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Horace Mann Educators (HMN) Financials

Horace Mann Educators logo
$50.51 +0.10 (+0.20%)
As of 08/21/2026 03:58 PM Eastern
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Annual Income Statements for Horace Mann Educators

Annual Income Statements for Horace Mann Educators

This table shows Horace Mann Educators' 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		 93 84 169 18 -1,010 133 170 20 45 103 162
Consolidated Net Income / (Loss)		 93 84 169 18 184 133 170 20 45 103 162
Net Income / (Loss) Continuing Operations		 93 84 169 18 -1,010 133 170 20 45 103 162
Total Pre-Tax Income 		129 114 89 20 236 160 210 17 53 129 201
Total Revenue		 1,065 1,117 1,160 1,179 1,415 1,295 1,315 1,362 1,462 1,561 1,665
Net Interest Income / (Expense)		 -13 -12 -12 -13 -16 -15 -14 -19 -30 -35 -36
Total Interest Income		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest Expense		 13 12 12 13 16 15 14 19 30 35 36
Long-Term Debt Interest Expense		 13 12 12 13 16 15 14 19 30 35 36
Total Non-Interest Income		 1,078 1,129 1,172 1,192 1,431 1,310 1,329 1,382 1,492 1,595 1,701
Other Service Charges		 3.26 4.46 6.62 10 14 24 29 9.50 14 21 22
Net Realized & Unrealized Capital Gains on Investments		 343 365 370 364 518 355 412 344 421 428 451
Premiums Earned		 732 759 795 817 898 931 889 1,028 1,057 1,146 1,228
Total Non-Interest Expense		 936 1,003 1,071 1,159 2,373 1,136 1,105 1,346 1,409 1,432 1,464
Property & Liability Insurance Claims		 679 733 781 844 798 774 751 920 975 961 928
Other Operating Expenses		 157 173 188 205 235 238 251 316 318 346 397
Amortization Expense		 99 97 102 110 118 114 104 105 116 126 139
Income Tax Expense		 36 30 -81 1.19 52 26 40 -3.30 8.30 26 39
Basic Earnings per Share		 $2.23 $2.04 $4.10 $0.44 $4.42 $3.18 $4.06 $0.48 $1.09 $2.49 $3.93
Weighted Average Basic Shares Outstanding		 41.92M 41.16M 41.36M 41.57M 41.70M 41.90M 42M 41.60M 41.30M 41.30M 41.20M
Diluted Earnings per Share		 $2.20 $2.02 $4.08 $0.44 $4.40 $3.17 $4.04 $0.47 $1.09 $2.48 $3.90
Weighted Average Diluted Shares Outstanding		 42.43M 41.48M 41.56M 41.89M 41.90M 42M 42.20M 41.80M 41.40M 41.50M 41.60M
Weighted Average Basic & Diluted Shares Outstanding		 41.90M 41.10M 41.30M 41.70M 41.27M 41.42M 41.35M 40.84M 40.88M 40.87M 40.45M
Cash Dividends to Common per Share		 $1.00 $1.06 $1.10 $1.14 $1.15 $1.20 $1.24 $1.28 $1.32 $1.36 $1.40

