Stewart Information Services reports $30.32 million net income for Q3 2026

Cover page 3 changes

3 unchanged paragraphs

For the quarterly period ended June September 30, 2026

23 unchanged paragraphs

On July 28, October 27, 2026, there were 30,522,199 30,526,684 outstanding shares of the issuer's Common Stock.

1 unchanged paragraph

QUARTER ENDED JUNE SEPTEMBER 30, 2026

5 unchanged paragraphs

Financial statements 173 changes

1 unchanged paragraph

June 30, Six Months Ended

September 30, Nine Months Ended

4 unchanged paragraphs

Operating revenues 880,973 705,197 1,645,527 1,301,472

Investment income 14,839 16,257 28,691 28,913

Operating revenues 886,955 776,483 2,532,482 2,077,954

Investment income 13,700 14,819 42,390 43,733

1 unchanged paragraph

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

Amounts retained by agencies 319,050 299,523 910,082 773,012

Employee costs 230,921 211,221 693,080 605,240

Other operating expenses 254,729 185,165 713,297 519,605

Title losses and related claims 23,514 19,546 64,022 58,701

Depreciation and amortization 19,290 15,391 53,778 45,863

Interest 7,618 4,898 22,685 14,812

1 unchanged paragraph

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 income 41,751 35,635 60,820 41,051

Less net income attributable to noncontrolling interests 3,606 3,938 10,245 9,990

Net income attributable to Stewart 30,321 44,259 84,502 79,258

Net income 33,927 48,197 94,747 89,248

1 unchanged paragraph

Foreign currency translation adjustments ( 2,219 ) 13,429 ( 4,860 ) 14,408

Foreign currency translation adjustments ( 672 ) ( 5,178 ) ( 5,532 ) 9,230

Change in net unrealized gains and losses on investments 920 734 ( 1,899 10,463 ) 6,090 3,073 ( 12,362 ) 9,163

Reclassification adjustments for realized gains and losses on investments 105 291 114 327 ( 204 ) 183 ( 90 ) 510

2 unchanged paragraphs

Less net income attributable to noncontrolling interests 4,534 3,713 6,639 6,052

Less net income attributable to noncontrolling interests 3,606 3,938 10,245 9,990

1 unchanged paragraph

Basic average shares outstanding (000) 30,440 27,931 30,369 27,880

Basic average shares outstanding (000) 30,523 28,004 30,421 27,922

1 unchanged paragraph

Diluted average shares outstanding (000) 30,853 28,330 30,833 28,337

Diluted average shares outstanding (000) 30,976 28,491 30,875 28,386

3 unchanged paragraphs

June September 30, 2026 (Unaudited)

1 unchanged paragraph

Cash and cash equivalents 261,631 152,313 321,775

Short-term investments 46,887 53,661 47,899

1 unchanged paragraph

Equity securities 54,440 47,682

Income taxes 6,433 3,145

Debt securities (amortized cost of $ 554,257 556,749 and $ 558,544 )

Equity securities 55,237 47,682

Premiums from agencies 37,458 38,731 38,286

Trade and other 155,070 156,205 116,626

Income taxes 5,508 3,145

Allowance for uncollectible amounts ( 8,074 8,889 ) ( 7,805 )

2 unchanged paragraphs

Accumulated depreciation ( 207,896 ) ( 192,079 )

Other assets 237,170 209,114

Notes payable 646,742 646,606

Furniture and equipment 288,085 305,530 259,581

Accumulated depreciation ( 218,835 ) ( 192,079 )

Operating lease assets 108,499 117,608 106,034

Title plants, at cost 81,711 84,108 81,670

Goodwill 1,293,831 1,418,014 1,271,958

Intangible assets, net of amortization 321,623 291,377 325,135

Deferred tax assets 7,900 8,139 7,656

Other assets 238,261 209,114

Notes payable 654,911 646,606

Accounts payable and accrued liabilities 270,447 236,784 255,852

Operating lease liabilities 124,236 133,420 122,153

Estimated title losses 519,219 521,498 524,473

Deferred tax liabilities 58,080 66,951 53,323

3 unchanged paragraphs

Retained earnings 1,166,857 1,180,234 1,145,415

1 unchanged paragraph

Foreign currency translation adjustments ( 26,724 27,396 ) ( 21,864 )

Net unrealized losses on debt securities investments ( 1,829 12,496 ) ( 44 )

1 unchanged paragraph

Stockholders' equity attributable to Stewart 1,663,419 1,673,617 1,641,084

Noncontrolling interests 9,364 9,660 9,314

Total stockholders' equity ( 30,449,652 30,526,460 and 30,223,311 shares outstanding)

