Net income of $36.3 million ($47.9 million on an adjusted basis) compared to net income of $22.7 million ($31.5 million on an adjusted basis) in the prior year quarter
Diluted EPS of $1.25 ($1.65 on an adjusted basis) compared to prior year quarter diluted EPS of $0.80 ($1.12 on an adjusted basis)
Full year 2025 revenues of $2.9 billion compared to 2024 revenues of $2.5 billion
Full year 2025 net income of $115.5 million ($139.6 million on an adjusted basis) compared to 2024 net income of $73.3 million ($94.4 million on an adjusted basis)
Full year 2025 diluted EPS of $4.05 ($4.89 on an adjusted basis) compared to 2024 diluted EPS of $2.61 ($3.35 on an adjusted basis)
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 InformationSummary 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 SegmentSummary 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 SegmentSummary 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 SegmentNet 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.
ExpensesConsolidated 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.
OtherNet 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 CallStewart 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 StewartStewart (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
