CRAWFORD & COMPANY REPORTS 2025 THIRD QUARTER RESULTS
Solid Earnings Growth in Third Quarter
Record Quarterly Revenues for Broadspire and International Operations
ATLANTA, (November 3, 2025) -- Crawford & Company® (NYSE: CRD-A and CRD-B), is pleased to announce its financial results for the third quarter ended September 30, 2025.
Revenues before reimbursements decreased (2)% to $322.2 million in the 2025 third quarter from $329.4 million in the 2024 third quarter. Third quarter net income was $12.4 million, or $0.25 per diluted share for CRD-A and CRD-B, compared to $9.5 million, or $0.19 per diluted share for CRD-A and CRD-B in the prior year quarter.
GAAP Consolidated Results
Three Months Ended September 30,
Nine Months Ended September 30,
(in millions, except per share amounts)
2025
2024
Change
2025
2024
Change
Revenues before reimbursements
$322.2
$329.4
(2)%
$957.2
$945.3
1%
Net income attributable to shareholders
12.4
9.5
31%
26.9
20.9
29%
Diluted earnings per share CRD-A
0.25
0.19
32%
0.54
0.42
29%
Diluted earnings per share CRD-B
0.25
0.19
32%
0.54
0.42
29%
Non-GAAP Consolidated Results
Three Months Ended September 30,
Nine Months Ended September 30,
(in millions, except per share amounts)
2025
2024
Change
2025
2024
Change
Revenues before reimbursements on constant dollar basis
$318.8
$329.4
(3)%
$958.8
$945.3
1%
Consolidated adjusted operating earnings
26.6
21.8
22%
66.4
56.0
19%
Consolidated adjusted EBITDA
36.3
29.6
23%
94.5
80.8
17%
Non-GAAP net income attributable to shareholders
16.1
10.9
48%
37.6
29.8
26%
Non-GAAP diluted earnings per share CRD-A
0.32
0.22
45%
0.75
0.60
25%
Non-GAAP diluted earnings per share CRD-B
0.32
0.22
45%
0.76
0.60
27%
Mr. Rohit Verma, president and chief executive officer of Crawford & Company, commented, "Our Company delivered solid third-quarter results with a 22% increase in operating earnings and improved margins across all segments of our business. Broadspire and International Operations performed particularly well, but consolidated revenue decreased slightly due to the continued absence of significant weather events and lower U.S. claims activity in North America Loss Adjusting and Platform Solutions.”
Mr. Verma continued, “We are pleased with the expanded client relationships and new business momentum we saw in the third quarter. As we continue to strengthen our position as the partner of choice for insurance providers worldwide, our focus remains on delivering operational excellence and deepening engagement with existing clients. Our balance sheet remains strong, and we are committed to leveraging our growing pipeline to further extend our global reach.”
Segment Results for the Third Quarter
North America Loss Adjusting
North America Loss Adjusting revenues before reimbursements were $77.0 million in the third quarter of 2025, decreasing (2.9)% from $79.3 million in the third quarter of 2024, driven by a decrease in weather related claims impacting revenues in U.S. Field Operations. Foreign exchange rate impacts were immaterial.
The segment had operating earnings of $6.9 million in the 2025 third quarter, increasing from $5.4 million in the third quarter of 2024. The operating margin increased to 9.0% in the 2025 quarter, compared with 6.9% in the 2024 quarter, driven by improved efficiencies in U.S. Global Technical Services and Canada, partially offset by lower revenues in U.S. Field Operations.
North America Loss Adjusting revenues before reimbursements were $234.8 million in the nine months ended September 30, 2025, increasing 0.9% from $232.7 million in the 2024 period. Absent foreign exchange rate decreases of ($1.9) million, revenues would have been $236.7 million for the 2025 third quarter.
The segment had operating earnings of $17.0 million in the nine months ended September 30, 2025, increasing from $14.8 million in the 2024 period. The operating margin was 7.2% for the nine months ended September 30, 2025 and 6.4% in the 2024 period. The increase in operating earnings was primarily due to revenue growth and improved efficiencies in U.S Global Technical Services.
International Operations
International Operations revenues before reimbursements were a new quarterly record of $112.9 million in the third quarter of 2025, up 6.7% from $105.7 million in the same period of 2024 driven by growth in the U.K., Europe, and Asia. Absent foreign exchange rate increases of $3.6 million, revenues would have been $109.3 million for the 2025 third quarter.
