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Old Republic International (ORI) Financials

Old Republic International logo
$37.22 +0.09 (+0.24%)
As of 11:46 AM Eastern
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Annual Income Statements for Old Republic International

Annual Income Statements for Old Republic International

This table shows Old Republic International'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		 422 467 561 371 1,056 559 1,534 686 599 853 935
Consolidated Net Income / (Loss)		 422 467 561 371 1,056 559 1,534 686 599 853 935
Net Income / (Loss) Continuing Operations		 422 467 561 371 1,057 559 1,534 687 599 853 942
Total Pre-Tax Income 		632 686 725 438 1,322 688 1,922 857 747 1,070 1,184
Total Revenue		 5,229 5,356 5,688 6,095 6,837 6,552 8,705 7,408 6,446 7,303 8,162
Net Interest Income / (Expense)		 -42 -50 -63 -42 -40 -44 -56 -67 -71 -77 -70
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		 42 50 63 42 40 44 56 67 71 77 70
Long-Term Debt Interest Expense		 42 50 63 42 40 44 56 67 71 77 70
Total Non-Interest Income		 5,271 5,406 5,751 6,137 6,877 6,596 8,762 7,474 6,517 7,381 8,233
Other Service Charges		 421 464 460 290 321 392 444 333 262 284 264
Net Realized & Unrealized Capital Gains on Investments		 91 73 212 196 636 -142 758 -201 -191 70 180
Premiums Earned		 4,759 4,869 5,080 5,651 5,920 6,346 7,560 7,342 6,446 7,026 7,789
Total Non-Interest Expense		 4,597 4,670 4,963 5,657 5,515 5,864 6,783 6,550 5,699 6,234 6,978
Property & Liability Insurance Claims		 5,074 5,146 5,455 5,759 6,071 6,415 7,341 7,147 6,424 7,061 7,866
Insurance Policy Acquisition Costs		 18 18 20 20 27 19 23 13 17 24 16
Other Operating Expenses		 -389 -387 -409 - -451 -439 -434 -460 -578 -673 -709
Other Special Charges		 -107 -107 -102 -122 -133 -131 -146 -150 -163 -178 -195
Income Tax Expense		 210 219 165 68 266 130 388 171 149 217 242
Basic Earnings per Share		 $1.63 $1.80 $2.14 $1.26 $3.52 $1.87 $5.08 $2.28 $2.12 $3.30 $3.82
Weighted Average Basic Shares Outstanding		 259.50M 259.43M 262.11M 294.25M 299.89M 298.41M 301.95M 301.68M 282.73M 258.03M 245.12M
Diluted Earnings per Share		 $1.48 $1.62 $1.92 $1.24 $3.51 $1.87 $5.05 $2.26 $2.10 $3.24 $3.72
Weighted Average Diluted Shares Outstanding		 296.09M 296.38M 299.39M 301.02M 301.23M 298.90M 303.67M 303.30M 285.47M 262.88M 251.31M
Weighted Average Basic & Diluted Shares Outstanding		 259M 259.40M 261.90M 302.78M 303.79M 304.18M 307.60M 297.15M 278.18M 248.19M 245.73M
Cash Dividends to Common per Share		 $0.74 $0.75 $1.76 $0.78 $1.80 $1.84 $2.38 $1.92 $0.98 $3.06 $3.66

