Travelers Companies (The) (TRV) financials
NYSE · Financial Services · Insurance - Property & Casualty · 34,000 employees · CEO Alan D. Schnitzer
- Price
- $396.22 -0.51%
- Market cap
- $81.2B
- Enterprise value
- $90.3B
- Last report
- Q3 '26 filed 2026-10-16
- Next report
- 2027-01-20 EPS est. $9.88
Revenue (TTM)$48.9B+1.1% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)21.6%+6.6 pp vs a year agoOperating income $10.6B
Net income (TTM)$8.33B+41.8% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$10.7B+6.9% vs a year agoCapex $0
Diluted EPS (TTM)$38.14+50.0% vs a year agoSum of the last 4 quarters
Net cash$86.5B-3.8% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $81.2B EV $90.3B
- Revenue
- $48.9B Trailing 12 months
- Revenue growth
- -10% FY2026 consensus
- Profit margin
- 17.0% Net income / revenue, TTM
- P/E
- 10.2× Forward 10.8× (FY2026)
- P/S
- 1.7× Price / sales, TTM
- EV / EBITDA
- 7.8× TTM
- Free cash flow
- $10.7B Trailing 12 months
- Net income
- $8.33B Trailing 12 months
- Revenue estimate
- $44B FY2026 consensus
- Earnings
- 2027-01-20 Revenue est. $10.7B
- Dividend
- $4.70 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-16): revenue beat by 9.2%, EPS beat by 24.2%Revenue $12.4B vs $11.4B expected (+9.2%); EPS $9.18 vs $7.39 (+24.2%).
- Revenue growth slowing: -0.5% year on yearQ3 '26 revenue $12.4B, against an average of 2.4% over the four quarters before.
- Operating margin 21.6% (TTM), +6.6 pp on a year agoOperating income grew 45.3% while revenue grew 1.1%.
- Capex 0.0% of revenue (a year ago 0.0%)$0 invested in the last 4 quarters (– on a year earlier). Free cash flow $10.7B = 128.1% of net income.
- Returned $7.23B to shareholders = 67.7% of free cash flowBuybacks $6.23B (a year earlier $1.75B), dividends $1B, stock-based pay -$154M (TTM).
- Diluted share count down 7.4% in a year211M diluted shares in Q3 '26, 228M a year earlier.
- Net cash $86.5BCash + short-term investments $96.3B, debt incl. leases $9.81B; a year ago net cash $89.9B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $12.4B | $12.5B | -0.5% |
| Gross margin | 32.8% | 32.3% | +0.5 pp |
| Operating income | $2.49B | $2.34B | +6.1% |
| Operating margin | 20.0% | 18.8% | +1.2 pp |
| Net income | $1.92B | $1.89B | +1.5% |
| Diluted EPS | $9.04 | $8.24 | +9.7% |
| Operating cash flow | $3.88B | $4.23B | -8.3% |
| Capex | $0 | $0 | – |
| Free cash flow | $3.88B | $4.23B | -8.3% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $0 | -$125M | +100.0% |
Reported vs consensus
2026-10-16| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $12.4B | $11.4B | +9.2% |
| EPS (as estimated) | $9.18 | $7.39 | +24.2% |
From the report of 2026-10-16 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Business Insurance | $6.84B | +2.8% | 55.0% | – | – | |
| Personal Insurance | $4.37B | -5.5% | 35.1% | $17.7B | -20.8% | |
| Bond & Specialty Insurance | $1.24B | +6.0% | 9.9% | $4.72B | -15.4% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $10.7B
- Capex
- $0
- Buybacks
- -$6.23B
- Dividends
- -$1B
- Acquisitions
- $0
- Net debt issued
- $144M
- Stock-based compensation
- -$154M
- Free cash flow
- $10.7B
- Returned to shareholders / FCF
- 67.7%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 10.2× | 12.5× | 10.4× – 15.7× |
| EV / EBITDA | 7.8× | 9.5× | 8.0× – 11.5× |
| EV / Sales | 1.8× | 1.4× | 1.2× – 1.5× |
| Price / FCF | 7.6× | 6.0× | 5.3× – 6.9× |
| Price / Book | 2.8× | 1.8× | 1.3× – 2.1× |
| FCF yield | 13.1% | 16.7% | 14.5% – 18.7% |
| Return on invested capital | 18.3% | 9.5% | 6.9% – 12.1% |
| Return on equity | 26.2% | 15.0% | 12.0% – 19.1% |
Analysts
Consensus target $356.18 (-10.1%)
range $290.00 – $430.00 · rating Hold
Strong buy1
Buy10
Hold29
Sell4
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $44B | -9.8% | $36.64 | +33.6% | 10.8× | 17 |
| FY2027 | $44.9B | +1.8% | $31.02 | -15.4% | 12.8× | 17 |
| FY2028 | $45.9B | +2.4% | $31.72 | +2.3% | 12.5× | 9 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 296 figures The Travelers Companies, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| $3.35B2025-12-31 | – | – | – | – | – | |
| Accrued Income Taxes, Current | $309M2025-12-31 | $301M | +2.7% | $309M | $301M | +2.7% |
| Accrued Investment Income Receivable | $860M | $776M | +10.8% | $877M | $752M | +16.6% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$7.06B | -$3.09B | -128.3% | -$2.5B | -$4.97B | +49.7% |
| Alternative Investment | $9M | – | – | – | – | – |
| Amortization of Intangible Assets | – | – | – | $20M | $21M | -4.8% |
| Assets | $142B | $144B | -1.1% | $144B | $133B | +7.9% |
| Assets Held by Insurance Regulators | $4.04B2025-12-31 | $3.96B | +2.0% | $4.04B | $3.96B | +2.0% |
| Assumed Premiums Earned | – | – | – | $2.11B | $2.1B | +0.7% |
| Assumed Premiums Written | – | – | – | $2.14B | $2.17B | -1.7% |
