MCY

MKT CAP:$5B

Mercury General Corporation

Market Cap

$5B

Financial Services·Insurance - Property & Casualty·🇺🇸 United States·NYSE

Financials·Insurance·🇺🇸·NYSE

Stock Price

$97.64+$5.87 (+6.40%)

Apr 23, 2026

Company Details

Mercury General Corporation, together with its subsidiaries, engages in writing personal automobile insurance in the United States. The company also writes homeowners, commercial automobile, commercial property, mechanical protection, and u...

CEO

Gabriel Tirador

IPO Date

Nov 20, 1985

Website

www.mercuryinsurance.com

Key Metrics TTM

Revenue

$6.0B

+9.4% YoY

Net Income

$541M

EPS (Diluted)

$9.77

Free Cash Flow

$1.0B

Revenue / Share

$108.19

Gross Margin

33.9%

Operating Margin

11.1%

Net Margin

9.0%

FCF Margin

17.2%

P/S

0.9x

P/E

9.9x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 17, 2026

$6.0B+9.4%EPS $9.77

Q4 2025

Feb 17, 2026

$1.5B+12.4%EPS $3.66

Q3 2025

Nov 4, 2025

$1.6B+3.6%EPS $5.06

Q2 2025

Jul 29, 2025

$1.5B+13.2%EPS $3.01

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$805M	-$179M	-$253M
Q2 22	$786M	-$198M	-$271M
Q3 22	$900M	-$56M	-$129M
Q4 22	$1.2B	$58M	-$17M
Q1 23	$1.1B	$13M	-$62M
Q2 23	$1.1B	$13M	-$61M
Q3 23	$1.1B	$60M	-$15M
Q4 23	$1.4B	$318M	$238M
Q1 24	$1.3B	$174M	$89M
Q2 24	$1.3B	$165M	$75M
Q3 24	$1.5B	$382M	$287M
Q4 24	$1.4B	$213M	$123M
Q1 25	$1.4B	-$56M	-$142M
Q2 25	$1.5B	$310M	$207M
Q3 25	$1.6B	$466M	$350M
Q4 25	$1.5B	$1.3B	$249M

Valuation

Quarter	P/S	P/E
Q1 22	1.4x	—
Q2 22	1.5x	—
Q3 22	1.5x	—
Q4 22	1.5x	—
Q1 23	1.4x	—
Q2 23	1.3x	—
Q3 23	1.2x	—
Q4 23	1.2x	55.4x
Q1 24	1.1x	24.8x
Q2 24	1.1x	16.7x
Q3 24	1.0x	9.6x
Q4 24	1.0x	11.4x
Q1 25	1.0x	18.7x
Q2 25	0.9x	13.7x
Q3 25	0.9x	12.1x
Q4 25	0.9x	9.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$107M	$98M
Q2 22	$88M	$80M
Q3 22	$90M	$81M
Q4 22	$68M	$58M
Q1 23	$18M	$9M
Q2 23	$87M	$77M
Q3 23	$122M	$114M
Q4 23	$225M	$216M
Q1 24	$193M	$182M
Q2 24	$278M	$266M
Q3 24	$318M	$306M
Q4 24	$248M	$236M
Q1 25	-$69M	-$82M
Q2 25	$372M	$357M
Q3 25	$496M	$480M
Q4 25	$288M	$274M

Capital Expenditures

Quarter	CapEx
Q1 22	$8M
Q2 22	$9M
Q3 22	$9M
Q4 22	$10M
Q1 23	$9M
Q2 23	$10M
Q3 23	$8M
Q4 23	$10M
Q1 24	$10M
Q2 24	$12M
Q3 24	$12M
Q4 24	$12M
Q1 25	$13M
Q2 25	$14M
Q3 25	$17M
Q4 25	$14M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-18.9%	+23.0%
Q2 22	-22.9%	+19.7%
Q3 22	-3.4%	+10.0%
Q4 22	+9.8%	+15.2%
Q1 23	+37.4%	+10.4%
Q2 23	+37.9%	+8.3%
Q3 23	+18.3%	+5.0%
Q4 23	+19.4%	-2.8%
Q1 24	+15.1%	+1.4%
Q2 24	+20.5%	+7.5%
Q3 24	+43.7%	+15.1%
Q4 24	-0.6%	+9.3%
Q1 25	+9.4%	+29.6%
Q2 25	+13.2%	+3.4%
Q3 25	+3.6%	-0.7%
Q4 25	+12.4%	+3.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$15.0K	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$15.0K	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$1M	0.1%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$296M	$134M	$430M
Q2 22	$290M	$172M	$462M
Q3 22	$336M	$101M	$437M
Q4 22	$290M	$123M	$413M
Q1 23	$270M	$147M	$417M
Q2 23	$358M	$190M	$548M
Q3 23	$454M	$212M	$666M
Q4 23	$551M	$178M	$729M
Q1 24	$530M	$162M	$693M
Q2 24	$609M	$148M	$757M
Q3 24	$616M	$289M	$905M
Q4 24	$720M	$284M	$1.0B
Q1 25	$1.3B	$208M	$1.5B
Q2 25	$1.1B	$282M	$1.4B
Q3 25	$1.3B	$0	$1.3B
Q4 25	$1.3B	$0	$1.3B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	55M	-0.0%	-0.0%
Q2 22	55M	0.0%	-0.0%
Q3 22	55M	0.0%	-0.0%
Q4 22	55M	0.0%	-0.0%
Q1 23	55M	0.0%	0.0%
Q2 23	55M	0.0%	0.0%
Q3 23	55M	0.0%	0.0%
Q4 23	55M	0.0%	0.0%
Q1 24	55M	+0.0%	+0.0%
Q2 24	55M	+0.0%	+0.0%
Q3 24	55M	+0.0%	+0.0%
Q4 24	55M	+0.0%	+0.0%
Q1 25	55M	+0.0%	+0.0%
Q2 25	55M	0.0%	+0.0%
Q3 25	55M	0.0%	+0.0%
Q4 25	55M	0.0%	+0.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$187.3K	4K
Q2 22	$182.7K	4K
Q3 22	$209.4K	4K
Q4 22	$267.8K	4K
Q1 23	$257.3K	4K
Q2 23	$251.9K	4K
Q3 23	$247.7K	4K
Q4 23	$335.3K	4K
Q1 24	$310.8K	4K
Q2 24	$318.3K	4K
Q3 24	$373.3K	4K
Q4 24	$325.3K	4K
Q1 25	$331.9K	4K
Q2 25	$351.9K	4K
Q3 25	$377.4K	4K
Q4 25	$357.2K	4K

Revenue / Employee