Bowhead Specialty Holdings Inc. (BOW) Income Statement
BOW 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsBOW revenue and net income
Where BOW's revenue goes
2025Each bar shows an amount and its share of revenue. BOW kept 9.8% of revenue as net income.
BOW profit margins
BOW growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +29.6% | +43.3% | — | — |
| Gross profit | +22.0% | +42.9% | — | — |
| Operating income | +33.2% | +66.2% | — | — |
| Net income | +40.6% | +68.4% | — | — |
| EPS (diluted) | +31.0% | +52.0% | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
BOW quarterly EPS vs estimates
Bowhead Specialty beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: November 3, 2026 (estimate $0.51).
BOW income statement
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Revenue | $551.5M | $425.6M | $283.4M | $187.6M |
| Cost of revenue | $374.5M | $280.5M | $187.2M | $127.0M |
| Gross profit | $177.0M | $145.1M | $96.2M | $60.6M |
| Total operating expenses | $109.7M | $94.6M | $64.1M | $46.0M |
| Operating income | $67.3M | $50.5M | $32.1M | $14.7M |
| Interest income | — | $2.7M | $20,000 | $0 |
| Interest expense | $2.0M | $725,000 | $0 | $0 |
| Income before taxes | $67.3M | $50.5M | $32.1M | $14.7M |
| Income taxes | $13.5M | $12.3M | $7.1M | $3.4M |
| Net income | $53.8M | $38.2M | $25.0M | $11.3M |
| EBITDA | $71.1M | $55.1M | $34.4M | $15.4M |
| EPS (diluted) | $1.65 | $1.26 | $0.79 | $0.47 |
| Gross margin | 32.1% | 34.1% | 33.9% | 32.3% |
| Operating margin | 12.2% | 11.9% | 11.3% | 7.8% |
| Net margin | 9.8% | 9.0% | 8.8% | 6.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $163.9M | $154.8M | $151.7M | $143.9M | $133.2M | $122.8M | $119.3M | $116.7M | $98.9M | $90.6M | $82.8M | $76.1M |
| Cost of revenue | $96.9M | $91.5M | $104.3M | $97.1M | $89.9M | $83.2M | $76.1M | $77.0M | $66.6M | $60.8M | $58.4M | $48.4M |
| Gross profit | $66.9M | $63.3M | $47.4M | $46.8M | $43.2M | $39.5M | $43.3M | $39.7M | $32.3M | $29.8M | $24.4M | $27.6M |
| Total operating expenses | $46.3M | $42.8M | $29.6M | $27.7M | $27.3M | $25.1M | $25.0M | $23.9M | $24.9M | $20.7M | $18.6M | $16.4M |
| Operating income | $20.7M | $20.6M | $17.8M | $19.1M | $15.9M | $14.5M | $18.2M | $15.8M | $7.4M | $9.1M | $5.8M | $11.3M |
| Interest income | — | — | — | $1.1M | $1.1M | $976,000 | $1.0M | $1.1M | — | — | — | — |
| Interest expense | $3.3M | $3.2M | $1.2M | $262,000 | $261,000 | $247,000 | $248,000 | $252,000 | $224,000 | $1,000 | — | $0 |
| Income before taxes | $20.7M | $20.6M | $17.8M | $19.1M | $15.9M | $14.5M | $18.2M | $15.8M | $7.4M | $9.1M | $5.8M | $11.3M |
| Income taxes | $4.5M | $4.6M | $3.0M | $3.9M | $3.6M | $3.0M | $4.6M | $3.7M | $1.9M | $2.0M | $1.0M | $2.6M |
| Net income | $16.1M | $16.0M | $14.8M | $15.2M | $12.3M | $11.4M | $13.6M | $12.1M | $5.5M | $7.0M | $4.8M | $8.7M |
| EBITDA | $24.6M | $24.4M | $19.6M | $19.8M | $16.5M | $15.1M | $19.6M | $17.1M | $8.6M | $9.8M | $6.6M | $12.0M |
| EPS (diluted) | $0.48 | $0.48 | $0.47 | $0.47 | $0.37 | $0.34 | $0.40 | $0.36 | $0.28 | $0.22 | — | — |
| Gross margin | 40.8% | 40.9% | 31.3% | 32.5% | 32.5% | 32.2% | 36.3% | 34.0% | 32.7% | 32.9% | 29.5% | 36.3% |
| Operating margin | 12.6% | 13.3% | 11.7% | 13.3% | 12.0% | 11.8% | 15.3% | 13.6% | 7.5% | 10.0% | 7.0% | 14.8% |
| Net margin | 9.8% | 10.3% | 9.8% | 10.5% | 9.3% | 9.3% | 11.4% | 10.4% | 5.6% | 7.7% | 5.8% | 11.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in BOW's financial statements (latest annual report filed February 24, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
BOW financial results
In fiscal year 2025 (ended December 31, 2025), Bowhead Specialty reported revenue of $551.5 million, up 29.6% from the year before. It had net income of $53.8 million (up 40.6%), a net profit margin of 9.8%. Diluted earnings per share came to $1.65.
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BOW income statement FAQ
What is Bowhead Specialty's annual revenue?
Bowhead Specialty reported total revenue of $551.5 million for fiscal year 2025, which ended on December 31, 2025. That was up 29.6% from $425.6 million the previous year.
Is Bowhead Specialty profitable?
Yes. Bowhead Specialty reported net income of $53.8 million in fiscal 2025, a net profit margin of 9.8%; its operating margin was 12.2%.
What is Bowhead Specialty's gross margin?
Bowhead Specialty's gross margin was 32.1% in fiscal 2025: for every $100 of revenue, Bowhead Specialty kept $32 after the direct cost of its products and services.
What are Bowhead Specialty's earnings per share?
Bowhead Specialty earned $1.65 per diluted share in fiscal 2025, compared with $1.26 a year earlier.
When will Bowhead Specialty report its next earnings?
Bowhead Specialty is expected to report results for the quarter ending September 30, 2026 on November 3, 2026 before the market opens.
When does Bowhead Specialty's fiscal year end?
Bowhead Specialty's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 24, 2026.