What is Old Republic's earnings per share (EPS)?

Old Republic (ORI) reported diluted earnings per share of $3.72 for fiscal year 2025. This represents a 14.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Old Republic Financials

ORI

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Old Republic (ORI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI ORI FY2025 2026-05-01

Cash-backed earnings are being paired with large shareholder payouts, leaving a thinner equity cushion behind a bigger balance sheet.

From FY2023 to FY2025, operating cash flow exceeded net income every year, yet debt-to-equity still rose from 3.1x to 4.0x because dividends and buybacks prevented equity from rebuilding as quickly as earnings recovered. That helps explain why ROE improved from 9.3% to 15.8% even though FY2025 equity remained below FY2023.

The business behaved more like a cash distributor than an asset accumulator in FY2024-FY2025: it generated more than $1.1B of operating cash flow in each year while financing cash flow stayed negative, so internally generated cash was consistently sent back to shareholders. That makes the earnings rebound look sturdier, because cash generation stayed strong even though reported cash on hand was only $263M in FY2025.

By FY2025, return on assets was only 3.1% while return on equity reached 15.8%; that gap shows shareholder returns were being amplified by leverage rather than by unusually high profit on the asset base. With liabilities at $23.9B and equity at $5.9B, the company is operating with less balance-sheet cushion than its ROE alone implies, so small shifts in asset profitability matter more.

Financial Health Signals

Financial Profile 19/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Old Republic's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Old Republic's revenue grew 11.0% year-over-year to $9.1B, a solid pace of expansion. This earns a growth score of 54/100.

Leverage

Old Republic has elevated debt relative to equity (D/E of 4.05), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 19/100, reflecting increased financial risk.

Returns

Old Republic's ROE of 15.8% shows moderate profitability relative to equity, earning a score of 43/100. This is up from 15.2% the prior year.

Piotroski F-Score Neutral

6/9

Old Republic passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.24x

For every $1 of reported earnings, Old Republic generates $1.24 in operating cash flow ($1.2B OCF vs $935.4M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$9.1B

YoY+11.0%

5Y CAGR+5.0%

10Y CAGR+4.7%

Old Republic generated $9.1B in revenue in fiscal year 2025. This represents an increase of 11.0% from the prior year.

EBITDA

N/A

Net Income

$935.4M

YoY+9.7%

5Y CAGR+10.9%

10Y CAGR+8.3%

Old Republic reported $935.4M in net income in fiscal year 2025. This represents an increase of 9.7% from the prior year.

EPS (Diluted)

$3.72

YoY+14.8%

5Y CAGR+14.7%

10Y CAGR+9.7%

Old Republic earned $3.72 per diluted share (EPS) in fiscal year 2025. This represents an increase of 14.8% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$263.2M

YoY+30.4%

5Y CAGR+17.3%

10Y CAGR+5.1%

Old Republic held $263.2M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

$3.66

YoY+19.6%

5Y CAGR+14.7%

10Y CAGR+17.3%

Old Republic paid $3.66 per share in dividends in fiscal year 2025. This represents an increase of 19.6% from the prior year.

Shares Outstanding

246M

YoY-1.0%

5Y CAGR-4.2%

10Y CAGR-0.6%

Old Republic had 246M shares outstanding in fiscal year 2025. This represents a decrease of 1.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

10.2%

YoY-0.1pp

5Y CAGR+2.4pp

10Y CAGR+2.9pp

Old Republic's net profit margin was 10.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.1 percentage points from the prior year.

Return on Equity

15.8%

YoY+0.6pp

5Y CAGR+6.8pp

10Y CAGR+4.9pp

Old Republic's ROE was 15.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.6 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$123.8M

YoY-86.9%

Old Republic spent $123.8M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 86.9% from the prior year.

