Crawford & Co. President, CEO Rohit Verma Resigns

Q3 2025 saw a 2.2% revenue decline but a 31% net income increase, with margin improvements in most segments. Year-to-date, revenue rose 1.3% and net income 29%, driven by International Operations and Broadspire, while Platform Solutions lagged.

Original document: Crawford & Company [CRD.A] SEC 10-Q Quarterly Report — Nov. 4 2025

Net income rose 31% year-over-year in Q3, with record revenues in Broadspire and International Operations. Adjusted operating earnings and EBITDA grew over 20%, while free cash flow and margins improved. Share repurchases and a new buyback authorization were announced.

Original document: Crawford & Company [CRD.A] SEC 8-K Current Report — Nov. 4 2025

Q3 saw strong operating earnings and margin expansion across all segments, despite lower revenues from reduced U.S. weather claims. Broadspire and International delivered record results, while disciplined capital management supported share repurchases and dividends.

Based on Crawford & Company [CRD.A] Q3 2025 Audio Transcript — Nov. 4 2025

Q3 2025 saw a 2% revenue decline to $322.2M, but net income rose 31% to $12.4M and adjusted EPS increased 45%. International and Broadspire segments posted record revenues, while Platform Solutions faced a sharp drop. Strong cash flow and a low leverage ratio support ongoing capital returns.

Original document: Crawford & Company [CRD.A] Slides Release — Nov. 4 2025

Solid Earnings Growth in Third Quarter

Record Quarterly Revenues for Broadspire and International Operations

ATLANTA--(BUSINESS WIRE)--November 03, 2025--

Crawford & Company(R) (NYSE: CRD-A and CRD-B), is pleased to announce its financial results for the third quarter ended September 30, 2025.

Revenues before reimbursements decreased (2)% to $322.2 million in the 2025 third quarter from $329.4 million in the 2024 third quarter. Third quarter net income was $12.4 million, or $0.25 per diluted share for CRD-A and CRD-B, compared to $9.5 million, or $0.19 per diluted share for CRD-A and CRD-B in the prior year quarter.

 
                         GAAP Consolidated Results 
---------------------------------------------------------------------------- 
                                Three Months Ended      Nine Months Ended 
                                   September 30,           September 30, 
----------------------------  ----------------------  ---------------------- 
(in millions, except per 
share amounts)                 2025    2024   Change   2025    2024   Change 
                              ------  ------  ------  ------  ------  ------ 
Revenues before 
 reimbursements               $322.2  $329.4    (2)%  $957.2  $945.3      1% 
Net income attributable to 
 shareholders                   12.4     9.5     31%    26.9    20.9     29% 
Diluted earnings per share 
 CRD-A                          0.25    0.19     32%    0.54    0.42     29% 
Diluted earnings per share 
 CRD-B                          0.25    0.19     32%    0.54    0.42     29% 
----------------------------  ------  ------  ------  ------  ------  ------ 
 
 
                       Non-GAAP Consolidated Results 
---------------------------------------------------------------------------- 
                                Three Months Ended      Nine Months Ended 
                                   September 30,           September 30, 
----------------------------  ----------------------  ---------------------- 
(in millions, except per 
share amounts)                 2025    2024   Change   2025    2024   Change 
                              ------  ------  ------  ------  ------  ------ 
Revenues before 
 reimbursements on constant 
 dollar basis                 $318.8  $329.4    (3)%  $958.8  $945.3      1% 
Consolidated adjusted 
 operating earnings             26.6    21.8     22%    66.4    56.0     19% 
Consolidated adjusted EBITDA    36.3    29.6     23%    94.5    80.8     17% 
Non-GAAP net income 
 attributable to 
 shareholders                   16.1    10.9     48%    37.6    29.8     26% 
Non-GAAP diluted earnings 
 per share CRD-A                0.32    0.22     45%    0.75    0.60     25% 
Non-GAAP diluted earnings 
 per share CRD-B                0.32    0.22     45%    0.76    0.60     27% 
----------------------------  ------  ------  ------  ------  ------  ------ 
 

Mr. Rohit Verma, president and chief executive officer of Crawford & Company, commented, "Our Company delivered solid third-quarter results with a 22% increase in operating earnings and improved margins across all segments of our business. Broadspire and International Operations performed particularly well, but consolidated revenue decreased slightly due to the continued absence of significant weather events and lower U.S. claims activity in North America Loss Adjusting and Platform Solutions."

Mr. Verma continued, "We are pleased with the expanded client relationships and new business momentum we saw in the third quarter. As we continue to strengthen our position as the partner of choice for insurance providers worldwide, our focus remains on delivering operational excellence and deepening engagement with existing clients. Our balance sheet remains strong, and we are committed to leveraging our growing pipeline to further extend our global reach."

Segment Results for the Third Quarter

North America Loss Adjusting

North America Loss Adjusting revenues before reimbursements were $77.0 million in the third quarter of 2025, decreasing (2.9)% from $79.3 million in the third quarter of 2024, driven by a decrease in weather related claims impacting revenues in U.S. Field Operations. Foreign exchange rate impacts were immaterial.

The segment had operating earnings of $6.9 million in the 2025 third quarter, increasing from $5.4 million in the third quarter of 2024. The operating margin increased to 9.0% in the 2025 quarter, compared with 6.9% in the 2024 quarter, driven by improved efficiencies in U.S. Global Technical Services and Canada, partially offset by lower revenues in U.S. Field Operations.

North America Loss Adjusting revenues before reimbursements were $234.8 million in the nine months ended September 30, 2025, increasing 0.9% from $232.7 million in the 2024 period. Absent foreign exchange rate decreases of ($1.9) million, revenues would have been $236.7 million for the 2025 third quarter.

The segment had operating earnings of $17.0 million in the nine months ended September 30, 2025, increasing from $14.8 million in the 2024 period. The operating margin was 7.2% for the nine months ended September 30, 2025 and 6.4% in the 2024 period. The increase in operating earnings was primarily due to revenue growth and improved efficiencies in U.S Global Technical Services.

