ORI

MKT CAP:$10B

Old Republic International Corporation

Market Cap

$10B

Financial Services·Insurance - Diversified·🇺🇸 United States·NYSE

Financials·Insurance·🇺🇸·NYSE

Stock Price

$42.07-$1.20 (-2.77%)

Apr 22, 2026

Company Details

Old Republic International Corporation, through its subsidiaries, engages in the insurance underwriting and related services business primarily in the United States and Canada. The company operates through three segments: General Insurance,...

CEO

Craig Richard Smiddy

IPO Date

Mar 17, 1980

Website

www.oldrepublic.com

Key Metrics TTM

Revenue

$8.9B

+9.4% YoY

Net Income

$960M

EPS (Diluted)

$3.19

Free Cash Flow

$1.6B

Revenue / Share

—

Gross Margin

46.2%

Operating Margin

8.9%

Net Margin

10.7%

FCF Margin

18.3%

P/S

1.1x

P/E

10.3x

Earnings Reports

Q1 2026

Apr 23, 2026

NEW

$2.4B+13.5%EPS $0.68

FY 2025

Feb 26, 2026

$9.1B+10.4%EPS $3.73

Q3 2025

Oct 31, 2025

$2.4B+3.5%EPS $1.11

Q1 2025

May 2, 2025

$2.1B+4.9%EPS $0.98

FY 2024

Feb 27, 2025

$8.2B+13.4%EPS $3.24

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$2.7B	$2.2B	$790M
Q1 22	$2.2B	$1.6B	$382M
Q2 22	$1.8B	$1.2B	-$55M
Q3 22	$1.7B	$1.1B	-$120M
Q4 22	$2.3B	$1.8B	$649M
Q1 23	$1.8B	$1.2B	$249M
Q2 23	$1.8B	$1.2B	$197M
Q3 23	$1.8B	$1.1B	$64M
Q4 23	$1.9B	$1.2B	$237M
Q1 24	$2.0B	$2.0B	$398M
Q2 24	$1.9B	$1.1B	$113M
Q3 24	$2.3B	$1.5B	$427M
Q4 24	$2.0B	$1.2B	$131M
Q1 25	$2.1B	$1.3B	$308M
Q3 25	$2.4B	$1.6B	$353M
Q1 26	$2.4B	$0	$0

Valuation

Quarter	P/S	P/E
Q4 21	1.1x	6.4x
Q1 22	1.1x	7.4x
Q2 22	1.1x	10.0x
Q3 22	1.2x	12.3x
Q4 22	1.2x	14.4x
Q1 23	1.3x	17.0x
Q2 23	1.3x	12.7x
Q3 23	1.3x	10.7x
Q4 23	1.4x	16.5x
Q1 24	1.3x	13.8x
Q2 24	1.3x	15.1x
Q3 24	1.2x	10.5x
Q4 24	1.2x	11.6x
Q1 25	1.2x	12.6x
Q3 25	1.1x	10.2x
Q1 26	1.1x	10.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$455M	$455M
Q4 21	$341M	$341M
Q1 22	$278M	$278M
Q2 22	$125M	$125M
Q3 22	$500M	$500M
Q4 22	$267M	$267M
Q1 23	$157M	$157M
Q2 23	$91M	$91M
Q3 23	$350M	$350M
Q4 23	$283M	$283M
Q1 24	$160M	$160M
Q2 24	$237M	$237M
Q3 24	$475M	$475M
Q4 24	$362M	$362M
Q1 25	$232M	$232M
Q3 25	$564M	$564M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+4.2%	-1.4%
Q1 22	-6.3%	+5.8%
Q2 22	-19.7%	+0.4%
Q3 22	-14.5%	-3.4%
Q4 22	-13.8%	-12.1%
Q1 23	-20.3%	-17.2%
Q2 23	-0.7%	-14.1%
Q3 23	+2.3%	-7.9%
Q4 23	-17.2%	+0.4%
Q1 24	+14.6%	+7.1%
Q2 24	+4.1%	+9.8%
Q3 24	+33.0%	+12.9%
Q4 24	+3.2%	+9.8%
Q1 25	+4.9%	+11.7%
Q3 25	+29.5%	+17.8%
Q1 26	+2.5%	+25.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$0	0.0%
Q4 21	$3M	0.1%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$9M	0.4%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$20M	1.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q3 25	$0	0.0%

Revenue Segments

Quarter	General Insurance Group	Other Segments	RFIG Run-off Business	Title Insurance Group
Q1 23	$1.1B	$53M	$6M	$597M
Q2 23	$1.1B	$52M	$6M	$664M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$101M	$11.7B	$11.8B
Q3 22	$102M	$12.2B	$12.3B
Q4 22	$81M	$12.6B	$12.7B
Q1 23	$94M	$12.8B	$12.9B
Q2 23	$96M	$853M	$950M
Q3 23	$152M	$1.1B	$1.3B
Q4 23	$203M	$13.2B	$13.4B
Q1 24	$137M	$3.0B	$3.1B
Q2 24	$169M	$3.3B	$3.4B
Q3 24	$525M	$2.8B	$3.3B
Q4 24	$202M	$2.8B	$3.0B
Q1 25	$264M	$2.5B	$2.7B
Q2 25	$178M	$2.6B	$2.8B
Q3 25	$243M	$2.9B	$3.1B
Q4 25	$263M	$3.0B	$3.2B
Q1 26	$202M	$0	$202M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	304M	+0.3%	+1.9%
Q1 22	305M	+0.3%	+1.9%
Q2 22	304M	-0.5%	+0.5%
Q3 22	304M	-0.0%	+0.0%
Q4 22	303M	-0.3%	-0.6%
Q1 23	294M	-2.8%	-3.7%
Q2 23	288M	-2.1%	-5.2%
Q3 23	280M	-2.8%	-7.8%
Q4 23	277M	-1.0%	-8.4%
Q1 24	275M	-0.7%	-6.3%
Q2 24	262M	-4.8%	-8.9%
Q3 24	257M	-2.1%	-8.3%
Q4 24	250M	-2.5%	-9.7%
Q1 25	250M	-0.2%	-9.4%
Q3 25	250M	0.0%	-4.8%
Q1 26	0	-100.0%	-100.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$283.4K	10K
Q1 22	$229.8K	10K
Q2 22	$188.5K	10K
Q3 22	$179.3K	10K
Q4 22	$246.9K	10K
Q1 23	$185.1K	10K
Q2 23	$189.3K	10K
Q3 23	$185.3K	10K
Q4 23	$211.0K	9K
Q1 24	$219.1K	9K
Q2 24	$203.4K	9K
Q3 24	$254.5K	9K
Q4 24	$213.0K	9K
Q1 25	$224.9K	9K
Q3 25	$257.9K	9K
Q1 26	$252.6K	10K

Revenue / Employee