AXIS Capital Holdings Limited (AXS) Balance Sheet
AXS balance sheet, 2025
December 31, 2025 · U.S. dollars$34.46B assets = $28.11B liabilities + $6.36B equity
Both columns are drawn to the same scale: what AXS owns equals what it owes plus shareholders’ equity. Hover a block for its value.
AXS financial health
Descriptive bands, not a rating. Fiscal 2025.
AXS balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $20.81B2016 | $34.46B2025 | +5.8%/yr | |
| Total liabilities | $14.54B2016 | $28.11B2025 | +7.6%/yr | |
| Shareholders’ equity | $6.27B2016 | $6.36B2025 | +0.1%/yr | |
| Cash & short-term investments | $13.40B2016 | $5.72B2025 | −9.0%/yr | |
| Total debt | $1.99B2016 | $1.49B2025 | −3.1%/yr | |
| Net cash (debt) | $11.42B2016 | $4.23B2025 | −$7.2B | |
| Working capital | $3.26B2016 | $7.82B2025 | +$4.6B | |
| Book value per share | $68.522016 | $80.192025 | +1.8%/yr | |
| Debt / equity | 0.322016 | 0.232025 | −0.08 | |
| Shares outstanding | 91.5M2016 | 79.3M2025 | −1.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AXS assets
AXS liabilities and equity
AXS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
AXS balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $5.72B | $6.92B | $5.31B | $4.95B | $5.51B | $6.01B | $6.36B | $13.41B | $14.70B | $13.40B |
| Cash & equivalents | $820.3M | $2.14B | $953.5M | $751.4M | $844.6M | $902.8M | $1.24B | $1.83B | $1.36B | $1.24B |
| Short-term investments | $4.90B | $4.78B | $4.35B | $4.19B | $4.67B | $5.11B | $5.12B | $11.58B | $13.34B | $12.16B |
| Receivables | $13.00B | $10.33B | $10.08B | $9.21B | $8.35B | $7.74B | $7.39B | $6.90B | $6.44B | $4.74B |
| Inventory | $0 | $0 | −$15.39B | −$10.46B | −$9.70B | −$9.40B | −$9.01B | −$597.2M | −$415.2M | −$202.0M |
| Other current assets | $2.64B | $2.86B | $17.73B | $12.43B | $11.55B | $8.25B | $16.39B | $0 | $0 | $0 |
| Total current assets | $21.36B | $20.11B | $17.73B | $16.13B | $15.71B | $12.59B | $21.14B | $17.40B | $18.75B | $16.81B |
| Property, plant & equipment (net) | $93.9M | $92.5M | $108.1M | $92.2M | $103.3M | $123.6M | $111.1M | $0 | $0 | $0 |
| Goodwill & intangible assets | $1.03B | $928.3M | $738.6M | $772.2M | $775.1M | $324.3M | $341.5M | $343.6M | $360.0M | $85.0M |
| Long-term investments | $14.37B | $13.61B | $13.70B | $12.73B | $13.59B | $14.32B | $14.38B | $13.24B | $14.87B | $13.53B |
| Other non-current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total assets | $34.46B | $32.68B | $30.25B | $27.68B | $27.37B | $25.88B | $25.60B | $24.13B | $24.76B | $20.81B |
| Liabilities | ||||||||||
| Accounts payable | $1.88B | $1.71B | $1.79B | $1.61B | $1.32B | $1.09B | $1.35B | $1.34B | $899.1M | $493.2M |
| Short-term debt | $0 | $17.8M | $17.5M | $102.6M | $119.5M | $22.8M | $115.6M | $1.34B | $1.38B | $993.0M |