Capital Expenditures

N/A

ORI Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$9.1B+11.0%	$8.2B+13.4%	$7.3B-10.2%	$8.1B-13.5%	$9.3B+30.4%	$7.2B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$1.8B+10.2%	$1.7B+5.6%	$1.6B+0.4%	$1.6B	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$70.5M-11.7%	$79.8M+18.8%	$67.2M-0.1%	$67.3M+20.4%	$55.9M+31.5%	$42.5M
Income Tax	$242.1M+11.6%	$216.9M+45.9%	$148.7M-13.0%	$170.9M-55.9%	$387.7M+198.9%	$129.7M
Net Income	$935.4M+9.7%	$852.7M+42.4%	$598.6M-12.8%	$686.4M-55.3%	$1.5B+174.7%	$558.6M
EPS (Diluted)	$3.72+14.8%	$3.24+54.3%	$2.10-7.1%	$2.26-55.2%	$5.05+170.1%	$1.87

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$2.4B+0.4%	$2.4B-1.4%	$2.4B+9.8%	$2.2B+4.5%	$2.1B+5.6%	$2.0B-14.5%	$2.3B+25.1%	$1.9B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$490.1M	N/A	$457.9M-1.0%	$462.6M+4.9%	$441.1M	N/A	$424.3M+2.7%	$413.3M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$83.8M	N/A	$72.8M+40.8%	$51.7M-16.1%	$61.6M	N/A	$88.0M+311.2%	$21.4M
Net Income	$330.0M+60.0%	$206.3M-26.2%	$279.5M+36.7%	$204.4M-16.6%	$245.0M+133.1%	$105.1M-69.0%	$338.9M+269.2%	$91.8M
EPS (Diluted)	$1.32+61.0%	$0.82-26.1%	$1.11+37.0%	$0.81-17.3%	$0.98+133.3%	$0.42-68.2%	$1.32+277.1%	$0.35

ORI Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$29.9B+7.3%	$27.8B+5.1%	$26.5B+5.3%	$25.2B+0.7%	$25.0B+9.5%	$22.8B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$263.2M+30.4%	$201.9M-0.4%	$202.8M+150.4%	$81.0M-48.8%	$158.1M+33.2%	$118.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$173.2M-3.6%	$179.6M+0.7%	$178.3M+0.1%	$178.1M+2.1%	$174.5M-0.3%	$175.1M
Total Liabilities	$23.9B+7.7%	$22.2B+10.6%	$20.1B+5.8%	$19.0B+5.0%	$18.1B+8.8%	$16.6B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$5.9B+5.3%	$5.6B-12.4%	$6.4B+3.8%	$6.2B-10.4%	$6.9B+11.4%	$6.2B
Retained Earnings	$5.5B-0.1%	$5.5B-2.2%	$5.6B+6.1%	$5.3B+2.1%	$5.2B+18.6%	$4.4B

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$29.6B-0.9%	$29.9B-1.3%	$30.3B+3.4%	$29.3B+4.4%	$28.0B+0.7%	$27.8B-3.5%	$28.8B+4.8%	$27.5B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$202.1M-23.2%	$263.2M+8.5%	$242.5M+36.2%	$178.1M-32.5%	$263.7M+30.6%	$201.9M-61.6%	$525.2M+210.4%	$169.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	$173.2M	N/A	N/A	N/A	$179.6M	N/A	N/A
Total Liabilities	$23.7B-1.1%	$23.9B+0.5%	$23.8B+3.3%	$23.1B+4.4%	$22.1B-0.6%	$22.2B-0.8%	$22.4B+4.2%	$21.5B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$5.9B0.0%	$5.9B-7.9%	$6.4B+3.8%	$6.2B+4.5%	$5.9B+5.3%	$5.6B-12.8%	$6.4B+6.9%	$6.0B
Retained Earnings	$5.7B+2.5%	$5.5B-8.7%	$6.0B+3.1%	$5.9B+2.3%	$5.7B+3.7%	$5.5B-10.0%	$6.1B+3.8%	$5.9B

ORI Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$1.2B-5.6%	$1.2B+40.1%	$880.4M-24.8%	$1.2B-10.8%	$1.3B+10.7%	$1.2B
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$177.2M-4443.6%	-$3.9M-115.4%	$25.3M+106.1%	-$415.0M+55.7%	-$936.5M-10.8%	-$845.2M
Financing Cash Flow	-$925.7M+24.5%	-$1.2B-56.7%	-$783.2M+5.9%	-$832.7M-148.0%	-$335.7M-11.9%	-$300.0M
Dividends Paid	$782.6M+187.8%	$271.9M-1.3%	$275.5M-52.5%	$579.7M-43.1%	$1.0B+307.5%	$250.1M
Share Buybacks	$123.8M-86.9%	$942.2M+76.0%	$535.3M+90.4%	$281.2M	$0	$0

