STEWART INFORMATION SERVICES CORP
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
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Schedule I - Financial Information of the Registrant (Parent Company)
SCHEDULE I
STATEMENTS OF INCOME AND RETAINED EARNINGS
| For the Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (in $ thousands) | |||
| Revenues | |||
| Net interest and other income (net realized losses) | 433 | (159) | (2,222) |
| Expenses | |||
| Interest | 19,054 | 18,691 | 18,402 |
| Other operating expenses | 10,118 | 6,033 | 8,440 |
| 29,172 | 24,724 | 26,842 | |
| Loss before taxes and income from investments in subsidiaries | (28,739) | (24,883) | (29,064) |
| Income tax (expense) benefit | (21) | 417 | (28) |
| Income from investments in subsidiaries | 144,295 | 97,776 | 59,531 |
| Net income | 115,535 | 73,310 | 30,439 |
| Retained earnings at beginning of year | 1,089,484 | 1,070,841 | 1,091,816 |
| Cash dividends on Common Stock | (59,604) | (54,667) | (51,414) |
| Retained earnings at end of year | 1,145,415 | 1,089,484 | 1,070,841 |
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BALANCE SHEETS
| As of December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| (in $ thousands) | ||
| Assets | ||
| Cash and cash equivalents | 110,128 | 1,070 |
| Receivables from affiliates | 45,537 | 3,772 |
| Property and equipment, at cost: | ||
| Furniture and equipment | 2,060 | 2,060 |
| Accumulated depreciation | (953) | (545) |
| 1,107 | 1,515 | |
| Investments in subsidiaries, on an equity-method basis | 2,143,882 | 1,853,640 |
| Operating lease assets | 15,926 | 312 |
| Goodwill | 8,068 | 8,068 |
| Other assets | 20,236 | 16,194 |
| 2,344,884 | 1,884,571 | |
| Liabilities | ||
| Accounts payable and other liabilities | 28,036 | 26,256 |
| Operating lease liabilities | 19,530 | 501 |
| Notes payable | 656,234 | 455,672 |
| 703,800 | 482,429 | |
| Contingent liabilities and commitments | — | — |
| Stockholders’ equity | ||
| Common Stock – $1 par, authorized 51,500,000; issued 30,575,472 and 28,115,852; outstanding 30,223,311 and 27,763,691, respectively | 30,577 | 28,117 |
| Additional paid-in capital | 489,666 | 330,604 |
| Retained earnings | 1,145,415 | 1,089,484 |
| Accumulated other comprehensive loss (AOCI): | ||
| Foreign currency translation adjustments | (21,864) | (33,386) |
| Net unrealized investment losses | (44) | (10,011) |
| Treasury stock – 352,161 common shares, at cost | (2,666) | (2,666) |
| Total stockholders’ equity | 1,641,084 | 1,402,142 |
| 2,344,884 | 1,884,571 | |
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STATEMENTS OF CASH FLOWS
| For the Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (in $ thousands) | |||
| Reconciliation of net income to cash provided by operating activities: | |||
| Net income | 115,535 | 73,310 | 30,439 |
| Add (deduct): | |||
| Depreciation | 408 | 355 | 169 |
| (Increase) decrease in receivables – net | (41,765) | 46,411 | (1,128) |
| (Increase) decrease in other assets – net | (3,065) | 1,301 | (764) |
| Increase (decrease) in payables and accrued liabilities – net | 4,099 | (2,881) | 1,717 |
| Income from and other adjustments for subsidiaries | 119,137 | (13,743) | 11,753 |
| Cash provided by operating activities | 194,349 | 104,753 | 42,186 |
| Investing activities: | |||
| Investments in and contributions to subsidiaries | (370,251) | (62,197) | (19,000) |
| Purchase of property and equipment | — | (346) | (1,692) |
| Cash used by investing activities | (370,251) | (62,543) | (20,692) |
| Financing activities: | |||
| Dividends paid | (58,485) | (53,916) | (50,523) |
| Repurchases of Common Stock | (3,887) | (3,844) | (1,783) |
| Proceeds from stock option and employee stock purchase plan exercises | 7,502 | 10,550 | 4,970 |
| Proceeds from notes payable | 200,000 | — | — |
| Issuance of new Common Stock | 140,807 | — | — |
| Payment for debt issuance costs | (977) | — | — |
| Cash provided (used) by financing activities | 284,960 | (47,210) | (47,336) |
| Change in cash and cash equivalents | 109,058 | (5,000) | (25,842) |
| Cash and cash equivalents at beginning of year | 1,070 | 6,070 | 31,912 |
| Cash and cash equivalents at end of year | 110,128 | 1,070 | 6,070 |
| Supplemental information: | |||
| Income taxes paid, net | 1,547 | 4,961 | — |
| Interest paid | 17,930 | 17,035 | 17,197 |
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NOTES TO FINANCIAL STATEMENT INFORMATION
The Parent Company operates as a holding company, transacting substantially all of its business through its subsidiaries. Its consolidated financial statements are included in Part II, Item 8 of Form 10-K. The Parent Company financial statements should be read in conjunction with the aforementioned consolidated financial statements and notes thereto and financial statement schedules.
Dividends received. During 2025 and 2024, Stewart Title Guaranty Company, a wholly-owned subsidiary, paid to the Parent Company dividends of $173.0 million and $30.0 million, respectively, andnone in 2023. Also, during 2025, 2024 and 2023, the Parent Company received dividends of $53.2 million, $46.5 million and $62.0 million, respectively, from its unregulated subsidiaries, primarily related to real estate solutions operations.
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