Stewart Reports Fourth Quarter and Full Year 2025 Results
HOUSTON, Feb. 4, 2026 /PRNewswire/ -- Stewart Information Services Corporation (NYSE: STC) today reported net income attributable to Stewart of $36.3 million ($1.25 per diluted share) for the fourth quarter 2025, compared to net income attributable to Stewart of $22.7 million ($0.80 per diluted share) for the fourth quarter 2024. On an adjusted basis, net income for the fourth quarter 2025 was $47.9 million ($1.65 per diluted share) compared to net income of $31.5 million ($1.12 per diluted share) in the fourth quarter 2024. Pretax income before noncontrolling interests for the fourth quarter 2025 was $51.7 million ($67.5 million on an adjusted basis) compared to $35.4 million ($47.3 million on an adjusted basis) for the fourth quarter 2024.
Fourth quarter 2025 results included $3.8 million of pretax net realized and unrealized losses, primarily recorded in the title segment, while the fourth quarter 2024 results included $1.7 million of pretax net realized and unrealized gains, comprised of $2.8 million net gains in the title segment and $1.1 million net losses in the corporate segment.
"I am pleased with our strong fourth quarter results as they demonstrate continued progress across all lines of business as the market begins to slowly improve," commented Fred Eppinger, chief executive officer. "We are focused on improving our operational results in all of our businesses regardless of market conditions and taking advantage of opportunities."
Selected Financial Information
Summary results of operations are as follows (dollars in millions, except per share amounts, pretax margin and adjusted pretax margin, and amounts may not add as presented due to rounding):
Quarter Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Total revenues
790.6
665.9
2,921.6
2,490.4
Pretax income before noncontrolling interests
51.7
35.4
165.6
114.3
Income tax expense
(10.8)
(8.2)
(35.4)
(26.2)
Net income attributable to noncontrolling interests
(4.6)
(4.5)
(14.6)
(14.8)
Net income attributable to Stewart
36.3
22.7
115.5
73.3
Non-GAAP adjustments, after taxes*
11.7
8.8
24.0
21.1
Adjusted net income attributable to Stewart*
47.9
31.5
139.6
94.4
Pretax margin
6.5 %
5.3 %
5.7 %
4.6 %
Adjusted pretax margin*
8.5 %
7.1 %
6.8 %
5.8 %
Net income per diluted Stewart share
1.25
0.80
4.05
2.61
Adjusted net income per diluted Stewart share*
1.65
1.12
4.89
3.35
*Adjusted net income, adjusted pretax margin and adjusted net income per diluted share are non-GAAP measures. See Appendix A for explanation and reconciliation of non-GAAP adjustments.
Title Segment
Summary results of the title segment are as follows (dollars in millions, except pretax margin and adjusted pretax margin):
Quarter Ended December 31,
2025
2024
% Change
Operating revenues
668.4
562.7
19 %
Investment income
14.0
14.5
(3 %)
Net realized and unrealized (losses) gains
(3.8)
2.8
(236 %)
Pretax income
58.0
45.2
28 %
Non-GAAP adjustments to pretax income*
10.1
5.3
90 %
Adjusted pretax income*
68.1
50.5
35 %
Pretax margin
8.5 %
7.8 %
Adjusted pretax margin*
10.0 %
8.8 %
* Adjusted pretax income and adjusted pretax margin are non-GAAP financial measures. See
Appendix A for explanation and reconciliation of non-GAAP adjustments.
Title segment operating revenues improved $105.7 million (19 percent) in the fourth quarter 2025, driven by strong performances by our direct and agency title operations with operating revenue growth of 18 percent and 20 percent, respectively, compared to the fourth quarter 2024. Segment total operating expenses increased $85.9 million (16 percent) compared to the prior year quarter, primarily driven by the $43.9 million (19 percent) higher agency retention expenses and $40.3 million (15 percent) increased combined employee costs and other operating expenses, consistent with title revenue growth. As a percentage of operating revenues, total employee costs and other operating expenses for the title segment improved to 47 percent in the fourth quarter 2025 compared to 49 percent in the fourth quarter 2024, primarily due to increased title operating revenues.
