The Travelers Companies, Inc.

TRV · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$64,702	$54,687	$43,508	$43,938	$38,483	$34,532	$33,691	$29,460	$33,369	$30,116	$27,765	$35,862	$33,527	$27,737	$24,603	$26,546	$28,560	$26,935	$35,078	$36,890	$30,210	$22,550	$17,220	$7,627	$9,322	$11,785	$7,681	$8,528	$6,958	$5,287	$4,760	$3,798	$3,829	$3,261	$3,092	$2,801	$2,928	$2,096	$2,207	$1,843	$3,358
Enterprise value	$47,668	($27,098)	($37,921)	($25,006)	($37,527)	($39,153)	($33,322)	($31,798)	($27,993)	($29,134)	($31,600)	($26,001)	($28,259)	($35,119)	($36,832)	$27,341	$29,980	$27,544	$35,198	$37,253	$30,921	$23,657	$17,405	$7,873	$9,148	$11,386	$8,034	$9,189	$8,301	$5,856	$4,490	$3,476	$4,469	$3,827	$3,579	$3,275	$3,222	$2,384	$2,303	$2,015	$3,540
P/E (TTM) at period end	10.37×	11.02×	14.65×	15.57×	10.59×	12.89×	12.94×	11.76×	16.35×	10.07×	8.13×	9.78×	9.20×	11.30×	17.40×	8.33×	7.95×	9.28×	7.62×	8.77×	18.63×	23.61×	10.15×	–	–	11.87×	9.21×	95.45×	7.49×	7.22×	9.13×	8.58×	8.95×	–	7.63×	7.16×	7.35×	5.95×	6.80×	11.98×	73.96×
P/S (TTM) at period end	1.33×	1.18×	1.05×	1.19×	1.11×	1.08×	1.07×	0.97×	1.15×	1.09×	1.04×	1.32×	1.28×	1.08×	0.97×	1.06×	1.16×	1.10×	1.35×	1.47×	1.24×	1.00×	1.14×	0.53×	1.03×	1.48×	1.07×	0.94×	0.72×	0.57×	0.88×	0.81×	0.86×	0.72×	0.71×	0.70×	0.77×	0.58×	0.66×	0.58×	1.26×
P/B at period end	1.97×	1.96×	1.75×	2.04×	1.33×	1.18×	1.30×	1.29×	1.41×	1.30×	1.18×	1.44×	1.35×	1.09×	1.01×	1.04×	1.04×	1.06×	1.32×	1.47×	1.35×	1.06×	1.44×	1.33×	1.82×	1.63×	1.19×	1.29×	1.05×	1.32×	1.28×	1.39×	1.27×	1.48×	1.22×	1.28×	1.25×	1.04×	1.29×	1.28×	3.32×
EV / EBITDA (TTM)	5.36×	(3.72×)	(8.49×)	(5.52×)	(6.62×)	(8.97×)	(7.85×)	(7.73×)	(7.16×)	(5.56×)	(5.33×)	(3.10×)	(3.42×)	(4.89×)	(6.07×)	3.57×	6.82×	6.07×	5.01×	5.70×	9.20×	16.11×	7.52×	–	–	7.56×	7.52×	106.09×	1.22×	0.89×	6.57×	5.92×	1.19×	1.02×	0.99×	0.99×	1.02×	–	–	–	–
EV / Sales (TTM)	0.98×	(0.58×)	(0.92×)	(0.68×)	(1.08×)	(1.22×)	(1.06×)	(1.05×)	(0.97×)	(1.05×)	(1.18×)	(0.96×)	(1.08×)	(1.36×)	(1.45×)	1.09×	1.21×	1.13×	1.35×	1.48×	1.27×	1.05×	1.15×	0.55×	1.01×	1.43×	1.12×	1.01×	0.86×	0.63×	0.83×	0.74×	1.00×	0.85×	0.82×	0.82×	0.85×	0.66×	0.68×	0.63×	1.33×
Returns
Return on equity	19.0%	17.8%	11.9%	13.1%	12.6%	9.2%	10.0%	10.9%	8.6%	12.9%	14.5%	14.8%	14.7%	9.7%	5.8%	12.5%	13.1%	11.5%	17.3%	16.7%	7.3%	4.5%	14.1%	(0.5%)	(21.3%)	13.7%	12.9%	1.3%	14.1%	18.3%	14.0%	16.2%	14.2%	(7.1%)	16.0%	17.8%	16.9%	17.5%	18.9%	10.7%	4.5%
Return on invested capital	16.0%	15.1%	10.3%	11.2%	11.1%	8.5%	9.1%	9.7%	7.8%	11.2%	12.5%	8.6%	8.6%	6.1%	4.5%	7.1%	8.2%	9.4%	14.4%	13.8%	7.4%	3.2%	11.8%	–	(14.2%)	10.6%	8.9%	–	59.6%	112.6%	11.8%	13.4%	83.7%	134.0%	91.3%	94.5%	95.4%	–	–	–	222.1%
Dividend yield	1.5%	1.7%	2.1%	2.0%	2.3%	2.5%	2.5%	2.8%	2.4%	2.5%	2.7%	2.0%	2.2%	2.5%	2.7%	2.5%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	–	–	–	–	–	–	0.68×	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Debt / equity	–	–	–	–	–	–	–	–	–	–	–	0.26×	0.26×	0.25×	0.27×	0.26×	0.24×	0.24×	0.21×	0.23×	0.26×	0.30×	0.22×	0.47×	0.42×	0.23×	0.23×	0.19×	0.20×	0.17×	0.19×	0.23×	0.21×	0.26×	0.19×	0.22×	0.13×	0.14×	0.06×	0.12×	0.18×
Effective tax rate	19.3%	19.1%	11.3%	15.3%	17.9%	16.7%	16.4%	14.8%	24.7%	25.6%	27.4%	27.5%	25.7%	21.9%	(5.5%)	25.3%	23.1%	21.3%	26.0%	26.5%	22.8%	7.3%	24.1%	183.5%	29.5%	30.8%	23.0%	293.0%	25.4%	15.2%	20.6%	21.4%	18.2%	(3.3%)	23.3%	22.3%	18.6%	17.1%	13.4%	28.8%	(1.1%)
Share count
Diluted shares outstanding	228	231	232	240	251	255	262	270	279	291	314	342	374	390	420	482	569	604	669	717	713	628	453	234	212	233	246	253	177	188	180	176	175	169	176	185	195	193	192	183	168

