STC

This article first appeared on GuruFocus. - Adjusted EPS: $1.33 in Q3 2026, down from $1.64 in Q3 2025. - Diluted EPS: $0.98 in Q3 2026, down from $1.55 in Q3 2025. - Net Income: $30 million in Q3 2026, down from $44 million in Q3 2025. - Adjusted Net Income: $41 million in Q3 2026, down from $47 million in Q3 2025. - Total Operating Revenue: Up 22% year-to-date; Q3 growth slowed to 13%. - Adjusted EPS Growth: Up 8% year-to-date. - Title Segment Operating Revenue: Up $31 million, or 5%, driven by higher agency and direct commercial revenues. - Title Operating Expenses: Up 6%, due to higher revenues and employee costs tied to growth investments. - Title Pre-Tax Income: $47 million in Q3 2026, down from $62 million in Q3 2025. - Title Loss Ratio: 3.4%, comparable to last year; expected to average mid-3% to 4% over the year. - Direct Title Revenue: Up $6 million, or 2%, on increased commercial transactions. - Domestic Commercial Revenue: Up $7 million, or 9%; closed orders up 18%, average fee per file down 8% to $16,300. - Domestic Non-Commercial Revenue: Up slightly by $3 million, or 2%. - International Revenue: Down $4 million, or 10%, due to a large commercial transaction in the prior year. - Gross Agency Revenue: Up 25%, or $25 million; net of agent retention, up $5 million, or 8%. - Commercial Revenue Growth: Overall commercial up 90%. - Residential Volumes: Down 3%; refinance down 7%; Main Street commercial up 11%. - Centralized Title Operations Revenue: Up 20%. - International Non-Commercial Revenue: Down 1% in Q3; up 4% year-to-date. - Agency Services Net Revenue: Down 11%; residential premiums up 7%, commercial premiums up 25%. - Real Estate Solutions Revenue: Up 68% (7% excluding MCS and NAND acquisitions). - Real Estate Solutions Adjusted Pre-Tax Margin: 10.5% vs. 11.3% last year; adjusted pre-tax income $7 million, or 56%. - Employee Cost Ratio: Improved to 26% from 27%. - Other Operating Expense Ratio: Increased to 29% from 24%, due to real estate solutions revenue mix. - Operating Cash Flow: $47 million vs. $93 million last year, on lower net operating income and payment timing. - Cash and Investments: Approximately $300 million in excess of statutory reserve requirements. - Book Value: Stockholders' equity of approximately $1.7 billion, or about $55 per share. - Dividend: Annual dividend raised from $2.10 to $2.20 per share (seventh increase in under six years). - Warning! GuruFocus has detected 4 Warning Signs with STC. - Is STC fairly valued? Test your thesis with our free DCF calculator. Release Date: October 22, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. - Stewart Information Services Corp (NYSE:STC) grew total operating revenue by 22% year-to-date and adjusted EPS by 8% year-to-date, despite a challenging market. - Commercial revenues grew 90% overall, with domestic commercial revenues up 9% and closed orders up 18% across multiple asset classes. - Agency revenues increased 25% gross and 8% net, with residential premiums up 7% and commercial premiums up 25%. - Real estate solutions segment revenue grew 68% (7% organically) and maintained double-digit adjusted pre-tax margins at 10.5%. - Stewart Information Services Corp (NYSE:STC) raised its annual dividend for the seventh time in six years, from $2.10 to $2.20 per share, demonstrating commitment to shareholder returns. - Adjusted EPS for Q3 2026 was $1.33, down from $1.64 in the prior year, due to margin compression from declining residential volumes. - Residential market conditions deteriorated with existing home sales below 4 million in two of three months, and management expects further decay into the next quarter. - Direct title operations saw residential volumes decrease by 3% and refinance shrink 7%, driving margin reduction in the title segment. - Real estate solutions adjusted pre-tax margin slipped to 10.5% from 11.3% last year, impacted by a significant slowdown in orders and higher cancellations. - Net cash provided by operations decreased to $47 million from $93 million, primarily due to lower net operating income and timing of payments. Q: Can you quantify the commercial deals that were pushed out of Q3, and are you seeing any broader slowdown in the commercial pipeline, particularly in data centers or small commercial? A: CEO Frederick Eppinger said a handful of transactions worth multiple millions shifted into Q4, which was meaningful to the quarter, though there is no indication they won't close. He noted talk of slowing in the small commercial and debt-oriented market, but Stewart has not seen it in its numbers, and data center activity shows no slowdown at all. He stressed that Stewart's commercial pipeline and open orders remain strong, with tough comparables given the outsized growth of the past two years. Q: What is driving the expense increase relative to revenue in the real estate solutions segment, how much of it is rate-sensitive, and what is the margin outlook if the market stays at current levels? A: CEO Frederick Eppinger explained the segment comprises appraisal, credit data, and default businesses, each now among the top three or four players. Appraisal and credit data are most rate-sensitive, and this quarter saw elevated cancellations (up to 15% of transactions) plus fewer mortgage applications, producing roughly 6% to 7% same-store volume declines. He said the business should deliver a 13% to 14% margin even at 4.1 million existing home sales once the market stabilizes, with margins hovering near current levels for the next couple of quarters before migrating back up. Q: Can you walk through the recent acquisitions, including size, timing, and expected contribution to revenue and earnings? A: CFO David Hisey said Stewart deployed about $150 million across three deals this year: Nationwide Appraisal (NAND) in April, plus ProTitle and Tower Title, both of which closed September 1. The title businesses were acquired at roughly 4x to 6x EBITDA, toward the higher end, and carry higher margins. CEO Frederick Eppinger added the late-quarter timing meant minimal Q3 impact, but Tower Title adds commercial energy and infrastructure capabilities while ProTitle strengthens the centralized institutional title business. Q: What is your view on potential title waiver pilots and the nervousness around them? A: CEO Frederick Eppinger called the pilot largely old news, noting the government mainly expanded the number of participating lenders while coverage stayed roughly the same and remains a very small subset of refinance activity. He said Stewart is not big in the refi market given its volatility and low margins, so impact should be minimal. CFO David Hisey added that most of Stewart's refi orders come from field operations customers with prior policies, which such pilots don't really affect. Q: Are AI and automation showing up in margins yet, especially given the expected challenging market? A: CEO Frederick Eppinger said he is bullish on AI, with the robust financial impact likely 18 months out, though benefits are already visible in the search area through efficiency, accuracy, and turnaround time. He cited a virtual underwriter tool for agents and noted Stewart has over 100 initiatives, about 50 of which are already penciling operationally with tracked returns. He expects AI to be very helpful in managing expenses over the next four to six quarters if the residential market stays at 4.1 million sales, while also improving quality and consistency for agents. Q: What drove the margin reduction in the title segment this quarter? A: CEO Frederick Eppinger said direct operations bore the brunt of the slowing residential market and drove the majority of the margin reduction in title. Direct title grew consolidated residential, refinance, and Main Street commercial by 1% year over year, with residential volumes down 3% and refi down 7%, offset by 11% growth in Main Street commercial. Title pre-tax income fell to $47 million from $62 million a year earlier, while adjusted pre-tax income was $52 million last year. Q: How did the agency business perform, and what is the growth strategy there? A: CEO Frederick Eppinger said agency net revenues grew 11% year over year despite agents facing the same residential challenges as direct operations. Residential premiums rose 7% and commercial premiums rose 25%. Growth efforts focus on winning new agents and expanding wallet share with existing agents, emphasizing 15 target states plus expanding the commercial footprint for agents. He noted the agency team was expanded amid market disruption and should continue to benefit as new hires ramp up, though increasing market challenges will pressure future growth. Q: What is the outlook for the residential housing market and its impact on the business? A: CEO Frederick Eppinger said the market set a new lower bottom in Q3 as 30-year mortgage rates rose rapidly to around 7.5% by October, pushing buyers to the sidelines whenever rates hit or exceed 7% or move up quickly. Existing home sales fell below 4 million for two of the three months, down about 3% to 4% year over year in August and September. He expects residential conditions to continue to decay into the next quarter, and Stewart will focus on managing investments and expenses while capitalizing on disruption-driven opportunities. Q: How did the international operations perform in the quarter? A: CEO Frederick Eppinger said international non-commercial revenue decelerated slightly by 1%, though revenue is up 4% year to date. The Canadian residential marketplace has been decelerating since September 2025. On the commercial front, international delivered $7.3 billion in revenue, consistent sequentially with Q2 but down from Q3 2025, which included a handful of very large transactions. He said the company remains on the right track internationally and will continue building on strong market positions and growing share. Q: What were the key financial results for the third quarter? A: CFO David Hisey reported Q3 2026 net income of $30 million, or $0.98 diluted EPS, versus $44 million and $1.55 a year earlier. Adjusted net income was $41 million, or $1.33 diluted EPS, compared with $47 million and $1.64 last year. Year-to-date operating revenue was up 22% with adjusted EPS growth of 8%, though quarterly growth slowed to 13%. The employee cost ratio improved to 26% from 27%, while the other operating expense ratio rose to 29% from 24%, driven by the revenue mix shift toward real estate solutions. Q: How is Stewart's