 3,377 3,557
Total Liabilities		 737 781 783 830 863 916 901 944 1,015 1,023 1,090
Total Current Liabilities		 612 652 681 728 772 807 812 862 898 900 968
Accounts Payable		 168 165 166 213 199 195 211 193 200 229 206
Accrued Expenses		 323 348 358 385 413 426 429 446 425 440 457
Customer Deposits		 - - - - 6.35 7.91 13 35 54 50 63
Dividends Payable		 55 55 55 59 59 59 64 64 64 68 68
Current Employee Benefit Liabilities		 7.35 7.67 11 2.94 8.22 16 9.64 7.18 6.70 6.47 9.15
Other Current Liabilities		 58 76 91 68 86 103 86 116 148 106 165
Total Noncurrent Liabilities		 125 129 102 102 91 109 89 82 118 123 121
Noncurrent Deferred & Payable Income Tax Liabilities		 16 16 11 6.59 5.19 13 3.70 0.48 20 20 19
Noncurrent Employee Benefit Liabilities		 66 69 46 47 43 52 49 45 52 58 56
Other Noncurrent Operating Liabilities		 43 44 44 48 43 45 36 36 46 45 47
Total Equity & Noncontrolling Interests		 1,487 1,545 1,612 1,726 1,829 1,948 2,067 2,185 2,309 2,354 2,467
Total Preferred & Common Equity		 1,487 1,545 1,612 1,726 1,829 1,948 2,067 2,185 2,309 2,354 2,467
Total Common Equity		 1,487 1,545 1,612 1,726 1,829 1,948 2,067 2,185 2,309 2,354 2,467
Common Stock		 19 19 19 19 19 19 19 19 19 19 19
Retained Earnings		 2,614 2,677 2,752 2,869 2,973 3,074 3,237 3,348 3,468 3,545 3,657
Treasury Stock		 -1,169 -1,168 -1,169 -1,169 -1,168 -1,169 -1,170 -1,170 -1,171 -1,171 -1,171
Accumulated Other Comprehensive Income / (Loss)		 0.34 -4.15 -13 -15 -17 1.57 -42 -36 -31 -64 -63
Other Equity Adjustments		 23 22 23 23 22 23 23 24 25 25 25