3 unchanged paragraphs

Depreciation and amortization 34,488 30,472

Depreciation and amortization 53,778 45,863

Adjustments for bad debt provisions 1,517 1,565 2,550 2,276

2 unchanged paragraphs

Adjustments for insurance recoveries of title losses — ( 308 )

Increase in receivables – net

Payments for title losses (in excess of) less than provisions ( 2,614 250 ) 3,633 2,908 ( 31,816 ) ( 23,524 )

Increase in other assets – net ( 15,491 6,488 ) ( 23,006 21,735 )

Increase (Decrease) increase in accounts payable and other liabilities – net 6,261 ( 13,408 35,407 ) 13,217

Change in net deferred income taxes 7,014 33 18,656 5,380

1 unchanged paragraph

Stock-based compensation expense 9,884 8,822

Dividends received from equity method investments 1,249 1,071 1,861 1,371

Share-based compensation expense 13,959 12,956

Cash provided by operating activities 56,009 23,501 102,619 116,146

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

4 unchanged paragraphs

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

and 93 more changes in the filing

Notes to the financial statements 2 changes

Interim financial statements. The financial information contained in this report for the three and six nine months ended June September 30, 2026 and 2025, and as of June September 30, 2026, is unaudited. This report should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission on February 27, 2026 (2025 Form 10-K).

2 unchanged paragraphs

C. Restrictions on cash and investments. The Company maintains investments in accordance with certain statutory requirements in the states of domicile of our underwriters for the funding of statutory premium reserves. Statutory reserve funds are required to be fully funded and invested in high-quality securities and short-term investments. Statutory reserve funds are not available for current claim payments, which must be funded from c urrent operating cash flow. Included in investments in debt and equity securities are statutory reserve funds of approximately $ 504.7 507.8 million and $ 492.0 million at June September 30, 2026 and December 31, 2025, respectively. In addition, included within cash and cash equivalents are statutory reserve funds of approximately $ 3.8 3.7 million and $ 4.4 million at June September 30, 2026 and December 31, 2025, respectively. Although these cash statutory reserve funds are not restricted or segregated in depository accounts, they are required to be held pursuant to state statutes. If the Company fails to maintain minimum investments or cash and cash equivalents sufficient to meet statutory requirements, the Company may be subject to fines or other penalties, including potential revocation of its business license. These funds are not available for any other purpose. In the event that insurance regulators adjust the determination of the statutory premium reserves of the Company's title insurers, these restricted funds as well as statutory surplus would correspondingly increase or decrease.

Note 2: Revenues. The Company's operating revenues, summarized by type, are as follows: 70 changes

June 30, Six Months Ended

September 30, Nine Months Ended

1 unchanged paragraph

Direct 216,045 200,680 408,761 363,504

Agency 377,036 301,285 710,042 568,803

Escrow fees 48,833 46,698 87,923 81,176

Real estate solutions and abstract fees 216,397 130,790 393,935 244,256

Other revenues 22,662 25,744 44,866 43,733

Direct 214,869 210,057 623,630 573,561

Agency 384,739 360,186 1,094,781 928,989

Escrow fees 47,724 46,894 135,647 128,070

Real estate solutions and abstract fees 218,897 135,454 612,832 379,710

Other revenues 20,726 23,892 65,592 67,624

Investments in debt and equity securities. As of June September 30, 2026 and December 31, 2025, the net unrealized investment gains relating to investments in equity securitie s held were $ 21.1 20.6 million and $ 14.8 million, respectively (refer to Note 5).

1 unchanged paragraph

Municipal 8,912 8,908 12,292 12,274

Foreign 338,647 339,639 347,588 348,084

June September 30, 2026 December 31, 2025

Municipal 5,084 5,018 12,292 12,274

Corporate 142,084 139,362 142,530 135,585 144,571 143,621

Foreign 343,480 336,977 347,588 348,084

U.S. Treasury Bonds 64,614 64,032 65,655 63,351 54,093 54,509

2 unchanged paragraphs

June September 30, 2026 December 31, 2025

1 unchanged paragraph

Corporate 648 3,370 1,646 2,596

Foreign 3,651 2,659 3,645 3,149

Corporate 144 7,089 1,646 2,596

Foreign 1,148 7,651 3,645 3,149

U.S. Treasury Bonds 88 670 6 2,310 543 127

Debt securities as of June September 30, 2026 mature, according to their contractual terms, as follows (actual maturities may differ due to call or prepayment rights):

In one year or less 62,667 62,448 80,306 79,864

After one year through five years 293,993 292,642 276,795 270,835

After five years through ten years 183,985 184,320 186,017 178,422

After ten years 13,612 12,531 13,631 11,810

Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June September 30, 2026, were:

