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Bowhead Specialty Holdings (BOW) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Bowhead Specialty Holdings (BOW) Q3 2026 earnings results →
Q3 2026 Revenue up 19% year over year to $172M · 8¢ of every $1 of revenue kept as net profit · operating margin 9.3%
Bowhead Specialty Holdings made $172M in Q3 2026 (+19% Y/Y). Operating margin 9.3%, net earnings $12.9M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 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 $171.8M in Q3 2026, up 19% year over year and up 5% from the previous quarter.
Operating profit was $15.9M, a 9.3% margin (down 4.0 points year over year). Operating profit fell $3.2M even though revenue rose $27.8M versus Q3 2025, so costs grew faster than sales. Total costs grew 25% against revenue growth of 19%. Net earnings were $12.9M, down 15% year over year. The effective tax rate was 18.7%.
Operating cash flow was $192.6M (up 68% year over year), 1488% of net earnings. Non-cash charges added back $785K of depreciation and amortization and $2.9M of share-based compensation. Working capital and other items added $176.0M. Capital expenditures of $1.3M left free cash flow of $191.3M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $172M | +19% | 9.3% | $12.9M | $193M |
| Q2 2026 | 10-Q | Aug 3, 2026 | $164M | +23% | 12.6% | $16.1M | $93.9M |
| Q1 2026 | 10-Q | May 5, 2026 | $156M | +27% | 13.2% | $16.0M | $65.5M |
| Q4 2025 | 10-K | Feb 24, 2026 | $152M | +27% | 11.7% | $14.8M | $60.1M |
| Q3 2025 | 10-Q | Nov 4, 2025 | $144M | +23% | 13.3% | $15.2M | $115M |
| Q2 2025 | 10-Q | Aug 5, 2025 | $133M | +35% | 11.9% | $12.3M | $109M |
| Q1 2025 | 10-Q | May 6, 2025 | $123M | +35% | 11.8% | $11.4M | $47.7M |
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 Bowhead Specialty Holdings
We were founded in September 2020, backed by capital provided by GPC Partners Investments (SPV III) LP (“GPC Fund”), a private equity fund managed by Gallatin Point Capital LLC (“Gallatin Point”), and our strategic partner, AmFam, to take advantage of favorable pricing environments, and to address a growing and unmet demand from brokers and policyholders for specialized insurance solutions and quality service in complex lines of business. Our principal objective is to create and sustain superior returns for our stockholders by generating consistent, underwriting profits across our product offerings and through all market cycles, while prudently managing capital.
In its own words, from its 10-K, filed Feb 24, 2026.
Bowhead Specialty Holdings against its Fire, Marine & Casualty Insurance peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +19% against the peers' median +3%. Operating margin: 9.3% against the peers' median 15.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| BOW Bowhead Specialty Holdings | Q3 2026 | $172M | +19% | 9.3% |
| 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: Bowhead Specialty Holdings 10-Q on SEC EDGAR · CIK 2002473 · Fire, Marine & Casualty Insurance
Guidance and outlook
13F: who owns BOW and who is buying
More on BOW
- How Bowhead Specialty Holdings makes money: revenue by segment
- Bowhead Specialty Holdings next earnings date and what analysts expect
- Bowhead Specialty Holdings stock forecast, price target and fair value
- Who owns Bowhead Specialty Holdings stock: holders, funds and Congress trades
- Bowhead Specialty Holdings guidance and outlook
- Is Bowhead Specialty Holdings a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results