International Operations

International Operations revenues before reimbursements were a new quarterly record of $112.9 million in the third quarter of 2025, up 6.7% from $105.7 million in the same period of 2024 driven by growth in the U.K., Europe, and Asia. Absent foreign exchange rate increases of $3.6 million, revenues would have been $109.3 million for the 2025 third quarter.

Operating earnings were $7.4 million in the 2025 third quarter, increasing from $5.1 million in the 2024 period. The segment's operating margin for the 2025 quarter increased to 6.6% compared with 4.9% in the 2024 quarter driven by higher value claims in the U.K., earthquake related claims in Thailand, and an increase in weather related claims in Australia.

International Operations revenues before reimbursements were $326.3 million in the 2025 year-to-date period, up 6.6% from $306.1 million in the 2024 period. Foreign exchange rate impacts were immaterial for the nine months ended September 30, 2025.

Operating earnings were $18.5 million in the nine months ended September 30, 2025, improving from $12.5 million in the 2024 period. The segment's operating margin for year-to-date 2025 increased to 5.7% compared with 4.1% in the 2024 period driven by revenue growth in the U.K. and Asia.

Broadspire

Broadspire segment revenues before reimbursements were a new quarterly record of $103.4 million in the 2025 third quarter, increasing 4.4% from $99.0 million in the 2024 third quarter driven by increases in medical case management and casualty claims revenues.

Broadspire recorded operating earnings of $15.6 million in the third quarter of 2025, representing an operating margin of 15.1%, compared to $14.4 million, or 14.5% of revenues, in the 2024 third quarter. The increase in operating earnings and margin in the quarter was driven by revenue growth and a decrease in administrative costs.

Broadspire segment revenues before reimbursements were $300.4 million in the 2025 year-to-date period, increasing 3.4% from $290.4 million in the 2024 period.

Broadspire operating earnings were $41.4 million in the nine months ended September 30, 2025, representing an operating margin of 13.8%, decreasing from $42.3 million, or 14.6% of revenues in the 2024 period driven by an increase in administrative costs during the first half of 2025.

Platform Solutions

Platform Solutions revenues before reimbursements were $28.9 million in the third quarter of 2025, down (36.1)% from $45.3 million in the same period of 2024 due to lower staff augmentation business from insurance carriers.

Operating earnings were $2.6 million in the 2025 third quarter, compared with $3.8 million in the 2024 period. The segment's operating margin for the 2025 quarter was 8.9% as compared with 8.5% in the 2024 quarter. The decrease in operating earnings was driven by a decrease in revenues in the Networks service line. The improvement in operating margin is due a shift in product mix from the Networks service line to Contractor Connection and Subrogation.

Platform Solutions revenues before reimbursements were $95.7 million in the nine months ended September 30, 2025, down (17.5)% from $116.0 million in the 2024 period.

Operating earnings were $8.6 million in the 2025 year-to-date period, increasing from $6.4 million in the 2024 period. The segment's operating margin for the nine months ended September 30, 2025 was 9.0% as compared with 5.5% in the nine months ended September 30, 2024, improving due to the reduction in low value inspection services previously handled within our Networks service line and a decrease in administrative costs.

Unallocated Corporate and Shared Costs and Credits, Net

Unallocated corporate costs were $5.9 million in the third quarter of 2025, compared with $7.0 million in the same period of 2024. The decrease in the 2025 third quarter was primarily due to a decrease in professional fees and compensation expenses, partially offset by an increase in self-insurance expense.

Unallocated corporate costs were $19.2 million in the nine months ended September 30, 2025, compared with $20.1 million in the 2024 period. The decrease in 2025 was primarily due to lower professional fees and compensation expenses, partially offset by a one-time indirect tax expense of $3.1 million.

Selling, General, and Administrative Expenses

Selling, general, and administrative expenses ("SG&A") decreased ($2.1) million, or 3.0%, in the three months ended September 30, 2025 as compared with the 2024 period. The decrease was primarily due to a lower professional fees and compensation expenses.

SG&A increased $1.2 million, or 0.5%, in the 2025 year-to-date period as compared with the 2024 period. The increase was primarily due to a one-time indirect tax expense, partially offset by lower professional fees and compensation expenses.

Other Matters

The Company recognized a pretax contingent earnout expense of $0.1 million in the 2025 third quarter, compared to a benefit of ($2.1) million in the same period of 2024, related to the fair value adjustment of earnout liabilities arising from acquisitions. These adjustments, which are not a component of operating earnings, are based on changes to projections of acquired entities over the respective earnout periods.

Subsequent Event

On October 30, 2025, the Company's Board of Directors authorized the addition of 2,000,000 shares of CRD-A or CRD-B (or a combination of the two) to its 2021 Repurchase Authorization which had a remaining authorization to purchase 813,865 shares at September 30, 2025. Under the new repurchase program, repurchases may be made through December 31, 2027 in the open market or privately negotiated transactions at such times and for such prices as management deems appropriate, subject to applicable regulatory guidelines. The new authorization does not obligate Crawford to acquire any stock, and purchases may be commenced or suspended at any time based on market conditions and other factors that the Company deems appropriate.

Balance Sheet and Cash Flow

The Company's consolidated cash and cash equivalents position as of September 30, 2025, totaled $68.8 million, compared with $55.4 million at December 31, 2024. The Company's total debt outstanding totaled $218.1 million as of September 30, 2025 and December 31, 2024.

The Company's operations provided $51.7 million of cash during the first nine months of 2025, compared with $11.1 million provided in 2024. The increase in cash provided was primarily driven by higher earnings, net change in incentive compensation, and net change in billed and unbilled receivables as compared to the prior year.

During the 2025 third quarter, the Company repurchased 263,098 shares of CRD-A at an average per share cost of $10.71 and repurchased 12,846 shares of CRD-B at an average per share cost of $10.40. In the 2024 third quarter, the Company did not repurchase any shares of CRD-A but repurchased 154,683 shares of CRD-B at an average per share cost of $9.89.

