Palomar Holdings (PLMR) FY2025 results: revenue $876 million, up 58.2% on the year
Palomar Holdings, Inc. (PLMR) reported revenue of $876 million for fiscal 2025, the year ended 31 December 2025, up 58.2% on the year before. Net income was $197 million, up 67.6%, and diluted earnings per share $7.17. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.
Revenue
$876 million
+58.2% on the year
FY2018FY2025
Operating margin
28.9%
27.3% a year earlier
FY2018FY2025
Net income
$197 million
+67.6% on the year
FY2018FY2025
Diluted EPS
$7.17
+60.0% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 2 new.
Fourth quarter net income rose: Net income was $56.2 million, or $2.06 per diluted share, against $35.0 million, or $1.29; adjusted net income was $61.1 million, or $2.24 per diluted share.
Gross written premiums grew 31.8%: Gross written premiums rose 31.8% to $492.6 million, and net earned premiums rose 61.1% to $233.5 million, compared with the year-earlier quarter.
Loss ratio rose, catastrophe ratio negative: Total loss ratio was 30.4% against 25.7%; the catastrophe loss ratio was -0.9%, against 5.6%, and included $2.1 million of favorable catastrophe development.
Prior-year reserves developed favorably: Prior-year development was $2.8 million favorable in the quarter, mainly in short-tail Inland Marine and Other Property, and $19.8 million favorable for the year.
Combined ratio rose year over year: Combined ratio was 76.8% against 75.9%; adjusted combined ratio was 73.4% against 71.7% in the fourth quarter.
$ 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
409
261
116
+56.7%
Capital expenditure
0.1
0.2
0.0
-43.6%
Free cash flow
409
261
116
+56.8%
Free cash flow margin
46.7%
47.1%
30.9%
Cash from investing
-354
-306
-128
Cash from financing
-28.8
73.8
-3.9
Depreciation and amortisation
8.9
5.1
4.5
+74.8%
Share-based compensation
21.0
16.7
14.9
+25.9%
Buybacks
37.3
0.0
22.3
Diluted shares, weighted
27m
26m
25m
+4.8%
Shares outstanding at period end
27m
27m
25m
-0.0%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
943
729
471
+29.3%
Debt
0.0
0.0
52.6
Other liabilities
2,108
1,533
1,184
+37.5%
Total liabilities and equity
3,051
2,262
1,708
+34.9%
Fixed assets
2.6
0.4
0.4
+494.6%
Goodwill
30.5
3.8
3.8
+711.3%
Securities held for sale or to maturity
1,224
939
644
+30.4%
Cash and equivalents
107
80.4
51.5
+32.9%
Other assets
1,687
1,239
1,009
+36.2%
Total assets
3,051
2,262
1,708
+34.9%
10-K for the year ended 31 December 2025, filed 24 February 2026: the filing.