Quarterly Income Statements for Old Republic International

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 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
Net Income / (Loss) Attributable to Common Shareholders		 53 191 317 92 339 105 245 208 280 203 330
Consolidated Net Income / (Loss)		 53 191 317 92 339 105 245 204 280 207 330
Net Income / (Loss) Continuing Operations		 53 191 317 92 339 105 246 208 280 207 330
Total Pre-Tax Income 		64 237 399 113 427 131 308 260 353 263 413
Total Revenue		 1,557 1,728 1,974 1,635 2,106 1,770 1,878 1,970 2,174 1,952 2,156
Net Interest Income / (Expense)		 -16 -17 0.00 -22 -21 -17 -18 -18 -17 -35 -18
Total Interest Income		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Interest Expense		 16 17 0.00 22 21 17 18 18 17 35 18
Long-Term Debt Interest Expense		 16 17 - 22 21 17 18 18 17 - 18
Total Non-Interest Income		 1,573 1,744 1,974 1,657 2,127 1,787 1,896 1,987 2,191 1,988 2,174
Other Service Charges		 69 63 68 72 75 70 58 68 68 71 59
Net Realized & Unrealized Capital Gains on Investments		 -187 0.20 331 -141 198 -154 55 -7.30 105 -143 202
Premiums Earned		 1,691 1,681 1,575 1,726 1,854 1,872 1,783 1,927 2,019 2,061 1,913
Total Non-Interest Expense		 1,493 1,490 1,575 1,521 1,679 1,639 1,570 1,709 1,821 1,689 1,743
Property & Liability Insurance Claims		 1,674 1,685 - 1,726 1,887 1,850 1,783 1,926 2,049 - 1,964
Insurance Policy Acquisition Costs		 5.90 2.10 - 10 6.50 4.20 5.50 4.10 4.50 - 4.60
Other Operating Expenses		 -146 -155 - -167 -171 -171 -171 -172 -183 - -178
Other Special Charges		 -41 -42 -42 -47 -44 -45 -47 -50 -51 -47 -47
Income Tax Expense		 11 47 82 21 88 26 62 52 73 56 84
Basic Earnings per Share		 $0.19 $0.70 $1.17 $0.35 $1.35 $0.43 $1.01 $0.83 $1.14 $0.84 $1.36
Weighted Average Basic Shares Outstanding		 277.01M 282.73M 271.73M 260.80M 251.64M 258.03M 243.77M 244.80M 245.29M 245.12M 242.91M
Diluted Earnings per Share		 $0.19 $0.69 $1.15 $0.35 $1.32 $0.42 $0.98 $0.81 $1.11 $0.82 $1.32
Weighted Average Diluted Shares Outstanding		 279.92M 285.47M 275.43M 265.55M 256.86M 262.88M 249.64M 251.08M 251.32M 251.31M 249.38M
Weighted Average Basic & Diluted Shares Outstanding		 280.38M 278.18M 271.83M 258.49M 253.56M 248.19M 247.16M 248.47M 247.45M 245.73M 242.83M

Annual Cash Flow Statements for Old Republic International

This table details how cash moves in and out of Old Republic International'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		 -403 -14 -20 -26 -21 40 39 -77 123 2.40 61
Net Cash From Operating Activities		 688 637 453 761 936 1,185 1,312 1,171 880 1,233 1,164
Net Cash From Continuing Operating Activities		 259 574 700 464 936 1,185 1,312 1,171 880 1,234 1,164
Net Income / (Loss) Continuing Operations		 422 467 561 371 1,056 559 1,534 686 599 853 942
Consolidated Net Income / (Loss)		 422 467 561 371 1,056 559 1,534 686 599 853 942
Non-Cash Adjustments to Reconcile Net Income		 -78 -73 -212 166 -636 142 -758 201 144 -49 -135
Changes in Operating Assets and Liabilities, net		 344 243 104 224 516 484 535 283 138 430 357
Net Cash From Investing Activities		 -450 -1,036 -294 -240 -425 -845 -937 -415 25 -3.90 -177
Net Cash From Continuing Investing Activities		 -450 -1,037 -294 -240 -425 -845 -937 -415 25 -3.90 -177
Purchase of Investment Securities		 -1,970 -2,786 -2,503 -2,239 -2,580 -2,431 -3,418 -5,140 -3,481 -4,533 -3,118
Divestitures		 - - - - - - - 0.00 0.00 137 0.00
Sale and/or Maturity of Investments		 1,520 1,750 2,209 1,999 2,155 1,585 2,482 4,725 3,506 4,392 2,941
Net Cash From Financing Activities		 -212 385 -179 -546 -533 -300 -336 -833 -783 -1,227 -926
Net Cash From Continuing Financing Activities		 -212 385 -179 -546 -533 -300 -336 -833 -783 -1,227 -926
Issuance of Debt		 34 577 - 0.00 0.00 0.00 643 0.00 0.00 396 0.00
Issuance of Common Equity		 12 8.40 18 13 14 6.70 60 27 31 2.00 3.80
Repayment of Debt		 - -3.50 -3.90 -61 -8.40 -8.60 -22 0.00 -5.30 -400 0.00
Repurchase of Common Equity		 - - - - - -50 0.00 -281 -535 -942 -124
Payment of Dividends		 191 -194 -199 -499 -539 -250 -1,019 -580 -276 -272 -783
Other Financing Activities, Net		 1.30 -2.80 6.40 - 0.20 2.00 2.50 1.50 1.80 -11 -23
Cash Interest Paid		 41 41 63 51 42 41 53 66 66 77 69
Cash Income Taxes Paid		 199 179 106 137 229 149 237 227 198 196 199

