Employers Holdings, Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Employers Holdings, Inc. reported revenue of $858.7M (-2.5% year on year) and net income of $12.0M (-91.8% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net premiums earned | $761.9M | $749.5M | $721.9M | $675.2M |
| Net investment income | $116.7M | $107.0M | $106.5M | $89.8M |
| Net realized and unrealized (losses) gains on investments | ($20.4M) | $24.1M | $22.7M | ($51.8M) |
| Other income (loss) | $500.0K | $100.0K | ($200.0K) | $300.0K |
| Total revenues | $858.7M | $880.7M | $850.9M | $713.5M |
| Losses and loss adjustment expenses | $581.8M | $456.2M | $405.7M | $391.0M |
| Commission expense | $97.9M | $101.2M | $100.0M | $95.9M |
| Underwriting expenses | $165.4M | $176.5M | $180.0M | $167.3M |
| Interest and financing expenses | $500.0K | $100.0K | $5.8M | $3.5M |
| Other non-recurring expenses | $1.1M | $0 | $11.0M | $0 |
| Total expenses | $846.7M | $734.0M | $702.5M | $657.7M |
| Net income before income taxes | $12.0M | $146.7M | $148.4M | $55.8M |
| Income tax expense | $1.2M | $28.1M | $30.3M | $7.4M |
| Net income | $10.8M | $118.6M | $118.1M | $48.4M |
| Unrealized AFS investment gains (losses) during the period, net of tax (expense) benefit of $(12.5), $0.9, and $(12.3) for the years ended December 31, 2025, 2024, and 2023, respectively | $46.6M | ($3.5M) | $46.6M | — |
| Reclassification adjustment for realized AFS investment losses in net income, net of tax (benefit) of $(11.5), $(1.8), and $(1.7) for the years ended December 31, 2025, 2024, and 2023, respectively | $43.2M | $7.0M | ($6.3M) | — |
| Other comprehensive income, net of tax | $89.8M | $3.5M | $52.9M | ($199.5M) |
| Total comprehensive income | $100.6M | $122.1M | $171.0M | ($151.1M) |
| Basic | $0.46 | $4.73 | $4.48 | $1.76 |
| Diluted | $0.46 | $4.71 | $4.45 | $1.75 |
| Cash dividends declared per common share and eligible equity plan awards | $1.26 | $1.18 | $1.10 | $3.28 |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Net premiums earned | $174.1M | $180.9M | $192.1M | $198.3M |
| Net investment income | $27.4M | $28.3M | $26.1M | $27.1M |
| Net realized and unrealized gains on investments | $18.7M | ($1.7M) | $21.2M | $20.9M |
| Other income | $0 | $100.0K | ($100.0K) | $0 |
| Total revenues | $220.2M | $207.6M | $239.3M | $246.3M |
| Losses and loss adjustment expenses | $122.3M | $129.1M | $186.6M | $140.1M |
| Commission expense | $22.2M | $23.7M | $23.0M | $26.1M |
| Underwriting expenses | $39.7M | $40.9M | $39.6M | $43.1M |
| Interest and financing expenses | $1.3M | $1.1M | $200.0K | $0 |
| Total expenses | $185.5M | $194.8M | $250.5M | $209.3M |
| Net income before income taxes | $34.7M | $12.8M | ($11.2M) | $37.0M |
| Income tax expense | $5.6M | $2.6M | ($2.9M) | $7.3M |
| Net income | $29.1M | $10.2M | ($8.3M) | $29.7M |
| Unrealized AFS investment (losses) gains arising during the period, net of tax benefit (expense) of $1.0 and $(2.0) for the three months ended June 30, 2026 and 2025, respectively, and $5.5 and $(7.7) and for the six months ended June 30, 2026 and 2025, respectively | ($3.6M) | ($16.7M) | $14.6M | $7.4M |