Title loss expense increased $2.3 million (11 percent) in the fourth quarter 2025, compared to the fourth quarter 2024, primarily driven by higher title revenues. As a percentage of title operating revenues, the title loss expense improved to 3.4 percent in the fourth quarter 2025, compared to 3.7 percent in the prior year quarter, primarily influenced by our continued overall favorable claims experience.
Net realized and unrealized losses in the fourth quarter 2025 were primarily related to net losses of $4.7 million on fair value changes of equity securities investments, $2.9 million on disposal of a subsidiary and $1.0 million on an acquisition liability adjustment, partially offset by net gains of $4.9 million on the sale of securities investments. Net realized and unrealized gains in the fourth quarter 2024 were primarily related to $1.4 million of net gains on fair value changes of equity securities investments and a $2.4 million gain on an acquisition liability adjustment, partially offset by a $0.8 million loss on disposal of a subsidiary.
In addition to the above net realized and unrealized gains and losses, the title segment's adjusted pretax income for the fourth quarters 2025 and 2024 included total other non-GAAP adjustments of $6.3 million and $8.1 million, respectively, related to acquisition intangible asset amortization, office closure costs and severance expenses (refer to Appendix A for details).
Direct title revenues information is presented below (dollars in millions):
Quarter Ended December 31,
2025
2024
% Change
Non-commercial:
Domestic
180.2
162.5
11 %
International
31.0
25.9
20 %
211.2
188.4
12 %
Commercial:
Domestic
116.1
84.1
38 %
International
7.5
11.1
(32 %)
123.6
95.2
30 %
Total direct title revenues
334.8
283.6
18 %
Domestic commercial revenues improved by $32.0 million (38 percent) in the fourth quarter 2025, primarily driven by increased sizes of commercial closed transactions, principally related to the data center and energy asset classes, while domestic non-commercial revenues increased $17.7 million (11 percent), primarily driven by higher combined purchase and refinancing closed transactions and average fee per file compared to the prior year quarter. Average domestic commercial fee per file for the fourth quarter 2025 grew 39 percent to $27,300, compared to $19,600 in the prior year quarter, while average domestic residential fee per file improved 13 percent to $3,300, compared to $2,900 in the fourth quarter 2024. Total international revenues increased $1.5 million (4 percent) in the fourth quarter 2025, primarily driven by improved residential volumes compared to the prior year quarter.
Real Estate Solutions Segment
Summary results of the real estate solutions segment are as follows (dollars in millions, except pretax margin and adjusted pretax margin):
Quarter Ended December 31,
2025
2024
% Change
Total revenues
111.9
87.0
29 %
Pretax income
3.9
0.9
317 %
Non-GAAP adjustments to pretax income*
5.6
5.5
2 %
Adjusted pretax income*
9.5
6.5
47 %
Pretax margin
3.5 %
1.1 %
Adjusted pretax margin*
8.5 %
7.4 %
* Adjusted pretax income and adjusted pretax margin are non-GAAP financial measures. See
Appendix A for an explanation and reconciliation of non-GAAP adjustments.
Segment operating revenues increased $24.9 million (29 percent) in the fourth quarter 2025 compared to the fourth quarter 2024, primarily driven by our credit information services business. Combined employee costs and other operating expenses in the fourth quarter 2025 increased $21.6 million (27 percent) primarily due to increased costs of services related to revenue growth. Non-GAAP adjustments to pretax income shown in the schedule above were related to acquisition intangible asset amortization expenses (refer to Appendix A).
Corporate Segment
Net expenses attributable to corporate operations for the fourth quarter 2025 increased to $10.1 million, compared to $9.7 million in the fourth quarter 2024, primarily due to higher interest expense on increased debt balances. The segment recorded a $1.1 million realized loss related to an investment impairment in the fourth quarter 2024.
