Palomar Holdings, Inc. (PLMR) financial statements: income statement, balance sheet and cash flow
Palomar 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), Palomar Holdings, Inc. reported revenue of $876.0M (+58.2% year on year) and net income of $197.1M (+67.6% year on year).
Income statement
Palomar Holdings, Inc. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Gross written premiums
$2.0B
$1.5B
$1.1B
$881.9M
Ceded written premiums
($1.1B)
($897.1M)
($731.5M)
($524.6M)
Net written premiums
$964.0M
$644.9M
$410.0M
$357.3M
Change in unearned premiums
($161.4M)
($134.2M)
($64.1M)
($40.8M)
Net earned premiums
$802.6M
$510.7M
$345.9M
$316.5M
Net investment income
$56.0M
$35.8M
$23.7M
$13.9M
Net realized and unrealized gains on investments
$11.8M
$4.6M
$2.9M
($7.5M)
Commission and other income
$5.5M
$2.8M
$3.4M
$4.3M
Total revenues
$876.0M
$553.9M
$375.9M
$327.1M
Losses and loss adjustment expenses
$228.6M
$134.8M
$72.6M
$78.7M
Acquisition expenses, net of ceding commissions and fronting fees
$217.1M
$149.7M
$107.7M
$110.8M
Other underwriting expenses
$176.5M
$117.1M
$88.2M
$69.2M
Interest expense
$392.0K
$1.1M
$3.8M
$873.0K
Total expenses
$622.6M
$402.7M
$272.3M
$259.5M
Income before income taxes
$253.4M
$151.2M
$103.6M
$67.6M
Income tax expense
$56.3M
$33.6M
$24.4M
$15.4M
Net income
$197.1M
$117.6M
$79.2M
$52.2M
Net unrealized gains (losses) on securities available for sale
$24.3M
($2.9M)
$12.5M
($41.8M)
Total comprehensive income
$221.4M
$114.7M
$91.7M
$10.3M
Basic earnings per share (in dollars per share)
$7.40
$4.61
$3.19
$2.07
Diluted earnings per share (in dollars per share)
$7.17
$4.48
$3.13
$2.02
Basic (in shares)
26.6M
25.5M
24.8M
25.2M
Diluted (in shares)
27.5M
26.2M
25.3M
25.8M
Palomar 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
$630.5M
$629.8M
$597.2M
$496.3M
Ceded written premiums
($305.3M)
($291.9M)
($321.9M)
($266.5M)
Net written premiums
$325.2M
$337.9M
$275.2M
$229.8M
Change in unearned premiums
($38.2M)
($76.5M)
($50.1M)
($49.8M)
Net earned premiums
$287.0M
$261.4M
$225.1M
$180.0M
Net investment income
$19.9M
$18.0M
$14.6M
$13.4M
Net realized and unrealized gains on investments
$6.8M
($1.9M)
$3.5M
$8.3M
Commission and other income
$769.0K
$1.4M
$1.4M
$1.7M
Total revenues
$314.4M
$278.9M
$244.7M
$203.3M
Losses and loss adjustment expenses
$99.0M
$87.1M
$72.8M
$46.2M
Acquisition expenses, net of ceding commissions and fronting fees
$71.3M
$70.3M
$56.3M
$51.6M
Other underwriting expenses
$69.4M
$64.9M
$48.3M
$45.5M
Interest expense
$4.9M
$3.2M
$133.0K
$86.0K
Total expenses
$244.6M
$225.5M
$177.5M
$143.4M
Income before income taxes
$69.8M
$53.5M
$67.1M
$59.9M
Income tax expense
$17.2M
$10.5M
$15.7M
$13.4M
Net income
$52.6M
$42.9M
$51.5M
$46.5M
Net unrealized gains (losses) on securities available for sale
$1.3M
($13.9M)
$9.5M
$3.0M
Net comprehensive income
$53.9M
$29.0M
$61.0M
$49.5M
Basic earnings per share (in dollars per share)
$2.00
$1.62
$1.93
$1.74
Diluted earnings per share (in dollars per share)
$1.94
$1.57
$1.87
$1.68
Basic (in shares)
26.3M
26.6M
26.6M
26.8M
Diluted (in shares)
27.1M
