NASDAQ : ERIE
Erie Indemnity Company — Financial statements
Financials · Insurance Brokers · United States
Last price 250.79 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 13.11B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Erie Indemnity Company (ERIE) reported revenue of 4.12B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 4.12B | 4.07B | 3.80B | 3.27B | 2.84B | 2.63B |
| Cost of Revenue | 3.39B | 3.35B | 3.12B | 2.75B | 2.46B | 2.32B |
| Gross Profit | 736.01M | 717.18M | 676.46M | 520.26M | 376.21M | 318.10M |
| Selling, General & Admin | -17.47M | -22.36M | -33.35M | -32.56M | -6.03M | 4.08M |
| Operating Expenses | -17.47M | -22.36M | -33.35M | -32.56M | -6.03M | 4.08M |
| Operating Income | 753.48M | 739.54M | 709.81M | 552.82M | 382.24M | 314.01M |
| Interest Expense | -2.01M | -4.13M | ||||
| Interest & Investment Income | 96.37M | 85.84M | 70.16M | 44.57M | 28.59M | 62.18M |
| Other Non Operating Income (Expenses) | -108.72M | -114.37M | -23.13M | -19.85M | -4.42M | -810.00K |
| EBT Excluding Unusual Items | 741.13M | 711.01M | 756.84M | 577.54M | 404.40M | 371.25M |
| Gain (Loss) on Sale of Investments | -7.65M | -976.00K | -895.00K | -15.60M | -27.95M | 5.16M |
| Other Unusual Items | 33.00K | 572.00K | 1.34M | |||
| Pretax Income | 733.51M | 710.60M | 757.28M | 561.94M | 376.45M | 376.40M |
| Income Tax Expense | 157.37M | 151.27M | 156.97M | 115.88M | 77.88M | 78.54M |
| Net Income | 576.14M | 559.34M | 600.31M | 446.06M | 298.57M | 297.86M |
| Net Income to Common | 576.14M | 559.34M | 600.31M | 446.06M | 298.57M | 297.86M |
| Shares Outstanding (Basic) | 52.29M | 52.29M | 52.29M | 52.29M | 52.29M | 52.29M |
| Shares Outstanding (Diluted) | 52.30M | 52.31M | 52.31M | 52.30M | 52.30M | 52.31M |
| EPS (Basic) | 11.02 | 10.70 | 11.48 | 8.53 | 5.71 | 5.70 |
| EPS (Diluted) | 11.01 | 10.69 | 11.48 | 8.53 | 5.71 | 5.69 |
| Free Cash Flow | 554.04M | 570.97M | 486.40M | 288.56M | 298.95M | 253.99M |
| Free Cash Flow Per Share | 10.59 | 10.92 | 9.30 | 5.52 | 5.72 | 4.86 |
| Dividend Per Share | 5.85 | 5.56 | 5.19 | 4.84 | 4.52 | 4.21 |
| Gross Margin | 17.85% | 17.63% | 17.82% | 15.92% | 13.25% | 12.08% |
| Operating Margin | 18.28% | 18.18% | 18.70% | 16.91% | 13.46% | 11.92% |
| Profit Margin | 13.98% | 13.75% | 15.82% | 13.64% | 10.51% | 11.31% |
| Free Cash Flow Margin | 13.44% | 14.04% | 12.82% | 8.83% | 10.53% | 9.64% |
| EBITDA | 834.12M | 808.99M | 766.34M | 600.23M | 428.41M | 351.22M |
| EBITDA Margin | 20.23% | 19.89% | 20.19% | 18.36% | 15.08% | 13.33% |
| D&A For EBITDA | 80.65M | 69.45M | 56.53M | 47.41M | 46.17M | 37.21M |
| EBIT | 753.48M | 739.54M | 709.81M | 552.82M | 382.24M | 314.01M |
| EBIT Margin | 18.28% | 18.18% | 18.70% | 16.91% | 13.46% | 11.92% |
| Effective Tax Rate | 21.45% | 21.29% | 20.73% | 20.62% | 20.69% | 20.87% |