Expenses
Consolidated employee costs increased $25.9 million (13 percent) in the fourth quarter 2025 compared to the prior year quarter, primarily driven by higher salaries and employee benefits expenses related to a higher average employee count, and increased incentive compensation consistent with overall improved results. As a percentage of total operating revenues, consolidated employee costs in the fourth quarter 2025 improved to 28.9 percent compared to 30.7 percent in the prior year quarter, primarily due to higher operating revenues in the fourth quarter 2025.
Consolidated other operating expenses increased $36.0 million (23 percent), primarily resulting from higher real estate solutions service expenses and title outside search and premium tax expenses driven by increased revenues in the fourth quarter 2025 compared to the prior year quarter. As a percentage of total operating revenues, fourth quarter 2025 consolidated other operating expenses were 25 percent, which was comparable to the prior year quarter.
Other
Net cash provided by operations improved to $89.5 million in the fourth quarter 2025, compared to $68.0 million in the fourth quarter 2024, primarily driven by the higher net income in the fourth quarter 2025.
Fourth Quarter Earnings Call
Stewart will hold a conference call to discuss the fourth quarter 2025 earnings at 8:30 a.m. Eastern Time on Thursday, February 5, 2026. To participate, dial 800-274-8461 (USA) or 203-518-9814 (International) – access code STCQ425. Additionally, participants can listen to the conference call through Stewart's Investor Relations website at https://investors.stewart.com/news-and-events/events/default.aspx The conference call replay will be available from 11:00 a.m. Eastern Time on February 5, 2026 until midnight on February 12, 2026 by dialing (800) 839-4198 (USA) or (402) 220-2988 (International).
About Stewart
Stewart (NYSE-STC) is a global real estate services company, offering products and services through our direct operations, network of Stewart Trusted Providers™ and family of companies. From residential and commercial title insurance and closing and settlement services to specialized offerings for the mortgage and real estate industries, we offer the comprehensive service, deep expertise and solutions our customers need for any real estate transaction. At Stewart, we are dedicated to becoming the premier title services company and we are committed to doing so by partnering with our customers to create mutual success. Learn more at stewart.com.
Cautionary statement regarding forward-looking statements. Certain statements in this press release are "forward-looking statements", including statements related to Stewart's future business plans and expectations, including our plans to achieve market growth and pretax margin improvements. Forward-looking statements, by their nature, are subject to various risks and uncertainties that could cause our actual results to differ materially. Such risks and uncertainties include the volatility of general economic conditions, including economic changes that may result from new or increased tariffs, trade restrictions or geopolitical tensions, and adverse changes in the level of real estate activity, as well as a number of other risk and uncertainties discussed in detail in our documents filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2024, and if applicable, as supplemented by any risk factors contained in our Quarterly Reports on Form 10-Q, and our Current Reports on Form 8-K filed subsequently. Additional information will also be set forth in our Annual Report on Form 10-K for the year ended December 31, 2025. We expressly disclaim any obligation to update, amend or clarify any forward-looking statements contained in this press release to reflect events or circumstances that may arise after the date hereof, except as may be required by applicable law.
