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Greenlight Capital RE (GLRE) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 2, 2026 · Greenlight Capital RE (GLRE) Q3 2026 earnings results →

Q3 2026 Revenue up 2% year over year to $148M · 2¢ of every $1 of revenue kept as net profit · operating margin 2.4%

Greenlight Capital RE made $148M in Q3 2026 (+2% Y/Y). Operating margin 2.4%, net earnings $3.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 2, 2026.

Revenue$148M
Year over year+2%
Operating margin2.4%
Net earnings$3.2M
Operating cash flow$4.9M

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 $148.3M in Q3 2026, up 2% year over year and up 8% from the previous quarter.

Operating profit was $3.6M, a 2.4% margin (up 5.1 points year over year). Total costs fell 4% while revenue rose 2%. Net earnings were $3.2M. The effective tax rate was 10.7%.

Operating cash flow was $4.9M (down 84% year over year), 152% of net earnings. Non-cash charges added back $1.6M of share-based compensation.

Quarterly history

Greenlight Capital RE revenue by quarterGreenlight Capital RE revenue by quarter$213MQ1 2025$160MQ2 2025$146MQ3 2025$210MQ4 2025$190MQ1 2026$137MQ2 2026$148MQ3 2026
Greenlight Capital RE net earnings by quarterGreenlight Capital RE net earnings by quarter$29.6MQ1 2025$329KQ2 2025−$4.4MQ3 2025$49.3MQ4 2025$35.8MQ1 2026−$29.6MQ2 2026$3.2MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 2, 2026$148M+2%2.4%$3.2M$4.9M
Q2 202610-QAug 4, 2026$137M-14%-21.4%−$29.6M$31.4M
Q1 202610-QMay 5, 2026$190M-11%18.9%$35.8M$37.2M
Q4 202510-KMar 9, 2026$210M+48%24.1%$49.3M$100M
Q3 202510-QNov 3, 2025$146M-22%-2.7%−$4.4M$31.2M
Q2 202510-QAug 4, 2025$160M-8%0.4%$329K$68.4M
Q1 202510-QMay 7, 2025$213M+12%14.5%$29.6M$10.4M

Charts

Greenlight Capital RE: revenue growth, year over year and quarter over quarterGreenlight Capital RE: revenue growth, year over year and quarter over quarterY/YQ/Q+12%Q1 2025-8%-25%Q2 2025-22%-9%Q3 2025+48%+44%Q4 2025-11%-10%Q1 2026-14%-28%Q2 2026+2%+8%Q3 2026
Latest (Q3 2026): Y/Y +2%, Q/Q +8%.
Greenlight Capital RE: where the cash came from (+) and went (−), TTM to Q3 2026Greenlight Capital RE: where the cash came from (+) and went (−), TTM to Q3 2026Other investing−$184MOperating cash flow$174MCash drawn (+) / kept (−)$72.3MNet borrowing (+) / repaid (−)−$34.0MBuybacks−$30.0MOther financing$4.0MExchange rates−$1.9M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Greenlight Capital RE: profit against cash, quarter by quarterGreenlight Capital RE: profit against cash, quarter by quarterNet incomeOperating cash flow−$27.4M$29.5MQ4 2024$29.6M$10.4MQ1 2025$329K$68.4MQ2 2025−$4.4M$31.2MQ3 2025$49.3M$100MQ4 2025$35.8M$37.2MQ1 2026−$29.6M$31.4MQ2 2026$3.2M$4.9MQ3 2026
Latest (Q3 2026): Net income $3.2M, Operating cash flow $4.9M.
Greenlight Capital RE: diluted shares by fiscal yearGreenlight Capital RE: diluted shares by fiscal year36MFY202034MFY202140MFY202235MFY202335MFY202435MFY2025
-4.9% since FY2020: buybacks shrank the count.
Greenlight Capital RE in its industry: growth against margin (56 companies, SIC 6331)Greenlight Capital RE in its industry: growth against margin (56 companies, SIC 6331)revenue growth, year over year →↑ operating marginmedian +2%median 14%BRK-BPGRALLCBTRVAIGHIGLACGLMKLCNAWRBEGCINFAFGEverest Reinsurance Holdings IncAXSTHGRNRMCYSIGIKMPRSPNTHGWTMTIPTRLISKWDKNSLUVEHMNUFCSPLMRROOTSLDELMNDSAFTHCIDGICAHRTGEIGBOWJRVRHIPOASICAIIGBLIAMSFACICNODKKINSKWYPRHIKGOXBRGLRE (+2%, 2%)
Fire, Marine & Casualty Insurance; dot size is quarterly revenue; dashed lines are the industry's medians.

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 Greenlight Capital RE

Unless otherwise indicated or unless the context otherwise requires, all references in this Form 10-K to “the Company,” “we,” “us,” “our,” and similar expressions are references to Greenlight Capital Re, Ltd. and its consolidated subsidiaries. Unless otherwise indicated or unless the context otherwise requires, all references in this Annual Report to entity names are as set forth in the following table: All dollar amounts referred to in this Form 10-K are in U.S. dollars unless otherwise indicated. Tabular dollars are presented in thousands, with the exception of per share amounts or as otherwise noted. Due to rounding, numbers presented in the tables included in this Form 10-K may not add up precisely to the totals provided.

In its own words, from its 10-K, filed Mar 9, 2026.

Greenlight Capital RE against its Fire, Marine & Casualty Insurance peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +2% against the peers' median +2%. Operating margin: 2.4% against the peers' median 15.1%.

CompanyQuarterRevenueY/YOp. margin
GLRE Greenlight Capital REQ3 2026$148M+2%2.4%
BRK-B Berkshire HathawayQ2 2026$101.8B+10%15.5%
PGR ProgressiveQ3 2026$23.2B+3%14.0%
ALL AllstateQ3 2026$17.3B+0.5%15.1%
CB ChubbQ3 2026$16.2B+0.3%21.0%
TRV Travelers CompaniesQ3 2026$12.4B-0.5%19.1%
AIG American International GroupQ3 2026$7.4B+17%15.0%
HIG Hartford Insurance GroupQ3 2026$7.2B+4%21.9%
L LoewsQ3 2026$4.8B+2%8.5%

Source: Greenlight Capital RE 10-Q on SEC EDGAR · CIK 1385613 · Fire, Marine & Casualty Insurance

Guidance and outlook

Greenlight Capital RE: what its forward-looking statements are about (10-Q filed 2026-11-02)Greenlight Capital RE: what its forward-looking statements are about (10-Q filed 2026-11-02)Other4Demand1Margins1
6 statements; tone +0.17 (−1 all cautious, +1 all confident); 0 hedged.
Greenlight Capital RE: outlook statements against the filing beforeGreenlight Capital RE: outlook statements against the filing beforeConfident2Cautious1

More on GLRE

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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