Bowhead Specialty Holdings Inc. (BOW) financial statements: income statement, balance sheet and cash flow
Bowhead Specialty Holdings Inc.'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), Bowhead Specialty Holdings Inc. reported revenue of $551.6M (+29.6% year on year) and net income of $53.8M (+40.6% year on year).
Income statement
Bowhead Specialty Holdings Inc. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Gross written premiums
$862.8M
$695.7M
Ceded written premiums
($304.6M)
($244.3M)
Net written premiums
$558.2M
$451.4M
Change in net unearned premiums
($66.5M)
($66.3M)
Net earned premiums
$491.7M
$385.1M
Net investment income
$57.8M
$40.1M
Net realized investment gains (losses)
$42.9K
($16.2K)
Other insurance-related income
$2.0M
$444.0K
Total revenues
$551.6M
$425.7M
Net losses and loss adjustment expenses
$328.0M
$248.1M
Net acquisition costs
$46.5M
$32.4M
Operating expenses
$102.3M
$89.1M
Non-operating expenses
$1.4M
$2.8M
Warrant expense
$3.1M
$1.9M
Interest expense and financing fees
$2.0M
$725.0K
Loss on extinguishment of credit facility
$862.0K
—
Foreign exchange losses (gains)
$50.0K
$68.0K
Total expenses
$484.3M
$375.1M
Income before income taxes
$67.3M
$50.5M
Income tax expense
($13.5M)
($12.3M)
Net income
$53.8M
$38.2M
Change in unrealized gain (loss) on investments (net of income tax benefit (expense) of $(4,388), $(58) and $(1,413), respectively)
$16.5M
$218.0K
Total comprehensive income
$70.3M
$38.5M
Basic (in dollars per share)
$1.64
$1.31
Diluted (in dollars per share)
$1.59
$1.29
Basic (in shares)
32.7M
29.3M
Diluted (in shares)
33.7M
29.7M
Bowhead Specialty Holdings Inc. income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Gross written premiums
$297.9M
$216.7M
$231.5M
$232.4M
Ceded written premiums
($116.9M)
($76.4M)
($82.5M)
($83.5M)
Net written premiums
$181.0M
$140.3M
$149.0M
$148.9M
Change in net unearned premiums
($37.1M)
($3.5M)
($20.6M)
($29.7M)
Net earned premiums
$144.0M
$136.8M
$128.4M
$119.1M
Net investment income
$18.8M
$18.0M
$15.0M
$13.7M
Net realized investment losses
($11.2K)
($20.9K)
($15.0K)
($11.2K)
Other insurance-related income
$1.1M
$880.0K
$502.0K
$460.0K
Total revenues
$163.9M
$155.7M
$143.9M
$133.3M
Net losses and loss adjustment expenses
$96.9M
$91.5M
$84.6M
$78.9M
Net acquisition costs
$15.8M
$13.9M
$12.5M
$11.0M
Operating expenses
$26.4M
$25.8M
$25.8M
$25.8M
Non-operating expenses
$0
$0
$783.0K
$437.0K
Warrant expense
$783.0K
$775.0K
$792.0K
$783.0K
Interest expense and financing fees
$3.3M
$3.2M
$262.0K
$261.0K
Foreign exchange (gains) losses
($2.0K)
$8.0K
$32.0K
$79.0K
Total expenses
$143.2M
$135.1M
$124.8M
$117.3M
Income before income taxes
$20.7M
$20.6M
$19.1M
$15.9M
Income tax expense
($4.5M)
($4.6M)
($3.9M)
($3.6M)
Net income
$16.1M
$16.0M
$15.2M
$12.3M
Change in unrealized (loss) gain on investments (net of income tax benefit (expense) of $986, $(847), $3,238, $(2,819), respectively
($3.7M)
($8.5M)
$5.3M
$3.2M
Total comprehensive income
$12.4M
$7.5M
$20.5M
$15.5M
Basic (in dollars per share)
$0.49
$0.49
$0.46
$0.38
Diluted (in dollars per share)
$0.48
$0.48
$0.45
$0.36
Basic (in shares)
32.9M
32.8M
32.8M
32.7M
Diluted (in shares)
33.6M
33.3M
33.7M
34.0M
Balance sheet
Bowhead Specialty Holdings Inc. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Fixed maturity securities, available for sale, at fair value (amortized cost of $1,364,228 and $894,145, respectively)
$1.4B
$880.0M
Short-term investments, at amortized cost, which approximates fair value
$0
$10.0M
Total investments
$1.4B
$890.0M
Cash and cash equivalents
$193.5M
$97.5M
Restricted cash and cash equivalents
$40.2M
$124.6M
Accrued investment income
$11.0M
$7.5M
