CRD-A

MKT CAP —P/E —DIV YIELD —FCF YIELD —REV TTM $1.3B −4.1%NET INCOME $23.5M −20.6%NET DEBT $119.6M52W 9.29 – 13.77SEC XBRL · TTM TO Invalid Date

How CRD-A rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

Text kept

62%

of sentences unchanged

Added

new sentences

Dropped

sentences removed

Length

+270

words, now 9,715

New in FY2025

For the year ended December 31, 2025, the Company reported total revenues before reimbursements of $1.266 billion.
The North America Loss Adjusting segment accounted for 24.1% of our revenues before reimbursements in 2025.
The International Operations segment accounted for 34.6% of our revenues before reimbursements in 2025.
This segment accounted for 31.8% of our revenues before reimbursements in 2025.
The Platform Solutions segment accounted for 9.5% of our revenues before reimbursements in 2025.
No single customer accounts for 10% or more of our consolidated revenues for the years ended December 31, 2025, 2024, or 2023.
However, for the year ended December 31, 2025, two customers in our Platform Solutions segment represented in excess of 10% of its revenues, and for each of the years ended December 31, 2024 and 2023, three customers in our Platform Solutions segment each represented in excess of 10% of its revenues.
For the year ended December 31, 2023, our International Operations segment derived in excess of 10% of its revenues from one customer.
GLOBAL CORPORATE CITIZENSHIP In February of 2025, a cross-section of global claims leaders from Crawford’s carrier and broker partner organizations completed a quantitative survey designed to assess the meaning and importance of sustainability in their companies and the claims industry.
We compiled leader responses and insights and produced a global sustainability report.
Among the claims leaders we surveyed, 76% stated that sustainability is an important decision criterion in partner or vendor selection processes and 80% reported that sustainability considerations impact their decisions about the products and services they develop.
We support workforce composition initiatives.
Our Women Leadership Exploration and Development program, which is in its ninth year, develops the Company's women professionals globally through skill building, networking, and leadership exposure.
Our continued commitment to workforce composition initiatives was measured through our annual, global Employee Pulse survey conducted in September 2025.
At the overall Company level, 85% of the respondents agreed that senior leadership supports workforce composition initiatives and over 80% responded that the organization is committed to the fair treatment of employees.
Our people-first culture is reflected in our RESTORE values of Respect, Empowerment, Sustainability, Training, One Crawford, Recognition and Entrepreneurial Spirit which are supported in our workforce programs.
As of December 31, 2025, we had approximately 9,943 employees and third-party associates operating in 70 countries.
Approximately 77% of our workforce is concentrated in the U.S., Canada, U.K., Australia, and the Philippines.
Women comprised 58% of our global workforce, 26% of our global senior management team and 53% of our female employees are in people management roles.
Employee Engagement In September 2025, we conducted our annual Employee Pulse survey for all our global workforce to measure their sentiment on our employee experience and culture.
Our overall response rate was 77% which is 1% higher than the 2024 survey.
Employee engagement at the overall Company level remains strong, continuing the positive momentum from previous years.
Responses to half of the questions from 2024 remained stable, while the other half saw a modest shift of 1–3 points.
We saw encouraging gains in areas like team collaboration and leadership support.
Notably, the most significant improvement was in employees’ feeling supported in balancing their health and well-being, and in experiencing stronger cooperation across teams.
Employees reported the highest scores in having a clear understanding of what is expected of them in their role, a strong sense of purpose in their job and alignment of their work with business strategy.
As a result, 87% of employees feel empowered to make decisions that drive impact.
Moreover, 83% of employees feel safe raising ethical concerns without fear of retaliation reflecting our commitment to fairness and open dialog.
They also feel safe to speak up and feel that the Company is committed to fair treatment of our employees.
In 2025 we continued to offer all employees a free subscription to the mental wellbeing platform, Headspace.
Employee development continued to be a strategic priority in 2025 with the Company offering skill-based training and relevant certifications for all employees.
In 2025, we tracked approximately 45,000 training hours in our proprietary learning platform, KMC OnDemand ("KMC") for all formats of training offered globally.
In the U.S., we conducted four sessions of the Residential Property Loss Adjusting course, three sessions of the Commercial Property Loss Adjusting course, two sessions of the Casualty Loss Adjusting course, one Advanced Casualty Forum session, and six sessions of the Xactimate course to build skills that increase adjuster performance and success in the field.
Our employees in the U.S. completed 340 designation courses offered by The Institutes, an educational provider for risk management and insurance courses.
They achieved 25 designations including Associate in Claims ("AIC"), Associate in Management ("AIM"), Associate in Risk Management ("ARM"), Chartered Property Casualty Underwriter ("CPCU") and more.
Also, 265 individual courses were completed for Property Technical Certification ("PTC") and 31 PTC certifications were earned.
Additionally, we trained approximately 143 care and care management professionals and approximately 1,030 catastrophe adjusters in the U.S. through 54 instructor-led classes and 349 hours of Crawford Vision video viewing.
In 2025, our managers continued with a global management development program called the Manager Acceleration Program ("MAP").
We had 41 new managers complete the MAP program this year and 75 employees who completed the Aspiring Manager Program aimed at building management skills in employees who aspire to be managers in the future.
Our focus on leadership development brought 32 individuals together from around the world for the Crawford Emerging Leaders Program, a week-long immersion program which builds leadership and business acumen skills, offers visibility to the Company's global senior management, provides experience working on business-critical projects and enables networking with colleagues from across the globe.

and 44 more.

