Skyward Specialty Insurance Group, Inc. (SKWD) financial statements: income statement, balance sheet and cash flow
Skyward Specialty Insurance Group, 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), Skyward Specialty Insurance Group, Inc. reported revenue of $1.4B (+23.2% year on year) and net income of $170.0M (+43.1% year on year).
Income statement
Skyward Specialty Insurance Group, Inc. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net earned premiums
$1.3B
$1.1B
$829.1M
$616.0M
Commission and fee income
$6.9M
$6.7M
$6.1M
$5.2M
Net investment income
$83.6M
$80.7M
$40.3M
$36.9M
Net investment gains
$22.1M
$6.3M
$11.1M
($15.7M)
Other loss
($587.0K)
($167.0K)
($632.0K)
$1.0K
Total revenues
$1.4B
$1.2B
$886.0M
$642.4M
Losses and loss adjustment expenses
$795.0M
$669.8M
$515.2M
$402.5M
Underwriting, acquisition and insurance expenses
$377.4M
$311.8M
$243.4M
$182.2M
Transaction costs
$14.0M
—
—
—
Interest expense
$7.9M
$9.5M
$10.0M
$6.4M
Amortization expense
$1.6M
$2.0M
$1.8M
$1.5M
Other expenses
$4.2M
$4.4M
$5.4M
—
Total expenses
$1.2B
$997.5M
$775.9M
$592.6M
Income before income taxes
$216.4M
$152.7M
$110.1M
$49.8M
Income tax expense
$46.4M
$33.9M
$24.1M
$10.4M
Net income attributable to participating securities
$0
$0
$1.7M
$18.9M
Net income attributable to common stockholders
$170.0M
$118.8M
$84.3M
$20.5M
Net income
$170.0M
$118.8M
$86.0M
$39.4M
Net change in unrealized gains on investments, net of tax
$33.1M
$9.8M
$25.5M
($48.5M)
Reclassification adjustment for gains (losses) on securities no longer held, net of tax
$485.0K
($9.0M)
($5.0M)
$420.0K
Total other comprehensive income
$33.6M
$833.0K
$20.5M
($48.1M)
Comprehensive income
$203.6M
$119.7M
$106.5M
($8.7M)
Basic earnings per share (in dollar per share)
$4.21
$2.97
$2.34
$1.24
Diluted earnings per share (in dollar per share)
$4.07
$2.87
$2.24
$1.21
Basic (in shares)
40.4M
40.1M
36.0M
16.6M
Diluted (in shares)
41.8M
41.4M
38.3M
32.7M
Skyward Specialty Insurance Group, Inc. income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Net earned premiums
$444.5M
$434.0M
$351.8M
$295.5M
Underwriting fee income
$12.6M
$10.1M
—
—
Commission and fee income
$2.3M
$1.5M
$1.9M
$2.6M
Net investment income
$30.7M
$27.1M
$22.2M
$18.6M
Net investment (losses) gains
($601.0K)
$3.2M
$6.9M
$3.2M
Other income
$13.0K
$15.0K
($236.0K)
$7.0K
Total revenues
$489.5M
$475.9M
$382.5M
$319.9M
Losses and loss adjustment expenses
$276.7M
$265.2M
$213.8M
$181.3M
Underwriting, acquisition and insurance expenses
$123.3M
$124.6M
$101.7M
$85.6M
Fee‑based service expenses
$4.6M
$4.2M
—
—
Interest expense
$8.8M
$7.7M
$1.9M
$1.9M
Amortization expense
$8.8M
$8.8M
$455.0K
$372.0K
Other expenses
$3.7M
$3.2M
$4.1M
$1.0M
Total expenses
$426.0M
$413.8M
$322.0M
$270.1M
Income before income taxes
$63.6M
$62.1M
$60.5M
$49.8M
Income tax expense
$14.5M
$12.3M
$14.6M
$11.0M
Net income
$49.0M
$49.7M
$45.9M
$38.8M
Net change in unrealized (losses) gains on investments, net of tax
($625.0K)
($17.2M)
$6.7M
$11.0M
Reclassification adjustment for (losses) gains on securities no longer held, net of tax
($490.0K)
$502.0K
$5.5M
($3.6M)
Foreign currency translation adjustment
$150.0K
($868.0K)
—
—
Total other comprehensive (loss) income
($965.0K)
($17.6M)
$12.2M
$7.4M
Comprehensive income
$48.1M
$32.1M
$58.1M
$46.2M
Basic earnings per share (in dollar per share)
$1.10
$1.12
$1.13
$0.96