financial position and capital For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Stewart Information Services' third quarter was marked by ongoing challenges in the residential housing market, which management attributed primarily to a rapid rise in mortgage rates and subsequent decline in existing home sales. CEO Frederick Eppinger described the period as one where "buyers very quickly move to the sidelines in a situation where rates meet or exceed 7%." The company's commercial and agency businesses provided partial offsets, but overall margins contracted due to lower residential volumes and increased operating expenses in certain segments. Is now the time to buy STC? Find out in our full research report (it's free). - Revenue: $900.7 million vs analyst estimates of $912.7 million (13% year-on-year growth, 1.3% miss) - Adjusted EPS: $1.33 vs analyst expectations of $1.51 (11.9% miss) - Market Capitalization: $1.50 billion While we enjoy listening to the management's commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. - Bose George (KBW) asked about delayed commercial deal closings and the potential for a broader slowdown in the commercial pipeline; CEO Frederick Eppinger Jr. said several million dollars in deals shifted to next quarter but saw no slowdown in larger commercial or data center segments. - Bose George (KBW) inquired about expense drivers in the Real Estate Solutions segment and sensitivity to mortgage rates; Eppinger detailed that appraisal and credit data are most affected, and margins could improve if market volatility stabilizes over the next quarters. - Oscar Nieves (Stephens Inc.) requested details on recent acquisitions and their impact; CFO David Hisey said deals like Tower Title and ProTitleUSA closed late in the quarter and will add scale to commercial and centralized title segments going forward. - Oscar Nieves (Stephens Inc.) questioned the impact of potential title waiver expansion; Eppinger noted negligible exposure due to Stewart's limited refi business and said changes would not materially affect operations. - Oscar Nieves (Stephens Inc.) asked if AI initiatives were impacting margins; Eppinger expressed optimism, citing early operational returns in search and underwriting, with more substantial financial benefits expected in 18 months. Looking forward, the StockStory team will be monitoring (1) the pace at which delayed commercial transactions are completed and whether the commercial pipeline remains robust, (2) further adoption and measurable cost savings from Stewart's AI and automation initiatives, and (3) stabilization or improvement in residential housing volumes as mortgage rates evolve. The impact of strategic acquisitions on market share and efficiency will also be a key area of focus. Stewart Information Services currently trades at $49.25, down from $52.53 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it's free for active Edge members). ONE MORE THING: Top 6 Stocks for This Week. This market is separating quality stocks from expensive ones fast. AI is taking down whole sectors with no warning. In a rotation this fast, you need more than a list of good companies. Our AI system flagged Palantir before it ran 1,662% between October 2022 and February 2026. AppLovin before it ran 753% between February 2024 and February 2026. Nvidia before it ran 1,178% between January 2023 and February 2026. Each week it produces 6 new names that pass the same tests. Get Our Top 6 Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+214% between June 2020 and June 2025). Find your next big winner with StockStory today.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. - Management attributes the current margin pressure to a 'new lower bar' in residential housing, driven by 30-year mortgage rates exceeding 7.5% and existing home sales falling below 4 million. - Commercial services remain a primary growth engine, with 9% growth in the quarter despite lumpy transaction timing and tough year-over-year comparisons from previous outsized performance. - The company is actively shifting its portfolio toward 'specialty centralized title' and institutional business to reduce historical reliance on the volatile and low-margin refinance market. - Strategic acquisitions like Tower Title and Radiken Title are being used to secure best-in-class talent and establish strongholds in high-growth MSAs like Dallas-Fort Worth. - Operational focus has shifted to 'sharpening pencils' on expenses while maintaining the necessary resource capacity to capitalize on market disruptions and share-shift opportunities. - The Real Estate Solutions segment is being positioned as a stabilizer, leveraging a mix of appraisal, credit data, and default services to offset residential title volatility. - Management expects residential market conditions to continue decaying into the next quarter, maintaining a cautious stance on resource allocation until the market stabilizes. - Real Estate Solutions margins are projected to migrate back to the low-to-mid teens over the next 2 to 3 quarters as volume fluctuations and cancellation rates normalize. - The company anticipates sustained growth in commercial services over the next two years, supported by recent strategic hires and a robust pipeline in data centers and energy infrastructure. - AI and automation initiatives, particularly in title search and virtual underwriting, are expected to deliver robust financial impacts and expense management benefits within 18 months. - Capital allocation will continue to prioritize organic and inorganic growth in attractive geographies while maintaining a commitment to dividend increases. - The acquisition of MCS and NAN significantly scaled the Real Estate Solutions segment, though it temporarily increased the other operating expense ratio to 29% due to higher service costs. - A handful of large commercial transactions shifted from Q3 into Q4, which management characterized as common in the current changing market environment. - Title loss ratios remained stable at 3.4%, with management expecting a long-term average between mid-3% and 4%. - Management noted that cancellations accounted for up to 15% of transactions this quarter., which created a drag on margins due to unrecovered labor costs in the credit data and appraisal businesses. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. - Management confirmed that 'multiple millions' in commercial revenue pushed from Q3 to Q4, but emphasized there is no indication these deals will not close. - While the broader market reports a slowdown in small-business commercial debt, Stewart has not yet seen this in their data center or energy infrastructure pipelines. - Margins were pressured by a 6-7% reduction in same-store volume and high cancellation rates, which force the company to carry labor costs for work that never reaches closing. - Management believes a 13-14% margin is achievable even at low existing home sale levels once the market stops declining and begins to stabilize. - Management dismissed concerns regarding expanded title waiver pilots, noting they target a very small subset of the refinance market where Stewart has limited exposure. - The company's refinance business is primarily driven by field operations for existing policyholders rather than centralized lender platforms most affected by waivers. - Stewart has over 100 AI initiatives underway, with 50 already showing operational returns in areas like search accuracy and turnaround times for agents. - While early benefits are visible, the full financial impact of these efficiencies is expected to materialize over the next 4 to 6 quarters.

Image source: The Motley Fool. Thursday, Oct. 22, 2026 - Chief Accounting Officer - Brian K. Glaze - Chief Executive Officer - Frederick Henry Eppinger Jr. - Chief Financial Officer - David C. Hisey Operator: Thank you for your communication. Your meeting will begin Thank you for your continued patience. You may now begin the replay. If you need to you for your continued patience. Your meeting will begin shortly. You need assistance at any time, please press 0. A member of our team will be happy to help. Standby. Your meeting is about to begin. Hello, and thank you for joining the Stewart Information Services Third Quarter 26 Earnings Call. At this time, all participants are in a listen-only mode. Later, you will have an opportunity to ask a question during the question and answer session. Instructions will be given at that time. Please note, today's call is being recorded. Lastly, if you should require operator assistance, please press 0. It is now my pleasure to turn today's conference over to Brian K. Glaze, Chief Accounting Officer. Please go ahead. Brian K. Glaze: Thank you for joining us today for Stewart's third quarter 26 earnings conference call. Will be discussing results that were released yesterday after the close. Joining me today are CEO, Fred Eppinger and CFO, David Hisey. To listen online, please go to the stewart.com website to access the link for this conference call. This conference call may contain forward looking statements that involve a number of risks and uncertainties. Please refer to the company's press release and other filings with the SEC for a discussion of the risks and uncertainties that could cause our actual results to differ materially. During our call, we will discuss some non GAAP measures. For reconciliation of these non GAAP measures, please refer to the appendix in today's earnings release which is available on our website at stewart.com. Let me now turn the call over to Frederick. Frederick Henry Eppinger Jr.: Thank you for joining us today for Stewart's third quarter 26 earnings conference call. Yesterday, we released the financial results for the quarter. And I will kick off today's call with an overview of our outlook for housing followed by a review of our performance for the period. And strategic direction broadly by business. I will then turn the call over to David so he can provide further commentary on our performance for the quarter. In the third quarter, the market began to set a new lower bar. For residential housing. Market primarily driven by the rapid escalation in the 30 year mortgage rate throughout the quarter. In August, the 30 year rates moved higher than the same period a year prior, and the rapid increase continued rates around 7.5% into October. As I have seen in the past few years, buyers very quickly move to the sidelines in a situation where rates meet