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Insurance brokers · Financial Services · Fiscal year ends Dec 31
Accelerant reported revenue of $913M in the fiscal year ended Dec 2025, up 51.5% from the year before. Operating income was −$1.3B, an operating margin of −143.6%, and net income was −$1.3B. It held more cash than debt (net cash $1.6B).
Ranks among the 15 insurance brokers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | 344 | 603 | 913 |
| Operating incomederived: pre-tax income + interest | −33.0 | 44.1 | −1,311 |
| Interest expense | 10.9 | 12.1 | 10.9 |
| Pre-tax income | −43.9 | 32.0 | −1,322 |
| Income tax | 20.2 | 9.1 | 23.3 |
| Net income | −64.1 | 22.9 | −1,345 |
| Diluted EPS | −0.29 | 0.14 | −7.49 |
| Diluted shares | 166 | 200 | 190 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | 775 | 1,226 | 1,716 |
| Goodwill | 20.7 | 30.9 | 63.1 |
| Total assets | – | 6,095 | 8,263 |
| Long-term debt | – | 121 | 121 |
| Total liabilities | – | 5,668 | 7,537 |
| Shareholders' equity | 287 | 304 | 698 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | 290 | 786 | 445 |
| Depreciation & amortisation | 14.5 | 26.6 | 35.2 |
| Stock-based compensation | 4.8 | 8.4 | 43.1 |
| Acquisitions | −2.8 | 0.5 | 9.9 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | 75.2% | 51.5% |
| Operating income growth (YoY) | – | – | −3072.8% |
| EPS growth (YoY) | – | – | −5450.0% |
| Operating margin | −9.6% | 7.3% | −143.6% |
| Net margin | −18.6% | 3.8% | −147.4% |
| Return on equityBlank when equity is negative | −22.4% | 7.5% | −192.8% |
| Cash conversion (CFO ÷ net income) | −4.52x | 34.3x | −0.33x |
| Interest cover | −3.03x | 3.64x | −120x |
| Debt ÷ equity | – | 0.40x | 0.17x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | −1,104 | −1,595 |
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.