RLI

MKT CAP:$5B

RLI Corp.

Market Cap

$5B

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

Financials·Insurance·🇺🇸·NYSE

Stock Price

$52.81-$9.67 (-15.48%)

Apr 24, 2026

Company Details

RLI Corp., an insurance holding company, underwrites property and casualty insurance in the United States and internationally. Its Casualty segment provides commercial and personal coverage products; and general liability products, such as ...

CEO

Craig William Kliethermes

IPO Date

Mar 17, 1980

Website

www.rlicorp.com

Key Metrics TTM

Revenue

$1.4B

-20.0% YoY

Net Income

$334M

EPS (Diluted)

$3.61

Free Cash Flow

$561M

Revenue / Share

$15.35

Gross Margin

28.2%

Operating Margin

30.9%

Net Margin

23.6%

FCF Margin

39.6%

P/S

3.5x

P/E

14.7x

Earnings Reports

Q1 2026

Apr 22, 2026

NEW

$42M-89.6%EPS $0.60

FY 2025

Feb 20, 2026

$1.9B+6.3%EPS $4.36

Q4 2025

Feb 20, 2026

$466M+6.1%EPS $0.99

Q2 2025

Jul 24, 2025

$500M+20.0%EPS $1.34

Q1 2025

Apr 25, 2025

$408M-8.4%EPS $0.68

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$265M	$55M	$59M
Q2 22	$213M	-$14M	-$7M
Q3 22	$859M	$577M	$555M
Q4 22	$366M	$257M	$114M
Q1 23	$365M	$125M	$123M
Q2 23	$382M	$101M	$96M
Q3 23	$332M	$18M	$15M
Q4 23	$445M	$302M	$143M
Q1 24	$445M	$162M	$160M
Q2 24	$416M	$107M	$103M
Q3 24	$470M	$121M	$117M
Q4 24	$439M	$64M	$47M
Q1 25	$408M	$80M	$79M
Q2 25	$500M	$160M	$157M
Q4 25	$466M	$159M	$126M
Q1 26	$42M	$0	$77M

Valuation

Quarter	P/S	P/E
Q1 22	4.3x	19.5x
Q2 22	4.8x	30.3x
Q3 22	2.8x	8.1x
Q4 22	3.6x	10.5x
Q1 23	3.2x	9.2x
Q2 23	3.2x	8.7x
Q3 23	4.2x	21.3x
Q4 23	4.0x	20.2x
Q1 24	4.2x	20.2x
Q2 24	3.9x	19.0x
Q3 24	4.0x	16.9x
Q4 24	4.3x	21.8x
Q1 25	4.3x	26.2x
Q2 25	3.6x	20.5x
Q4 25	3.3x	18.7x
Q1 26	3.7x	15.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$104M	$101M
Q1 22	$39M	$37M
Q2 22	$132M	$131M
Q3 22	$112M	$111M
Q4 22	-$32M	-$34M
Q1 23	$69M	$68M
Q2 23	$174M	$173M
Q3 23	$99M	$96M
Q4 23	$122M	$122M
Q1 24	$71M	$70M
Q2 24	$142M	$139M
Q3 24	$219M	$219M
Q4 24	$128M	$128M
Q1 25	$104M	$102M
Q2 25	$175M	$176M
Q4 25	$157M	$155M