27.3M
27.4M
27.6M
Balance sheet
Palomar Holdings, Inc. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Fixed maturity securities available for sale, at fair value (amortized cost: $1,227,605 in 2025; $973,330 in 2024)
$1.2B
$939.0M
—
$515.1M
Equity securities, at fair value (cost: $81,772 in 2025; $32,987 in 2024)
$99.3M
$40.5M
$43.2M
$38.6M
Equity method investment
$0
$2.3M
$2.6M
—
Other investments
$28.5M
$5.9M
—
—
Total investments
$1.4B
$987.7M
$689.6M
$553.6M
Cash and cash equivalents
$106.9M
$80.4M
$51.5M
$68.1M
Restricted cash
$17.0K
$101.0K
$306.0K
$56.0K
Accrued investment income
$11.5M
$8.4M
$5.3M
$3.8M
Premiums receivable
$452.9M
$305.7M
$262.0M
$162.9M
Deferred policy acquisition costs, net of ceding commissions and fronting fees
$127.7M
$94.9M
$61.0M
$56.7M
Reinsurance recoverable on paid losses and loss adjustment expenses
$56.4M
$47.1M
$32.2M
$39.7M
Reinsurance recoverable on unpaid losses and loss adjustment expenses
$412.3M
$348.1M
$244.6M
$153.9M
Ceded unearned premiums
$355.9M
$276.2M
$265.8M
$204.1M
Prepaid expenses and other assets
$110.9M
$91.1M
$72.9M
$44.1M
Deferred tax assets, net
$761.0K
$8.8M
$10.1M
$10.6M
Property and equipment, net
$2.6M
$429.0K
$373.0K
$603.0K
Goodwill and intangible assets, net
$61.1M
$13.2M
$12.3M
—
Total assets
$3.1B
$2.3B
$1.7B
$1.3B
Accounts payable and other accrued liabilities
$115.7M
$70.1M
$42.4M
$25.8M
Reserve for losses and loss adjustment expenses
$688.2M
$503.4M
$342.3M
$231.4M
Unearned premiums
$988.1M
$741.7M
$597.1M
$471.3M
Ceded premium payable
$271.4M
$190.2M
$181.7M
$146.1M
Funds held under reinsurance treaty
$44.9M
$27.9M
$13.4M
$10.7M
Total liabilities
$2.1B
$1.5B
$1.2B
$921.7M
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2025 and December 31, 2024
0
0
0
—
Common stock, $0.0001 par value, 500,000,000 shares authorized, 26,520,417 and 26,529,402 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively
3.0K
3.0K
3.0K
3.0K
Additional paid-in capital
$523.2M
$493.7M
$350.6M
$333.6M
Accumulated other comprehensive loss
($2.5M)
($26.8M)
($24.0M)
($36.5M)
Retained earnings
$422.0M
$262.2M
$144.6M
$87.7M
Total stockholders' equity
$942.7M
$729.0M
$471.3M
$384.8M
Total liabilities and stockholders' equity
$3.1B
$2.3B
$1.7B
$1.3B
Palomar 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: $1,523,005 in 2026; $1,227,605 in 2025)
$1.5B
$1.4B
$1.1B
$1.1B
Equity securities, at fair value (cost: $109,595 in 2026; $81,772 in 2025)
$129.5M
$112.3M
$52.2M
$49.2M
Other investments
$45.9M
$40.4M
$19.5M
$12.4M
Total investments
$1.7B
$1.6B
$1.2B
$1.2B
Cash and cash equivalents
$62.7M
$56.5M
$111.7M
$81.3M
Restricted cash
$15.0K
$16.0K
$20.0K
$18.0K
Accrued investment income
$14.7M
$12.8M
$10.7M
$10.2M
Premiums receivable
$655.9M
$577.7M
$463.2M
$490.2M
Deferred policy acquisition costs, net of ceding commissions and fronting fees
$153.8M
$141.6M
$125.1M
$116.4M
Reinsurance recoverable on paid losses and loss adjustment expenses
$62.2M
$57.4M
$36.9M
$37.4M
Reinsurance recoverable on unpaid losses and loss adjustment expenses
$523.8M
$430.8M
$440.6M
$399.5M