Annual Metrics And Ratios for Erie Indemnity

This table displays calculated financial ratios and metrics derived from Erie Indemnity's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 6.99% 6.05% 5.96% 40.81% 3.99% 2.39% 3.84% 7.85% 15.07% 16.10% 7.17%
EBITDA Growth		 12.55% 16.56% -1.37% 20.68% 2.76% -5.93% -6.89% 20.63% 41.06% 29.09% 5.48%
EBIT Growth		 12.55% 16.56% -1.37% 20.68% 2.76% -5.93% -6.89% 20.63% 41.06% 29.09% 5.48%
NOPAT Growth		 2.69% 26.44% -6.11% 47.57% 6.77% -5.69% -6.47% 18.54% 38.41% 29.85% 5.27%
Net Income Growth		 4.28% 20.43% -6.35% 46.31% 9.92% -7.42% 1.55% 0.24% 49.40% 34.58% -6.83%
EPS Growth		 17,677.67% -99.29% -6.23% 46.54% 9.98% -7.43% 1.43% 16,907.21% -99.12% 34.58% -6.88%
Operating Cash Flow Growth		 16.86% 17.00% -22.49% 33.71% 38.30% -6.02% 17.57% -9.10% 4.11% 60.35% 12.34%
Free Cash Flow Firm Growth		 102.64% 29.29% -29.14% 2.83% -4.52% 61.09% -41.62% 40.54% 38.00% 68.74% 47.08%
Invested Capital Growth		 -13.16% -20.97% 37.77% 209.18% 233.00% 17.79% 48.82% 30.37% 32.41% 14.86% -13.10%
Revenue Q/Q Growth		 176.08% 1.48% 1.30% 7.96% 0.80% 0.50% 1.02% 2.38% 3.67% 2.89% 0.67%
EBITDA Q/Q Growth		 735.79% 5.35% 5.95% 6.19% -2.58% -1.15% -1.98% 6.52% 10.01% 6.31% -1.74%
EBIT Q/Q Growth		 735.79% 5.35% 5.95% 6.19% -2.58% -1.15% -1.98% 6.52% 10.01% 6.31% -1.74%
NOPAT Q/Q Growth		 796.50% 5.69% -4.63% 11.54% -0.79% -0.67% -1.36% 5.80% 9.46% 6.32% -1.70%
Net Income Q/Q Growth		 2,297.21% 8.04% -6.52% 11.73% -0.85% 1.10% -2.53% 3.63% 11.34% 7.35% -13.68%
EPS Q/Q Growth		 17,511.53% -99.63% 100.71% 11.76% -0.82% 1.08% -2.57% 248.72% -98.78% 7.39% 0.00%
Operating Cash Flow Q/Q Growth		 193.70% 935.74% 0.00% 4.97% 11.43% -5.13% 8.23% -2.84% 5.65% 7.95% -3.09%
Free Cash Flow Firm Q/Q Growth		 -56.46% 103.01% -15.61% 5.56% -8.57% 6.40% -46.25% 85.49% 59.58% 4.70% 11.91%
Invested Capital Q/Q Growth		 98.97% -104.13% -94.06% -10.54% 2.14% -4.70% 40.88% 7.05% -5.12% -2.91% -14.22%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 84.94% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
EBITDA Margin		 16.66% 18.31% 17.04% 14.61% 14.43% 13.26% 11.89% 13.30% 16.30% 18.13% 17.84%
Operating Margin		 15.45% 18.38% 17.16% 14.45% 14.42% 13.33% 12.08% 13.24% 15.92% 17.82% 17.63%
EBIT Margin		 16.66% 18.31% 17.04% 14.61% 14.43% 13.26% 11.89% 13.30% 16.30% 18.13% 17.84%
Profit (Net Income) Margin		 11.60% 13.18% 11.64% 12.10% 12.79% 11.56% 11.31% 10.51% 13.65% 15.82% 13.75%
Tax Burden Percent		 65.61% 65.72% 62.40% 77.62% 79.86% 79.59% 79.13% 79.31% 79.38% 79.27% 78.71%
Interest Burden Percent		 106.15% 109.49% 109.49% 106.71% 110.94% 109.55% 120.18% 99.64% 105.44% 110.07% 97.91%
Effective Tax Rate		 34.39% 34.28% 37.60% 22.38% 20.14% 20.41% 20.87% 20.69% 20.62% 20.73% 21.29%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 10,549.99% 218.64% 123.11% 85.56% 73.61% 77.46% 82.17% 86.58%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 10,547.70% 215.24% 120.55% 80.81% 73.59% 74.23% 76.71% 86.93%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% -10,518.51% -188.57% -97.84% -62.02% -52.22% -48.79% -49.28% -60.38%
Return on Equity (ROE)		 23.72% 26.52% 23.53% 31.48% 30.07% 25.27% 23.54% 21.40% 28.67% 32.89% 26.19%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 251.75% 111.02% 106.78% 46.32% 47.25% 49.58% 68.33% 100.60%
Operating Return on Assets (OROA)		 18.40% 19.78% 17.94% 20.21% 18.85% 16.28% 14.37% 16.86% 22.62% 25.67% 23.25%
Return on Assets (ROA)		 12.81% 14.23% 12.26% 16.74% 16.70% 14.19% 13.67% 13.32% 18.94% 22.40% 17.92%
Return on Common Equity (ROCE)		 23.72% 26.52% 23.53% 31.48% 30.07% 25.27% 23.54% 21.40% 28.67% 32.89% 26.19%
Return on Equity Simple (ROE_SIMPLE)		 22.70% 25.75% 22.98% 29.60% 27.96% 24.69% 22.19% 20.61% 26.83% 30.21% 0.00%
Net Operating Profit after Tax (NOPAT)		 153 193 181 267 285 269 252 298 413 536 565
NOPAT Margin		 10.13% 12.08% 10.71% 11.22% 11.52% 10.61% 9.56% 10.50% 12.63% 14.13% 13.88%
