Accelerant Holdings (ARX) financial statements: income statement, balance sheet and cash flow
Accelerant Holdings's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Accelerant Holdings reported revenue of $912.9M and net income of ($1.4B).
Income statement
Accelerant Holdings income statement, fiscal years
Line item
Dec 31, 2025 · FY
Ceding commission income
$356.8M
Direct commission income
$162.0M
Net earned premiums
$298.1M
Net investment income
$48.7M
Net realized gains on investments
$7.9M
Net unrealized gains on investments
$39.4M
Total revenues
$912.9M
Losses and loss adjustment expenses
$204.0M
Amortization of deferred acquisition costs
$80.3M
General and administrative expenses
$400.4M
Interest expenses
$10.9M
Depreciation and amortization
$35.2M
Profits interest distribution expenses
$1.4B
Net foreign exchange losses (gains)
$20.2M
Other expenses
$104.1M
Total expenses
$2.2B
Loss before income taxes
($1.3B)
Income tax expense
($23.3M)
Net (loss) income
($1.3B)
Adjustment for net (income) loss attributable to non-controlling interests
($8.9M)
Deemed dividend upon redemption of Class C preference shares
-70.9M
Net income attributable to Accelerant common shareholders, diluted
($1.4B)
Net income attributable to Accelerant common shareholders, basic
($1.4B)
Basic (in usd per share)
-$7.49
Diluted (in usd per share)
-$7.49
Weighted-average common shares outstanding - basic (in shares)
190.3M
Weighted-average common shares outstanding - diluted
190.3M
Accelerant Holdings income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Ceding commission income
$75.1M
$80.5M
$92.3M
$101.6M
Direct commission income
$92.5M
$50.8M
$43.4M
$34.2M
Net earned premiums
$129.1M
$129.8M
$82.1M
$70.6M
Net investment income
$7.2M
$12.1M
$10.1M
$12.8M
Net realized gains on investments
$26.0M
$100.0K
$3.5M
$400.0K
Net unrealized gains (losses) on investments
$27.0M
$0
$36.0M
($500.0K)
Total revenues
$356.9M
$273.3M
$267.4M
$219.1M
Losses and loss adjustment expenses
$71.7M
$81.8M
$50.8M
$51.3M
Amortization of deferred acquisition costs
$34.8M
$33.6M
$22.8M
$18.2M
General and administrative expenses
$129.5M
$123.8M
$115.8M
$86.1M
Interest expenses
$2.4M
$2.5M
$2.6M
$2.5M
Depreciation and amortization
$10.4M
$10.0M
$10.0M
$8.3M
Net foreign exchange (gains) losses
($6.1M)
$1.9M
($2.4M)
$14.2M
Other expenses
$26.8M
$17.7M
$45.6M
$16.2M
Total expenses
$269.5M
$271.3M
$1.6B
$196.8M
Income before income taxes
$87.4M
$2.0M
($1.4B)
$22.3M
Income tax expense
($7.4M)
($6.1M)
($9.5M)
($9.2M)
Net income
$80.0M
($4.1M)
($1.4B)
$13.1M
Adjustment for net income attributable to non-controlling interests
($1.3M)
($1.1M)
($1.8M)
($4.3M)
Net income attributable to Accelerant common shareholders, basic
$78.7M
($5.2M)
($1.4B)
—
Net income attributable to Accelerant common shareholders, diluted
$78.7M
($5.2M)
($1.4B)
—
Basic (in usd per share)
$0.36
-$0.02
-$6.99
$0.05
Diluted (in usd per share)
$0.36
-$0.02
-$6.99
$0.04
Basic (in shares)
218.4M
222.0M
206.1M
166.2M
Diluted (in shares)
219.7M
222.0M
206.1M
205.9M
Balance sheet
Accelerant Holdings balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Available for sale investments, at fair value
$712.0M
Equity method investments
$10.4M
Other investments
$84.0M
Total investments
$806.4M
Cash, cash equivalents and restricted cash
$1.8B
Premiums receivable (net of allowance 2025: $4.6 and 2024: $2.4)
$1.1B
Ceded unearned premiums
$1.8B
Total reinsurance recoverables on unpaid losses and LAE
$1.7B
Other reinsurance recoverables
$594.2M
Deferred acquisition costs
$76.9M
Goodwill and other intangible assets, net
$115.1M
Capitalized technology development costs, net
$100.5M
Other assets
$198.1M
Total assets
$8.3B
Total unpaid losses and LAE
$2.0B
Unearned premiums
$2.2B
Payables to reinsurers
$1.2B