Quarterly Cash Flow Statements for Old Republic International

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 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
Net Change in Cash & Equivalents		 56 51 -66 36 356 -323 62 -86 64 21 -61
Net Cash From Operating Activities		 350 283 160 237 475 362 232 134 564 235 281
Net Cash From Continuing Operating Activities		 350 284 160 237 475 362 232 134 564 235 282
Net Income / (Loss) Continuing Operations		 53 191 317 92 339 105 246 208 280 207 330
Consolidated Net Income / (Loss)		 53 191 317 92 339 105 246 208 280 207 330
Non-Cash Adjustments to Reconcile Net Income		 43 178 -180 41 26 43 -37 2.50 6.00 -106 -85
Changes in Operating Assets and Liabilities, net		 254 -85 24 103 110 214 23 -77 278 133 37
Net Cash From Investing Activities		 -110 -114 -355 282 115 -46 428 -141 -381 -84 518
Net Cash From Continuing Investing Activities		 -110 -114 -355 282 115 -46 428 -141 -381 -84 518
Purchase of Investment Securities		 -981 -1,559 -976 -798 -1,212 -1,220 -258 -806 -707 -969 -248
Divestitures		 - - 0.00 - - - 0.00 - - - 0.00
Sale and/or Maturity of Investments		 871 1,445 621 944 1,327 1,175 686 666 326 886 766
Net Cash From Financing Activities		 -184 -118 128 -483 -233 -639 -598 -79 -118 -131 -861
Net Cash From Continuing Financing Activities		 -184 -118 129 -483 -233 -639 -598 -79 -118 -131 -861
Issuance of Debt		 - - 396 -0.10 - - 0.00 - - - 0.00
Issuance of Common Equity		 11 -0.20 0.80 0.50 0.40 0.30 2.40 0.40 0.40 0.60 2.60
Repayment of Debt		 - - 0.00 - - -400 0.00 - - - 0.00
Repurchase of Common Equity		 -126 -56 -194 -409 -165 -174 -25 - -43 -55 -160
Payment of Dividends		 -68 -67 -72 -69 -66 -65 -568 -73 -71 -71 -694
Other Financing Activities, Net		 -0.90 4.90 -2.30 -5.70 -2.40 -0.30 -7.60 -5.90 -4.40 -5.20 -9.70
Other Net Changes in Cash		 - -0.80 0.40 - - - 0.00 - - - 0.00
Cash Interest Paid		 20 13 20 13 32 13 22 13 22 13 22
Cash Income Taxes Paid		 39 52 4.80 111 46 35 3.90 95 73 27 1.40

Annual Balance Sheets for Old Republic International

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

Metric 2014 2015 2016 2017 2018 2020 2021 2022 2023 2024 2025
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 16,988 17,102 18,592 3,735 19,327 22,815 24,982 25,159 26,501 27,843 29,863
Cash and Due from Banks		 137 160 146 126 100 119 158 81 203 202 263
Trading Account Securities		 10,471 10,580 12,091 - 12,609 14,552 15,979 14,968 14,801 14,632 15,198
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
Accrued Investment Income		 86 90 92 - 92 86 84 107 117 128 141
Unearned Premiums Asset		 1,288 1,310 1,390 - 1,499 1,594 1,769 1,928 2,201 2,472 2,782
Deferred Acquisition Cost		 231 255 274 298 316 328 350 383 418 531 636
Other Assets		 4,775 4,705 4,598 3,311 4,710 6,136 6,641 7,693 8,761 9,878 10,842
Total Liabilities & Shareholders' Equity		 16,988 17,102 18,592 9,338 19,327 22,815 24,982 25,159 26,501 27,843 29,863
Total Liabilities		 13,064 13,221 14,131 9,338 14,181 16,629 18,089 18,986 20,091 22,224 23,934
Long-Term Debt		 965 953 1,529 - 981 966 1,589 1,597 1,591 1,589 1,590
Claims and Claim Expense		 9,122 9,120 9,206 9,238 9,471 10,671 11,426 12,222 12,538 13,728 14,776
Unearned Premiums Liability		 1,628 1,749 1,843 - 2,105 2,397 2,559 2,788 3,043 3,505 3,983
Participating Policy Holder Equity		 - - - - - - - 1,079 1,381 1,410 1,428
Other Long-Term Liabilities		 895 946 1,068 101 1,098 2,594 2,515 1,300 1,537 1,992 2,158
Total Equity & Noncontrolling Interests		 3,924 3,881 4,461 0.00 5,146 6,187 6,893 6,173 6,411 5,619 5,928
Total Preferred & Common Equity		 3,924 3,881 4,461 0.00 5,146 6,187 6,893 6,173 6,411 5,619 5,914
Preferred Stock		 - - - - - - - 0.00 0.00 0.00 0.00
Total Common Equity		 3,924 3,881 4,461 0.00 5,146 6,187 6,893 6,173 6,411 5,619 5,914
Common Stock		 943 960 977 - 1,580 1,611 1,684 1,439 957 249 270
Retained Earnings		 2,707 2,938 3,200 - 3,850 4,395 5,214 5,322 5,644 5,520 5,515
Treasury Stock		 - - - - - - - - - 0.00 0.00
Accumulated Other Comprehensive Income / (Loss)		 292 29 324 - -210 284 78 -518 -132 -102 163
Other Equity Adjustments		 -18 -46 -39 - -74 -103 -83 -70 -58 -47 -34
Noncontrolling Interest		 - - - - - - - - - 0.00 14

