Skyward Specialty Insurance (SKWD) financial statements
Skyward Specialty Insurance reported revenue of $1.4B in fiscal 2025, up 26.7% a year over 4 years.
Net income was $170M and the operating margin 15.3%, against 8.8% in 2021.
Free cash flow was $403M.
The diluted share count rose 29% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Skyward Specialty Insurance's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $550M | $642M | $886M | $1.2B | $1.4B |
| Operating income | $48M | $50M | $110M | $153M | $216M |
| Interest expense | $5M | $6M | $10M | $9M | $8M |
| Pre-tax income | $48M | $50M | $110M | $153M | $216M |
| Income tax | $10M | $10M | $24M | $34M | $46M |
| Net income | $38M | $39M | $86M | $119M | $170M |
| EPS (diluted) | $1.18 | $1.21 | $2.24 | $2.87 | $4.07 |
| Diluted shares | 32M | 33M | 38M | 41M | 42M |
| Operating margin | 8.8% | 7.7% | 12.4% | 13.3% | 15.3% |
| Net margin | 7.0% | 6.1% | 9.7% | 10.3% | 12.0% |
Balance sheet
Fiscal years, from Skyward Specialty Insurance's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash and short-term investments | $42M | $45M | $66M | $122M | $169M |
| Receivables | $112M | $139M | $179M | $322M | $544M |
| Property, plant and equipment | $10M | $9M | $9M | $12M | $15M |
| Goodwill | $66M | $66M | $66M | $66M | $66M |
| Total assets | $2.1B | $2.4B | $3.0B | $3.7B | $4.8B |
| Total liabilities | $1.7B | $1.9B | $2.3B | $2.9B | $3.8B |
| Shareholders' equity | $426M | $422M | $661M | $794M | $1.0B |
| Net debt | -$42M | -$45M | -$66M | -$122M | -$169M |
Cash flow
Fiscal years, from Skyward Specialty Insurance's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $175M | $209M | $338M | $305M | $408M |
| Capital spending | $2M | $2M | $3M | $4M | $5M |
| Free cash flow | $173M | $207M | $335M | $301M | $403M |
| Stock-based compensation | $522,000 | $2M | $9M | $9M | $12M |
| Net borrowing | — | $0 | $0 | -$10M | $411,000 |
| Free cash flow margin | 31.5% | 32.2% | 37.8% | 26.2% | 28.4% |
Questions
What was Skyward Specialty Insurance's revenue in 2025?
$1.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Skyward Specialty Insurance generate?
$403M in fiscal 2025 (operating cash flow minus capital spending).
From Skyward Specialty Insurance's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.