or exceed 7% or when rates move up very quickly. In Q3, we experienced both these scenarios resulting in a below $4 million existing home sales for 2 of the 3 months in the quarter, a decrease of about 3% to 4% year over year in August and September. We believe the residential market conditions will continue to decay into the next quarter. Considering this outlook, we will be very focused on managing our business investments and expenses while continuing to capitalize on some of the market opportunities this disruptive market will create. In the third quarter, we delivered adjusted earnings per share of $1.33 Year to date, total operating revenue was up 22% and adjusted EPS growth was up 8%. For the quarter, growth slowed to 13% and our adjusted EPS delivery was below last year's third quarter as we saw decreased margins some of our businesses due to rapidly decreasing residential volume of historically historic lows. Our international commercial services business continued to deliver solid performance with overall commercial growing 9% While the growth was less than our recent run rate, our order growth is strong and our competitive position continues to improve. We did see a number of closing shifts into the fourth quarter, which is not uncommon in the changing market. We continue to be very positive on our proven competitive position and our future growth opportunity. In the third quarter, we also welcomed Tower Title to the family expanding our commercial energy and infrastructure team capabilities for servicing the space. The acquisition of best in class talent has remained our strategic growth priority for the NASH and commercial services and the addition of Tower Title as well as the strategic hires we executed last quarter will help us further bolster this business for long-term success as these new hires ramp up in their seats and begin to convert business in the coming quarters. We have had a lot of momentum in this space in the last 3 years, and we will continue to encounter some tough comparables for ourselves given the outsized growth we have had. Overall, we remain positive on the large commercial and continue to see growth across multiple asset classes. So though that growth is often lumpy given the time lines and transition transaction sizes. Our direct operations bears the fruits of the slowing residential market and drove the majority of our margin reduction in title. Overall, our direct title operation business unit grew consolidated residential, refinance, and mainstream commercial, by 1% in the Q2 compared to the same time frame last year. We saw residential volumes decrease by 3% and refi shrink 7%. That was off offset by our mainstream commercial delivering 11% growth. Our growth plan for this business remains focused on strengthening our position in attractive MSAs through organic and inorganic efforts and continue to grow mainstream commercial. In 2026, we will see more opportunities present themselves in attractive geographies. Given market conditions, we will still focus on pursuing these opportunities. But we are sharpening our petals even further to ensure they fit. In our long term financial goals. In the third quarter, we announced the acquisition of Radiken Title, 1 of the oldest and well respected title agencies in Texas servicing Fort Worth. This transaction is a great example of a strong strategic fit for Stewart as it strengthens our position in the Dallas Fort Worth marketplace giving us a Fort Worth stronghold. Our centralized title operations which are included in our direct title revenue summary, includes our centralized refinance institutional business and reverse business. In the third quarter, we welcomed ProTitleUSA to DocSolutionsUSA to this organization. The addition of these companies, along with our existing offerings, expand our scale in the title services for investors and capital market clients. In the third quarter, we grew this business 20% for these businesses. Finally, moving to our international operations. We focused on profitably growing our business. In the third quarter, we saw a slight deceleration of our noncommercial revenue by 1%. However, we have grown our revenue in this business unit by 4% year to date, which is solid in the Canadian residential market has been decelerating the existing home sales since September of 2025. On the commercial front, we delivered $7.3 billion in revenue consistent sequentially with the second quarter. But behind the third quarter of 25 as we had a handful of very large transactions that closed the third quarter last year. We believe we are on the right track in our international operations, and we will continue to build on the strong positions in these markets. And continue to grow share. Turning to Agency Services. In the third quarter, we saw net revenues by 11% compared to the third quarter of last year. We are pleased with this given that our agents confront the same challenging residential market as our direct operations. We are focused on growing this business through winning the business with new agents and expanding wallet share of existing agents. With the emphasis on 15 target states in addition to the expansion of our commercial footprint for agents. We continue to make good progress on these priorities with residential premiums up 7% and commercial premiums up 25% in the third quarter when compared to the same timeframe last year. As mentioned last quarter, we took advantage of some market disruption and extended our agency team which we have and will continue to see the benefit of. As they ramp up and settle into their positions. While increasing market challenges will put pressure on future growth, we believe our ability to shift share should continue. Turning to our Real Estate Solutions business. In the third quarter, we grew revenue by 687% after removing the impact of 2 acquisitions we made this year, MCS and NAN. Our adjusted pre tax margin slipped from 11.3% last year to 10.5% this year. The margin was driven by a significant slowdown in orders and revenue from existing accounts in Informative Research, our credit data business and in Appraisal. From a strategic perspective, we remain focused on continuing to expand our coverage and servicing of the top 300 lenders. Our suite of products and services is in good position and giving us even greater ability to cross sell through the business. I am pleased that we are able to maintain our double digit margins in these conditions and believe we will get to low to mid teens margin delivery through the execution of our strategic priorities that are more stable residential market environment over the next 2 to 3 quarters. I believe we are setting a new floor in the residential market. That will likely continue into the next quarter. We will react to market changes by taking needed actions but we will be careful to retain the resources needed to serve our clients and react to opportunities I believe will come from this disruption. We remain focused on being a resilient company that has a growing portfolio of operations that will deliver share growth and improving margin performance. Over the next 2 to 3 years. Thank you for your time, attention and interest in Stewart as an enterprise. We are dedicated to being the premier title real estate services company. I am proud to share that in the third quarter, we delivered our 7th dividend increase in just under 6 years. Raising our annual dividend from $2.10 a share to $2.20 per share. We are committed to strengthening and growing the company for continued growth lasting success while confronting the current challenging conditions. To our customers and agents, thank you for your trust and dedication to Stewart We are committed to serving you with excellence. And to the Stewart team, I want to thank you for your dedication and perseverance. It takes considerable effort to grow our company and even more so confront such a challenging residential housing conditions. Thank you for your commitment. To the company and look forward to seeing where we can take this company together. So David, I will now turn it over to you to provide an update on our results. David C. Hisey: Good morning, everyone, and I want to thank our employees and customers for their continued support and partnership as we navigate this even more challenging real estate market with early mortgage rates over 7% since mid September. Yesterday, Stewart reported third quarter 26 net income of $30 million with diluted EPS of $0.98 compared to the prior year's quarter net income of $44 million and diluted EPS of $1.55 On an adjusted basis, third quarter net income was $41 million or diluted EPS of $1.33 compared to net income of $47 million quarterly diluted EPS of $1.64 last year. Appendix A of our press release shows adjustments to our consolidated and segment results. Primarily related to acquired intangible amortization acquisition related expenses and net realized and unrealized gains. Which were used on evaluate operating performance. In the Title segment, operating revenues increased $31 million or 5%, primarily driven by higher agency and direct commercial revenues. Total operating expenses increased 6% primarily due to higher revenues and higher employee costs related to select growth investments while beginning to address the market transition that Frederick spoke about. Title pre tax income in the third quarter was $47 million compared to $62 million last year, while on an adjusted basis, pretax income was $52 million compared to $61 million last year. In our direct title business, direct title revenues increased $6 million or 2% primarily due to increased commercial transactions. Domestic commercial revenues increased $7 million or 9% as closed orders improved 18% across multiple asset classes. While average fee per file decreased 8% to $16.3 thousand due to reduced transaction sizes with less data center and energy activity. Domestic noncommercial revenue increased slightly by $3 million or 2%. Internal international revenues were down $4 million or 10%, due primarily to a large commercial transaction last year. On our agency operations, gross agency revenues increased 25% or $25 million or 7% reflecting growth across a majority of our key agency states, including Florida. Net of agent retention, agency revenues improved $5 million or 8% compared to last year. On title losses, title loss expense for the third quarter increased primarily due to higher title revenues, while the