ST-IR
STEWART INFORMATION SERVICES CORPORATION
CONDENSED STATEMENTS OF INCOME
(In thousands of dollars, except per share amounts and except where noted)
Quarter Ended
December 31,
Year Ended December 31,
2025
2024
2025
2024
Revenues:
Title revenues:
Direct title
334,846
283,606
1,157,478
1,020,380
Agency title
333,578
279,092
1,262,568
1,043,173
Real estate solutions
111,921
86,998
438,255
358,559
Total operating revenues
780,345
649,696
2,858,301
2,422,112
Investment income
14,043
14,538
57,776
55,370
Net realized and unrealized (losses) gains
(3,835)
1,699
5,559
12,937
790,553
665,933
2,921,636
2,490,419
Expenses:
Amounts retained by agencies
274,648
230,724
1,047,660
864,807
Employee costs
225,354
199,418
830,594
745,405
Other operating expenses
195,019
159,071
714,626
603,959
Title losses and related claims
22,967
20,656
81,668
80,411
Depreciation and amortization
15,208
15,549
61,070
61,612
Interest
5,632
5,147
20,444
19,914
738,828
630,565
2,756,062
2,376,108
Income before taxes and noncontrolling interests
51,725
35,368
165,574
114,311
Income tax expense
(10,810)
(8,156)
(35,411)
(26,155)
Net income
40,915
27,212
130,163
88,156
Less net income attributable to noncontrolling interests
4,638
4,471
14,628
14,846
Net income attributable to Stewart
36,277
22,741
115,535
73,310
Net earnings per diluted share attributable to Stewart
1.25
0.80
4.05
2.61
Diluted average shares outstanding (000)
29,060
28,277
28,560
28,129
Selected financial information:
Net cash provided by operations
89,542
67,953
205,688
135,609
Other comprehensive income (loss)
2,586
(19,093)
21,489
(8,182)
Fourth Quarter Domestic Order Counts:
Opened Orders 2025:
Oct
Nov
Dec
Total
Closed Orders 2025:
Oct
Nov
Dec
Total
Commercial
1,599
1,404
1,493
4,496
Commercial
1,637
1,280
1,338
4,255
Purchase
15,471
12,077
12,251
39,799
Purchase
11,453
9,185
11,207
31,845
Refinancing
8,651
6,458
6,742
21,851
Refinancing
5,608
4,486
5,413
15,507
Other
2,820
2,167
2,394
7,381
Other
3,383
1,491
2,075
6,949
Total
28,541
22,106
22,880
73,527
Total
22,081
16,442
20,033
58,556
Opened Orders 2024:
Oct
Nov
Dec
Total
Closed Orders 2024:
Oct
Nov
Dec
Total
Commercial
1,471
1,226
1,586
4,283
Commercial
1,363
1,174
1,766
4,303
Purchase
15,852
12,224
11,323
39,399
Purchase
11,545
10,098
10,662
32,305
Refinancing
7,245
4,782
5,225
17,252
Refinancing
4,990
3,724
3,441
12,155
Other
4,076
2,239
2,090
8,405
Other
4,339
3,937
2,386
10,662
Total
28,644
20,471
20,224
69,339
Total
22,237
18,933
18,255
59,425
STEWART INFORMATION SERVICES CORPORATION
CONDENSED BALANCE SHEETS
(In thousands of dollars)
December 31,
2025
December 31,
2024
Assets:
Cash and cash equivalents
321,775
216,298
Short-term investments
47,899
41,199
Investments in debt and equity securities, at fair value
606,170
669,099
Receivables – premiums from agencies
38,286
36,753
Receivables – other
159,583
111,735
Allowance for uncollectible amounts
(7,805)
(7,725)
Property and equipment, net
85,330
87,613
Operating lease assets, net
106,034
102,210
Title plants
81,670
74,862
Goodwill
1,271,958
1,084,139
Intangible assets, net of amortization
325,135
173,075
Deferred tax assets
7,656
4,827
Other assets
209,114
136,060
3,252,805
2,730,145
Liabilities:
Notes payable
646,606
445,841
Accounts payable and accrued liabilities
255,852
214,580
Operating lease liabilities
122,153
118,835
Estimated title losses
524,473
511,534
Deferred tax liabilities
53,323
28,266
1,602,407
1,319,056
Stockholders' equity:
Common Stock and additional paid-in capital
520,243
358,721
Retained earnings
1,145,415
1,089,484
Accumulated other comprehensive loss
(21,908)
(43,397)
Treasury stock
(2,666)
(2,666)
Stockholders' equity attributable to Stewart
1,641,084
1,402,142
Noncontrolling interests
9,314
8,947
Total stockholders' equity
1,650,398
1,411,089