Conference Call

As previously announced, Crawford & Company will host a conference call on November 4, 2025, at 8:30 a.m. Eastern Time to discuss its third quarter 2025 results. The conference call can be accessed live by dialing 1-800-715-9871 and using Conference ID 3506432. A presentation for tomorrow's call can also be found on the investor relations portion of the Company's website, https://ir.crawco.com. The call will be recorded and available for replay through November 11, 2025. You may dial 1-800-770-2030 and use passcode 3506432# to listen to the replay.

Non-GAAP Presentation

In the normal course of business, our operating segments incur certain out-of-pocket expenses that are thereafter reimbursed by our clients. Under U.S. generally accepted accounting principles ("GAAP"), these out-of-pocket expenses and associated reimbursements are required to be included when reporting expenses and revenues, respectively, in our consolidated results of operations. In the foregoing discussion and analysis of segment results of operations, we do not include a gross up of segment expenses and revenues for these pass-through reimbursed expenses. The amounts of reimbursed expenses and related revenues offset each other in our results of operations with no impact to our net income or operating earnings. A reconciliation of revenues before reimbursements to consolidated revenues determined in accordance with GAAP is self-evident from the face of the accompanying unaudited condensed consolidated statements of operations.

Operating earnings is the primary financial performance measure used by our senior management and chief operating decision maker ("CODM") to evaluate the financial performance of our Company and operating segments, and make resource allocation and certain compensation decisions. Unlike net income, segment operating earnings is not a standard performance measure found in GAAP. We believe this measure is useful to others in that it allows them to evaluate segment and consolidated operating performance using the same criteria used by our senior management and CODM. Consolidated operating earnings represent segment earnings including certain unallocated corporate and shared costs, but before net corporate interest expense, stock option expense, amortization of acquisition-related intangible assets, contingent earnout adjustments, non-service pension costs, income taxes and net income or loss attributable to noncontrolling interests.

Adjusted EBITDA is not a term defined by GAAP and as a result our measure of adjusted EBITDA might not be comparable to similarly titled measures used by other companies. However, adjusted EBITDA is used by management to evaluate, assess and benchmark our operational results. The Company believes that adjusted EBITDA is relevant and useful information widely used by analysts, investors and other interested parties. Adjusted EBITDA is defined as net income attributable to shareholders of the Company with adjustments for depreciation and amortization, net corporate interest expense, contingent earnout adjustments, non-service pension costs, income taxes and stock-based compensation expense.

Unallocated corporate and shared costs and credits include expenses and credits related to our chief executive officer and Board of Directors, certain provisions for bad debt allowances or subsequent recoveries such as those related to bankrupt clients, certain unallocated professional fees and certain self-insurance costs and recoveries that are not allocated to our individual operating segments.

Income taxes, net corporate interest expense, stock option expense, amortization of acquisition-related intangible assets, contingent earnout adjustments, and non-service pension costs are recurring components of our net income, but they are not considered part of our segment operating earnings because they are managed on a corporate-wide basis. Income taxes are calculated for the Company on a consolidated basis based on statutory rates in effect in the various jurisdictions in which we provide services and vary significantly by jurisdiction. Net corporate interest expense results from capital structure decisions made by senior management and the Board of Directors, affecting the Company as a whole. Stock option expense represents the non-cash costs generally related to stock options and employee stock purchase plan expenses which are not allocated to our operating segments. Amortization expense is a non-cash expense for finite-lived customer-relationship and trade name intangible assets acquired in business combinations. Contingent earnout adjustments relate to changes in the fair value of earnouts associated with our recent acquisitions. Non-service pension costs represent the U.S. and U.K. non-service defined benefit pension costs, which are non-operating in nature as the U.S. plan was frozen in 2002 and the U.K. plans are closed to new participants. None of these costs relate directly to the performance of our services or operating activities and, therefore, are excluded from segment operating earnings to better assess the results of each segment's operating activities on a consistent basis.

A significant portion of our operations are international. These international operations subject us to foreign exchange fluctuations. The following table illustrates revenue as a percentage of total revenue for the major currencies of the geographic areas that Crawford does business:

 
                                          Three Months Ended                                    Nine Months Ended 
                            -----------------------------------------------      ----------------------------------------------- 
                                September 30,              September 30,             September 30,              September 30, 
 (in thousands)                      2025                       2024                      2025                       2024 
---------------             ----------------------      -------------------      ----------------------      ------------------- 
                                USD        % of             USD       % of           USD        % of             USD       % of 
Geographic Area  Currency   equivalent     total        equivalent   total       equivalent     total        equivalent   total 
---------------  ---------  -----------  ---------      -----------  ------      -----------  ---------      -----------  ------ 
           U.S.        USD  $   186,845       58.0%     $   200,160    60.8%     $   563,365       58.9%     $   569,624    60.3% 
           U.K.        GBP       45,476       14.1%          42,265    12.8%         134,140       14.0%         123,940    13.1% 
         Canada        CAD       22,473        7.0%          23,474     7.1%          67,518        7.1%          69,516     7.4% 
      Australia        AUD       24,116        7.5%          23,530     7.1%          64,771        6.8%          65,507     6.9% 
         Europe        EUR       17,237        5.3%          15,260     4.6%          49,911        5.2%          45,806     4.8% 
  Rest of World    Various       26,024        8.1%          24,686     7.6%          77,495        8.0%          70,863     7.5% 
---------------  ---------   ----------  ---------       ----------  ------       ----------  ---------       ----------  ------ 
Total Revenues, before 
 reimbursements             $   322,171      100.0%     $   329,375   100.0%     $   957,200      100.0%     $   945,256   100.0% 
                             ==========  =========       ==========  ======       ==========  =========       ==========  ====== 
 
 

The following is a reconciliation of consolidated operating earnings to net income attributable to shareholders of Crawford & Company on a GAAP basis:

