--- title: "Stewart Info Services | 10-K: FY2025 Revenue Misses Estimate at USD 2.858 B" type: "news" locale: "en" url: "https://longbridge.com/en/news/277256128.md" published_at: "2026-02-27T22:25:27.000Z" --- # Stewart Info Services | 10-K: FY2025 Revenue Misses Estimate at USD 2.858 B Revenue: As of FY2025, the actual value is USD 2.858 B, missing the estimate of USD 2.903 B. EPS: As of FY2025, the actual value is USD 4.05. EBIT: As of FY2025, the actual value is USD 123 M. #### Overall Company Performance (Consolidated) - **Net Income Attributable to Stewart Information Services Corporation:** Increased by $42,225 (57.6%) from $73,310 in 2024 to $115,535 in 2025. - **Pretax Income Before Noncontrolling Interests:** Rose to $165,574 (5.7% pretax margin) in 2025 from $114,311 (4.6% pretax margin) in 2024. - **Total Operating Revenues:** Grew by 18% to $2,858,301 in 2025 from $2,422,112 in 2024. - **Total Expenses:** Increased by 16% to $2,756,062 in 2025 from $2,376,108 in 2024. - **Fourth Quarter Performance:** Net income attributable to Stewart Information Services Corporation was $36,300 in Q4 2025, up from $22,700 in Q4 2024. Pretax income before noncontrolling interests reached $51,700 (6.5% pretax margin) in Q4 2025, compared to $35,400 (5.3% pretax margin) in Q4 2024. Net realized and unrealized losses were - $3,800 in Q4 2025, a change from gains of $1,700 in Q4 2024. - **Acquisitions:** Stewart Information Services Corporation acquired Mortgage Contracting Services (MCS) in Q4 2025, integrating it into the real estate solutions segment. #### Title Segment - **Fourth Quarter Performance:** Operating revenues were $668,400 in Q4 2025, a 19% increase from $562,700 in Q4 2024. Pretax income grew by 28% to $58,000 in Q4 2025 from $45,200 in Q4 2024, with the pretax margin improving to 8.5% from 7.8%. Segment total operating expenses increased by $85,900 (16%), driven by higher agency retention expenses ($43,900 or 19%) and increased combined employee costs and other operating expenses ($40,300 or 15%). Title loss expense increased by $2,300 (11%) in Q4 2025, primarily due to higher title revenues, improving to 3.4% of title operating revenues from 3.7%. Investment income was $14,000 in Q4 2025, a -3% decrease from $14,500 in Q4 2024. Net realized and unrealized losses were - $3,700 in Q4 2025, a -236% decrease from gains of $2,800 in Q4 2024. - **Direct Title Revenues (Fourth Quarter):** Total direct title revenues reached $334,800 in Q4 2025, an 18% increase from $283,600 in Q4 2024. Domestic commercial revenues increased by 38% to $116,100, while international commercial revenues decreased by -32% to $7,500. The average domestic commercial fee per file increased by 39% to $27,300, and the average domestic residential fee per file increased by 13% to $3,300. - **Annual Direct Title Revenues:** Total direct title revenues were $1,157,500 in 2025, up 13% from 2024. Domestic commercial revenues increased 35% in 2025 compared to 2024, and total non-commercial domestic revenues increased 6%. Average domestic commercial fee per file increased 18% to $19,300 in 2025, and average residential fee per file increased 6% to $3,200. Total international revenues improved by $14,200 (11%) in 2025 compared to 2024. - **Opened Orders (Annual):** Total opened orders increased by 2% to 329,519 in 2025. Commercial opened orders increased by 18% to 17,870, and refinance opened orders increased by 14% to 81,548. - **Closed Orders (Annual):** Total closed orders increased by 1% to 230,135 in 2025. Commercial closed orders increased by 13% to 17,538, and refinance closed orders increased by 16% to 50,348. - **Agency Operations (Annual):** Gross revenues from independent agency operations were $1,262,568 in 2025, up 21% from 2024. Net agency revenues increased by $36,500 (21%) in 2025. The average retention rate by independent agencies was 83.0% in 2025. - **Title Revenues by Geographic Location (Annual):** Texas contributed $365,000 (15%) in 2025, New York $252,000 (11%), and International $152,000 (6%). - **Title Loss Provisions (Annual):** As a percentage of title operating revenues, provisions improved to 3.4% in 2025 from 3.9% in 2024. Total provisions were $81,668 in 2025, up 2% from 2024. Total claims payments decreased by -10% to $76,847 in 2025. Claims payments for large title claims (net of recoveries) were $6,300 in 2025. - **Estimated Title Loss Reserve Balances (as of December 31):** Known claims were $84,800 in 2025, and IBNR was $439,700, totaling $524,500. - **Segment Pretax Income:** Increased to $181,086 in 2025 from $133,778 in 2024. #### Real Estate Solutions Segment - **Fourth Quarter Performance:** Operating revenues were $111,900 in Q4 2025, a 29% increase from $87,000 in Q4 2024. Pretax income surged by 317% to $3,900 in Q4 2025 from $900 in Q4 2024, with the pretax margin improving to 3.5% from 1.1%. Combined employee costs and other operating expenses increased by $21,600 (27%). Acquisition intangible asset amortization expenses were $5,600 in Q4 2025. - **Annual Revenues:** Increased by $79,700 (22%) in 2025 compared to the prior period. - **Segment Pretax Income:** Increased to $21,979 in 2025 from $20,161 in 2024. - **Employee Costs as a % of Operating Revenues:** Decreased to 14.3% in 2025 from 15.2% in 2024. - **Other Operating Expenses as a % of Operating Revenues:** Increased to 74.8% in 2025 from 72.2% in 2024. #### Corporate Segment - **Fourth Quarter Performance:** Net expenses slightly increased to $10,100 in Q4 2025, compared to $9,700 in Q4 2024, primarily due to higher interest expense. A - $1,100 realized loss related to an investment impairment was recorded in Q4 2024. - **Segment Pretax Loss:** Improved to - $37,491 in 2025 from - $39,628 in 2024. #### Consolidated Cash Flow - **Net Cash Provided by Operating Activities:** Increased to $205,688 in 2025 from $135,609 in 2024. - **Net Cash Used by Investing Activities:** Increased to - $368,581 in 2025 from - $87,263 in 2024. - **Net Cash Provided (Used) by Financing Activities:** Was $265,210 in 2025, compared to - $60,958 in 2024. - **Total Cash and Investments:** $975,800 as of December 31, 2025. - **Cash Held at Parent Company and Unregulated Subsidiaries:** $150,300 as of December 31, 2025. - **Dividends Paid by Stewart Title Guaranty Company to Parent:** $173,000 in 2025, up from $30,000 in 2024. - **Cash Used for Acquisitions:** Totaled $370,011 in 2025, significantly higher than $14,383 in 2024. - **Cash Used for Purchases of Property and Equipment and Other Long-Lived Assets:** Increased to $73,409 in 2025 from $40,500 in 2024. - **Common Stock Issuance:** Generated total proceeds, net of issuance costs, of $140,807 in 2025. - **Cash Dividends Paid:** $2.05 per common share in 2025, with total dividends paid being $58,500. #### Outlook / Guidance Fannie Mae and the Mortgage Bankers Association (MBA) project existing home sales to improve by 7% in 2026, with the median existing home price remaining largely unchanged. The average 30-year mortgage interest rate is expected to decrease to 6.2% in 2026 from 6.6% in 2025, further declining to 6.1% in 2027. Total mortgage originations are forecast to increase by 15% in 2026, driven by a 31% rise in refinancing transactions and a 7% increase in purchase transactions, while new home sales are anticipated to improve by 5% compared to 2025. ### Related Stocks - [STC.US - Stewart Info Services](https://longbridge.com/en/quote/STC.US.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | Saudi's stc Wins Two-Year Extension for Voice Services Deal with PLDT Global | Saudi's stc Wins Two-Year Extension for Voice Services Deal with PLDT Global | [Link](https://longbridge.com/en/news/276734044.md) | | LoanGeek Announces Partnership with PropStream to Enhance Financing Opportunities for Real Estate Investors \| STC Stock News | LoanGeek has partnered with PropStream to enhance financing opportunities for real estate investors. 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