3,252,805
2,730,145
Number of shares outstanding (000)
30,223
27,764
Book value per share
54.30
50.50
STEWART INFORMATION SERVICES CORPORATION
SEGMENT INFORMATION
(In thousands of dollars)
Quarter Ended:
December 31, 2025
December 31, 2024
Title
Real
Estate
Solutions
Corporate
Total
Title
Real
Estate
Solutions
Corporate
Total
Revenues:
Operating revenues
668,425
111,920
-
780,345
562,698
86,998
-
649,696
Investment income
14,020
23
-
14,043
14,511
27
-
14,538
Net realized and unrealized
(losses) gains
(3,750)
-
(85)
(3,835)
2,760
-
(1,061)
1,699
678,695
111,943
(85)
790,553
579,969
87,025
(1,061)
665,933
Expenses:
Amounts retained by agencies
274,648
-
-
274,648
230,724
-
-
230,724
Employee costs
204,705
17,213
3,436
225,354
181,436
14,667
3,315
199,418
Other operating expenses
109,592
84,174
1,253
195,019
92,580
65,124
1,367
159,071
Title losses and related claims
22,967
-
-
22,967
20,656
-
-
20,656
Depreciation and amortization
8,300
6,666
242
15,208
8,921
6,301
327
15,549
Interest
456
-
5,176
5,632
420
1
4,726
5,147
620,668
108,053
10,107
738,828
534,737
86,093
9,735
630,565
Income (loss) before taxes
58,027
3,890
(10,192)
51,725
45,232
932
(10,796)
35,368
Year Ended:
December 31, 2025
December 31, 2024
Title
Real
Estate
Solutions
Corporate
Total
Title
Real
Estate
Solutions
Corporate
Total
Revenues:
Operating revenues
2,420,046
438,255
-
2,858,301
2,063,553
358,559
-
2,422,112
Investment income
57,663
113
-
57,776
55,256
114
-
55,370
Net realized and unrealized gains
(losses)
4,309
-
1,250
5,559
14,146
-
(1,209)
12,937
2,482,018
438,368
1,250
2,921,636
2,132,955
358,673
(1,209)
2,490,419
Expenses:
Amounts retained by agencies
1,047,660
-
-
1,047,660
864,807
-
-
864,807
Employee costs
754,339
62,479
13,776
830,594
677,378
54,572
13,455
745,405
Other operating expenses
381,832
327,668
5,126
714,626
339,950
258,827
5,182
603,959
Title losses and related claims
81,668
-
-
81,668
80,411
-
-
80,411
Depreciation and amortization
33,712
26,239
1,119
61,070
35,047
25,104
1,461
61,612
Interest
1,721
3
18,720
20,444
1,584
9
18,321
19,914
2,300,932
416,389
38,741
2,756,062
1,999,177
338,512
38,419
2,376,108
Income (loss) before taxes
181,086
21,979
(37,491)
165,574
133,778
20,161
(39,628)
114,311
Appendix A
Non-GAAP Adjustments
Management uses a variety of financial and operational measurements other than its financial statements prepared in accordance with United States Generally Accepted Accounting Principles (GAAP) to analyze its performance. These include: (1) adjusted revenues, which are reported revenues adjusted for net realized and unrealized gains and losses and (2) adjusted pretax income and adjusted net income, which are reported pretax income and reported net income after earnings from noncontrolling interests, respectively, adjusted for net realized and unrealized gains and losses, acquired intangible asset amortization, and office closure costs and severance expenses. Adjusted diluted earnings per share (adjusted diluted EPS) is calculated using adjusted net income divided by the diluted average weighted outstanding shares. Adjusted pretax margin is calculated using adjusted pretax income divided by adjusted total revenues. Management views these measures as important performance measures of core profitability for its operations and as key components of its internal financial reporting. Management believes investors benefit from having access to the same financial measures that management uses.
Below are reconciliations of the non-GAAP financial measures used by management to the most directly comparable GAAP measures for the quarter and year ended December 31, 2025 and 2024 (dollars in millions, except shares, per share amounts and pretax margins, and amounts may not add as presented due to rounding).