Diluted earnings per share (in dollar per share)
$1.07
$1.09
$1.10
$0.93
Basic (in shares)
44.5M
44.5M
40.5M
40.4M
Diluted (in shares)
45.7M
45.4M
41.9M
41.9M
Balance sheet
Skyward Specialty Insurance Group, 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 (net of allowance for credit losses of $7,000 and $0, respectively) (amortized cost of $1,848,755 and $1,320,266, respectively)
$1.9B
$1.3B
$1.0B
$607.6M
Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $468 and $243, respectively)
$32.8M
$39.2M
$43.0M
$52.5M
Equity securities, at fair value
$1.2M
$106.3M
$118.2M
$120.2M
Mortgage loans, at fair value
$9.9M
$26.5M
$50.1M
$51.9M
Equity method investments
$77.4M
$98.6M
—
—
Other long-term investments
$58.6M
$33.2M
$114.5M
$129.1M
Short-term investments, at fair value
$264.3M
$274.9M
$270.2M
$121.2M
Total investments
$2.3B
$1.9B
$1.6B
$1.1B
Cash and cash equivalents
$168.5M
$121.6M
$65.9M
$45.4M
Restricted cash
$30.6M
$35.9M
$34.4M
$79.6M
Premiums receivable, net
$544.2M
$321.6M
$179.2M
$139.2M
Reinsurance recoverables, net
$1.1B
$857.9M
$596.3M
$581.4M
Ceded unearned premium
$238.9M
$203.9M
$186.1M
$157.6M
Deferred policy acquisition costs
$136.1M
$113.2M
$92.0M
$68.9M
Deferred income taxes
$27.9M
$30.5M
$22.0M
$36.2M
Goodwill and intangible assets, net
$88.0M
$87.3M
$88.4M
$89.9M
Other assets
$137.2M
$86.7M
$75.3M
$82.8M
Total assets
$4.8B
$3.7B
$3.0B
$2.4B
Reserves for losses and loss adjustment expenses
$2.3B
$1.8B
$1.3B
$1.1B
Unearned premiums
$774.0M
$637.2M
$552.5M
$442.5M
Deferred ceding commission
$46.5M
$40.4M
$37.1M
$29.8M
Reinsurance and premium payables
$279.9M
$177.1M
$150.2M
$113.7M
Funds held for others
$128.0M
$102.7M
$58.6M
$36.9M
Accounts payable and accrued liabilities
$115.0M
$76.2M
$50.9M
$48.5M
Carrying Value
$100.4M
$100.0M
$50.0M
$50.0M
Subordinated debt, net of debt issuance costs
$19.6M
$19.5M
$78.7M
$78.6M
Total liabilities
$3.8B
$2.9B
$2.3B
$1.9B
Common stock, $0.01 par value, 500,000,000 shares authorized, 40,511,222 and 40,127,908 shares issued and outstanding, respectively
405.0K
401.0K
399.0K
168.0K
Additional paid-in capital
$730.6M
$718.6M
$710.9M
$577.3M
Accumulated other comprehensive income (loss)
$11.5M
($22.1M)
($23.0M)
($43.5M)
Retained earnings
$267.1M
$97.1M
($21.7M)
($105.4M)
Total stockholders’ equity
$1.0B
$794.0M
$661.0M
$421.7M
Total liabilities and stockholders’ equity
$4.8B
$3.7B
$3.0B
$2.4B
Skyward Specialty Insurance Group, 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 (net of allowance for credit losses of $6,228 and $7,000, respectively) (amortized cost of $2,206,626 and $1,848,755, respectively)
$2.2B
$2.2B
$1.8B
$1.6B
Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $2,256 and $468, respectively)
$28.2M
$30.1M
$34.6M
$35.3M
Equity securities, at fair value
$1.1M
$1.1M
$1.2M
$58.0M
Mortgage loans, at fair value
$9.2M
$9.1M
$10.0M
$10.2M
Equity method investments
$62.7M
$72.1M
$85.4M
$88.8M
Other long-term investments
$52.3M
$50.3M
$50.1M
$44.5M
Short-term investments, at fair value
$392.6M
$386.5M
$247.4M
$214.3M
Total investments
$2.7B
$2.7B
$2.2B
$2.1B
Cash and cash equivalents
$219.2M
$255.9M
$160.1M
$136.6M
Restricted cash
$83.3M
$60.5M
$38.2M
$36.5M
Funds at Lloyd's
$121.6M
$108.8M
—
—
Options, at fair value
$40.5M
$24.4M
—
—
Premiums and commissions receivable, net
$978.4M
$830.5M
$583.1M
$518.4M
Reinsurance recoverables, net
$1.4B
$1.3B
$923.4M
$925.3M