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$48,921	$48,828	$46,423	$41,364	$36,884	$34,816	$31,981	$31,581	$30,282	$28,902	$27,625	$26,815	$27,174	$26,191	$25,740	$25,446	$25,112	$24,680	$24,477	$26,017	$25,090	$24,365	$22,544	$15,139	$14,270	$9,032	$7,946	$7,149	$9,108	$9,623	$9,232	$5,410	$4,701	$4,460	$4,499	$4,352	$4,005	$3,789	$3,634	$3,366	$3,182	$2,672
Cost of revenue	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($16,873)	($16,103)	($15,583)	($18,179)	($18,417)	($11,102)	($12,949)	($9,181)	($5,309)	($5,041)	($7,530)	($5,054)	($5,001)	($3,721)	($3,216)	($732)	($789)	($757)	($756)	($690)	–	–	–	–
Gross profit	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	$7,604	$9,914	$9,507	$6,186	$4,127	$4,037	$1,321	($149)	$2,637	$2,108	$1,578	$4,569	$4,230	$1,688	$1,486	$3,728	$3,709	$3,595	$3,250	$3,099	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($6,232)	($6,120)	($5,819)	($5,176)	($4,810)	($4,677)	($4,509)	($4,365)	($4,297)	($4,170)	($4,154)	($4,094)	($3,952)	($3,757)	($3,610)	($3,556)	($3,406)	($3,366)	($3,518)	($3,352)	($3,458)	($3,229)	($2,945)	($1,641)	($1,424)	($1,282)	($1,236)	($1,157)	($1,625)	($1,208)	($1,091)	–	–	–	–	–	–	–	–	–	–	–
Total operating expenses	($29,757)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($3,888)	($3,698)	($3,782)	($3,515)	($3,181)	($1,808)	($1,581)	($1,282)	($1,236)	($1,157)	($1,625)	$2,137	$2,227	($1,032)	($922)	–	–	–	–	–	–	–	–	–
Total costs and expenses	($38,100)	($40,607)	($39,851)	($37,617)	($33,179)	($30,018)	($28,405)	($28,099)	($26,969)	($25,803)	($23,209)	($21,702)	($23,533)	($22,624)	($23,299)	($24,056)	($22,069)	($21,080)	($20,761)	($19,801)	($19,365)	($21,694)	($21,598)	($12,910)	($14,530)	($10,463)	($6,545)	($6,198)	($9,155)	($2,917)	($2,774)	($4,753)	($4,138)	($732)	($789)	($757)	($756)	($690)	–	–	–	($18)
Operating income	$10,821	$8,221	$6,572	$3,747	$3,705	$4,798	$3,576	$3,482	$3,313	$3,099	$4,416	$5,113	$3,641	$3,567	$2,441	$1,390	$3,043	$3,600	$3,716	$6,216	$5,725	$2,671	$946	$2,229	($260)	($1,431)	$1,401	$951	($46)	$6,706	$6,457	$656	$564	$3,728	$3,709	$3,595	$3,250	$3,099	–	–	–	$2,653
Earnings
EBITDA	$11,520	$8,901	$7,287	$4,469	$4,531	$5,668	$4,365	$4,245	$4,116	$3,912	$5,242	$5,931	$8,387	$8,255	$7,178	$6,068	$7,657	$4,397	$4,537	$7,027	$6,533	$3,362	$1,468	$2,314	($218)	($1,251)	$1,506	$1,069	$87	$6,814	$6,555	$684	$587	$3,748	$3,743	$3,628	$3,316	$3,150	–	–	–	–
