Filing Flows › Bowhead Specialty Holdings (BOW) › Q4 2025
Bowhead Specialty Holdings (BOW) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
Bowhead Specialty Holdings (BOW) reported revenue of $152M for the fourth quarter 2025 (Q4 2025), +27% from a year earlier and +5% from the quarter before. Operating margin was 11.7%, net earnings $14.8M (9.8% of revenue).
Bowhead Specialty Holdings, Q4 2025: revenue $152M (+27% year over year), operating margin 11.7%, net earnings $14.8M, operating cash flow $60.1M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $152M | +5% | +27% |
| Operating profit | $17.8M | -7% | -2% |
| Net earnings | $14.8M | -2% | +9% |
| Operating cash flow | $60.1M | -48% | -2% |
| Free cash flow | $58.6M | -48% | -4% |
What changed
Revenue was $151.7M in Q4 2025, up 27% year over year and up 5% from the previous quarter.
Operating profit was $17.8M, a 11.7% margin (down 3.6 points year over year). Operating profit fell $443K even though revenue rose $32.3M versus a year earlier, so costs grew faster than sales. Total costs grew 32% against revenue growth of 27%. Net earnings were $14.8M, up 9% year over year. The effective tax rate was 16.6%.
Operating cash flow was $60.1M (down 2% year over year), 405% of net earnings. Non-cash charges added back $560K of depreciation and amortization and $3.8M of share-based compensation. Working capital and other items added $40.9M. Capital expenditures of $1.5M left free cash flow of $58.6M.
Questions
What was Bowhead Specialty Holdings' revenue in the fourth quarter 2025?
Bowhead Specialty Holdings (BOW) reported revenue of $152M for the fourth quarter 2025 (Q4 2025), +27% from a year earlier and +5% from the quarter before.
Was Bowhead Specialty Holdings profitable in the fourth quarter 2025?
Operating profit was $17.8M (11.7% of revenue) and net earnings $14.8M.