Safety Insurance Group, Inc. (SAFT) Income Statement
SAFT 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSAFT revenue and net income
Where SAFT's revenue goes
2025Each bar shows an amount and its share of revenue. SAFT kept 7.9% of revenue as net income.
SAFT profit margins
SAFT growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +13.0% | +16.9% | +8.3% | +4.6% |
| Gross profit | +16.2% | +16.0% | +0.9% | +9.1% |
| Operating income | +41.0% | +28.6% | −6.2% | — |
| Net income | +40.3% | +28.7% | −6.4% | — |
| EPS (diluted) | +53.2% | +8.6% | −5.7% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SAFT quarterly EPS vs estimates
Safety Insurance beat the analyst EPS estimate in 3 of the last 5 quarters. Next report: November 2, 2026.
SAFT income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.25B | $1.11B | $925.9M | $785.1M | $864.7M | $840.4M | $875.8M | $834.9M | $843.7M | $827.3M |
| Cost of revenue | $797.2M | $716.6M | $642.3M | $492.0M | $461.7M | $404.6M | $509.8M | $485.5M | $503.9M | $493.4M |
| Gross profit | $456.9M | $393.1M | $283.6M | $293.1M | $403.0M | $435.8M | $366.0M | $349.4M | $339.8M | $333.9M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Total operating expenses | $330.2M | $303.2M | $259.2M | $233.5M | $238.7M | $261.1M | $242.3M | $239.8M | $246.4M | $229.9M |
| Operating income | $126.7M | $89.9M | $24.4M | $59.6M | $164.3M | $174.8M | $123.7M | $109.6M | $93.3M | $104.0M |
| Interest income | $88.3M | $78.2M | $55.1M | $47.7M | $42.6M | $42.8M | $48.2M | $45.5M | $40.4M | $40.5M |
| Interest expense | $1.5M | $509,000 | $818,000 | $524,000 | $522,000 | $440,000 | $90,000 | $90,000 | $90,000 | $90,000 |
| Income before taxes | $126.7M | $89.9M | $24.4M | $59.6M | $164.3M | $174.8M | $123.7M | $104.3M | $86.7M | $93.3M |
| Income taxes | $27.4M | $19.1M | $5.5M | $13.0M | $33.6M | $36.6M | $24.1M | $21.1M | $24.3M | $28.7M |
| Net income | $99.3M | $70.7M | $18.9M | $46.6M | $130.7M | $138.2M | $99.6M | $83.2M | $62.4M | $64.6M |
| EBITDA | $135.0M | $99.8M | $32.2M | $66.7M | $171.7M | $182.7M | $129.3M | $109.8M | $91.8M | $97.8M |
| EPS (diluted) | $6.42 | $4.19 | $0.82 | $5.01 | $7.03 | $8.60 | $5.25 | $6.11 | $4.08 | $4.26 |
| Gross margin | 36.4% | 35.4% | 30.6% | 37.3% | 46.6% | 51.9% | 41.8% | 41.8% | 40.3% | 40.4% |
| Operating margin | 10.1% | 8.1% | 2.6% | 7.6% | 19.0% | 20.8% | 14.1% | 13.1% | 11.1% | 12.6% |
| Net margin | 7.9% | 6.4% | 2.0% | 5.9% | 15.1% | 16.4% | 11.4% | 10.0% | 7.4% | 7.8% |
| 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 | $520.8M | $315.0M | $315.3M | $323.2M | $315.9M | $299.6M | $284.7M | $291.1M | $267.3M | $266.6M | $258.0M | $226.5M |
| Cost of revenue | $195.1M | $247.5M | $207.7M | $205.0M | $194.2M | $190.3M | $193.0M | $182.5M | $172.7M | $168.4M | $172.1M | $159.5M |
| Gross profit | $325.7M | $67.5M | $107.6M | $118.2M | $121.7M | $109.3M | $91.7M | $108.6M | $94.6M | $98.2M | $85.9M | $67.0M |
| Total operating expenses | $281.9M | $85.4M | $82.2M | $82.0M | $84.9M | $81.1M | $81.6M | $75.7M | $73.4M | $72.6M | $70.1M | $64.5M |
