Mercury General (MCY) FY2024 results: revenue $5.5 billion, up 18.3% on the year

Mercury General Corp. (MCY) reported revenue of $5.5 billion for fiscal 2024, the year ended 31 December 2024, up 18.3% on the year before. Net income was $468 million, up 385.8%, and diluted earnings per share $8.45. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2025.

Revenue

$5.5 billion

+18.3% on the year

FY2017FY2024

Operating margin

10.5%

2.1% a year earlier

FY2017FY2024

Net income

$468 million

+385.8% on the year

FY2017FY2024

Diluted EPS

$8.45

+385.6% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	5,476	4,630	3,643	+18.3%
Cost of revenue	13.4	11.4	11.0	+17.5%
Gross profit	5,462	4,618	3,632	+18.3%
Gross margin	99.8%	99.8%	99.7%
Operating income	575	99.4	-671	+478.2%
Operating margin	10.5%	2.1%	-18.4%
Interest expense	n/a	24.2	17.2
Pre-tax income	575	99.4	-671	+478.2%
Income tax	107	3.1	-158	+3,358.2%
Effective tax rate	18.6%	3.1%	n/a
Net income	468	96.3	-513	+385.8%
Net margin	8.5%	2.1%	-14.1%
Diluted EPS	$8.45	$1.74	-$9.26	+385.6%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	1,037	453	353	+129.0%
Capital expenditure	46.1	36.8	35.5	+25.3%
Free cash flow	991	416	317	+138.1%
Free cash flow margin	18.1%	9.0%	8.7%
Cash from investing	-797	-295	-316
Cash from financing	-71.1	104	-82.0
Depreciation and amortisation	73.4	72.2	82.4	+1.7%
Share-based compensation	4.6	0.0	0.0
Dividends paid	70.3	70.3	105	+0.0%
Dividend per share	$1.27	$1.27	$1.91	0.0%
Diluted shares, weighted	55m	55m	55m	+0.0%
Shares outstanding at period end	55m	55m	55m	+0.0%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	1,947	1,548	1,522	+25.7%
Debt	575	575	400	0.0%
Other liabilities	5,789	4,980	4,592	+16.2%
Total liabilities and equity	8,311	7,103	6,514	+17.0%
Fixed assets	138	151	171	-8.6%
Goodwill	42.8	42.8	42.8	0.0%
Intangible assets	7.7	8.3	9.2	-7.8%
Cash and equivalents	720	551	290	+30.7%
Other assets	7,402	6,350	6,001	+16.6%
Total assets	8,311	7,103	6,514	+17.0%

10-K for the year ended 31 December 2024, filed 11 February 2025: the filing.