SKWD FY 2025 Earnings Report — Skyward Specialty Insurance Group, Inc. Revenue & Financial Results | Market Cap Arena

Skyward Specialty Insurance Group, Inc.SKWD

FY 2025 Earnings

Reported March 2, 2026

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2025	Prior Q	FY 2024	QoQ Change	YoY Change
Revenue	$1.4B	—	$1.1B	—	23.2%
Op. Income	$216M	—	$153M	—	41.7%
Gross Margin	44.0%	—	28.6%	—	15.4pp
Net Margin	12.0%	—	10.4%	—	1.7pp
EPS (Diluted)	$4.07	—	$2.87	—	41.8%
Free Cash Flow	$403M	—	$301M	—	33.8%

Revenue Flow

Item	Amount
REVENUE	$1.4B
Cost of Revenue	$795M
GROSS PROFIT	$622M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$406M
Operating Expenses	$406M
Cost & Expenses	$1.2B
OPERATING INCOME	$216M
Interest Income	$0
Interest Expense	$8M
Other Income/Expenses	$0
INCOME BEFORE TAX	$216M
Income Tax Expense	$46M
Net Income from Continuing Ops	$170M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$170M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$170M
D&A	$4M
EBIT	$224M
EBITDA	$228M
EPS	$4
EPS Diluted	$4

Income Statement

Item	Amount
REVENUE	$1.4B
Cost of Revenue	$795M
GROSS PROFIT	$622M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$406M
Operating Expenses	$406M
Cost & Expenses	$1.2B
OPERATING INCOME	$216M
Interest Income	$0
Interest Expense	$8M
Other Income/Expenses	$0
INCOME BEFORE TAX	$216M
Income Tax Expense	$46M
Net Income from Continuing Ops	$170M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$170M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$170M
D&A	$4M
EBIT	$224M
EBITDA	$228M
EPS	$4
EPS Diluted	$4

Cash Flow Statement

Item	Amount
Net Income	$170M
Depreciation & Amortization	$4M
Stock-Based Compensation	$12M
Deferred Income Tax	$0
Other Non-Cash Items	-$51M
Change in Working Capital	$274M
OPERATING CASH FLOW	$408M
Capital Expenditure	-$5M
Acquisitions (Net)	$0
Purchases of Investments	-$917M
Sales/Maturities of Investments	$337M
Other Investing Activities	$219M
NET CASH FROM INVESTING	-$367M
Net Debt Issuance	$411.0K
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	$0
NET CASH FROM FINANCING	$411.0K
FREE CASH FLOW	$403M
Net Change in Cash	$42M

Balance Sheet

Item	Amount
Cash & Equivalents	$169M
Short-Term Investments	$1.9B
Net Receivables	$544M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$2.6B
PP&E (Net)	$0
Goodwill	$66M
Intangible Assets	$22M
Long-Term Investments	$917M
Tax Assets	$0
Other Non-Current Assets	-$917M
TOTAL NON-CURRENT ASSETS	$88M
TOTAL ASSETS	$4.8B
Account Payables	$395M
Short-Term Debt	$0
Deferred Revenue	$774M
Other Current Liabilities	$2.5B
TOTAL CURRENT LIABILITIES	$3.7B
Long-Term Debt	$120M
Deferred Revenue NC	$46M
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$2.3B
TOTAL NON-CURRENT LIABILITIES	$2.4B
TOTAL LIABILITIES	$3.8B
Common Stock	$405.0K
Additional Paid-In Capital	$731M
Retained Earnings	$267M
Treasury Stock	$0
Accum. Other Comp. Income	$11M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.0B
Minority Interest	$0
TOTAL EQUITY	$1.0B
TOTAL LIABILITIES & EQUITY	$4.8B
Total Debt	$120M
Net Debt	-$49M