AXS

MKT CAP:$7B

AXIS Capital Holdings Limited

Market Cap

$7B

Financial Services·Insurance - Property & Casualty·🇧🇲 Bermuda·NYSE

Financials·Insurance·🇧🇲·NYSE

Stock Price

$102.20-$2.06 (-1.98%)

Apr 17, 2026

Company Details

AXIS Capital Holdings Limited, through its subsidiaries, provides various specialty insurance and reinsurance products worldwide. It operates through two segments, Insurance and Reinsurance. The Insurance segment offers property insurance p...

CEO

Vincent Christopher Tizzio

IPO Date

Jul 1, 2003

Website

www.axiscapital.com

Key Metrics TTM

Revenue

$6.3B

+7.5% YoY

Net Income

$1.0B

EPS (Diluted)

$12.10

Free Cash Flow

-$316M

Revenue / Share

$79.24

Gross Margin

30.6%

Operating Margin

18.3%

Net Margin

16.1%

FCF Margin

-5.0%

P/S

1.2x

P/E

7.3x

Earnings Reports

Q4 2025

Apr 29, 2026

PENDING

FY 2025

Feb 27, 2026

$6.6B+9.1%EPS $12.35

Q3 2025

Oct 29, 2025

$1.7B+11.4%EPS $3.74

Q2 2025

Jul 29, 2025

$1.5B+4.7%EPS $2.72

Q1 2025

Apr 30, 2025

$1.5B+1.7%EPS $2.26

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$1.4B	$420M	$216M
Q1 22	$1.3B	$325M	$138M
Q2 22	$1.3B	$235M	$29M
Q3 22	$1.4B	$184M	-$2M
Q4 22	$1.4B	$296M	$79M
Q1 23	$1.3B	$387M	$198M
Q2 23	$1.4B	$364M	$176M
Q3 23	$1.5B	$436M	$210M
Q4 23	$1.4B	$9M	-$186M
Q1 24	$1.4B	$461M	$270M
Q2 24	$1.5B	$440M	$245M
Q3 24	$1.5B	$413M	$227M
Q4 24	$1.6B	$477M	$267M
Q1 25	$1.5B	$417M	$236M
Q2 25	$1.5B	$463M	$280M
Q3 25	$1.7B	$566M	$370M

Valuation

Quarter	P/S	P/E
Q4 21	1.4x	12.0x
Q1 22	1.4x	11.5x
Q2 22	1.4x	16.7x
Q3 22	1.4x	19.5x
Q4 22	1.4x	33.2x
Q1 23	1.4x	29.1x
Q2 23	1.4x	20.0x
Q3 23	1.3x	13.0x
Q4 23	1.3x	19.7x
Q1 24	1.3x	12.5x
Q2 24	1.3x	11.3x
Q3 24	1.3x	11.5x
Q4 24	1.2x	6.8x
Q1 25	1.2x	8.4x
Q2 25	1.2x	8.3x
Q3 25	1.2x	7.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$105M	$105M
Q1 22	$133M	$133M
Q2 22	$380M	$374M
Q3 22	$403M	$403M
Q4 22	-$225M	-$225M
Q1 23	$222M	$222M
Q2 23	$397M	$397M
Q3 23	$348M	$340M
Q4 23	$306M	$291M
Q1 24	$384M	$376M
Q2 24	$518M	$517M
Q3 24	$587M	$587M
Q4 24	$356M	$356M
Q1 25	$309M	$309M
Q2 25	-$1.7B	-$1.7B
Q3 25	$674M	$674M