| Deferred revenue | $5.83B | $5.21B | $4.75B | $4.36B | $4.09B | $951.8M | −$115.6M | −$1.34B | −$1.38B | — |
| Total current liabilities | $13.54B | $12.63B | $12.13B | $11.55B | $10.99B | $140.3M | $1.35B | $18.01B | $18.04B | $13.55B |
| Long-term debt | $1.32B | $1.32B | $1.31B | $1.31B | $1.31B | $1.31B | $1.81B | $1.34B | $1.38B | $993.0M |
| Lease obligations | $110.1M | $106.6M | $123.1M | $102.6M | $119.5M | $140.3M | $115.6M | — | — | — |
| Other long-term liabilities | $13.25B | $12.65B | $11.55B | $10.18B | $9.66B | $140.3M | $0 | $0 | $0 | $0 |
| Total liabilities | $28.11B | $26.59B | $24.99B | $23.04B | $21.96B | $20.58B | $20.06B | $19.10B | $19.42B | $14.54B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $2.2M | $2.2M | $2.2M | $2.2M | $2.2M | $2.2M | $2.2M | $2.2M | $2.30B | $2.30B |
| Retained earnings (deficit) | $8.18B | $7.34B | $6.44B | $6.25B | $6.20B | $5.76B | $6.06B | $5.91B | $5.98B | $6.53B |
| Treasury stock | — | — | — | — | −$3.75B | −$3.76B | −$3.78B | −$3.79B | −$3.81B | −$3.56B |
| Accumulated other comprehensive income | $28.4M | −$267.6M | −$365.8M | −$760.3M | $56.5M | $414.4M | $171.7M | −$177.1M | $92.4M | −$121.8M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $6.36B | $6.09B | $5.26B | $4.64B | $5.41B | $5.30B | $5.54B | $5.03B | $5.34B | $6.27B |
| Key figures | ||||||||||
| Total debt | $1.49B | $1.49B | $1.52B | $1.50B | $1.43B | $1.45B | $1.92B | $1.34B | $1.38B | $1.99B |
| Net cash (debt) | $4.23B | $5.43B | $3.78B | $3.45B | $4.08B | $4.56B | $4.44B | $12.07B | $13.33B | $11.42B |
| Working capital | $7.82B | $7.48B | $5.61B | $4.59B | $4.73B | $12.45B | $19.79B | −$614.9M | $702.9M | $3.26B |
| Tangible book value | $5.32B | $5.16B | $4.52B | $3.87B | $4.64B | $4.97B | $5.20B | $4.69B | $4.98B | $6.19B |
| Book value per share | $80.19 | $71.49 | $61.19 | $54.16 | $63.44 | $62.85 | $65.63 | $59.88 | $63.50 | $68.52 |
| Shares outstanding | 79.3M | 85.2M | 86.0M | 85.7M | 85.3M | 84.3M | 84.5M | 84.0M | 84.1M | 91.5M |
| Current ratio | 1.58 | 1.59 | 1.46 | 1.40 | 1.43 | 89.78 | 15.67 | 0.97 | 1.04 | 1.24 |
| Quick ratio | 1.38 | 1.37 | 1.27 | 1.23 | 1.26 | 98.00 | 10.20 | 1.13 | 1.17 | 1.34 |
| Debt / equity | 0.23 | 0.24 | 0.29 | 0.32 | 0.26 | 0.27 | 0.35 | 0.27 | 0.26 | 0.32 |
| Equity / assets | 18.4% | 18.6% | 17.4% | 16.8% | 19.8% | 20.5% | 21.7% | 20.8% | 21.6% | 30.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $6.09B | $5.80B | $5.72B | $5.71B | $5.68B | $7.54B | $6.92B | $6.12B | $5.63B | $5.51B | $5.31B | $5.37B |
| Cash & equivalents | $780.0M | $862.4M | $820.3M | $825.9M | $852.1M | $2.76B | $2.14B | $981.0M | $1.09B | $1.14B | $953.5M | $889.6M |
| Short-term investments | $5.31B | $4.94B | $4.90B | $4.88B | $4.83B | $4.78B | $4.78B | $5.14B | $4.54B | $4.37B | $4.35B | $4.48B |