Net Nonoperating Expense Percent (NNEP)		 2.75% 2.00% 1.75% 2.29% 3.41% 2.56% 4.75% 0.02% 3.24% 5.46% -0.35%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 20.60% 24.84% 26.98% 24.72%
Cost of Revenue to Revenue		 15.06% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 13.18% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 86.73% 0.00% 0.00% 0.00%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 69.50% 81.62% 82.84% 85.55% 85.58% 86.67% 87.92% 86.73% 84.08% 82.18% 82.37%
Earnings before Interest and Taxes (EBIT)		 251 292 288 348 358 336 313 378 533 688 726
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 251 292 288 348 358 336 313 378 533 688 726
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 4.74 5.36 5.68 5.63 6.15 8.94 6.33 7.65 9.15 9.55 5.77
Price to Tangible Book Value (P/TBV)		 4.74 5.36 5.68 5.63 6.15 8.94 6.33 7.65 9.15 9.55 5.77
Price to Revenue (P/Rev)		 2.42 2.74 2.88 2.30 2.81 4.19 3.23 3.90 4.66 5.00 3.24
Price to Earnings (P/E)		 20.86 20.83 24.74 19.03 22.00 36.21 28.53 37.12 34.13 31.61 19.98
Dividend Yield		 3.52% 3.08% 2.97% 2.83% 2.39% 2.55% 3.34% 1.85% 1.44% 1.24% 1.91%
Earnings Yield		 4.79% 4.80% 4.04% 5.26% 4.55% 2.76% 3.50% 2.69% 2.93% 3.16% 5.01%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 75.12 29.85 40.68 21.19 21.88 23.22 25.26 18.85
Enterprise Value to Revenue (EV/Rev)		 1.84 2.15 2.32 1.90 2.42 3.79 2.83 3.53 4.32 4.64 2.81
Enterprise Value to EBITDA (EV/EBITDA)		 11.03 11.76 13.60 13.01 16.76 28.60 23.81 26.57 26.47 25.62 15.75
Enterprise Value to EBIT (EV/EBIT)		 11.03 11.76 13.60 13.01 16.76 28.60 23.81 26.57 26.47 25.62 15.75
Enterprise Value to NOPAT (EV/NOPAT)		 18.14 17.83 21.65 16.94 21.00 35.75 29.62 33.64 34.16 32.87 20.24
Enterprise Value to Operating Cash Flow (EV/OCF)		 12.73 13.52 19.89 17.18 16.44 28.08 18.51 27.41 37.01 28.83 16.64
Enterprise Value to Free Cash Flow (EV/FCFF)		 17.18 16.51 26.57 29.84 41.35 41.21 54.71 52.41 53.38 39.52 17.42
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.03 0.09 0.10 0.09 0.08 0.07 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.03 0.09 0.10 0.08 0.08 0.07 0.00 0.00 0.00 0.00
Financial Leverage		 -1.09 -1.10 -1.09 -1.00 -0.88 -0.81 -0.77 -0.71 -0.66 -0.64 -0.69
Leverage Ratio		 1.85 1.86 1.92 1.88 1.80 1.78 1.72 1.61 1.51 1.47 1.46
Compound Leverage Factor		 1.97 2.04 2.10 2.01 2.00 1.95 2.07 1.60 1.60 1.62 1.43
Debt to Total Capital		 0.00% 2.94% 8.02% 9.29% 7.95% 7.47% 6.53% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.17% 0.16% 0.16% 0.15% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 2.94% 8.02% 9.12% 7.79% 7.31% 6.39% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 97.06% 91.98% 90.71% 92.05% 92.53% 93.47% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.08 0.26 0.29 0.27 0.29 0.30 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 -3.22 -3.30 -2.75 -2.73 -2.97 -3.33 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.08 0.26 0.28 0.27 0.28 0.29 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.13 0.41 0.37 0.34 0.36 0.37 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 -4.88 -5.25 -3.57 -3.43 -3.71 -4.14 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.13 0.41 0.37 0.34 0.35 0.36 0.00 0.00 0.00 0.00
Altman Z-Score		 7.23 7.26 7.21 8.25 8.38 10.22 8.93 11.91 15.02 16.41 10.83
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.43 1.42 1.57 2.14 1.52 1.17 1.21 1.17 1.31 1.43 1.27
Quick Ratio		 1.34 1.34 1.45 2.05 1.44 1.08 1.12 0.84 1.01 0.95 0.83
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 161 208 148 152 145 233 136 192 264 446 656
Operating Cash Flow to CapEx		 1,731.27% 1,008.95% 681.46% 524.20% 359.98% 617.14% 270.69% 546.99% 411.46% 489.61% 593.52%
Free Cash Flow to Firm to Interest Expense		 0.00 2,062.24 119.23 61.70 169.29 319.33 32.98 95.33 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 2,518.18 159.23 107.15 425.85 468.67 97.48 182.26 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 2,268.59 135.86 86.71 307.55 392.73 61.47 148.94 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.10 1.08 1.05 1.38 1.31 1.23 1.21 1.27 1.39 1.42 1.30
