The company achieved a 12.0% revenue growth rate in 2026Q1, while underwriting discipline drove the combined ratio to a healthy 81.3% from the 113.1% level seen in 2023Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Revenue | 6.61B | 6.56B | 6.02B | 5.59B | 5.3B | 5.32B | 4.76B | 5.19B | 5.12B | 4.44B | 4.13B | 4.23B | 4.45B | 4.17B | 3.9B | 3.85B | 3.57B | 2.79B | 2.81B | 3.23B | 3.08B | 2.79B | 2.21B | 1.56B | 633.57M |
| Revenue Growth % | 9.41% | 9.05% | 7.66% | 5.39% | -0.31% | 11.77% | -8.18% | 1.29% | 15.26% | 7.63% | -2.5% | -4.91% | 6.73% | 7.01% | 1.33% | 7.82% | 28.01% | -0.86% | -12.89% | 4.8% | 10.41% | 26.44% | 41.57% | 145.87% | - |
| Medical Costs & Claims | 3.93B | 3.29B | 4.23B | 4.39B | 4.26B | 3.93B | 4.21B | 4.07B | 4.16B | 4.11B | 2.95B | 2.89B | 2.92B | 2.8B | 2.72B | 3.26B | 2.17B | 1.84B | 2.08B | 1.75B | 1.81B | 2.39B | 1.53B | 920.32M | 332.97M |
| Medical Cost Ratio % | 59.46% | 50.1% | 70.26% | 78.6% | 80.39% | 73.86% | 88.44% | 78.48% | 81.24% | 92.56% | 71.51% | 68.38% | 65.69% | 67.1% | 69.89% | 84.83% | 60.72% | 66.19% | 73.98% | 54.39% | 58.89% | 85.66% | 69.23% | 59.08% | 52.55% |
| Gross Profit | 2.68B | 3.28B | 1.79B | 1.2B | 1.04B | 1.39B | 550.44M | 1.12B | 960.45M | 330.45M | 1.18B | 1.34B | 1.53B | 1.37B | 1.17B | 583.29M | 1.4B | 942.05M | 731.21M | 1.47B | 1.27B | 399.89M | 678.54M | 637.46M | 300.6M |
| Gross Margin % | 40.54% | 49.9% | 29.74% | 21.4% | 19.61% | 26.14% | 11.56% | 21.52% | 18.76% | 7.44% | 28.49% | 31.62% | 34.31% | 32.9% | 30.11% | 15.17% | 39.28% | 33.81% | 26.02% | 45.61% | 41.11% | 14.34% | 30.77% | 40.92% | 47.45% |
| Gross Profit Growth % | - | 82.99% | 49.59% | 15% | -25.19% | 152.67% | -50.68% | 16.2% | 190.65% | -71.9% | -12.14% | -12.36% | 11.31% | 16.91% | 101.17% | -58.37% | 48.74% | 28.83% | -50.31% | 16.27% | 216.53% | -41.07% | 6.44% | 112.06% | - |
| Operating Expenses | 1.39B | 2.05B | 781.53M | 798.03M | 797.25M | 741.87M | 679.57M | 778.64M | 947.91M | 698.56M | 654.08M | 693.65M | 696.57M | 637.37M | 622.84M | 521.75M | 505.76M | 402.19M | 323.72M | 338.16M | 268.85M | 299.38M | 178.11M | 105.79M | 36.91M |
| OpEx / Revenue % | 20.97% | 31.22% | 12.98% | 14.27% | 15.03% | 13.94% | 14.27% | 15.02% | 18.52% | 15.73% | 15.85% | 16.39% | 15.65% | 15.28% | 15.98% | 13.57% | 14.18% | 14.43% | 11.52% | 10.48% | 8.73% | 10.74% | 8.08% | 6.79% | 5.83% |
| Depreciation & Amortization | 93.45M | 56.38M | 55.31M | 75.55M | 68.29M | 66.98M | 65.8M | 75.23M | 9.79M | 31.37M | 24.57M | 26.34M | 24.97M | 23.27M | 13.82M | 16.91M | 14.1M | 14.73M | 11.31M | 29.11M | 40.59M | 41.28M | 36.35M | 12.01M | 11.88M |
| Combined Ratio % | 80.43% | 81.33% | 83.25% | 92.87% | 95.42% | 87.81% | 102.71% | 93.49% | 99.76% | 108.29% | 87.36% | 84.77% | 81.34% | 82.39% | 85.87% | 98.4% | 74.9% | 80.63% | 85.5% | 64.87% | 67.62% | 96.4% | 77.31% | 65.87% | 58.38% |
| Operating Income | 1.29B | 1.23B | 1.01B | 398.44M | 243.13M | 648.91M | -129.13M | 337.45M | 12.54M | -368.11M | 521.8M | 644.66M | 830.47M | 734.47M | 550.53M | 61.54M | 895.4M | 539.86M | 407.49M | 1.13B | 996.9M | 100.51M | 500.44M | 531.67M | 263.69M |
| Operating Margin % | 19.57% | 18.67% | 16.75% | 7.13% | 4.58% | 12.19% | -2.71% | 6.51% | 0.24% | -8.29% | 12.64% | 15.23% | 18.66% | 17.61% | 14.13% | 1.6% | 25.1% | 19.37% | 14.5% | 35.13% | 32.38% | 3.6% | 22.69% | 34.13% | 41.62% |
| Operating Income Growth % | - | 21.56% | 153.04% | 63.88% | -62.53% | 602.51% | -138.27% | 2590.54% | 103.41% | -170.55% | -19.06% | -22.37% | 13.07% | 33.41% | 794.61% | -93.13% | 65.86% | 32.49% | -64.05% | 13.7% | 891.87% | -79.92% | -5.87% | 101.63% | - |