Operating earnings were $7.4 million in the 2025 third quarter, increasing from $5.1 million in the 2024 period. The segment’s operating margin for the 2025 quarter increased to 6.6% compared with 4.9% in the 2024 quarter driven by higher value claims in the U.K., earthquake related claims in Thailand, and an increase in weather related claims in Australia.
International Operations revenues before reimbursements were $326.3 million in the 2025 year-to-date period, up 6.6% from $306.1 million in the 2024 period. Foreign exchange rate impacts were immaterial for the nine months ended September 30, 2025.
Operating earnings were $18.5 million in the nine months ended September 30, 2025, improving from $12.5 million in the 2024 period. The segment’s operating margin for year-to-date 2025 increased to 5.7% compared with 4.1% in the 2024 period driven by revenue growth in the U.K. and Asia.
Broadspire
Broadspire segment revenues before reimbursements were a new quarterly record of $103.4 million in the 2025 third quarter, increasing 4.4% from $99.0 million in the 2024 third quarter driven by increases in medical case management and casualty claims revenues.
Broadspire recorded operating earnings of $15.6 million in the third quarter of 2025, representing an operating margin of 15.1%, compared to $14.4 million, or 14.5% of revenues, in the 2024 third quarter. The increase in operating earnings and margin in the quarter was driven by revenue growth and a decrease in administrative costs.
Broadspire segment revenues before reimbursements were $300.4 million in the 2025 year-to-date period, increasing 3.4% from $290.4 million in the 2024 period.
Broadspire operating earnings were $41.4 million in the nine months ended September 30, 2025, representing an operating margin of 13.8%, decreasing from $42.3 million, or 14.6% of revenues in the 2024 period driven by an increase in administrative costs during the first half of 2025.
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Platform Solutions
Platform Solutions revenues before reimbursements were $28.9 million in the third quarter of 2025, down (36.1)% from $45.3 million in the same period of 2024 due to lower staff augmentation business from insurance carriers.
Operating earnings were $2.6 million in the 2025 third quarter, compared with $3.8 million in the 2024 period. The segment’s operating margin for the 2025 quarter was 8.9% as compared with 8.5% in the 2024 quarter. The decrease in operating earnings was driven by a decrease in revenues in the Networks service line. The improvement in operating margin is due a shift in product mix from the Networks service line to Contractor Connection and Subrogation.
Platform Solutions revenues before reimbursements were $95.7 million in the nine months ended September 30, 2025, down (17.5)% from $116.0 million in the 2024 period.
Operating earnings were $8.6 million in the 2025 year-to-date period, increasing from $6.4 million in the 2024 period. The segment’s operating margin for the nine months ended September 30, 2025 was 9.0% as compared with 5.5% in the nine months ended September 30, 2024, improving due to the reduction in low value inspection services previously handled within our Networks service line and a decrease in administrative costs.
Unallocated Corporate and Shared Costs and Credits, Net
Unallocated corporate costs were $5.9 million in the third quarter of 2025, compared with $7.0 million in the same period of 2024. The decrease in the 2025 third quarter was primarily due to a decrease in professional fees and compensation expenses, partially offset by an increase in self-insurance expense.
Unallocated corporate costs were $19.2 million in the nine months ended September 30, 2025, compared with $20.1 million in the 2024 period. The decrease in 2025 was primarily due to lower professional fees and compensation expenses, partially offset by a one-time indirect tax expense of $3.1 million.
Selling, General, and Administrative Expenses
Selling, general, and administrative expenses (“SG&A”) decreased ($2.1) million, or 3.0%, in the three months ended September 30, 2025 as compared with the 2024 period. The decrease was primarily due to a lower professional fees and compensation expenses.
SG&A increased $1.2 million, or 0.5%, in the 2025 year-to-date period as compared with the 2024 period. The increase was primarily due to a one-time indirect tax expense, partially offset by lower professional fees and compensation expenses.
Other Matters
The Company recognized a pretax contingent earnout expense of $0.1 million in the 2025 third quarter, compared to a benefit of ($2.1) million in the same period of 2024, related to the fair value adjustment of earnout liabilities arising from acquisitions. These adjustments, which are not a component of operating earnings, are based on changes to projections of acquired entities over the respective earnout periods.
Subsequent Event
On October 30, 2025, the Company's Board of Directors authorized the addition of 2,000,000 shares of CRD-A or CRD-B (or a combination of the two) to its 2021 Repurchase Authorization which had a remaining authorization to purchase 813,865 shares at September 30, 2025. Under the new repurchase program, repurchases may be made through December 31, 2027 in the open market or privately negotiated transactions at such times and for such prices as management deems appropriate, subject to applicable regulatory guidelines. The new authorization does not obligate Crawford to acquire any stock, and purchases may be commenced or suspended at any time based on market conditions and other factors that the Company deems appropriate.