Ceded unearned premiums
$445.4M
$406.1M
$361.3M
$333.0M
Prepaid expenses and other assets
$127.9M
$118.4M
$113.1M
$120.7M
Deferred tax assets, net
$0
$0
$2.5M
$3.1M
Property and equipment, net
$2.7M
$2.3M
$2.7M
$2.9M
Goodwill and intangible assets, net
$236.8M
$246.2M
$62.5M
$62.8M
Total assets
$4.0B
$3.6B
$2.9B
$2.8B
Accounts payable and other accrued liabilities
$159.3M
$114.5M
$109.4M
$153.8M
Reserve for losses and loss adjustment expenses
$944.7M
$771.8M
$684.3M
$598.7M
Unearned premiums
$1.2B
$1.1B
$979.4M
$901.0M
Ceded premium payable
$295.4M
$264.2M
$253.4M
$294.0M
Funds held under reinsurance treaty
$50.9M
$40.2M
$37.2M
$37.9M
Term loan
$295.8M
$297.4M
—
—
Deferred tax liabilities, net
$10.9M
$10.8M
—
—
Total liabilities
$3.0B
$2.7B
$2.1B
$2.0B
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of June 30, 2026 and December 31, 2025
0
0
0
0
Common stock, $0.0001 par value, 500,000,000 shares authorized, 26,186,979 and 26,520,417 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
3.0K
3.0K
3.0K
3.0K
Additional paid-in capital
$542.7M
$533.6M
$516.4M
$509.2M
Accumulated other comprehensive loss
($15.2M)
($16.5M)
($4.1M)
($13.6M)
Retained earnings
$453.4M
$441.9M
$365.8M
$351.7M
Total stockholders' equity
$980.9M
$959.0M
$878.1M
$847.2M
Total liabilities and stockholders' equity
$4.0B
$3.6B
$2.9B
$2.8B
Cash flow statement
Palomar Holdings, Inc. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$197.1M
$117.6M
$79.2M
$52.2M
Stock-based compensation expense
$21.0M
$16.7M
$14.9M
$11.6M
Depreciation and amortization expense
$8.9M
$5.1M
$4.5M
$4.1M
Loss on asset disposal
$31.0K
—
—
—
Net realized and unrealized gains on investments
($11.8M)
($4.6M)
($2.9M)
$7.5M
Amortization of premium on fixed maturity securities
($61.0K)
($945.0K)
($9.0K)
$1.6M
Deferred income tax expense (benefit)
$1.9M
$2.1M
($2.8M)
($3.5M)
Accrued investment income
($3.0M)
($3.2M)
($1.5M)
($1.1M)
Premium receivable
($147.1M)
($43.8M)
($99.1M)
($74.8M)
Deferred policy acquisition costs
($31.2M)
($33.9M)
($4.3M)
($787.0K)
Reinsurance recoverables
($73.5M)
($118.4M)
($83.2M)
($36.3M)
Ceded unearned premiums
($79.7M)
($10.4M)
($61.7M)
($145.8M)
Prepaid expenses and other assets
$26.2M
($15.7M)
($24.9M)
($4.0M)
Accounts payable and other accrued liabilities
($6.9M)
$29.2M
$15.7M
$5.4M
Reserve for losses and loss adjustment expenses
$178.1M
$161.1M
$110.9M
$58.0M
Unearned premiums
$240.9M
$144.6M
$125.8M
$186.6M
Ceded premiums payable
$81.2M
$8.4M
$35.6M
$108.7M
Funds held under reinsurance treaty
$17.0M
$14.4M
$2.7M
($202.0K)
Income taxes payable
$0
($7.3M)
$7.3M
—
Net proceeds from (purchases of) derivative contracts
($9.9M)
—
—
—
Net cash provided by operating activities
$409.1M
$261.2M
$116.1M
$169.6M
Purchases of property and equipment
($137.0K)
($243.0K)
($15.0K)
($313.0K)
Proceeds from sale of property and equipment
$346.0K
—
—
—
Capitalized software costs
($6.1M)
($5.8M)
($6.7M)
($5.6M)
Purchases of fixed maturity securities
($848.4M)
($601.4M)
($233.8M)
($382.1M)
Purchases of equity securities
($55.5M)
($202.0K)
($945.0K)
($10.5M)
Purchase of equity method investment