Quarterly Income Statements for Horace Mann Educators

This table shows Horace Mann Educators' 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		 40 27 3.80 34 38 38 29 58 36 41 42
Consolidated Net Income / (Loss)		 40 27 3.80 34 38 38 29 58 36 41 42
Net Income / (Loss) Continuing Operations		 40 27 3.80 34 38 38 29 58 36 41 42
Total Pre-Tax Income 		47 33 4.60 43 48 48 37 72 46 50 49
Total Revenue		 394 377 379 403 401 408 403 430 425 420 434
Net Interest Income / (Expense)		 -8.60 -8.70 -8.70 -8.70 -8.50 -8.90 -8.60 -8.90 -10 -9.50 -9.60
Total Interest Income		 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00
Total Interest Expense		 8.60 8.70 8.70 8.70 8.50 8.90 8.60 8.90 10 9.50 9.60
Long-Term Debt Interest Expense		 8.60 8.70 8.70 8.70 8.50 8.90 8.60 8.90 10 9.50 9.60
Total Non-Interest Income		 403 386 388 412 409 416 412 439 435 429 444
Other Service Charges		 5.70 3.20 4.70 6.20 6.70 5.50 4.20 5.30 6.70 7.80 6.20
Net Realized & Unrealized Capital Gains on Investments		 123 108 103 117 102 113 105 123 111 109 120
Premiums Earned		 275 275 281 289 301 298 303 310 317 313 317
Total Non-Interest Expense		 347 344 375 361 352 360 367 358 379 370 385
Property & Liability Insurance Claims		 235 229 261 246 225 236 236 227 230 230 241
Other Operating Expenses		 83 85 83 83 95 91 97 96 113 104 109
Amortization Expense		 30 31 31 32 33 33 34 35 37 36 36
Income Tax Expense		 7.70 6.50 0.80 8.40 10 9.30 7.10 13 9.50 9.00 7.40
Basic Earnings per Share		 $0.96 $0.64 $0.09 $0.83 $0.93 $0.93 $0.71 $1.42 $0.87 $1.01 $1.02
Weighted Average Basic Shares Outstanding		 41.30M 41.30M 41.40M 41.20M 41.30M 41.30M 41.30M 41.20M 41.20M 40.90M 40.90M
Diluted Earnings per Share		 $0.96 $0.64 $0.09 $0.83 $0.92 $0.92 $0.71 $1.40 $0.87 $1.00 $1.01
Weighted Average Diluted Shares Outstanding		 41.40M 41.50M 41.60M 41.40M 41.50M 41.60M 41.60M 41.60M 41.60M 41.20M 41.20M
Weighted Average Basic & Diluted Shares Outstanding		 40.88M 40.96M 40.77M 40.76M 40.87M 40.78M 40.70M 40.68M 40.45M 40.38M 40.50M

Annual Cash Flow Statements for Horace Mann Educators

This table details how cash moves in and out of Horace Mann Educators' 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		 3.83 1.16 -9.04 4.28 14 -3.20 111 -91 -13 8.40 -11
Net Cash From Operating Activities		 208 211 257 201 128 260 205 172 302 452 553
Net Cash From Continuing Operating Activities		 208 211 257 201 128 260 205 172 302 452 553
Net Income / (Loss) Continuing Operations		 0.00 0.00 0.00 0.00 184 133 170 20 45 103 162
Consolidated Net Income / (Loss)		 - - - - 184 133 170 20 45 103 162
Depreciation Expense		 - - 6.62 7.36 16 23 18 28 26 26 27
Non-Cash Adjustments to Reconcile Net Income		 208 211 175 22 -121 24 -19 99 18 55 16
Changes in Operating Assets and Liabilities, net		 - - 89 181 48 79 35 26 213 268 349
Net Cash From Investing Activities		 -416 -325 -229 -186 56 -407 -302 -215 -107 -136 -252
Net Cash From Continuing Investing Activities		 -416 -325 -229 -186 56 -407 -302 -215 -107 -136 -252
Purchase of Investment Securities		 -1,582 -1,696 -1,730 -1,592 -1,675 -1,564 -1,845 -1,542 -837 -1,192 -1,529
Sale and/or Maturity of Investments		 1,166 1,371 1,502 1,406 1,730 1,157 1,543 1,327 730 1,056 1,277
Net Cash From Financing Activities		 212 115 -37 -10 -170 144 209 -48 -208 -308 -312
Net Cash From Continuing Financing Activities		 212 115 -37 -10 -170 144 208 -48 -208 -308 -312
Net Change in Deposits		 - - - 0.00 -150 -21 -39 -67 -124 -162 -162
Issuance of Debt		 250 11 50 22 135 4.00 119 0.00 225 15 295
Repayment of Debt		 -240 - -4.75 0.00 -330 7.30 -416 -144 -439 -270 -765
Repurchase of Common Equity		 -22 -22 -1.66 -5.09 0.00 -2.20 -5.30 -24 -6.50 -8.60 -21
Payment of Dividends		 -43 -44 -46 -47 -47 -50 -51 -53 -54 -56 -57
Other Financing Activities, Net		 267 170 -34 20 222 206 601 240 190 174 398