| Reclassification adjustment for realized AFS investment losses in net income, net of tax benefit of $(0.1) for the three months ended June 30, 2026, and $(0.2) for each of the six months ended June 30, 2026 and 2025, respectively | $400.0K | $400.0K | $2.0M | $100.0K |
| Other comprehensive (loss) income, net of tax | ($3.2M) | ($16.3M) | $16.6M | $7.5M |
| Total comprehensive income | $25.9M | ($6.1M) | $8.3M | $37.2M |
| Basic | $1.60 | $0.53 | -$0.36 | $1.24 |
| Diluted | $1.59 | $0.52 | -$0.36 | $1.23 |
| Cash dividends declared per common share and eligible equity plan awards | $0.34 | $0.32 | $0.32 | $0.32 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Fixed maturity securities at fair value (amortized cost $2,031.8 at December 31, 2025 and $2,203.1 at December 31, 2024, less CECL allowance of $0.4 at December 31, 2025 and $1.1 at December 31, 2024) | $2.0B | $2.1B | $1.9B | $2.2B |
| Equity securities at fair value (cost $96.5 at December 31, 2025 and $145.0 at December 31, 2024) | $184.0M | $254.1M | $211.2M | $197.0M |
| Equity securities at cost | $7.5M | $5.7M | $6.0M | $6.7M |
| Other invested assets (cost $79.4 at December 31, 2025 and $90.9 at December 31, 2024) | $96.5M | $106.6M | $91.5M | $59.7M |
| Short-term investments at fair value (amortized cost $10.1 at December 31, 2025 and $0.1 at December 31, 2024) | $10.1M | $100.0K | $33.1M | $119.1M |
| Total investments | $2.3B | $2.5B | $2.3B | $2.6B |
| Cash and cash equivalents | $159.8M | $68.3M | $226.4M | $89.2M |
| Restricted cash and cash equivalents | $200.0K | $200.0K | $200.0K | $200.0K |
| Accrued investment income | $15.5M | $15.7M | $16.3M | $19.0M |
| Premiums receivable (less CECL allowance of $22.6 at December 31, 2025 and $19.2 at December 31, 2024) | $335.4M | $361.3M | $359.4M | $305.9M |
| Paid losses | $5.9M | $6.3M | $6.3M | $6.8M |
| Unpaid losses (less CECL allowance of $0.8 at December 31, 2025 and $0.9 at December 31, 2024) | $385.7M | $411.5M | $427.5M | $444.5M |
| Deferred policy acquisition costs | $57.1M | $59.6M | $55.6M | $48.3M |
| Federal income taxes receivable | $16.1M | — | — | — |
| Deferred Income Tax Assets, Net | $14.3M | $38.3M | $43.4M | $62.7M |
| Property and equipment, net | $6.5M | $7.8M | $6.5M | $12.0M |
| Operating lease right-of-use assets | $3.7M | $3.7M | $5.1M | $11.5M |
| Intangible assets, net | $13.6M | $13.6M | $13.6M | $13.6M |
| Goodwill | $36.2M | $36.2M | $36.2M | $36.2M |
| Cloud computing arrangements | $12.9M | $17.3M | $28.0M | $42.9M |
| Other assets | $34.9M | $37.6M | $33.6M | $41.2M |
| Total assets | $3.4B | $3.5B | $3.6B | $3.7B |
| Unpaid losses and loss adjustment expenses | $1.8B | $1.8B | $1.9B | $2.0B |
| Unearned premiums | $391.9M | $402.2M | $379.7M | $339.5M |
| Commissions and premium taxes payable | $59.9M | $65.8M | $66.0M | $58.2M |
| Accounts payable and accrued expenses | $23.4M | $21.2M | $26.1M | $28.7M |
| Deferred reinsurance gain—LPT Agreement | $88.0M | $94.0M | $99.2M | $106.1M |