| Receivables | $13.59B | $13.47B | $13.00B | $13.50B | $13.89B | $11.35B | $10.33B | $10.82B | $10.89B | $10.61B | $10.08B | $9.95B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$12.42B | −$1.83B | −$16.12B | −$15.39B | −$11.33B |
| Other current assets | $0 | $2.98B | $2.64B | $2.70B | $2.78B | $2.75B | $2.86B | $14.93B | $3.94B | $18.18B | $17.30B | $18.69B |
| Total current assets | $1.35B | $22.25B | $21.36B | $21.90B | $22.35B | $21.64B | $20.11B | $19.46B | $18.64B | $18.18B | $17.30B | $22.68B |
| Property, plant & equipment (net) | $92.8M | $94.7M | $93.9M | $92.7M | $89.4M | $92.3M | $92.5M | $97.9M | $101.1M | $104.2M | $108.1M | $104.2M |
| Goodwill & intangible assets | $227.8M | $1.16B | $1.03B | $876.4M | $892.3M | $865.8M | $928.3M | $853.5M | $282.2M | $285.0M | $287.7M | $290.4M |
| Long-term investments | $15.19B | $14.44B | $14.37B | $14.17B | $13.43B | $13.13B | $13.61B | $15.20B | $14.06B | $13.80B | $13.70B | $13.27B |
| Other non-current assets | $19.76B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total assets | $36.62B | $35.62B | $34.46B | $34.34B | $34.15B | $33.25B | $32.68B | $32.72B | $32.08B | $31.76B | $30.25B | $29.47B |
| Liabilities | ||||||||||||
| Accounts payable | $2.41B | $2.18B | $1.88B | $1.86B | $1.93B | $1.88B | $1.71B | $1.83B | $2.01B | $1.91B | $1.79B | $1.90B |
| Short-term debt | $108.3M | — | $0 | $109.0M | $106.5M | $0 | $17.8M | $115.2M | $116.3M | — | $17.5M | $0 |
| Deferred revenue | $6.81B | $6.56B | $5.83B | $5.99B | $6.15B | $5.86B | $5.21B | $5.45B | −$116.3M | — | — | — |
| Total current liabilities | $108.3M | $8.81B | $13.54B | $8.04B | $8.17B | $7.94B | $12.63B | $7.41B | $2.01B | $1.91B | $18.25B | $1.90B |
| Long-term debt | $1.38B | $1.38B | $1.32B | $1.32B | $1.32B | $1.32B | $1.32B | $1.31B | $1.40B | $1.40B | $1.40B | $1.31B |
| Lease obligations | $108.3M | $110.2M | $110.1M | $109.0M | $106.5M | $107.3M | $106.6M | $115.2M | $116.3M | $119.1M | $123.1M | $116.5M |
| Other long-term liabilities | $26.13B | $19.04B | $13.25B | $18.61B | $18.49B | $18.09B | $12.65B | $17.92B | $23.01B | $22.94B | $23.59B | $23.13B |
| Total liabilities | $30.12B | $29.24B | $28.11B | $27.97B | $27.98B | $27.35B | $26.59B | $26.64B | $26.42B | $26.25B | $24.99B | $24.44B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $2.2M | $2.2M | $2.2M | $2.2M | $2.2M | $2.2M | $2.2M | $2.2M | $2.2M | $2.2M | $2.2M | $2.2M |
| Retained earnings (deficit) | $8.61B | $8.40B | $8.18B | $7.93B | $7.67B | $7.49B | $7.34B | $7.09B | $6.96B | $6.79B | $6.44B | $6.63B |
| Accumulated other comprehensive income | −$107.8M | −$97.1M | $28.4M | $10.2M | −$21.7M | −$152.4M | −$267.6M | −$76.7M | −$395.0M | −$411.8M | −$365.8M | −$775.4M |
| Total shareholders' equity | $6.50B | $6.38B | $6.36B | $6.37B | $6.17B | $5.90B | $6.09B | $6.08B | $5.66B | $5.51B | $5.26B | $5.03B |
| Key figures | ||||||||||||
