Stewart Reports Third Quarter 2025 Results

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October 22, 2025 4:15 PM EDT
  • Total revenues of $796.9 million ($791.3 million on an adjusted basis) compared to $667.9 million ($663.2 million on an adjusted basis) in the prior year quarter
  • Net income of $44.3 million ($46.7 million on an adjusted basis) compared to net income of $30.1 million ($33.1 million on an adjusted basis) in the prior year quarter
  • Diluted EPS of $1.55 ($1.64 on an adjusted basis) compared to prior year quarter diluted EPS of $1.07 ($1.17 on an adjusted basis)

HOUSTON, Oct. 22, 2025 /PRNewswire/ -- Stewart Information Services Corporation (NYSE: STC) today reported net income attributable to Stewart of $44.3 million ($1.55 per diluted share) for the third quarter 2025, compared to net income attributable to Stewart of $30.1 million ($1.07 per diluted share) for the third quarter 2024. On an adjusted basis, net income for the third quarter 2025 was $46.7 million ($1.64 per diluted share) compared to net income of $33.1 million ($1.17 per diluted share) in the third quarter 2024. Pretax income before noncontrolling interests for the third quarter 2025 was $61.2 million ($64.5 million on an adjusted basis) compared to $42.8 million ($46.8 million on an adjusted basis) for the third quarter 2024.

Third quarter 2025 results included $5.6 million of pretax net realized and unrealized gains, primarily driven by $4.3 million of net unrealized gains on fair value changes of equity securities investments and a $1.2 million realized gain on a sale of real property. Third quarter 2024 results included $4.7 million of pretax net realized and unrealized gains, primarily related to net unrealized gains on fair value changes of equity securities investments.

"I am proud of our third quarter results as they demonstrate our momentum," commented Fred Eppinger, chief executive officer. "We are committed to growth across all business lines and are thoughtful in our operational management. The combination of these efforts allowed us to deliver solid third quarter results, even as the broad housing environment remains subdued relative to historic norms."

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

September 30,


Nine Months Ended

September 30,


2025

2024


2025

2024







Total revenues

796.9

667.9


2,131.1

1,824.5

Pretax income before noncontrolling interests

61.2

42.8


113.8

78.9

Income tax expense

(13.0)

(9.1)


(24.6)

(18.0)

Net income attributable to noncontrolling interests

(3.9)

(3.6)


(10.0)

(10.4)

Net income attributable to Stewart

44.3

30.1


79.3

50.6

Non-GAAP adjustments, after taxes*

2.4

3.0


12.4

12.3

Adjusted net income attributable to Stewart*

46.7

33.1


91.6

62.8

Pretax margin

7.7 %

6.4 %


5.3 %

4.3 %

Adjusted pretax margin*

8.1 %

7.1 %


6.2 %

5.3 %

Net income per diluted Stewart share

1.55

1.07


2.79

1.80

Adjusted net income per diluted Stewart share*

1.64

1.17


3.23

2.24

 

*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 September 30,




2025

2024

% Change









Operating revenues

659.9

553.3

19 %



Investment income

14.8

13.6

9 %



Net realized and unrealized gains

4.2

4.8

(11 %)



Pretax income

62.0

45.0

38 %



Non-GAAP adjustments to pretax income*

(1.2)

(1.6)




Adjusted pretax income*

60.8

43.4

40 %



Pretax margin

9.1 %

7.9 %




Adjusted pretax margin*

9.0 %

7.7 %




 

* 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 in the third quarter 2025 increased $106.6 million (19 percent), driven by revenue improvement of $29.0 million (11 percent) and $77.6 million (28 percent) from our direct and agency title operations, respectively, compared to the third quarter 2024. Total segment operating expenses increased $90.3 million (17 percent) compared to the prior year quarter, primarily due to $65.5 million (28 percent) increased agency retention expenses, consistent with the gross agency revenue increase, and $27.0 million (10 percent) higher combined employee costs and other operating expenses, primarily due to increased incentive compensation, outside search and service expenses and premium taxes consistent with higher title revenues, and higher salaries expense related to increased employee count. As a percentage of operating revenues, total employee costs and other operating expenses for the title segment improved to 44 percent in the third quarter 2025 compared to 47 percent in the third quarter 2024, primarily due to increased title operating revenues.