 
                       Three Months Ended         Nine Months Ended 
                    ------------------------   ------------------------ 
                    September     September    September     September 
  (in thousands)     30, 2025     30, 2024      30, 2025     30, 2024 
                    ----------   -----------   ----------   ----------- 
Operating 
earnings: 
North America Loss 
 Adjusting          $    6,941   $     5,443   $   17,012   $    14,807 
International 
 Operations              7,447         5,136       18,539        12,528 
Broadspire              15,565        14,402       41,420        42,297 
Platform Solutions       2,584         3,833        8,643         6,417 
Unallocated 
 corporate and 
 shared costs, 
 net                    (5,946)       (6,979)     (19,183)      (20,065) 
                     ---------       -------    ---------       ------- 
Consolidated 
 operating 
 earnings               26,591        21,835       66,431        55,984 
                     ---------       -------    ---------       ------- 
(Deduct) add: 
   Net corporate 
    interest 
    expense             (3,788)       (4,682)     (11,590)      (12,534) 
   Stock option 
    expense                (52)         (188)        (450)         (494) 
   Amortization of 
    intangible 
    assets              (2,126)       (1,932)      (5,751)       (5,656) 
   Non-service 
    pension costs       (2,363)       (2,441)      (7,050)       (7,313) 
   Contingent 
    earnout 
    adjustments            (60)        2,128         (503)        1,547 
   Income tax 
    provision           (5,813)       (5,333)     (14,138)      (10,866) 
   Net loss 
    (income) 
    attributable 
    to 
    noncontrolling 
    interests               19            66          (75)          206 
                     ---------       -------    ---------       ------- 
Net income 
 attributable to 
 shareholders of 
 Crawford & 
 Company            $   12,408   $     9,453   $   26,874   $    20,874 
                     ---------       -------    ---------       ------- 
 
 

The following is a reconciliation of net income attributable to shareholders of Crawford & Company on a GAAP basis to non-GAAP adjusted EBITDA:

 
                    Three Months Ended         Nine Months Ended 
                  -----------------------   ----------------------- 
                  September    September    September    September 
 (in thousands)    30, 2025    30, 2024      30, 2025    30, 2024 
                  ----------  -----------   ----------  ----------- 
Net income 
 attributable to 
 shareholders of 
 Crawford & 
 Company          $   12,408  $     9,453   $   26,874  $    20,874 
Add (Deduct): 
   Depreciation 
    and 
    amortization      10,084        8,813       29,545       26,957 
   Stock-based 
    compensation       1,751          988        4,836        3,819 
   Net corporate 
    interest 
    expense            3,788        4,682       11,590       12,534 
   Non-service 
    pension 
    costs              2,363        2,441        7,050        7,313 
   Contingent 
    earnout 
    adjustments           60       (2,128)         503       (1,547) 
   Income tax 
    provision          5,813        5,333       14,138       10,866 
                   ---------      -------    ---------      ------- 
   Non-GAAP 
    adjusted 
    EBITDA        $   36,267  $    29,582   $   94,536  $    80,816 
                   =========      =======    =========      ======= 
 
 

The following is a reconciliation of operating cash flow to free cash flow for the nine months ended September 30, 2025 and 2024:

 
                        Nine Months Ended 
----------------------------------------------------------------- 
                    September 30,       September 30, 
 (in thousands)          2025               2024          Change 
                   ----------------   -----------------   ------- 
Net Cash Provided 
 by Operating 
 Activities        $         51,715   $          11,093   $40,622 
Less: 
   Property & 
    Equipment 
    Purchases, 
    net                      (3,765)             (2,992)     (773) 
   Capitalized 
    Software 
    (internal and 
    external 
    costs)                  (23,821)            (26,453)    2,632 
                   ---  -----------   ---  ------------    ------ 
Free Cash Flow     $         24,129   $         (18,352)  $42,481 
                   ===  ===========   ===  ============    ====== 
 
 

Non-GAAP consolidated results for 2025 and 2024 exclude the non-cash, after-tax adjustments for amortization of intangible assets, non-service-related pension costs, and contingent earnout adjustment.

The following are the reconciliations of GAAP Pretax Earnings, Net Income and Earnings Per Share to related non-GAAP Adjusted figures, which reflect each of 2025 and 2024 before amortization of intangible assets, non-service related pension costs and contingent earnout adjustments:

 
             Three Months Ended September 30, 2025 
---------------------------------------------------------------- 
                             Net income     Diluted    Diluted 
                            attributable   earnings    earnings 
                  Pretax    to Crawford &  per CRD-A  per CRD-B 
(in thousands)   earnings      Company     share(1)    share(1) 
---------------  ---------  -------------  ---------  ---------- 
GAAP             $  18,202  $      12,408  $    0.25  $     0.25 
Adjustments: 
Amortization of 
 intangible 
 assets              2,126          1,814       0.04        0.04 
Non-service 
 related 
 pension costs       2,363          1,831       0.04        0.04 
Contingent 
 earnout 
 adjustments            60             60         --          -- 
                  --------   ------------   --------   --------- 
Non-GAAP 
 Adjusted        $  22,751  $      16,113  $    0.32  $     0.32 
                  ========   ============   ========   ========= 
 
 
 
               Three Months Ended September 30, 2024 
------------------------------------------------------------------- 
                              Net income      Diluted     Diluted 
                             attributable    earnings     earnings 
                  Pretax     to Crawford &   per CRD-A   per CRD-B 
(in thousands)   earnings       Company        share       share 
                 ---------   -------------   ---------   ---------- 
GAAP             $  14,720   $       9,453   $    0.19   $     0.19 
Adjustments: 
Amortization of 
 intangible 
 assets              1,932           1,668        0.03         0.03 
Non-service 
 related 
 pension costs       2,441           1,910        0.04         0.04 
Contingent 
 earnout 
 adjustments        (2,128)         (2,179)      (0.04)       (0.04) 
                  --------    ------------    --------    --------- 
Non-GAAP 
 Adjusted        $  16,965   $      10,852   $    0.22   $     0.22 
                  ========    ============    ========    ========= 
 
 
 
