Filing Flows › Octave Specialty Group (OSG) › Q3 2025
Octave Specialty Group (OSG) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
Octave Specialty Group (OSG) reported revenue of $66.6M for the third quarter 2025 (Q3 2025), -5% from a year earlier and +21% from the quarter before. Operating margin was -48.2%, net loss $30.8M (46.3% of revenue).
Octave Specialty Group, Q3 2025: revenue $66.6M (-5% year over year), operating margin -48.2%, net loss $30.8M, operating cash flow −$41.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $66.6M | +21% | -5% |
| Operating profit | −$32.1M | — | — |
| Net earnings | −$30.8M | — | — |
| Operating cash flow | −$41.2M | -2015% | — |
What changed
Revenue was $66.6M in Q3 2025, down 5% year over year and up 21% from the previous quarter. Managing General Agency Underwriter was the largest line at 65% of revenue. Specialty Property & Casualty Program lost $17.4M year over year (down 43%), 511% of the total change.
Operating costs exceeded revenue by $32.1M, an operating margin of -48.2%. Total costs grew 9% against a revenue fall of 5%. The fastest-growing cost line was General & admin (+22%). The quarter ended with a net loss of $30.8M, wider than the previous quarter's $20.8M loss.
Operating cash flow was −$41.2M. Non-cash charges added back $9.7M of depreciation and amortization. Working capital and other items used $20.1M.
Questions
What was Octave Specialty Group's revenue in the third quarter 2025?
Octave Specialty Group (OSG) reported revenue of $66.6M for the third quarter 2025 (Q3 2025), -5% from a year earlier and +21% from the quarter before.
Was Octave Specialty Group profitable in the third quarter 2025?
Operating loss was $32.1M (-48.2% of revenue) and net loss $30.8M.