Gone since FY2024

For the year ended December 31, 2024, the Company reported total revenues before reimbursements of $1.293 billion.
The North America Loss Adjusting segment accounted for 24.2% of our revenues before reimbursements in 2024.
The International Operations segment accounted for 32.4% of our revenues before reimbursements in 2024.
This segment accounted for 30.0% of our revenues before reimbursements in 2024.
The Platform Solutions segment accounted for 13.4% of our revenues before reimbursements in 2024.
No single customer accounts for 10% or more of our consolidated revenues for the years ended December 31, 2024, 2023, or 2022.
However, for each of the years ended December 31, 2024, 2023, and 2022, three customers in our Platform Solutions segment each represented in excess of 10% of its revenue.
For each of the years ended December 31, 2023 and 2022, our International Operations segment derived in excess of 10% of its revenue from one customer.
GLOBAL CORPORATE CITIZENSHIP We have implemented a carbon reporting software package to assist with data capture, carbon benchmarking, and sustainability targets.
We plan to leverage the carbon analytics to help reduce greenhouse gas emissions, promote data-driven decisions, and deliver sustainable outcomes that will generate value for our stakeholders.
As we continue to work toward reducing our carbon footprint over time, we are emphasizing technology-based solutions, optimizing real estate space, monitoring the impact of our fleet usage, and minimizing work commute by promoting agile working programs.
We support diversity and inclusion initiatives.
Our Women Leadership Exploration and Development program, which is in its eighth year, develops the Company's women professionals and the Multicultural Leadership Program is offered to employees from underrepresented groups in the U.S.
Both of these programs offer opportunities for skill building, networking, and leadership exposure.
Our continued commitment to diversity and inclusion was measured through our annual, global Employee Pulse survey conducted in September 2024.
At the overall Company level, 91% of the respondents agreed that they do not face any bias due to their personal identity and 84% favored that the organization is committed to the fair treatment of its employees and that senior leadership supports diversity and inclusion efforts at Crawford.
Our culture is reflected in our RESTORE values of Respect, Empowerment, Sustainability, Training, One Crawford, Recognition and Entrepreneurial Spirit.
In 2024, we launched a RESTORE campaign called the Crawford Way to reinforce our people-first culture.
The Crawford Way identifies a set of behaviors for each of our RESTORE values.
The intent of this framework is to define the desired behaviors expected from our employees, guide our decisions and ensure the best outcomes for our business.
As of December 31, 2024, we had approximately 10,040 employees operating in 70 countries.
Approximately 83% of our workforce is concentrated in the U.S., Canada, U.K., Australia, and the Philippines.
Women comprised 57% of our global workforce, 27% of our global senior management team and 55% of our female employees are in people management roles.
Employee Engagement In September 2024, we conducted our annual Employee Pulse survey for all our global workforce to measure their sentiment on our employee experience and culture.
Our overall response rate was 76% which is 3% higher than the prior survey.
The question with maximum gain (7%) from the past survey was employees expressing a strong desire to stay with the Company even if a comparable job is offered to them for the same salary.
We believe that our investment in people programs that enhance employee experience has helped create the positive movement on this question.
In addition, our highest scoring question was employees feeling that they are ready and willing to participate in changes necessary for the company to be successful. 88% of the respondents consider that they are doing something meaningful in their jobs and understand how their work aligns with our business strategy.
Finally, we received an overwhelmingly favorable response on our efforts to improve manager effectiveness.
The survey respondents expressed that managers are supportive in helping them achieve their performance goals, holding them accountable and having a sincere interest in their wellbeing.
In 2024 we continued to offer all employees a free subscription to the mental wellbeing platform, Headspace.
Employee development continued to be a strategic priority in 2024 with the Company offering skill-based training and relevant certifications for all employees.
In 2024, we tracked approximately 50,500 training hours in our proprietary learning platform, KMC OnDemand ("KMC") for all formats of training offered globally.
In the U.S., we conducted four sessions of the Residential Property Loss Adjusting course, three sessions of the Commercial Property Loss Adjusting course, three sessions of the Basic Casualty course, and four sessions of the Xactimate course to build skills that increase adjuster performance and success in the field.
Our employees in the U.S. completed 126 designation courses offered by The Institutes, an educational provider for risk management and insurance courses.
They achieved 36 designations including Associate in Claims (AIC), Associate in Management (AIM), Associate in Risk Management (ARM), Chartered Property Casualty Underwriter (CPCU) and more.
Also, 673 individual courses were completed for Property Technical Certification ("PTC") and 44 PTC certifications were earned.
Additionally, we trained approximately 540 care and care management professionals and approximately 2,100 catastrophe adjusters in the U.S. through 100 instructor-led classes and 150 training videos.
In 2024, our managers continued with a global management development program called the Manager Acceleration Program (MAP).
We had 97 new managers complete the MAP program this year and 75 employees who completed the Aspiring Manager Program aimed at building management skills in employees who aspire to be managers in the future.

and 30 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

Watch CRD-A. Know when insiders buy.

One email the day a filing lands. Free.