              Nine Months Ended September 30, 2025 
---------------------------------------------------------------- 
                             Net income     Diluted    Diluted 
                            attributable   earnings    earnings 
                  Pretax    to Crawford &  per CRD-A  per CRD-B 
(in thousands)   earnings      Company     share(1)     share 
                 ---------  -------------  ---------  ---------- 
GAAP             $  41,087  $      26,874  $    0.54  $     0.54 
Adjustments: 
Amortization of 
 intangible 
 assets              5,751          4,814       0.10        0.10 
Non-service 
 related 
 pension costs       7,050          5,457       0.11        0.11 
Contingent 
 earnout 
 adjustments           503            503       0.01        0.01 
                  --------   ------------   --------   --------- 
Non-GAAP 
 Adjusted        $  54,391  $      37,648  $    0.75  $     0.76 
                  ========   ============   ========   ========= 
 
 
 
               Nine Months Ended September 30, 2024 
------------------------------------------------------------------- 
                              Net income      Diluted     Diluted 
                             attributable    earnings     earnings 
                  Pretax     to Crawford &   per CRD-A   per CRD-B 
(in thousands)   earnings       Company        share       share 
                 ---------   -------------   ---------   ---------- 
GAAP             $  31,534   $      20,874   $    0.42   $     0.42 
Adjustments: 
Amortization of 
 intangible 
 assets              5,656           4,807        0.10         0.10 
Non-service 
 related 
 pension costs       7,313           5,714        0.11         0.11 
Contingent 
 earnout 
 adjustments        (1,547)         (1,605)      (0.03)       (0.03) 
                  --------    ------------    --------    --------- 
Non-GAAP 
 Adjusted        $  42,956   $      29,790   $    0.60   $     0.60 
                  ========    ============    ========    ========= 
 
 
(1) Sum of reconciling items may differ from total due to rounding of 
individual components. 
 

The following is information regarding the weighted average shares used in the computation of basic and diluted earnings per share:

 
                    Three Months Ended     Nine Months Ended 
                   ---------------------  -------------------- 
                   September   September  September  September 
 (in thousands)     30, 2025   30, 2024   30, 2025   30, 2024 
-----------------  ----------  ---------  ---------  --------- 
Weighted-Average 
Shares Used to 
Compute Basic 
Earnings Per 
Share: 
   Class A Common 
    Stock              30,428     29,880     30,303     29,732 
                    =========  =========  =========  ========= 
   Class B Common 
    Stock              19,142     19,255     19,144     19,390 
                    =========  =========  =========  ========= 
Weighted-Average 
Shares Used to 
Compute Diluted 
Earnings Per 
Share: 
   Class A Common 
    Stock              30,925     30,472     30,805     30,308 
                    =========  =========  =========  ========= 
   Class B Common 
    Stock              19,142     19,255     19,144     19,390 
                    =========  =========  =========  ========= 
 
 

Further information regarding the Company's operating results for the three and nine months ended September 30, 2025, financial position as of September 30, 2025, and cash flows for the nine months ended September 30, 2025 is shown on the attached unaudited condensed consolidated financial statements.

About Crawford & Company

Based in Atlanta, Crawford & Company (NYSE: CRD-A and CRD-B) is a leading provider of claims management and outsourcing solutions to insurance companies and self-insured entities with an expansive network serving clients in more than 70 countries. The Company's two classes of stock are substantially identical, except with respect to voting rights for the Class B Common Stock (CRD-B) and protections for the non-voting Class A Common Stock (CRD-A). More information is available at www.crawco.com.

TAG: Crawford-Financial, Crawford-Investor-News-and-Events

 
This press release contains forward-looking statements, including statements 
about the expected future financial condition, results of operations and 
earnings outlook of Crawford & Company. Statements, both qualitative and 
quantitative, that are not historical facts may be "forward-looking 
statements" as defined in the Private Securities Litigation Reform Act of 1995 
and other federal securities laws. Forward-looking statements involve a number 
of risks and uncertainties that could cause actual results to differ 
materially from historical experience or Crawford & Company's present 
expectations. Accordingly, no one should place undue reliance on 
forward-looking statements, which speak only as of the date on which they are 
made. Crawford & Company does not undertake to update forward-looking 
statements to reflect the impact of circumstances or events that may arise or 
not arise after the date the forward-looking statements are made. For further 
information regarding Crawford & Company, including factors that could cause 
our actual financial condition, results or earnings to differ from those 
described in any forward-looking statements, please read Crawford & Company's 
reports filed with the SEC and available at www.sec.gov and in the Investor 
Relations section of Crawford & Company's website at www.crawco.com. 
------------------------------------------------------------------------------ 
 
 
                      CRAWFORD & COMPANY 
       CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 
                          Unaudited 
   (In Thousands, Except Per Share Amounts and Percentages) 
 
Three Months Ended 
September 30,                 2025       2024     % Change 
-------------------------   --------   --------   -------- 
 
Revenues: 
   Revenues Before 
    Reimbursements          $322,171   $329,375         (2)% 
   Reimbursements             10,636     13,351        (20)% 
                             -------    ------- 
Total Revenues               332,807    342,726         (3)% 
                             -------    ------- 
 
Costs and Expenses: 
      Costs of Services 
       Provided, Before 
       Reimbursements        228,379    235,957         (3)% 
      Reimbursements          10,636     13,351        (20)% 
                             -------    ------- 
   Total Costs of Services   239,015    249,308         (4)% 
 
   Selling, General, and 
    Administrative 
    Expenses                  69,393     71,526         (3)% 
   Corporate Interest 
    Expense, Net               3,788      4,682        (19)% 
                             -------    ------- 
Total Costs and Expenses     312,196    325,516         (4)% 
                             -------    ------- 
 
Other Loss, Net               (2,409)    (2,490)        (3)% 
                             -------    ------- 
 
Income Before Income Taxes    18,202     14,720         24% 
   Provision for Income 
    Taxes                      5,813      5,333          9% 
                             -------    ------- 
 
Net Income                    12,389      9,387         32% 
 
   Net Loss Attributable 
    to Noncontrolling 
    Interests                     19         66        (71)% 
                             -------    ------- 
 
Net Income Attributable to 
 Shareholders of Crawford 
 & Company                  $ 12,408   $  9,453         31% 
                             =======    ======= 
 
