Filing Flows › Bowhead Specialty Holdings (BOW) › Q3 2025
Bowhead Specialty Holdings (BOW) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Bowhead Specialty Holdings (BOW) reported revenue of $144M for the third quarter 2025 (Q3 2025), +23% from a year earlier and +8% from the quarter before. Operating margin was 13.3%, net earnings $15.2M (10.5% of revenue).
Bowhead Specialty Holdings, Q3 2025: revenue $144M (+23% year over year), operating margin 13.3%, net earnings $15.2M, operating cash flow $115M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $144M | +8% | +23% |
| Operating profit | $19.1M | +20% | +21% |
| Net earnings | $15.2M | +23% | +26% |
| Operating cash flow | $115M | +5% | -4% |
| Free cash flow | $113M | +6% | -4% |
What changed
Revenue was $143.9M in Q3 2025, up 23% year over year and up 8% from the previous quarter.
Operating profit was $19.1M, a 13.3% margin (down 0.3 points year over year). Of the extra revenue versus a year earlier, 12% reached operating profit, below the 14% margin then. Total costs grew 24% against revenue growth of 23%. Net earnings were $15.2M, up 26% year over year. The effective tax rate was 20.6%.
Operating cash flow was $114.7M (down 4% year over year), 756% of net earnings. Non-cash charges added back $462K of depreciation and amortization and $2.0M of share-based compensation. Working capital and other items added $97.1M. Capital expenditures of $1.3M left free cash flow of $113.5M.
Questions
What was Bowhead Specialty Holdings' revenue in the third quarter 2025?
Bowhead Specialty Holdings (BOW) reported revenue of $144M for the third quarter 2025 (Q3 2025), +23% from a year earlier and +8% from the quarter before.
Was Bowhead Specialty Holdings profitable in the third quarter 2025?
Operating profit was $19.1M (13.3% of revenue) and net earnings $15.2M.