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Erie Indemnity

ERIE Clue Score78
United States Fiscal year ends December CIK 0000922621
$222.04 -1.99% Close, 9 Oct 2026
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Price $222.04 +15.41% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue1,596.6Operating income293.5Net income210.4Fiscal year 2017Revenue1,691.8 +6.0%Operating income290.3Net income197.0 −6.4%Fiscal year 2018Revenue2,382.2 +40.8%Operating income344.3Net income288.2 +46.3%Fiscal year 2019Revenue2,477.3 +4.0%Operating income357.3Net income316.8 +9.9%Fiscal year 2020Revenue2,536.5 +2.4%Operating income338.2Net income293.3 −7.4%Fiscal year 2021Revenue2,634.0 +3.8%Operating income318.1Net income297.9 +1.6%Fiscal year 2022Revenue2,840.1 +7.8%Operating income376.2Net income298.6 +0.2%Fiscal year 2023Revenue3,268.9 +15.1%Operating income520.3Net income446.1 +49.4%Fiscal year 2024Revenue3,795.1 +16.1%Operating income676.5Net income600.3 +34.6%Fiscal year 2025Revenue4,067.3 +7.2%Operating income717.2Net income559.3 −6.8%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 1,596.6 1,691.8 2,382.2 2,477.3 2,536.5 2,634.0 2,840.1 3,268.9 3,795.1 4,067.3
Growth +6.0% +40.8% +4.0% +2.4% +3.8% +7.8% +15.1% +16.1% +7.2%
Operating income 293.5 290.3 344.3 357.3 338.2 318.1 376.2 520.3 676.5 717.2
Net income 210.4 197.0 288.2 316.8 293.3 297.9 298.6 446.1 600.3 559.3
Growth −6.4% +46.3% +9.9% −7.4% +1.6% +0.2% +49.4% +34.6% −6.8%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin18.4%Net margin13.2%Free cash flow margin14.4%Fiscal year 2017Operating margin17.2%Net margin11.6%Free cash flow margin9.9%Fiscal year 2018Operating margin14.5%Net margin12.1%Free cash flow margin8.7%Fiscal year 2019Operating margin14.4%Net margin12.8%Free cash flow margin10.6%Fiscal year 2020Operating margin13.3%Net margin11.6%Free cash flow margin11.3%Fiscal year 2021Operating margin12.1%Net margin11.3%Free cash flow margin9.6%Fiscal year 2022Operating margin13.2%Net margin10.5%Free cash flow margin10.5%Fiscal year 2023Operating margin15.9%Net margin13.6%Free cash flow margin8.8%Fiscal year 2024Operating margin17.8%Net margin15.8%Free cash flow margin12.8%Fiscal year 2025Operating margin17.6%Net margin13.8%Free cash flow margin14.0%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 18.4% 17.2% 14.5% 14.4% 13.3% 12.1% 13.2% 15.9% 17.8% 17.6%
Net margin 13.2% 11.6% 12.1% 12.8% 11.6% 11.3% 10.5% 13.6% 15.8% 13.8%
Free cash flow margin 14.4% 9.9% 8.7% 10.6% 11.3% 9.6% 10.5% 8.8% 12.8% 14.0%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow254.3Capital expenditure−25.2Free cash flow229.1Buybacks0.0Dividends paid−136.0Fiscal year 2017Operating cash flow197.1Capital expenditure−28.9Free cash flow168.2 −26.6%Dividends paid−145.8Fiscal year 2018Operating cash flow263.6Capital expenditure−56.3Free cash flow207.3 +23.2%Dividends paid−156.5Fiscal year 2019Operating cash flow364.5Capital expenditure−102.0Free cash flow262.5 +26.6%Dividends paid−167.7Fiscal year 2020Operating cash flow342.6Capital expenditure−55.5Free cash flow287.1 +9.4%Dividends paid−272.9Fiscal