title loss ratio was 3.4% comparable to last year. We expect our title losses to average from mid-3% to 4% over a year. In our Real Estate Solutions segment, total revenues increased $80 million or 68% primarily driven by the MCS acquisition and growth in our credit information and valuation services operations. RES adjusted pre tax margin increased by $7 million or 56% compared to $13 million last year while adjusted pretax margin was 10.4% compared to 11% last year. On our consolidated operating expenses, our employee cost ratio improved to 26% compared to 27% last year, primarily due to higher operating revenues. While the other operating expense ratio increased to 29% compared to 24%, primarily due to revenue growth in our real estate Services Solutions segment, which typically incurs higher service costs as a percent of revenue. And as our Real Estate Solutions segment grows as a percentage of total revenue. Our financial position remains solid and well positioned to support our customers, and employees in the real estate market. Total cash and investments is approximately $300 million in excess of statutory reserve fund requirements. Total Stewart stockholders' equity was approximately $1.7 billion representing book value of approximately $55 per share. Net cash provided by operations was $47 million compared to $93 million last year, primarily due to lower net operating income and timing of payments related to operating liabilities. Again, thank you to our customers and employees for their continued support. We remain confident in our ability to serve the real estate markets. I will now turn the call over to the operator for questions. Operator: Thank you. Our first question today comes from Bose George with KBW. Your line is open. Bose George: Morning. Actually, first just on the commercial side. So you guys noted some timing with in terms of deals getting pushed out. Can you help quantify that? And also, are you seeing any broader signs of slowdown in the commercial pipe either on higher rates or specifically for the data centers, anything that is related to political opposition at the local levels? Frederick Henry Eppinger Jr.: Yeah. So it is multiple millions that pushed. So it was meaningful. To the quarter. And again, there is no indication it will not close in the fourth quarter, but there was some movement. Pipeline interesting enough, our pipeline, and you can see from the open orders and stuff, records and commercial, has been really strong for us. I have heard in the marketplace and clearly among agents I have heard of a slowdown in the small commercial market. We have not seen it in our numbers yet, but there is talk that the particularly the small business more debt oriented, there is some slowing. On the data side of things, we have not seen any slowdown at all. And so again, it is hard to know what could have been, I guess, given all the noise you see in the marketplace But it is a pretty robust portfolio that we see. And it is again, we have not seen any slowdown. For us, it is odd about us, as you know. We in the last 2 years, we have doubled commercial. So we have a lot of quarters. Last year, we grew over 40-50%. So some of our comparisons are a little odd. For growth. But, I really like the flow we are seeing. We have the best team we have ever had. Being able to make some investments over the last year here. So I continue to see growth opportunity there for the company in the next couple of years. Bose George: Okay, great. Actually, I might have missed the first part, but just on the amount that got pushed, did you skip $1 amount? Frederick Henry Eppinger Jr.: I did not give a but it is probably, you know, it is a few million. Yeah. So it is not a small amount, and it is Okay. Bose George: A handful of transactions. Okay. Frederick Henry Eppinger Jr.: Great. Bose George: And then actually just switching over to the Services segment, can you just help us think about the drivers of the expense relative to the revenues? Can you remind us how much of the segment is impacted by rates? And then you mentioned for just the margin outlook for that segment. And does how much of that like to the extent we had, say, the market remains at level into next year, does that change that? Frederick Henry Eppinger Jr.: And can you just remind us what you said for margins for next year? Yes. So what I have been saying, the portfolio we have, as you know, that portfolio is really made up of 3 pieces. it is made up of the appraisal business, the credit data, and then the default business. In all 3 of those now, we are the top 3-4 players. So we have critical mass and again, there is some things happening in all those spaces around the importance of technology. I feel that we are going to continue to see consolidation and share growth there. The 2 that are most sensitive to kind of the residential rate environment. Our appraisal and the data. And the complicating factor, by the way, is that it is worse than just closes. So we have had historical cancellations. This quarter, probably 15% up to 15% of the transactions. And we have had a big decrease in kind of mortgage application. So, the way the data for in the credit data,, we get paid both with the mortgage the mortgage application gets opened, right, because some of our work is done at verification of kind of quality of the credit, etcetera. And then, we get paid again at the close, right? So, that as the market goes down, you obviously have less revenue. So, our same, what I call same store growth. So, we have had some new accounts So we have still continued to grow a little bit. But we have seen 6-7% reduction in same store volume, which is the combination of the month closed files, as you can imagine, but also more cancellations. And so we have seen a decrease in the just the opening of mortgage apps. So that is where the where your margin goes. Because if you lose 2/3 of your revenue, which is not kind of how to think about it between the opening of the application and then the closing as those things cancel, you can see that revenue is going to go down. Appraisal is the same thing, although we do not do a lot of pre work in appraisal, that most of that work is done afterwards. So you do not have a lot of wasted costs. But we have seen that those 2 businesses 4% or 5%, the crazy part, reduction of volume with our current customers. So that is why the volume. So the margin I am sorry. So the margin is at 10-10.5%, right? But all we need is a normalized market. I do not need it to go all the way back. I just need it to stabilize. So, you do not have these deltas and changes. Because the changes are what cost you. Kind of because you are carrying the expense because you are doing some of the work and then it goes away. So, again, what I have said is that business, even at a 4.1-4.2 kind of existing home sales, that is going to be about a 13-14% margin business We built the scale, we got the nice mix between the 3 businesses. And so, this deck is going to for the next couple of quarters, we are going to see this kind of in my view, kind of at this level of margin. In that business. But I like the long-term. it is a more stable part of our portfolio because of the mix we have now. So, again, that is why I say it will go migrate back up, I would say, after the next couple of 2 quarters. Bose George: Okay. that is helpful. Operator: Go ahead. David C. Hisey: Put out that information on FHA delinquencies in some of your reports there, and we are like 11%, although they have been stabilizing. But the roles to foreclosure are just sort of getting started. And that is where the property preservation business helps. So it is a bit of an offset to what Frederick was talking about. Bose George: Okay, great. But even in a flattish market next year, the margins go back up a few points as this lag kind of goes away. Frederick Henry Eppinger Jr.: Yes, I believe. So. Again, there is a bunch of interesting changes with VantageScores, which we could get in at some point that is going to position us really well to consolidate and grow share in that market because we have a very unique product and solution for those that transition to them. So I feel very good about kind of the data credit data business over the long haul. Okay, great. Thanks a lot. Operator: We will go next to Oscar Nieves with Stephens Inc. Your line is now open. Oscar Nieves: Yes. Hi, good morning. My first 1 is on the recent acquisitions that you announced, the 1 at the end of Q2 or at the beginning of Q3. And the ones at the beginning of September. Just wondering if you could walk us through those acquisitions and what we should expect them to add to revenue and earnings? How big those deals were and when they close or if they close already. Frederick Henry Eppinger Jr.: Good. So we go ahead. David C. Hisey: Yeah. Hey, Oscar. So we did 3, so 4 of size this year. We did the appraisal 1 back in, I think it was April, Nationwide Appraisal, NAN. That just rolls into our Steward Valuation Intelligence business. So the appraisal business that Frederick talked about, And it just gives us scale. that is 1 of the things that got us up to now being like a top 3 player there. The other 2, are in title. So ProTitle goes into the CTS segment that Frederick talked about. Those both closed on 9/1. And then Tower Title that you also talked about, they just basically go into their respective businesses, right? So CTS will get pro title, commercial will get Tower. And they just add to those businesses. But we said that we typically buy those kind of businesses that these are title businesses, so 4-6x EBITDA. These are higher margin So think you are maybe on the higher end. So you just think about all the money we had to deploy year end between NAN and these other 2, basically deployed $150 million And so you can sort of back into what economics you might be able to get out of that. And you will see the acquisitions number in our 10 Q, so it will all be public. Frederick Henry Eppinger Jr.: And I would say to you the last 2 were kind of late in this quarter and had a lot of So it was marginal impact at all on the quarter. But in both cases, again, to me, they are really important because talent gives us this additional capability and infrastructure where I think we are going to have sustained growth in the business and covers an area that we like. And on the pro title, which is the whole institutional business, 1 of the things I am doing in the centralized