Title loss expense in the third quarter 2025 decreased by $1.7 million (8 percent) compared to the prior year quarter, primarily driven by our continued overall favorable claims experience. As a percentage of title operating revenues, the title loss expense improved to 3.0 percent in the third quarter 2025 compared to 3.8 percent in the third quarter 2024.

Investment income improved 9 percent in the third quarter 2025 compared to the prior year quarter, primarily driven by higher earned interest income from eligible escrow balances. Net realized and unrealized gains presented above were primarily related to net unrealized gains on fair value changes of equity securities investments. In addition to these net realized and unrealized gains, the title segment's adjusted pretax income included other non-GAAP adjustments of $3.0 million and $3.2 million for the third quarters 2025 and 2024, respectively, primarily driven by acquisition intangible asset amortization and related expenses (refer to Appendix A for details).

Direct title revenues information is presented below (dollars in millions):

Quarter Ended September 30,


2025

2024

% Change







Non-commercial:





Domestic

176.8

168.2

5 %


International

32.5

29.0

12 %



209.3

197.2

6 %


Commercial:





Domestic

79.1

67.4

17 %


International

11.3

6.1

85 %



90.4

73.5

23 %


Total direct title revenues

299.7

270.7

11 %






Domestic commercial revenues improved by $11.7 million (17 percent) in the third quarter 2025, primarily due to increased commercial closed transactions, while domestic non-commercial revenues increased $8.6 million (5 percent), primarily driven by improved purchase and refinancing closed transactions compared to the prior year quarter. Average domestic commercial fee per file for the third quarter 2025 was $17,700, which was comparable to the prior year quarter, while average domestic residential fee per file was $3,200, or 6 percent higher than the third quarter 2024. Total international revenues improved by $8.7 million (25 percent) in the third quarter 2025, primarily driven by overall increased volumes and larger commercial transactions 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 September 30,



2025

2024

% Change







Total revenues

116.6

96.4

21 %


Pretax income

7.3

7.4

(1 %)


Non-GAAP adjustments to pretax income*

5.9

5.5



Adjusted pretax income*

13.2

12.9

2 %


Pretax margin

6.2 %

7.7 %



Adjusted pretax margin*

11.3 %

13.4 %



 

* 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 improved by $20.3 million (21 percent) in the third quarter 2025 compared to the third quarter 2024, primarily driven by our credit information and valuation services businesses and a recently acquired real estate information services provider. Combined employee costs and other operating expenses in the third quarter 2025 increased $19.8 million (24 percent), primarily resulting from increased costs of services related to higher revenues and higher employee costs supporting 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 totaled $9.5 million for both the third quarters 2025 and 2024, while the segment recorded net realized gains of $1.4 million in the third quarter 2025, primarily resulting from a sale of real property.

Expenses
Consolidated employee costs in the third quarter 2025 increased $17.4 million (9 percent) compared to the third quarter 2024, primarily driven by higher salaries and employee benefits expenses resulting from a 9 percent higher average employee count. As a percentage of total operating revenues, consolidated employee costs in the third quarter 2025 improved to 27.2 percent compared to 29.8 percent in the prior year quarter, primarily due to higher operating revenues in the third quarter 2025.

Consolidated other operating expenses increased $29.5 million (19 percent), primarily resulting from higher real estate solutions service expenses and title outside search and premium tax expenses related to overall revenue growth in the third quarter 2025 compared to the prior year quarter. As a percentage of total operating revenues, third quarter 2025 consolidated other operating expenses was 23.8 percent, which was comparable to 24.0 percent from the prior year quarter.

Other
Net cash provided by operations improved by $16.5 million to $92.6 million in the third quarter 2025, compared to $76.1 million in the third quarter 2024, primarily driven by the higher net income in the third quarter 2025. 

