Skyward Specialty Insurance Group, Inc. (SKWD) Income Statement
SKWD 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSKWD revenue and net income
Where SKWD's revenue goes
2025Each bar shows an amount and its share of revenue. SKWD kept 12.0% of revenue as net income.
SKWD profit margins
SKWD growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +23.2% | +30.5% | +25.8% | — |
| Gross profit | +89.7% | +54.6% | +66.4% | — |
| Operating income | +41.7% | +63.2% | — | — |
| Net income | +43.1% | +62.8% | — | — |
| EPS (diluted) | +31.0% | +79.8% | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SKWD quarterly EPS vs estimates
Skyward Specialty Insurance beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: November 5, 2026 (estimate $1.22).
SKWD income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2013 | 2012 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.41B | $1.15B | $895.4M | $636.4M | $535.8M | $447.9M | $218.2M | $98.4M |
| Cost of revenue | $795.0M | $819.8M | $623.8M | $468.2M | $401.5M | $399.2M | $0 | $0 |
| Gross profit | $622.1M | $327.9M | $271.7M | $168.2M | $134.4M | $48.7M | $218.2M | $98.4M |
| Total operating expenses | $405.7M | $175.2M | $161.6M | $118.4M | $86.0M | $143.3M | $197.2M | $97.8M |
| Operating income | $216.4M | $152.7M | $110.1M | $49.8M | $48.3M | −$94.5M | $21.0M | $523,000 |
| Interest expense | $7.9M | $9.5M | $10.0M | $6.4M | $4.6M | $5.5M | — | — |
| Income before taxes | $216.4M | $152.7M | $110.1M | $49.8M | $48.3M | −$94.5M | $16.7M | −$3.9M |
| Income taxes | $46.4M | $33.9M | $24.1M | $10.4M | $10.0M | −$19.9M | $5.9M | −$2.7M |
| Net income | $170.0M | $118.8M | $86.0M | $39.4M | $38.3M | −$74.6M | $10.9M | −$1.2M |
| EBITDA | $227.9M | $165.6M | $124.0M | $60.3M | $58.5M | −$83.0M | $16.7M | $1.4M |
| EPS (diluted) | $4.01 | $3.06 | $2.10 | $0.69 | $1.06 | −$1.99 | — | — |
| Gross margin | 44.0% | 28.6% | 30.3% | 26.4% | 25.1% | 10.9% | 100.0% | 100.0% |
| Operating margin | 15.3% | 13.3% | 12.3% | 7.8% | 9.0% | −21.1% | 9.6% | 0.5% |
| Net margin | 12.0% | 10.4% | 9.6% | 6.2% | 7.2% | −16.7% | 5.0% | −1.3% |
| 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 | $476.9M | $395.7M | $385.7M | $382.2M | $320.8M | $330.5M | $304.5M | $302.0M | $277.3M | $263.9M | $246.3M | $239.2M |
| Cost of revenue | $276.7M | $265.2M | $269.7M | $263.0M | $225.9M | $231.8M | $241.0M | $207.9M | $195.0M | $175.9M | $0 | $172.6M |
| Gross profit | $200.2M | $130.5M | $116.0M | $119.2M | $94.9M | $98.7M | $63.5M | $94.1M | $82.3M | $88.0M | $246.3M | $66.6M |
| Sales, general & admin | $4.2M | $4.2M | — | — | — | — | — | — | — | — | — | — |
| Total operating expenses | $136.6M | $68.4M | $61.4M | $58.6M | $45.1M | $47.3M | $44.9M | $47.3M | $42.0M | $41.0M | $1.8M | $38.8M |
| Operating income | $63.6M | $62.1M | $54.6M | $60.5M | $49.8M | $51.4M | $18.6M | $46.9M | $40.4M | $47.0M | $244.5M | $27.8M |
| Interest expense | $8.8M | $7.7M | $2.3M | $1.9M | $1.9M | $1.8M | $2.1M | $2.2M | $2.4M | $2.7M | $2.8M | $2.6M |
| Income before taxes | $63.6M | $62.1M | $54.6M | $60.5M | $49.8M | $51.4M | $18.6M | $46.9M | $40.4M | $47.0M | $37.6M | $27.8M |
| Income taxes | $14.5M | $12.3M | $11.4M | $14.6M | $11.0M | $9.4M | $4.1M | $10.2M | $9.4M | $10.2M | $8.3M | $6.1M |
| Net income | $49.0M | $49.7M | $43.2M | $45.9M | $38.8M | $42.1M | $14.4M | $36.7M | $31.0M | $36.8M | $29.3M | $21.7M |
| EBITDA | $81.2M | $78.6M | $57.4M | $62.9M | $52.0M | $53.6M | $21.6M | $49.4M | $43.2M | $50.1M | — | $30.9M |
| EPS (diluted) | $1.30 | $1.25 | $1.17 | $1.05 | $0.89 | $0.90 | $0.80 | $0.71 | $0.80 | $0.75 | $0.61 | $0.65 |
| Gross margin | 42.0% | 33.0% | 30.1% | 31.2% | 29.6% | 29.9% | 20.8% | 31.2% | 29.7% | 33.3% | 100.0% | 27.8% |
| Operating margin | 13.3% | 15.7% | 14.2% | 15.8% | 15.5% | 15.6% | 6.1% | 15.5% | 14.6% | 17.8% | 99.3% | 11.6% |
| Net margin | 10.3% | 12.6% | 11.2% | 12.0% | 12.1% | 12.7% | 4.7% | 12.1% | 11.2% | 13.9% | 11.9% | 9.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SKWD's financial statements (latest annual report filed March 2, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SKWD financial results
In fiscal year 2025 (ended December 31, 2025), Skyward Specialty Insurance reported revenue of $1.4 billion, up 23.2% from the year before. It had net income of $170.0 million (up 43.1%), a net profit margin of 12.0%. Diluted earnings per share came to $4.01. Over five years revenue grew at an average rate of 25.8% a year.
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SKWD income statement FAQ
What is Skyward Specialty Insurance's annual revenue?
Skyward Specialty Insurance reported total revenue of $1.4 billion for fiscal year 2025, which ended on December 31, 2025. That was up 23.2% from $1.1 billion the previous year.
Is Skyward Specialty Insurance profitable?
Yes. Skyward Specialty Insurance reported net income of $170.0 million in fiscal 2025, a net profit margin of 12.0%; its operating margin was 15.3%.
What is Skyward Specialty Insurance's gross margin?
Skyward Specialty Insurance's gross margin was 44.0% in fiscal 2025: for every $100 of revenue, Skyward Specialty Insurance kept $44 after the direct cost of its products and services.
How fast is Skyward Specialty Insurance growing?
Revenue grew 25.8% a year on average over the last five fiscal years, from $447.9 million to $1.4 billion.
What are Skyward Specialty Insurance's earnings per share?
Skyward Specialty Insurance earned $4.01 per diluted share in fiscal 2025, compared with $3.06 a year earlier.
When will Skyward Specialty Insurance report its next earnings?
Skyward Specialty Insurance is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 after the market closes.
When does Skyward Specialty Insurance's fiscal year end?
Skyward Specialty Insurance's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 2, 2026.