Reinsurance Group of America, Incorporated (RGA) Income Statement
RGA 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsRGA revenue and net income
Where RGA's revenue goes
2025Each bar shows an amount and its share of revenue. RGA kept 5.2% of revenue as net income.
RGA profit margins
RGA growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +3.4% | +12.8% | +9.3% | +115.8% |
| Gross profit | +132.6% | +54.4% | −15.9% | +89.2% |
| Operating income | +57.1% | +29.0% | +22.7% | +114.6% |
| Net income | +64.9% | +31.7% | +23.3% | +117.4% |
| EPS (diluted) | +0.8% | +16.4% | +25.0% | +10.4% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
RGA quarterly EPS vs estimates
Reinsurance Group of America beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 5, 2026 (estimate $6.95).
RGA income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $22.79B | $22.04B | $18.39B | $15.88B | $16.66B | $14.60B | $14.30B | $12.9M | $12.5M | $11.5M |
| Cost of revenue | $17.00B | $19.55B | $16.06B | $14.31B | $936.0M | $816.0M | $868.0M | $786,000 | $710,700 | $645,500 |
| Gross profit | $5.79B | $2.49B | $2.33B | $1.57B | $15.72B | $13.78B | $13.43B | $12.1M | $11.8M | $10.9M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Total operating expenses | $4.25B | $1.51B | $1.17B | $853.0M | −$15.03B | −$13.23B | −$12.30B | −$11.2M | −$10.7M | −$9.8M |
| Operating income | $1.54B | $980.0M | $1.16B | $718.0M | $691.0M | $553.0M | $1.13B | $846,000 | $1.1M | $1.0M |
| Interest income | $366.0M | $265.0M | $209.0M | $191.0M | $139.0M | $187.0M | $202.0M | $177.1M | $174.7M | $163.4M |
| Interest expense | $366.0M | $304.0M | $257.0M | $191.0M | $127.0M | $170.0M | $173.0M | $147,000 | $146,000 | $137,600 |
| Income before taxes | $1.54B | $980.0M | $1.16B | $718.0M | $691.0M | $553.0M | $1.13B | $846,000 | $1.1M | $1.0M |
| Income taxes | $351.0M | $256.0M | $251.0M | $197.0M | $74.0M | $138.0M | $262.0M | $130,000 | −$679,400 | $342,500 |
| Net income | $1.18B | $717.0M | $902.0M | $517.0M | $617.0M | $415.0M | $870.0M | $716,000 | $1.8M | $701,400 |
| EBITDA | $1.95B | $1.33B | $1.46B | $947.0M | $734.0M | $602.0M | $1.18B | $46.0M | $54.0M | $27.9M |
| EPS (diluted) | $22.79 | $22.62 | $19.86 | $14.44 | $1.09 | $7.47 | $13.37 | $12.20 | $10.85 | $9.74 |
| Gross margin | 25.4% | 11.3% | 12.7% | 9.9% | 94.4% | 94.4% | 93.9% | 93.9% | 94.3% | 94.4% |
| Operating margin | 6.8% | 4.4% | 6.3% | 4.5% | 4.1% | 3.8% | 7.9% | 6.6% | 9.1% | 9.1% |
| Net margin | 5.2% | 3.3% | 4.9% | 3.3% | 3.7% | 2.8% | 6.1% | 5.6% | 14.6% | 6.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.64B | $6.47B | $6.34B | $6.23B | $5.56B | $5.29B | $5.20B | $5.61B | $4.87B | $6.37B | $4.92B | $5.10B |
| Cost of revenue | $4.46B | $4.62B | $4.67B | $5.46B | $4.84B | $4.51B | $4.54B | $5.06B | $4.24B | $5.71B | $4.48B | $4.43B |
| Gross profit | $2.18B | $1.85B | $1.66B | $771.0M | $713.0M | $778.0M | $651.0M | $549.0M | $638.0M | $653.0M | $440.0M | $670.0M |
| Total operating expenses | $1.57B | $1.41B | $1.15B | $451.0M | $372.0M | $409.0M | $426.0M | $335.0M | $369.0M | $381.0M | $276.0M | $290.0M |
| Operating income | $605.0M | $441.0M | $510.0M | $320.0M | $341.0M | $369.0M | $225.0M | $214.0M | $269.0M | $272.0M | $164.0M | $380.0M |
