$STC

STEWART INFORMATION SERVICES CORP

CIK:0000094344|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Operating revenues	$ 880,973	$ 705,197	$ 1,645,527	$ 1,301,472
Investment income	14,839	16,257	28,691	28,913
Net realized and unrealized gains	3,426	727	6,328	3,780
Total revenues	899,238	722,181	1,680,546	1,334,165
Expenses
Amounts retained by agencies	314,890	252,112	591,032	473,489
Employee costs	241,061	208,209	462,159	394,019
Other operating expenses	241,051	173,527	458,570	334,439
Title losses and related claims	22,066	21,454	40,508	39,156
Depreciation and amortization	17,634	15,150	34,488	30,472
Interest	7,439	4,953	15,067	9,914
Total expenses	844,141	675,405	1,601,824	1,281,489
Income before taxes and noncontrolling interests	55,097	46,776	78,722	52,676
Income tax expense	(13,346)	(11,141)	(17,902)	(11,625)
Net income	41,751	35,635	60,820	41,051
Less net income attributable to noncontrolling interests	4,534	3,713	6,639	6,052
Net income attributable to Stewart	37,217	31,922	54,181	34,999
Net income attributable to Stewart
Net income	41,751	35,635	60,820	41,051
Other comprehensive (loss) income, net of taxes
Foreign currency translation adjustments	(2,219)	13,429	(4,860)	14,408
Change in net unrealized gains and losses on investments	920	734	(1,899)	6,090
Reclassification adjustments for realized gains and losses on investments	105	291	114	327
Other comprehensive (loss) income, net of taxes	(1,194)	14,454	(6,645)	20,825
Comprehensive income	40,557	50,089	54,175	61,876
Less net income attributable to noncontrolling interests	4,534	3,713	6,639	6,052
Comprehensive income attributable to Stewart	$ 36,023	$ 46,376	$ 47,536	$ 55,824
Basic average shares outstanding (in shares)	30,440	27,931	30,369	27,880
Basic earnings per share attributable to Stewart (in usd per share)	$ 1.22	$ 1.14	$ 1.78	$ 1.26
Diluted average shares outstanding (in shares)	30,853	28,330	30,833	28,337
Diluted earnings per share attributable to Stewart (in usd per share)	$ 1.21	$ 1.13	$ 1.76	$ 1.24
Direct title revenues
Revenues
Title revenues	$ 306,590	$ 291,262	$ 576,767	$ 522,942
Agency title revenues
Revenues
Title revenues	377,036	301,285	710,042	568,803
Real estate solutions
Revenues
Real estate solutions	$ 197,347	$ 112,650	$ 358,718	$ 209,727

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Reconciliation of net income to cash provided by operating activities:
Net income	$ 60,820	$ 41,051
Add (deduct):
Depreciation and amortization	34,488	30,472
Adjustments for bad debt provisions	1,517	1,565
Net realized and unrealized gains	(6,328)	(3,780)
Amortization of net discount on debt securities investments	(801)	(631)
Payments for title losses (in excess of) less than provisions	(2,614)	3,633
Adjustments for insurance recoveries of title losses	0	(308)
Increase in receivables – net	(39,552)	(21,409)
Increase in other assets – net	(15,491)	(23,006)
Increase (decrease) in accounts payable and other liabilities – net	6,261	(13,408)
Change in net deferred income taxes	7,014	33
Net income from equity method investments	(976)	(812)
Dividends received from equity method investments	1,249	1,071
Stock-based compensation expense	9,884	8,822
Other – net	538	208
Cash provided by operating activities	56,009	23,501
Investing activities:
Proceeds from sales of investments in securities	2,087	36,984
Proceeds from matured investments in debt securities	61,323	47,792
Purchases of investments in securities	(71,703)	(72,241)
Net sales (purchases) of short-term investments	2,171	(2,696)
Purchases of property and equipment and other long-lived assets	(41,895)	(27,079)
Proceeds from sale of property and equipment and other assets	27	2,837
Cash paid for acquisition of businesses and related assets	(27,837)	(8,523)
Increase in notes receivable	(110)	(6,000)
Purchases of cost-basis and other investments	(714)	(1,418)
Other – net	3,160	848
Cash used by investing activities	(73,491)	(29,496)
Financing activities:
Proceeds from notes payable	2,748	995
Payments on notes payable	(2,901)	(1,115)
Distributions to noncontrolling interests and other	(6,673)	(6,468)
Repurchases of Common Stock	(5,326)	(3,474)
Proceeds from stock option and employee stock purchase plan exercises	2,980	2,897
Cash dividends paid	(32,739)	(27,911)
Payment of contingent consideration related to acquisitions	(603)	(445)
Cash used by financing activities	(42,514)	(35,521)
Effects of changes in foreign currency exchange rates	(148)	3,319
Change in cash and cash equivalents	(60,144)	(38,197)
Cash and cash equivalents at beginning of period	321,775	216,298
Cash and cash equivalents at end of period	$ 261,631	$ 178,101

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 261,631	$ 321,775
Short-term investments	46,887	47,899
Investments, at fair value:
Debt securities (amortized cost of $554,257 and $558,544)	551,941	558,488
Equity securities	54,440	47,682
Investments in debt and equity securities, at fair value	606,381	606,170
Receivables:
Premiums from agencies	37,458	38,286
Trade and other	155,070	116,626
Income taxes	6,433	3,145
Notes	36,783	39,812
Allowance for uncollectible amounts	(8,074)	(7,805)
Total receivables	227,670	190,064
Property and equipment:
Land	1,597	1,597
Buildings and improvements	16,418	16,231
Furniture and equipment	288,085	259,581
Accumulated depreciation	(207,896)	(192,079)
Property and equipment	98,204	85,330
Operating lease assets	108,499	106,034
Title plants, at cost	81,711	81,670
Goodwill	1,293,831	1,271,958
Intangible assets, net of amortization	321,623	325,135
Deferred tax assets	7,900	7,656
Other assets	237,170	209,114
Total assets	3,291,507	3,252,805
Liabilities
Notes payable	646,742	646,606
Accounts payable and accrued liabilities	270,447	255,852
Operating lease liabilities	124,236	122,153
Estimated title losses	519,219	524,473
Deferred tax liabilities	58,080	53,323
Liabilities, Total	1,618,724	1,602,407
Contingent liabilities and commitments
Stockholders’ equity
Common Stock ($1 par value) and additional paid-in capital	527,781	520,243
Retained earnings	1,166,857	1,145,415
Accumulated other comprehensive loss:
Foreign currency translation adjustments	(26,724)	(21,864)
Net unrealized losses on debt securities investments	(1,829)	(44)
Treasury stock – 352,161 common shares, at cost	(2,666)	(2,666)
Stockholders’ equity attributable to Stewart	1,663,419	1,641,084
Noncontrolling interests	9,364	9,314
Total stockholders’ equity ($30,449,652 and 30,223,311 shares outstanding)	1,672,783	1,650,398
Total liabilities and stockholders' equity	$ 3,291,507	$ 3,252,805