2 unchanged paragraphs

Municipal 2 2,736 6 2,093 8 4,829

Corporate 270 34,010 3,100 62,462 3,370 96,472

Foreign 391 53,133 2,268 83,948 2,659 137,081

U.S. Treasury Bonds 536 43,608 134 5,790 670 49,398

Municipal 59 3,972 8 30 67 4,002

Corporate 2,346 71,615 4,743 58,682 7,089 130,297

Foreign 4,671 203,113 2,980 79,825 7,651 282,938

U.S. Treasury Bonds 2,099 56,775 211 5,714 2,310 62,489

The number of specific debt investment holdings held in an unrealized loss position as of June September 30, 2026 was 212 312 . Of these securities, 85 80 were in unrealized loss positions for more than 12 months. Total gross unrealized investment losses increased at June September 30, 2026 compared to December 31, 2025, primarily due to higher interest rates in 2026. Since the Company does not intend to sell and will more likely than not maintain each investment security until its maturity or anticipated recovery in value, and no significant credit risk is deemed to exist, these investments are not considered as credit-impaired. The Company believes its investment portfolio is diversified and expects no material loss to result from the failure to perform by issuers of the debt securities it holds. Investments made by the Company are not collateralized.

12 unchanged paragraphs

As of June September 30, 2026, financial instruments measured at fair value on a recurring basis are summarized below:

2 unchanged paragraphs

Municipal — 8,908 8,908

Corporate — 139,362 139,362

Foreign — 339,639 339,639

Equity securities 54,440 — 54,440

Municipal — 5,018 5,018

Corporate — 135,585 135,585

Foreign — 336,977 336,977

U.S. Treasury Bonds — 64,032 64,032 63,351 63,351

Equity securities 55,237 — 55,237

8 unchanged paragraphs

As of June September 30, 2026 and December 31, 2025, Level 1 financial instruments consist of equity securities. Level 2 financial instruments consist of municipal, governmental, and corporate bonds, both U.S. and foreign. In accordance with the Company's policies and guidelines which incorporate relevant statutory requirements, the Company's third-party registered investment manager invests only in securities rated as investment grade or higher by the major rating services, where observable valuation inputs are significant. The fair value of the Company's investments in debt and equity securities is primarily determined using a third-party pricing service provider. The third-party pricing service provider calculates the fair values using both market approach and model valuation methods, as well as pricing information obtained from brokers, dealers and custodians. Management ensures the reasonableness of the third-party service valuations by comparing them with pricing information from the Company's investment manager.

1 unchanged paragraph

June 30, Six Months Ended

Realized gains 323 42 325 598

Realized losses ( 21 ) ( 1,714 ) ( 467 ) ( 2,392 )

September 30, Nine Months Ended

Realized gains 158 1,432 483 2,031

Realized losses ( 160 ) ( 158 ) ( 627 ) ( 2,550 )

1 unchanged paragraph

Realized losses during gains in the second third quarter and first six nine months of 2025 included a $ 1.2 million gain from a sale of real property, while realized losses in the first nine months of 2025 included a $ 1.2 million loss related to an acquisition contingent liability adjustment.

1 unchanged paragraph

June 30, Six Months Ended

September 30, Nine Months Ended

Net investment (losses) gains recognized on equity securities during the period ( 120 ) 4,317 6,637 9,569

Less: Net realized gains (losses) gains on equity securities sold during the period 288 ( 287 146 ) 321 ( 23 ) 141 ( 344 )

2 unchanged paragraphs

June 30, Six Months Ended

Proceeds from sales of debt securities 108 20,967 1,047 33,511

Proceeds from sales of equity securities 973 8 1,040 3,473

September 30, Nine Months Ended

Proceeds from sales of debt securities 15,530 7,109 16,577 40,620

Proceeds from sales of equity securities 621 213 1,661 3,686

Total proceeds from sales of investments in securities 1,081 20,975 2,087 36,984 16,151 7,322 18,238 44,306

Note 6: Goodwill. The summary of changes in goodwill is as follows: 98 changes

2 unchanged paragraphs

Acquisitions 2,236 15,616 17,852

Purchase accounting adjustments ( 117 ) 4,138 4,021

Balances at June 30, 2026 730,672 563,159 1,293,831

Acquisitions 104,714 15,615 120,329

Purchase accounting adjustments ( 116 ) 25,843 25,727

Balances at September 30, 2026 833,151 584,863 1,418,014

During the first six nine months of 2026, goodwill recorded was primarily related to acquisitions of title and search companies in both the title segment and a valuation management services company in the real estate solutions segment. as well as Purchase accounting adjustments in the real estate solutions segment were primarily related to Mortgage Contracting Services (MCS), which was acquired in the fourth quarter 2025, and primarily reflected refined valuations of acquired intangible assets. Management expects to complete its purchase accounting for MCS within in the one-year measurement period from acquisition date. fourth quarter 2026 and does not anticipate further adjustments to be material.