| Revenue as Reported | 4.12B | 4.07B | 3.80B | 3.27B | 2.84B | 2.63B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 322.92M | 315.69M | 274.84M | 131.51M | 142.09M | 183.70M |
| Short-Term Investments | 60.91M | 33.90M | 44.60M | 82.02M | 24.27M | 38.40M |
| Cash & Short-Term Investments | 383.84M | 349.59M | 319.44M | 213.53M | 166.36M | 222.10M |
| Accounts Receivable | 796.09M | 749.90M | 718.13M | 634.80M | 533.24M | 485.43M |
| Receivables | 815.12M | 765.28M | 730.26M | 702.58M | 602.71M | 485.43M |
| Prepaid Expenses | 74.16M | 50.68M | 71.77M | 1.53M | 9.72M | 56.21M |
| Restricted Cash | 39.76M | 30.19M | 23.56M | 12.54M | ||
| Other Current Assets | 3.44M | |||||
| Total Current Assets | 1.31B | 1.20B | 1.15B | 930.19M | 778.80M | 763.73M |
| Property, Plant & Equipment | 594.18M | 571.48M | 513.49M | 442.61M | 413.87M | 374.80M |
| Long-Term Investments | 1.47B | 1.36B | 1.08B | 963.48M | 942.95M | 995.43M |
| Long-Term Deferred Tax Assets | 145.00K | |||||
| Other Long-Term Assets | 190.00M | 120.06M | 59.04M | 69.95M | 43.30M | 49.27M |
| Total Assets | 3.66B | 3.36B | 2.89B | 2.47B | 2.24B | 2.24B |
| Accounts Payable | 207.41M | 198.49M | 185.07M | 170.89M | 163.19M | 136.29M |
| Accrued Expenses | 626.34M | 569.49M | 503.60M | 437.50M | 409.95M | 405.85M |
| Short-Term Debt | 54.31M | 61.94M | 7.51M | |||
| Current Portion of Long-Term Debt | 2.10M | |||||
| Current Unearned Revenue | 49.05M | 47.56M | 42.76M | 41.21M | 36.55M | 34.94M |
| Other Current Liabilities | 68.11M | 68.11M | 63.57M | 59.38M | 55.42M | 51.69M |
| Total Current Liabilities | 1.01B | 945.59M | 802.51M | 708.98M | 665.11M | 630.86M |
| Long-Term Debt | 91.73M | |||||
| Long-Term Unearned Revenue | 23.31M | 23.27M | 21.17M | 19.91M | 17.89M | 17.69M |
| Pension & Post-Retirement Benefits | 35.38M | 33.41M | 28.07M | 26.26M | 51.22M | 130.38M |
| Long-Term Deferred Tax Liabilities | 11.17M | 24.79M | 6.42M | 11.48M | 14.07M | |
| Other Long-Term Liabilities | 34.71M | 45.05M | 43.19M | 42.50M | 42.74M | 28.91M |
| Total Liabilities | 1.11B | 1.07B | 901.36M | 809.13M | 791.05M | 899.58M |
| Common Stock | 2.17M | 2.17M | 2.17M | 2.17M | 2.17M | 2.17M |
| Additional Paid-In Capital | 16.50M | 16.49M | 16.47M | 16.47M | 16.48M | 16.50M |
| Retained Earnings | 3.77B | 3.46B | 3.16B | 2.80B | 2.58B | 2.50B |
| Treasury Stock | -1.17B | -1.17B | -1.17B | -1.17B | -1.17B | -1.17B |
| Comprehensive Income & Other | -65.82M | -27.10M | -24.61M | 9.68M | 15.45M | -3.55M |
| Shareholders' Equity | 2.55B | 2.28B | 1.99B | 1.66B | 1.45B | 1.34B |
| Total Liabilities & Equity | 3.66B | 3.36B | 2.89B | 2.47B | 2.24B | 2.24B |
| Total Debt | 54.31M | 61.94M | 7.51M | 93.83M | ||
| Net Cash (Debt) | 329.53M | 287.65M | 311.93M | 213.53M | 166.36M | 128.27M |