Accounts Receivable Turnover		 4.41 4.39 4.25 5.49 5.39 5.27 5.41 5.66 5.68 5.70 5.64
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 3.65 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 82.83 83.05 85.96 66.51 67.67 69.31 67.47 64.50 64.22 64.07 64.73
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 100.12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 -17.29 83.05 85.96 66.51 67.67 69.31 67.47 64.50 64.22 64.07 64.73
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -73 -89 -55 60 201 236 352 459 607 698 606
Invested Capital Turnover		 -21.79 -19.70 -23.50 940.29 18.98 11.60 8.95 7.01 6.13 5.82 6.24
Increase / (Decrease) in Invested Capital		 -8.53 -15 34 116 140 36 115 107 149 90 -91
Enterprise Value (EV)		 2,767 3,439 3,922 4,529 5,992 9,621 7,456 10,038 14,107 17,624 11,427
Market Capitalization		 3,644 4,381 4,873 5,484 6,969 10,620 8,499 11,083 15,222 18,977 13,172
Book Value per Share		 $16.66 $17.69 $18.56 $21.08 $24.53 $25.72 $29.06 $31.36 $36.00 $43.02 $49.43
Tangible Book Value per Share		 $16.66 $17.69 $18.56 $21.08 $24.53 $25.72 $29.06 $31.36 $36.00 $43.02 $49.43
Total Capital		 770 842 932 1,073 1,231 1,284 1,436 1,448 1,663 1,987 2,283
Total Debt		 0.00 25 75 100 98 96 94 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 25 75 98 96 94 92 0.00 0.00 0.00 0.00
Net Debt		 -877 -942 -952 -955 -977 -1,000 -1,042 -1,045 -1,115 -1,353 -1,745
Capital Expenditures (CapEx)		 13 25 29 50 101 56 149 67 93 125 116
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -61 -56 -1.79 -50 -72 -78 -93 -61 -14 -12 -144
Debt-free Net Working Capital (DFNWC)		 189 196 292 624 306 107 135 114 221 343 254
Net Working Capital (NWC)		 189 196 292 622 304 105 133 114 221 343 254
Net Nonoperating Expense (NNE)		 -22 -17 -16 -21 -31 -24 -46 -0.19 -33 -64 5.18
Net Nonoperating Obligations (NNO)		 -843 -906 -913 -913 -932 -952 -991 -990 -1,055 -1,290 -1,677
Total Depreciation and Amortization (D&A)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt-free, Cash-free Net Working Capital to Revenue		 -4.05% -3.48% -0.11% -2.11% -2.89% -3.09% -3.55% -2.15% -0.44% -0.30% -3.54%
Debt-free Net Working Capital to Revenue		 12.58% 12.27% 17.26% 26.18% 12.34% 4.21% 5.12% 4.00% 6.77% 9.03% 6.23%
Net Working Capital to Revenue		 12.58% 12.27% 17.26% 26.11% 12.26% 4.13% 5.04% 4.00% 6.77% 9.03% 6.23%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $3.75 $4.52 $639.23 $6.19 $6.80 $6.30 $6.40 $6.41 $9.58 $12.89 $12.01
Adjusted Weighted Average Basic Shares Outstanding		 46.19M 46.19M 46.19M 46.19M 46.19M 46.19M 46.19M 46.19M 46.19M 46.19M 46.19M
Adjusted Diluted Earnings per Share		 $3.33 $4.01 $637.76 $5.51 $6.06 $5.61 $5.69 $5.71 $8.53 $11.48 $10.69
Adjusted Weighted Average Diluted Shares Outstanding		 52.50M 52.44M 52.34M 52.32M 52.32M 52.31M 52.31M 52.30M 52.30M 52.31M 52.31M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 46.19M 46.19M 46.19M 46.19M 46.19M 46.19M 46.19M 46.19M 46.19M 46.19M 46.19M
Normalized Net Operating Profit after Tax (NOPAT)		 153 193 181 267 285 269 252 298 413 536 565
Normalized NOPAT Margin		 10.13% 12.08% 10.71% 11.22% 11.52% 10.61% 9.56% 10.50% 12.63% 14.13% 13.88%
Pre Tax Income Margin		 17.69% 20.05% 18.66% 15.59% 16.01% 14.53% 14.29% 13.25% 17.19% 19.95% 17.47%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 2,894.58 232.91 141.46 417.75 460.16 75.80 188.07 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 1,909.91 146.30 108.65 333.39 368.18 60.92 148.52 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 2,645.00 209.54 121.02 299.45 384.22 39.79 154.75 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 1,660.33 122.94 88.21 215.09 292.24 24.91 115.20 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 72.62% 64.64% 73.99% 54.29% 52.92% 93.04% 64.73% 69.25% 49.70% 39.56% 45.46%
Augmented Payout Ratio		 72.62% 64.64% 73.99% 54.29% 52.92% 93.04% 64.73% 69.25% 49.70% 39.56% 45.46%