| Short-Term Debt | $16.0M | — | — | — |
| Contractual Obligation | $7.7M | $13.8M | — | — |
| Operating lease liability | $3.9M | $4.2M | $5.9M | $13.6M |
| Long-term debt | $19.0M | — | — | — |
| Other liabilities | $65.3M | $63.2M | $58.1M | $57.1M |
| Total liabilities | $2.5B | $2.5B | $2.5B | $2.8B |
| Common stock, $0.01 par value; 150,000,000 shares authorized; 58,276,637 and 58,184,861 shares issued and 20,342,135 and 24,556,706 shares outstanding at December 31, 2025 and 2024, respectively | 600.0K | 600.0K | 600.0K | 600.0K |
| Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued | 0 | 0 | 0 | 0 |
| Additional paid-in capital | $427.8M | $424.2M | $419.8M | $414.6M |
| Retained earnings | $1.5B | $1.5B | $1.4B | $1.3B |
| Accumulated other comprehensive income (loss), net of tax | $7.3M | ($82.5M) | ($86.0M) | ($138.9M) |
| Treasury stock, at cost (37,934,502 shares at December 31, 2025 and 33,628,155 shares at December 31, 2024) | -933.8M | -746.5M | -704.8M | -627.7M |
| Total stockholders' equity | $955.7M | $1.1B | $1.0B | $944.2M |
| Total liabilities and stockholders' equity | $3.4B | $3.5B | $3.6B | $3.7B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Fixed maturity securities at fair value (amortized cost $2,054.5 at June 30, 2026 and $2,031.8 at December 31, 2025, less CECL allowance of $1.1 at June 30, 2026 and $0.4 at December 31, 2025) | $2.0B | $2.0B | $2.0B | $2.1B |
| Equity securities at fair value (cost $87.1 at June 30, 2026 and $96.5 at December 31, 2025) | $171.5M | $183.3M | $282.8M | $268.1M |
| Equity securities at cost | $8.7M | $7.5M | $7.5M | $7.5M |
| Other invested assets (cost $77.4 at June 30, 2026 and $79.4 at December 31, 2025) | $96.1M | $95.8M | $104.3M | $98.6M |
| Short-term investments at fair value (amortized cost $21.7 at June 30, 2026 and $10.1 at December 31, 2025) | $21.7M | $14.6M | $5.6M | $9.0M |
| Total investments | $2.3B | $2.3B | $2.4B | $2.5B |
| Cash and cash equivalents | $113.3M | $153.1M | $166.8M | $69.1M |
| Restricted cash and cash equivalents | $200.0K | $200.0K | $200.0K | $200.0K |
| Accrued investment income | $16.3M | $15.0M | $13.9M | $15.7M |
| Premiums receivable (less CECL allowance of $24.7 at June 30, 2026 and $22.6 at December 31, 2025) | $332.1M | $337.4M | $364.7M | $382.0M |
| Paid losses | $7.3M | $5.4M | $5.7M | $7.1M |
| Unpaid losses (less CECL allowance of $0.8 at June 30, 2026 and $0.8 at December 31, 2025) | $379.3M | $382.3M | $391.9M | $400.2M |
| Deferred policy acquisition costs | $56.3M | $57.1M | $62.6M | $64.0M |
| Income Taxes Receivable | $10.4M | $15.0M | — | — |
| Deferred income tax asset, net | $18.5M | $18.8M | $18.4M | $29.4M |
| Property and equipment, net | $6.2M | $6.5M | $7.2M | $7.7M |
| Operating lease right-of-use assets | $3.4M | $3.6M | $3.9M | $3.0M |
| Intangible assets, net | $13.6M | $13.6M | $13.6M | $13.6M |
| Goodwill | $36.2M | $36.2M | $36.2M | $36.2M |
| Cloud computing arrangements | $15.2M | $13.6M | $14.9M | $13.7M |
| Other assets | $36.1M | $43.8M | $46.7M | $41.2M |