Capital Expenditures

Quarter	CapEx
Q4 21	$0
Q1 22	$0
Q2 22	$7M
Q3 22	$0
Q4 22	$0
Q1 23	$0
Q2 23	$0
Q3 23	$9M
Q4 23	$15M
Q1 24	$8M
Q2 24	$724.0K
Q3 24	$0
Q4 24	$297.0K
Q1 25	$0
Q2 25	$0
Q3 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+15.4%	-3.6%
Q1 22	+4.8%	+5.2%
Q2 22	-4.5%	+15.5%
Q3 22	+0.1%	+3.6%
Q4 22	-1.3%	+10.1%
Q1 23	+2.4%	-2.5%
Q2 23	+7.2%	-4.6%
Q3 23	+8.6%	-6.9%
Q4 23	+3.3%	+24.0%
Q1 24	+7.9%	+3.0%
Q2 24	+8.7%	+4.2%
Q3 24	+2.4%	+1.5%
Q4 24	+12.0%	-17.7%
Q1 25	+1.7%	+4.9%
Q2 25	+4.7%	+2.8%
Q3 25	+11.4%	+2.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$12M	0.9%
Q1 22	$8M	0.6%
Q2 22	$14M	1.1%
Q3 22	$14M	1.1%
Q4 22	$12M	0.9%
Q1 23	$9M	0.7%
Q2 23	$16M	1.2%
Q3 23	$15M	1.0%
Q4 23	$14M	1.0%
Q1 24	$14M	0.9%
Q2 24	$10M	0.7%
Q3 24	$10M	0.7%
Q4 24	$9M	0.6%
Q1 25	$12M	0.8%
Q2 25	$11M	0.7%
Q3 25	$11M	0.7%

OpEx Breakdown

Quarter	G&A
Q4 21	$184M
Q1 22	$169M
Q2 22	$166M
Q3 22	$158M
Q4 22	$187M
Q1 23	$167M
Q2 23	$169M
Q3 23	$179M
Q4 23	$170M
Q1 24	$163M
Q2 24	$148M
Q3 24	$165M
Q4 24	$189M
Q1 25	$159M
Q2 25	$161M
Q3 25	$172M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$987M	$11.5B	$12.5B
Q2 22	$845M	$11.4B	$12.2B
Q3 22	$1.2B	$10.9B	$12.1B
Q4 22	$751M	$4.2B	$4.9B
Q1 23	$817M	$4.4B	$5.2B
Q2 23	$1.2B	$4.3B	$5.5B
Q3 23	$890M	$4.5B	$5.4B
Q4 23	$953M	$4.4B	$5.3B
Q1 24	$1.1B	$4.4B	$5.5B
Q2 24	$1.1B	$4.5B	$5.6B
Q3 24	$981M	$5.1B	$6.1B
Q4 24	$2.1B	$4.8B	$6.9B
Q1 25	$2.8B	$91M	$2.8B
Q2 25	$852M	$4.8B	$5.7B
Q3 25	$826M	$4.9B	$5.7B
Q4 25	$1.3B	$4.9B	$6.2B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	86M	+0.3%	+1.5%
Q1 22	86M	+0.3%	+1.0%
Q2 22	86M	+0.0%	+0.7%
Q3 22	85M	-1.4%	-0.8%
Q4 22	86M	+1.2%	+0.1%
Q1 23	86M	+0.2%	+0.1%
Q2 23	86M	-0.0%	-0.0%
Q3 23	86M	+0.3%	+1.7%
Q4 23	85M	-1.0%	-0.5%
Q1 24	86M	+0.5%	-0.2%
Q2 24	85M	-0.4%	-0.6%
Q3 24	85M	-0.4%	-1.3%
Q4 24	85M	+0.2%	-0.1%
Q1 25	82M	-3.3%	-3.9%
Q2 25	79M	-3.7%	-7.0%
Q3 25	79M	0.0%	-6.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$667.0K	2K
Q1 22	$627.3K	2K
Q2 22	$606.2K	2K
Q3 22	$656.4K	2K
Q4 22	$663.8K	2K
Q1 23	$648.0K	2K
Q2 23	$655.7K	2K
Q3 23	$718.7K	2K
Q4 23	$691.1K	2K
Q1 24	$704.8K	2K
Q2 24	$718.2K	2K
Q3 24	$742.1K	2K
Q4 24	$844.8K	2K
Q1 25	$782.4K	2K
Q2 25	$821.1K	2K
Q3 25	$902.6K	2K

Revenue / Employee