Third Quarter Earnings Call
Stewart will hold a conference call to discuss the third quarter 2025 earnings at 8:30 a.m. Eastern Time on Thursday, October 23, 2025. To participate, dial 800-267-6316 (USA) or 203-518-9783 (International) – access code STCQ325. 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 October 23, 2025 until midnight on October 30, 2025 by dialing (800) 839-9815 (USA) or (402) 220-2190 (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. 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

September 30,


Nine Months Ended
September 30,


2025

2024


2025

2024

Revenues:






Title revenues:






Direct title

299,690

270,706


822,631

736,774

Agency title

360,186

282,549


928,989

764,081

Real estate solutions

116,607

96,346


326,334

271,561

Total operating revenues

776,483

649,601


2,077,954

1,772,416

Investment income

14,819

13,626


43,733

40,833

Net realized and unrealized gains

5,614

4,714


9,394

11,238


796,916

667,941


2,131,081

1,824,487

Expenses:






Amounts retained by agencies

299,523

233,980


773,012

634,083

Employee costs

211,221

193,862


605,240

545,987

Other operating expenses

185,165

155,646


519,605

444,890

Title losses and related claims

19,546

21,282


58,701

59,754

Depreciation and amortization

15,391

15,480


45,863

46,062

Interest

4,898

4,899


14,812

14,768


735,744

625,149


2,017,233

1,745,544

Income before taxes and noncontrolling interests

61,172

42,792


113,848

78,943

Income tax expense

(12,975)

(9,123)


(24,600)

(17,999)

Net income

48,197

33,669


89,248

60,944

Less net income attributable to noncontrolling interests

3,938

3,573


9,990

10,375

Net income attributable to Stewart

44,259

30,096


79,258

50,569







Net earnings per diluted share attributable to Stewart

1.55

1.07


2.79

1.80

Diluted average shares outstanding (000)

28,491

28,200


28,386

28,069







Selected financial information:






Net cash provided by operations

92,645

76,121


116,146

67,656

Other comprehensive (loss) income

(1,922)

18,259


18,903

10,911

 

Third Quarter Domestic Order Counts:

 






Opened Orders 2025:

July

August

Sept

Total


Closed Orders 2025:

July

August

Sept

Total

Commercial

1,391

1,565

1,564

4,520


Commercial

1,443

1,514

1,521

4,478

Purchase

18,255

16,378

16,028

50,661


Purchase

12,601

12,016

11,592

36,209

Refinancing

6,620

6,961

8,818

22,399


Refinancing

4,113

4,096

4,569

12,778

Other

2,971

4,277

2,575

9,823


Other

2,060

1,834

1,953

5,847

Total

29,237

29,181

28,985

87,403


Total

20,217

19,460

19,635

59,312












Opened Orders 2024:

July

August

Sept

Total


Closed Orders 2024:

July

August

Sept

Total

Commercial

1,111

1,273

1,281

3,665


Commercial

1,140

1,318

1,336

3,794

Purchase

17,796

16,403

15,259

49,458


Purchase

12,382

12,217

10,991

35,590

Refinancing

6,017

7,077

7,826

20,920


Refinancing

3,617

4,016

4,133

11,766

Other

3,621

3,129

6,671

13,421


Other

4,304

2,142

1,779

8,225

Total

28,545

27,882

31,037

87,464


Total

21,443

19,693

18,239

59,375














 

STEWART INFORMATION SERVICES CORPORATION

CONDENSED BALANCE SHEETS

(In thousands of dollars)


 

 

September 30,
2025

 

December 31,
2024

Assets:



Cash and cash equivalents

188,518

216,298

Short-term investments

44,647

41,199

Investments in debt and equity securities, at fair value

694,818

669,099

Receivables – premiums from agencies

41,065

36,753

Receivables – other

149,851

111,735

Allowance for uncollectible amounts

(9,183)

(7,725)