Earnings Per Share - 
Basic: 
   Class A Common Stock     $   0.25   $   0.19         32% 
                             =======    ======= 
   Class B Common Stock     $   0.25   $   0.19         32% 
                             =======    ======= 
 
Earnings Per Share - 
Diluted: 
   Class A Common Stock     $   0.25   $   0.19         32% 
                             =======    ======= 
   Class B Common Stock     $   0.25   $   0.19         32% 
                             =======    ======= 
 
Cash Dividends Per Share: 
   Class A Common Stock     $  0.075   $   0.07          7% 
                             =======    ======= 
   Class B Common Stock     $  0.075   $   0.07          7% 
                             =======    ======= 
 
 
                      CRAWFORD & COMPANY 
       CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 
                          Unaudited 
   (In Thousands, Except Per Share Amounts and Percentages) 
 
Nine Months Ended 
September 30,                 2025       2024     % Change 
-------------------------   --------   --------   -------- 
 
Revenues: 
   Revenues Before 
    Reimbursements          $957,200   $945,256          1% 
   Reimbursements             33,541     37,396        (10)% 
                             -------    ------- 
Total Revenues               990,741    982,652          1% 
                             -------    ------- 
 
Costs and Expenses: 
      Costs of Services 
       Provided, Before 
       Reimbursements        674,996    672,611          0% 
      Reimbursements          33,541     37,396        (10)% 
                             -------    ------- 
   Total Costs of Services   708,537    710,007         (0)% 
 
   Selling, General, and 
    Administrative 
    Expenses                 222,317    221,116          1% 
   Corporate Interest 
    Expense, Net              11,590     12,534         (8)% 
                             -------    ------- 
Total Costs and Expenses     942,444    943,657         (0)% 
                             -------    ------- 
 
Other Loss, Net               (7,210)    (7,461)        (3)% 
                             -------    ------- 
 
Income Before Income Taxes    41,087     31,534         30% 
   Provision for Income 
    Taxes                     14,138     10,866         30% 
                             -------    ------- 
 
Net Income                    26,949     20,668         30% 
 
   Net (Income) Loss 
    Attributable to 
    Noncontrolling 
    Interests                    (75)       206       (136)% 
                             -------    ------- 
 
Net Income Attributable to 
 Shareholders of Crawford 
 & Company                  $ 26,874   $ 20,874         29% 
                             =======    ======= 
 
Earnings Per Share - 
Basic: 
   Class A Common Stock     $   0.54   $   0.42         29% 
                             =======    ======= 
   Class B Common Stock     $   0.54   $   0.42         29% 
                             =======    ======= 
 
Earnings Per Share - 
Diluted: 
   Class A Common Stock     $   0.54   $   0.42         29% 
                             =======    ======= 
   Class B Common Stock     $   0.54   $   0.42         29% 
                             =======    ======= 
 
Cash Dividends Per Share: 
   Class A Common Stock     $  0.215   $   0.21          2% 
                             =======    ======= 
   Class B Common Stock     $  0.215   $   0.21          2% 
                             =======    ======= 
 
 
                           CRAWFORD & COMPANY 
                 CONDENSED CONSOLIDATED BALANCE SHEETS 
             As of September 30, 2025 and December 31, 2024 
 
                                      September 30,     December 31, 
                                          2025              2024 
(In thousands, except par value 
amounts)                               (Unaudited)           * 
----------------------------------   ---------------   -------------- 
ASSETS 
----------------------------------   ---------------   -------------- 
 
Current Assets: 
   Cash and Cash Equivalents         $        68,767   $       55,412 
   Accounts Receivable, Net                  128,400          142,064 
   Unbilled Revenues, at Estimated 
    Billable Amounts                         134,928          131,080 
   Income Taxes Receivable                     3,626            5,337 
   Prepaid Expenses and Other 
    Current Assets                            35,960           40,334 
                                         -----------       ---------- 
Total Current Assets                         371,681          374,227 
                                         -----------       ---------- 
 
Net Property and Equipment                    17,804           20,554 
                                         -----------       ---------- 
 
Other Assets: 
   Operating Lease Right-of-Use 
    Asset, Net                                75,249           78,808 
   Goodwill                                   76,504           76,368 
   Intangible Assets Arising from 
    Business Acquisitions, Net                68,869           74,545 
   Capitalized Software Costs, Net           118,123          111,854 
   Deferred Income Tax Assets                 23,783           25,305 
   Other Noncurrent Assets                    47,826           42,094 
                                         -----------       ---------- 
Total Other Assets                           410,354          408,974 
                                         -----------       ---------- 
 
Total Assets                         $       799,839   $      803,755 
                                         ===========       ========== 
 
LIABILITIES AND SHAREHOLDERS' 
INVESTMENT 
---------------------------------- 
 
Current Liabilities: 
   Short-Term Borrowings             $        21,285   $       17,822 
   Accounts Payable                           45,470           50,605 
   Accrued Compensation and Related 
    Costs                                     85,884          101,371 
   Self-Insured Risks                         17,763           27,813 
   Income Taxes Payable                        3,397            3,343 
   Operating Lease Liability                  26,206           24,541 
   Other Accrued Liabilities                  38,097           38,103 
   Deferred Revenues                          36,179           36,129 
                                         -----------       ---------- 
Total Current Liabilities                    274,281          299,727 
                                         -----------       ---------- 
 
Noncurrent Liabilities: 
   Long-Term Debt and Finance 
    Leases, Less Current 
    Installments                             196,813          200,315 
   Operating Lease Liability                  61,251           66,811 
   Deferred Revenues                          23,704           23,556 
   Accrued Pension Liabilities                20,368           21,084 
   Other Noncurrent Liabilities               37,743           36,711 
                                         -----------       ---------- 
Total Noncurrent Liabilities                 339,879          348,477 
                                         -----------       ---------- 
 
