Filing Flows › Financials › Kingsway (KWY)
Kingsway (KWY) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Kingsway (KWY) Q3 2026 earnings results →
Q3 2026 Revenue up 4% year over year to $38.9M · 8¢ of every $1 of revenue lost · operating margin 1.1%
Kingsway made $38.9M in Q3 2026 (+4% Y/Y). Operating margin 1.1%, net loss $3.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
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 $38.9M in Q3 2026, up 5% year over year and down 1% from the previous quarter.
Gross margin was 41.7%, down 2.4 points from Q3 2025. Operating profit was $427K, a 1.1% margin (up 3.4 points year over year). Operating expenses fell 9% while revenue rose 5%. The fastest-growing cost line was Other operating costs (+16%). The quarter ended with a net loss of $3.1M, after a profit of $157K the previous quarter. Minority interests bore $502K of it: to shareholders the quarter was a loss of $2.6M. Net interest and other expense of $3.8M was the main reason.
Operating cash flow was $4.1M (up 178% year over year). Non-cash charges added back $2.4M of depreciation and amortization and $463K of share-based compensation. Working capital and other items added $4.3M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $38.9M | +4% | 1.1% | −$3.1M | $4.1M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $39.4M | +28% | -0.3% | $157K | $1.2M |
| Q1 2026 | 10-Q | May 7, 2026 | $39.0M | +37% | 1.2% | −$2.3M | −$8K |
| Q4 2025 | 10-K | Mar 12, 2026 | $38.6M | +30% | 0.8% | −$1.6M | −$10K |
| Q3 2025 | 10-Q | Nov 6, 2025 | $37.2M | +37% | -2.3% | −$2.4M | $1.5M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $30.9M | +17% | -3.6% | −$3.2M | $337K |
| Q1 2025 | 10-Q | May 8, 2025 | $28.3M | +8% | -2.5% | −$3.1M | −$1.8M |
Charts
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 Kingsway
In this report, the terms "Kingsway," the "Company," "we," "us" or "our" mean Kingsway Financial Services Inc. and all entities included in our Consolidated Financial Statements. Kingsway Financial Services Inc. was incorporated under the Business Corporations Act (Ontario) on September 19, 1989. Effective December 31, 2018, the Company changed its jurisdiction of incorporation from the province of Ontario, Canada, to the State of Delaware. The Company's registered office is located at 10 S. Riverside Plaza, Suite 1520, Chicago, Illinois 60606. The common shares of Kingsway are listed on the NYSE under the trading symbol "KFS."
In its own words, from its 10-K, filed Mar 12, 2026.
Kingsway against its Fire, Marine & Casualty Insurance peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +4% against the peers' median +3%. Operating margin: 1.1% against the peers' median 15.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| KWY Kingsway | Q3 2026 | $38.9M | +4% | 1.1% |
| 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: Kingsway 10-Q on SEC EDGAR · CIK 1072627 · Fire, Marine & Casualty Insurance
Guidance and outlook
13F: who owns KWY and who is buying
More on KWY
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results