Estimated title losses. A summary of estimated title losses for the six nine months ended June September 30 is as follows:

1 unchanged paragraph

Current year 39,353 38,401

Previous policy years 1,155 755

Total provisions 40,508 39,156

Current year 61,565 57,126

Previous policy years 2,457 1,575

Total provisions 64,022 58,701

1 unchanged paragraph

Current year ( 5,956 ) ( 7,661 )

Previous policy years ( 37,166 ) ( 27,862 )

Balances at June 30 519,219 523,085

Current year ( 8,415 ) ( 12,278 )

Previous policy years ( 55,857 ) ( 43,515 )

Total payments, net of recoveries ( 43,122 64,272 ) ( 35,523 55,793 )

Effects of changes in foreign currency exchange rates ( 2,640 2,725 ) 7,918 6,003

Balances at September 30 521,498 520,445

1 unchanged paragraph

Total provisions 3.1 % 3.6 %

Current year provisions 3.1 % 3.5 3.3 %

Total provisions 3.2 % 3.4 %

1 unchanged paragraph

During the first six nine months of 2026 and 2025, the Company granted time-based and performance-based restricted stock units with aggregate grant-date fair values of $ 19.0 19.3 million ( 316,000 321,000 units with an average grant price per unit of $ 60.08 60.22 ) and $ 15.3 15.9 million ( 215,000 223,000 units with an average grant price per unit of $ 71.36 71.16 ), respectively.

2 unchanged paragraphs

June 30, Six Months Ended

September 30, Nine Months Ended

2 unchanged paragraphs

Basic average shares outstanding 30,440 27,931 30,369 27,880

Basic average shares outstanding 30,523 28,004 30,421 27,922

Average number of dilutive shares relating to options 184 182 185 178 201 180 193

1 unchanged paragraph

Diluted average shares outstanding 30,853 28,330 30,833 28,337

Diluted average shares outstanding 30,976 28,491 30,875 28,386

2 unchanged paragraphs

Contingent liabilities and commitments. In the ordinary course of business, the Company guarantees the third-party indebtedness of certain of its consolidated subsidiaries. As of June September 30, 2026, the maximum potential future payments on the guarantees are not more than the related notes payable recorded in the condensed consolidated balance sheets. The Company also guarantees the indebtedness related to lease obligations of certain of its consolidated subsidiaries. The maximum future obligations arising from these lease-related guaran tees are not more than the Company's future lease obligations, as presented on the condensed consolidated balance sheets, plus lease operating expenses. As of June September 30, 2026, the Company also had unused letters of credit aggregating $ 4.9 million r elated to workers' compensation and other insurance. The Company does not expect to make any payments on these guarantees.