title businesses is to create a less volatile I am not a big refi guy. But our centralized title is really specialty portfolio of specialty centralized title. And these bring institutional business to us. And I feel good about all of these. Oscar Nieves: Super helpful. My next 1 is, Bill Pulte has made some tweaks recently that have hit title stocks. there is a lot of nervousness around potential expansion to title waivers. Any incremental commentary on that point? Frederick Henry Eppinger Jr.: Yeah. Yeah. I think what is been said, particularly about the pilot, is kind of old news. But, and, essentially, what they did is they expanded the number of lenders that are in it. The coverage is roughly the same. it is a very small subset of refi that is included in the title. Space, And again, we will see how it plays out. I keep saying, if it tests out, the whole thing is going to be pricing And because it does not make sense. We are not really big in the refi market and I do not think there is many scenarios that want to be big in the refi market given the volatility of that business and the low margins that are in it. But, again, I do not see it. there is no big expansion from where we are. But the number of again, the lenders that are participating is a little bit bigger. So, again, it does not have much impact. David C. Hisey: And Oscar, another thing to keep in mind is if you look at our refi orders, like Frederick said, we do not really add much in that centralized lender. So most of our refi orders came from customers that we issued a prior owner's policy on, and they are out in our field operations. So stuff like this does not really impact them that much. Oscar Nieves: I guess my last 1, Are you seeing any AI and automation show up in margins yet, especially as you mentioned earlier that you expect a challenged market over the next few quarters? Yes. Frederick Henry Eppinger Jr.: it is interesting. it is a great question, because I am feeling pretty bullish on our AI initiatives. I think the financial impact is going to take 18 months to kind of see kind of the robust financial impact, although we are seeing it today. Particularly in the search area. And again, we have got some really interesting things that we are doing there. And I think I think the search area is the place where there is the greatest opportunity for efficiency and accuracy and what I consider better turnaround time, for instance, for our agents. Which I think matters to the combined economics. So, yes, I am pretty bullish. The other thing, obviously, we give the virtual underwriter. And it is given we have now made it to our agents, which actually helps their efficiency in work where they do the clearing of title and the underwriting of policies. As an agent. But again, I think I mentioned to you, we have over 100 initiatives and frankly, about there is like 50 that are penciling already operationally that we track returns on. And it is early days, but it is, in my view, going to be helpful, particularly if you see the residential market sit at 4.1 million longer, which I think people are talking about, I think over the next 4 to 6 quarters, it is going to be very helpful to us to manage expenses. And again, I think it also is really good about quality, some of the quality of delivery and some of the consistency of turnaround, which is really what particularly the agency channel, they really appreciate. Oscar Nieves: Thank you. Operator: And at this time, there are no additional questions in queue. I will now turn the meeting back to Frederick for any additional or closing remarks. Frederick Henry Eppinger Jr.: I want to thank everybody for their interest in Stewart. and appreciate you joining us on the call. Thank you. Operator: That brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect. 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This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Stewart (STC) Q3 2026 Earnings Call Transcript was originally published by The Motley Fool

- Interested in Stewart Information Services Corporation? Here are five stocks we like better. - Q3 earnings declined as higher mortgage rates and weaker residential transactions pressured margins. Net income fell to $30 million, or $0.98 per diluted share, from $44 million, or $1.55, a year earlier. - Title revenue rose 5% and real estate solutions revenue jumped 68%, supported by agency, commercial activity and acquisitions, but title pretax income fell and real estate solutions margins narrowed. Management expects residential-market weakness to continue into the next quarter. - Stewart ended the quarter with approximately $300 million above statutory reserve requirements, raised its annual dividend to $2.20 per share, and is pursuing more than 100 AI and automation initiatives expected to produce greater financial benefits over roughly 18 months. Stewart Information Services (NYSE:STC) reported third-quarter 2026 net income of $30 million, or $0.98 per diluted share, compared with $44 million, or $1.55 per share, a year earlier, as higher mortgage rates and weaker residential transaction activity pressured margins. On an adjusted basis, net income was $41 million, or $1.33 per diluted share, down from $47 million, or $1.64 per share, in the prior-year quarter. CEO Fred Eppinger said the residential housing market appeared to be establishing "a new lower bottom" during the quarter as 30-year mortgage rates climbed and reached roughly 7.5% in October. Existing-home sales fell below an annualized 4 million rate in two of the three months of the quarter, he said, with August and September activity down about 3% to 4% year over year. → Aurora Rejects Curaleaf's Higher Bid, But the Takeover Fight Isn't Over "We believe the residential market conditions will continue to decay into the next quarter," Eppinger said, adding that the company would focus on investment and expense efficiency while retaining resources needed to serve clients and pursue opportunities arising from industry disruption. Title-segment operating revenue increased $31 million, or 5%, from the prior year, driven primarily by agency and direct commercial revenue. However, title operating expenses rose 6%, reflecting higher revenue as well as employee costs associated with selected growth investments. → Could Quantinuum's Breakthrough Make Its Sell-Off a Bargain? Title pretax income declined to $47 million from $62 million a year earlier. On an adjusted basis, title pretax income was $52 million, down from $61 million in the prior-year quarter. Direct title revenue rose $6 million, or 2%, largely due to commercial transactions. Domestic commercial revenue increased $7 million, or 9%, as closed orders increased 18% across multiple asset classes. Average revenue per commercial file declined 8% to $16,300, however, which CFO David Hisey attributed to smaller transaction sizes and less data-center and energy activity. → IonQ's Bold Expansion Could Leave Shareholders Paying the Price Domestic non-commercial revenue increased $3 million, or 2%. International revenue declined $4 million, or 10%, primarily because the prior-year period included a large commercial transaction. Eppinger said Canadian residential existing-home sales have been decelerating since September 2025, while international commercial revenue totaled $7.3 million and was consistent sequentially with the second quarter. Agency gross revenue increased $25 million, or 7%, including growth across a majority of the company's key agency states. Net of agent retention, agency revenue increased $5 million, or 8%. Residential agency premiums increased 7%, while commercial agency premiums climbed 25%, according to Eppinger. The title loss ratio was 3.4%, comparable with the year-earlier level. Hisey said Stewart expects title losses to average in the mid-3% to 4% range over a full year. Eppinger said national commercial services continued to perform solidly, with overall commercial revenue up 9%. He said some commercial closings were pushed into the fourth quarter, involving "multiple billions" of dollars across a handful of transactions, but indicated there was no sign those deals would not close in the next quarter. The company's commercial pipeline and open orders remain strong, he said, while Stewart has not yet experienced a slowdown in data-center-related activity. Eppinger noted, however, that the company has heard of slowing activity in smaller, debt-oriented commercial transactions elsewhere in the market. Stewart continued expanding through acquisitions. During the quarter, it added Tower Title, which expands its commercial energy and infrastructure capabilities in telecommunications, and acquired Rattikin Title to strengthen its Dallas-Fort Worth presence, particularly in Fort Worth. The company also added ProTitleUSA and DocSolutionUSA to its centralized title operations, which serve investors and capital-markets clients. Hisey said Stewart deployed about $150 million during the year on acquisitions including Nationwide Appraisal Network, ProTitle and Tower Title. The ProTitle and Tower acquisitions closed late in the third quarter and had only a marginal effect on quarterly results, management said. Real estate solutions revenue increased $80 million, or 68%, primarily due to the MCS acquisition and growth in credit information and valuation services. Excluding the effect of the MCS and ProTitle acquisitions, Eppinger said revenue in the business rose 7%. Adjusted pretax income in the segment increased 56% to $20 million from $13 million a year earlier, while adjusted pretax margin declined to 10.4% from 11%. Eppinger said the margin pressure reflected slower orders and revenue from existing customers in Informative Research, Stewart's credit-data business, and in its appraisal operation. He said those businesses are affected not only by completed mortgage closings, but also by mortgage applications and cancellations. The company experienced higher cancellations during the quarter, which Eppinger said reached roughly 15% of transactions, along with fewer mortgage applications. Management expects segment margins to remain around current levels for the next couple of quarters. Eppinger said a more stable residential market could support margins of roughly 13% to 14% at an existing-home-sales pace of approximately 4.1 million to 4.2 million annually. Stewart ended the quarter with approximately $300 million of cash and investments above statutory reserve-fund requirements. Stockholders' equity was approximately $1.7 billion, or about $55 per share in book value. Operating cash flow was $47 million, down from $93 million a year earlier, primarily due to lower net operating income and the timing of operating-liability payments. The company's employee-cost ratio improved to 26% from 27%, while its other operating expense ratio increased to 29% from 24%, reflecting the growing contribution of real estate solutions, which carries higher service costs as a percentage of revenue. Eppinger said Stewart has more than 100 artificial intelligence and automation initiatives underway, with about 50 already being tracked for operational returns. He expects the more substantial financial impact to emerge over roughly 18 months, particularly through title-search efficiency, accuracy and turnaround improvements. Stewart also increased its annual dividend to $2.20 per share from $2.10 per share, marking its seventh dividend increase in just under six years. Stewart Information Services Corporation (NYSE: STC) is a global provider of title insurance and real estate transaction services. Through its Stewart Title operations, the company helps protect property owners, lenders and other participants from losses arising from defects in a property's title. The company offers title searches and examinations, title insurance policies, escrow and closing services, settlement services, and related solutions for residential and commercial real estate transactions. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "What Stewart Information Services (STC) Said on Its Q3 Earnings Call" was originally published by MarketBeat. View MarketBeat's top stocks for October 2026.

- Total revenues of $900.7 million (GAAP and adjusted basis) compared to $796.9 million ($791.3 million on an adjusted basis) in the prior year quarter - Net income of $30.3 million ($41.2 million on an adjusted basis) compared to net income of $44.3 million ($46.7 million on an adjusted basis) in the prior year quarter - Diluted EPS of $0.98 ($1.33 on an adjusted basis) compared to prior year quarter diluted EPS of $1.55 ($1.64 on an adjusted basis) HOUSTON, Oct. 21, 2026 /PRNewswire/ -- Stewart Information Services Corporation (NYSE: STC) today reported net income attributable to Stewart of $30.3 million ($0.98 per diluted share) for the third quarter 2026, compared to net income attributable to Stewart of $44.3 million ($1.55 per diluted share) for the third quarter 2025. On an adjusted basis, net income for the third quarter 2026 was $41.2 million ($1.33 per diluted share) compared to net income of $46.7 million ($1.64 per diluted share) in the third quarter 2025. Pretax income before noncontrolling interests for the third quarter 2026 was $45.6 million ($60.3 million on an adjusted basis) compared to $61.2 million ($64.5 million on an adjusted basis) for the third quarter 2025. Third quarter 2025 results included $5.6 million of pretax net realized and unrealized gains, primarily driven by $4.3 million of net unrealized gains on fair value changes of equity securities investments in the title segment and a $1.2 million realized gain on a sale of real property in the corporate segment. "This quarter, we faced increased industry headwinds that we anticipate will continue into next year," commented Fred Eppinger, chief executive officer. "We remain focused on growing market share across our businesses while maintaining disciplined operational execution in this challenging market environment." Selected Financial Information Summary results of operations are as follows (dollars in millions, except per share amounts, pretax margin and adjusted pretax margin, and amounts may not add as presented due to rounding): | Quarter EndedSeptember 30, | | Nine Months EndedSeptember 30, | 2026 | 2025 | | 2026 | 2025 | | | | | Total revenues | 900.7 | 796.9 | | 2,581.2 | 2,131.1 Pretax income before noncontrolling interests | 45.6 | 61.2 | | 124.3 | 113.8 Income tax expense | (11.6) | (13.0) | | (29.5) | (24.6) Net income attributable to noncontrolling interests | (3.6) | (3.9) | | (10.2) | (10.0) Net income attributable to Stewart | 30.3 | 44.3 | | 84.5 | 79.3 Non-GAAP adjustments, after taxes* | 10.9 | 2.4 | | 23.7 | 12.4 Adjusted net income attributable to Stewart* | 41.2 | 46.7 | | 108.2 | 91.6 Pretax margin | 5.1 % | 7.7 % | | 4.8 % | 5.3 % Adjusted pretax margin* | 6.7 % | 8.1 % | | 6.1 % | 6.2 % Net income per diluted Stewart share | 0.98 | 1.55 | | 2.74 | 2.79 Adjusted net income per diluted Stewart share* | 1.33 | 1.64 | | 3.50 | 3.23 *Adjusted net income, adjusted pretax margin and adjusted net income per diluted share are non-GAAP measures. See Appendix A for explanation and reconciliation of non-GAAP adjustments. Title Segment Summary results of the title segment are as follows (dollars in millions, except pretax margin and adjusted pretax margin): | Quarter Ended September 30, | | | 2026 | 2025 | % Change | | | | | | | Operating revenues | 690.5 | 659.9 | 5 % | | Investment income | 13.7 | 14.8 | (8 %) | | Net realized and unrealized gains | - | 4.2 | (100 %) | | Pretax income | 47.5 | 62.0 | (23 %) | | Non-GAAP adjustments to pretax income* | 4.4 | (1.2) | 473 % | | Adjusted pretax income* | 51.9 | 60.8 | (15 %) | | Pretax margin | 6.7 % | 9.1 % | | | Adjusted pretax margin* | 7.4 % | 9.0 % | | | * Adjusted pretax income and adjusted pretax margin are non-GAAP financial measures. See Appendix A for explanation and reconciliation of non-GAAP adjustments. Title segment operating revenues increased $30.6 million (5 percent) 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 percent), while direct title revenues increased $6.1 million (2 percent) primarily due to higher domestic commercial activity during the third quarter 2026. Net of agency retention, agency title revenues increased $5.0 million (8 percent), consistent with the increase in gross agency revenues. Combined employee costs and other operating expenses increased $16.5 million (6 percent) in the third quarter 2026 compared to the prior year quarter, primarily driven by higher title revenues, which resulted in increased salaries and employee benefits and higher title search and third-party service fees. As a percentage of title operating revenues, these expenses were approximately 44 percent, which is comparable to the third quarter 2025. Title loss expense increased $4.0 million (20 percent) compared with the prior year quarter, primarily due to higher title revenues. The title loss ratio, as a percentage of title operating revenues, remained comparable to the prior year quarter. Investment income decreased $1.1 million (8 percent) in the third quarter 2026, primarily due to lower interest income resulting from reduced eligible escrow balances compared to the prior year quarter. Net realized and unrealized gains in the third quarter 2025 were primarily related to net unrealized gains on fair value changes of equity securities investments. In addition to net realized and unrealized gains, adjusted title pretax income included total non-GAAP expense adjustments of $4.4 million and $3.0 million, in the third quarters 2026 and 2025, respectively, primarily related to acquisition-related intangible asset amortization, third-party acquisition consulting fees and severance expenses (refer to Appendix A for details). Direct title revenues information is presented below (dollars in millions): | Quarter Ended September 30, | 2026 | 2025 | % Change | | | | | Non-commercial: | | | | Domestic | 179.8 | 176.8 | 2 % | International | 32.3 | 32.5 | (1 %) | | 212.2 | 209.3 | 1 % | Commercial: | | | | Domestic | 86.4 | 79.1 | 9 % | International | 7.3 | 11.3 | (35 %) | | 93.7 | 90.4 | 4 % | Total direct title revenues | 305.8 | 299.7 | 2 % | | | | Domestic commercial revenues increased $7.3 million (9 percent) in the third quarter 2026, primarily due to higher commercial transaction activity. Domestic commercial closed orders improved 18 percent, while the average domestic commercial fee per file decreased 8 percent to $16,300 compared to $17,700 from the prior year quarter, primarily due to reduced data center and energy transaction size and volume. Domestic non-commercial revenues increased $3.0 million (2 percent) in the third quarter 2026. Average domestic residential fee per file in the third quarter 2026 was $3,200, which was comparable to the prior year quarter. Total international revenues decreased $4.2 million (10 percent) in the third quarter 2026, primarily due to a large commercial transaction that closed in the prior year quarter. Real Estate Solutions Segment Summary results of the real estate solutions (RES) segment are as follows (dollars in millions, except pretax margin and adjusted pretax margin): | Quarter Ended September 30, | | 2026 | 2025 | % Change | | | | | Total revenues | 196.5 | 116.6 | 68 % | Pretax income | 10.3 | 7.3 | 41 % | Non-GAAP adjustments to pretax income* | 10.3 | 5.9 | 75 % | Adjusted pretax income* | 20.6 | 13.2 | 56 % | Pretax margin | 5.2 % | 6.2 % | | Adjusted pretax margin* | 10.5 % | 11.3 % | | * Adjusted pretax income and adjusted pretax margin are non-GAAP financial measures. See Appendix A for an explanation and reconciliation of non-GAAP adjustments. Segment revenues increased $79.9 million (68 percent) in the third quarter 2026 compared to the prior year quarter, primarily driven by the recent MCS acquisition and higher revenues from credit information and valuation services. Combined employee costs and other operating expenses increased $72.7 million (71 percent), primarily due to higher costs of services associated with increased revenues and increased employee count from acquisitions. Non-GAAP adjustments to pretax income in both third quarters 2026 and 2025 were primarily related to acquisition-related intangible asset amortization. Additionally, third quarter 2026 adjustments included MCS integration costs. Corporate Segment Expenses attributable to corporate operations for the third quarter 2026 increased to $12.2 million compared to $9.5 million in the third quarter 2025, primarily due to higher interest expense on increased debt balances. Expenses Consolidated employee costs increased $19.7 million (9 percent) in the third quarter 2026 compared to the prior year quarter, primarily due to higher salaries and employee benefit expenses resulting from a 12 percent higher average employee count. As a percentage of total operating revenues, consolidated employee