Quarterly Cash Flow Statements for Horace Mann Educators

This table details how cash moves in and out of Horace Mann Educators' 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		 -4.80 -9.30 -5.80 25 -1.70 -7.80 11 262 -275 -6.60 25
Net Cash From Operating Activities		 103 75 40 144 194 141 131 151 130 61 224
Net Cash From Continuing Operating Activities		 103 75 40 144 194 141 131 151 130 61 224
Net Income / (Loss) Continuing Operations		 40 27 3.80 34 38 38 29 58 36 41 42
Consolidated Net Income / (Loss)		 40 27 3.80 34 38 38 29 58 36 41 42
Depreciation Expense		 6.70 6.60 6.40 6.40 7.00 7.00 6.60 6.80 6.70 6.70 6.70
Non-Cash Adjustments to Reconcile Net Income		 -27 9.50 13 -14 47 16 5.10 -6.60 5.90 4.70 -14
Changes in Operating Assets and Liabilities, net		 84 32 17 117 102 79 90 93 81 8.70 190
Net Cash From Investing Activities		 -22 -60 -28 -44 -4.40 -35 -37 -163 -18 16 -103
Net Cash From Continuing Investing Activities		 -22 -60 -28 -44 -4.40 -35 -37 -163 -18 16 -103
Purchase of Investment Securities		 -164 -355 -288 -270 -344 -287 -193 -575 -477 -216 -457
Sale and/or Maturity of Investments		 143 295 260 226 339 248 156 413 460 235 357
Other Investing Activities, net		 - - - - - 3.80 - - - -1.90 -3.40
Net Cash From Financing Activities		 -86 -24 -18 -75 -191 -114 -84 273 -387 -84 -96
Net Cash From Continuing Financing Activities		 -86 -24 -18 -75 -191 -114 -84 273 -387 -84 -96
Net Change in Deposits		 -36 -49 19 -5.20 -127 -37 -33 -33 -58 -31 -40
Issuance of Debt		 68 51 -48 44 -33 -19 -3.90 307 -0.80 0.60 2.50
Repayment of Debt		 -173 -50 -105 -15 -100 -287 -68 -152 -258 -532 -128
Repurchase of Common Equity		 - 0.00 -4.50 -4.10 - -0.20 -6.90 -6.80 -6.90 -18 0.10
Payment of Dividends		 -14 -14 -14 -14 -14 -14 -14 -14 -14 -15 -15
Other Financing Activities, Net		 69 38 134 -80 83 244 42 173 -49 511 84

Annual Balance Sheets for Horace Mann Educators

This table presents Horace Mann Educators' 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		 10,057 10,577 11,198 11,032 12,479 13,472 14,384 13,306 14,050 14,488 15,267
Cash and Due from Banks		 16 17 7.63 12 26 22 - 43 30 38 28
Trading Account Securities		 7,648 7,999 8,105 7,922 5,894 6,467 6,387 5,285 5,322 5,454 5,757
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Deferred Acquisition Cost		 253 268 258 299 277 230 248 331 336 347 358
Separate Account Business Assets		 1,801 1,924 2,152 2,001 2,490 2,891 - 2,792 3,294 3,709 4,157
Goodwill		 47 47 47 47 49 44 44 54 54 54 54
Intangible Assets		 - - - 0.00 177 159 145 185 170 156 142
Other Assets		 292 322 628 751 3,566 3,659 288 4,616 4,844 4,729 4,771
Total Liabilities & Shareholders' Equity		 10,057 10,577 11,198 11,032 12,479 13,472 14,384 13,306 14,050 14,488 15,267
Total Liabilities		 8,792 9,283 9,697 9,741 10,911 11,682 931 12,208 12,875 13,200 13,784
Long-Term Debt		 247 247 297 298 298 302 254 249 546 547 593
Claims and Claim Expense		 324 330 348 397 443 439 - 564 582 569 565
Future Policy Benefits		 5,127 5,448 5,574 5,711 6,234 6,445 - 1,718 1,762 1,623 1,612
Unearned Premiums Liability		 233 246 261 276 279 265 - 266 301 344 372
Participating Policy Holder Equity		 693 709 724 768 647 751 - 6,070 6,103 6,096 6,110
Separate Account Business Liabilities		 1,801 1,924 2,152 2,001 2,490 2,891 - 2,792 3,294 3,709 4,157
Other Long-Term Liabilities		 369 379 341 290 384 453 428 300 287 312 374
Total Equity & Noncontrolling Interests		 1,265 1,294 1,502 1,291 1,567 1,790 2,301 1,098 1,175 1,288 1,483
Total Preferred & Common Equity		 1,265 1,294 1,502 1,291 1,567 1,790 1,807 1,098 1,175 1,288 1,483
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 1,265 1,294 1,502 1,291 1,567 1,790 2,301 1,098 1,175 1,288 1,483
Common Stock		 443 454 464 475 481 489 495 503 511 525 539
Retained Earnings		 1,116 1,156 1,231 1,217 1,353 1,435 1,525 1,512 1,502 1,548 1,652
Treasury Stock		 -458 -479 -481 -486 -486 -488 - -517 -524 -533 -553
Accumulated Other Comprehensive Income / (Loss)		 163 164 287 85 220 355 281 -458 -336 -364 -248
Other Equity Adjustments		 - - - - - - - 59 22 111 93