6 unchanged paragraphs

June 30, Six Months Ended

September 30, Nine Months Ended

1 unchanged paragraph

Revenues 701,863 609,548 1,321,953 1,124,423

Amounts retained by agencies 314,890 252,112 591,032 473,489

Other operating expenses 95,104 88,252 191,584 174,759

Title losses and related claims 22,066 21,454 40,508 39,156

Depreciation and amortization 8,442 8,443 16,681 17,057

Interest 456 424 911 846

June 30, Six Months Ended

Revenues 704,197 678,899 2,026,150 1,803,322

Amounts retained by agencies 319,050 299,523 910,082 773,012

Other operating expenses 102,516 97,482 294,102 272,241

Title losses and related claims 23,514 19,546 64,022 58,701

Depreciation and amortization 8,145 8,356 24,828 25,413

Interest 455 419 1,367 1,265

September 30, Nine Months Ended

2 unchanged paragraphs

Revenues 197,392 112,674 358,793 209,785

Other operating expenses 144,552 84,072 264,207 157,015

Depreciation and amortization 8,950 6,424 17,307 12,796

Revenues - net realized losses

Other operating expenses 1,395 1,203 2,779 2,665

Depreciation and amortization 242 283 500 619

Interest 6,980 4,529 14,148 9,066

Revenues 196,482 116,639 555,274 326,424

Other operating expenses 150,202 86,479 414,405 243,494

Depreciation and amortization 10,855 6,777 28,160 19,574

Revenues - net realized gains (losses) — 1,378 ( 200 ) 1,335

Other operating expenses 2,011 1,204 4,790 3,870

Depreciation and amortization 290 258 790 876

Interest 7,160 4,479 21,307 13,545

1 unchanged paragraph

Revenues 899,238 722,181 1,680,546 1,334,165

Amounts retained by agencies 314,890 252,112 591,032 473,489

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

Revenues 900,679 796,916 2,581,224 2,131,081

Amounts retained by agencies 319,050 299,523 910,082 773,012

Other operating expenses 254,729 185,165 713,297 519,605

Title losses and related claims 23,514 19,546 64,022 58,701

Depreciation and amortization 19,290 15,391 53,778 45,863

Interest 7,618 4,898 22,685 14,812

2 unchanged paragraphs

June 30, Six Months Ended

United States 857,144 682,144 1,604,941 1,263,719

International 42,094 40,037 75,605 70,446

September 30, Nine Months Ended

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

2 unchanged paragraphs

and 18 more changes in the filing

MD&A 127 changes

1 unchanged paragraph

Second Third quarter 2026 overview . We reported net income attributable to Stewart of $37.2 $30.3 million ($1.21 ($0.98 per diluted share) for the second third quarter 2026, compared to net income attributable to Stewart of $31.9 $44.3 million ($1.13 ($1.55 per diluted share) for the second third quarter 2025. Pretax income before noncontrolling interests for the second third quarter 2026 was $55.1 $45.6 million compared to pretax income before noncontrolling interests of $46.8 $61.2 million for the prior year quarter 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 2025. Third quarter 2025 results included $0.7 $5.6 million of pretax net realized and unrealized gains, which primarily resulted from $2.4 driven by $4.3 million of net unrealized gains on fair value changes of equity securities investments partially offset by in the title segment and a $1.2 million acquisition liability adjustment loss realized gain on a sale of real property in the title corporate segment.

2 unchanged paragraphs

Operating revenues 683.6 592.5 15 %

Investment income 14.8 16.2 (9) %

Operating revenues 690.5 659.9 5 %

Investment income 13.7 14.8 (8) %

1 unchanged paragraph

Pretax income 48.6 49.3 (1) %

Pretax margin 6.9 % 8.1 %

Title segment operating revenues increased $91.1 million (15%) 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%), primarily due to increased domestic commercial transaction volume, while gross agency title revenues increased $75.8 million (25%). Net of agency retention, agency title revenues increased $13.0 million (26%) in the second quarter 2026 compared to the prior year quarter, consistent with the gross agency revenue growth.

Pretax income 47.5 62.0 (23) %

Pretax margin 6.7 % 9.1 %

Title segment operating revenues increased $30.6 million (5%) in the third quarter 2026 compared to the third quarter 2025, primarily driven by growth in agency title revenues. Agency gross title revenues increased $24.6 million (7%), while direct title revenues increased $6.1 million (2%), primarily due to higher domestic commercial activity during the third quarter 2026. Net of agency retention, agency title revenues increased $5.0 million (8%) consistent with the gross agency revenue growth.

The title segment's combined employee costs and other operating expenses increased $29.6 $16.5 million (11%) (6%) in the second third quarter 2026 compared to the prior year quarter, primarily driven by higher title revenues, which resulted in increased salaries and employee benefits incentive compensation, and outside higher title search and third-party service fees, and investment in talent to support growth initiatives. As a percentage of title operating revenues, these costs improved expenses were approximately 44%, which is comparable to 45% in the second third quarter 2026 from 47% 2025. Title loss expense increased $4.0 million (20%) in the second third quarter 2025, 2026, primarily due to higher title operating revenues, while the title loss expense, ratio, as a percentage of title operating revenues, improved remained comparable to 3.2% in the second quarter 2026 from 3.6% in the prior year quarter. primarily due to continued overall favorable claims experience.

Investment income decreased $1.4 $1.1 million (9%) (8%) in the second third quarter 2026, primarily driven by due to lower earned interest from eligible escrow balances income resulting from lower interest rates and reduced eligible escrow balances compared to the second prior year quarter. Net realized and unrealized gains in the third quarter 2026 were insignificant, while the third quarter 2025 activity was primarily related to net unrealized gains on fair value changes of equity securities investments. Included in the title segment's pretax income in the second third quarters 2026 and 2025 were acquisition acquisition-related intangible asset amortization expenses of $2.7 $2.1 million and $2.8 million, respectively.

2 unchanged paragraphs

Pretax income 18.5 6.7 174 %

Pretax margin 9.4 % 6.0 %

Pretax income 10.3 7.3 41 %

Pretax margin 5.2 % 6.2 %

Real estate solutions segment revenues increased $84.7 $79.9 million (75%) (68%) in the second third quarter 2026 compared to the second third quarter 2025, primarily driven by our recently acquired the recent MCS business acquisition and higher revenues from credit information and valuation services. Combined segment employee costs and other operating expenses increased $70.4 $72.7 million (71%) in the second third quarter 2026, primarily due to higher costs of services associated with revenue growth and increased employee count from acquisitions. The segment's pretax income in the second third quarters 2026 and 2025 included acquisition acquisition-related intangible asset amortization expenses of $7.2 $9.3 million and $5.5 $5.8 million, respectively, with the higher amortization expense in the third quarter 2026 primarily being driven by the MCS acquisition.