Property and equipment, net

84,341

87,613

Operating lease assets, net

109,255

102,210

Title plants

75,684

74,862

Goodwill

1,119,793

1,084,139

Intangible assets, net of amortization

158,059

173,075

Deferred tax assets

4,805

4,827

Other assets

183,898

136,060


2,845,551

2,730,145

Liabilities:



Notes payable

446,141

445,841

Accounts payable and accrued liabilities

234,472

214,580

Operating lease liabilities

124,966

118,835

Estimated title losses

520,445

511,534

Deferred tax liabilities

37,617

28,266


1,363,641

1,319,056

Stockholders' equity:



Common Stock and additional paid-in capital

375,285

358,721

Retained earnings

1,125,293

1,089,484

Accumulated other comprehensive loss

(24,494)

(43,397)

Treasury stock

(2,666)

(2,666)

Stockholders' equity attributable to Stewart

1,473,418

1,402,142

Noncontrolling interests

8,492

8,947

Total stockholders' equity

1,481,910

1,411,089


2,845,551

2,730,145




Number of shares outstanding (000)

28,020

27,764

Book value per share

52.58

50.50

 

STEWART INFORMATION SERVICES CORPORATION

SEGMENT INFORMATION

(In thousands of dollars)

 

Quarter Ended:

September 30, 2025


September 30, 2024


Title

Real
Estate
Solutions

Corporate
and Other

Total


Title

Real
Estate
Solutions

Corporate
and Other

Total

Revenues:










Operating revenues

659,876

116,607

-

776,483


553,255

96,346

-

649,601

Investment income

14,787

32

-

14,819


13,588

38

-

13,626

Net realized and unrealized gains (losses)

4,236

-

1,378

5,614


4,757

-

(43)

4,714


678,899

116,639

1,378

796,916


571,600

96,384

(43)

667,941

Expenses:










Amounts retained by agencies

299,523

-

-

299,523


233,980

-

-

233,980

Employee costs

191,598

16,094

3,529

211,221


176,225

14,104

3,533

193,862

Other operating expenses

97,482

86,479

1,204

185,165


85,853

68,634

1,159

155,646

Title losses and related claims

19,546

-

-

19,546


21,282

-

-

21,282

Depreciation and amortization

8,356

6,777

258

15,391


8,860

6,264

356

15,480

Interest

419

-

4,479

4,898


406

-

4,493

4,899


616,924

109,350

9,470

735,744


526,606

89,002

9,541

625,149

Income (loss) before taxes

61,975

7,289

(8,092)

61,172


44,994

7,382

(9,584)

42,792


Nine Months Ended:

September 30, 2025


September 30, 2024


Title

Real
Estate
Solutions

Corporate
and Other

Total


Title

Real
Estate
Solutions

Corporate
and Other

Total

Revenues:










Operating revenues

1,751,620

326,334

-

2,077,954


1,500,855

271,561

-

1,772,416

Investment income

43,643

90

-

43,733


40,746

87

-

40,833

Net realized and unrealized gains (losses)

8,059

-

1,335

9,394


11,387

-

(149)

11,238


1,803,322

326,424

1,335

2,131,081


1,552,988

271,648

(149)

1,824,487

Expenses:










Amounts retained by agencies

773,012

-

-

773,012


634,083

-

-

634,083

Employee costs

549,634

45,266

10,340

605,240


495,943

39,904

10,140

545,987

Other operating expenses

272,241

243,494

3,870

519,605


247,371

193,703

3,816

444,890

Title losses and related claims

58,701

-

-

58,701


59,754

-

-

59,754

Depreciation and amortization

25,413

19,574

876

45,863


26,126

18,803

1,133

46,062

Interest

1,265

2

13,545

14,812


1,165

7

13,596

14,768


1,680,266

308,336

28,631

2,017,233


1,464,442

252,417

28,685

1,745,544

Income (loss) before taxes

123,056

18,088

(27,296)

113,848


88,546

19,231

(28,834)

78,943

 

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 nine months ended September 30, 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 September 30,


