ERIE

MKT CAP:$11B

Erie Indemnity Company

Market Cap

$11B

Financial Services·Insurance - Brokers·🇺🇸 United States·NASDAQ

Financials·Insurance·🇺🇸·NASDAQ

Stock Price

$250.00-$27.81 (-10.01%)

Apr 22, 2026

Company Details

Erie Indemnity Company operates as a managing attorney-in-fact for the subscribers at the Erie Insurance Exchange in the United States. The company provides sales, underwriting, policy issuance, and renewal services for the policyholders on...

CEO

Parthasarathy Srinivasa

IPO Date

Oct 2, 1995

Website

www.erieinsurance.com

Key Metrics TTM

Revenue

$3.9B

+20.6% YoY

Net Income

$614M

EPS (Diluted)

$11.73

Free Cash Flow

$453M

Revenue / Share

—

Gross Margin

13.4%

Operating Margin

17.6%

Net Margin

15.6%

FCF Margin

11.5%

P/S

2.8x

P/E

17.8x

Earnings Reports

Q1 2026

Apr 23, 2026

NEW

$1.0BEPS $2.88

FY 2025

Feb 23, 2026

$4.1B+7.2%EPS $10.62

Q2 2025

Aug 7, 2025

$1.1B+7.0%EPS $3.34

FY 2024

Feb 27, 2025

$3.8B+16.1%EPS $11.48

Q2 2024

Jul 25, 2024

$990M+17.9%EPS $3.13

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 21	$630M	$76M	$76M
Q2 21	$680M	$85M	$85M
Q3 21	$688M	$95M	$95M
Q4 21	$636M	$62M	$62M
Q1 22	$672M	$84M	$84M
Q2 22	$726M	$104M	$104M
Q3 22	$741M	$106M	$106M
Q4 22	$701M	$81M	$81M
Q1 23	$752M	$111M	$111M
Q2 23	$840M	$134M	$134M
Q3 23	$859M	$148M	$148M
Q4 23	$818M	$127M	$127M
Q1 24	$881M	$139M	$139M
Q2 24	$990M	$190M	$190M
Q2 25	$1.1B	$199M	$199M
Q1 26	$1.0B	$0	$167M

Valuation

Quarter	P/S	P/E
Q1 21	4.6x	38.2x
Q2 21	3.9x	33.0x
Q3 21	3.7x	31.3x
Q4 21	3.8x	33.9x
Q1 22	3.5x	31.7x
Q2 22	3.7x	33.8x
Q3 22	4.3x	41.8x
Q4 22	4.7x	44.6x
Q1 23	3.7x	34.3x
Q2 23	3.6x	30.9x
Q3 23	4.8x	38.1x
Q4 23	4.7x	34.3x
Q1 24	6.2x	43.4x
Q2 24	4.7x	31.7x
Q2 25	4.3x	28.1x
Q1 26	2.9x	18.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 20	$108M	$105M
Q1 21	$33M	$22M
Q2 21	$94M	$77M
Q3 21	$136M	$126M
Q4 21	$139M	$28M
Q1 22	$24M	$8M
Q2 22	$83M	$70M
Q3 22	$132M	$109M
Q4 22	$128M	$112M
Q1 23	$48M	$29M
Q2 23	$132M	$106M
Q3 23	$53M	$26M
Q4 23	$148M	$128M
Q1 24	$87M	$65M
Q2 24	$131M	$103M
Q2 25	$178M	$157M

Capital Expenditures

Quarter	CapEx
Q4 20	$3M
Q1 21	$11M
Q2 21	$17M
Q3 21	$10M
Q4 21	$111M
Q1 22	$15M
Q2 22	$13M
Q3 22	$23M
Q4 22	$16M
Q1 23	$19M
Q2 23	$26M
Q3 23	$27M
Q4 23	$21M
Q1 24	$22M
Q2 24	$28M
Q2 25	$20M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 21	+2.2%	+4.3%
Q2 21	+3.5%	+5.1%
Q3 21	+5.3%	+6.4%
Q4 21	+4.4%	+5.5%
Q1 22	+6.7%	+6.1%
Q2 22	+6.8%	+4.6%
Q3 22	+7.8%	+7.1%
Q4 22	+10.2%	+7.9%
Q1 23	+12.0%	+9.2%
Q2 23	+15.7%	+13.4%
Q3 23	+15.9%	+11.9%
Q4 23	+16.7%	+11.5%
Q1 24	+17.0%	+15.6%
Q2 24	+17.9%	+13.4%
Q2 25	+23.4%	+21.2%
Q1 26	+23.8%	+22.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 20	$14M	2.2%
Q1 21	$0	0.0%
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q4 21	$4M	0.6%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$12M	1.5%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q2 25	-$85M	-8.1%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q1 21	—	—	$1M
Q2 21	—	—	$1M
Q3 21	—	—	$1M
Q4 21	—	—	$1M
Q1 22	—	—	$2M
Q2 22	—	—	$2M
Q3 22	—	—	$2M
Q4 22	—	—	$2M
Q1 23	—	—	$8M
Q2 23	—	—	$184M
Q3 23	—	—	$8M
Q4 23	—	—	$8M
Q1 24	—	—	$9M
Q2 24	$252M	$17M	—
Q2 25	—	—	$6M
Q1 26	$19M	—	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$90M	$57M	$147M
Q3 22	$98M	$26M	$123M
Q4 22	$142M	$24M	$166M
Q1 23	$122M	$57M	$180M
Q2 23	$143M	$64M	$207M
Q3 23	$103M	$70M	$173M
Q4 23	$144M	$82M	$226M
Q1 24	$132M	$77M	$208M
Q2 24	$157M	$48M	$204M
Q3 24	$198M	$49M	$246M
Q4 24	$275M	$45M	$319M
Q1 25	$235M	$53M	$288M
Q2 25	$332M	$59M	$391M
Q3 25	$569M	$60M	$628M
Q4 25	$346M	$37M	$383M
Q1 26	$269M	$54M	$323M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 21	58M	+10.9%	+11.6%
Q2 21	58M	-0.0%	+10.9%
Q3 21	52M	-10.4%	-0.0%
Q4 21	52M	+0.0%	-0.7%
Q1 22	58M	+11.6%	-0.0%
Q2 22	58M	-0.0%	-0.0%
Q3 22	52M	-10.4%	-0.0%
Q4 22	53M	+0.7%	+0.7%
Q1 23	58M	+10.9%	-0.0%
Q2 23	53M	-9.8%	-9.8%
Q3 23	53M	-0.0%	+0.7%
Q4 23	53M	+0.0%	+0.0%
Q1 24	53M	+0.0%	-9.8%
Q2 24	53M	+0.0%	+0.0%
Q2 25	52M	-0.7%	-0.7%
Q1 26	0	-100.0%	-100.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 21	$107.7K	6K
Q2 21	$116.3K	6K
Q3 21	$117.6K	6K
Q4 21	$109.5K	6K
Q1 22	$115.8K	6K
Q2 22	$125.1K	6K
Q3 22	$127.7K	6K
Q4 22	$117.4K	6K
Q1 23	$126.0K	6K
Q2 23	$140.7K	6K
Q3 23	$143.9K	6K
Q4 23	$126.2K	6K
Q1 24	$135.9K	6K
Q2 24	$152.8K	6K
Q2 25	$163.6K	6K
Q1 26	$151.8K	7K

Revenue / Employee