In regard to the corporate segment, pretax results were primarily driven by net expenses attributable to corporate operations, which increased to $12.0 $12.2 million in the second third quarter 2026, compared to $9.2 $9.5 million in the second third quarter 2025, primarily due to higher interest expense on increased debt balances.

1 unchanged paragraph

The preparation of the Company's condensed consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of certain assets, liabilities, revenues, expenses and related disclosures surrounding contingencies and commitments. Actual results can differ from our accounting estimates. While we do not anticipate significant changes in our estimates, there is a risk that such changes could have a material impact on our consolidated financial condition or results of operations for future periods. During the six nine months ended June September 30, 2026, we made no material changes to our critical accounting estimates as previously disclosed in Management's Discussion and Analysis in the 2025 Form 10-K.

21 unchanged paragraphs

Operating environment. According to NAR, existing home sales (seasonally-adjusted basis) were approximately 4.09 million units in June 2026, representing a 3% increase from the prior year and a 2% decline from May 2026. NAR indicated that monthly sales activity continued to fluctuate as affordability remained sensitive to changes in mortgage interest rates. Additionally, home prices continue to rise, primarily as a result of limited housing inventory. The median existing home price in June 2026 increased to $440,600, an all-time high and the 36th consecutive month of year-over-year price increase. In addition, U.S. residential construction activity remained mixed during June 2026, as total housing starts increased 4% and 19% compared to June 2025 and May 2026, respectively, while newly issued building permits decreased 2% and 3% over the same periods.

Based on averaged estimates by Fannie Mae and MBA as of June 2026, total U.S. single-family mortgage originations increased 14% to $581 billion in the second quarter 2026 compared to the second quarter 2025, primarily driven by 45% higher refinancing activity. While the 30-year fixed mortgage interest rate remained relatively elevated, it declined to an average of 6.4% during the second quarter 2026 compared to 6.8% in the second quarter 2025, and is expected to remain relatively stable through the remainder of the year. Looking ahead, Fannie Mae and MBA expect total originations in the third and fourth quarter of 2026 to be comparable to the same periods in 2025. Existing homes sales are expected to improve modestly by approximately 3% for the full year 2026, while total new homes sales are projected to remain consistent with 2025.

Comparisons of our results of operations for the three and six nine months ended June September 30, 2026 with the corresponding periods in the prior year are set forth below. Factors contributing to fluctuations in the results of operations are presented in the order of their monetary significance, and we have quantified, when necessary, significant changes. Segment results are included in the discussions and, when relevant, are discussed separately.

Our statements on home sales, interest rates and loan activity are based on published U.S. industry data from sources including Fannie Mae, the Mortgage Bankers Association (MBA), the National Association of Realtors (NAR) and the U.S. Census Bureau as of June September 30, 2026. We also use information from our direct operations.

Operating environment. According to NAR, existing home sales (seasonally-adjusted basis) totaled approximately 3.99 million units in September 2026, representing a 2% decrease from the prior year and a 2% increase from August 2026. NAR noted that home sales activity in August and September were the lowest for the year, primarily due to elevated mortgage interest rates and affordability challenges. The median existing home price in September 2026 increased to $417,500, representing a 1% increase from the prior year and the 39th consecutive month of year-over-year price appreciation. Additionally, U.S. residential construction activity remained constrained during September 2026, as total housing starts decreased 7% and 5% compared to September 2025 and August 2026, respectively, while newly issued building permits were 3% below prior-year levels and unchanged from August 2026.

Based on averaged estimates by Fannie Mae and MBA as of September 2026, total U.S. single-family mortgage originations were $514 billion in the third quarter 2026, or 1% lower compared to the third quarter 2025, primarily driven by 4% lower refinancing activity. The average 30-year fixed mortgage interest rate remained elevated during the third quarter 2026 at 6.7%, compared to 6.6% in the third quarter 2025 and 6.4% in the second quarter 2026. Mortgage rates rose throughout the quarter and exceeded 7.0% by the end of the third quarter, primarily due to the sharp increase in the 10-year Treasury yield, which reached its highest level since 2022. The 30-year fixed mortgage rate is expected to average 7.4% in the fourth quarter 2026. As a result, fourth quarter 2026 total mortgage originations are expected to be 23% lower, largely due to lower expected refinancing activity, while total home sales are projected to be 5% lower compared to the fourth quarter 2025.