Interest income	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($463)	($425)	($392)	($376)	($351)	($340)	($339)	($344)	($352)	($369)	($363)	($373)	($369)	($361)	($378)	($386)	($388)	($382)	($370)	($346)	($324)	($286)	($236)	($167)	($157)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($18)
Pre-tax income	$10,358	$7,796	$6,180	$3,371	$3,354	$4,458	$3,237	$3,138	$2,961	$2,730	$4,053	$4,740	$5,089	$4,945	$3,166	$1,352	$4,306	$4,711	$3,716	$6,216	$5,725	$2,671	$946	$2,229	($260)	($1,431)	$1,401	$951	($46)	$1,336	$991	$656	$564	$523	($225)	$528	$504	$489	$426	$374	$216	$2,653
Income tax expense	($2,026)	($1,508)	($1,181)	($380)	($512)	($796)	($540)	($516)	($438)	($674)	($1,039)	($1,301)	($1,397)	($1,272)	($693)	$74	($1,090)	($1,089)	($792)	($1,615)	($1,517)	($610)	($69)	($537)	$477	$422	($431)	($219)	$136	($339)	($151)	($135)	($121)	($95)	($8)	($123)	($113)	($91)	($73)	($50)	($62)	$30
Net income	$8,332	$6,288	$4,999	$2,991	$2,842	$3,662	$2,697	$2,622	$2,523	$2,056	$3,014	$3,439	$3,692	$3,673	$2,473	$1,426	$3,216	$3,622	$2,924	$4,601	$4,208	$1,622	$955	$1,696	($27)	($1,088)	$993	$834	$89	$929	$733	$521	$443	$428	($156)	$405	$391	$398	$353	$324	$154	$45
Per share
Diluted EPS (GAAP)	$38.14	$27.43	$21.47	$12.79	$11.77	$14.49	$10.52	$9.92	$9.28	$7.33	$10.28	$10.88	$10.70	$9.74	$6.30	$3.36	$6.62	$6.33	$4.81	$6.85	$5.91	$2.33	$1.53	$3.80	($0.12)	($5.13)	$4.24	$3.41	$0.32	$3.97	$2.84	$2.84	$2.47	$2.39	($0.92)	$2.26	$2.08	$2.04	$1.83	$1.69	$0.84	$0.27
Basic EPS (GAAP)	$38.74	$27.83	$21.76	$12.93	$11.91	$14.63	$10.56	$10.01	$9.37	$7.39	$10.39	$10.99	$10.82	$9.84	$6.35	$3.40	$6.69	$6.38	$4.87	$7.00	$6.12	$2.39	$1.56	$3.91	($0.12)	($5.13)	$4.50	$3.61	$0.33	$3.97	$3.01	$3.00	$2.56	$2.46	($0.92)	$2.34	$2.15	$2.04	$1.83	$1.69	$0.84	$0.27
Basic shares outstanding	213	224	228	230	237	248	254	260	267	276	288	311	339	370	386	416	476	563	596	652	687	676	608	434	224	212	217	228	245	170	180	171	170	170	169	170	179	195	193	192	183	168
Margins
Gross margin	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	31.1%	38.1%	37.9%	25.4%	18.3%	26.7%	9.3%	(1.6%)	33.2%	29.5%	17.3%	47.5%	45.8%	31.2%	31.6%	83.6%	82.5%	82.6%	81.1%	81.8%	–	–	–	–
Operating margin	22.1%	16.8%	14.2%	9.1%	10.0%	13.8%	11.2%	11.0%	10.9%	10.7%	16.0%	19.1%	13.4%	13.6%	9.5%	5.5%	12.1%	14.6%	15.2%	23.9%	22.8%	11.0%	4.2%	14.7%	(1.8%)	(15.8%)	17.6%	13.3%	(0.5%)	69.7%	69.9%	12.1%	12.0%	83.6%	82.5%	82.6%	81.1%	81.8%	–	–	–	99.3%
Net margin	17.0%	12.9%	10.8%	7.2%	7.7%	10.5%	8.4%	8.3%	8.3%	7.1%	10.9%	12.8%	13.6%	14.0%	9.6%	5.6%	12.8%	14.7%	11.9%	17.7%	16.8%	6.7%	4.2%	11.2%	(0.2%)	(12.0%)	12.5%	11.7%	1.0%	9.7%	7.9%	9.6%	9.4%	9.6%	(3.5%)	9.3%	9.8%	10.5%	9.7%	9.6%	4.8%	1.7%