Quarterly Balance Sheets for Old Republic International

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

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 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
Total Assets		 24,947 25,398 25,850 26,401 27,064 27,525 28,844 28,028 29,256 30,252 29,596
Cash and Due from Banks		 102 94 96 152 137 169 525 264 178 243 202
Trading Account Securities		 13,887 15,105 14,749 14,233 14,952 14,384 15,145 14,841 14,925 15,273 15,330
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
Accrued Investment Income		 100 113 108 117 128 129 124 123 132 126 130
Unearned Premiums Asset		 2,097 2,020 2,334 2,356 2,304 2,626 2,640 2,655 2,974 2,963 2,783
Deferred Acquisition Cost		 387 393 407 419 436 457 505 556 589 612 659
Other Assets		 8,373 7,672 8,155 9,123 9,107 9,761 9,904 9,590 10,457 11,036 10,491
Total Liabilities & Shareholders' Equity		 24,947 25,398 25,850 26,401 27,064 27,525 28,844 28,028 29,256 30,252 29,596
Total Liabilities		 19,269 19,066 19,731 20,485 20,663 21,499 22,398 22,085 23,052 23,813 23,671
Long-Term Debt		 1,597 1,590 1,591 1,591 1,988 1,988 1,988 1,589 1,589 1,590 1,590
Claims and Claim Expense		 12,175 12,136 12,405 12,811 12,570 12,958 13,538 13,951 14,356 14,815 14,955
Unearned Premiums Liability		 2,993 2,884 3,149 3,234 3,170 3,554 3,679 3,659 4,019 4,153 4,100
Participating Policy Holder Equity		 1,154 - 1,343 1,468 1,453 1,670 1,603 1,463 1,638 1,705 1,441
Other Long-Term Liabilities		 1,350 1,952 1,244 1,380 1,482 1,329 1,590 1,423 1,450 1,550 1,585
Total Equity & Noncontrolling Interests		 5,678 6,332 6,120 5,916 6,401 6,027 6,445 5,944 6,204 6,439 5,925
Total Preferred & Common Equity		 5,678 6,332 6,120 5,916 6,401 6,027 6,445 5,918 6,186 6,423 5,912
Preferred Stock		 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 5,678 6,332 6,120 5,916 6,401 6,027 6,445 5,918 6,185 6,423 5,912
Common Stock		 1,604 1,326 1,116 1,007 773 364 254 248 281 271 243
Retained Earnings		 4,875 5,450 5,536 5,521 5,889 5,912 6,135 5,721 5,854 6,038 5,652
Treasury Stock		 - - - - - - - -19 0.00 0.00 0.00
Accumulated Other Comprehensive Income / (Loss)		 -728 -378 -469 -551 -205 -197 106 11 92 152 48
Other Equity Adjustments		 -73 -67 -64 -61 -56 -53 -50 -44 -41 -37 -31
Noncontrolling Interest		 - - - - - - - 26 18 16 13

Annual Metrics And Ratios for Old Republic International

This table displays calculated financial ratios and metrics derived from Old Republic International'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		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.63 $1.80 $2.14 $1.26 $3.52 $1.87 $5.08 $2.28 $2.12 $3.30 $3.82
Adjusted Weighted Average Basic Shares Outstanding		 259.50M 259.43M 262.11M 294.25M 299.89M 298.41M 301.95M 301.68M 282.73M 258.03M 245.12M
Adjusted Diluted Earnings per Share		 $1.48 $1.62 $1.92 $1.24 $3.51 $1.87 $5.05 $2.26 $2.10 $3.24 $3.72
Adjusted Weighted Average Diluted Shares Outstanding		 296.09M 296.38M 299.39M 301.02M 301.23M 298.90M 303.67M 303.30M 285.47M 262.88M 251.31M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $3.52 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 262.05M 262.81M 269.35M 302.78M 303.79M 304.18M 307.60M 297.15M 278.18M 248.19M 245.73M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Old Republic International