| Net Cash Per Share | 6.30 | 5.50 | 5.96 | 4.08 | 3.18 | 2.45 |
| Filing Date Shares Outstanding | 52.29M | 52.29M | 52.29M | 52.29M | 52.29M | 52.29M |
| Total Common Shares Outstanding | 52.29M | 52.29M | 52.29M | 52.29M | 52.29M | 52.29M |
| Working Capital | 307.67M | 253.59M | 342.52M | 221.21M | 113.69M | 132.87M |
| Book Value Per Share | 48.82 | 43.67 | 38.00 | 31.80 | 27.70 | 25.67 |
| Tangible Book Value | 2.55B | 2.28B | 1.99B | 1.66B | 1.45B | 1.34B |
| Tangible Book Value Per Share | 48.82 | 43.67 | 38.00 | 31.80 | 27.70 | 25.67 |
| Land | 235.91M | 233.65M | 216.58M | 213.26M | 211.62M | |
| Machinery | 80.91M | 75.07M | 68.39M | 65.22M | 63.99M | |
| Construction In Progress | 156.10M | 127.92M | 87.27M | 63.32M | 34.57M | |
| Leasehold Improvements | 1.65M | 1.38M | 1.38M | 1.39M | 1.34M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 576.14M | 559.34M | 600.31M | 446.06M | 298.57M | 297.86M |
| Depreciation & Amortization | 87.98M | 76.78M | 63.91M | 53.59M | 51.72M | 49.10M |
| Loss (Gain) From Sale of Assets | 5.74M | 5.74M | 3.87M | 1.61M | 172.00K | -13.00K |
| Loss (Gain) From Sale of Investments | 976.00K | 976.00K | 895.00K | 15.60M | 27.95M | -28.25M |
| Other Operating Activities | -10.36M | 12.53M | 3.15M | 12.77M | 22.38M | -1.85M |
| Change in Accounts Receivable | -28.53M | -28.53M | -81.72M | -100.40M | -45.81M | 15.51M |
| Change in Accounts Payable | -7.80M | -7.80M | -7.52M | 7.24M | 18.99M | -4.82M |
| Change in Unearned Revenue | 6.90M | 6.90M | 2.81M | 6.68M | 1.82M | -3.18M |
| Change in Other Net Operating Assets | 60.72M | 60.72M | 25.54M | -61.94M | -9.65M | 78.44M |
| Operating Cash Flow | 691.78M | 686.66M | 611.25M | 381.20M | 366.15M | 402.79M |
| Capital Expenditures | -137.74M | -115.69M | -124.84M | -92.65M | -67.20M | -148.80M |
| Sale of Property, Plant & Equipment | 265.00K | |||||
| Investment in Securities | -478.98M | -301.00M | -75.77M | -53.01M | -36.88M | -39.69M |
| Investing Cash Flow | -629.73M | -439.33M | -226.91M | -157.56M | -106.92M | -185.49M |
| Short-Term Debt Issued | 55.00M | |||||
| Total Debt Issued | 55.00M | |||||
| Short-Term Debt Repaid | -55.00M | |||||
| Long-Term Debt Repaid | -94.07M | -2.04M | ||||
| Total Debt Repaid | -149.07M | -2.04M | ||||
| Net Debt Issued (Repaid) | -94.07M | -2.04M | ||||
| Common Dividends Paid | -267.90M | -254.28M | -237.51M | -221.68M | -206.77M | -192.80M |
| Other Financing Activities | -18.00K | 54.42M | 7.51M | |||
| Financing Cash Flow | -267.91M | -199.85M | -230.00M | -221.68M | -300.84M | -194.84M |
| Net Cash Flow | -205.86M | 47.48M | 154.34M | 1.97M | -41.61M | 22.46M |
| Free Cash Flow | 554.04M | 570.97M | 486.40M | 288.56M | 298.95M | 253.99M |
| Free Cash Flow Margin | 13.44% | 14.04% | 12.82% | 8.83% | 10.53% | 9.64% |
