Travelers Companies (TRV) FY2024 results: revenue $46.4 billion, up 12.2% on the year

Travelers Companies, Inc. (TRV) reported revenue of $46.4 billion for fiscal 2024, the year ended 31 December 2024, up 12.2% on the year before. Net income was $5.0 billion, up 67.1%, and diluted earnings per share $21.47. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2025.

Revenue

$46.4 billion

+12.2% on the year

FY2017FY2024

Operating margin

13.3%

8.1% a year earlier

FY2017FY2024

Net income

$5.0 billion

+67.1% on the year

FY2017FY2024

Diluted EPS

$21.47

+67.9% 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	46,423	41,364	36,884	+12.2%
Selling, general and administrative	5,819	5,176	4,810	+12.4%
Operating income	6,180	3,371	3,354	+83.3%
Operating margin	13.3%	8.1%	9.1%
Interest expense	392	376	351	+4.3%
Pre-tax income	6,180	3,371	3,354	+83.3%
Income tax	1,181	380	512	+210.8%
Effective tax rate	19.1%	11.3%	15.3%
Net income	4,999	2,991	2,842	+67.1%
Net margin	10.8%	7.2%	7.7%
Diluted EPS	$21.47	$12.79	$11.77	+67.9%

$ 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	9,074	7,711	6,465	+17.7%
Cash from investing	-7,264	-6,821	-3,728
Cash from financing	-1,747	-1,051	-2,669
Depreciation and amortisation	715	722	826	-1.0%
Share-based compensation	260	214	183	+21.5%
Buybacks	1,003	958	2,000	+4.7%
Dividends paid	951	908	875	+4.7%
Diluted shares, weighted	231m	232m	240m	-0.5%
Shares outstanding at period end	227m	228m	232m	-0.7%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	27,864	24,921	21,560	+11.8%
Debt	8,033	8,031	7,292	+0.0%
Other liabilities	97,292	93,026	86,865	+4.6%
Total liabilities and equity	133,189	125,978	115,717	+5.7%
Goodwill	4,233	3,976	3,952	+6.5%
Intangible assets	360	277	287	+30.0%
Securities held for sale or to maturity	83,666	77,807	71,160	+7.5%
Cash and equivalents	699	650	799	+7.5%
Other assets	44,231	43,268	39,519	+2.2%
Total assets	133,189	125,978	115,717	+5.7%

10-K for the year ended 31 December 2024, filed 13 February 2025: the filing.