This table displays calculated financial ratios and metrics derived from Old Republic International's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 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
DEI Shares Outstanding		 - - - - - - - - - - 242,826,815.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 242,826,815.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 1.36
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.45% -20.11% 14.63% 2.33% 35.25% 2.45% 4.71% 20.49% 3.23% - 14.80%
EBITDA Growth		 153.47% -63.41% 59.95% -42.41% 567.03% -44.88% -22.81% 129.54% -17.31% - 34.31%
EBIT Growth		 153.47% -63.41% 59.95% -42.41% 567.03% -44.88% -22.81% 129.54% -17.31% - 34.31%
NOPAT Growth		 162.83% -62.79% 58.48% -40.94% 544.30% -44.81% -22.32% 126.77% -17.35% - 33.93%
Net Income Growth		 157.36% -62.75% 58.51% -40.96% 544.30% -44.78% -22.64% 122.66% -17.53% - 34.69%
EPS Growth		 161.29% -59.41% 69.12% -35.19% 594.74% -39.13% -14.78% 131.43% -15.91% - 34.69%
Operating Cash Flow Growth		 -30.07% 6.06% 2.43% 161.04% 35.73% 27.63% 44.45% -43.42% 18.77% - 21.45%
Free Cash Flow Firm Growth		 -132.06% -103.36% -124.05% -149.03% -228.11% 2,288.32% 836.70% 302.54% 216.44% - -68.56%
Invested Capital Growth		 3.19% 2.98% 5.89% 3.95% 12.35% -9.93% -10.20% -2.77% -4.80% - -0.22%
Revenue Q/Q Growth		 -2.55% 10.97% 3.80% -8.84% 28.80% -15.94% 16.77% -4.69% 10.35% - 10.44%
EBITDA Q/Q Growth		 -67.50% 271.09% 67.83% -71.55% 276.46% -69.34% 134.99% -15.38% 35.61% - 57.13%
EBIT Q/Q Growth		 -67.50% 271.09% 67.83% -71.55% 276.46% -69.34% 134.99% -15.38% 35.61% - 57.13%
NOPAT Q/Q Growth		 -66.20% 262.36% 66.21% -70.99% 268.77% -68.96% 133.94% -15.32% 34.41% - 59.00%
Net Income Q/Q Growth		 -66.17% 262.55% 66.07% -71.01% 269.17% -68.93% 132.67% -16.57% 36.74% - 59.81%
EPS Q/Q Growth		 -64.81% 263.16% 66.67% -69.57% 277.14% -68.18% 133.33% -17.35% 37.04% - 60.98%
Operating Cash Flow Q/Q Growth		 286.09% -18.98% -43.40% 47.44% 100.76% -23.82% -35.94% -42.25% 321.45% - 19.80%
Free Cash Flow Firm Q/Q Growth		 -141.41% 77.08% -263.99% -41.91% -177.11% 252.88% 22.54% -60.98% 59.30% - 435.11%
Invested Capital Q/Q Growth		 -2.64% 6.60% 4.83% -4.46% 5.23% -14.54% 4.51% 3.46% 3.03% - -0.04%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 4.11% 13.75% 22.23% 6.94% 20.28% 7.40% 14.88% 13.22% 16.24% - 19.17%
EBIT Margin		 4.11% 13.75% 22.23% 6.94% 20.28% 7.40% 14.88% 13.22% 16.24% - 19.17%
Profit (Net Income) Margin		 3.38% 11.04% 17.66% 5.62% 16.10% 5.95% 11.85% 10.38% 12.86% - 15.30%
Tax Burden Percent		 82.32% 80.33% 79.43% 81.02% 79.39% 80.50% 79.62% 78.59% 79.20% - 79.83%
Interest Burden Percent		 99.84% 99.96% 100.03% 99.91% 100.00% 99.92% 100.03% 99.92% 99.97% - 100.00%
Effective Tax Rate		 17.68% 19.71% 20.54% 18.89% 20.61% 19.57% 20.02% 19.88% 20.63% - 20.27%
Return on Invested Capital (ROIC)		 3.15% 9.02% 14.46% 4.80% 14.66% 5.71% 11.06% 10.35% 12.21% - 17.15%
ROIC Less NNEP Spread (ROIC-NNEP)		 3.15% 9.02% 14.45% 4.79% 14.66% 5.71% 11.00% 10.13% 12.18% - 17.17%
Return on Net Nonoperating Assets (RNNOA)		 0.86% 2.29% 4.06% 1.41% 4.25% 1.51% 3.19% 2.96% 3.38% - 4.60%
Return on Equity (ROE)		 4.01% 11.30% 18.52% 6.21% 18.91% 7.22% 14.25% 13.31% 15.59% - 21.75%
Cash Return on Invested Capital (CROIC)		 9.31% 4.65% 3.06% 4.42% 0.14% 21.66% 20.58% 14.17% 15.12% - 13.85%
Operating Return on Assets (OROA)		 1.10% 3.43% 5.66% 1.74% 5.33% 1.99% 4.00% 3.60% 4.29% - 5.62%
