HCI Group (HCI) FY2025 results: revenue $901 million, up 20.1% on the year
HCI Group, Inc. (HCI) reported revenue of $901 million for fiscal 2025, the year ended 31 December 2025, up 20.1% on the year before. Net income was $299 million, up 171.9%, and diluted earnings per share $22.72. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
Revenue
$901 million
+20.1% on the year
FY2018FY2025
Operating margin
47.7%
23.1% a year earlier
FY2018FY2025
Net income
$299 million
+171.9% on the year
FY2018FY2025
Diluted EPS
$22.72
+155.6% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Fourth-quarter pre-tax income rose sharply: Pre-tax income was $144 million in the fourth quarter against $6 million a year earlier. Net income was $108 million, or $98 million after noncontrolling interests.
Full-year pre-tax income and EPS rose: For 2025, pre-tax income was $429 million and net income after noncontrolling interests was $299 million. Diluted EPS was $22.72 against $8.89 in 2024.
Gross premiums earned grew on policy volume: Gross premiums earned were $332 million in the fourth quarter against $297 million, and $1,236 million for the year against $1,083 million. The company attributed the increase to a higher volume of policies in force.
Total written premium flat in quarter: Total gross written premiums were $333.8 million in the fourth quarter against $334.5 million, and $1,294.8 million for the year against $1,166.8 million.
Gross loss ratio fell sharply: The gross loss ratio was 15.6% in the fourth quarter, against 37.2% a year earlier and 22.0% in the third quarter of 2025. The full-year ratio was 19.6% against 34.6%.
$ 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
444
332
231
+33.9%
Capital expenditure
3.6
4.1
6.5
-10.3%
Free cash flow
441
328
224
+34.5%
Free cash flow margin
48.9%
43.7%
40.7%
Cash from investing
87.3
-260
4.3
Cash from financing
146
-75.2
67.1
Depreciation and amortisation
6.6
6.2
5.7
+7.2%
Share-based compensation
11.0
10.2
9.3
+7.7%
Buybacks
1.5
1.0
0.8
+47.0%
Dividends paid
19.3
16.6
13.7
+16.2%
Dividend per share
$1.60
$1.60
$1.60
0.0%
Diluted shares, weighted
13m
13m
11m
+1.5%
Shares outstanding at period end
13m
11m
10m
+20.7%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,041
453
325
+129.6%
Non-controlling interest
70.2
14.0
2.3
+400.9%
Redeemable equity
3.4
1.7
96.2
+98.6%
Debt
32.4
189
213
-82.8%
Other liabilities
1,382
1,573
1,175
-12.1%
Total liabilities and equity
2,529
2,230
1,811
+13.4%
Fixed assets
28.9
29.5
29.3
-2.0%
Intangible assets
2.7
5.2
7.7
-48.5%
Securities held for sale or to maturity
597
719
383
-16.9%
Cash and equivalents
1,210
532
536
+127.3%
Other assets
690
944
855
-27.0%
Total assets
2,529
2,230
1,811
+13.4%
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.