Quarter Ended December 31,
Year Ended December 31,
2025
2024
% Chg
2025
2024
% Chg
Total revenues
790.6
665.9
19 %
2,921.6
2,490.4
17 %
Non-GAAP revenue adjustment:
Net realized and unrealized losses (gains)
3.8
(1.7)
(5.6)
(12.9)
Adjusted total revenues
794.4
664.2
20 %
2,916.1
2,477.5
18 %
Net realized and unrealized (losses) gains:
Net unrealized (losses) gains on equity securities
fair value changes
(4.7)
1.4
5.2
12.6
Net gains (losses) on sale of securities
investments
4.9
(0.2)
4.4
-
Losses on disposal of subsidiaries
(2.9)
(0.8)
(2.9)
(0.8)
Net (losses) gains from acquisition liability
adjustments
(1.0)
2.4
(2.0)
2.4
Losses from impairment of investments
(0.1)
(1.1)
(0.2)
(1.2)
Other items, net
-
-
1.0
(0.1)
Total
(3.8)
1.7
5.6
12.9
Pretax income
51.7
35.4
46 %
165.6
114.3
45 %
Non-GAAP pretax adjustments:
Net realized and unrealized losses (gains)
3.8
(1.7)
(5.6)
(12.9)
Acquired intangible asset amortization
8.4
8.5
33.5
33.6
Office closure and severance expenses
3.5
5.1
4.5
7.8
Adjusted pretax income
67.5
47.3
43 %
198.1
142.8
39 %
GAAP pretax margin
6.5 %
5.3 %
5.7 %
4.6 %
Adjusted pretax margin
8.5 %
7.1 %
6.8 %
5.8 %
Net income attributable to Stewart
36.3
22.7
60 %
115.5
73.3
58 %
Non-GAAP pretax adjustments:
Net realized and unrealized losses (gains)
3.8
(1.7)
(5.6)
(12.9)
Acquired intangible asset amortization
8.4
8.5
33.5
33.6
Office closure and severance expenses
3.5
5.1
4.5
7.8
Net tax effects of non-GAAP adjustments
(4.1)
(3.1)
(8.4)
(7.4)
Non-GAAP adjustments, after taxes
11.7
8.8
24.0
21.1
Adjusted net income attributable to Stewart
47.9
31.5
52 %
139.6
94.4
48 %
Diluted average shares outstanding (000)
29,060
28,277
28,560
28,129
GAAP net income per share
1.25
0.80
4.05
2.61
Adjusted net income per share
1.65
1.12
4.89
3.35
Quarter Ended December 31,
Year Ended December 31,
2025
2024
% Chg
2025
2024
% Chg
Title Segment:
Revenues
678.7
580.0
17 %
2,482.0
2,133.0
16 %
Net realized and unrealized losses (gains)
3.8
(2.8)
(4.3)
(14.1)
Adjusted revenues
682.4
577.2
18 %
2,477.7
2,118.8
17 %
Pretax income
58.0
45.2
28 %
181.1
133.8
35 %
Non-GAAP pretax adjustments:
Net realized and unrealized losses (gains)
3.8
(2.8)
(4.3)
(14.1)
Acquired intangible asset amortization
2.8
3.0
11.2
11.5
Office closure and severance expenses
3.5
5.1
4.4
7.8
Adjusted pretax income
68.1
50.5
35 %
192.3
138.9
38 %
GAAP pretax margin
8.5 %
7.8 %
7.3 %
6.3 %
Adjusted pretax margin
10.0 %
8.8 %
7.8 %
6.6 %
Real Estate Solutions Segment:
Revenues
111.9
87.0
29 %
438.3
358.6
22 %
Pretax income
3.9
0.9
317 %
22.0
20.2
9 %
Non-GAAP pretax adjustment:
Acquired intangible asset amortization
5.6
5.5
22.4
22.2
Severance expenses
-
-
0.1
-
Adjusted pretax income
9.5
6.5
47 %
44.5
42.3
5 %
GAAP pretax margin
3.5 %
1.1 %
5.0 %
5.6 %
Adjusted pretax margin
8.5 %
7.4 %
10.1 %
11.8 %
SOURCE Stewart Information Services Corporation