Stewart Information Services Corp 2025年度报告

FORM 10-K (Mark One) ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year endedDecember 31, 2025 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fromto (Exact name of registrant as specified in its charter) 74-1677330(I.R.S. EmployerIdentification No.) 77056 Registrant’s telephone number, including area code:(713)625-8100Securities registered pursuant to Section12(b) of the Act: Securities registered pursuant to Section12(g) of the Act:None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes☑No☐ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Actof 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has beensubject to such filing requirements for the past 90 days.Yes☑No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant wasrequired to submit such files).Yes☑No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and“emerging growth company” in Rule 12b-2 of the Exchange Act. ☑Large accelerated filer☐Acceleratedfiler☐Non-accelerated filer☐Smallerreportingcompany☐Emerging growthcompany If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of itsinternal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accountingfirm that prepared or issued its audit report.☑ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correction of an error to previously issued financial statements. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☑ The aggregate market value of the Common Stock (based upon the closing stock price of the Common Stock of Stewart Information ServicesCorporation, as reported by the NYSE on June30, 2025) held by non-affiliates of the Registrant was approximately $1.8 billion. On February16, 2026, there were 30,419,415 outstanding shares of the Registrant's Common Stock. Documents Incorporated by Reference Portions of the definitive proxy statement (the Proxy Statement), in connection with the Registrant's 2026 Annual Meeting of Stockholders, areincorporated herein by reference inPart IIIof this document. FORM 10-K ANNUAL REPORTYEAR ENDED DECEMBER31, 2025TABLE OF CONTENTS Item PART I 1Business1A.Risk Factors1B.Unresolved Staff Comments1C.Cybersecurity2Properties3Legal Proceedings4Mine Safety DisclosuresPART II5Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities6Reserved7Management’s Discussion and Analysis of Financial Condition and Results of Operations7A.Quantitative and Qualitative Disclosures About Market Risk8Financial Statements and Supplementary Data9Changes in and Disagreements With Accountants on Accounting and Financial Disclosure9A.Controls and Procedures9B.Other Information9C.Disclosure Regarding Foreign Jurisdictions that Prevent InspectionsPART III10Directors, Executive Officers and Corporate Governance11Executive Compensation12Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters13Certain Relationships and Related Transactions, and Director Independence14Principal Accountant Fees and ServicesPART IV15Exhibits and Financial Statement Schedules16Form 10-K SummarySignatures As used in this report, “we,” “us,” “our,” the “Company” and “Stewart” mean Stewart Information Services Corporation andour subsidiaries, unless the context indicates otherwise. PART I Item1. Business Founded in 1893, Stewart Information Services Corporatio