Filing Flows › Hamilton Insurance Group (HG) › Q3 2025
Hamilton Insurance Group (HG) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Hamilton Insurance Group (HG) reported revenue of $668M for the third quarter 2025 (Q3 2025), +30% from a year earlier and -10% from the quarter before. Operating margin was 27.0%, net earnings $176M (26.4% of revenue).
Hamilton Insurance Group, Q3 2025: revenue $668M (+30% year over year), operating margin 27.0%, net earnings $176M, operating cash flow $296M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $668M | -10% | +30% |
| Operating profit | $180M | -33% | +181% |
| Net earnings | $176M | -34% | +189% |
| Operating cash flow | $296M | +35% | +84% |
What changed
Revenue was $667.6M in Q3 2025, up 30% year over year and down 10% from the previous quarter.
Operating profit was $180.3M, a 27.0% margin (up 14.5 points year over year). Of the extra revenue versus a year earlier, 75% reached operating profit, above the 12% margin then. Total costs grew 9% against revenue growth of 30%. The fastest-growing cost line was SG&A (+19%). Net earnings were $176.4M, up 189% year over year. The effective tax rate was 2.1%.
Operating cash flow was $295.6M (up 84% year over year), 168% of net earnings. Non-cash charges added back $4.3M of depreciation and amortization and $7.7M of share-based compensation. Working capital and other items added $107.2M.
Questions
What was Hamilton Insurance Group's revenue in the third quarter 2025?
Hamilton Insurance Group (HG) reported revenue of $668M for the third quarter 2025 (Q3 2025), +30% from a year earlier and -10% from the quarter before.
Was Hamilton Insurance Group profitable in the third quarter 2025?
Operating profit was $180M (27.0% of revenue) and net earnings $176M.