Quarterly Metrics And Ratios for Erie Indemnity

This table displays calculated financial ratios and metrics derived from Erie Indemnity's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 46,191,610.00 46,191,610.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 46,191,610.00 46,191,610.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 3.26 3.90
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 16.50% 17.04% 17.93% 16.41% 13.02% 12.34% 7.03% 6.69% 2.91% 2.28% 2.80%
EBITDA Growth		 59.36% 24.89% 40.77% 19.69% 31.39% 9.13% 3.95% 16.50% -7.50% 8.37% 2.18%
EBIT Growth		 59.36% 24.89% 40.77% 19.69% 31.39% 9.13% 3.95% 16.50% -7.50% 8.37% 2.18%
NOPAT Growth		 54.84% 25.84% 41.79% 20.66% 31.63% 9.09% 4.82% 14.50% -8.47% 9.97% 2.38%
Net Income Growth		 69.38% 44.42% 39.08% 21.97% 37.05% 11.13% 6.58% 14.40% -58.31% 8.71% 3.21%
EPS Growth		 -99.69% 44.24% 39.11% 21.91% 37.26% 0.00% 0.00% 0.00% 0.00% 8.68% 3.29%
Operating Cash Flow Growth		 15.93% 81.53% -0.42% 277.49% 30.33% 35.47% 35.11% 10.16% -11.32% -22.20% 21.03%
Free Cash Flow Firm Growth		 -14.69% -11,280.45% -227.85% 169.89% 188.30% 162.32% 545.87% 171.15% 402.79% 321.01% -10.03%
Invested Capital Growth		 32.41% 33.34% 34.02% 12.25% 14.86% 12.90% 3.94% -1.65% -13.10% -1.84% 6.07%
Revenue Q/Q Growth		 -4.80% 7.71% 12.46% 0.95% -7.58% 7.07% 7.15% 0.63% -10.85% 6.40% 7.70%
EBITDA Q/Q Growth		 -14.07% 9.27% 36.05% -6.31% -5.68% -9.24% 29.60% 5.00% -25.11% 6.34% 22.19%
EBIT Q/Q Growth		 -14.07% 9.27% 36.05% -6.31% -5.68% -9.24% 29.60% 5.00% -25.11% 6.34% 22.19%
NOPAT Q/Q Growth		 -15.19% 9.09% 36.81% -4.67% -7.49% -9.58% 31.45% 4.13% -26.04% 8.63% 22.37%
Net Income Q/Q Growth		 -15.35% 12.28% 31.59% -2.49% -4.88% -8.95% 26.20% 4.68% -65.34% 137.42% 19.82%
EPS Q/Q Growth		 -15.54% 12.26% 31.51% -2.24% -4.90% 0.00% 0.00% 0.00% 0.00% 0.00% 19.79%
Operating Cash Flow Q/Q Growth		 181.33% -41.26% 50.73% 51.55% -2.87% -38.94% 50.34% 23.56% -21.81% -46.44% 133.89%
Free Cash Flow Firm Q/Q Growth		 48.38% -15.81% 47.57% 322.99% -34.79% -18.26% 275.14% 35.61% 20.92% -31.56% -19.83%
Invested Capital Q/Q Growth		 -5.12% 8.91% 6.86% 1.66% -2.91% 7.04% -1.62% -3.81% -14.22% 20.91% 6.32%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
EBITDA Margin		 15.92% 16.15% 19.54% 18.13% 18.51% 15.69% 18.97% 19.80% 16.63% 16.62% 18.86%
Operating Margin		 15.54% 15.76% 19.20% 18.01% 18.11% 15.30% 18.79% 19.59% 16.58% 16.48% 18.73%
EBIT Margin		 15.92% 16.15% 19.54% 18.13% 18.51% 15.69% 18.97% 19.80% 16.63% 16.62% 18.86%
Profit (Net Income) Margin		 13.57% 14.14% 16.55% 15.98% 16.45% 13.99% 16.48% 17.14% 6.66% 14.87% 16.54%
Tax Burden Percent		 79.28% 79.18% 79.06% 79.58% 79.26% 79.21% 79.13% 78.56% 76.97% 79.06% 79.05%
Interest Burden Percent		 107.51% 110.60% 107.15% 110.78% 112.17% 112.59% 109.74% 110.21% 52.06% 113.15% 110.97%
Effective Tax Rate		 20.72% 20.82% 20.94% 20.42% 20.74% 20.79% 20.87% 21.44% 23.03% 20.94% 20.95%
Return on Invested Capital (ROIC)		 75.55% 73.24% 87.26% 77.83% 83.45% 67.18% 81.95% 87.22% 79.62% 72.02% 80.56%
ROIC Less NNEP Spread (ROIC-NNEP)		 74.56% 71.82% 86.00% 76.33% 81.80% 65.63% 80.62% 85.89% 83.53% 70.75% 79.35%
Return on Net Nonoperating Assets (RNNOA)		 -49.01% -45.94% -54.53% -47.19% -52.55% -41.26% -51.66% -57.13% -58.02% -47.07% -53.52%
Return on Equity (ROE)		 26.55% 27.30% 32.73% 30.64% 30.91% 25.92% 30.29% 30.09% 21.60% 24.95% 27.04%
