- Total revenues of $899.2 million ($895.8 million on an adjusted basis) compared to $722.2 million ($721.5 million on an adjusted basis) in the prior year quarter
- Net income of $37.2 million ($42.9 million on an adjusted basis) compared to net income of $31.9 million ($38.0 million on an adjusted basis) in the prior year quarter
- Diluted EPS of $1.21 ($1.39 on an adjusted basis) compared to prior year quarter diluted EPS of $1.13 ($1.34 on an adjusted basis)
HOUSTON, July 22, 2026 /PRNewswire/ -- Stewart Information Services Corporation (NYSE: STC) today reported net income attributable to Stewart of $37.2 million ($1.21 per diluted share) for the second quarter 2026, compared to net income attributable to Stewart of $31.9 million ($1.13 per diluted share) for the second quarter 2025. On an adjusted basis, net income for the second quarter 2026 was $42.9 million ($1.39 per diluted share) compared to net income of $38.0 million ($1.34 per diluted share) in the second quarter 2025. Pretax income before noncontrolling interests for the second quarter 2026 was $55.1 million ($62.8 million on an adjusted basis) compared to $46.8 million ($54.9 million on an adjusted basis) for the second quarter 2025.
Second quarter 2026 results included $3.4 million of pretax net realized and unrealized gains, which were primarily related to net gains from fair value changes of equity securities investments recorded in the title segment. Second quarter 2025 results included $0.7 million of pretax net realized and unrealized gains, which primarily resulted from $2.4 million of net unrealized gains on fair value changes of equity securities investments, partially offset by a $1.2 million acquisition liability adjustment loss in the title segment.
"We continued to build on our momentum in the second quarter and delivered another quarter of strong revenue results," commented Fred Eppinger, chief executive officer. "Though the housing market faces continued headwinds, we remain dedicated to growing each of our businesses and delivering best-in-class service to our customers."
Selected Financial Information
Summary results of operations are as follows (dollars in millions, except per share amounts, pretax margin and adjusted pretax margin, and amounts may not add as presented due to rounding):
Quarter Ended Six Months Ended
June 30,
June 30,
2026 2025 2026 2025
Total revenues 899.2 722.2 1,680.5 1,334.2
Pretax income before noncontrolling interests 55.1 46.8 78.7 52.7
Income tax expense (13.3) (11.1) (17.9) (11.6)
Net income attributable to noncontrolling interests (4.5) (3.7) (6.6) (6.1)
Net income attributable to Stewart 37.2 31.9 54.2 35.0
Non-GAAP adjustments, after taxes* 5.7 6.0 12.8 9.9
Adjusted net income attributable to Stewart* 42.9 38.0 66.9 44.9
Pretax margin 6.1 % 6.5 % 4.7 % 3.9 %
Adjusted pretax margin* 7.0 % 7.6 % 5.7 % 5.0 %
Net income per diluted Stewart share 1.21 1.13 1.76 1.24
Adjusted net income per diluted Stewart share* 1.39 1.34 2.17 1.59
*Adjusted net income, adjusted pretax margin and adjusted net income per diluted share are non-GAAP measures. See Appendix A for
explanation and reconciliation of non-GAAP adjustments.
Title Segment
Summary results of the title segment are as follows (dollars in millions, except pretax margin and adjusted pretax margin):
Quarter Ended June 30,
2026 2025 % Change
Operating revenues 683.6 592.5 15 %
Investment income 14.8 16.2 (9 %)
Net realized and unrealized gains 3.4 0.8 348 %
Pretax income 48.6 49.3 (1 %)
Non-GAAP adjustments to pretax income* (0.7) 2.6 (127 %)
Adjusted pretax income* 47.9 51.9 (8 %)
Pretax margin 6.9 % 8.1 %
Adjusted pretax margin* 6.9 % 8.5 %
* Adjusted pretax income and adjusted pretax margin are non-GAAP financial measures. See Appendix A for explanation
and reconciliation of non-GAAP adjustments.
Title segment operating revenues increased $91.1 million (15 percent) in the second quarter 2026 compared to the second quarter 2025, primarily resulting from strong performance by our direct and agency title operations. Direct title revenues improved $15.3 million (5 percent), primarily due to increased domestic commercial transaction volume, while gross agency title revenues increased $75.8 million (25 percent). Net of agency retention, agency title revenues increased $13.0 million (26 percent), consistent with the gross agency revenue growth.