costs improved to 26.0 percent in the third quarter 2026, compared to 27.2 percent in the prior year quarter, primarily due to higher operating revenues. Consolidated other operating expenses increased $69.6 million (38 percent) in the third quarter 2026 compared to the prior year quarter, primarily due to increased real estate solutions service expenses and higher title search and third-party services fees associated with higher operating revenues. As a percentage of total operating revenues, consolidated other operating expenses increased to 28.7 percent compared to 23.8 percent in the prior year quarter primarily due to higher costs of services from real estate solutions. Other Net cash provided by operations was $46.6 million in the third quarter 2026, compared to $92.6 million in the third quarter 2025, primarily due to lower net income and the timing of payments related to operating liabilities during the quarter. Third Quarter Earnings Call Stewart will hold a conference call to discuss the third quarter 2026 earnings at 8:30 a.m. Eastern Time on Thursday, October 22, 2026. To participate, dial 833-419-0865 (USA) or 785-838-9333 (International) – access code STCQ326. Additionally, participants can listen to the conference call through Stewart's Investor Relations website at https://investors.stewart.com/news-and-events/events/default.aspx. The conference call replay will be available from 11:00 a.m. Eastern Time on October 22, 2026 until midnight on October 29, 2026 by dialing (800) 839-5241 (USA) or (402) 220-2698 (International). About Stewart Stewart (NYSE-STC) is a global real estate services company, offering products and services through our direct operations, network of Stewart Trusted Providers™ and family of companies. From residential and commercial title insurance and closing and settlement services to specialized offerings for the mortgage and real estate industries, we offer the comprehensive service, deep expertise and solutions our customers need for any real estate transaction. At Stewart, we are dedicated to becoming the premier title services company and we are committed to doing so by partnering with our customers to create mutual success. Learn more at stewart.com. Cautionary statement regarding forward-looking statements. Certain statements in this press release are "forward-looking statements", including statements related to Stewart's future business plans and expectations, including our plans to achieve market growth and our expectations regarding challenging industry conditions. Forward-looking statements, by their nature, are subject to various risks and uncertainties that could cause our actual results to differ materially. Such risks and uncertainties include the volatility of general economic conditions, including economic changes that may result from new or increased tariffs, trade restrictions or geopolitical tensions, and adverse changes in the level of real estate activity, as well as a number of other risks and uncertainties discussed in detail in our documents filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2025, and if applicable, as supplemented by any risk factors contained in our Quarterly Reports on Form 10-Q, and our Current Reports on Form 8-K filed subsequently. We expressly disclaim any obligation to update, amend or clarify any forward-looking statements contained in this press release to reflect events or circumstances that may arise after the date hereof, except as may be required by applicable law. ST-IR STEWART INFORMATION SERVICES CORPORATIONCONDENSED STATEMENTS OF INCOME(In thousands of dollars, except per share amounts and except where noted) | | | | Quarter EndedSeptember 30, | | Nine Months EndedSeptember 30, | 2026 | 2025 | | 2026 | 2025 Revenues: | | | | | Title revenues: | | | | | Direct title | 305,770 | 299,690 | | 882,537 | 822,631 Agency title | 384,739 | 360,186 | | 1,094,781 | 928,989 Real estate solutions | 196,446 | 116,607 | | 555,164 | 326,334 Total operating revenues | 886,955 | 776,483 | | 2,532,482 | 2,077,954 Investment income | 13,700 | 14,819 | | 42,390 | 43,733 Net realized and unrealized gains | 24 | 5,614 | | 6,352 | 9,394 | 900,679 | 796,916 | | 2,581,224 | 2,131,081 Expenses: | | | | | 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 | 855,122 | 735,744 | | 2,456,944 | 2,017,233 Income before taxes and noncontrolling interests | 45,557 | 61,172 | | 124,280 | 113,848 Income tax expense | (11,630) | (12,975) | | (29,533) | (24,600) Net income | 33,927 | 48,197 | | 94,747 | 89,248 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 earnings per diluted share attributable to Stewart | 0.98 | 1.55 | | 2.74 | 2.79 Diluted average shares outstanding (000) | 30,976 | 28,491 | | 30,875 | 28,386 | | | | | Selected financial information: | | | | | Net cash provided by operations | 46,610 | 92,645 | | 102,619 | 116,146 Other comprehensive (loss) income | (11,339) | (1,922) | | (17,984) | 18,903 Third Quarter Domestic Order Counts: | | | | | | | Opened Orders 2026: | July | August | Sept | Total | | Closed Orders 2026: | July | August | Sept | Total Commercial | 1,830 | 1,583 | 2,135 | 5,548 | | Commercial | 1,788 | 1,586 | 1,928 | 5,302 Purchase | 16,976 | 16,295 | 15,307 | 48,578 | | Purchase | 12,324 | 11,112 | 10,893 | 34,329 Refinancing | 6,347 | 5,995 | 5,879 | 18,221 | | Refinancing | 3,913 | 3,702 | 3,824 | 11,439 Other | 3,764 | 3,534 | 6,362 | 13,660 | | Other | 1,985 | 4,603 | 4,106 | 10,694 Total | 28,917 | 27,407 | 29,683 | 86,007 | | Total | 20,010 | 21,003 | 20,751 | 61,764 | | | | | | | | | | Opened Orders 2025: | July | August | Sept | Total | | Closed Orders 2025: | July | August | Sept | Total Commercial | 1,391 | 1,565 | 1,564 | 4,520 | | Commercial | 1,443 | 1,514 | 1,521 | 4,478 Purchase | 18,255 | 16,378 | 16,028 | 50,661 | | Purchase | 12,601 | 12,016 | 11,592 | 36,209 Refinancing | 6,620 | 6,961 | 8,818 | 22,399 | | Refinancing | 4,113 | 4,096 | 4,569 | 12,778 Other | 2,971 | 4,277 | 2,575 | 9,823 | | Other | 2,060 | 1,834 | 1,953 | 5,847 Total | 29,237 | 29,181 | 28,985 | 87,403 | | Total | 20,217 | 19,460 | 19,635 | 59,312 | | | | | | | | | | | | STEWART INFORMATION SERVICES CORPORATIONCONDENSED BALANCE SHEETS(In thousands of dollars) | | | September 30, 2026 | December 31, 2025 Assets: | | Cash and cash equivalents | 152,313 | 321,775 Short-term investments | 53,661 | 47,899 Investments in debt and equity securities, at fair value | 596,168 | 606,170 Receivables – premiums from agencies | 38,731 | 38,286 Receivables – other | 202,639 | 159,583 Allowance for uncollectible amounts | (8,889) | (7,805) Property and equipment, net | 104,711 | 85,330 Operating lease assets, net | 117,608 | 106,034 Title plants | 84,108 | 81,670 Goodwill | 1,418,014 | 1,271,958 Intangible assets, net of amortization | 291,377 | 325,135 Deferred tax assets | 8,139 | 7,656 Other assets | 238,261 | 209,114 | 3,296,841 | 3,252,805 Liabilities: | | Notes payable | 654,911 | 646,606 Accounts payable and accrued liabilities | 236,784 | 255,852 Operating lease liabilities | 133,420 | 122,153 Estimated title losses | 521,498 | 524,473 Deferred tax liabilities | 66,951 | 53,323 | 1,613,564 | 1,602,407 Stockholders' equity: | | Common Stock and additional paid-in capital | 535,941 | 520,243 Retained earnings | 1,180,234 | 1,145,415 Accumulated other comprehensive loss | (39,892) | (21,908) Treasury stock | (2,666) | (2,666) Stockholders' equity attributable to Stewart | 1,673,617 | 1,641,084 Noncontrolling interests | 9,660 | 9,314 Total stockholders' equity | 1,683,277 | 1,650,398 | 3,296,841 | 3,252,805 | | Number of shares outstanding (000) | 30,526 | 30,223 Book value per share | 54.82 | 54.30 STEWART INFORMATION SERVICES CORPORATIONSEGMENT INFORMATION(In thousands of dollars) | | | Quarter Ended: | September 30, 2026 | | September 30, 2025 | Title | Real Estate Solutions | Corporate | Total | | Title | Real Estate Solutions | Corporate | Total Revenues: | | | | | | | | | Operating revenues | 690,509 | 196,446 | - | 886,955 | | 659,876 | 116,607 | - | 776,483 Investment income | 13,664 | 36 | - | 13,700 | | 14,787 | 32 | - | 14,819 Net realized and unrealized gains | 24 | - | - | 24 | | 4,236 | - | 1,378 | 5,614 | 704,197 | 196,482 | - | 900,679 | | 678,899 | 116,639 | 1,378 | 796,916 Expenses: | | | | | | | | | Amounts retained by agencies | 319,050 | - | - | 319,050 | | 299,523 | - | - | 299,523 Employee costs | 203,066 | 25,109 | 2,746 | 230,921 | | 191,598 | 16,094 | 3,529 | 211,221 Other operating expenses | 102,516 | 150,202 | 2,011 | 254,729 | | 97,482 | 86,479 | 1,204 | 185,165 Title losses and related claims | 23,514 | - | - | 23,514 | | 19,546 | - | - | 19,546 Depreciation and amortization | 8,145 | 10,855 | 290 | 19,290 | | 8,356 | 6,777 | 258 | 15,391 Interest | 455 | 3 | 7,160 | 7,618 | | 419 | - | 4,479 | 4,898 | 656,746 | 186,169 | 12,207 | 855,122 | | 616,924 | 109,350 | 9,470 | 735,744 Income (loss) before taxes | 47,451 | 10,313 | (12,207) | 45,557 | | 61,975 | 7,289 | (8,092) | 61,172 Nine Months Ended: | September 30, 2026 | | September 30, 2025 | | Title | Real Estate Solutions | Corporate | Total | | Title | Real Estate Solutions | Corporate | Total | Revenues: | | | | | | | | | | Operating revenues | 1,977,318 | 555,164 | - | 2,532,482 | | 1,751,620 | 326,334 | - | 2,077,954 Investment income | 42,280 | 110 | - | 42,390 | | 43,643 | 90 | - | 43,733 Net realized and unrealized gains (losses) | 6,552 | - | (200) | 6,352 | | 8,059 | - | 1,335 | 9,394 | 2,026,150 | 555,274 | (200) | 2,581,224 | | 1,803,322 | 326,424 | 1,335 | 2,131,081 Expenses: | | | | | | | | | Amounts retained by agencies | 910,082 | - | - | 910,082 | | 773,012 | - | - | 773,012 Employee costs | 610,760 | 72,852 | 9,468 | 693,080 | | 549,634 | 45,266 | 10,340 | 605,240 Other operating expenses | 294,102 | 414,405 | 4,790 | 713,297 | | 272,241 | 243,494 | 3,870 | 519,605 Title losses and related claims | 64,022 | - | - | 64,022 | | 58,701 | - | - | 58,701 Depreciation and amortization | 24,828 | 28,160 | 790 | 53,778 | | 25,413 | 19,574 | 876 | 45,863 Interest | 1,367 | 11 | 21,307 | 22,685 | | 1,265 | 2 | 13,545 | 14,812 | 1,905,161 | 515,428 | 36,355 | 2,456,944 | | 1,680,266 | 308,336 | 28,631 | 2,017,233 Income (loss) before taxes | 120,989 | 39,846 | (36,555) | 124,280 | | 123,056 | 18,088 | (27,296) | 113,848 | | | | | | | | | | | | | Appendix A Non-GAAP Adjustments Management uses a variety of financial and operational measurements other than its financial statements prepared