year 2021Operating cash flow402.8Capital expenditure−148.8Free cash flow254.0 −11.5%Dividends paid−192.8Fiscal year 2022Operating cash flow366.2Capital expenditure−67.2Free cash flow298.9 +17.7%Dividends paid−206.8Fiscal year 2023Operating cash flow381.2Capital expenditure−92.6Free cash flow288.6 −3.5%Dividends paid−221.7Fiscal year 2024Operating cash flow611.2Capital expenditure−124.8Free cash flow486.4 +68.6%Dividends paid−237.5Fiscal year 2025Operating cash flow686.7Capital expenditure−115.7Free cash flow571.0 +17.4%Dividends paid−254.3
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 254.3 197.1 263.6 364.5 342.6 402.8 366.2 381.2 611.2 686.7
Capital expenditure −25.2 −28.9 −56.3 −102.0 −55.5 −148.8 −67.2 −92.6 −124.8 −115.7
Free cash flow 229.1 168.2 207.3 262.5 287.1 254.0 298.9 288.6 486.4 571.0
Growth −26.6% +23.2% +26.6% +9.4% −11.5% +17.7% −3.5% +68.6% +17.4%
Buybacks 0.0 n/a n/a n/a n/a n/a n/a n/a n/a n/a
Dividends paid −136.0 −145.8 −156.5 −167.7 −272.9 −192.8 −206.8 −221.7 −237.5 −254.3

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash189.1Total debt24.8Net cash (debt)164.3Shareholders’ equity816.9Debt to equity0.03Fiscal year 2017Cash215.7Total debt74.7Net cash (debt)141.0Shareholders’ equity857.3Debt to equity0.09Fiscal year 2018Cash266.4Total debt99.7Net cash (debt)166.7Shareholders’ equity973.7Debt to equity0.10Fiscal year 2019Cash336.7Total debt97.8Net cash (debt)238.9Shareholders’ equity1,133.3Debt to equity0.09Fiscal year 2020Cash161.2Total debt95.9Net cash (debt)65.4Shareholders’ equity1,188.0Debt to equity0.08Fiscal year 2021Cash183.7Total debt93.8Net cash (debt)89.9Shareholders’ equity1,342.5Debt to equity0.07Fiscal year 2022Cash142.1Total debt0.0Net cash (debt)142.1Shareholders’ equity1,448.4Debt to equity0.00Fiscal year 2023Cash144.1Shareholders’ equity1,662.8Fiscal year 2024Cash298.4Shareholders’ equity1,987.3Fiscal year 2025Cash345.9Shareholders’ equity2,283.4
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 189.1 215.7 266.4 336.7 161.2 183.7 142.1 144.1 298.4 345.9
Total debt 24.8 74.7 99.7 97.8 95.9 93.8 0.0 n/a n/a n/a
Net cash (debt) 164.3 141.0 166.7 238.9 65.4 89.9 142.1 n/a n/a n/a
Shareholders’ equity 816.9 857.3 973.7 1,133.3 1,188.0 1,342.5 1,448.4 1,662.8 1,987.3 2,283.4
Debt to equity 0.03 0.09 0.10 0.09 0.08 0.07 0.00 n/a n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
18.4% 17.2% 14.5% 14.4% 13.3% 12.1% 13.2% 15.9% 17.8% 17.6%
20.0% 18.7% 15.6% 16.0% 14.5% 14.3% 13.3% 17.2% 20.0% 17.5%
13.2% 11.6% 12.1% 12.8% 11.6% 11.3% 10.5% 13.6% 15.8% 13.8%
14.4% 9.9% 8.7% 10.6% 11.3% 9.6% 10.5% 8.8% 12.8% 14.0%
Spending
1.6% 1.7% 2.4% 4.1% 2.2% 5.6% 2.4% 2.8% 3.3% 2.8%
34.3% 37.6% 22.4% 20.1% 20.4% 20.9% 20.7% 20.6% 20.7% 21.3%
Returns
25.8% 23.0% 29.6% 28.0% 24.7% 22.2% 20.6% 26.8% 30.2% 24.5%
13.6% 11.8% 16.2% 15.7% 13.9% 13.3% 13.3% 18.0% 20.8% 16.7%
Balance and payout
0.03 0.09 0.10 0.09 0.08 0.07 0.00 n/a n/a n/a
47.3% 48.5% 45.2% 43.8% 43.9% 40.1% 35.3% 32.7% 31.2% 32.0%
64.6% 74.0% 54.3% 52.9% 93.0% 64.7% 69.3% 49.7% 39.6% 45.5%
59.3% 86.7% 75.5% 63.9% 95.1% 75.9% 69.2% 76.8% 48.8% 44.5%