Deferred ceding commissions
$232.5M
Funds held under reinsurance
$1.2B
Debt
$121.3M
Accounts payable and other liabilities
$593.6M
Total liabilities
$7.5B
Class C convertible preference shares (issued and outstanding 2024: 5,556,546)
0
Convertible preference shares
0
Common shares (par value $0.000001 per share, issued and outstanding 2025: Class A - 114,580,918; Class B - 107,241,428 and 2024: 166,185,094)
$0.00
Additional paid-in capital
$2.2B
Accumulated other comprehensive income (loss)
$2.2M
Accumulated deficit
($1.5B)
Total Accelerant shareholders' equity
$697.7M
Non-controlling interests
$28.7M
Total equity
$726.4M
Total liabilities and equity
$8.3B
Accelerant Holdings balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Available for sale investments, at fair value
$662.2M
$890.2M
$786.7M
$751.4M
Equity method investments
$13.0M
$11.8M
$9.4M
$10.2M
Other investments
$88.1M
$84.2M
$81.7M
$46.6M
Total investments
$763.3M
$986.2M
$877.8M
$808.2M
Cash, cash equivalents and restricted cash
$1.7B
$1.5B
$1.7B
$1.5B
Premiums receivable (net of allowance 2026: $5.1 and 2025: $4.6)
$1.2B
$1.2B
$922.0M
$937.6M
Ceded unearned premiums
$1.8B
$1.8B
$1.9B
$1.9B
Reinsurance recoverables on unpaid losses and LAE
$2.1B
$1.9B
$1.6B
$1.4B
Other reinsurance recoverables
$941.8M
$676.8M
$527.1M
$491.1M
Deferred acquisition costs
$105.4M
$85.0M
$59.0M
$51.2M
Goodwill and other intangible assets, net
$110.5M
$111.9M
$116.5M
$119.7M
Capitalized technology development costs, net
$106.4M
$102.5M
$95.7M
—
Other assets
$234.2M
$215.5M
$164.5M
$189.4M
Total assets
$8.9B
$8.6B
$7.9B
$7.5B
Unpaid losses and loss adjustment expenses
$2.3B
$2.1B
$1.8B
$1.7B
Unearned premiums
$2.2B
$2.2B
$2.2B
$2.2B
Payables to reinsurers
$1.6B
$1.2B
$1.2B
$1.4B
Deferred ceding commissions
$225.1M
$247.8M
$226.0M
$235.0M
Funds held under reinsurance
$1.2B
$1.3B
$1.1B
$978.1M
Debt
$120.1M
$120.7M
$121.9M
$126.7M
Accounts payable and other liabilities
$668.3M
$660.0M
$273.3M
$280.0M
Total liabilities
$8.2B
$7.9B
$7.2B
$7.0B
Common shares (par value $0.000001 per share, issued and outstanding 2026: Class A - 118,278,172; Class B - 98,639,873 and 2025: Class A - 114,580,918; Class B - 107,241,428)
$0.00
$0.00
$0.00
$0.00
Additional paid-in capital
$2.2B
$2.2B
$2.2B
$130.2M
Accumulated other comprehensive (loss) income
($11.0M)
($8.8M)
($1.5M)
$1.7M
Accumulated deficit
($1.5B)
($1.5B)
($1.5B)
($167.5M)
Total Accelerant shareholders' equity
$717.4M
$692.6M
$676.1M
$346.2M
Non-controlling interests
$26.6M
$27.3M
$27.7M
$31.6M
Total equity
$744.0M
$719.9M
$703.8M
$482.2M
Total liabilities and equity
$8.9B
$8.6B
$7.9B
$7.5B
Cash flow statement
Accelerant Holdings cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Net (loss) income
($1.3B)
Profits interest distribution expenses
$1.4B
Net realized gains on investments
($7.9M)
Net unrealized gains on investments
($39.4M)
Earnings from equity method investments
($1.8M)
Share-based compensation expenses
$43.1M
Depreciation and amortization
$35.2M
Deferred income tax (benefit) expense
($32.0M)
Net gain on commutation
$0
Net foreign exchange losses (gains)
$20.2M
Net accretion of discount on fixed maturity securities and short-term investments
($7.6M)
Other, net
$3.0M
Premiums receivable
($258.6M)
Ceded unearned premiums
($225.9M)
Reinsurance recoverables on unpaid losses and LAE
($589.3M)
Other reinsurance recoverables
($219.3M)
Deferred acquisition costs
($15.7M)
Unpaid losses and loss adjustment expenses
$645.3M
Unearned premiums
$287.3M
Payables to reinsurers
$87.1M
Deferred ceding commissions
$55.5M
Funds held under reinsurance
$451.0M
Other assets, accounts payable and other liabilities
$180.4M
Net cash provided by operating activities
$445.1M
Fixed maturity securities
$306.1M
Equity method investments