| Free Cash Flow Per Share | 10.59 | 10.92 | 9.30 | 5.52 | 5.72 | 4.86 |
| Levered Free Cash Flow | 509.24M | 499.90M | 369.27M | 258.35M | 192.70M | 112.81M |
| Unlevered Free Cash Flow | 509.24M | 499.90M | 369.27M | 258.35M | 193.96M | 115.39M |
| Cash Interest Paid | 2.13M | 4.14M | ||||
| Cash Income Tax Paid | 147.55M | 104.00M | 159.87M | 104.37M | 80.62M | 84.49M |
| Change in Working Capital | 31.29M | 31.29M | -60.89M | -148.43M | -34.65M | 85.95M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 13.67B | 14.99B | 21.56B | 17.51B | 13.01B | 10.07B |
| Enterprise Value | 13.34B | 14.44B | 21.32B | 17.34B | 12.88B | 9.90B |
| Last Close Price | 261.39 | 280.05 | 396.69 | 318.19 | 231.66 | 175.46 |
| PE Ratio | 23.74 | 26.80 | 35.91 | 39.26 | 43.56 | 33.82 |
| Forward PE | 20.95 | 30.31 | 34.81 | 36.42 | 32.22 | |
| PS Ratio | 3.32 | 3.69 | 5.68 | 5.36 | 4.58 | 3.83 |
| PB Ratio | 5.35 | 6.56 | 10.85 | 10.53 | 8.98 | 7.50 |
| P/TBV Ratio | 5.35 | 6.56 | 10.85 | 10.53 | 8.98 | 7.50 |
| P/FCF Ratio | 24.67 | 26.25 | 44.32 | 60.69 | 43.50 | 39.66 |
| P/OCF Ratio | 19.76 | 21.83 | 35.27 | 45.94 | 35.52 | 25.01 |
| PEG Ratio | 2.32 | 2.32 | 2.32 | 2.32 | 2.32 | |
| EV/Sales Ratio | 3.24 | 3.55 | 5.62 | 5.30 | 4.54 | 3.76 |
| EV/EBITDA Ratio | 15.99 | 17.85 | 27.82 | 28.89 | 30.07 | 28.19 |
| EV/EBIT Ratio | 17.70 | 19.53 | 30.03 | 31.37 | 33.70 | 31.53 |
| EV/FCF Ratio | 24.07 | 25.30 | 43.83 | 60.09 | 43.09 | 38.98 |
| Debt / Equity Ratio | 0.02 | 0.03 | 0.00 | 0.07 | ||
| Debt / EBITDA Ratio | 0.06 | 0.08 | 0.01 | 0.26 | ||
| Debt / FCF Ratio | 0.10 | 0.11 | 0.01 | 0.37 | ||
| Net Debt / Equity Ratio | -0.13 | -0.13 | -0.16 | -0.13 | -0.12 | -0.10 |
| Net Debt / EBITDA Ratio | -0.40 | -0.36 | -0.41 | -0.36 | -0.39 | -0.36 |
| Net Debt / FCF Ratio | -0.59 | -0.50 | -0.64 | -0.74 | -0.56 | -0.51 |
| Asset Turnover | 1.18 | 1.30 | 1.42 | 1.39 | 1.27 | 1.21 |
| Quick Ratio | 1.17 | 1.16 | 1.29 | 1.20 | 1.05 | 1.12 |
| Current Ratio | 1.31 | 1.27 | 1.43 | 1.31 | 1.17 | 1.21 |
| Return on Equity (ROE) | 23.70% | 26.19% | 32.89% | 28.67% | 21.40% | 23.54% |
| Return on Assets (ROA) | 13.48% | 14.80% | 16.55% | 14.67% | 10.66% | 9.00% |
| Return on Invested Capital (ROIC) | 26.61% | 31.71% | 36.02% | 32.13% | 24.29% | 21.43% |
| Return on Capital Employed (ROCE) | 28.40% | 30.70% | 34.00% | 31.40% | 24.30% | 19.50% |
| Earnings Yield | 4.21% | 3.73% | 2.79% | 2.55% | 2.30% | 2.96% |
| FCF Yield | 4.05% | 3.81% | 2.26% | 1.65% | 2.30% | 2.52% |
| Dividend Yield | 2.24% | 1.94% | 1.26% | 1.45% | 1.82% | 2.19% |
| Payout Ratio | 53.13% | 45.46% | 39.56% | 49.70% | 69.25% | 64.73% |
| Buyback Yield / Dilution | 0.01% | 0.00% | -0.01% | -0.00% | 0.02% | 0.01% |
| Total Shareholder Return | 2.25% | 1.94% | 1.25% | 1.44% | 1.84% | 2.20% |