Exzeo (XZO) financial statements
Exzeo reported revenue of $217M in fiscal 2025, up 56.7% a year over 2 years.
Net income was $83M and the operating margin 48.8%, against 2.9% in 2023.
Free cash flow was $97M, and the company returned $1M in net buybacks.
The diluted share count rose 5% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Exzeo's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $88M | $134M | $217M |
| Cost of revenue | $71M | $81M | $86M |
| Gross profit | $17M | $53M | $131M |
| Research and development | $7M | $7M | $9M |
| Selling, general and admin | $8M | $8M | $16M |
| Operating income | $3M | $38M | $106M |
| Pre-tax income | $883,000 | $35M | $110M |
| Income tax | -$12M | $9M | $28M |
| Net income | $12M | $35M | $83M |
| EPS (diluted) | $0.15 | $0.44 | $0.99 |
| Diluted shares | 76M | 77M | 80M |
| Gross margin | 19.6% | 39.7% | 60.4% |
| Operating margin | 2.9% | 28.4% | 48.8% |
| Net margin | 13.7% | 26.3% | 38.1% |
Balance sheet
Fiscal years, from Exzeo's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash and short-term investments | $15M | $55M | $305M |
| Receivables | — | $0 | $3M |
| Total current assets | — | $67M | $326M |
| Property, plant and equipment | — | $11M | $11M |
| Total assets | — | $89M | $348M |
| Total current liabilities | — | $56M | $84M |
| Total liabilities | — | $74M | $94M |
| Shareholders' equity | -$25M | $16M | $254M |
| Net debt | -$15M | -$55M | -$305M |
Cash flow
Fiscal years, from Exzeo's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating cash flow | $10M | $49M | $100M |
| Capital spending | $3M | $3M | $3M |
| Free cash flow | $7M | $46M | $97M |
| Stock-based compensation | $3M | $3M | $3M |
| Share buybacks (net) | -$352,000 | -$481,000 | -$1M |
| Net borrowing | -$9,000 | -$3M | $0 |
| Free cash flow margin | 7.8% | 34.3% | 44.9% |
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Open XZO in InvestinglyQuestions
What was Exzeo's revenue in 2025?
$217M in fiscal 2025, from its 10-K filing.
How much free cash flow does Exzeo generate?
$97M in fiscal 2025 (operating cash flow minus capital spending).
From Exzeo's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.