The title segment's combined employee costs and other operating expenses increased $29.6 million (11 percent) in the second quarter 2026 compared to the prior year quarter, primarily driven by higher salaries and employee benefits, incentive compensation, and title outside search and service fees. As a percentage of title operating revenues, these expenses improved to 45 percent from 47 percent in the prior year quarter primarily due to higher title operating revenues. Title loss expense, as a percentage of title operating revenues, improved to 3.2 percent in the second quarter 2026 from 3.6 percent in the prior year quarter, primarily due to continued overall favorable claims experience.
Investment income decreased $1.4 million (9 percent) in the second quarter 2026, primarily driven by lower earned interest from eligible escrow balances resulting from lower interest rates and escrow balances compared to the second quarter 2025. In addition to the above net realized and unrealized gains, the title segment's adjusted pretax income for the second quarters 2026 and 2025 included total other non-GAAP adjustments of $2.7 million and $3.4 million, respectively, primarily related to acquisition intangible asset amortization expenses (refer to Appendix A for details).
Direct title revenues information is presented below (dollars in millions):
Quarter Ended June 30,
2026 2025 % Change
Non-commercial:
Domestic 177.9 179.6 (1 %)
International 31.0 29.7 4 %
208.9 209.3 0 %
Commercial:
Domestic 89.8 74.6 20 %
International 7.9 7.4 7 %
97.7 82.0 19 %
Total direct title
revenues 306.6 291.3 5 %
Domestic commercial revenues increased $15.2 million (20 percent) in the second quarter 2026, driven by higher commercial transaction volume across energy and other asset classes, as well as larger data center transactions. Domestic commercial closed orders improved 21 percent, while the average domestic commercial fee per file remained relatively consistent with the prior year quarter at $16,900, primarily due to asset class mix. Domestic non-commercial revenues were comparable to the second quarter 2025, as lower non-commercial transactions were offset by a higher average domestic residential fee per file in the second quarter 2026. The average domestic residential fee per file improved 10 percent to $3,200 in the second quarter 2026. Total international revenues increased $1.8 million (5 percent) in the second quarter 2026 compared to the prior year quarter, primarily due to higher transaction volumes.
Real Estate Solutions Segment
Summary results of the real estate solutions (RES) segment are as follows (dollars in millions, except pretax margin and adjusted pretax margin):
Quarter Ended June 30,
2026 2025 % Change
Revenues 197.4 112.7 75 %
Pretax income 18.5 6.7 174 %
Non-GAAP adjustments to pretax income* 8.3 5.5 52 %
Adjusted pretax income* 26.8 12.2 119 %
Pretax margin 9.4 % 6.0 %
Adjusted pretax margin* 13.6 % 10.9 %
* Adjusted pretax income and adjusted pretax margin are non-GAAP financial measures. See Appendix A for an explanation
and reconciliation of non-GAAP adjustments.
Segment revenues increased $84.7 million (75 percent) in the second quarter 2026 compared to the second quarter 2025, primarily driven by our recently acquired MCS business and higher revenues from credit information and valuation services. Combined employee costs and other operating expenses increased $70.4 million (71 percent), primarily due to higher costs of services associated with revenue growth and increased employee count. Non-GAAP adjustments to pretax income in both second quarters 2026 and 2025 were primarily related to acquisition intangible asset amortization expenses. Additionally, second quarter 2026 adjustments included MCS integration costs.
Corporate Segment
Net expenses attributable to corporate operations for the second quarter 2026 increased to $12.0 million from $9.2 million in the second quarter 2025, primarily due to higher interest expense on increased debt balances.
Expenses
Consolidated employee costs increased $32.9 million (16 percent) in the second quarter 2026 compared to the prior year quarter, primarily due to higher salaries and employee benefit expenses resulting from a 17 percent higher average employee count, and increased incentive compensation consistent with improved operating results. As a percentage of total operating revenues, consolidated employee costs improved to 27.4 percent in the second quarter 2026, compared to 29.5 percent in the prior year quarter, primarily due to higher operating revenues.
Consolidated other operating expenses increased $67.5 million (39 percent) in the second quarter 2026 compared to the prior year quarter, primarily driven by higher real estate solutions service expenses and higher title outside search and services fees expenses associated with operating revenue growth. As a percentage of total operating revenues, consolidated other operating expenses increased to 27.4 percent from 24.6 percent in the prior year quarter, primarily due to increased real estate solutions service expenses in the second quarter 2026.
