Arch Capital Group (ACGL) Q2 FY2026 earnings: revenue $4.7 billion, down 10.5% on the year

Arch Capital Group Ltd. (ACGL) reported revenue of $4.7 billion for Q2 FY2026, the quarter ended 30 June 2026, down 10.5% on the same quarter a year earlier. Net income was $1.1 billion, down 14.6% on the year, and diluted earnings per share $3.00. The figures are the company's own, from the 10-Q it filed with the SEC on 4 August 2026.

Revenue

$4.7 billion

-10.5% on the year · +3.3% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

25.2%

27.1% a year earlier

Q3 FY2024Q2 FY2026

Net income

$1.1 billion

-14.6% on the year · +1.0% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$3.00

-7.1% on the year · +4.2% on the quarter

Q3 FY2024Q2 FY2026

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

What management said

Net income was $3.00 per share: Net income available to Arch common shareholders was $1.0 billion, or $3.00 diluted per share, an 18.0% annualized return on average common equity. The 2025 second quarter was $1.2 billion, or $3.23 per share.
Operating income was $2.56 per share: After-tax operating income was $893 million, or $2.56 per share, a 15.3% annualized operating return on average common equity. The 2025 second quarter was $979 million, or $2.58 per share.
Combined ratio excluding catastrophes rose: Combined ratio excluding catastrophic activity and prior year development was 82.5%, against 80.9% for the 2025 second quarter. The reported combined ratio was 83.5%, against 81.2%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	4,668	4,521	5,213	+3.3%	-10.5%
Operating income	1,175	1,109	1,411	+6.0%	-16.7%
Operating margin	25.2%	24.5%	27.1%
Interest expense	44.0	37.0	38.0	+18.9%	+15.8%
Income tax	164	98.0	214	+67.3%	-23.4%
Net income	1,057	1,047	1,237	+1.0%	-14.6%
Net margin	22.6%	23.2%	23.7%
Diluted EPS	$3.00	$2.88	$3.23	+4.2%	-7.1%

$ million except per share.

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	1,322	1,188	1,124	+11.3%	+17.6%
Capital expenditure	14.0	8.0	12.0	+75.0%	+16.7%
Free cash flow	1,308	1,180	1,112	+10.8%	+17.6%
Free cash flow margin	28.0%	26.1%	21.3%
Cash from investing	-1,535	-639	-1,228
Cash from financing	429	-827	-128
Share-based compensation	15.0	82.0	25.0	-81.7%	-40.0%
Buybacks	1,166	783	163	+48.9%	+615.3%
Diluted shares, weighted	349m	360m	380m	-3.0%	-8.2%
Shares outstanding at period end	341m	349m	373m	-2.3%	-8.6%

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	24,030	24,188	23,041	-0.7%	+4.3%
Debt	4,286	2,729	2,728	+57.1%	+57.1%
Other liabilities	56,863	54,529	53,019	+4.3%	+7.3%
Total liabilities and equity	85,179	81,446	78,788	+4.6%	+8.1%
Securities held for sale or to maturity	36,453	35,037	33,120	+4.0%	+10.1%
Cash and equivalents	1,109	914	983	+21.3%	+12.8%
Other assets	47,617	45,495	44,685	+4.7%	+6.6%
Total assets	85,179	81,446	78,788	+4.6%	+8.1%

Questions

What was Arch Capital Group's revenue in Q2 FY2026?

Arch Capital Group (ACGL) reported revenue of $4.7 billion for Q2 FY2026, the quarter ended 30 June 2026, down 10.5% on the same quarter a year earlier.

How much did Arch Capital Group earn in Q2 FY2026?

Net income for Q2 FY2026 was $1.1 billion, down 14.6% on the year, and diluted earnings per share $3.00.

When did Arch Capital Group report Q2 FY2026 results?

Arch Capital Group filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 4 August 2026.

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-Q for the period ended 30 June 2026, filed 4 August 2026: the filing.