| EBITDA | 1.39B | 1.28B | 1.06B | 474M | 311.41M | 715.89M | -63.34M | 412.68M | 22.34M | -336.74M | 546.38M | 671M | 855.44M | 757.74M | 564.35M | 78.44M | 909.51M | 554.6M | 418.8M | 1.16B | 1.04B | 141.79M | 536.79M | 543.68M | 275.57M |
| EBITDA Margin % | 20.99% | 19.53% | 17.67% | 8.48% | 5.87% | 13.45% | -1.33% | 7.96% | 0.44% | -7.58% | 13.24% | 15.85% | 19.22% | 18.17% | 14.48% | 2.04% | 25.5% | 19.9% | 14.9% | 36.03% | 33.7% | 5.08% | 24.34% | 34.9% | 43.49% |
| Interest Expense | 66.51M | 66.66M | 67.77M | 68.42M | 63.15M | 62.3M | 75.05M | 68.11M | 67.43M | 54.81M | 51.36M | 50.96M | 74.69M | 61.98M | 61.86M | 62.6M | 55.88M | 32.03M | 31.67M | 51.15M | 32.95M | 32.45M | 5.29M | 1.48M | 0 |
| Non-Operating Income | -50.09M | -66.66M | -67.77M | -68.42M | -63.15M | -62.3M | -75.05M | -68.11M | -67.43M | -54.81M | -51.36M | -50.96M | -74.69M | -61.98M | -61.86M | -62.6M | -55.88M | -32.03M | -31.67M | -51.15M | -32.95M | -32.45M | -5.29M | -1.48M | 0 |
| Pretax Income | 1.3B | 1.23B | 1.03B | 402.61M | 245.12M | 680.99M | -132.75M | 337.45M | 12.54M | -368.11M | 521.8M | 644.66M | 830.47M | 734.47M | 550.53M | 61.54M | 895.4M | 539.86M | 407.49M | 1.13B | 996.9M | 100.51M | 500.44M | 531.67M | 263.69M |
| Pretax Margin % | 19.59% | 18.67% | 17.05% | 7.2% | 4.62% | 12.8% | -2.79% | 6.51% | 0.24% | -8.29% | 12.64% | 15.23% | 18.66% | 17.61% | 14.13% | 1.6% | 25.1% | 19.37% | 14.5% | 35.13% | 32.38% | 3.6% | 22.69% | 34.13% | 41.62% |
| Income Tax | 228.22M | 216.73M | -55.59M | 26.32M | 22.04M | 62.38M | -12.32M | 23.69M | -29.49M | -7.54M | 6.34M | 3.03M | 25.91M | 7M | 3.29M | 15.23M | 38.68M | 41.98M | 20.11M | 41.49M | 33.84M | 6.07M | 5.44M | -678K | -1.43M |
| Effective Tax Rate % | 17.62% | 17.68% | -5.42% | 6.54% | 8.99% | 9.16% | 9.28% | 7.02% | -235.1% | 2.05% | 1.22% | 0.47% | 3.12% | 0.95% | 0.6% | 24.75% | 4.32% | 7.78% | 4.93% | 3.66% | 3.39% | 6.04% | 1.09% | -0.13% | -0.54% |
| Net Income | 1.07B | 1.01B | 1.08B | 376.29M | 223.08M | 618.61M | -120.42M | 323.47M | 43.02M | -368.97M | 513.37M | 641.63M | 810.75M | 727.47M | 547.24M | 46.3M | 856.72M | 497.89M | 387.38M | 1.09B | 963.06M | 94.44M | 495M | 532.35M | 265.12M |
| Net Margin % | 16.18% | 15.37% | 17.97% | 6.73% | 4.21% | 11.62% | -2.53% | 6.24% | 0.84% | -8.31% | 12.44% | 15.16% | 18.22% | 17.44% | 14.04% | 1.2% | 24.02% | 17.87% | 13.78% | 33.85% | 31.28% | 3.39% | 22.45% | 34.17% | 41.85% |
| Net Income Growth % | 21.49% | -6.74% | 187.49% | 68.68% | -63.94% | 613.69% | -137.23% | 651.9% | 111.66% | -171.87% | -19.99% | -20.86% | 11.45% | 32.93% | 1081.82% | -94.6% | 72.07% | 28.53% | -64.53% | 13.39% | 919.76% | -80.92% | -7.02% | 100.8% | - |
| EPS (Diluted) | 14.23 | 12.35 | 12.35 | 4.02 | 2.25 | 6.90 | -1.79 | 3.34 | 0.51 | -4.39 | 5.08 | 6.04 | 7.29 | 5.93 | 4.00 | 0.07 | 6.02 | 3.07 | 2.26 | 6.41 | 5.63 | 0.57 | 2.98 | 3.42 | 1.91 |
| EPS Growth % | 33.13% | 0% | 207.21% | 78.67% | -67.39% | 485.47% | -153.59% | 554.9% | 111.62% | -186.42% | -15.89% | -17.15% | 22.93% | 48.25% | 5614.29% | -98.84% | 96.09% | 35.84% | -64.74% | 13.85% | 887.72% | -80.87% | -12.87% | 79.06% | - |
| EPS (Basic) | - | 12.52 | 12.49 | 4.06 | 2.27 | 6.95 | -1.79 | 3.37 | 0.52 | -4.39 | 5.13 | 6.10 | 7.38 | 6.02 | 4.05 | 0.08 | 6.74 | 3.36 | 2.50 | 7.15 | 6.18 | 0.63 | 3.24 | 3.69 | 1.96 |
| Diluted Shares Outstanding | 75.15M | 79.27M | 85.18M | 86.01M | 85.67M | 85.29M | 84.26M | 84.47M | 84.01M | 84.11M | 91.55M | 99.63M | 105.71M | 115.33M | 123.65M | 128.12M | 136.2M | 150.37M | 155.32M | 164.51M | 164.39M | 157.52M | 165.88M | 155.69M | 138.48M |
