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Assured Guaranty (AGO) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Assured Guaranty (AGO) Q3 2026 earnings results →
Q3 2026 Revenue up 3% year over year to $214M · 36¢ of every $1 of revenue kept as net profit · operating margin 40.7%
Assured Guaranty made $214M in Q3 2026 (+3% Y/Y). Operating margin 40.7%, net earnings $78.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $214.0M in Q3 2026, up 3% year over year and up 10% from the previous quarter.
Operating profit was $87.0M, a 40.7% margin (down 14.9 points year over year). Operating profit fell $28.0M even though revenue rose $7.0M versus Q3 2025, so costs grew faster than sales. Total costs grew 38% against revenue growth of 3%. Net earnings were $78.0M, down 26% year over year. The effective tax rate was 19.2%.
Operating cash flow was $92.0M (up 67% year over year), 115% of net income including minority interests. Working capital and other items added $12.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $214M | +3% | 40.7% | $78.0M | $92.0M |
| Q2 2026 | 10-Q | Aug 7, 2026 | $195M | -31% | 30.8% | $39.0M | $40.0M |
| Q1 2026 | 10-Q | May 8, 2026 | $261M | -24% | 13.0% | $88.0M | $190M |
| Q4 2025 | 10-K | Feb 27, 2026 | $277M | +78% | 50.2% | $119M | $39.0M |
| Q3 2025 | 10-Q | Nov 7, 2025 | $207M | -23% | 55.6% | $105M | $55.0M |
| Q2 2025 | 10-Q | Aug 8, 2025 | $281M | +39% | 46.3% | $103M | $78.0M |
| Q1 2025 | 10-Q | May 9, 2025 | $345M | +41% | 51.0% | $176M | $87.0M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Assured Guaranty
Assured Guaranty Ltd. (AGL and, together with its subsidiaries, Assured Guaranty or the Company) is a Bermuda-based holding company that provides, through its wholly-owned operating subsidiaries, credit protection products to the U.S. and non-U.S. public finance (including infrastructure) and structured finance markets. Assured Guaranty also participates in the asset management business. Through its financial guaranty insurance subsidiaries, the Company applies its credit underwriting judgment, risk management skills and capital markets experience primarily to offer financial guaranty insurance, including nonpayment insurance, that protects holders of debt instruments and other monetary obligations from defaults in scheduled payments.
In its own words, from its 10-K, filed Feb 27, 2026.
Assured Guaranty against its Surety Insurance peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +3% against the peers' median +20%. Operating margin: 40.7% against the peers' median 40.7%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| AGO Assured Guaranty | Q3 2026 | $214M | +3% | 40.7% |
| ORI Old Republic International | Q3 2026 | $2.6B | +5% | 10.7% |
| RDN Radian Group | Q3 2026 | $624M | +106% | 36.6% |
| ESNT Essent Group | Q3 2026 | $374M | +20% | 53.2% |
| MTG Mgic Investment | Q3 2026 | $299M | -2% | 74.0% |
| NMIH NMI Holdings | Q3 2026 | $188M | +5% | 64.1% |
| OSG Octave Specialty Group | Q2 2026 | $83.0M | +51% | -14.1% |
| MBI Mbia | Q3 2026 | $26.0M | +73% | -88.5% |
Source: Assured Guaranty 10-Q on SEC EDGAR · CIK 1273813 · Surety Insurance
Guidance and outlook
More on AGO
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results