STEWART INFORMATION SERVICES CORPSTC

STEWART INFORMATION SERVICES CORP Segments Disclosure

10-KFiled Feb 27, 20262 min read
Segment information. The Company's chief operating decision maker (CODM) is the chief executive officer, who evaluates performance of and allocates resources to its three reportable segments: title insurance and related services (title), real estate solutions, and corporate. The Company uses revenues and pretax income in assessing segment performance and trends. The title segment provides services needed to transfer title to property in a real estate transaction and includes services such as searching, abstracting, examining, closing and insuring the condition of the title to the property. In addition, the title segment includes home and personal insurance services, Internal Revenue Code Section 1031 tax-deferred exchanges, and digital customer engagement platform services. The real estate solutions segment supports the real estate industry and primarily includes credit and real estate information services, valuation services, online notarization and closing services, and capital markets search services. The corporate segment is primarily comprised of the parent holding company and centralized support services departments.
Statement of income information related to these reportable segments, including major expense captions used to calculate pretax income, for the years ended December 31 is as follows:

 202520242023
 (in $ thousands)
Title:
Revenues2,482,018 2,132,955 1,997,128 
Expenses
Amounts retained by agencies1,047,660 864,807 813,519 
Employee costs
754,339 677,378 648,832 
Other operating expenses381,832 339,950 320,529 
Title losses and related claims81,668 80,411 80,282 
Depreciation and amortization33,712 35,047 35,000 
Interest1,721 1,584 1,442 
2,300,932 1,999,177 1,899,604 
Pretax income
181,086 133,778 97,524 

Real estate solutions:
Revenues438,368 358,673 263,681 
Expenses
Employee costs
62,479 54,572 49,320 
Other operating expenses327,668 258,827 179,640 
Depreciation and amortization26,239 25,104 25,802 
Interest3 9 239 
416,389 338,512 255,001 
Pretax income
21,979 20,161 8,680 

Corporate:
Revenues (net realized losses)
1,250 (1,209)(3,468)
Expenses
Employee costs
13,776 13,455 14,642 
Other operating expenses5,126 5,182 7,532 
Depreciation and amortization1,119 1,461 1,645 
Interest18,720 18,321 18,056 
38,741 38,419 41,875 
Pretax loss
(37,491)(39,628)(45,343)

Consolidated Stewart:
Revenues2,921,636 2,490,419 2,257,341 
Expenses
Amounts retained by agencies1,047,660 864,807 813,519 
Employee costs
830,594 745,405 712,794 
Other operating expenses714,626 603,959 507,701 
Title losses and related claims81,668 80,411 80,282 
Depreciation and amortization61,070 61,612 62,447 
Interest20,444 19,914 19,737 
2,756,062 2,376,108 2,196,480 
Pretax income
165,574 114,311 60,861 
The Company does not provide asset information by reportable segment as it does not routinely evaluate the asset position by segment.

Revenues for the years ended December 31 in the United States and all international operations are as follows:
202520242023
 (in $ thousands)
United States2,765,208 2,342,286 2,122,565 
International156,428 148,133 134,776 
2,921,636 2,490,419 2,257,341 

Historical Timeline

Fiscal YearFiled
2025Feb 27, 2026Showing above
2024Feb 28, 2025
2023Feb 29, 2024
2022Feb 28, 2023
2021Feb 28, 2022
2020Mar 1, 2021
2019Feb 27, 2020
2018Feb 28, 2019
2017Feb 28, 2018
2016Feb 27, 2017
2015Feb 26, 2016

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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