$0
$0
($3.0M)
—
Sales and maturities of fixed maturity securities
$614.6M
$301.8M
$120.3M
$242.7M
Sales of equity securities
$13.0M
$9.0M
$295.0K
—
Change in securities receivable or payable, net
($1.0M)
($1.5M)
$950.0K
($950.0K)
Investments in limited partnerships
($11.2M)
($5.5M)
—
—
Acquisitions, net of cash acquired
($58.6M)
$0
($5.5M)
—
Purchase of policy renewal rights
($905.0K)
($2.5M)
—
($15.0K)
Net cash used in investing activities
($354.0M)
($306.2M)
($128.5M)
($156.8M)
Payments on Line of Credit
($15.0M)
—
—
—
Proceeds from Line of Credit
$15.0M
—
$16.2M
$36.4M
Proceeds from common stock issued via employee stock purchase plan
1.2M
902.0K
799.0K
760.0K
Proceeds from common stock issued via stock option exercises
$3.8M
$7.0M
$1.2M
$2.3M
Policy holder contribution to surplus
$3.7M
$2.8M
$90.0K
—
Repurchase of common stock
($37.3M)
$0
($22.3M)
($34.4M)
Proceeds from stock offering, net of offering costs
($141.0K)
$115.7M
—
—
Net cash provided by (used in) financing activities
($28.8M)
$73.8M
($3.9M)
$5.0M
Net increase (decrease) in cash, cash equivalents and restricted cash
$26.4M
$28.7M
($16.3M)
$17.8M
Cash, cash equivalents and restricted cash at beginning of period
$80.5M
$51.9M
$68.2M
$50.4M
Cash, cash equivalents and restricted cash at end of period
$106.9M
$80.5M
$51.9M
$68.2M
Palomar 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 cash provided by operating activities
$214.2M
$47.0M
$291.7M
$208.1M
Purchases of property and equipment
($416.0K)
$0
($115.0K)
($64.0K)
Proceeds from sale of property and equipment
$240.0K
$240.0K
$230.0K
—
Capitalized software costs
($4.1M)
($2.0M)
($4.6M)
($3.1M)
Purchases of fixed maturity securities
($463.2M)
($253.6M)
($710.5M)
($629.8M)
Purchases of equity securities
($61.1M)
($11.0M)
($10.3M)
($10.3M)
Sales and maturities of fixed maturity securities
$263.2M
$145.1M
$557.1M
$492.1M
Sales of equity securities
$39.4M
$0
$13.0M
$13.0M
Change in securities receivable or payable, net
($13.0M)
($2.5M)
($522.0K)
($7.0M)
Investments in limited partnerships and other assets
($7.7M)
($3.2M)
($12.7M)
($6.1M)
Acquisitions, net of cash acquired
($246.3M)
($246.3M)
($61.5M)
($61.5M)
Net cash used in investing activities
($493.1M)
($373.4M)
($230.4M)
($212.7M)
Proceeds from term loan
$300.0M
$297.4M
—
—
Payments on term loan
($1.9M)
—
—
—
Payment of debt issuance costs
($2.6M)
—
—
—
Proceeds from stock offering, net of offering costs
$0
$0
($141.0K)
—
Proceeds from common stock issued via employee stock purchase plan
743.0K
743.0K
1.2M
526.0K
Proceeds from common stock issued via stock option exercises
$485.0K
$25.0K
$3.3M
$3.3M
Policy holder contribution to surplus
$2.0M
$906.0K
$2.9M
$1.8M
Repurchases of common stock
($64.1M)
($23.1M)
($37.3M)
—
Net cash provided by financing activities
$234.7M
$276.0M
($30.0M)
$5.4M
Net (decrease) increase in cash, cash equivalents and restricted cash
($44.2M)
($50.3M)
$31.2M
$776.0K
Cash, cash equivalents and restricted cash at beginning of period
$106.9M
$106.9M
$80.5M
$80.5M
Cash, cash equivalents and restricted cash at end of period