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$281.4M+19.8%	$234.9M-58.3%	$563.9M+321.4%	$133.8M-42.3%	$231.7M-35.9%	$361.7M-23.8%	$474.8M+100.8%	$236.5M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$518.2M+719.1%	-$83.7M+78.0%	-$381.1M-170.7%	-$140.8M-132.9%	$428.4M+1039.5%	-$45.6M-139.8%	$114.5M-59.5%	$282.4M
Financing Cash Flow	-$860.8M-559.6%	-$130.5M-10.3%	-$118.3M-50.7%	-$78.5M+86.9%	-$598.4M+6.4%	-$639.2M-173.9%	-$233.4M+51.6%	-$482.7M
Dividends Paid	$693.8M+879.9%	$70.8M-0.1%	$70.9M-2.9%	$73.0M-87.1%	$567.9M+775.0%	$64.9M-2.3%	$66.4M-3.9%	$69.1M
Share Buybacks	$159.8M+189.5%	$55.2M+27.5%	$43.3M	$0-100.0%	$25.3M-85.5%	$174.4M+5.8%	$164.9M-59.6%	$408.5M

ORI Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	10.2%-0.1pp	10.4%+2.1pp	8.3%-0.2pp	8.5%-7.9pp	16.4%+8.6pp	7.8%
Return on Equity	15.8%+0.6pp	15.2%+5.8pp	9.3%-1.8pp	11.1%-11.1pp	22.3%+13.2pp	9.0%
Return on Assets	3.1%+0.1pp	3.1%+0.8pp	2.3%-0.5pp	2.7%-3.4pp	6.1%+3.7pp	2.5%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	4.05+0.1	3.96+0.8	3.13+0.1	3.08+0.5	2.62-0.1	2.69
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	13.8%+5.1pp	8.6%-2.9pp	11.5%+2.3pp	9.3%-2.3pp	11.6%+6.3pp	5.3%-9.2pp	14.5%+9.6pp	4.9%
Return on Equity	5.6%+2.1pp	3.5%-0.9pp	4.3%+1.0pp	3.3%-0.8pp	4.1%+2.3pp	1.9%-3.4pp	5.3%+3.7pp	1.5%
Return on Assets	1.1%+0.4pp	0.7%-0.2pp	0.9%+0.2pp	0.7%-0.2pp	0.9%+0.5pp	0.4%-0.8pp	1.2%+0.8pp	0.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	4.00-0.0	4.05+0.3	3.71-0.0	3.730.0	3.73-0.2	3.96+0.5	3.48-0.1	3.57
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Old Republic's annual revenue?

Old Republic (ORI) reported $9.1B in total revenue for fiscal year 2025. This represents a 11.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Old Republic's revenue growing?

Old Republic (ORI) revenue grew by 11% year-over-year, from $8.2B to $9.1B in fiscal year 2025.

Is Old Republic profitable?

Yes, Old Republic (ORI) reported a net income of $935.4M in fiscal year 2025, with a net profit margin of 10.2%.

What is Old Republic's net profit margin?

Old Republic (ORI) had a net profit margin of 10.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Old Republic pay dividends?

Yes, Old Republic (ORI) paid $3.66 per share in dividends during fiscal year 2025.

What is Old Republic's return on equity (ROE)?

Old Republic (ORI) has a return on equity of 15.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Old Republic's operating cash flow?

Old Republic (ORI) generated $1.2B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Old Republic's total assets?

Old Republic (ORI) had $29.9B in total assets as of fiscal year 2025, including both current and long-term assets.

Does Old Republic buy back shares?

Yes, Old Republic (ORI) spent $123.8M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Old Republic have outstanding?

Old Republic (ORI) had 246M shares outstanding as of fiscal year 2025.

What is Old Republic's debt-to-equity ratio?

Old Republic (ORI) had a debt-to-equity ratio of 4.05 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Old Republic's return on assets (ROA)?

Old Republic (ORI) had a return on assets of 3.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Old Republic's Piotroski F-Score?

Old Republic (ORI) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Old Republic's earnings high quality?

Old Republic (ORI) has an earnings quality ratio of 1.24x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Old Republic?

Old Republic (ORI) scores 19 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.