Other
Net cash provided by operations improved to $60.5 million in the second quarter 2026, compared to $53.4 million in the prior year quarter, primarily driven by higher net income.
Second Quarter Earnings Call
Stewart will hold a conference call to discuss the second quarter 2026 earnings at 8:30 a.m. Eastern Time on Thursday, July 23, 2026. To participate, dial 800-420-1459 (USA) or 203-518-9861 (International) - access code STCQ226. Additionally, participants can listen to the conference call through Stewart's Investor Relations website at https://investors.stewart.com/news-and-events/events/default.aspx. The conference call replay will be available from 11:00 a.m. Eastern Time on July 23, 2026 until midnight on July 30, 2026 by dialing (800) 839-9307 (USA) or (402) 220-6085 (International).
About Stewart
Stewart (NYSE-STC) is a global real estate services company, offering products and services through our direct operations, network of Stewart Trusted Providers™ and family of companies. From residential and commercial title insurance and closing and settlement services to specialized offerings for the mortgage and real estate industries, we offer the comprehensive service, deep expertise and solutions our customers need for any real estate transaction. At Stewart, we are dedicated to becoming the premier title services company and we are committed to doing so by partnering with our customers to create mutual success. Learn more at stewart.com.
Cautionary statement regarding forward-looking statements. Certain statements in this press release are "forward-looking statements", including statements related to Stewart's future business plans and expectations, including our plans to achieve market growth and pretax margin improvements. Forward-looking statements, by their nature, are subject to various risks and uncertainties that could cause our actual results to differ materially. Such risks and uncertainties include the volatility of general economic conditions, including economic changes that may result from new or increased tariffs, trade restrictions or geopolitical tensions, and adverse changes in the level of real estate activity, as well as a number of other risks and uncertainties discussed in detail in our documents filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2025, and if applicable, as supplemented by any risk factors contained in our Quarterly Reports on Form 10-Q, and our Current Reports on Form 8-K filed subsequently. We expressly disclaim any obligation to update, amend or clarify any forward-looking statements contained in this press release to reflect events or circumstances that may arise after the date hereof, except as may be required by applicable law.
ST-IR
STEWART INFORMATION SERVICES CORPORATION
CONDENSED STATEMENTS OF INCOME
(In thousands of dollars, except per share amounts and except where noted)
Quarter Ended June Six Months Ended June
30, 30,
2026 2025 2026 2025
Revenues:
Title revenues:
Direct title 306,590 291,262 576,767 522,942
Agency title 377,036 301,285 710,042 568,803
Real estate solutions 197,347 112,650 358,718 209,727
Total 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
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
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 60,821 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 earnings per diluted share attributable to Stewart 1.21 1.13 1.76 1.24
Diluted average shares outstanding (000) 30,853 28,330 30,833 28,337
Selected financial information:
Net cash provided by operations 60,499 53,428 56,009 23,501
Other comprehensive (loss) income (1,194) 14,454 (6,645) 20,825
Second Quarter Domestic Order Counts:
Opened Orders 2026: April May June Total Closed Orders 2026: April May June Total
Commercial 2,353 1,836 1,814 6,003 Commercial 2,035 1,612 1,677 5,324
Purchase 17,469 16,648 17,034 51,151
Purchase 11,494 11,587 12,789 35,870
Refinancing 7,239 6,376 6,567 20,182 Refinancing 4,915 4,145 4,116 13,176
Other 4,604 2,962 7,645 15,211
Other 1,849 3,206 1,884 6,939
Total 31,665 27,822 33,060 92,547
Total 20,293 20,550 20,466 61,309
Opened Orders 2025: April May June Total Closed Orders 2025: April May June Total
Commercial 1,612 1,326 1,588 4,526 Commercial 1,472 1,444 1,499 4,415
Purchase 18,050 17,785 16,958 52,793
Purchase 11,491 12,156 12,239 35,886
Refinancing 7,010 6,188 6,538 19,736 Refinancing 4,424 3,989 3,752 12,165
