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Mercury General (MCY) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Mercury General (MCY) Q3 2026 earnings results →
Q3 2026 Revenue down 13% year over year to $1.4B · 1¢ of every $1 of revenue lost · operating margin -1.7%
Mercury General made $1.4B in Q3 2026 (-13% Y/Y). Operating margin -1.7%, net loss $13.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $1.4B in Q3 2026, down 13% year over year and down 18% from the previous quarter.
Operating costs exceeded revenue by $0.02B, an operating margin of -1.7%. Total costs grew 14% against a revenue fall of 13%. The fastest-growing cost line was Other operating costs (+14%). The quarter ended with a net loss of $0.01B, after a profit of $0.26B the previous quarter.
Operating cash flow was $0.39B (down 22% year over year). Non-cash charges added back $0.02B of depreciation and amortization. Working capital and other items added $0.38B. Capital expenditures of $0.01B left free cash flow of $0.37B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $1.4B | -13% | -1.7% | −$13.7M | $387M |
| Q2 2026 | 10-Q | Aug 4, 2026 | $1.7B | +14% | 19.5% | $264M | $218M |
| Q1 2026 | 10-Q | May 5, 2026 | $1.5B | +10% | 15.3% | $190M | $326M |
| Q4 2025 | 10-K | Feb 17, 2026 | $1.5B | +12% | 16.2% | $203M | $288M |
| Q3 2025 | 10-Q | Nov 4, 2025 | $1.6B | +4% | 22.1% | $280M | $496M |
| Q2 2025 | 10-Q | Jul 29, 2025 | $1.5B | +13% | 14.0% | $166M | $372M |
| Q1 2025 | 10-Q | May 6, 2025 | $1.4B | +9% | -10.2% | −$108M | −$68.7M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Mercury General
Mercury General Corporation ("Mercury General") and its subsidiaries (referred to herein collectively as the "Company") are primarily engaged in writing personal automobile insurance through 12 insurance subsidiaries (referred to herein collectively as the "Insurance Companies") in 11 states, principally California. The Company also writes homeowners, commercial automobile, commercial property, mechanical protection, and umbrella insurance. The Company's insurance policies are mostly sold through independent agents who receive a commission for selling policies. The Company believes that it has thorough underwriting and claims handling processes that, together with its agent relationships, provide the Company with competitive advantages.
In its own words, from its 10-K, filed Feb 17, 2026.
Mercury General against its Fire, Marine & Casualty Insurance peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -13% against the peers' median +2%. Operating margin: -1.7% against the peers' median 15.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| MCY Mercury General | Q3 2026 | $1.4B | -13% | -1.7% |
| BRK-B Berkshire Hathaway | Q2 2026 | $101.8B | +10% | 15.5% |
| PGR Progressive | Q3 2026 | $23.2B | +3% | 14.0% |
| ALL Allstate | Q3 2026 | $17.3B | +0.5% | 15.1% |
| CB Chubb | Q3 2026 | $16.2B | +0.3% | 21.0% |
| TRV Travelers Companies | Q3 2026 | $12.4B | -0.5% | 19.1% |
| AIG American International Group | Q3 2026 | $7.4B | +17% | 15.0% |
| HIG Hartford Insurance Group | Q3 2026 | $7.2B | +4% | 21.9% |
| L Loews | Q3 2026 | $4.8B | +2% | 8.5% |
Source: Mercury General 10-Q on SEC EDGAR · CIK 64996 · Fire, Marine & Casualty Insurance
Guidance and outlook
13F: who owns MCY and who is buying
More on MCY
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results