Return on Assets (ROA)		 0.91% 2.75% 4.49% 1.41% 4.23% 1.60% 3.18% 2.83% 3.39% - 4.48%
Return on Common Equity (ROCE)		 4.01% 11.30% 18.52% 6.21% 18.91% 7.22% 14.22% 13.29% 15.57% - 21.68%
Return on Equity Simple (ROE_SIMPLE)		 15.55% 0.00% 11.18% 10.82% 14.55% 0.00% 13.20% 14.45% 12.99% - 17.26%
Net Operating Profit after Tax (NOPAT)		 53 191 317 92 339 105 246 208 280 - 330
NOPAT Margin		 3.38% 11.03% 17.67% 5.62% 16.10% 5.94% 11.91% 10.58% 12.89% - 15.29%
Net Nonoperating Expense Percent (NNEP)		 0.00% -0.01% 0.01% 0.01% 0.00% -0.01% 0.06% 0.22% 0.03% - -0.03%
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		 95.89% 86.25% 77.77% 93.06% 79.72% 92.60% 85.12% 86.78% 83.76% - 80.83%
Earnings before Interest and Taxes (EBIT)		 64 238 399 113 427 131 308 260 353 - 413
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 64 238 399 113 427 131 308 260 353 - 413
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.25 1.18 1.33 1.39 1.42 1.54 1.64 1.54 1.64 - 1.66
Price to Tangible Book Value (P/TBV)		 1.25 1.18 1.33 1.39 1.42 1.54 1.64 1.54 1.64 - 1.66
Price to Revenue (P/Rev)		 1.08 1.17 1.28 1.25 1.26 1.19 1.32 1.23 1.35 - 1.16
Price to Earnings (P/E)		 8.06 12.60 11.94 12.89 9.76 10.16 12.46 10.58 12.59 - 9.61
Dividend Yield		 3.70% 3.64% 3.28% 3.30% 2.94% 3.10% 7.87% 8.09% 7.38% - 9.24%
Earnings Yield		 12.40% 7.94% 8.38% 7.76% 10.25% 9.84% 8.02% 9.45% 7.94% - 10.41%
Enterprise Value to Invested Capital (EV/IC)		 1.18 1.12 1.24 1.28 1.26 1.39 1.47 1.40 1.48 - 1.49
Enterprise Value to Revenue (EV/Rev)		 1.29 1.39 1.56 1.52 1.46 1.38 1.50 1.41 1.53 - 1.33
Enterprise Value to EBITDA (EV/EBITDA)		 7.64 11.94 11.58 12.56 9.03 9.40 11.32 9.71 11.33 - 8.69
Enterprise Value to EBIT (EV/EBIT)		 7.64 11.94 11.58 12.56 9.03 9.40 11.32 9.71 11.33 - 8.69
Enterprise Value to NOPAT (EV/NOPAT)		 9.62 14.91 14.52 15.67 11.32 11.79 14.17 12.16 14.19 - 10.93
Enterprise Value to Operating Cash Flow (EV/OCF)		 10.25 10.14 11.75 9.92 9.19 8.15 8.50 9.09 9.23 - 9.23
Enterprise Value to Free Cash Flow (EV/FCFF)		 12.86 24.33 41.70 29.39 965.37 6.10 6.77 9.76 9.57 - 10.75
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.27 0.25 0.31 0.33 0.31 0.28 0.27 0.26 0.25 - 0.27
Long-Term Debt to Equity		 0.27 0.25 0.31 0.33 0.31 0.28 0.27 0.26 0.25 - 0.27
Financial Leverage		 0.27 0.25 0.28 0.29 0.29 0.26 0.29 0.29 0.28 - 0.27
Leverage Ratio		 4.43 4.11 4.12 4.39 4.47 4.52 4.46 4.64 4.59 - 4.86
Compound Leverage Factor		 4.42 4.10 4.12 4.39 4.47 4.51 4.46 4.64 4.59 - 4.86
Debt to Total Capital		 21.19% 19.89% 23.69% 24.80% 23.58% 22.04% 21.10% 20.39% 19.80% - 21.16%
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		 21.19% 19.89% 23.69% 24.80% 23.58% 22.04% 21.10% 20.39% 19.80% - 21.16%
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% 0.35% 0.23% 0.20% - 0.18%
Common Equity to Total Capital		 78.81% 80.11% 76.31% 75.20% 76.42% 77.96% 78.56% 79.37% 80.00% - 78.66%
Debt to EBITDA		 1.37 2.13 2.22 2.44 1.69 1.49 1.62 1.41 1.51 - 1.23
Net Debt to EBITDA		 1.24 1.86 2.06 2.24 1.24 1.30 1.35 1.25 1.28 - 1.08
Long-Term Debt to EBITDA		 1.37 2.13 2.22 2.44 1.69 1.49 1.62 1.41 1.51 - 1.23
Debt to NOPAT		 1.73 2.66 2.78 3.05 2.12 1.86 2.03 1.77 1.89 - 1.55
Net Debt to NOPAT		 1.56 2.32 2.59 2.79 1.56 1.63 1.69 1.57 1.60 - 1.35
Long-Term Debt to NOPAT		 1.73 2.66 2.78 3.05 2.12 1.86 2.03 1.77 1.89 - 1.55