Other 5,232 4,666 2,693 12,591
Other 5,729 6,503 1,896 14,128
Total 31,904 29,965 27,777 89,646
Total 23,116 24,092 19,386 66,594
STEWART INFORMATION SERVICES CORPORATION
CONDENSED BALANCE SHEETS
(In thousands of dollars)
June 30, December 31,
2026 2025
Assets:
Cash and cash equivalents 261,631 321,775
Short-term investments 46,887 47,899
Investments in debt and equity securities, at fair value 606,381 606,170
Receivables, net 227,670 190,064
Property and equipment, net 98,204 85,330
Operating lease assets, net 108,499 106,034
Title plants 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
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
1,618,724 1,602,407
Stockholders' equity:
Common Stock and additional paid-in capital 527,781 520,243
Retained earnings 1,166,857 1,145,415
Accumulated other comprehensive loss (28,553) (21,908)
Treasury stock (2,666) (2,666)
Stockholders' equity attributable to Stewart 1,663,419 1,641,084
Noncontrolling interests 9,364 9,314
Total stockholders' equity 1,672,783 1,650,398
3,291,507 3,252,805
Number of shares outstanding (000) 30,450 30,223
Book value per share 54.63 54.30
STEWART INFORMATION SERVICES CORPORATION
SEGMENT INFORMATION
(In thousands of dollars)
Quarter Ended:
June 30, 2026
June 30, 2025
Title Real Corporate Total Title Real Corporate Total
Estate Estate
Solutions Solutions
Revenues:
Operating revenues 683,626 197,347 880,973 592,547 112,650 705,197
Investment income 14,794 45 14,839 16,233 24 16,257
Net realized and unrealized gains 3,443 (17) 3,426 768 (41) 727
(losses)
701,863 197,392 (17) 899,238 609,548 112,674 (41) 722,181
Expenses:
Amounts retained by agencies 314,890 314,890 252,112 252,112
Employee costs 212,305 25,404 3,352 241,061 189,549 15,437 3,223 208,209
Other operating expenses 95,104 144,552 1,395 241,051 88,252 84,072 1,203 173,527
Title losses and related claims 22,066 22,066 21,454 21,454
Depreciation and amortization 8,442 8,950 242 17,634 8,443 6,424 283 15,150
Interest 456 3 6,980 7,439 424 4,529 4,953
653,263 178,909 11,969 844,141 560,234 105,933 9,238 675,405
Income (loss) before taxes 48,600 18,483 (11,986) 55,097 49,314 6,741 (9,279) 46,776
Six Months Ended:
June 30, 2026
June 30, 2025
Title Real Corporate Total Title Real Corporate Total
Estate Estate
Solutions Solutions
Revenues:
Operating revenues 1,286,809 358,718 1,645,527 1,091,745 209,727 1,301,472
Investment income 28,616 75 28,691 28,855 58 28,913
Net realized and unrealized gains 6,528 (200) 6,328 3,823 (43) 3,780
(losses)
1,321,953 358,793 (200) 1,680,546 1,124,423 209,785 (43) 1,334,165
Expenses:
Amounts retained by agencies 591,032 591,032 473,489 473,489
Employee costs 407,672 47,764 6,723 462,159 358,036 29,172 6,811 394,019
Other operating expenses 191,584 264,207 2,779 458,570 174,759 157,015 2,665 334,439
Title losses and related claims 40,508 40,508 39,156 39,156
Depreciation and amortization 16,681 17,307 500 34,488 17,057 12,796 619 30,472
Interest 911 8 14,148 15,067 846 2 9,066 9,914
1,248,388 329,286 24,150 1,601,824 1,063,343 198,985 19,161 1,281,489
Income (loss) before taxes 73,565 29,507 (24,350) 78,722 61,080 10,800 (19,204) 52,676
Appendix A
Non-GAAP Adjustments
Management uses a variety of financial and operational measurements other than its financial statements prepared in accordance with United States Generally Accepted Accounting Principles (GAAP) to analyze its performance. These include: (1) adjusted revenues, which are reported revenues adjusted for net realized and unrealized gains and losses and (2) adjusted pretax income and adjusted net income, which are reported pretax income and reported net income after earnings from noncontrolling interests, respectively, adjusted for net realized and unrealized gains and losses, acquired intangible asset amortization, acquisition integration expenses (in connection with integration of our MCS acquisition), and severance expenses. Adjusted diluted earnings per share (adjusted diluted EPS) is calculated using adjusted net income divided by the diluted average weighted outstanding shares. Adjusted pretax margin is calculated using adjusted pretax income divided by adjusted total revenues. Management views these measures as important performance measures of core profitability for its operations and as key components of its internal financial reporting. Management believes investors benefit from having access to the same financial measures that management uses.
