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Axis Capital Holdings (AXS) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 28, 2026 · Axis Capital Holdings (AXS) Q3 2026 earnings results →
Q3 2026 Revenue up 7% year over year to $1.8B · 12¢ of every $1 of revenue kept as net profit · operating margin 14.3%
Axis Capital Holdings made $1.8B in Q3 2026 (+7% Y/Y). Operating margin 14.3%, net earnings $209M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 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 $1.8B in Q3 2026, up 7% year over year and up 2% from the previous quarter.
Operating profit was $0.26B, a 14.3% margin (down 7.8 points year over year). Operating profit fell $0.11B even though revenue rose $0.12B versus Q3 2025, so costs grew faster than sales. Total costs grew 18% against revenue growth of 7%. The fastest-growing cost line was Other operating costs (+20%). Net earnings were $0.21B, down 31% year over year. The effective tax rate was 19.1%.
Operating cash flow was $0.88B (up 30% year over year), 420% of net earnings. Non-cash charges added back $0.01B of share-based compensation. Working capital and other items added $0.66B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 28, 2026 | $1.8B | +7% | 14.3% | $209M | $878M |
| Q2 2026 | 10-Q | Jul 28, 2026 | $1.8B | +7% | 18.0% | $258M | $632M |
| Q1 2026 | 10-Q | Apr 29, 2026 | $1.6B | +8% | 18.7% | $255M | $519M |
| Q4 2025 | 10-K | Feb 27, 2026 | $1.7B | +18% | 19.0% | $290M | $630M |
| Q3 2025 | 10-Q | Oct 29, 2025 | $1.7B | +4% | 22.1% | $302M | $674M |
| Q2 2025 | 10-Q | Jul 29, 2025 | $1.6B | +13% | 17.2% | $223M | −$1.7B |
| Q1 2025 | 10-Q | Apr 30, 2025 | $1.5B | +7% | 15.5% | $194M | $309M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵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 Axis Capital Holdings
In this Form 10-K, references to "AXIS Capital" refer to AXIS Capital Holdings Limited and references to "we", "us", "our", "AXIS", the "Group" or the "Company" refer to AXIS Capital Holdings Limited and its direct and indirect subsidiaries and branches, including: AXIS Specialty Holdings Bermuda Limited, AXIS Specialty Limited ("AXIS Specialty Bermuda"), AXIS Specialty Limited (Singapore Branch), AXIS Specialty Insurance Limited ("AXIS Specialty Insurance Bermuda"), AXIS Specialty Investments Limited, AXIS Specialty Investments II Limited, AXIS Specialty UK Holdings Limited, AXIS Managing Agency Ltd., AXIS Corporate Capital UK Limited, Novae Group Limited, AXIS UK Services Limited, AXIS UK Services Limited (Irish Branch), AXIS Underwriting Limited, AXIS Corporate Capital UK II Limited (sole corporate member of AXIS Syndicate 1686 ("Syndicate 1686") effective January 1, 2025 and sole cor
In its own words, from its 10-K, filed Feb 27, 2026.
Axis Capital Holdings against its Fire, Marine & Casualty Insurance peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +7% against the peers' median +3%. Operating margin: 14.3% against the peers' median 15.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| AXS Axis Capital Holdings | Q3 2026 | $1.8B | +7% | 14.3% |
| BRK-B Berkshire Hathaway | Q2 2026 | $101.8B | +10% | 15.5% |
| PGR Progressive | Q3 2026 | $23.2B | +3% | 14.0% |
| ALL Allstate | Q3 2026 | $17.3B | +0.5% | 15.1% |
| CB Chubb | Q3 2026 | $16.2B | +0.3% | 21.0% |
| TRV Travelers Companies | Q3 2026 | $12.4B | -0.5% | 19.1% |
| AIG American International Group | Q3 2026 | $7.4B | +17% | 15.0% |
| HIG Hartford Insurance Group | Q3 2026 | $7.2B | +4% | 21.9% |
| L Loews | Q3 2026 | $4.8B | +2% | 8.5% |
Source: Axis Capital Holdings 10-Q on SEC EDGAR · CIK 1214816 · Fire, Marine & Casualty Insurance
Guidance and outlook
More on AXS
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results