Ceded unearned premium
$337.2M
$314.9M
$276.4M
$294.1M
Deferred policy acquisition costs and VOBA
$186.5M
$193.7M
$144.9M
$140.9M
Deferred tax assets
$48.0M
$44.1M
$28.0M
$28.7M
Goodwill and intangible assets, net
$471.2M
$473.3M
$88.4M
$88.8M
Other assets
$145.2M
$160.0M
$117.7M
$86.4M
Total assets
$6.8B
$6.5B
$4.6B
$4.3B
Reserves for losses and loss adjustment expenses
$3.1B
$2.9B
$2.1B
$1.9B
Unearned premiums
$1.1B
$1.0B
$885.7M
$814.1M
Deferred ceding commission
$54.5M
$49.0M
$51.0M
$55.0M
Reinsurance and premium payables
$509.1M
$479.4M
$276.8M
$299.5M
Funds held for others
$169.1M
$157.4M
$123.3M
$127.4M
Deferred tax liabilities
$67.8M
$68.5M
—
—
Accounts payable and accrued liabilities
$127.2M
$148.7M
$114.6M
$102.3M
Notes payable
$417.6M
$466.4M
$100.0M
$100.0M
Subordinated debt, net of debt issuance costs
$19.6M
$19.6M
$19.6M
$19.6M
Total liabilities
$5.5B
$5.3B
$3.6B
$3.4B
Common stock, $0.01 par value, 500,000,000 shares authorized, 44,827,499 shares issued and 44,396,493 shares outstanding at June 30, 2026; 40,511,222 shares issued and outstanding at December 31, 2025
448.0K
484.0K
405.0K
405.0K
Treasury stock, at cost, 431,006 and 0 shares, respectively
-19.4M
-8.7M
—
—
Additional paid-in capital
$927.7M
$922.3M
$727.6M
$724.2M
Accumulated other comprehensive (loss) income
($7.1M)
($6.1M)
$9.5M
($2.7M)
Retained earnings
$365.9M
$316.9M
$223.9M
$178.0M
Total stockholders’ equity
$1.3B
$1.2B
$961.4M
$899.9M
Total liabilities and stockholders’ equity
$6.8B
$6.5B
$4.6B
$4.3B
Cash flow statement
Skyward Specialty Insurance Group, 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
$170.0M
$118.8M
$86.0M
$39.4M
Net investment (gains) losses
($22.1M)
($6.3M)
($11.1M)
$647.0K
Depreciation and amortization expense
$3.5M
$3.4M
$3.9M
$4.1M
Stock-based compensation expense
$12.0M
$9.4M
$8.5M
$2.3M
Undistributed earnings (loss) from long-term investments
$10.1M
($6.3M)
$6.7M
($16.0M)
Net change in fair value of derivatives
($34.9M)
—
—
—
Deferred income tax, net
($6.4M)
($8.7M)
$9.4M
$10.3M
Premiums receivable, net
($222.6M)
($142.4M)
($40.0M)
($27.7M)
Reinsurance recoverables, net
($262.0M)
($261.5M)
($17.3M)
($45.0M)
Ceded unearned premium
($35.0M)
($17.8M)
($28.5M)
($19.7M)
Deferred policy acquisition costs
($22.9M)
($21.2M)
($23.0M)
($9.5M)
Federal income taxes
$1.8M
$4.5M
($1.9M)
—
Losses and loss adjustment expenses
$536.5M
$467.9M
$172.7M
$162.2M
Unearned premiums
$136.8M
$84.7M
$110.0M
$79.2M
Deferred ceding commission
$6.0M
$3.4M
$7.2M
($651.0K)
Reinsurance and premium payables
$102.8M
$26.9M
$36.5M
($6.2M)
Funds held for others
$25.3M
$44.1M
$21.7M
$7.3M
Accounts payable and accrued liabilities
$37.0M
$19.2M
$2.3M
$7.6M
Other, net
($28.0M)
($12.8M)
($5.0M)
$5.1M
Net cash provided by operating activities
$408.1M
$305.1M
$338.2M
$208.9M
Purchase of fixed maturity securities, available-for-sale
($910.0M)
($617.6M)
($459.7M)
($268.8M)
Purchase of illiquid investments
$0
($75.0K)
($1.7M)
($4.9M)
Purchase of equity securities
($13.2M)
($14.1M)
($26.0M)
($53.5M)
Purchase of equity method investments and other long-term investments
($6.8M)
($32.2M)
—
($9.8M)
Purchase of intangible assets and goodwill
($2.0M)
—
—
—
Investment in direct and indirect loans
$19.7M
$27.5M
$3.0M
—
Purchase of property and equipment
($5.5M)
($4.2M)
($3.1M)
($2.3M)
Proceeds from the sales of fixed maturity securities, available-for-sale
