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Kestrel Group (KG) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Kestrel Group (KG) Q3 2026 earnings results →
Q3 2026 Revenue down 73% year over year to $4.8M · 343¢ of every $1 of revenue lost · operating margin -343.1%
Kestrel Group made $4.8M in Q3 2026 (-73% Y/Y). Operating margin -343.1%, net loss $16.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $4.8M in Q3 2026, down 73% year over year and down 29% from the previous quarter.
Operating costs exceeded revenue by $16.3M, an operating margin of -343.1%. Total costs fell 7% while revenue fell 73%. The quarter ended with a net loss of $16.4M, wider than the previous quarter's $8.1M loss.
Operating cash flow was $1.6M. Non-cash charges added back $1.6M of share-based compensation. Working capital and other items added $16.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $4.8M | -73% | -343.1% | −$16.4M | $1.6M |
| Q2 2026 | 10-Q | Aug 7, 2026 | $6.7M | +20% | -122.7% | −$8.1M | −$25.8M |
| Q1 2026 | 10-Q | May 8, 2026 | $10.2M | 12× | -72.8% | −$7.4M | −$15.1M |
| Q4 2025 | 10-K | Mar 13, 2026 | $10.2M | +737% | -174.3% | −$17.8M | −$65.7M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $17.4M | 23× | -28.9% | −$5.1M | −$9.7M |
| Q2 2025 | 10-Q | Aug 15, 2025 | $5.6M | +782% | n/m | $69.9M | −$19.9M |
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📈Investments: gains and what it boughtinteractive
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About Kestrel Group
On May 27, 2025, Kestrel Group LLC (“Kestrel LLC”) and Maiden Holdings, Ltd. (“Maiden”) completed their previously announced combination ("Combination"), forming a new, publicly listed specialty program group operating under the name Kestrel Group Ltd (“Kestrel Group” or "Parent Company"). The Combination was previously announced on December 30, 2024. Maiden shares ceased trading on the NASDAQ Capital Market ("Nasdaq") at close of market on May 27, 2025. Kestrel shares began trading on the Nasdaq at open of market on May 28, 2025 under the ticker symbol “KG”. Upon the closing of the Transactions (the “Closing”), Maiden and Kestrel LLC are now wholly owned subsidiaries of the Company, which was rebranded as Kestrel Group and renamed “Kestrel Group Ltd” ("Kestrel").
In its own words, from its 10-K, filed Mar 13, 2026.
Kestrel Group against its Fire, Marine & Casualty Insurance peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -73% against the peers' median +2%. Operating margin: -343.1% against the peers' median 15.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| KG Kestrel Group | Q3 2026 | $4.8M | -73% | -343.1% |
| 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: Kestrel Group 10-Q on SEC EDGAR · CIK 2055116 · Fire, Marine & Casualty Insurance
Guidance and outlook
More on KG
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results