Premium balances receivable
$84.4M
$63.7M
Reinsurance recoverable, net
$399.7M
$255.1M
Prepaid reinsurance premiums
$191.8M
$152.6M
Deferred policy acquisition costs
$35.3M
$27.6M
Property and equipment, net
$10.6M
$6.8M
Income taxes receivable
$3.1M
$586.0K
Deferred tax assets, net
$22.5M
$20.3M
Other assets
$8.3M
$8.0M
Total assets
$2.4B
$1.7B
Reserve for losses and loss adjustment expenses
$1.1B
$756.9M
Unearned premiums
$552.6M
$446.9M
Reinsurance balances payable
$65.8M
$51.9M
Debt
$146.4M
—
Income taxes payable
$314.0K
$1.6M
Accrued expenses
$19.0M
$18.0M
Other liabilities
$8.0M
$8.7M
Total liabilities
$1.9B
$1.3B
Performance stock units
$1.0M
$265.0K
Common stock
$328.0K
$327.0K
Additional paid-in capital
$325.9M
$318.1M
Accumulated other comprehensive income (loss)
$5.4M
($11.2M)
Retained earnings
$116.7M
$62.9M
Total stockholders' equity
$448.3M
$370.2M
Total mezzanine equity and stockholders' equity
$449.3M
$370.4M
Total liabilities, mezzanine equity and stockholders' equity
$2.4B
$1.7B
Bowhead Specialty Holdings Inc. balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Fixed maturity securities, available for sale, at fair value (amortized cost of $1,593,861 and $1,364,228, respectively)
$1.6B
$1.5B
$1.1B
$1.1B
Total investments
$1.6B
$1.5B
$1.1B
$1.1B
Cash and cash equivalents
$141.7M
$97.2M
$197.9M
$114.8M
Restricted cash and cash equivalents
$23.1M
$44.3M
$52.9M
$51.4M
Accrued investment income
$13.7M
$11.3M
$8.9M
$9.7M
Premium balances receivable
$122.4M
$84.6M
$66.1M
$88.8M
Reinsurance recoverable, net
$466.2M
$433.3M
$360.9M
$319.4M
Prepaid reinsurance premiums
$227.0M
$192.1M
$184.6M
$171.4M
Deferred policy acquisition costs
$45.5M
$40.0M
$33.5M
$32.2M
Property and equipment, net
$12.0M
$11.3M
$9.7M
$8.9M
Income taxes receivable
$4.3M
$1.4M
$3.3M
$1.9M
Deferred tax assets, net
$29.6M
$27.7M
$19.1M
$19.6M
Other assets
$10.6M
$10.6M
$8.2M
$10.8M
Total assets
$2.7B
$2.5B
$2.1B
$1.9B
Reserve for losses and loss adjustment expenses
$1.3B
$1.2B
$1.0B
$950.7M
Unearned premiums
$628.3M
$556.4M
$536.1M
$502.4M
Reinsurance balances payable
$85.6M
$59.1M
$67.9M
$62.6M
Debt
$146.6M
$146.5M
—
—
Income taxes payable
$314.0K
$6.2M
$136.0K
$137.0K
Accrued expenses
$11.6M
$11.1M
$14.4M
$10.5M
Other liabilities
$16.4M
$20.0M
$9.8M
$8.0M
Total liabilities
$2.2B
$2.0B
$1.7B
$1.5B
Performance stock units
$1.6M
$1.3M
$808.0K
$607.0K
Common stock
$329.0K
$328.0K
$328.0K
$328.0K
Additional paid-in capital
$330.0M
$328.0M
$323.3M
$320.7M
Accumulated other comprehensive (loss) income
($6.8M)
($3.1M)
$4.7M
($548.0K)
Retained earnings
$148.8M
$132.7M
$101.9M
$86.7M
Total stockholders' equity
$472.4M
$457.9M
$430.2M
$407.2M
Total mezzanine equity and stockholders' equity
$473.9M
$459.2M
$431.0M
$407.8M
Total liabilities, mezzanine equity and stockholders' equity
$2.7B
$2.5B
$2.1B
$1.9B
Cash flow statement
Bowhead Specialty Holdings Inc. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Net income
$53.8M
$38.2M
Net realized investment gains (losses)
($42.9K)
$16.2K
Amortization of premium/discounts on fixed maturity securities
($1.3M)
($3.5M)
Stock‐based compensation
$7.2M
$4.1M
Depreciation and amortization
$1.8M
$3.9M
Amortization expense
$50.0K
—
Non-cash loss on extinguishment of credit facility
$819.0K
—
Non-cash lease expense
$1.2M
$1.0M
Deferred income taxes
($6.5M)
($6.2M)
Warrant expense
$3.1M
$1.9M
Accrued investment income
($3.4M)
($2.9M)
Premium balances receivable
($20.7M)
($24.9M)
Reinsurance recoverable
($144.6M)
($115.7M)
Prepaid reinsurance premiums
($39.3M)
($35.8M)
Deferred policy acquisition costs
($7.7M)
($8.2M)
Income taxes receivable
($2.5M)
$521.0K
Other assets
($2.3M)
($6.3M)