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.21% 0.15% 0.13% - 0.33%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -179 -41 -150 -212 -588 899 1,102 430 685 - 347
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		 -10.93 -2.49 -9.12 -9.56 -27.62 51.69 0.00 24.43 39.60 - 19.58
Operating Cash Flow to Interest Expense		 21.33 17.18 9.78 10.65 22.29 20.79 0.00 7.60 32.60 - 15.90
Operating Cash Flow Less CapEx to Interest Expense		 21.33 17.18 9.78 10.65 22.29 20.79 0.00 7.60 32.60 - 15.90
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.27 0.25 0.25 0.25 0.26 0.27 0.27 0.27 0.26 - 0.29
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		 7,507 8,002 8,389 8,015 8,434 7,208 7,533 7,793 8,029 - 7,516
Invested Capital Turnover		 0.93 0.82 0.82 0.85 0.91 0.96 0.93 0.98 0.95 - 1.12
Increase / (Decrease) in Invested Capital		 232 232 466 304 927 -794 -856 -222 -405 - -17
Enterprise Value (EV)		 8,855 8,929 10,391 10,218 10,619 10,054 11,085 10,930 11,916 - 11,206
Market Capitalization		 7,416 7,540 8,540 8,400 9,156 8,667 9,734 9,501 10,553 - 9,805
Book Value per Share		 $20.78 $22.86 $23.56 $22.17 $24.93 $22.16 $24.28 $25.03 $25.85 - $24.06
Tangible Book Value per Share		 $20.78 $22.86 $23.56 $22.17 $24.93 $22.16 $24.28 $25.03 $25.85 - $24.06
Total Capital		 7,507 8,002 8,389 8,015 8,434 7,208 7,533 7,793 8,029 - 7,516
Total Debt		 1,591 1,591 1,988 1,988 1,988 1,589 1,589 1,589 1,590 - 1,590
Total Long-Term Debt		 1,591 1,591 1,988 1,988 1,988 1,589 1,589 1,589 1,590 - 1,590
Net Debt		 1,439 1,388 1,851 1,819 1,463 1,387 1,325 1,411 1,347 - 1,388
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 -0.10 0.10 0.10 0.00 -0.10 1.10 4.00 0.60 - -0.40
Net Nonoperating Obligations (NNO)		 1,591 1,591 1,988 1,988 1,989 1,589 1,589 1,589 1,590 - 1,590
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
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.19 $0.70 $1.17 $0.35 $1.35 $0.43 $1.01 $0.83 $1.14 $0.84 $1.36
Adjusted Weighted Average Basic Shares Outstanding		 277.01M 282.73M 271.73M 260.80M 251.64M 258.03M 243.77M 244.80M 245.29M 245.12M 242.91M
Adjusted Diluted Earnings per Share		 $0.19 $0.69 $1.15 $0.35 $1.32 $0.42 $0.98 $0.81 $1.11 $0.82 $1.32
Adjusted Weighted Average Diluted Shares Outstanding		 279.92M 285.47M 275.43M 265.55M 256.86M 262.88M 249.64M 251.08M 251.32M 251.31M 249.38M
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		 280.38M 278.18M 271.83M 258.49M 253.56M 248.19M 247.16M 248.47M 247.45M 245.73M 242.83M
Normalized Net Operating Profit after Tax (NOPAT)		 19 157 284 54 304 69 208 169 240 - 292
Normalized NOPAT Margin		 1.22% 9.07% 15.81% 3.27% 14.45% 3.91% 10.08% 8.56% 11.04% - 13.54%
Pre Tax Income Margin		 4.10% 13.74% 22.23% 6.93% 20.28% 7.39% 14.89% 13.21% 16.24% - 19.17%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 3.90 14.39 24.30 5.11 20.04 7.52 0.00 14.79 20.40 - 23.36
NOPAT to Interest Expense		 3.21 11.55 19.32 4.14 15.91 6.05 0.00 11.84 16.19 - 18.62
EBIT Less CapEx to Interest Expense		 3.90 14.39 24.30 5.11 20.04 7.52 0.00 14.79 20.40 - 23.36
NOPAT Less CapEx to Interest Expense		 3.21 11.55 19.32 4.14 15.91 6.05 0.00 11.84 16.19 - 18.62
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 29.98% 46.02% 38.55% 42.21% 29.20% 31.89% 98.37% 86.41% 93.11% - 89.03%
Augmented Payout Ratio		 101.29% 135.45% 121.84% 162.52% 116.99% 142.38% 197.36% 127.22% 122.24% - 114.35%

