Assured Guaranty (AGO) FY2025 results: revenue $1.1 billion, up 27.3% on the year
Assured Guaranty Ltd. (AGO) reported revenue of $1.1 billion for fiscal 2025, the year ended 31 December 2025, up 27.3% on the year before. Net income was $503 million, up 33.8%, and diluted earnings per share $10.26. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.
Revenue
$1.1 billion
+27.3% on the year
FY2018FY2025
Operating margin
50.5%
48.9% a year earlier
FY2018FY2025
Net income
$503 million
+33.8% on the year
FY2018FY2025
Diluted EPS
$10.26
+49.3% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Net income rose on higher revenues: AG Re net income was $124,563 thousand for 2025 against $98,466 thousand for 2024. Total revenues were $198,117 thousand against $163,272 thousand.
Credit derivative and FX gains lifted revenue: Fair value gains on credit derivatives were $17,831 thousand against $6,831 thousand. Foreign exchange gains on remeasurement were $15,455 thousand against a $5,329 thousand loss.
Net debt service outstanding rose: Net debt service outstanding was $101.1 billion at December 31, 2025, against $93.0 billion. Net par outstanding was $65.3 billion against $60.8 billion.
Dividends paid fell to $80 million: Dividends paid were $80,000 thousand in 2025, against $97,400 thousand in 2024. Dividends were the only financing cash flow in both years.
Shareholder's equity rose to $1.17 billion: Total shareholder’s equity was $1,169,982 thousand at December 31, 2025, against $1,087,474 thousand. Retained earnings were $336,826 thousand, and accumulated other comprehensive loss was $24,826 thousand.
$ 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
259
47.0
461
+451.1%
Cash from investing
641
780
286
-17.8%
Cash from financing
-616
-983
-670
Buybacks
500
502
199
-0.4%
Dividends paid
68.0
68.0
67.0
0.0%
Dividend per share
$1.36
$1.24
$1.12
+9.7%
Diluted shares, weighted
49m
54m
60m
-10.3%
Shares outstanding at period end
45m
51m
56m
-10.5%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
5,663
5,495
5,713
+3.1%
Non-controlling interest
126
58.0
52.0
+117.2%
Debt
1,704
1,699
1,694
+0.3%
Other liabilities
4,683
4,649
5,080
+0.7%
Total liabilities and equity
12,176
11,901
12,539
+2.3%
Goodwill
n/a
n/a
0.0
Intangible assets
n/a
n/a
0.0
Investments
903
1,221
1,661
-26.0%
Cash and equivalents
419
128
286
+227.3%
Other assets
10,854
10,552
10,592
+2.9%
Total assets
12,176
11,901
12,539
+2.3%
10-K for the year ended 31 December 2025, filed 27 February 2026: the filing.