Nine Months Ended September 30,



2025

2024

% Chg


2025

2024

% Chg











Total revenues

796.9

667.9

19 %


2,131.1

1,824.5

17 %


Non-GAAP revenue adjustment:









Net realized and unrealized gains

(5.6)

(4.7)



(9.4)

(11.2)



Adjusted total revenues

791.3

663.2

19 %


2,121.7

1,813.2

17 %

 

Net realized and unrealized gains:








Net unrealized gains (losses) on equity securities fair value changes

4.3

4.5



9.9

11.2


Net gains from sale of property and equipment

1.2

-



0.8

-


Net losses from acquisition liability adjustments

-

-



(1.0)

-


Net (losses) gains on sale of securities investments

(0.1)

0.3



(0.5)

0.1


Other items, net

0.2

(0.1)



0.2

(0.1)


Total

5.6

4.7



9.4

11.2












Pretax income

61.2

42.8

43 %


113.8

78.9

44 %


Non-GAAP pretax adjustments:









Net realized and unrealized gains

(5.6)

(4.7)



(9.4)

(11.2)



Acquired intangible asset amortization

8.5

8.3



25.2

25.1



Office closure and severance expenses

0.4

0.4



1.0

2.7



Adjusted pretax income

64.5

46.8

38 %


130.6

95.5

37 %


GAAP pretax margin

7.7 %

6.4 %



5.3 %

4.3 %



Adjusted pretax margin

8.1 %

7.1 %



6.2 %

5.3 %












Net income attributable to Stewart

44.3

30.1

47 %


79.3

50.6

57 %


Non-GAAP pretax adjustments:









Net realized and unrealized gains

(5.6)

(4.7)



(9.4)

(11.2)



Acquired intangible asset amortization

8.5

8.3



25.2

25.1



Office closure and severance expenses

0.4

0.4



1.0

2.7



Net tax effects of non-GAAP adjustments

(0.9)

(1.0)



(4.4)

(4.3)



Non-GAAP adjustments, after taxes

2.4

3.0



12.4

12.3



Adjusted net income attributable to Stewart

46.7

33.1

41 %


91.6

62.8

46 %











Diluted average shares outstanding (000)

28,491

28,200



28,386

28,069



GAAP net income per share

1.55

1.07



2.79

1.80



Adjusted net income per share

1.64

1.17



3.23

2.24


 

Quarter Ended September 30,


Nine Months Ended September 30,


2025

2024

% Chg


2025

2024

% Chg

Title Segment:

 






Revenues

678.9

571.6

19 %


1,803.3

1,553.0

16 %

Net realized and unrealized gains

(4.2)

(4.8)



(8.1)

(11.4)


Adjusted revenues

674.7

566.8

19 %


1,795.3

1,541.6

16 %

Pretax income

62.0

45.0

38 %


123.1

88.5

39 %

Non-GAAP pretax adjustments:








Net realized and unrealized gains

(4.2)

(4.8)



(8.1)

(11.4)


Acquired intangible asset amortization

2.8

2.8



8.4

8.5


Office closure and severance expenses

0.3

0.4



0.9

2.7


Adjusted pretax income

60.8

43.4

40 %


124.2

88.3

41 %

GAAP pretax margin

9.1 %

7.9 %



6.8 %

5.7 %


Adjusted pretax margin

9.0 %

7.7 %



6.9 %

5.7 %










Real Estate Solutions Segment:

 






Revenues

116.6

96.4

21 %


326.4

271.6

20 %









Pretax income

7.3

7.4

(1 %)


18.1

19.2

(6 %)

Non-GAAP pretax adjustment:








Acquired intangible asset amortization

5.8

5.5



16.8

16.6


Severance expenses

0.1

-



0.1

-


Adjusted pretax income

13.2

12.9

2 %


35.0

35.9

(3 %)

GAAP pretax margin

6.2 %

7.7 %



5.5 %

7.1 %


Adjusted pretax margin

11.3 %

13.4 %



10.7 %

13.2 %


 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/stewart-reports-third-quarter-2025-results-302591789.html

SOURCE Stewart Information Services Corporation


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