Social inflation reserve adequacy
As reported in recent financial statements, AXS achieved a 12.0% revenue growth rate in 2026Q1, signaling that the company's deliberate transition toward specialty insurance lines is successfully capturing market share despite the structural contraction of its legacy property catastrophe reinsurance business during the prior fiscal periods.
The consistent top-line expansion suggests that the firm's pivot to niche specialty areas is gaining traction with commercial clients. Investors should monitor whether this growth is driven by sustainable rate increases or if it reflects a temporary surge in volume that may eventually pressure underwriting margins.
Based on the provided data, the combined ratio improved significantly to 81.3% in 2026Q1, a marked recovery from the 113.1% reported in 2023Q4, which suggests that management's focus on underwriting discipline and the exit from volatile catastrophe lines is effectively enhancing the firm's core profitability profile.
The sharp reduction in the loss ratio from the 2025 peak levels indicates a more controlled risk selection process. This trend appears to validate the strategic shift toward specialty lines, though the sustainability of these margins remains contingent on the company's ability to avoid large-scale attritional losses.
According to the historical income statement data, the volatility in loss ratios observed between 2024 and 2025 suggests that prior-year reserve development may have been subject to significant adjustments, potentially masking underlying underwriting trends during periods of elevated claims activity in the firm's core casualty segments.
The fluctuation in loss ratios from 52.8% to over 70% in recent quarters implies that the company's long-tail liabilities remain sensitive to external inflationary pressures. Analysts should investigate whether current reserve levels are sufficiently conservative to withstand potential future litigation trends in professional liability lines.
While the combined ratio has stabilized, the persistent threat of social inflation in US casualty lines, as noted in industry-wide research, suggests that AXS's current underwriting profitability may be vulnerable to unexpected legal cost escalations that could necessitate significant reserve strengthening in future reporting periods.
The reliance on specialty lines exposes the firm to complex litigation risks that are notoriously difficult to model accurately. Investors should remain cautious, as any deterioration in the adequacy of these reserves could quickly erode the recent gains in operating income and overall shareholder value.
Quick answers to the most common questions about buying AXS stock.
For fiscal year 2025, AXIS Capital Holdings Limited (AXS) reported total revenue of $6.56B. This represents a 936.0% increase compared to $633.6M in 2002.
AXIS Capital Holdings Limited (AXS) is profitable, generating $1.01B in net income for the fiscal year ending 2025 with a net profit margin of 15.4%.
AXIS Capital Holdings Limited (AXS) reported an operating income of $1.23B, resulting in an operating profit margin of 18.7%. This margin reflects the operational efficiency of the business before interest and taxes.
AXIS Capital Holdings Limited (AXS) generated $3.28B in gross profit for the year, representing a gross profit margin of 49.9%. This demonstrates the company's core pricing power and production efficiency.