Balance Sheet and Cash Flow
The Company’s consolidated cash and cash equivalents position as of September 30, 2025, totaled $68.8 million, compared with $55.4 million at December 31, 2024. The Company’s total debt outstanding totaled $218.1 million as of September 30, 2025 and December 31, 2024.
3
The Company’s operations provided $51.7 million of cash during the first nine months of 2025, compared with $11.1 million provided in 2024. The increase in cash provided was primarily driven by higher earnings, net change in incentive compensation, and net change in billed and unbilled receivables as compared to the prior year.
During the 2025 third quarter, the Company repurchased 263,098 shares of CRD-A at an average per share cost of $10.71 and repurchased 12,846 shares of CRD-B at an average per share cost of $10.40. In the 2024 third quarter, the Company did not repurchase any shares of CRD-A but repurchased 154,683 shares of CRD-B at an average per share cost of $9.89.
Conference Call
As previously announced, Crawford & Company will host a conference call on November 4, 2025, at 8:30 a.m. Eastern Time to discuss its third quarter 2025 results. The conference call can be accessed live by dialing 1-800-715-9871 and using Conference ID 3506432. A presentation for tomorrow’s call can also be found on the investor relations portion of the Company’s website, https://ir.crawco.com. The call will be recorded and available for replay through November 11, 2025. You may dial 1-800-770-2030 and use passcode 3506432# to listen to the replay.
Non-GAAP Presentation
In the normal course of business, our operating segments incur certain out-of-pocket expenses that are thereafter reimbursed by our clients. Under U.S. generally accepted accounting principles (“GAAP”), these out-of-pocket expenses and associated reimbursements are required to be included when reporting expenses and revenues, respectively, in our consolidated results of operations. In the foregoing discussion and analysis of segment results of operations, we do not include a gross up of segment expenses and revenues for these pass-through reimbursed expenses. The amounts of reimbursed expenses and related revenues offset each other in our results of operations with no impact to our net income or operating earnings. A reconciliation of revenues before reimbursements to consolidated revenues determined in accordance with GAAP is self-evident from the face of the accompanying unaudited condensed consolidated statements of operations.
Operating earnings is the primary financial performance measure used by our senior management and chief operating decision maker (“CODM”) to evaluate the financial performance of our Company and operating segments, and make resource allocation and certain compensation decisions. Unlike net income, segment operating earnings is not a standard performance measure found in GAAP. We believe this measure is useful to others in that it allows them to evaluate segment and consolidated operating performance using the same criteria used by our senior management and CODM. Consolidated operating earnings represent segment earnings including certain unallocated corporate and shared costs, but before net corporate interest expense, stock option expense, amortization of acquisition-related intangible assets, contingent earnout adjustments, non-service pension costs, income taxes and net income or loss attributable to noncontrolling interests.
Adjusted EBITDA is not a term defined by GAAP and as a result our measure of adjusted EBITDA might not be comparable to similarly titled measures used by other companies. However, adjusted EBITDA is used by management to evaluate, assess and benchmark our operational results. The Company believes that adjusted EBITDA is relevant and useful information widely used by analysts, investors and other interested parties. Adjusted EBITDA is defined as net income attributable to shareholders of the Company with adjustments for depreciation and amortization, net corporate interest expense, contingent earnout adjustments, non-service pension costs, income taxes and stock-based compensation expense.
Unallocated corporate and shared costs and credits include expenses and credits related to our chief executive officer and Board of Directors, certain provisions for bad debt allowances or subsequent recoveries such as those related to bankrupt clients, certain unallocated professional fees and certain self-insurance costs and recoveries that are not allocated to our individual operating segments.
4
Income taxes, net corporate interest expense, stock option expense, amortization of acquisition-related intangible assets, contingent earnout adjustments, and non-service pension costs are recurring components of our net income, but they are not considered part of our segment operating earnings because they are managed on a corporate-wide basis. Income taxes are calculated for the Company on a consolidated basis based on statutory rates in effect in the various jurisdictions in which we provide services and vary significantly by jurisdiction. Net corporate interest expense results from capital structure decisions made by senior management and the Board of Directors, affecting the Company as a whole. Stock option expense represents the non-cash costs generally related to stock options and employee stock purchase plan expenses which are not allocated to our operating segments. Amortization expense is a non-cash expense for finite-lived customer-relationship and trade name intangible assets acquired in business combinations. Contingent earnout adjustments relate to changes in the fair value of earnouts associated with our recent acquisitions. Non-service pension costs represent the U.S. and U.K. non-service defined benefit pension costs, which are non-operating in nature as the U.S. plan was frozen in 2002 and the U.K. plans are closed to new participants. None of these costs relate directly to the performance of our services or operating activities and, therefore, are excluded from segment operating earnings to better assess the results of each segment's operating activities on a consistent basis.
