Arch Capital Group (ACGL) Q4 FY2025 earnings: revenue $4.9 billion, up 8.5% on the year

Arch Capital Group Ltd. (ACGL) reported revenue of $4.9 billion for Q4 FY2025, the quarter ended 31 December 2025, up 8.5% on the same quarter a year earlier. Net income was $1.2 billion, up 32.4% on the year, and diluted earnings per share $3.35. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.

Revenue

$4.9 billion

+8.5% on the year · -3.4% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

28.1%

20.6% a year earlier

Q1 FY2024Q4 FY2025

Net income

$1.2 billion

+32.4% on the year · -8.3% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$3.35

+38.4% on the year · -5.9% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Net income rose to $1.2 billion: Net income available to common shareholders was $1.2 billion, or $3.35 per diluted share, against $925 million, or $2.42, a year earlier. Annualized return on average common equity was 21.2%, against 17.9%.
After-tax operating income reached $1.1 billion: After-tax operating income available to common shareholders was $1.1 billion, or $2.98 per diluted share, against $866 million, or $2.26. Annualized operating return on average common equity was 18.9%, against 16.7%.
Insurance premiums grew gross, shrank net: Insurance gross premiums written rose 2.3% and net premiums written fell 4.0%. Underwriting income was $119 million, against $30 million a year earlier, with the combined ratio at 94.0%, against 98.5%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	4,934	5,109	4,548	-3.4%	+8.5%
Operating income	1,387	1,503	937	-7.7%	+48.0%
Operating margin	28.1%	29.4%	20.6%
Interest expense	38.0	37.0	37.0	+2.7%	+2.7%
Income tax	210	215	66.0	-2.3%	+218.2%
Net income	1,238	1,350	935	-8.3%	+32.4%
Net margin	25.1%	26.4%	20.6%
Diluted EPS	$3.35	$3.56	$2.42	-5.9%	+38.4%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	1,404	2,186	1,573	-35.8%	-10.7%
Capital expenditure	11.0	12.0	13.0	-8.3%	-15.4%
Free cash flow	1,393	2,174	1,560	-35.9%	-10.7%
Free cash flow margin	28.2%	42.6%	34.3%
Cash from investing	-417	-1,383	420
Cash from financing	-778	-743	-1,890
Share-based compensation	24.0	25.0	33.0	-4.0%	-27.3%
Buybacks	798	732	24.0	+9.0%	+3,225.0%
Diluted shares, weighted	367m	376m	383m	-2.5%	-4.2%
Shares outstanding at period end	359m	363m	376m	-1.0%	-4.6%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	24,206	23,719	20,820	+2.1%	+16.3%
Redeemable equity	n/a	n/a	0.0
Debt	2,729	2,728	2,728	+0.0%	+0.0%
Other liabilities	52,306	52,738	47,358	-0.8%	+10.4%
Total liabilities and equity	79,241	79,185	70,906	+0.1%	+11.8%
Goodwill	607	n/a	571		+6.3%
Intangible assets	534	n/a	701		-23.8%
Securities held for sale or to maturity	35,051	34,259	29,819	+2.3%	+17.5%
Cash and equivalents	993	1,063	979	-6.6%	+1.4%
Other assets	42,056	43,863	38,836	-4.1%	+8.3%
Total assets	79,241	79,185	70,906	+0.1%	+11.8%

Questions

What was Arch Capital Group's revenue in Q4 FY2025?

Arch Capital Group (ACGL) reported revenue of $4.9 billion for Q4 FY2025, the quarter ended 31 December 2025, up 8.5% on the same quarter a year earlier.

How much did Arch Capital Group earn in Q4 FY2025?

Net income for Q4 FY2025 was $1.2 billion, up 32.4% on the year, and diluted earnings per share $3.35.

When did Arch Capital Group report Q4 FY2025 results?

Arch Capital Group filed its 10-K for the year that ended with the quarter on 26 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022 †	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	2,313	1,942	2,215	2,386	3,072	3,168	3,162	3,329	3,975	3,941	4,229	4,722	4,548	4,673	5,213	5,109	4,934	4,521	4,668	4,655
Operating income	617	185	422	-5.1	887	742	714	741	1,188	1,166	1,321	1,050	937	678	1,411	1,503	1,387	1,109	1,175	1,186
Operating margin	27%	10%	19%	-0%	29%	23%	23%	22%	30%	30%	31%	22%	21%	15%	27%	29%	28%	25%	25%	25%
Interest expense	32.2	33.0	33.0	33.1	31.7	32.0	33.0	34.0	34.0	34.0	35.0	35.0	37.0	35.0	38.0	37.0	38.0	37.0	44.0	62.0
Pre-tax income	882	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Tax rate	4%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Net income	623	196	404	17.0	860	715	671	723	2,334	1,120	1,269	988	935	574	1,237	1,350	1,238	1,047	1,057	1,035
Net margin	27%	10%	18%	1%	28%	23%	21%	22%	59%	28%	30%	21%	21%	12%	24%	26%	25%	23%	23%	22%
Diluted EPS	$1.57	$0.48	$1.04	$0.02	$2.26	$1.87	$1.75	$1.88	$6.12	$2.92	$3.30	$2.56	$2.42	$1.48	$3.23	$3.56	$3.35	$2.88	$3.00	$3.00
Operating cash flow	800	552	902	1,380	982	963	1,151	1,970	1,665	1,564	1,518	2,018	1,573	1,458	1,124	2,186	1,404	1,188	1,322	1,759
Capital expenditure	7.0	11.0	12.1	14.6	13.3	11.0	15.0	11.0	15.0	15.0	11.0	12.0	13.0	9.0	12.0	12.0	11.0	8.0	14.0	11.0
Free cash flow	793	541	890	1,365	968	952	1,136	1,959	1,650	1,549	1,507	2,006	1,560	1,449	1,112	2,174	1,393	1,180	1,308	1,748
Buybacks	362	255	321	10.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	24.0	196	163	732	798	783	1,166	1,433
Shares outstanding	379m	376m	369m	370m	370m	372m	373m	373m	373m	375m	376m	376m	376m	375m	373m	363m	359m	349m	341m	326m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 26 February 2026: the filing.