Arch Capital
ACGL · NasdaqFire, Marine & Casualty Insurance · Fiscal year ends Dec 31
Arch Capital reported revenue of $19.9B in the fiscal year ended Dec 2025, up 14.3% from the year before. Net income was $4.4B. Operating cash flow of $6.2B less capital expenditure of $44M left free cash flow of $6.1B. Net debt was $1.7B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $9.2B | $9.6B | $13.6B | $17.4B | $19.9B |
| Interest expense | $139M | $131M | $133M | $141M | $148M |
| Pre-tax income | $2.4B | $1.6B | $3.6B | $4.7B | $5.2B |
| Income tax | $128M | $80M | −$873M | $362M | $760M |
| Net income | $2.2B | $1.5B | $4.4B | $4.3B | $4.4B |
| Diluted EPS | 5.23 | 3.80 | 11.62 | 11.19 | 11.60 |
| Diluted shares | 400M | 378M | 379M | 382M | 376M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $859M | $855M | $917M | $979M | $993M |
| Goodwill | $345M | $342M | $345M | $571M | $607M |
| Total assets | $45.1B | $48B | $58.9B | $70.9B | $79.2B |
| Long-term debt | $2.7B | $2.7B | $2.7B | $2.7B | $2.7B |
| Total liabilities | $31.5B | $35.1B | $40.6B | $50.1B | $55B |
| Shareholders' equity | $13.5B | $12.9B | $18.4B | $20.8B | $24.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $3.4B | $3.8B | $5.7B | $6.7B | $6.2B |
| Capital expenditure | $41M | $50M | $52M | $51M | $44M |
| Free cash flow | $3.4B | $3.8B | $5.7B | $6.6B | $6.1B |
| Stock-based compensation | $88M | $88M | $93M | $133M | $148M |
| Acquisitions | – | $0 | $0 | −$852M | $0 |
| Share buybacks | $1.2B | $586M | $0 | $24M | $1.9B |
| Dividend per share | – | – | – | 5.00 | 5.00 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 3.9% | 41.8% | 27.9% | 14.3% |
| EPS growth (YoY) | – | −27.3% | 205.8% | −3.7% | 3.7% |
| Net margin | 23.3% | 15.4% | 32.6% | 24.7% | 22.1% |
| Return on equityBlank when equity is negative | 15.9% | 11.4% | 24.2% | 20.7% | 18.2% |
| Free cash flow margin | 36.6% | 39.2% | 41.8% | 38.0% | 30.7% |
| Cash conversion (CFO ÷ net income) | 1.59x | 2.59x | 1.29x | 1.55x | 1.40x |
| Debt ÷ equity | 0.20x | 0.21x | 0.15x | 0.13x | 0.11x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $1.9B | $1.9B | $1.8B | $1.7B | $1.7B |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.