A significant portion of our operations are international. These international operations subject us to foreign exchange fluctuations. The following table illustrates revenue as a percentage of total revenue for the major currencies of the geographic areas that Crawford does business:
Three Months Ended
Nine Months Ended
(in thousands)
September 30, 2025
September 30, 2024
September 30, 2025
September 30, 2024
Geographic Area
Currency
USD equivalent
% of total
USD equivalent
% of total
USD equivalent
% of total
USD equivalent
% of total
U.S.
USD
$
186,845
58.0
%
$
200,160
60.8
%
$
563,365
58.9
%
$
569,624
60.3
%
U.K.
GBP
45,476
14.1
%
42,265
12.8
%
134,140
14.0
%
123,940
13.1
%
Canada
CAD
22,473
7.0
%
23,474
7.1
%
67,518
7.1
%
69,516
7.4
%
Australia
AUD
24,116
7.5
%
23,530
7.1
%
64,771
6.8
%
65,507
6.9
%
Europe
EUR
17,237
5.3
%
15,260
4.6
%
49,911
5.2
%
45,806
4.8
%
Rest of World
Various
26,024
8.1
%
24,686
7.6
%
77,495
8.0
%
70,863
7.5
%
Total Revenues, before reimbursements
$
322,171
100.0
%
$
329,375
100.0
%
$
957,200
100.0
%
$
945,256
100.0
%
5
The following is a reconciliation of consolidated operating earnings to net income attributable to shareholders of Crawford & Company on a GAAP basis:
Three Months Ended
Nine Months Ended
(in thousands)
September 30, 2025
September 30, 2024
September 30, 2025
September 30, 2024
Operating earnings:
North America Loss Adjusting
$
6,941
$
5,443
$
17,012
$
14,807
International Operations
7,447
5,136
18,539
12,528
Broadspire
15,565
14,402
41,420
42,297
Platform Solutions
2,584
3,833
8,643
6,417
Unallocated corporate and shared costs, net
(5,946
)
(6,979
)
(19,183
)
(20,065
)
Consolidated operating earnings
26,591
21,835
66,431
55,984
(Deduct) add:
Net corporate interest expense
(3,788
)
(4,682
)
(11,590
)
(12,534
)
Stock option expense
(52
)
(188
)
(450
)
(494
)
Amortization of intangible assets
(2,126
)
(1,932
)
(5,751
)
(5,656
)
Non-service pension costs
(2,363
)
(2,441
)
(7,050
)
(7,313
)
Contingent earnout adjustments
(60
)
2,128
(503
)
1,547
Income tax provision
(5,813
)
(5,333
)
(14,138
)
(10,866
)
Net loss (income) attributable to noncontrolling interests
19
66
(75
)
206
Net income attributable to shareholders of Crawford & Company
$
12,408
$
9,453
$
26,874
$
20,874
The following is a reconciliation of net income attributable to shareholders of Crawford & Company on a GAAP basis to non-GAAP adjusted EBITDA:
Three Months Ended
Nine Months Ended
(in thousands)
September 30, 2025
September 30, 2024
September 30, 2025
September 30, 2024
Net income attributable to shareholders of Crawford & Company
$
12,408
$
9,453
$
26,874
$
20,874
Add (Deduct):
Depreciation and amortization
10,084
8,813
29,545
26,957
Stock-based compensation
1,751
988
4,836
3,819
Net corporate interest expense
3,788
4,682
11,590
12,534
Non-service pension costs
2,363
2,441
7,050
7,313
Contingent earnout adjustments
60
(2,128
)
503
(1,547
)
Income tax provision
5,813
5,333
14,138
10,866
Non-GAAP adjusted EBITDA
$
36,267
$
29,582
$
94,536
$
80,816
The following is a reconciliation of operating cash flow to free cash flow for the nine months ended September 30, 2025 and 2024:
Nine Months Ended
(in thousands)
September 30, 2025
September 30, 2024
Change
Net Cash Provided by Operating Activities
$
51,715
$
11,093
$
40,622
Less:
Property & Equipment Purchases, net
(3,765
)
(2,992
)
(773
)
Capitalized Software (internal and external costs)
(23,821
)
(26,453
)
2,632
Free Cash Flow
$
24,129
$
(18,352
)
$
42,481
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Non-GAAP consolidated results for 2025 and 2024 exclude the non-cash, after-tax adjustments for amortization of intangible assets, non-service-related pension costs, and contingent earnout adjustment.
