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Octave Specialty Group (OSG) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 6, 2026 · Octave Specialty Group (OSG) Q2 2026 earnings results →
Q2 2026 Revenue up 51% year over year to $83.0M · 15¢ of every $1 of revenue lost · operating margin -14.1%
Octave Specialty Group made $83.0M in Q2 2026 (+51% Y/Y): Other revenues $33.3M, Accident & Health $13.9M, Property $9.5M. Operating margin -14.1%, net loss $12.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 6, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $83.0M in Q2 2026, up 51% year over year and down 20% from the previous quarter. Accident & Health was the largest line at 17% of revenue. Accident & Health added $8.8M year over year (up 171%), 31% of the total change. Reinsurance declined 72%.
Operating costs exceeded revenue by $11.7M, an operating margin of -14.1%. Total costs grew 21% against revenue growth of 51%. The fastest-growing cost line was General & admin (+27%). The quarter ended with a net loss of $12.2M, wider than the previous quarter's $2.9M loss.
Operating cash flow was −$10.2M. Non-cash charges added back $12.3M of depreciation and amortization and $4.2M of share-based compensation. Working capital and other items used $14.5M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 6, 2026 | $83.0M | +51% | -14.1% | −$12.2M | −$10.2M |
| Q1 2026 | 10-Q | May 6, 2026 | $104M | +66% | -3.2% | −$2.9M | −$10.1M |
| Q4 2025 | 10-K | Mar 4, 2026 | $66.9M | +3% | -46.1% | −$29.7M | −$666K |
| Q3 2025 | 10-Q | Nov 10, 2025 | $66.6M | -5% | -48.2% | −$30.8M | −$41.2M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $55.0M | +8% | -41.8% | −$20.8M | $2.1M |
| Q1 2025 | 10-Q | May 12, 2025 | $62.8M | +27% | -24.1% | −$14.5M | −$12.6M |
Charts
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💵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 Octave Specialty Group
Octave Specialty Group, Inc. ("OSG"), headquartered in New York City, is a financial services holding company incorporated in the State of Delaware on April 29, 1991 and was formerly known as Ambac Financial Group, Inc. ("AFG"). In the fourth quarter of 2025, AFG changed its name and rebranded as OSG in connection with the sale of its Legacy Financial Guarantee business. References to "Octave," "OSG," the “Company,” “we,” “our,” and “us” are to OSG and its subsidiaries, as the context requires. Octave operates two principal businesses:
In its own words, from its 10-K, filed Mar 4, 2026.
Octave Specialty Group against its Surety Insurance peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +51% against the peers' median +20%. Operating margin: -14.1% against the peers' median 40.7%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| OSG Octave Specialty Group | Q2 2026 | $83.0M | +51% | -14.1% |
| ORI Old Republic International | Q3 2026 | $2.6B | +5% | 10.7% |
| RDN Radian Group | Q3 2026 | $624M | +106% | 36.6% |
| ESNT Essent Group | Q3 2026 | $374M | +20% | 53.2% |
| MTG Mgic Investment | Q3 2026 | $299M | -2% | 74.0% |
| AGO Assured Guaranty | Q3 2026 | $214M | +3% | 40.7% |
| NMIH NMI Holdings | Q3 2026 | $188M | +5% | 64.1% |
| MBI Mbia | Q3 2026 | $26.0M | +73% | -88.5% |
Source: Octave Specialty Group 10-Q on SEC EDGAR · CIK 874501 · Surety Insurance
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More on OSG
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results