Quarterly Balance Sheets for Horace Mann Educators

This table presents Horace Mann Educators' 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		 13,654 13,672 13,413 14,236 14,282 14,714 14,396 14,728 15,490 14,966 15,604
Cash and Due from Banks		 - 23 35 20 15 40 30 41 47 21 46
Trading Account Securities		 99 5,298 5,039 5,427 5,428 5,662 5,522 5,512 5,711 5,821 5,807
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Deferred Acquisition Cost		 332 333 335 337 342 345 349 351 358 357 358
Separate Account Business Assets		 - 3,099 2,974 3,517 3,545 3,733 3,568 3,863 4,088 3,959 4,470
Goodwill		 54 54 54 54 54 54 54 54 54 54 54
Intangible Assets		 182 178 174 167 163 159 152 149 145 138 134
Other Assets		 3,897 4,688 4,802 4,713 4,736 4,720 4,720 4,758 4,830 4,616 4,734
Total Liabilities & Shareholders' Equity		 13,654 13,672 13,413 14,236 14,282 14,714 14,396 14,728 15,490 14,966 15,604
Total Liabilities		 2,864 12,570 12,361 13,025 13,073 13,427 13,053 13,368 14,048 13,496 14,102
Long-Term Debt		 249 249 546 546 547 547 547 548 843 594 594
Claims and Claim Expense		 - 598 587 584 597 597 577 577 564 574 588
Future Policy Benefits		 1,772 1,741 1,613 1,702 1,655 1,746 1,636 1,624 1,637 1,579 1,587
Unearned Premiums Liability		 263 273 296 300 320 345 337 351 378 363 369
Participating Policy Holder Equity		 - 6,107 6,120 6,079 6,070 6,095 6,085 6,082 6,138 6,117 6,118
Separate Account Business Liabilities		 - 3,099 2,974 3,517 3,545 3,733 3,568 3,863 4,088 3,959 4,470
Other Long-Term Liabilities		 330 256 225 297 341 365 303 323 400 310 376
Total Equity & Noncontrolling Interests		 1,643 1,102 1,051 1,211 1,209 1,287 1,343 1,360 1,441 1,470 1,503
Total Preferred & Common Equity		 1,139 1,102 1,051 1,211 1,209 1,287 1,343 1,360 1,441 1,470 1,503
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 1,643 1,102 1,051 1,211 1,209 1,287 1,343 1,360 1,441 1,470 1,503
Common Stock		 503 506 509 513 516 518 526 531 536 539 544
Retained Earnings		 1,505 1,479 1,477 1,514 1,504 1,524 1,572 1,587 1,630 1,678 1,705
Treasury Stock		 - -523 -524 -524 -528 -533 -533 -540 -546 -572 -572
Accumulated Other Comprehensive Income / (Loss)		 -365 -403 -544 -356 -378 -245 -322 -317 -258 -291 -284
Other Equity Adjustments		 - 43 134 63 95 22 99 100 79 116 110

Annual Metrics And Ratios for Horace Mann Educators

This table displays calculated financial ratios and metrics derived from Horace Mann Educators' 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		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.23 $2.04 $4.10 $0.44 $4.42 $3.18 $3.40 ($0.06) $1.09 $2.49 $3.93
Adjusted Weighted Average Basic Shares Outstanding		 41.91M 41.16M 41.37M 41.57M 41.74M 41.88M 42M 41.60M 41.30M 41.30M 41.20M
Adjusted Diluted Earnings per Share		 $2.20 $2.02 $4.08 $0.44 $4.40 $3.17 $3.39 ($0.06) $1.09 $2.48 $3.90
Adjusted Weighted Average Diluted Shares Outstanding		 42.42M 41.48M 41.57M 41.89M 41.95M 42.04M 42.20M 41.80M 41.40M 41.50M 41.60M
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		 40.39M 40.34M 40.78M 40.99M 41.27M 41.42M 41.35M 40.84M 40.88M 40.87M 40.45M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Horace Mann Educators