Below are reconciliations of the non-GAAP financial measures used by management to the most directly comparable GAAP measures for the quarter and six months ended June 30, 2026 and 2025 (dollars in millions, except shares, per share amounts and pretax margins, and amounts may not add as presented due to rounding).
Quarter Ended June 30, Six Months Ended June
30,
2026 2025 % Chg 2026 2025 % Chg
Total revenues 899.2 722.2 25 % 1,680.5 1,334.2 26 %
Non-GAAP revenue adjustment:
Net realized and unrealized gains (3.4) (0.7) (6.3) (3.8)
Adjusted total revenues 895.8 721.5 24 % 1,674.2 1,330.4 26 %
Net realized and unrealized gains:
Net unrealized gains on equity securities fair 3.1 2.4 6.5 5.6
value changes
Net gains (losses) on sale of securities 0.3 (0.1) 0.3 (0.4)
investments
Net losses from acquisition liability adjustments (1.2) (1.0)
Other items, net (0.4) (0.5) (0.4)
Total 3.4 0.7 371 % 6.3 3.8 67 %
Pretax income 55.1 46.8 18 % 78.7 52.7 49 %
Non-GAAP pretax adjustments:
Net realized and unrealized gains (3.4) (0.7) (6.3) (3.8)
Acquired intangible asset amortization 9.9 8.3 19.3 16.6
Acquisition integration expenses 1.2 3.7
Office closure and severance expenses 0.6 0.6 0.6
Adjusted pretax income 62.8 54.9 14 % 96.0 66.1 45 %
GAAP pretax margin 6.1 % 6.5 % 4.7 % 3.9 %
Adjusted pretax margin 7.0 % 7.6 % 5.7 % 5.0 %
Net income attributable to Stewart 37.2 31.9 17 % 54.2 35.0 55 %
Non-GAAP pretax adjustments:
Net realized and unrealized gains (3.4) (0.7) (6.3) (3.8)
Acquired intangible asset amortization 9.9 8.3 19.3 16.6
Acquisition integration expenses 1.2 3.7
Office closure and severance expenses 0.6 0.6 0.6
Net tax effects of non-GAAP
adjustments (2.0) (2.1) (4.5) (3.5)
Non-GAAP adjustments, after taxes 5.7 6.0 12.8 9.9
Adjusted net income attributable to
Stewart 42.9 38.0 13 % 66.9 44.9 49 %
Diluted average shares outstanding
(000) 30,853 28,330 30,833 28,337
GAAP net income per share 1.21 1.13 1.76 1.24
Adjusted net income per share 1.39 1.34 2.17 1.59
Quarter Ended June Six Months Ended June
30, 30,
2026 2025 % Chg 2026 2025 % Chg
Title Segment:
Revenues 701.9 609.5 15 % 1,322.0 1,124.4 18 %
Net realized and unrealized gains (3.4) (0.8) (6.5) (3.8)
Adjusted revenues 698.4 608.8 15 % 1,315.4 1,120.6 17 %
Pretax income 48.6 49.3 (1 %) 73.6 61.1 20 %
Non-GAAP pretax adjustments:
Net realized and unrealized gains (3.4) (0.8) (6.5) (3.8)
Acquired intangible asset amortization 2.7 2.8 5.5 5.6
Office closure and severance expenses 0.6 0.6 0.6
Adjusted pretax income 47.9 51.9 (8 %) 73.1 63.5 15 %
GAAP pretax margin 6.9 % 8.1 % 5.6 % 5.4 %
Adjusted pretax margin 6.9 % 8.5 % 5.6 % 5.7 %
Real Estate Solutions Segment:
Revenues 197.4 112.7 75 % 358.8 209.8 71 %
Pretax income 18.5 6.7 174 % 29.5 10.8 173 %
Non-GAAP pretax adjustment:
Acquired intangible asset amortization 7.2 5.5 13.9 11.0
Acquisition integration expenses 1.2 3.7
Adjusted pretax income 26.8 12.2 119 % 47.0 21.8 116 %
GAAP pretax margin 9.4 % 6.0 % 8.2 % 5.1 %
Adjusted pretax margin 13.6 % 10.9 % 13.1 % 10.4 %
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SOURCE Stewart Information Services Corporation