| Total assets | $3.4B | $3.4B | $3.5B | $3.5B |
| Unpaid losses and loss adjustment expenses | $1.8B | $1.8B | $1.8B | $1.8B |
| Unearned premiums | $385.1M | $392.7M | $420.4M | $429.6M |
| Commissions and premium taxes payable | $55.1M | $55.2M | $62.1M | $62.8M |
| Accounts payable and accrued expenses | $18.7M | $19.3M | $17.5M | $17.0M |
| Deferred reinsurance gain—LPT Agreement | $85.3M | $86.8M | $89.4M | $90.7M |
| Short-Term Debt | $0 | $0 | — | — |
| Operating lease liability | $3.6M | $3.8M | $4.1M | $3.4M |
| Non-cancellable obligations | $6.2M | $6.4M | $10.4M | $9.9M |
| Long-Term Debt | $125.0M | $125.0M | — | — |
| Other liabilities | $67.3M | $78.3M | $60.8M | $60.0M |
| Total liabilities | $2.5B | $2.6B | $2.5B | $2.5B |
| Common stock, $0.01 par value; 150,000,000 shares authorized; 58,352,888 and 58,276,637 shares issued and 17,954,305 and 20,342,135 shares outstanding at June 30, 2026 and December 31, 2025, respectively | 600.0K | 600.0K | 600.0K | 600.0K |
| Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued | 0 | 0 | 0 | 0 |
| Additional paid-in capital | $429.3M | $428.5M | $426.7M | $425.7M |
| Retained earnings | $1.5B | $1.5B | $1.5B | $1.5B |
| Accumulated other comprehensive (loss) income, net of tax | ($12.2M) | ($9.0M) | ($36.6M) | ($53.2M) |
| Treasury stock, at cost (40,398,583 shares at June 30, 2026 and 37,934,502 shares at December 31, 2025) | -1.0B | -1.0B | -835.9M | -790.2M |
| Equity, Attributable to Parent, Total | $858.8M | $866.5M | $1.0B | — |
| Total liabilities and stockholders’ equity | $3.4B | $3.4B | $3.5B | $3.5B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $10.8M | $118.6M | $118.1M | $48.4M |
| Depreciation | $3.6M | $3.6M | — | — |
| Stock-based compensation | $5.0M | $6.3M | $6.2M | $5.1M |
| Amortization of cloud computing arrangements | $7.6M | $13.1M | $16.7M | $16.4M |
| Amortization of discounts and premiums on investments, net | ($2.5M) | ($1.0M) | $2.4M | $3.0M |
| Allowance for expected credit losses | $3.3M | $1.3M | $5.1M | $2.8M |
| Deferred income tax (benefit) expense | $100.0K | $4.1M | $5.3M | ($17.4M) |
| Net realized and unrealized losses (gains) on investments | $20.4M | ($24.1M) | ($22.7M) | $51.8M |
| Asset impairment and related charges | $0 | $0 | $4.2M | — |
| Noncash operating lease term adjustment | $0 | $0 | $1.0M | — |
| Premiums receivable | $22.5M | ($3.2M) | ($58.6M) | ($63.7M) |
| Reinsurance recoverable on paid and unpaid losses | $26.3M | $16.0M | $17.5M | $32.2M |
| Cloud computing arrangements | ($3.2M) | ($2.4M) | ($3.4M) | ($15.4M) |
| Operating lease right-of-use-assets | $0 | $1.4M | $6.4M | $2.7M |
| Current federal income taxes | ($11.3M) | ($8.4M) | ($6.7M) | $8.8M |
| Unpaid losses and loss adjustment expenses | ($2.4M) | ($76.3M) | ($76.2M) | ($20.5M) |
| Unearned premiums | ($10.3M) | $22.5M | $40.2M | $34.8M |
| Accounts payable, accrued expenses and other liabilities | ($6.2M) | $3.3M | $3.7M | $7.2M |
| Deferred reinsurance gain–LPT Agreement | ($6.0M) | ($5.2M) | ($6.9M) | ($8.3M) |