| Interest income | $86.0M | $108.0M | $98.0M | $81.0M | $90.0M | $87.0M | $65.0M | $61.0M | $76.0M | — | — | $72.0M |
| Interest expense | $101.0M | $99.0M | $98.0M | $98.0M | $90.0M | $80.0M | $86.0M | $78.0M | $72.0M | $68.0M | $69.0M | $72.0M |
| Income before taxes | $605.0M | $441.0M | $510.0M | $320.0M | $341.0M | $369.0M | $225.0M | $214.0M | $269.0M | $272.0M | $164.0M | $380.0M |
| Income taxes | $141.0M | $110.0M | $45.0M | $65.0M | $160.0M | $81.0M | $75.0M | $56.0M | $65.0M | $60.0M | $4.0M | $91.0M |
| Net income | $462.0M | $330.0M | $463.0M | $253.0M | $180.0M | $286.0M | $148.0M | $156.0M | $203.0M | $210.0M | $158.0M | $287.0M |
| EBITDA | $706.0M | $541.0M | $608.0M | $418.0M | $431.0M | $449.0M | $311.0M | $292.0M | $341.0M | $340.0M | $622.0M | $452.0M |
| EPS (diluted) | $8.89 | $6.97 | $7.75 | $4.66 | $4.72 | $5.66 | $4.99 | $6.13 | $5.48 | $6.02 | $4.73 | $5.57 |
| Gross margin | 32.8% | 28.6% | 26.3% | 12.4% | 12.8% | 14.7% | 12.5% | 9.8% | 13.1% | 10.3% | 8.9% | 13.1% |
| Operating margin | 9.1% | 6.8% | 8.0% | 5.1% | 6.1% | 7.0% | 4.3% | 3.8% | 5.5% | 4.3% | 3.3% | 7.5% |
| Net margin | 7.0% | 5.1% | 7.3% | 4.1% | 3.2% | 5.4% | 2.8% | 2.8% | 4.2% | 3.3% | 3.2% | 5.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in RGA's financial statements (latest annual report filed February 20, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
RGA financial results
In fiscal year 2025 (ended December 31, 2025), Reinsurance Group of America reported revenue of $22.8 billion, up 3.4% from the year before. It had net income of $1.2 billion (up 64.9%), a net profit margin of 5.2%. Diluted earnings per share came to $22.79. Over five years revenue grew at an average rate of 9.3% a year.
See the RGA stock overview for the latest quote and news, or the RGA chart for price history and technical indicators.
RGA income statement FAQ
What is Reinsurance Group of America's annual revenue?
Reinsurance Group of America reported total revenue of $22.8 billion for fiscal year 2025, which ended on December 31, 2025. That was up 3.4% from $22.0 billion the previous year.
Is Reinsurance Group of America profitable?
Yes. Reinsurance Group of America reported net income of $1.2 billion in fiscal 2025, a net profit margin of 5.2%; its operating margin was 6.8%.
What is Reinsurance Group of America's gross margin?
Reinsurance Group of America's gross margin was 25.4% in fiscal 2025: for every $100 of revenue, Reinsurance Group of America kept $25 after the direct cost of its products and services.
How fast is Reinsurance Group of America growing?
Revenue grew 9.3% a year on average over the last five fiscal years, from $14.6 billion to $22.8 billion.
What are Reinsurance Group of America's earnings per share?
Reinsurance Group of America earned $22.79 per diluted share in fiscal 2025, compared with $22.62 a year earlier.
When will Reinsurance Group of America report its next earnings?
Reinsurance Group of America is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 after the market closes.
When does Reinsurance Group of America's fiscal year end?
Reinsurance Group of America's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 20, 2026.