$198.2M
$217.5M
$127.2M
$95.6M
Maturities, calls, transfers and paydowns of fixed maturity securities, available-for-sale
$184.0M
$122.7M
—
—
Maturities, calls and paydowns of fixed maturity securities held-to-maturity
$4.4M
$6.0M
—
—
Proceeds from the sales of equity securities
$126.7M
$37.5M
—
—
Sales of and distributions from equity method and other long-term investments
$11.9M
$14.1M
—
—
Change in short-term investments
$10.6M
($4.8M)
($149.1M)
$43.1M
Change in receivable/payable for securities
$11.9M
$34.0K
$76.0K
$529.0K
Cash provided by deposit accounting
$3.3M
$4.0M
$11.9M
$3.2M
Net cash used in investment activities
($366.9M)
($243.7M)
($493.8M)
($193.4M)
Employee share purchases
$0
$0
$1.4M
$2.2M
Repayment of stock notes receivable
$0
$5.6M
—
—
Proceeds from long term borrowings
$43.4M
$107.0M
—
—
Payments on long term borrowings and trust preferred
($43.0M)
($116.8M)
($50.0M)
—
Proceeds from initial public offering
$0
$0
—
—
Net cash provided by (used in) financing activities
$411.0K
($4.2M)
$130.9M
$2.2M
Net increase (decrease) in cash and cash equivalents and restricted cash
$41.6M
$57.2M
($24.7M)
$17.7M
Cash and cash equivalents and restricted cash at beginning of period
$157.5M
$100.3M
$125.0M
$107.3M
Cash and cash equivalents and restricted cash at end of period
$199.1M
$157.5M
—
—
Skyward Specialty Insurance Group, 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
$98.8M
$49.7M
$126.8M
$80.9M
Adjustments to reconcile net income to net cash provided by operating activities
$85.4M
$66.8M
$229.5M
$104.0M
Net cash provided by operating activities
$184.2M
$116.5M
$356.3M
$184.9M
Net cash paid in acquisition
($303.0M)
($303.0M)
—
—
Purchase of fixed maturity securities, available-for-sale
($480.8M)
($269.9M)
($664.0M)
($405.6M)
Purchase of equity securities
$0
$0
($13.2M)
($12.6M)
Purchase of equity method investments and other long-term investments
($485.0K)
($283.0K)
($3.2M)
($2.8M)
Investment in direct and indirect loans
$3.2M
$442.0K
$15.4M
$13.4M
Purchase of property and equipment
($965.0K)
—
($3.7M)
($1.3M)
Proceeds from the sales of fixed maturity securities, available-for-sale
$238.0M
$84.0M
$61.5M
$25.5M
Maturities, calls, transfers and paydowns of fixed maturity securities, available-for-sale
$108.6M
$50.2M
$122.8M
$60.6M
Maturities, calls and paydowns of fixed maturity securities held-to-maturity
$1.7M
$1.5M
$3.5M
$3.5M
Proceeds from the sales of equity securities
$0
$0
$126.7M
$67.5M
Sales of and distributions from equity method and other long-term investments
$16.5M
$13.6M
$9.3M
$8.7M
Change in short-term investments
$58.6M
$65.0M
$27.6M
$60.6M
Change in receivable/payable for securities
($15.8M)
($9.5M)
$0
$0
Cash (used in) provided by deposit accounting
($8.0M)
$4.5M
$3.9M
$15.2M
Net cash used in investing activities
($382.6M)
($361.8M)
($315.6M)
($169.3M)
Proceeds from issuance of common stock
$200.0K
$200.0K
—
—
Proceeds from long term borrowings
$371.1M
$371.1M
$0
$0
Payments on long term borrowings
($50.0M)
—
$0
$0
Treasury stock acquired
($19.4M)
($8.7M)
—
—
Net cash provided by financing activities
$301.9M
$362.6M
$0
$0
Net increase in cash and cash equivalents and restricted cash
$103.4M
$117.3M
$40.7M
$15.6M
Cash and cash equivalents and restricted cash at beginning of period
$199.1M
$199.1M
$157.5M
$157.5M
Cash and cash equivalents and restricted cash at end of period