| Contingent commission receivable–LPT Agreement | $0 | $14.2M | ($300.0K) | $0 |
| Operating lease liabilities | ($300.0K) | ($1.7M) | ($6.7M) | ($3.0M) |
| Non-cancellable obligations | ($6.1M) | ($3.2M) | ($9.1M) | $4.4M |
| Other | ($6.6M) | ($2.5M) | $10.4M | $5.2M |
| Net cash provided by operating activities | $44.7M | $76.4M | $49.4M | $99.8M |
| Purchases of fixed maturity securities | ($770.0M) | ($722.4M) | ($416.4M) | ($611.4M) |
| Purchases of equity securities | ($64.2M) | ($61.4M) | ($39.8M) | ($124.9M) |
| Purchases of short-term investments | ($21.1M) | ($39.8M) | ($68.7M) | ($132.7M) |
| Purchases of other invested assets | ($4.8M) | ($8.4M) | ($28.1M) | ($20.3M) |
| Proceeds from Limited Partnership Investments | $16.3M | — | — | — |
| Proceeds from sale of fixed maturity securities | $675.1M | $342.8M | $558.0M | $313.8M |
| Proceeds from sale of equity securities | $165.2M | $45.0M | $53.2M | $216.3M |
| Proceeds from maturities and redemptions of fixed maturity securities | $213.1M | $214.7M | $162.7M | $195.0M |
| Proceeds from sales and maturities of short-term investments | $11.3M | $73.1M | $157.0M | $24.0M |
| Net change in unsettled investment purchases and sales | $7.2M | $1.6M | $1.6M | ($3.3M) |
| Capital expenditures and other | ($2.2M) | ($4.9M) | ($2.2M) | ($2.6M) |
| Net cash provided by (used in) investing activities | $225.9M | ($159.7M) | $377.3M | ($146.1M) |
| Acquisition of common stock and excise tax payments | ($182.8M) | ($42.6M) | ($76.1M) | ($30.4M) |
| Cash transactions related to stock-based compensation | ($1.4M) | ($1.8M) | ($1.0M) | ($1.2M) |
| Dividends paid to stockholders | ($29.9M) | ($30.3M) | ($29.7M) | ($90.3M) |
| Proceeds from FHLBank Borrowings, Financing Activities | $35.0M | — | — | — |
| Payments of FHLBank Borrowings, Financing Activities | $0 | — | — | — |
| Payments on finance leases | $0 | ($100.0K) | ($200.0K) | ($200.0K) |
| Net cash used in financing activities | ($179.1M) | ($74.8M) | ($289.5M) | $60.4M |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | $91.5M | ($158.1M) | $137.2M | $14.1M |
| Cash, cash equivalents, and restricted cash at the beginning of the period | $68.5M | $226.6M | $89.4M | $75.3M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $39.2M | $10.2M | $34.2M | $42.5M |
| Depreciation | $1.8M | $900.0K | $2.6M | $1.7M |
| Stock-based compensation | $2.6M | $1.6M | $3.9M | $2.8M |
| Intangible Asset, Finite-Lived, Amortization Expense | $4.5M | $2.1M | — | — |
| Amortization of discounts and premiums on investments, net | ($1.3M) | ($600.0K) | ($1.8M) | ($1.1M) |
| Allowance for expected credit losses | $2.1M | $1.4M | $2.9M | $3.1M |
| Deferred income tax expense | $1.0M | ($100.0K) | $7.8M | $1.2M |
| Net realized and unrealized (gains) on investments | ($17.0M) | $1.7M | ($29.3M) | ($8.1M) |
| Premiums receivable | $1.2M | ($3.4M) | ($6.4M) | ($23.9M) |
| Reinsurance recoverable on paid and unpaid losses | $5.0M | $3.9M | $20.3M | $10.6M |
| Cloud computing arrangements | ($6.8M) | ($2.8M) | ($5.4M) | ($1.4M) |