This table displays calculated financial ratios and metrics derived from Horace Mann Educators' 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		 - - - - - - - - - 40,449,550.00 40,381,172.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 40,449,550.00 40,381,172.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 1.02 1.03
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 15.80% 8.67% 8.56% 8.67% 1.57% 8.00% 6.25% 6.49% - 3.02% 7.64%
EBITDA Growth		 383.68% 169.39% 218.28% 143.07% 2.60% 37.63% 291.82% 59.47% - 4.40% 29.23%
EBIT Growth		 282.24% 307.41% 129.49% 213.97% 2.33% 43.94% 693.48% 67.45% - 5.68% 34.25%
NOPAT Growth		 317.87% 301.52% 134.80% 193.16% -3.29% 44.15% 673.68% 69.97% - 7.85% 41.50%
Net Income Growth		 336.53% 301.52% 129.69% 193.16% -3.29% 44.15% 673.68% 69.97% - 7.85% 41.50%
EPS Growth		 340.00% 300.00% 129.03% 196.43% -4.17% 43.75% 688.89% 68.67% - 8.70% 42.25%
Operating Cash Flow Growth		 84.74% -13.77% -40.44% 217.66% 88.05% 88.99% 226.62% 5.07% - -56.46% 70.37%
Free Cash Flow Firm Growth		 -100.69% 203.41% -203.08% -1,703.57% 12.28% -100.99% 18.75% -94.16% - -40.76% -19.98%
Invested Capital Growth		 7.83% -84.43% 9.71% 14.79% 6.58% 7.53% 8.69% 24.57% - 9.20% 9.92%
Revenue Q/Q Growth		 6.22% -4.31% 0.56% 6.33% -0.72% 1.75% -1.08% 6.57% - -1.18% 3.36%
EBITDA Q/Q Growth		 166.83% -26.53% -72.22% 346.36% 12.63% -1.45% -20.92% 81.67% - 8.59% -2.11%
EBIT Q/Q Growth		 247.06% -30.08% -86.06% 828.26% 13.11% -1.66% -23.16% 95.89% - 9.85% -2.39%
NOPAT Q/Q Growth		 237.61% -32.91% -85.66% 802.63% 11.37% 0.00% -23.04% 98.30% - 13.81% 0.97%
Net Income Q/Q Growth		 237.61% -32.91% -85.66% 802.63% 11.37% 0.00% -23.04% 98.30% - 13.81% 0.97%
EPS Q/Q Growth		 242.86% -33.33% -85.94% 822.22% 10.84% 0.00% -22.83% 97.18% - 14.94% 1.00%
Operating Cash Flow Q/Q Growth		 127.15% -27.60% -46.04% 257.96% 34.47% -27.24% -6.75% 15.16% - -52.81% 264.93%
Free Cash Flow Firm Q/Q Growth		 -663.39% 11,278.13% -101.59% -33.33% 62.87% -25.60% -30.68% -218.60% - 35.44% -11.39%
Invested Capital Q/Q Growth		 7.76% 2.11% -0.13% 4.47% 0.04% 3.03% 0.94% 19.73% - -0.59% 1.61%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 13.67% 10.50% 2.90% 12.17% 13.81% 13.37% 10.69% 18.23% - 13.55% 12.84%
EBIT Margin		 11.97% 8.75% 1.21% 10.59% 12.06% 11.66% 9.05% 16.64% - 11.96% 11.29%
Profit (Net Income) Margin		 10.02% 7.02% 1.00% 8.50% 9.54% 9.37% 7.29% 13.57% - 9.81% 9.59%
Tax Burden Percent		 83.69% 80.30% 82.61% 80.33% 79.09% 80.42% 80.55% 81.54% - 82.07% 84.90%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 100.00% 100.00%
Effective Tax Rate		 16.31% 19.70% 17.39% 19.67% 20.91% 19.58% 19.45% 18.46% - 17.93% 15.10%
Return on Invested Capital (ROIC)		 8.83% 1.61% 0.91% 7.70% 8.37% 8.18% 6.43% 10.81% - 8.33% 8.18%
ROIC Less NNEP Spread (ROIC-NNEP)		 8.83% 1.61% 0.91% 7.70% 8.37% 8.18% 6.43% 10.81% - 8.33% 8.18%
Return on Net Nonoperating Assets (RNNOA)		 4.05% 5.74% 0.41% 3.60% 3.72% 3.50% 2.74% 5.51% - 3.38% 3.26%
Return on Equity (ROE)		 12.89% 7.34% 1.32% 11.30% 12.09% 11.68% 9.17% 16.32% - 11.70% 11.44%
Cash Return on Invested Capital (CROIC)		 -4.82% 147.11% -4.40% -7.71% -0.59% -0.98% -0.68% -13.91% - -0.44% -0.60%
Operating Return on Assets (OROA)		 1.28% 0.94% 0.13% 1.17% 1.32% 1.30% 1.01% 1.81% - 1.37% 1.27%