$1.1M
Other investments
$3.6M
Maturities of fixed maturity securities
$49.8M
Equity securities
$0
Fixed maturity securities
($509.3M)
Equity method investments
($1.6M)
Net change in short-term investments
$28.5M
Purchases of subsidiaries, net of cash acquired
($9.9M)
Capitalized technology development expenditures
($41.4M)
Other, net
($500.0K)
Net cash used in investing activities
($173.6M)
Issuance of common shares, net of issuance costs
392.0M
Redemption of Class C convertible preference shares
-175.3M
Issuance of convertible preference shares, net of issuance costs
0
Credit facility borrowings
$5.0M
Credit facility repayment
($5.0M)
Issuance of debt, net of issuance costs
$0
Payment of debt
($800.0K)
Acquisition of non-controlling interests in subsidiaries
($2.1M)
Dividends paid to non-controlling interests
($8.0M)
Accelerant Holdings cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$75.9M
($4.1M)
($1.3B)
$20.9M
Net realized gains on investments
($26.1M)
($100.0K)
($6.2M)
($2.7M)
Net unrealized gains on investments
($27.0M)
$0
($37.2M)
($1.2M)
Earnings from equity method investments
($1.9M)
($200.0K)
($1.5M)
($1.2M)
Share-based compensation expenses
$51.7M
$28.8M
$22.6M
$5.4M
Depreciation and amortization
$20.4M
$10.0M
$25.7M
$15.7M
Deferred income tax (benefit) expense
$1.7M
($400.0K)
($11.8M)
($10.7M)
Net foreign exchange (gains) losses
($4.2M)
$1.9M
$14.9M
$17.3M
Net accretion of discount on fixed maturity securities and short-term investments
($3.8M)
($1.5M)
($5.9M)
($3.9M)
Other, net
$400.0K
$200.0K
$2.8M
$400.0K
Premiums receivable
($85.0M)
($110.0M)
($102.7M)
($112.7M)
Ceded unearned premiums
$31.3M
($40.9M)
($280.6M)
($325.1M)
Reinsurance recoverables on unpaid losses and loss adjustment expenses
($54.7M)
($82.7M)
($460.5M)
($327.1M)
Other reinsurance recoverables
($352.1M)
($86.6M)
($152.8M)
($112.7M)
Deferred acquisition costs
($28.0M)
($7.8M)
$1.9M
$9.8M
Unpaid losses and loss adjustment expenses
$289.4M
$142.2M
$483.6M
$321.2M
Unearned premiums
$34.5M
$61.8M
$292.1M
$282.9M
Payables to reinsurers
$355.1M
$27.2M
$86.3M
$253.1M
Deferred ceding commissions
($13.8M)
$10.0M
$48.7M
$59.5M
Funds held under reinsurance
($396.5M)
($22.7M)
$383.1M
$230.9M
Other assets, accounts payable and other liabilities
$42.7M
$53.5M
$23.7M
$8.7M
Net cash (used in) provided by operating activities
($90.0M)
($21.4M)
$383.2M
$309.3M
Fixed maturity securities
$227.7M
$44.3M
$150.8M
$80.8M
Other investments
$50.9M
—
$3.6M
—
Maturities of fixed maturity securities
$28.7M
$14.1M
$40.0M
$28.9M
Fixed maturity securities
($174.3M)
($91.0M)
($397.9M)
($262.9M)
Equity method investments
($1.4M)
($1.3M)
$1.1M
($400.0K)
Net change in short-term investments
($43.6M)
($161.2M)
$4.9M
($10.2M)
Purchases of subsidiaries, net of cash acquired
($9.4M)
($9.4M)
($9.9M)
($1.4M)
Capitalized technology development expenditures
($19.9M)
($6.7M)
($29.8M)
($17.3M)
Other, net
($600.0K)
($400.0K)
($300.0K)
($300.0K)
Net cash (used in) provided by investing activities
$58.1M
($211.6M)
($238.3M)
($182.8M)
Acquisition of common shares
-82.6M
-12.2M
—
—
Credit facility borrowings
$0
—
$5.0M
$5.0M
Payment of debt
($1.6M)
($800.0K)
$0
$0
Acquisition of non-controlling interests in subsidiaries
($11.6M)
($4.9M)
($7.2M)
($4.1M)
Dividends paid to non-controlling interests
($1.7M)
($1.3M)
—
—
Net cash (used in) provided by financing activities
($97.5M)
($19.2M)
$209.5M
$900.0K
Net (decrease) increase in cash, cash equivalents and restricted cash
($129.4M)
($252.2M)
$354.4M
$127.4M
Effect of foreign currency rate changes on cash, cash equivalents and restricted cash
($13.6M)
($10.6M)
$48.5M
$58.1M
Cash, cash equivalents and restricted cash at beginning of period
$1.8B
$1.8B
$1.3B
$1.3B
Cash, cash equivalents and restricted cash at end of period