Analyst consensus

Hold44 analysts

Bearish · 4 · Hold · 29 · Bullish · 11

Earnings history

	EPS	Estimate
Q4 2024	$9.15	$6.70	Beat
Q1 2025	$1.91	$0.79	Beat
Q2 2025	$6.51	$3.65	Beat
Q3 2025	$8.14	$6.39	Beat
Q4 2025	$11.13	$8.80	Beat
Q1 2026	$7.71	$7.07	Beat
Q2 2026	$10.04	$5.41	Beat
Q3 2026	$9.18	$7.39	Beat

Peers

Company overview

IPO dateNov 17, 1975

CEOAlan D. Schnitzer

Employees34,000

SectorFinancial Services

IndustryInsurance - Property & Casualty

CountryUS

ExchangeNew York Stock Exchange

Websitewww.travelers.com

The Travelers Companies, Inc., through its network of subsidiaries, delivers a broad spectrum of commercial and personal property and casualty insurance products and services. These offerings cater to businesses, government entities, associations, and individual clients both within the United States and internationally. The company's operations are divided into three primary segments: Business Insurance, Bond & Specialty Insurance, and Personal Insurance. The Business Insurance segment provides a comprehensive portfolio of commercial coverages, ranging from foundational offerings like workers' compensation, commercial auto, property, general liability, multi-peril, and employers' liability, to more specialized policies. These specialized offerings include public and product liability, professional indemnity, marine, aviation, onshore and offshore energy, construction, terrorism, personal accident, and even kidnap and ransom insurance. This segment serves a diverse clientele, from small and mid-sized enterprises to large corporations, and also focuses on sectors like commercial trucking and agriculture. Its products are distributed through a robust network of independent brokers, wholesale agents, and program managers. The Bond & Specialty Insurance segment focuses on providing surety and fidelity bonds, as well as management and professional liability insurance. Additionally, it offers other property and casualty coverages paired with crucial risk management services. Distribution for this segment is handled via independent agencies and brokers. Lastly, the Personal Insurance segment addresses individual needs by offering property and casualty insurance for personal risks. Its primary focus areas are automobile and homeowners insurance, which are also made available to consumers through independent agencies and brokers. Founded in 1853, The Travelers Companies, Inc. maintains its headquarters in New York, New York.

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