Shareholders' Investment: 
   Class A Common Stock, $1.00 Par 
    Value                                     30,238           30,124 
   Class B Common Stock, $1.00 Par 
    Value                                     19,132           19,145 
   Additional Paid-in Capital                 93,610           87,118 
   Retained Earnings                         251,506          237,948 
Accumulated Other Comprehensive 
 Loss                                       (207,170)        (217,125) 
                                         -----------       ---------- 
Shareholders' Investment 
 Attributable to Shareholders of 
 Crawford & Company                          187,316          157,210 
Noncontrolling Interests                      (1,637)          (1,659) 
                                         -----------       ---------- 
Total Shareholders' Investment               185,679          155,551 
                                         -----------       ---------- 
 
Total Liabilities and Shareholders' 
 Investment                          $       799,839   $      803,755 
                                         ===========       ========== 
 
(*) Derived from the audited 
 Consolidated Balance Sheet 
 
 
                                                                        CRAWFORD & COMPANY 
                                         SUMMARY RESULTS BY OPERATING SEGMENT WITH DIRECT COMPENSATION AND OTHER EXPENSES 
                                                                            Unaudited 
                                                                (In Thousands, Except Percentages) 
 
                                                                 Three Months Ended September 30, 
 
                     North America Loss 
                          Adjusting               %     International Operations        %          Broadspire              %      Platform Solutions          % 
                    2025           2024         Change    2025           2024         Change    2025         2024        Change   2025         2024        Change 
================   =======      ==========      ======  ========      ==========      ======  ========      =======      ======  =======      =======      ======= 
 
Revenues Before 
 Reimbursements    $76,995      $   79,329      (2.9)%  $112,853      $  105,741        6.7%  $103,401      $99,009        4.4%  $28,922      $45,296      (36.1)% 
                    ------       ---------      ------   -------       ---------      ------   -------       ------      ------   ------       ------      ------- 
 
Direct 
 Compensation, 
 Fringe Benefits 
 & Non-Employee 
 Labor              54,494          57,055      (4.5)%    75,550          69,395        8.9%    62,402       59,680        4.6%   16,086       28,976      (44.5)% 
 
% of Revenues 
 Before 
 Reimbursements       70.8%           71.9%                 66.9%           65.6%                 60.3%        60.3%                55.6%        64.0% 
 
Expenses Other 
 than 
 Reimbursements, 
 Direct 
 Compensation, 
 Fringe Benefits 
 & Non-Employee 
 Labor              15,560          16,831      (7.6)%    29,856          31,210      (4.3)%    25,434       24,927        2.0%   10,252       12,487      (17.9)% 
 
% of Revenues 
 Before 
 Reimbursements       20.2%           21.2%                 26.5%           29.5%                 24.6%        25.2%                35.4%        27.6% 
                    ------       ---------      ------   -------       ---------      ------   -------       ------      ------   ------       ------      ------- 
 
Total Operating 
 Expenses           70,054          73,886      (5.2)%   105,406         100,605        4.8%    87,836       84,607        3.8%   26,338       41,463      (36.5)% 
                    ------       ---------      ------   -------       ---------      ------   -------       ------      ------   ------       ------      ------- 
 
Operating 
 Earnings (1)      $ 6,941      $    5,443       27.5%  $  7,447      $    5,136       45.0%  $ 15,565      $14,402        8.1%  $ 2,584      $ 3,833      (32.6)% 
 
% of Revenues 
 Before 
 Reimbursements        9.0%            6.9%                  6.6%            4.9%                 15.1%        14.5%                 8.9%         8.5% 
                    ------       ---------      ------   -------       ---------      ------   -------       ------      ------   ------       ------      ------- 
 
 
                                                                  Nine Months Ended September 30, 
 
                      North America Loss 
                          Adjusting                %      International Operations     %           Broadspire              %      Platforms Solutions          % 
                     2025           2024         Change    2025          2024        Change    2025          2024        Change   2025          2024        Change 
================   ========      ==========      ======  ========      ========      ======  ========      ========      ======  =======      ========      ======= 
 
Revenues Before 
 Reimbursements    $234,809      $  232,724        0.9%  $326,317      $306,116        6.6%  $300,402      $290,394        3.4%  $95,672      $116,022      (17.5)% 
                    -------       ---------      ------   -------       -------      ------   -------       -------      ------   ------       -------      ------- 
 
Direct 
 Compensation, 
 Fringe Benefits 
 & Non-Employee 
 Labor              165,347         167,230      (1.1)%   218,438       200,421        9.0%   181,113       175,099        3.4%   53,245        71,310      (25.3)% 
 
% of Revenues 
 Before 
 Reimbursements        70.4%           71.9%                 66.9%         65.5%                 60.3%         60.3%                55.7%         61.5% 
 
Expenses Other 
 than 
 Reimbursements, 
 Direct 
 Compensation, 
 Fringe Benefits 
 & Non-Employee 
 Labor               52,450          50,687        3.5%    89,340        93,167      (4.1)%    77,869        72,998        6.7%   33,784        38,295      (11.8)% 
 
% of Revenues 
 Before 
 Reimbursements        22.3%           21.8%                 27.4%         30.4%                 25.9%         25.1%                35.3%         33.0% 
                    -------       ---------      ------   -------       -------      ------   -------       -------      ------   ------       -------      ------- 
 
Total Operating 
 Expenses           217,797         217,917      (0.1)%   307,778       293,588        4.8%   258,982       248,097        4.4%   87,029       109,605      (20.6)% 
                    -------       ---------      ------   -------       -------      ------   -------       -------      ------   ------       -------      ------- 
 
Operating 
 Earnings(1)       $ 17,012      $   14,807       14.9%  $ 18,539      $ 12,528       48.0%  $ 41,420      $ 42,297      (2.1)%  $ 8,643      $  6,417        34.7% 
 
% of Revenues 
 Before 
 Reimbursements         7.2%            6.4%                  5.7%          4.1%                 13.8%         14.6%                 9.0%          5.5% 
                    -------       ---------      ------   -------       -------      ------   -------       -------      ------   ------       -------      ------- 
 
(1) A non-GAAP financial measurement which represents net income attributable to the applicable reporting segment excluding income taxes, net corporate interest 
expense, stock option expense, amortization of acquisition-related intangible assets, non-service pension costs, contingent earnout adjustments, and certain 
unallocated corporate and shared costs and credits. See pages 2 and 3 for additional information about segment operating earnings. 
 
