Enact Holdings (ACT) FY2025 results: revenue $1.2 billion, up 2.8% on the year
Enact Holdings, Inc. (ACT) reported revenue of $1.2 billion for fiscal 2025, the year ended 31 December 2025, up 2.8% on the year before. Net income was $674 million, down 2.0%, and diluted earnings per share $4.52. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.
Revenue
$1.2 billion
+2.8% on the year
FY2019FY2025
Operating margin
69.5%
73.1% a year earlier
FY2019FY2025
Net income
$674 million
-2.0% on the year
FY2019FY2025
Diluted EPS
$4.52
+3.4% on the year
FY2019FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 new, 1 kept.
Adjusted operating income rose to $179 million: Adjusted operating income was $179 million, or $1.23 per diluted share, up from $166 million, or $1.12 per diluted share, in the prior quarter. GAAP net income was $177 million, or $1.22 per diluted share.
New insurance written up 8% year-over-year: New insurance written was $14 billion, up 2% from the prior quarter and up 8% from the fourth quarter of 2024.
Loss ratio fell to 7%: Losses incurred were $18 million, a 7% loss ratio, compared with $36 million and 15% in the third quarter of 2025.
Net reserve release of $60 million: The fourth quarter net reserve release was $60 million, compared with $45 million in the third quarter and $56 million in the fourth quarter of 2024.
Claim rate expectation lowered to 8%: Management lowered its claim rate expectations from 9% to 8%, on both new and recent delinquencies, citing sustained favorable cure performance.
$ million except per share. Read moreFree 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
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
725
686
632
+5.6%
Cash from investing
-226
-321
-229
Cash from financing
-515
-382
-301
Share-based compensation
19.0
18.8
15.3
+1.3%
Buybacks
382
244
87.8
+56.7%
Dividends paid
121
112
213
+8.2%
Dividend per share
$0.81
$0.71
$1.33
+14.0%
Diluted shares, weighted
149m
158m
162m
-5.2%
Shares outstanding at period end
142m
152m
159m
-6.6%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
5,355
4,996
4,632
+7.2%
Debt
744
743
745
+0.2%
Other liabilities
794
782
813
+1.5%
Total liabilities and equity
6,893
6,522
6,190
+5.7%
Investments
0.0
3.4
20.2
Cash and equivalents
582
599
616
-2.8%
Other assets
6,311
5,919
5,555
+6.6%
Total assets
6,893
6,522
6,190
+5.7%
10-K for the year ended 31 December 2025, filed 27 February 2026: the filing.