| Benefits, Losses and Expenses | $10B | $10.1B | -0.8% | $41B | $40.2B | +2.0% |
| Cash | $766M | $729M | +5.1% | $842M | $699M | +20.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $766M | $729M | +5.1% | $842M | $699M | +20.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $145M | $70M | +107.1% | $314M | $49M | +540.8% |
| Ceded Premiums Earned | – | – | – | $3.24B | $3.14B | +3.2% |
| Ceded Premiums Payable | $828M | $946M | -12.5% | $529M | $550M | -3.8% |
| Ceded Premiums Written | – | – | – | $3.34B | $3.19B | +4.7% |
| Commercial Paper | $100M2025-12-31 | $100M | 0.0% | $100M | $100M | 0.0% |
| Common Stock, Dividends, Per Share, Declared | $1.25 | $1.10 | +13.6% | $2.832017-12-31 | $2.62 | +8.0% |
| Common Stock, Shares Authorized | 1.75B | 1.75B | 0.0% | 1.75B | 1.75B | 0.0% |
| Common Stock, Shares, Outstanding | 205M | 223M | -8.1% | 218M | 227M | -4.0% |
| Common Stock, Value, Outstanding | $26.3B | $25.8B | +1.9% | $25.9B | $25.5B | +1.8% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -$2.48B | $2.88B | -186.1% | $8.76B | $4.5B | +94.4% |
| Current Federal Tax Expense (Benefit) | – | – | – | $1.17B | $1.25B | -6.5% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $89M | $70M | +27.1% |
| Current Income Tax Expense (Benefit) | – | – | – | $1.28B | $1.34B | -4.4% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $17M | $14M | +21.4% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $118M2025-12-31 | $105M | +12.4% | $118M | $105M | +12.4% |
| Debt Securities, Available-for-sale | $89.4B | $91.1B | -1.9% | $89.8B | $83.7B | +7.4% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $29M | $883M | -96.7% | $968M | $223M | +334.1% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $8.08B | $3.36B | +140.1% | $2.85B | $4.83B | -41.0% |
| Debt Securities, Available-for-sale, Allowance for Credit Loss | $2M | $4M | -50.0% | $3M | $2M | +50.0% |
| Debt Securities, Available-for-sale, Amortized Cost | $97.4B | $93.6B | +4.1% | $91.7B | $88.3B | +3.9% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 10 | $26.7B2025-12-31 | $21.7B | +22.7% | $26.7B | $21.7B | +22.7% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $24.9B2025-12-31 | $22.6B | +9.9% | $24.9B | $22.6B | +9.9% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $21.1B2025-12-31 | $23.6B | -10.6% | $21.1B | $23.6B | -10.6% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $5.9B2025-12-31 | $7.36B | -19.8% | $5.9B | $7.36B | -19.8% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $27.8B | $38.5B | -28.0% | $37.5B | $41.7B | -10.2% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $4.42B | $3.19B | +38.7% | $2.8B | $4.38B | -36.0% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $58.2B | $9.18B | +534.1% | $5.67B | $24B | -76.3% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $3.66B | $179M | +1,945.3% | $48M | $454M | -89.4% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | $25.5B2025-12-31 | $19.9B | +28.6% | $25.5B | $19.9B | +28.6% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $24.4B2025-12-31 | $20.9B | +16.7% | $24.4B | $20.9B | +16.7% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $20.8B2025-12-31 | $23B | -9.6% | $20.8B | $23B | -9.6% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $5.89B2025-12-31 | $7.33B | -19.6% | $5.89B | $7.33B | -19.6% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost | $78.6B2025-12-31 | $75.4B | +4.3% | $78.6B | $75.4B | +4.3% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | $76.6B2025-12-31 | $71.1B | +7.8% | $76.6B | $71.1B | +7.8% |
| Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost | $13.1B2025-12-31 | $12.9B | +1.6% | $13.1B | $12.9B | +1.6% |
| Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | $13.2B2025-12-31 | $12.6B | +5.0% | $13.2B | $12.6B | +5.0% |
| Debt Securities, Available-for-sale, Realized Gain | $0 | -$2M | +100.0% | $1M | $2M | -50.0% |
| Debt Securities, Available-for-sale, Unrealized Loss Position | $86B | $47.7B | +80.2% | $43.1B | $65.7B | -34.3% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $8.08B | $3.36B | +140.1% | $2.85B | $4.83B | -41.0% |
| Debt, Current | $300M2025-12-31 | $100M | +200.0% | $300M | $100M | +200.0% |
| Debt, Long-term and Short-term, Combined Amount | $9.81B | $9.27B | +5.9% | $9.27B | $8.03B | +15.4% |
| Deferred Federal Income Tax Expense (Benefit) | -$59M | $320M | -118.4% | $210M | -$152M | +238.2% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $21M | -$3M | +800.0% |
| Deferred Income Tax Assets, Net | $2.27B | $1.04B | +119.1% | $887M | $1.76B | -49.7% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $231M | -$155M | +249.0% |
| Deferred Policy Acquisition Cost | $3.76B | $3.69B | +2.0% | $3.52B | $3.49B | +0.7% |
| Deferred Policy Acquisition Costs, Amortization Expense | $1.86B | $1.85B | +0.4% | $7.27B | $6.97B | +4.2% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-01