Capital Expenditures

Quarter	CapEx
Q4 21	$3M
Q1 22	$2M
Q2 22	$1M
Q3 22	$1M
Q4 22	$1M
Q1 23	$1M
Q2 23	$2M
Q3 23	$3M
Q4 23	$462.0K
Q1 24	$1M
Q2 24	$3M
Q3 24	$347.0K
Q4 24	$523.0K
Q1 25	$1M
Q2 25	$1M
Q4 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-7.8%	+4.5%
Q2 22	-28.5%	+12.0%
Q3 22	+217.8%	+29.7%
Q4 22	+11.8%	+19.9%
Q1 23	+37.8%	+17.4%
Q2 23	+79.2%	+30.1%
Q3 23	-61.4%	+3.9%
Q4 23	+21.5%	+19.6%
Q1 24	+21.9%	+17.6%
Q2 24	+9.1%	+9.6%
Q3 24	+41.7%	+11.5%
Q4 24	-1.4%	+29.7%
Q1 25	-8.4%	+15.5%
Q2 25	+20.0%	+9.6%
Q4 25	-0.9%	-3.8%
Q1 26	-90.4%	-108.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$2M	0.5%
Q1 22	$2M	0.6%
Q2 22	$2M	1.1%
Q3 22	$2M	0.3%
Q4 22	$3M	0.8%
Q1 23	$3M	0.7%
Q2 23	$2M	0.6%
Q3 23	$2M	0.6%
Q4 23	$2M	0.4%
Q1 24	$2M	0.4%
Q2 24	$2M	0.5%
Q3 24	$2M	0.4%
Q4 24	$2M	0.5%
Q1 25	$2M	0.5%
Q2 25	$2M	0.4%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q1 22	$3M
Q2 22	$2M
Q3 22	$3M
Q4 22	$4M
Q1 23	$4M
Q2 23	$4M
Q3 23	$2M
Q4 23	$5M
Q1 24	$5M
Q2 24	$4M
Q3 24	$4M
Q4 24	$3M
Q1 25	$3M
Q2 25	$5M
Q4 25	$33M

Revenue Segments

Quarter	Casualty Segment	Property Insurance Segment	Surety Insurance Segment
Q1 25	$229M	$133M	$37M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$113M	$2.3B	$2.4B
Q3 22	$724M	$2.5B	$3.2B
Q4 22	$23M	$2.7B	$2.7B
Q1 23	$23M	$2.8B	$2.8B
Q2 23	$17M	$3.0B	$3.0B
Q3 23	$18M	$2.8B	$2.9B
Q4 23	$36M	$3.0B	$3.0B
Q1 24	$45M	$1.0B	$1.1B
Q2 24	$50M	$1.1B	$1.1B
Q3 24	$61M	$203M	$264M
Q4 24	$40M	$75M	$115M
Q1 25	$27M	$1.2B	$1.2B
Q2 25	$21M	$1.2B	$1.2B
Q3 25	$53M	$1.6B	$1.6B
Q4 25	$52M	$121M	$172M
Q1 26	$49M	$386M	$435M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	91M	-0.0%	+0.1%
Q2 22	91M	-0.8%	-0.8%
Q3 22	92M	+0.9%	+0.2%
Q4 22	92M	+0.4%	+0.5%
Q1 23	92M	+0.2%	+0.7%
Q2 23	92M	+0.0%	+1.5%
Q3 23	92M	+0.0%	+0.6%
Q4 23	92M	+0.0%	+0.3%
Q1 24	92M	+0.2%	+0.3%
Q2 24	92M	+0.0%	+0.3%
Q3 24	92M	+0.1%	+0.3%
Q4 24	92M	+0.0%	+0.3%
Q1 25	93M	+0.1%	+0.2%
Q2 25	93M	-0.0%	+0.2%
Q4 25	92M	-0.3%	-0.2%
Q1 26	92M	-0.0%	-0.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$297.5K	890
Q2 22	$239.4K	890
Q3 22	$965.7K	890
Q4 22	$366.1K	1K
Q1 23	$364.6K	1K
Q2 23	$381.5K	1K
Q3 23	$331.4K	1K
Q4 23	$405.3K	1K
Q1 24	$404.8K	1K
Q2 24	$378.9K	1K
Q3 24	$427.7K	1K
Q4 24	$382.8K	1K
Q1 25	$355.4K	1K
Q2 25	$435.8K	1K
Q4 25	$390.4K	1K
Q1 26	$35.5K	1K

Revenue / Employee