| Total debt | $1.49B | $1.49B | $110.1M | $109.0M | $106.5M | $107.3M | $1.51B | $1.51B | $1.52B | $1.52B | $1.52B | $1.52B |
| Net cash (debt) | $4.60B | $4.31B | $5.61B | $5.60B | $5.57B | $7.43B | $5.41B | $4.62B | $4.12B | $3.99B | $3.78B | $3.85B |
| Working capital | $1.24B | $13.44B | $7.82B | $13.86B | $14.18B | $13.70B | $7.48B | $12.05B | $16.63B | $16.27B | −$950.2M | $20.78B |
| Tangible book value | $6.28B | $5.22B | $5.32B | $5.49B | $5.28B | $5.04B | $5.16B | $5.23B | $5.38B | $5.22B | $4.98B | $4.74B |
| Book value per share | $87.64 | $84.90 | $82.74 | $80.26 | $77.83 | $71.66 | $71.49 | $71.57 | $66.33 | $64.24 | $61.73 | $58.45 |
| Shares outstanding | 74.2M | 75.2M | 76.8M | 79.3M | 79.3M | 82.4M | 85.2M | 85.0M | 85.3M | 85.7M | 85.3M | 86.1M |
| Current ratio | 12.44 | 2.53 | 1.58 | 2.72 | 2.74 | 2.73 | 1.59 | 2.63 | 9.30 | 9.52 | 0.95 | 11.94 |
| Quick ratio | 181.61 | 2.19 | 1.38 | 2.39 | 2.40 | 2.38 | 1.37 | 2.29 | 8.24 | 8.44 | 0.84 | 8.06 |
| Debt / equity | 0.23 | 0.23 | 0.02 | 0.02 | 0.02 | 0.02 | 0.25 | 0.25 | 0.27 | 0.28 | 0.29 | 0.30 |
| Equity / assets | 17.8% | 17.9% | 18.4% | 18.5% | 18.1% | 17.8% | 18.6% | 18.6% | 17.6% | 17.3% | 17.4% | 17.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
AXS financial position
At the end of fiscal 2025 (December 31, 2025), AXIS Capital had total assets of $34.5 billion (up 5.4% from a year earlier), total liabilities of $28.1 billion and shareholders' equity of $6.4 billion. It held $5.7 billion in cash and short-term investments against $1.5 billion of debt, a net cash position of $4.2 billion. Its current ratio was 1.58. In the latest quarter (ended June 30, 2026) total assets were $36.6 billion and equity $6.5 billion.
Related: AXS income statement, AXS cash flow statement, AXS key metrics. See the AXS stock overview for the latest quote and news.
AXS balance sheet FAQ
What are AXIS Capital's total assets?
AXIS Capital reported total assets of $34.5 billion at the end of fiscal 2025 (December 31, 2025), compared with $32.7 billion a year earlier.
How much debt does AXIS Capital have?
AXIS Capital had $1.5 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.23.
How much cash does AXIS Capital have?
AXIS Capital held $5.7 billion in cash and short-term investments at the end of fiscal 2025; with $1.5 billion of debt that is net cash of $4.2 billion.
What is AXIS Capital's book value?
AXIS Capital's shareholders' equity (book value) was $6.4 billion at the end of fiscal 2025, or $80.19 per share.
What is AXIS Capital's current ratio?
AXIS Capital had current assets of $21.4 billion and current liabilities of $13.5 billion, a current ratio of 1.58 (it can cover its short-term obligations).
How much goodwill does AXIS Capital have?
AXIS Capital carried $1.0 billion of goodwill and intangible assets, 3.0% of total assets, at the end of fiscal 2025.