Reserve for losses and loss expenses
$373.1M
$325.7M
Unearned premium
$105.7M
$102.1M
Reinsurance balances payable
$13.9M
$11.4M
Accrued expenses
$1.0M
$3.1M
Income taxes payable
($1.3M)
$1.5M
Other liabilities
($669.0K)
$4.1M
Net cash provided by operating activities
$331.6M
$294.3M
Fixed maturity securities
($828.2M)
($603.0M)
Short-term investments
$0
($9.9M)
Fixed maturity securities
$359.3M
$281.2M
Short-term investments
$10.0M
$9.0M
Purchase of property and equipment, net
($5.6M)
($3.1M)
Net cash used in investing activities
($464.4M)
($325.9M)
Capital contribution from parent
$0
$2.8M
Taxes paid on withholding shares
-1.8M
—
Proceeds from initial public offering, net
$0
$131.0M
Proceeds from debt
$150.0M
—
Payments related to loss extinguishment of credit facility
($44.0K)
—
Debt issuance costs
($3.6M)
—
Net cash provided by (used in) financing activities
$144.5M
$133.9M
Net change in cash, cash equivalents and restricted cash
$11.7M
$102.3M
Cash, cash equivalents and restricted cash, beginning of period
$222.1M
$119.8M
Cash, cash equivalents and restricted cash, end of period
$233.8M
$222.1M
Cash and cash equivalents
$193.5M
$97.5M
Restricted cash and cash equivalents
$40.2M
$124.6M
Total cash and cash equivalents and restricted cash
$233.8M
$222.1M
Income taxes paid
$23.4M
$16.4M
Bowhead Specialty Holdings Inc. cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$32.1M
$16.0M
$38.9M
$23.8M
Net realized investment losses
$32.1K
$20.9K
$30.2K
$15.2K
Amortization of premium/discounts on fixed maturity securities
($389.0K)
($194.0K)
($923.0K)
($680.0K)
Stock‐based compensation
$5.3M
$2.4M
$3.4M
$1.4M
Depreciation and amortization
$1.3M
$617.0K
$1.2M
$757.0K
Non-cash amortization of deferred issuance costs
$126.0K
$67.0K
—
—
Non-cash lease expense
$638.0K
$317.0K
$914.0K
$605.0K
Deferred income taxes
($3.9M)
($3.0M)
($3.0M)
($2.0M)
Warrant expense
$1.6M
$775.0K
$2.4M
$1.6M
Accrued investment income
($2.7M)
($369.0K)
($1.4M)
($2.2M)
Premium balances receivable
($38.0M)
($216.0K)
($2.4M)
($25.2M)
Reinsurance recoverable
($66.5M)
($33.6M)
($105.8M)
($64.4M)
Prepaid reinsurance premiums
($35.2M)
($289.0K)
($32.0M)
($18.9M)
Deferred policy acquisition costs
($10.2M)
($4.8M)
($5.8M)
($4.6M)
Income taxes receivable
($1.2M)
$1.6M
($2.8M)
($1.3M)
Other assets
($3.0M)
($2.6M)
($989.0K)
($2.7M)
Reserve for losses and loss expenses
$188.7M
$90.9M
$278.3M
$193.9M
Unearned premiums
$75.7M
$3.8M
$89.3M
$55.5M
Reinsurance balances payable
$19.8M
($6.7M)
$16.0M
$10.8M
Accrued expenses
($7.4M)
($8.0M)
($3.6M)
($7.5M)
Income taxes payable
$0
$5.9M
($1.4M)
($1.4M)
Other liabilities
$2.6M
$2.8M
$1.1M
($679.0K)
Net cash provided by operating activities
$159.3M
$65.5M
$271.4M
$156.7M
Fixed maturity securities
($377.8M)
($237.4M)
($530.1M)
($374.6M)
Short-term investments
($5.0M)
($5.0M)
$0
$0
Fixed maturity securities
$154.2M
$86.7M
$281.4M
$154.9M
Short-term investments
$5.0M
—
$10.0M
$10.0M
Purchase of property and equipment, net
($2.6M)
($1.3M)
($4.1M)
($2.8M)
Net cash used in investing activities
($226.1M)
($156.9M)
($242.7M)
($212.5M)
Capital contribution from parent
$0
$0
$0
$0
Taxes paid on withholding
($2.1M)
($789.0K)
—
—
Net cash used in financing activities
($2.1M)
($789.0K)
$0
$0
Net change in cash, cash equivalents and restricted cash
($68.9M)
($92.2M)
$28.7M
($55.8M)
Cash, cash equivalents and restricted cash, beginning of period
$233.8M
$233.8M
$222.1M
$222.1M
Cash, cash equivalents and restricted cash, end of period
$164.8M
$141.5M
$250.8M
$166.3M
Cash and cash equivalents
$141.7M
$97.2M
$197.9M
$114.8M
Restricted cash and cash equivalents
$23.1M
$44.3M
$52.9M
$51.4M
Total cash and cash equivalents and restricted cash