| Operating income | $43.8M | −$17.9M | $25.4M | $36.2M | $36.8M | $28.2M | $10.1M | $32.9M | $21.2M | $25.6M | $15.8M | $2.5M |
| Interest income | $23.1M | $22.7M | $23.4M | $21.8M | $22.7M | $20.4M | $21.2M | $18.7M | $18.4M | $20.1M | $19.0M | $13.7M |
| Interest expense | $814,000 | $618,000 | $558,000 | $426,000 | $442,000 | $104,000 | $124,000 | $124,000 | $138,000 | $123,000 | $121,000 | $139,000 |
| Income before taxes | $43.8M | −$17.9M | $25.4M | $36.2M | $36.8M | $28.2M | $10.1M | $32.9M | $21.2M | $25.6M | $15.8M | $2.5M |
| Income taxes | $9.2M | −$3.5M | $5.3M | $7.9M | $7.9M | $6.3M | $2.0M | $7.0M | $4.6M | $5.5M | $3.5M | $527,000 |
| Net income | $34.5M | −$14.3M | $20.1M | $28.3M | $28.9M | $21.9M | $8.1M | $25.9M | $16.6M | $20.1M | $12.3M | $1.9M |
| EBITDA | $45.9M | −$15.9M | $31.9M | $38.1M | $39.2M | $30.3M | $12.7M | $35.4M | $23.7M | $28.0M | $17.8M | $4.4M |
| EPS (diluted) | $2.03 | −$0.99 | $1.58 | $1.91 | $1.45 | $1.48 | $0.55 | $1.10 | $1.18 | $1.36 | $0.30 | $0.59 |
| Gross margin | 62.5% | 21.4% | 34.1% | 36.6% | 38.5% | 36.5% | 32.2% | 37.3% | 35.4% | 36.8% | 33.3% | 29.6% |
| Operating margin | 8.4% | −5.7% | 8.1% | 11.2% | 11.7% | 9.4% | 3.6% | 11.3% | 7.9% | 9.6% | 6.1% | 1.1% |
| Net margin | 6.6% | −4.5% | 6.4% | 8.8% | 9.2% | 7.3% | 2.9% | 8.9% | 6.2% | 7.5% | 4.8% | 0.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SAFT's financial statements (latest annual report filed February 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SAFT financial results
In fiscal year 2025 (ended December 31, 2025), Safety Insurance reported revenue of $1.3 billion, up 13.0% from the year before. It had net income of $99.3 million (up 40.3%), a net profit margin of 7.9%. Diluted earnings per share came to $6.42. Over five years revenue grew at an average rate of 8.3% a year.
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SAFT income statement FAQ
What is Safety Insurance's annual revenue?
Safety Insurance reported total revenue of $1.3 billion for fiscal year 2025, which ended on December 31, 2025. That was up 13.0% from $1.1 billion the previous year.
Is Safety Insurance profitable?
Yes. Safety Insurance reported net income of $99.3 million in fiscal 2025, a net profit margin of 7.9%; its operating margin was 10.1%.
What is Safety Insurance's gross margin?
Safety Insurance's gross margin was 36.4% in fiscal 2025: for every $100 of revenue, Safety Insurance kept $36 after the direct cost of its products and services.
How fast is Safety Insurance growing?
Revenue grew 8.3% a year on average over the last five fiscal years, from $840.4 million to $1.3 billion.
What are Safety Insurance's earnings per share?
Safety Insurance earned $6.42 per diluted share in fiscal 2025, compared with $4.19 a year earlier.
When will Safety Insurance report its next earnings?
Safety Insurance is expected to report results for the quarter ending September 30, 2026 on November 2, 2026 after the market closes.
When does Safety Insurance's fiscal year end?
Safety Insurance's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 27, 2026.