 
 CRAWFORD & COMPANY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
Year-to-Date Period Ended September 30, 2025 and September 30, 2024 
                      Unaudited (In Thousands) 
 
                                                2025       2024 
                                              --------   -------- 
Cash Flows From Operating Activities: 
   Net Income                                 $ 26,949   $ 20,668 
   Reconciliation of net income to net cash 
   provided by operating activities: 
   Depreciation and amortization                29,545     26,957 
   Stock-based compensation                      4,836      3,819 
   Loss (gain) on disposal of property and 
    equipment                                    1,021        (93) 
   Contingent earnout adjustments                  503     (1,547) 
   Changes in operating assets and 
   liabilities: 
      Accounts receivable, net                  13,153        751 
      Unbilled revenues, net                    (3,146)   (17,263) 
      Accrued or prepaid income taxes               74     (5,520) 
      Accounts payable and accrued 
       liabilities                             (23,557)   (17,141) 
      Deferred revenues                           (272)    (1,819) 
      Accrued retirement costs                   5,098      4,993 
      Prepaid expenses and other operating 
       activities                               (2,489)    (2,712) 
--------------------------------------------   -------    ------- 
Net cash provided by operating activities       51,715     11,093 
--------------------------------------------   -------    ------- 
 
Cash Flows From Investing Activities: 
   Acquisitions of property and equipment       (3,765)    (2,992) 
   Capitalization of computer software costs   (23,821)   (26,453) 
   Proceeds from settlement of life 
   insurance policies                              295         -- 
   Proceeds from business dispositions, net 
   of cash disposed                              2,046         -- 
-------------------------------------------    -------    ------- 
Net cash used in investing activities          (25,245)   (29,445) 
--------------------------------------------   -------    ------- 
 
Cash Flows From Financing Activities: 
   Cash dividends paid                         (10,639)   (10,320) 
   Repurchases of common stock                  (2,953)    (3,604) 
   Increases in short-term and revolving 
    credit facility borrowings                  54,720     61,612 
   Payments on short-term and revolving 
    credit facility borrowings                 (55,449)   (32,606) 
   Payments of contingent consideration on 
    acquisitions                                (1,326)    (3,183) 
   Other financing activities                    1,840      1,410 
--------------------------------------------   -------    ------- 
Net cash (used in) provided by financing 
 activities                                    (13,807)    13,309 
--------------------------------------------   -------    ------- 
 
Effects of exchange rate changes on cash and 
 cash equivalents                                  123        181 
                                               -------    ------- 
Increase (Decrease) in cash, cash 
 equivalents, and restricted cash(1)            12,786     (4,862) 
Cash, cash equivalents, and restricted cash 
 at beginning of year(1)                        56,329     59,545 
                                               -------    ------- 
Cash, cash equivalents, and restricted cash 
 at end of period(1)                          $ 69,115   $ 54,683 
                                               =======    ======= 
 
Supplemental cash flow information: 
   Income taxes paid                          $ 13,304   $ 16,102 
   Interest paid                                13,504     14,244 
 
(1) The 2025 amounts include beginning restricted cash of $917 at 
December 31, 2024, and ending restricted cash of $348 at September 
30, 2025, and the 2024 amounts include beginning restricted cash of 
$1,182 at December 31, 2023, and ending restricted cash of $2,343 at 
September 30, 2024, which we present as part of "Prepaid expenses 
and other current assets" on the Balance Sheets. 
 

View source version on businesswire.com: https://www.businesswire.com/news/home/20251103941859/en/

CONTACT: Media Contacts:

mediarelations@us.crawco.com

Lynn Cufley

+44 207 265 4067

Lynn.Cufley@crawco.uk

Katie Cline

+1 470 792 5678

Katie.Cline@us.crawco.com

Investor Contact:

Jennifer Belodeau/Rosalyn Christian

IMS Investor Relations

203 972 9200

crawford@imsinvestorrelations.com

ATLANTA--(BUSINESS WIRE)--November 03, 2025--

On October 30, 2025, at its regular quarterly meeting, the Board of Directors of Crawford & Company(R) (NYSE: CRD-A and CRD-B) authorized an increase to the Company's share purchase program, approved on November 4, 2021, by an additional two million shares of its common stock. It also extended the termination date of the program to December 31, 2027. Under the share repurchase program initially established by the Board on November 4, 2021, and added to on February 10, 2022, the Company was authorized to repurchase up to an aggregate of seven million shares of its common stock. As of October 30, 2025, there were only 634,920 shares of common stock remaining.

Under this repurchase program, repurchases may be made in the open market or privately negotiated transactions, at such times and for such prices as management deems appropriate, subject to applicable regulatory guidelines. The new authorization does not obligate Crawford to acquire any stock, and purchases may be commenced or suspended at any time based on market conditions and other factors that the company deems appropriate.

"Given our solid revenue growth, progress against our strategy and our current share price, which we believe is trading below intrinsic value, we are pleased with our Board's authorization of an additional two million shares for repurchase," said Rohit Verma, Crawford chief executive officer.

The Board also declared a quarterly dividend of $0.075 per share on both Class A and Class B Common Stock. The dividend is payable on December 5, 2025, to shareholders of record as of the close of business on November 19, 2025.

About Crawford(R)

Based in Atlanta, Crawford & Company (NYSE: CRD--A and CRD--B) is a leading global provider of claims management and outsourcing solutions to insurance companies and self-insured entities with an expansive network serving clients in more than 70 countries. The Company's two classes of stock are substantially identical, except with respect to voting rights for the Class B Common Stock (CRD-B) and protections for the non-voting Class A Common Stock (CRD-A). More information is available at www.crawco.com.

Tag: Crawford-Investor-News-and-Events, Crawford-Financial

View source version on businesswire.com: https://www.businesswire.com/news/home/20251103138220/en/

CONTACT:

Media Contacts: mediarelations@us.crawco.com

Lynn Cufley

+44 207 265 4067

Lynn.Cufley@crawco.uk

Katie Cline

+1 470 792 5678

katie.cline@us.crawco.com