Return on Assets (ROA)		 1.07% 0.75% 0.11% 0.94% 1.04% 1.04% 0.81% 1.47% - 1.12% 1.08%
Return on Common Equity (ROCE)		 12.89% 7.34% 1.32% 11.30% 12.09% 11.68% 9.17% 16.32% - 11.70% 11.44%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 5.36% 6.74% 8.09% 0.00% 8.53% 10.30% 11.39% - 11.23% 11.80%
Net Operating Profit after Tax (NOPAT)		 40 27 3.80 34 38 38 29 58 - 41 42
NOPAT Margin		 10.02% 7.02% 1.00% 8.50% 9.54% 9.37% 7.29% 13.57% - 9.81% 9.59%
Net Nonoperating Expense Percent (NNEP)		 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%
Operating Expenses to Revenue		 88.03% 91.25% 98.79% 89.42% 87.94% 88.34% 90.95% 83.36% - 88.04% 88.71%
Earnings before Interest and Taxes (EBIT)		 47 33 4.60 43 48 48 37 72 - 50 49
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 54 40 11 49 55 55 43 78 - 57 56
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.09 1.23 1.11 1.11 1.24 1.30 1.29 1.28 - 1.17 1.39
Price to Tangible Book Value (P/TBV)		 1.35 1.51 1.35 1.33 1.48 1.54 1.51 1.48 - 1.35 1.59
Price to Revenue (P/Rev)		 0.88 1.00 0.88 0.92 1.02 1.10 1.09 1.12 - 1.03 1.22
Price to Earnings (P/E)		 28.57 23.04 16.40 13.69 15.55 15.25 12.51 11.20 - 10.46 11.76
Dividend Yield		 4.19% 3.63% 4.11% 3.86% 3.47% 3.21% 3.21% 3.08% - 3.30% 2.75%
Earnings Yield		 3.50% 4.34% 6.10% 7.31% 6.43% 6.56% 8.00% 8.93% - 9.56% 8.50%
Enterprise Value to Invested Capital (EV/IC)		 1.05 1.15 1.06 1.05 1.15 1.20 1.18 1.04 - 1.11 1.26
Enterprise Value to Revenue (EV/Rev)		 1.23 1.35 1.23 1.24 1.35 1.42 1.40 1.45 - 1.37 1.54
Enterprise Value to EBITDA (EV/EBITDA)		 22.66 19.36 14.98 12.58 13.60 13.32 11.18 10.29 - 9.97 10.82
Enterprise Value to EBIT (EV/EBIT)		 33.80 25.85 18.99 15.15 16.39 15.82 12.91 11.67 - 11.28 12.17
Enterprise Value to NOPAT (EV/NOPAT)		 40.04 31.14 22.92 18.56 20.50 19.77 16.12 14.50 - 13.93 14.85
Enterprise Value to Operating Cash Flow (EV/OCF)		 5.96 6.96 7.11 5.34 4.66 4.37 3.71 3.86 - 4.85 4.65
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.21 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.46 0.45 0.45 0.42 0.42 0.41 0.40 0.58 - 0.40 0.40
Long-Term Debt to Equity		 0.46 0.45 0.45 0.42 0.42 0.41 0.40 0.58 - 0.40 0.40
Financial Leverage		 0.46 3.57 0.45 0.47 0.44 0.43 0.43 0.51 - 0.41 0.40
Leverage Ratio		 12.03 9.77 12.10 12.03 11.59 11.21 11.29 11.07 - 10.44 10.59
Compound Leverage Factor		 12.03 9.77 12.10 12.03 11.59 11.21 11.29 11.07 - 10.44 10.59
Debt to Total Capital		 31.72% 31.08% 31.13% 29.81% 29.82% 28.95% 28.70% 36.90% - 28.77% 28.33%
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%
Long-Term Debt to Total Capital		 31.72% 31.08% 31.13% 29.81% 29.82% 28.95% 28.70% 36.90% - 28.77% 28.33%
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%
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%
Common Equity to Total Capital		 68.28% 68.92% 68.87% 70.19% 70.18% 71.05% 71.30% 63.10% - 71.23% 71.67%
Debt to EBITDA		 6.87 5.23 4.38 3.56 3.53 3.22 2.71 3.65 - 2.57 2.44
Net Debt to EBITDA		 6.49 5.04 4.27 3.30 3.28 3.04 2.51 2.34 - 2.48 2.25
Long-Term Debt to EBITDA		 6.87 5.23 4.38 3.56 3.53 3.22 2.71 3.65 - 2.57 2.44
Debt to NOPAT		 12.13 8.42 6.71 5.25 5.32 4.78 3.91 5.14 - 3.60 3.35