The following are the reconciliations of GAAP Pretax Earnings, Net Income and Earnings Per Share to related non-GAAP Adjusted figures, which reflect each of 2025 and 2024 before amortization of intangible assets, non-service related pension costs and contingent earnout adjustments:
Three Months Ended September 30, 2025
(in thousands)
Pretax earnings
Net income attributable to Crawford & Company
Diluted earnings per CRD-A share(1)
Diluted earnings per CRD-B share(1)
GAAP
$
18,202
$
12,408
$
0.25
$
0.25
Adjustments:
Amortization of intangible assets
2,126
1,814
0.04
0.04
Non-service related pension costs
2,363
1,831
0.04
0.04
Contingent earnout adjustments
60
60
—
—
Non-GAAP Adjusted
$
22,751
$
16,113
$
0.32
$
0.32
Three Months Ended September 30, 2024
(in thousands)
Pretax earnings
Net income attributable to Crawford & Company
Diluted earnings per CRD-A share
Diluted earnings per CRD-B share
GAAP
$
14,720
$
9,453
$
0.19
$
0.19
Adjustments:
Amortization of intangible assets
1,932
1,668
0.03
0.03
Non-service related pension costs
2,441
1,910
0.04
0.04
Contingent earnout adjustments
(2,128
)
(2,179
)
(0.04
)
(0.04
)
Non-GAAP Adjusted
$
16,965
$
10,852
$
0.22
$
0.22
Nine Months Ended September 30, 2025
(in thousands)
Pretax earnings
Net income attributable to Crawford & Company
Diluted earnings per CRD-A share(1)
Diluted earnings per CRD-B share
GAAP
$
41,087
$
26,874
$
0.54
$
0.54
Adjustments:
Amortization of intangible assets
5,751
4,814
0.10
0.10
Non-service related pension costs
7,050
5,457
0.11
0.11
Contingent earnout adjustments
503
503
0.01
0.01
Non-GAAP Adjusted
$
54,391
$
37,648
$
0.75
$
0.76
Nine Months Ended September 30, 2024
(in thousands)
Pretax earnings
Net income attributable to Crawford & Company
Diluted earnings per CRD-A share
Diluted earnings per CRD-B share
GAAP
$
31,534
$
20,874
$
0.42
$
0.42
Adjustments:
Amortization of intangible assets
5,656
4,807
0.10
0.10
Non-service related pension costs
7,313
5,714
0.11
0.11
Contingent earnout adjustments
(1,547
)
(1,605
)
(0.03
)
(0.03
)
Non-GAAP Adjusted
$
42,956
$
29,790
$
0.60
$
0.60
(1) Sum of reconciling items may differ from total due to rounding of individual components.
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The following is information regarding the weighted average shares used in the computation of basic and diluted earnings per share:
Three Months Ended
Nine Months Ended
(in thousands)
September 30, 2025
September 30, 2024
September 30, 2025
September 30, 2024
Weighted-Average Shares Used to Compute Basic Earnings Per Share:
Class A Common Stock
30,428
29,880
30,303
29,732
Class B Common Stock
19,142
19,255
19,144
19,390
Weighted-Average Shares Used to Compute Diluted Earnings Per Share:
Class A Common Stock
30,925
30,472
30,805
30,308
Class B Common Stock
19,142
19,255
19,144
19,390
Further information regarding the Company’s operating results for the three and nine months ended September 30, 2025, financial position as of September 30, 2025, and cash flows for the nine months ended September 30, 2025 is shown on the attached unaudited condensed consolidated financial statements.
About Crawford & Company
Based in Atlanta, Crawford & Company (NYSE: CRD-A and CRD-B) is a leading provider of claims management and outsourcing solutions to insurance companies and self-insured entities with an expansive network serving clients in more than 70 countries. The Company's two classes of stock are substantially identical, except with respect to voting rights for the Class B Common Stock (CRD-B) and protections for the non-voting Class A Common Stock (CRD-A). More information is available at www.crawco.com.