1 unchanged paragraph

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 Change % Chg

2026 2025 Change % Chg

Domestic 177.9 179.6 (1.7) (1) % 323.5 313.9 9.6 3 %

International 31.0 29.7 1.3 4 % 55.1 51.9 3.2 6 %

Domestic 89.8 74.6 15.2 20 % 183.7 143.9 39.8 28 %

International 7.9 7.4 0.5 7 % 14.5 13.2 1.3 10 %

Total direct title revenues 306.6 291.3 15.3 5 % 576.8 522.9 53.9 10 %

Total international revenues improved $1.8 million, or 5%, and $4.5 million, or 7%, in the second quarter and first six months of 2026, respectively, primarily driven by higher transaction volumes compared to the same periods in 2025.

Three Months Ended September 30, Nine Months Ended September 30, (in $ millions)

Domestic 179.8 176.8 3.0 2 % 503.3 490.8 12.5 3 %

International 32.3 32.5 (0.2) (1) % 87.4 84.3 3.1 4 %

Domestic 86.4 79.1 7.3 9 % 270.0 223.0 47.0 21 %

International 7.3 11.3 (4.0) (35) % 21.8 24.5 (2.7) (11) %

Total direct title revenues 305.8 299.7 6.1 2 % 882.5 822.6 59.9 7 %

Domestic commercial revenues improved $15.2 $7.3 million, or 20%, 9%, and $39.8 $47.0 million, or 28%, 21%, in the second third quarter and first six nine months of 2026, respectively, compared to the same periods in 2025. The increases were primarily driven by higher commercial transaction volume across energy, multi-family, industrial and other multiple asset classes, as well as larger including retail and multi-family in the third quarter, and data center, transaction sizes. energy, retail and multi-family properties during the first nine months of 2026. The average domestic commercial fee per file for the second third quarter 2026 was $16,900, consistent with $16,300, an 8% decline from the prior year quarter, primarily due to asset class transaction mix, across asset classes, while the average fee per file for the six nine months of 2026 increased 15% 7% to $18,800 $17,900, primarily driven by higher data center transaction increased size and volume of energy transactions compared to the same period in 2025.

Domestic non-commercial revenues increased $3.0 million, or 2%, in the second quarter 2026 remained relatively consistent with the prior year third quarter For the first six months of 2026, domestic non-commercial revenues primarily due to contributions from acquisitions, and increased $9.6 $12.5 million, or 3%, compared to the same period in 2025, the first nine months of 2026, primarily driven by higher refinancing activity and an increased average fee per file. The average domestic residential fee per file improved to was $3,200 for both the second third quarter and first six nine months of 2026, compared to $2,900 $3,200 and $3,000, $3,100, respectively, for the same periods in 2025. primarily due to higher purchase transaction mix.

Total international revenues declined $4.2 million, or 10%, in the third quarter 2026, primarily driven by a large commercial transaction that closed in the prior year quarter, while total international revenues in the first nine months of 2026 were comparable to the same period in 2025.

1 unchanged paragraph

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

1 unchanged paragraph

Commercial 6,003 4,526 1,477 33 % 11,353 8,854 2,499 28 %

Purchase 51,151 52,793 (1,642) (3) % 95,761 99,043 (3,282) (3) %

Refinance 20,182 19,736 446 2 % 43,503 37,298 6,205 17 %

Total 92,547 89,646 2,901 3 % 177,255 168,589 8,666 5 %

Commercial 5,324 4,415 909 21 % 9,783 8,805 978 11 %

Purchase 35,870 35,886 (16) — % 61,903 62,666 (763) (1) %

Refinance 13,176 12,165 1,011 8 % 26,561 22,063 4,498 20 %

Total 61,309 66,594 (5,285) (8) % 109,936 112,267 (2,331) (2) %

Commercial 5,548 4,520 1,028 23 % 16,901 13,374 3,527 26 %

Purchase 48,578 50,661 (2,083) (4) % 144,339 149,704 (5,365) (4) %

Refinance 18,221 22,399 (4,178) (19) % 61,724 59,697 2,027 3 %

Total 86,007 87,403 (1,396) (2) % 263,262 255,992 7,270 3 %

Commercial 5,302 4,478 824 18 % 15,085 13,283 1,802 14 %

Purchase 34,329 36,209 (1,880) (5) % 96,232 98,875 (2,643) (3) %

Refinance 11,439 12,778 (1,339) (10) % 38,000 34,841 3,159 9 %

Total 61,764 59,312 2,452 4 % 171,700 171,579 121 — %

1 unchanged paragraph

Gross revenues from independent agency operations increased $75.8 $24.6 million, or 25%, 7%, and $141.2 $165.8 million, or 25%, 18%, in the second third quarter and first six nine months of 2026, respectively, primarily due to improved residential and commercial volumes in our key agency states, including Florida, Michigan, New York and Pennsylvania. Agency revenues, net of retention, increased $13.0 $5.0 million, or 26%, 8%, and $23.7 $28.7 million, or 25%, 18%, in the second third quarter and first six nine months of 2026, respectively, consistent with the gross agency revenue growth. Refer further to the "Retention by agencies" discussion under Expenses below.