Financials Breakdown Chart

Key Financial Trends

Old Republic International (NYSE: ORI) has delivered a solid run of profitability, but the latest quarter shows some pressure on operating momentum and balance-sheet flexibility. Over the last four years, the company has generally produced steady earnings and operating cash flow, supported by a large investment portfolio and consistent insurance premium income. However, results have become more volatile recently, largely because investment gains and claims activity can swing quarter to quarter.

  • Strong operating cash generation remains intact. ORI produced $281.4 million of operating cash flow in Q1 2026, following $234.9 million in Q4 2025 and $563.9 million in Q3 2025, showing the business still generates meaningful cash from core operations.
  • Insurance premiums remain a major revenue driver. Premiums earned were $1.91 billion in Q1 2026, up from $1.78 billion in Q1 2025 and above the $1.68 billion level seen in Q4 2024, supporting recurring income.
  • Net income improved year over year in Q1 2026. ORI earned $330 million in Q1 2026, up from $245 million in Q1 2025 and $105.3 million in Q4 2024, indicating better profitability than the year-ago period.
  • Book equity expanded from early 2024. Total common equity rose to $5.91 billion in Q1 2026 from $5.94 billion in Q1 2025 and $5.92 billion in Q1 2024, while retained earnings climbed to $5.65 billion.
  • Investment portfolio remains large and liquid. Trading account securities were $15.33 billion at Q1 2026, giving the company substantial investment assets to support earnings and liquidity.
  • Debt is manageable relative to the asset base. Long-term debt was $1.59 billion in Q1 2026 versus $29.6 billion in total assets, suggesting leverage is not excessive for an insurer with large investable assets.
  • Earnings have been supported by investment gains, which can be volatile. Q1 2026 included $201.8 million of realized and unrealized investment gains, while several earlier quarters showed large swings both positive and negative.
  • Quarterly revenue is not steadily rising. Total revenue was $2.16 billion in Q1 2026, up from Q1 2025 but still below some stronger 2025 quarters, reflecting uneven market and claims conditions.
  • Claims costs remain a major drag on profitability. Property and liability insurance claims were $1.96 billion in Q1 2026, nearly matching revenue flow and limiting operating margin expansion.
  • Financing cash flow is consistently negative because of dividends and buybacks. Q1 2026 financing cash flow was -$860.8 million, driven by $693.8 million of dividends and $159.8 million of share repurchases, which reduces cash accumulation.

Looking at the broader trend, ORI appears financially stable but not especially fast-growing. The company’s core strengths are its underwriting franchise, recurring premiums, and strong operating cash flow. The main caution for investors is that profits can be lumpy because investment gains/losses and claims severity move around from quarter to quarter.

Bottom line: ORI still looks like a profitable, cash-generating insurance company with a solid balance sheet, but the latest results suggest investors should expect moderation rather than smooth earnings growth.

06/03/26 10:55 AM ETAI Generated. May Contain Errors.

Old Republic International Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Old Republic International's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Old Republic International's net income appears to be on an upward trend, with a most recent value of $935.40 million in 2025, rising from $422.10 million in 2015. The previous period was $852.70 million in 2024. See Old Republic International's forecast for analyst expectations on what's next for the company.

Over the last 10 years, Old Republic International's total revenue changed from $5.23 billion in 2015 to $8.16 billion in 2025, a change of 56.1%.

Old Republic International's total liabilities were at $23.93 billion at the end of 2025, a 7.7% increase from 2024, and a 83.2% increase since 2014.

In the past 10 years, Old Republic International's cash and equivalents has ranged from $81 million in 2022 to $263.20 million in 2025, and is currently $263.20 million as of their latest financial filing in 2025.


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Financial statements for NYSE:ORI last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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