FOR FURTHER INFORMATION REGARDING THIS PRESS RELEASE, PLEASE CALL BRUCE SWAIN AT (404) 300-1051.
This press release contains forward-looking statements, including statements about the expected future financial condition, results of operations and earnings outlook of Crawford & Company. Statements, both qualitative and quantitative, that are not historical facts may be “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from historical experience or Crawford & Company’s present expectations. Accordingly, no one should place undue reliance on forward-looking statements, which speak only as of the date on which they are made. Crawford & Company does not undertake to update forward-looking statements to reflect the impact of circumstances or events that may arise or not arise after the date the forward-looking statements are made. For further information regarding Crawford & Company, including factors that could cause our actual financial condition, results or earnings to differ from those described in any forward-looking statements, please read Crawford & Company’s reports filed with the SEC and available at www.sec.gov and in the Investor Relations section of Crawford & Company’s website at www.crawco.com.
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CRAWFORD & COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(In Thousands, Except Per Share Amounts and Percentages)
Three Months Ended September 30,
2025
2024
% Change
Revenues:
Revenues Before Reimbursements
$
322,171
$
329,375
(2
)%
Reimbursements
10,636
13,351
(20
)%
Total Revenues
332,807
342,726
(3
)%
Costs and Expenses:
Costs of Services Provided, Before Reimbursements
228,379
235,957
(3
)%
Reimbursements
10,636
13,351
(20
)%
Total Costs of Services
239,015
249,308
(4
)%
Selling, General, and Administrative Expenses
69,393
71,526
(3
)%
Corporate Interest Expense, Net
3,788
4,682
(19
)%
Total Costs and Expenses
312,196
325,516
(4
)%
Other Loss, Net
(2,409
)
(2,490
)
(3
)%
Income Before Income Taxes
18,202
14,720
24
%
Provision for Income Taxes
5,813
5,333
9
%
Net Income
12,389
9,387
32
%
Net Loss Attributable to Noncontrolling Interests
19
66
(71
)%
Net Income Attributable to Shareholders of Crawford & Company
$
12,408
$
9,453
31
%
Earnings Per Share - Basic:
Class A Common Stock
$
0.25
$
0.19
32
%
Class B Common Stock
$
0.25
$
0.19
32
%
Earnings Per Share - Diluted:
Class A Common Stock
$
0.25
$
0.19
32
%
Class B Common Stock
$
0.25
$
0.19
32
%
Cash Dividends Per Share:
Class A Common Stock
$
0.075
$
0.07
7
%
Class B Common Stock
$
0.075
$
0.07
7
%
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CRAWFORD & COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(In Thousands, Except Per Share Amounts and Percentages)
Nine Months Ended September 30,
2025
2024
% Change
Revenues:
Revenues Before Reimbursements
$
957,200
$
945,256
1
%
Reimbursements
33,541
37,396
(10
)%
Total Revenues
990,741
982,652
1
%
Costs and Expenses:
Costs of Services Provided, Before Reimbursements
674,996
672,611
0
%
Reimbursements
33,541
37,396
(10
)%
Total Costs of Services
708,537
710,007
(0
)%
Selling, General, and Administrative Expenses
222,317
221,116
1
%
Corporate Interest Expense, Net
11,590
12,534
(8
)%
Total Costs and Expenses
942,444
943,657
(0
)%
Other Loss, Net
(7,210
)
(7,461
)
(3
)%
Income Before Income Taxes
41,087
31,534
30
%
Provision for Income Taxes
14,138
10,866
30
%
Net Income
26,949
20,668
30
%
Net (Income) Loss Attributable to Noncontrolling Interests
(75
)
206
(136
)%
Net Income Attributable to Shareholders of Crawford & Company
$
26,874
$
20,874
29
%
Earnings Per Share - Basic:
Class A Common Stock
$
0.54
$
0.42
29
%
Class B Common Stock
$
0.54
$
0.42
29
%
Earnings Per Share - Diluted:
Class A Common Stock
$
0.54
$
0.42
29
%
Class B Common Stock
$
0.54
$
0.42
29
%
Cash Dividends Per Share:
Class A Common Stock
$
0.215
$
0.21
2
%
Class B Common Stock
$
0.215
$
0.21
2
%
10
CRAWFORD & COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
As of September 30, 2025 and December 31, 2024
September 30,
December 31,
2025
2024
(In thousands, except par value amounts)
(Unaudited)
*
ASSETS
Current Assets:
Cash and Cash Equivalents
$
68,767
$
55,412
Accounts Receivable, Net
128,400
142,064
Unbilled Revenues, at Estimated Billable Amounts
134,928
131,080
Income Taxes Receivable
3,626
5,337
Prepaid Expenses and Other Current Assets
35,960
40,334
Total Current Assets
371,681
374,227
Net Property and Equipment
17,804
20,554
Other Assets:
Operating Lease Right-of-Use Asset, Net
75,249
78,808
Goodwill
76,504
76,368
Intangible Assets Arising from Business Acquisitions, Net
68,869
74,545
Capitalized Software Costs, Net
118,123
111,854
Deferred Income Tax Assets
23,783
25,305
Other Noncurrent Assets
47,826
42,094
Total Other Assets
410,354
408,974
Total Assets
$
799,839
$
803,755
LIABILITIES AND SHAREHOLDERS’ INVESTMENT
Current Liabilities:
Short-Term Borrowings
$
21,285
$
17,822
Accounts Payable
45,470
50,605
Accrued Compensation and Related Costs
85,884
101,371
Self-Insured Risks
17,763
27,813
Income Taxes Payable
3,397
3,343
Operating Lease Liability
26,206
24,541
Other Accrued Liabilities
38,097
38,103
Deferred Revenues
36,179
36,129
Total Current Liabilities
274,281
299,727
Noncurrent Liabilities:
Long-Term Debt and Finance Leases, Less Current Installments
196,813
200,315
Operating Lease Liability
61,251
66,811
Deferred Revenues
23,704
23,556
Accrued Pension Liabilities
20,368
21,084
Other Noncurrent Liabilities
37,743
36,711
Total Noncurrent Liabilities
339,879
348,477
Shareholders’ Investment:
Class A Common Stock, $1.00 Par Value
30,238
30,124
Class B Common Stock, $1.00 Par Value
19,132
19,145
Additional Paid-in Capital
93,610
87,118
Retained Earnings
251,506
237,948
Accumulated Other Comprehensive Loss
(207,170
)
(217,125
)
Shareholders’ Investment Attributable to Shareholders of Crawford & Company
187,316
157,210
Noncontrolling Interests
(1,637
)
(1,659
)
Total Shareholders’ Investment
185,679
155,551
Total Liabilities and Shareholders’ Investment
$
799,839
$
803,755
(*) Derived from the audited Consolidated Balance Sheet
11
CRAWFORD & COMPANY
SUMMARY RESULTS BY OPERATING SEGMENT WITH DIRECT COMPENSATION AND OTHER EXPENSES
Unaudited
(In Thousands, Except Percentages)
Three Months Ended September 30,
North America Loss Adjusting
%
International Operations
%
Broadspire
%
Platform Solutions
%
2025
2024
Change
2025
2024
Change
2025
2024
Change
2025
2024
Change
Revenues Before Reimbursements
$
76,995
$
79,329
(2.9)%
$
112,853
$
105,741
6.7%
$
103,401
$
99,009
4.4%
$
28,922
$
45,296
(36.1)%
Direct Compensation, Fringe Benefits & Non-Employee Labor
54,494
57,055
(4.5)%
75,550
69,395
8.9%
62,402
59,680
4.6%
16,086
28,976
(44.5)%
% of Revenues Before Reimbursements
70.8
%
71.9
%
66.9
%
65.6
%
60.3
%
60.3
%
55.6
%
64.0
%
Expenses Other than Reimbursements, Direct Compensation, Fringe Benefits & Non-Employee Labor
15,560
16,831
(7.6)%
29,856
31,210
(4.3)%
25,434
24,927
2.0%
10,252
12,487
(17.9)%
% of Revenues Before Reimbursements
20.2
%
21.2
%
26.5
%
29.5
%
24.6
%
25.2
%
35.4
%
27.6
%
Total Operating Expenses
70,054
73,886
(5.2)%
105,406
100,605
4.8%
87,836
84,607
3.8%
26,338
41,463
(36.5)%
Operating Earnings (1)
$
6,941
$
5,443
27.5%
$
7,447
$
5,136
45.0%
$
15,565
$
14,402
8.1%
$
2,584
$
3,833
(32.6)%
% of Revenues Before Reimbursements
9.0
%
6.9
%
6.6
%
4.9
%
15.1
%
14.5
%
8.9
%
8.5
%
Nine Months Ended September 30,
North America Loss Adjusting
%
International Operations
%
Broadspire
%
Platforms Solutions
%
2025
2024
Change
2025
2024
Change
2025
2024
Change
2025
2024
Change
Revenues Before Reimbursements
$
234,809
$
232,724
0.9%
$
326,317
$