Net Debt to NOPAT		 11.47 8.10 6.53 4.87 4.95 4.51 3.62 3.29 - 3.47 3.09
Long-Term Debt to NOPAT		 12.13 8.42 6.71 5.25 5.32 4.78 3.91 5.14 - 3.60 3.35
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -86 9,557 -152 -202 -75 -94 -123 -392 - -133 -148
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 -9.94 1,098.54 -17.41 -23.22 -8.82 -10.58 -14.31 -44.07 - -13.96 -15.39
Operating Cash Flow to Interest Expense		 11.97 8.56 4.62 16.54 22.76 15.82 15.27 16.99 - 6.45 23.30
Operating Cash Flow Less CapEx to Interest Expense		 11.97 8.56 4.62 16.54 22.76 15.82 15.27 16.99 - 6.45 23.30
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.11 - 0.11 0.11
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,721 1,758 1,755 1,834 1,835 1,890 1,908 2,284 - 2,064 2,097
Invested Capital Turnover		 0.88 0.23 0.91 0.91 0.88 0.87 0.88 0.80 - 0.85 0.85
Increase / (Decrease) in Invested Capital		 125 -9,531 155 236 113 132 153 451 - 174 189
Enterprise Value (EV)		 1,802 2,021 1,868 1,932 2,108 2,263 2,259 2,379 - 2,299 2,634
Market Capitalization		 1,285 1,495 1,336 1,425 1,599 1,746 1,752 1,838 - 1,726 2,086
Book Value per Share		 $28.78 $29.33 $29.51 $31.57 $31.59 $32.85 $33.36 $35.42 - $36.34 $37.22
Tangible Book Value per Share		 $23.28 $23.98 $24.20 $26.33 $26.43 $27.80 $28.38 $30.52 - $31.59 $32.54
Total Capital		 1,721 1,758 1,755 1,834 1,835 1,890 1,908 2,284 - 2,064 2,097
Total Debt		 546 546 547 547 547 547 548 843 - 594 594
Total Long-Term Debt		 546 546 547 547 547 547 548 843 - 594 594
Net Debt		 516 526 532 507 509 517 507 540 - 573 548
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Net Nonoperating Obligations (NNO)		 546 546 547 547 547 547 548 843 - 594 594
Total Depreciation and Amortization (D&A)		 6.70 6.60 6.40 6.40 7.00 7.00 6.60 6.80 - 6.70 6.70
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.96 $0.64 $0.09 $0.83 $0.93 $0.93 $0.71 $1.42 $0.87 $1.01 $1.02
Adjusted Weighted Average Basic Shares Outstanding		 41.30M 41.30M 41.40M 41.20M 41.30M 41.30M 41.30M 41.20M 41.20M 40.90M 40.90M
Adjusted Diluted Earnings per Share		 $0.96 $0.64 $0.09 $0.83 $0.92 $0.92 $0.71 $1.40 $0.87 $1.00 $1.01
Adjusted Weighted Average Diluted Shares Outstanding		 41.40M 41.50M 41.60M 41.40M 41.50M 41.60M 41.60M 41.60M 41.60M 41.20M 41.20M
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		 40.88M 40.96M 40.77M 40.76M 40.87M 40.78M 40.70M 40.68M 40.45M 40.38M 40.50M
Normalized Net Operating Profit after Tax (NOPAT)		 40 27 3.80 34 38 38 29 58 - 41 42
Normalized NOPAT Margin		 10.02% 7.02% 1.00% 8.50% 9.54% 9.37% 7.29% 13.57% - 9.81% 9.59%
Pre Tax Income Margin		 11.97% 8.75% 1.21% 10.59% 12.06% 11.66% 9.05% 16.64% - 11.96% 11.29%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 5.49 3.79 0.53 4.91 5.68 5.34 4.24 8.03 - 5.28 5.10
NOPAT to Interest Expense		 4.59 3.05 0.44 3.94 4.49 4.29 3.42 6.55 - 4.34 4.33
EBIT Less CapEx to Interest Expense		 5.49 3.79 0.53 4.91 5.68 5.34 4.24 8.03 - 5.28 5.10
NOPAT Less CapEx to Interest Expense		 4.59 3.05 0.44 3.94 4.49 4.29 3.42 6.55 - 4.34 4.33
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 119.78% 83.67% 67.12% 53.03% 53.99% 48.82% 40.19% 34.55% - 34.77% 32.49%
Augmented Payout Ratio		 134.22% 86.90% 73.87% 61.29% 62.35% 56.51% 48.18% 43.02% - 58.33% 50.48%