in accordance with United States Generally Accepted Accounting Principles (GAAP) to analyze its performance. These include: (1) adjusted revenues, which are reported revenues adjusted for net realized and unrealized gains and losses and (2) adjusted pretax income and adjusted net income, which are reported pretax income and reported net income after earnings from noncontrolling interests, respectively, adjusted for net realized and unrealized gains and losses, acquisition-related intangible asset amortization, acquisition and integration expenses (related to third-party acquisition consulting fees and integration of the recent MCS acquisition), and severance and office closure expenses. Adjusted diluted earnings per share (adjusted diluted EPS) is calculated using adjusted net income divided by the diluted average weighted outstanding shares. Adjusted pretax margin is calculated using adjusted pretax income divided by adjusted total revenues. Management views these measures as important performance measures of core profitability for its operations and as key components of its internal financial reporting. Management believes investors benefit from having access to the same financial measures that management uses. Below are reconciliations of the non-GAAP financial measures used by management to the most directly comparable GAAP measures for the quarter and nine months ended September 30, 2026 and 2025 (dollars in millions, except shares, per share amounts and pretax margins, and amounts may not add as presented due to rounding). | | Quarter Ended September 30, | | Nine Months Ended September 30, | | 2026 | 2025 | % Chg | | 2026 | 2025 | % Chg | | | | | | | | | Total revenues | 900.7 | 796.9 | 13 % | | 2,581.2 | 2,131.1 | 21 % | Non-GAAP revenue adjustment: | | | | | | | | Net realized and unrealized gains | - | (5.6) | | | (6.4) | (9.4) | | Adjusted total revenues | 900.7 | 791.3 | 14 % | | 2,574.9 | 2,121.7 | 21 % Net realized and unrealized gains: | | | | | | | Net unrealized gains on equity securities fair value changes | - | 4.3 | | | 6.5 | 9.9 | Net gains (losses) from fixed asset disposals | - | 1.2 | | | (0.2) | 0.8 | Net (losses) gains on sale of securities investments | - | (0.1) | | | 0.4 | (0.4) | Net losses from acquisition liability adjustments | - | - | | | - | (1.0) | Other items, net | - | 0.2 | | | (0.3) | 0.1 | Total | - | 5.6 | (100 %) | | 6.4 | 9.4 | (32 %) | | | | | | | | | Pretax income | 45.6 | 61.2 | (26 %) | | 124.3 | 113.8 | 9 % | Non-GAAP pretax adjustments: | | | | | | | | Net realized and unrealized gains | - | (5.6) | | | (6.4) | (9.4) | | Intangible asset amortization | 11.4 | 8.5 | | | 30.7 | 25.2 | | Acquisition and integration expenses | 2.4 | - | | | 6.1 | - | | Severance and office closure expenses | 0.9 | 0.4 | | | 1.5 | 1.0 | | Adjusted pretax income | 60.3 | 64.5 | (7 %) | | 156.3 | 130.6 | 20 % | GAAP pretax margin | 5.1 % | 7.7 % | | | 4.8 % | 5.3 % | | Adjusted pretax margin | 6.7 % | 8.1 % | | | 6.1 % | 6.2 % | | | | | | | | | | Net income attributable to Stewart | 30.3 | 44.3 | (32 %) | | 84.5 | 79.3 | 7 % | Non-GAAP pretax adjustments: | | | | | | | | Net realized and unrealized gains | - | (5.6) | | | (6.4) | (9.4) | | Intangible asset amortization | 11.4 | 8.5 | | | 30.7 | 25.2 | | Acquisition and integration expenses | 2.4 | - | | | 6.1 | - | | Severance and office closure expenses | 0.9 | 0.4 | | | 1.5 | 1.0 | | Net tax effects of non-GAAP adjustments | (3.8) | (0.9) | | | (8.3) | (4.3) | | Non-GAAP adjustments, after taxes | 10.9 | 2.4 | | | 23.7 | 12.4 | | Adjusted net income attributable to Stewart | 41.2 | 46.7 | (12 %) | | 108.2 | 91.6 | 18 % | | | | | | | | | Diluted average shares outstanding (000) | 30,976 | 28,491 | | | 30,875 | 28,386 | | GAAP net income per share | 0.98 | 1.55 | | | 2.74 | 2.79 | | Adjusted net income per share | 1.33 | 1.64 | | | 3.50 | 3.23 | | | | | | | | | | Quarter Ended September 30, | | Nine Months Ended September 30, | 2026 | 2025 | % Chg | | 2026 | 2025 | % Chg Title Segment: | | | | | | | | | | | | | | Revenues | 704.2 | 678.9 | 4 % | | 2,026.2 | 1,803.3 | 12 % Net realized and unrealized gains | - | (4.2) | | | (6.6) | (8.1) | Adjusted revenues | 704.2 | 674.7 | 4 % | | 2,019.6 | 1,795.3 | 12 % Pretax income | 47.5 | 62.0 | (23 %) | | 121.0 | 123.1 | (2 %) Non-GAAP pretax adjustments: | | | | | | | Net realized and unrealized gains | - | (4.2) | | | (6.6) | (8.1) | Intangible asset amortization | 2.1 | 2.8 | | | 7.5 | 8.4 | Acquisition expenses | 1.5 | - | | | 1.5 | - | Severance and office closure expenses | 0.9 | 0.3 | | | 1.5 | 0.9 | Adjusted pretax income | 51.9 | 60.8 | (15 %) | | 125.0 | 124.2 | 1 % GAAP pretax margin | 6.7 % | 9.1 % | | | 6.0 % | 6.8 % | Adjusted pretax margin | 7.4 % | 9.0 % | | | 6.2 % | 6.9 % | | | | | | | | | | | | | | | Real Estate Solutions Segment: | | | | | | | | | | | | | | Revenues | 196.5 | 116.6 | 68 % | | 555.3 | 326.4 | 70 % Pretax income | 10.3 | 7.3 | 41 % | | 39.8 | 18.1 | 120 % Non-GAAP pretax adjustment: | | | | | | | Intangible asset amortization | 9.3 | 5.8 | | | 23.2 | 16.8 | MCS integration expenses | 0.9 | - | | | 4.6 | - | Severance expenses | - | 0.1 | | | 0.1 | 0.1 | Adjusted pretax income | 20.6 | 13.2 | 56 % | | 67.7 | 35.0 | 93 % GAAP pretax margin | 5.2 % | 6.2 % | | | 7.2 % | 5.5 % | Adjusted pretax margin | 10.5 % | 11.3 % | | | 12.2 % | 10.7 % | View original content to download multimedia:https://www.prnewswire.com/news-releases/stewart-reports-third-quarter-2026-results-302915936.html

As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q2. Today, we are looking at property & casualty insurance stocks, starting with Stewart Information Services (NYSE:STC). Property & Casualty (P&C) insurers protect individuals and businesses against financial loss from damage to property or from legal liability. This is a cyclical industry, and the sector benefits when there is a 'hard market', characterized by strong premium rate increases that outpace loss and cost inflation, resulting in robust underwriting margins. The opposite is true in a 'soft market'. Interest rates also matter, as they determine the yields earned on fixed-income portfolios. On the other hand, P&C insurers face a major secular headwind from the increasing frequency and severity of catastrophe losses due to climate change. Furthermore, the liability side of the business is pressured by 'social inflation'—the trend of rising litigation costs and larger jury awards. The 31 property & casualty insurance stocks we track reported a satisfactory Q2. As a group, revenues beat analysts’ consensus estimates by 2.3% while next quarter’s revenue guidance was 0.9% above. While some property & casualty insurance stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 3% since the latest earnings results. Founded in 1893 during America's westward expansion when property records were often disputed, Stewart Information Services (NYSE:STC) provides title insurance and real estate services, helping homebuyers, sellers, and lenders verify property ownership and protect against title defects. Stewart Information Services reported revenues of $899.2 million, up 24.3% year on year. This print exceeded analysts’ expectations by 6.2%. Despite the top-line beat, it was still a slower quarter for the company with a significant miss of analysts’ EPS estimates. The market seems disappointed with the results as the stock is down 5.6% since reporting and currently trades at $65.78. Read our full report on Stewart Information Services here, it’s free. Serving as a crucial bridge between homebuyers and the American dream of homeownership, Essent Group (NYSE:ESNT) provides private mortgage insurance and title services that enable lenders to offer home loans with down payments of less than 20%. Essent Group reported revenues of $362.7 million, up 13.6% year on year, outperforming analysts’ expectations by 9.7%. The business had a stunning quarter with a beat of analysts’ EPS estimates. However, the results were likely priced into the stock as it’s traded sideways since reporting. Shares currently sit at $65.97. Is now the time to buy Essent Group? Access our full analysis of the earnings results here, it’s free. Founded during the housing boom of 1977 and weathering multiple real estate cycles since, Radian Group (NYSE:RDN) provides mortgage insurance and real estate services, helping lenders manage risk and homebuyers achieve affordable homeownership. Radian Group reported revenues of $580.7 million, up 95.7% year on year, in line with analysts’ expectations. It was a softer quarter as it posted a significant miss of analysts’ EPS estimates. As expected, the stock is down 11.2% since the results and currently trades at $34.80. Read our full analysis of Radian Group’s results here. Founded in 1926 during the early days of automobile insurance, Selective Insurance Group (NASDAQ:SIGI) is a property and casualty insurance company that sells commercial, personal, and excess and surplus lines insurance products through independent agents. Selective Insurance Group reported revenues of $1.39 billion, up 4.6% year on year. This result topped analysts’ expectations by 1.8%. Aside from that, it was a satisfactory quarter as it also produced a beat of analysts’ EPS estimates but a significant miss of analysts’ book value per share estimates. The stock is down 10.9% since reporting and currently trades at $87.17. Read our full, actionable report on Selective Insurance Group here, it’s free. Founded in 1965 and named after its original focus on "replacement lens insurance" for contact lens wearers, RLI (NYSE:RLI) is a specialty insurance company that underwrites property, casualty, and surety products through wholesale brokers, independent agents, and carrier partnerships. RLI reported revenues of $462.2 million, up 4.9% year on year. This print surpassed analysts’ expectations by 0.9%. Taking a step back, it was a satisfactory quarter as it also recorded a beat of analysts’ EPS estimates but a miss of analysts’ book value per share estimates. The stock is up 2.4% since reporting and currently trades at $60.43. Read our full, actionable report on RLI here, it’s free. Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership. Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products. By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals. Want to invest in winners with rock-solid fundamentals? Check out our Strong Momentum Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.