306,116
6.6%
$
300,402
$
290,394
3.4%
$
95,672
$
116,022
(17.5)%
\
Direct Compensation, Fringe Benefits & Non-Employee Labor
165,347
167,230
(1.1)%
218,438
200,421
9.0%
181,113
175,099
3.4%
53,245
71,310
(25.3)%
% of Revenues Before Reimbursements
70.4
%
71.9
%
66.9
%
65.5
%
60.3
%
60.3
%
55.7
%
61.5
%
Expenses Other than Reimbursements, Direct Compensation, Fringe Benefits & Non-Employee Labor
52,450
50,687
3.5%
89,340
93,167
(4.1)%
77,869
72,998
6.7%
33,784
38,295
(11.8)%
% of Revenues Before Reimbursements
22.3
%
21.8
%
27.4
%
30.4
%
25.9
%
25.1
%
35.3
%
33.0
%
Total Operating Expenses
217,797
217,917
(0.1)%
307,778
293,588
4.8%
258,982
248,097
4.4%
87,029
109,605
(20.6)%
Operating Earnings(1)
$
17,012
$
14,807
14.9%
$
18,539
$
12,528
48.0%
$
41,420
$
42,297
(2.1)%
$
8,643
$
6,417
34.7%
% of Revenues Before Reimbursements
7.2
%
6.4
%
5.7
%
4.1
%
13.8
%
14.6
%
9.0
%
5.5
%
(1) A non-GAAP financial measurement which represents net income attributable to the applicable reporting segment excluding income taxes, net corporate interest expense, stock option expense, amortization of acquisition-related intangible assets, non-service pension costs, contingent earnout adjustments, and certain unallocated corporate and shared costs and credits. See pages 2 and 3 for additional information about segment operating earnings.
CRAWFORD & COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Year-to-Date Period Ended September 30, 2025 and September 30, 2024
Unaudited
(In Thousands)
2025
2024
Cash Flows From Operating Activities:
Net Income
$
26,949
$
20,668
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization
29,545
26,957
Stock-based compensation
4,836
3,819
Loss (gain) on disposal of property and equipment
1,021
(93
)
Contingent earnout adjustments
503
(1,547
)
Changes in operating assets and liabilities:
Accounts receivable, net
13,153
751
Unbilled revenues, net
(3,146
)
(17,263
)
Accrued or prepaid income taxes
74
(5,520
)
Accounts payable and accrued liabilities
(23,557
)
(17,141
)
Deferred revenues
(272
)
(1,819
)
Accrued retirement costs
5,098
4,993
Prepaid expenses and other operating activities
(2,489
)
(2,712
)
Net cash provided by operating activities
51,715
11,093
Cash Flows From Investing Activities:
Acquisitions of property and equipment
(3,765
)
(2,992
)
Capitalization of computer software costs
(23,821
)
(26,453
)
Proceeds from settlement of life insurance policies
295
—
Proceeds from business dispositions, net of cash disposed
2,046
—
Net cash used in investing activities
(25,245
)
(29,445
)
Cash Flows From Financing Activities:
Cash dividends paid
(10,639
)
(10,320
)
Repurchases of common stock
(2,953
)
(3,604
)
Increases in short-term and revolving credit facility borrowings
54,720
61,612
Payments on short-term and revolving credit facility borrowings
(55,449
)
(32,606
)
Payments of contingent consideration on acquisitions
(1,326
)
(3,183
)
Other financing activities
1,840
1,410
Net cash (used in) provided by financing activities
(13,807
)
13,309
Effects of exchange rate changes on cash and cash equivalents
123
181
Increase (Decrease) in cash, cash equivalents, and restricted cash(1)
12,786
(4,862
)
Cash, cash equivalents, and restricted cash at beginning of year(1)
56,329
59,545
Cash, cash equivalents, and restricted cash at end of period(1)
$
69,115
$
54,683
Supplemental cash flow information:
Income taxes paid
$
13,304
$
16,102
Interest paid
13,504
14,244
(1) The 2025 amounts include beginning restricted cash of $917 at December 31, 2024, and ending restricted cash of $348 at September 30, 2025, and the 2024 amounts include beginning restricted cash of $1,182 at December 31, 2023, and ending restricted cash of $2,343 at September 30, 2024, which we present as part of "Prepaid expenses and other current assets" on the Balance Sheets.