| Operating lease right-of-use assets | $300.0K | $100.0K | ($200.0K) | $700.0K |
| Current federal income taxes | $5.7M | $1.1M | ($12.4M) | ($2.7M) |
| Unpaid losses and loss adjustment expenses | ($30.6M) | ($3.3M) | $14.3M | ($21.4M) |
| Unearned premiums | ($6.8M) | $800.0K | $18.2M | $27.4M |
| Accounts payable, accrued expenses and other liabilities | $100.0K | ($100.0K) | ($1.6M) | ($5.5M) |
| Deferred reinsurance gain—LPT Agreement | ($2.7M) | ($1.2M) | ($4.6M) | ($3.3M) |
| Operating lease liabilities | ($300.0K) | ($100.0K) | ($100.0K) | ($800.0K) |
| Non-cancellable obligations | ($1.5M) | ($1.3M) | ($3.4M) | ($3.9M) |
| Other | ($4.6M) | ($8.7M) | ($2.8M) | ($8.3M) |
| Net cash (used in) provided by operating activities | ($8.1M) | $2.2M | $44.0M | $14.6M |
| Purchases of fixed maturity securities | ($268.3M) | ($158.8M) | ($198.9M) | ($108.9M) |
| Payments to Acquire Equity Securities, FV-NI | ($24.4M) | ($10.0M) | ($54.8M) | ($44.6M) |
| Purchases of short-term investments | ($27.7M) | ($11.0M) | ($16.6M) | ($9.0M) |
| Purchases of other invested assets | ($2.4M) | ($1.8M) | ($3.7M) | ($3.0M) |
| Distributions from other invested assets | $4.4M | $2.6M | $9.3M | $8.0M |
| Proceeds from sale of fixed maturity securities | $79.0M | $47.3M | $226.0M | $75.8M |
| Proceeds from Sale of Equity Securities, FV-NI | $52.1M | $9.3M | $53.9M | $41.0M |
| Proceeds from maturities and redemptions of fixed maturity securities | $167.7M | $98.0M | $147.2M | $90.7M |
| Proceeds from sales and maturities of short-term investments | $16.1M | $6.5M | $11.2M | $100.0K |
| Net change in unsettled investment purchases and sales | ($200.0K) | $6.5M | ($4.2M) | ($2.5M) |
| Capital expenditures and other | ($1.5M) | ($900.0K) | ($2.0M) | ($1.4M) |
| Net cash (used in) provided by investing activities | ($5.2M) | ($12.3M) | $167.4M | $46.2M |
| Acquisition of common stock and excise tax payments | ($109.5M) | ($79.3M) | ($88.7M) | ($43.3M) |
| Cash transactions related to stock-based compensation | ($1.1M) | ($1.0M) | ($1.4M) | ($1.3M) |
| Dividends paid to stockholders | ($12.6M) | ($6.3M) | ($22.8M) | ($15.4M) |
| Proceeds from FHLBank Borrowings, Financing Activities | $70.0M | $70.0M | — | — |
| Proceeds from Lines of Credit | $20.0M | $20.0M | — | — |
| Payments on finance leases | $0 | $0 | $0 | $0 |
| Net cash (used in) financing activities | ($33.2M) | $3.4M | ($112.9M) | ($60.0M) |
| Net (decrease) increase in cash, cash equivalents and restricted cash | ($46.5M) | ($6.7M) | $98.5M | $800.0K |
| Cash, cash equivalents, restricted cash and restricted cash equivalents at the beginning of the period | $160.0M | $160.0M | $68.5M | $68.5M |
| Cash, cash equivalents, restricted cash and restricted cash equivalents at the end of the period | $113.5M | $153.3M | $167.0M | $69.3M |
| Cash and cash equivalents | $113.3M | $153.1M | $166.8M | $69.1M |
| Restricted cash and cash equivalents | $200.0K | $200.0K | $200.0K | $200.0K |
Employers Holdings, Inc. score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.