Financials Breakdown Chart

Key Financial Trends

Horace Mann Educators (NYSE: HMN) entered 2026 with a stronger balance sheet than it had a year earlier, but the latest quarter also showed some pressure on cash generation and leverage. Over the last four years, the company has generally been profitable every quarter, with earnings and operating cash flow improving materially from 2023 into 2025, though results can swing based on investment gains and financing activity.

  • Quarterly profitability remained solid in Q1 2026, with net income of $41.2 million and EPS of $1.01, up from $36.2 million and $0.87 in Q4 2025.
  • Operating cash flow was healthy in Q1 2026 at $61.3 million, showing the business still generates cash from core operations.
  • Total common equity rose to $1.47 billion in Q1 2026 from $1.34 billion a year earlier, indicating a stronger capital base.
  • Retained earnings increased to $1.68 billion in Q1 2026 from $1.57 billion in Q1 2025, reflecting continued cumulative profitability.
  • The company has delivered a clear turnaround from 2023, when quarterly net income was much lower at times and even negative in some periods.
  • Revenue in Q1 2026 was $419.8 million, roughly in line with the recent run rate, suggesting stable top-line activity rather than rapid growth.
  • A large portion of earnings still depends on net realized and unrealized investment gains, which means results can be volatile quarter to quarter.
  • The balance sheet remains asset-heavy, with trading account securities and other assets making up a significant share of total assets.
  • The company continues to pay a dividend, with $0.36 per share in Q1 2026, which is supportive for income-focused investors.
  • Long-term debt increased sharply to $593.8 million in Q1 2026 from $547.5 million in Q2 2025 and $546.2 million in Q1 2025, after peaking near $842.9 million in Q3 2025.
  • Net cash changed to a $6.6 million decline in Q1 2026, after a very strong $275.0 million increase in Q4 2025, showing quarterly cash movement can be uneven.
  • Claims and claim expense remain significant, at $573.8 million in Q1 2026, so underwriting discipline is still important.

Bottom line: HMN looks financially stable and consistently profitable, with improving equity and decent operating cash flow. That said, investors should pay close attention to leverage and the company’s reliance on investment gains, because those can make quarterly results more volatile than the underlying insurance operations alone would suggest.

08/23/26 04:34 AM ETAI Generated. May Contain Errors.

Horace Mann Educators Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Horace Mann Educators' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

The last 5 years of Horace Mann Educators' net income performance:
  • 2021: $170.40 million
  • 2022: $19.80 million
  • 2023: $45 million
  • 2024: $102.80 million
  • 2025: $162.10 million
Find out what analysts predict for Horace Mann Educators in the coming months.

Over the last 10 years, Horace Mann Educators' total revenue changed from $1.06 billion in 2015 to $1.67 billion in 2025, a change of 56.3%.

Horace Mann Educators' total liabilities were at $13.78 billion at the end of 2025, a 4.4% increase from 2024, and a 56.8% increase since 2015.

In the past 10 years, Horace Mann Educators' cash and equivalents has ranged from $0.00 in 2021 to $42.80 million in 2022, and is currently $27.50 million as of their latest financial filing in 2025.


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Financial statements for NYSE:HMN last updated on 8/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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