Real estate solutions revenues. Real estate solutions revenues improved $84.7 $79.8 million, or 75%, 69%, in the second third quarter 2026 and $149.0 $228.8 million, or 71%, 70%, in the first six nine months of 2026 compared to the same periods in 2025, primarily driven by our recently acquired MCS business and higher revenues from our credit information and valuation services businesses.

Investment income. Investment income in the second third quarter and first six nine months of 2026 decreased $1.4 $1.1 million, or 9%, 8%, and $0.2 $1.3 million, or 1%, 3%, respectively, compared to the same periods in 2025, primarily driven by lower earned interest from eligible escrow balances income resulting from lower interest rates and reduced eligible escrow balances.

2 unchanged paragraphs

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

1 unchanged paragraph

Amounts retained by agencies 314.9 252.1 62.8 25 % 591.0 473.5 117.5 25 %

Amounts retained by agencies 319.1 299.5 19.5 7 % 910.1 773.0 137.1 18 %

1 unchanged paragraph

Employee costs 241.1 208.2 32.9 16 % 462.2 394.0 68.1 17 %

Other operating expenses 241.1 173.5 67.5 39 % 458.6 334.4 124.1 37 %

As a % of operating revenues 27.4 % 24.6 % 27.9 % 25.7 %

Title losses and related claims 22.1 21.5 0.6 3 % 40.5 39.2 1.3 3 %

Employee costs 230.9 211.2 19.7 9 % 693.1 605.2 87.8 15 %

As a % of operating revenues 27.4 26.0 % 29.5 27.2 % 28.1 27.4 % 30.3 29.1 %

Other operating expenses 254.7 185.2 69.6 38 % 713.3 519.6 193.7 37 %

As a % of operating revenues 28.7 % 23.8 % 28.2 % 25.0 %

Title losses and related claims 23.5 19.5 4.0 20 % 64.0 58.7 5.3 9 %

As a % of title revenues 3.2 3.4 % 3.6 3.0 % 3.1 3.2 % 3.6 3.4 %

1 unchanged paragraph

Employee costs. Consolidated employee costs increased $32.9 million, or 16%, and $68.1 million, or 17%, in the second quarter and first six months of 2026, respectively, compared to the same periods in 2025, primarily driven by higher salaries and employee benefit expenses related to increased average employee count, and higher incentive compensation consistent with improved operating results. Employee costs in the title segment increased $22.8 million, or 12%, and $49.6 million, or 14%, while employee costs in the real estate solutions segment increased $10.0 million, or 65%, and $18.6 million, or 64%, in the second quarter and first six months of 2026, respectively, both primarily driven by volume growth and recent acquisitions.

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

23 unchanged paragraphs

and 47 more changes in the filing

Market risk 1 change

There have been no material changes during the six nine months ended June September 30, 2026 in our investment strategies, types of financial instruments held or the risks associated with such instruments that would materially alter the market risk disclosures made in our 2025 Form 10-K.

Controls and procedures 2 changes

Evaluation of disclosure controls and procedures. Our principal executive officer and principal financial officer are responsible for establishing and maintaining disclosure controls and procedures. They evaluated the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of June September 30, 2026, and have concluded that, as of such date, our disclosure controls and procedures are adequate and effective to ensure that information we are required to disclose in the reports that we file or submit under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and (ii) accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in internal control over financial reporting. There was no change in our internal control over financial reporting during the quarter ended June September 30, 2026, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Unregistered sales of stock 1 change

There were no repurchases of our Common Stock during the six nine months ended June September 30, 2026, except for repurchases of approximately 83,000 85,000 shares (aggregate purchase price of approximately $5.3 $5.4 million) related to the statutory income tax withholding on the vesting of restricted stock unit grants to executives and senior management employees.

Other information 2 changes

Book value per share. Our book value per share was $54.63 $54.83 and $54.30 as of June September 30, 2026 and December 31, 2025, respectively. As of June September 30, 2026, our book value per share was based on approximately $1.66 $1.67 billion of stockholders' equity attributable to Stewart and 30,449,652 30,526,460 shares of Common Stock outstanding. As of December 31, 2025, our book value per share was based on approximately $1.64 billion of stockholders' equity attributable to Stewart and 30,223,311 shares of Common Stock outstanding.

Trading plans. During the quarter ended June September 30, 2026, no director or Section 16 officer adopted or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements, as defined under Item 408(a) of Regulation S-K.

Exhibits 1 change

14 unchanged paragraphs

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

3 unchanged paragraphs