Cash Return on Invested Capital (CROIC)		 49.58% 46.66% 48.66% 62.69% 68.33% 65.45% 72.91% 82.24% 100.60% 79.76% 70.74%
Operating Return on Assets (OROA)		 22.09% 22.96% 27.63% 25.44% 26.20% 22.17% 25.91% 25.85% 21.67% 21.43% 23.24%
Return on Assets (ROA)		 18.83% 20.10% 23.40% 22.43% 23.29% 19.77% 22.50% 22.38% 8.68% 19.17% 20.39%
Return on Common Equity (ROCE)		 26.55% 27.30% 32.73% 30.64% 30.91% 25.92% 30.29% 30.09% 21.60% 24.95% 27.04%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 28.06% 29.00% 28.71% 0.00% 29.71% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 101 110 150 143 133 120 158 164 121 132 161
NOPAT Margin		 12.32% 12.48% 15.18% 14.34% 14.35% 12.12% 14.87% 15.39% 12.76% 13.03% 14.81%
Net Nonoperating Expense Percent (NNEP)		 1.00% 1.42% 1.27% 1.50% 1.66% 1.55% 1.33% 1.32% -3.91% 1.27% 1.21%
Return On Investment Capital (ROIC_SIMPLE)		 6.06% - - - 6.67% 5.80% 7.21% 7.11% 5.32% 5.60% 6.54%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 84.46% 84.24% 80.80% 81.99% 81.89% 84.70% 81.21% 80.42% 83.42% 83.52% 81.27%
Earnings before Interest and Taxes (EBIT)		 130 142 194 181 171 155 201 211 158 168 206
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 130 142 194 181 171 155 201 211 158 168 206
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 9.15 10.71 9.12 12.77 9.55 9.33 7.30 6.34 5.77 4.90 4.46
Price to Tangible Book Value (P/TBV)		 9.15 10.71 9.12 12.77 9.55 9.33 7.30 6.34 5.77 4.90 4.46
Price to Revenue (P/Rev)		 4.66 5.44 4.70 6.74 5.00 4.94 4.02 3.62 3.24 2.82 2.67
Price to Earnings (P/E)		 34.13 38.17 31.45 44.49 31.61 31.41 25.53 22.58 19.98 17.19 16.27
Dividend Yield		 1.44% 1.21% 1.37% 0.93% 1.24% 1.24% 1.53% 1.70% 1.91% 2.22% 2.37%
Earnings Yield		 2.93% 2.62% 3.18% 2.25% 3.16% 3.18% 3.92% 4.43% 5.01% 5.82% 6.15%
Enterprise Value to Invested Capital (EV/IC)		 23.22 26.25 21.93 32.82 25.26 23.97 19.65 18.35 18.85 13.44 11.88
Enterprise Value to Revenue (EV/Rev)		 4.32 5.11 4.37 6.39 4.64 4.59 3.63 3.21 2.81 2.41 2.25
Enterprise Value to EBITDA (EV/EBITDA)		 26.47 30.94 25.11 36.45 25.62 25.54 20.38 17.56 15.75 13.34 12.46
Enterprise Value to EBIT (EV/EBIT)		 26.47 30.94 25.11 36.45 25.62 25.54 20.38 17.56 15.75 13.34 12.46
Enterprise Value to NOPAT (EV/NOPAT)		 34.16 39.88 32.31 46.77 32.87 32.78 26.09 22.58 20.24 17.09 15.95
Enterprise Value to Operating Cash Flow (EV/OCF)		 37.01 41.31 36.92 41.66 28.83 27.88 20.98 18.30 16.64 14.92 13.26
Enterprise Value to Free Cash Flow (EV/FCFF)		 53.38 64.30 51.61 55.38 39.52 38.85 27.47 22.12 17.42 16.69 17.28
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -0.66 -0.64 -0.63 -0.62 -0.64 -0.63 -0.64 -0.67 -0.69 -0.67 -0.67
Leverage Ratio		 1.51 1.49 1.49 1.48 1.47 1.46 1.45 1.45 1.46 1.44 1.44
Compound Leverage Factor		 1.63 1.65 1.59 1.64 1.65 1.64 1.59 1.60 0.76 1.62 1.59
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 14.48 16.56 14.81 19.41 15.82 15.99 13.28 11.75 10.27 9.71 8.93
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.31 1.29 1.32 1.36 1.43 1.38 1.47 1.67 1.27 1.29 1.25
Quick Ratio		 1.01 1.00 0.99 0.99 0.95 0.96 0.98 0.95 0.83 0.90 0.86
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -48 -56 -29 65 42 35 130 176 213 146 117
Operating Cash Flow to CapEx		 722.46% 388.46% 468.68% 718.67% 414.76% 398.05% 876.62% 626.98% 557.60% 245.61% 517.65%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.39 1.42 1.41 1.40 1.42 1.41 1.37 1.31 1.30 1.29 1.23
Accounts Receivable Turnover		 5.68 5.78 5.46 5.43 5.70 5.73 5.38 5.33 5.64 5.59 5.41
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 64.22 63.12 66.83 67.17 64.07 63.65 67.85 68.54 64.73 65.29 67.44
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 64.22 63.12 66.83 67.17 64.07 63.65 67.85 68.54 64.73 65.29 67.44
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 607 662 707 719 698 747 735 707 606 733 779
Invested Capital Turnover		 6.13 5.87 5.75 5.43 5.82 5.54 5.51 5.67 6.24 5.53 5.44
Increase / (Decrease) in Invested Capital		 149 165 179 78 90 85 28 -12 -91 -14 45
Enterprise Value (EV)		 14,107 17,366 15,501 23,588 17,624 17,906 14,441 12,968 11,427 9,853 9,256
Market Capitalization		 15,222 18,490 16,682 24,877 18,977 19,290 15,955 14,633 13,172 11,542 11,011
Book Value per Share		 $36.00 $37.37 $39.59 $42.17 $43.02 $44.76 $47.29 $49.98 $49.43 $50.95 $53.41
Tangible Book Value per Share		 $36.00 $37.37 $39.59 $42.17 $43.02 $44.76 $47.29 $49.98 $49.43 $50.95 $53.41
Total Capital		 1,663 1,726 1,829 1,948 1,987 2,067 2,185 2,309 2,283 2,354 2,467
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -1,115 -1,124 -1,181 -1,289 -1,353 -1,384 -1,513 -1,666 -1,745 -1,689 -1,756
Capital Expenditures (CapEx)		 21 22 28 28 47 30 20 35 31 37 42
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -14 -17 19 10 -12 -14 -21 -43 -144 -77 -123
Debt-free Net Working Capital (DFNWC)		 221 214 248 290 343 310 408 600 254 261 238
Net Working Capital (NWC)		 221 214 248 290 343 310 408 600 254 261 238
Net Nonoperating Expense (NNE)		 -10 -15 -14 -16 -19 -19 -17 -19 58 -19 -19
Net Nonoperating Obligations (NNO)		 -1,055 -1,065 -1,122 -1,229 -1,290 -1,320 -1,450 -1,602 -1,677 -1,620 -1,688
Total Depreciation and Amortization (D&A)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt-free, Cash-free Net Working Capital to Revenue		 -0.44% -0.49% 0.55% 0.28% -0.30% -0.36% -0.54% -1.07% -3.54% -1.88% -2.98%
Debt-free Net Working Capital to Revenue		 6.77% 6.31% 6.99% 7.87% 9.03% 7.95% 10.26% 14.86% 6.23% 6.38% 5.78%
Net Working Capital to Revenue		 6.77% 6.31% 6.99% 7.87% 9.03% 7.95% 10.26% 14.86% 6.23% 6.38% 5.78%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.39 $2.67 $3.52 $3.43 $3.27 $0.00 $0.00 $0.00 $0.00 $3.23 $3.87
Adjusted Weighted Average Basic Shares Outstanding		 46.19M 46.19M 46.19M 46.19M 46.19M 0.00 0.00 0.00 46.19M 46.19M 46.19M
Adjusted Diluted Earnings per Share		 $2.12 $2.38 $3.13 $3.06 $2.91 $0.00 $0.00 $0.00 $0.00 $2.88 $3.45
Adjusted Weighted Average Diluted Shares Outstanding		 52.30M 52.30M 52.31M 52.31M 52.31M 0.00 0.00 0.00 52.31M 52.30M 52.30M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 46.19M 46.19M 46.19M 46.19M 46.19M 0.00 0.00 0.00 46.19M 46.19M 46.19M
Normalized Net Operating Profit after Tax (NOPAT)		 101 110 150 143 133 120 158 164 121 132 161
Normalized NOPAT Margin		 12.32% 12.48% 15.18% 14.34% 14.35% 12.12% 14.87% 15.39% 12.76% 13.03% 14.81%
Pre Tax Income Margin		 17.11% 17.86% 20.93% 20.09% 20.76% 17.66% 20.82% 21.82% 8.66% 18.81% 20.93%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 49.70% 46.58% 43.28% 41.76% 39.56% 39.35% 39.35% 38.59% 45.46% 45.30% 45.64%
Augmented Payout Ratio		 49.70% 46.58% 43.28% 41.76% 39.56% 39.35% 39.35% 38.59% 45.46% 45.30% 45.64%

Financials Breakdown Chart

Key Financial Trends

Erie Indemnity’s latest quarter shows a business that is still generating solid profits and strong operating cash flow, but with some signs of pressure in revenue growth and a balance sheet that is increasingly dominated by liabilities and investment assets rather than operating assets.

For Q1 2026, revenue rose 2.0% year over year to $1.01 billion, up from $989.4 million in Q1 2025. Net income attributable to common shareholders increased to $150.5 million, compared with $138.4 million a year ago. That suggests Erie is still doing a good job converting revenue into earnings.

However, the quarter also showed softer cash generation and a decline in liquidity. Operating cash flow fell to $91.9 million from $118.1 million in Q1 2025, while net cash and equivalents decreased by $77.3 million in the quarter. The company also paid $68.1 million in dividends, which continues to be a major cash use.

Looking at the last four years, Erie has delivered steady top-line growth. Quarterly revenue has generally moved higher from 2023 into 2025 and into early 2026, with Q1 revenue rising from $752.5 million in Q1 2023 to $1.01 billion in Q1 2026. That’s a meaningful multi-year increase for a mature financial services company.

Profitability has remained healthy, but quarterly earnings have been somewhat uneven. Operating income in Q1 2026 was $166.8 million, up from $151.4 million in Q1 2025. But compared with some of the stronger 2025 quarters, earnings growth has moderated, and Q1 2026 diluted EPS of $2.88 was below Q4 2025’s $2.91 and slightly above Q1 2025’s $2.65.

The balance sheet remains large and investment-heavy. As of Q1 2026, Erie held $1.35 billion in long-term investments and $69.3 million in short-term investments, against total assets of $3.38 billion. That structure supports the company’s financial profile, but it also means results can be influenced by investment income and market conditions.

Liabilities have risen alongside asset growth. Total liabilities were $1.02 billion in Q1 2026, up from $900.9 million in Q1 2025 and $863.1 million in Q2 2025. Current liabilities, especially accrued expenses, accounts payable, and dividends payable, remain sizeable.

Equity is still strong, but it has not grown as fast as assets and liabilities. Total common equity was $2.35 billion in Q1 2026, up from $2.07 billion in Q1 2025. Retained earnings also climbed to $3.55 billion, which is a positive sign of long-term earnings accumulation.

  • Revenue growth continues with Q1 2026 operating revenue up year over year.
  • Net income improved to $150.5 million in Q1 2026 from $138.4 million in Q1 2025.
  • Operating income increased to $166.8 million, showing the core business remains profitable.
  • Long-term retained earnings remain very strong, reflecting years of accumulated profitability.
  • The company continues to generate positive operating cash flow, even though it declined versus last year.
  • The balance sheet is investment-heavy, with a large portion of assets held in investments rather than operating assets.
  • Dividend payments remain significant and are part of the company’s normal cash usage pattern.
  • Quarterly results can be somewhat seasonal, with some quarters materially stronger than others.
  • Operating cash flow weakened in Q1 2026 versus Q1 2025.
  • Cash declined in the latest quarter after dividends, investing activity, and financing outflows.

Bottom line: Erie Indemnity still looks fundamentally solid, with growing revenue, healthy profits, and a strong equity base. The main watch item is cash flow consistency, since recent quarters show that earnings strength is not always translating into equal cash growth. For long-term investors, the business appears stable, but the current trend is more “steady and mature” than “accelerating.”

08/01/26 05:08 PM ETAI Generated. May Contain Errors.

Erie Indemnity Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Erie Indemnity's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Erie Indemnity's net income appears to be on an upward trend, with a most recent value of $559.34 million in 2025, rising from $174.68 million in 2015. The previous period was $600.31 million in 2024. Find out what analysts predict for Erie Indemnity in the coming months.

Erie Indemnity's total operating income in 2025 was $717.18 million, based on the following breakdown:
  • Total Gross Profit: $4.07 billion
  • Total Operating Expenses: $3.35 billion

Over the last 10 years, Erie Indemnity's total revenue changed from $1.51 billion in 2015 to $4.07 billion in 2025, a change of 170.2%.

Erie Indemnity's total liabilities were at $1.07 billion at the end of 2025, a 18.9% increase from 2024, and a 68.1% increase since 2015.

Over the last 10 years, Erie Indemnity's book value per share changed from 16.66 in 2015 to 49.43 in 2025, a change of 196.7%.


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Financial statements for NASDAQ:ERIE last updated on 7/30/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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