Revenue held in a narrow $136M to $180M band across the ten quarters, but combined ratios that ranged from 71.6% to 120.8% indicate margin performance that appears highly unstable and reserve-dependent.
Greenlight Capital Re, Ltd. (GLRE) annual income statement — 21-year revenue, gross profit & net income history
| 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 |
|---|
| Revenue | 499.48M | 696.35M | 647.97M | 632.35M | 477.63M | 570.46M | 478.82M | 491.4M | 243.85M | 645.67M | 588.37M | 123.05M | 479.8M | 764.33M | 545.4M | 403.15M | 390.63M | 419.08M | -11.18M | 125.69M | 86.15M | 29.26M |
| Revenue Growth % | -23.7% | 7.47% | 2.47% | 32.39% | -16.27% | 19.14% | -2.56% | 101.52% | -62.23% | 9.74% | 378.15% | -74.35% | -37.23% | 40.14% | 35.28% | 3.2% | -6.79% | 3849.48% | -108.89% | 45.9% | 194.45% | - |
| Medical Costs & Claims | 206.63M | 411.59M | 604.04M | 528.88M | 459.63M | 519.94M | 447.12M | 505.57M | 509.35M | 664.14M | 515.35M | 433.3M | 342.65M | 510.37M | 509.32M | 380.44M | 279.66M | 188.28M | 97.13M | 78.45M | 20.09M | 0 |
| Medical Cost Ratio % | 41.37% | 59.11% | 93.22% | 83.64% | 96.23% | 91.14% | 93.38% | 102.88% | 208.88% | 102.86% | 87.59% | 352.14% | 71.42% | 66.77% | 93.39% | 94.37% | 71.59% | 44.93% | -869.05% | 62.41% | 23.32% | 0% |
| Gross Profit | 297.49M | 284.76M | 43.93M | 103.46M | 18M | 50.52M | 31.7M | -14.17M | -265.5M | -18.47M | 73.02M | -310.25M | 137.15M | 253.96M | 36.07M | 22.7M | 110.97M | 230.8M | -108.31M | 47.24M | 66.06M | 29.26M |
| Gross Margin % | 59.56% | 40.89% | 6.78% | 16.36% | 3.77% | 8.86% | 6.62% | -2.88% | -108.88% | -2.86% | 12.41% | -252.14% | 28.58% | 33.23% | 6.61% | 5.63% | 28.41% | 55.07% | 969.05% | 37.59% | 76.68% | 100% |
| Gross Profit Growth % | - | 548.21% | -57.54% | 474.96% | -64.38% | 59.4% | 323.63% | 94.66% | -1337.54% | -125.29% | 123.53% | -326.21% | -46% | 604.01% | 58.88% | -79.54% | -51.92% | 313.09% | -329.26% | -28.49% | 125.8% | - |
| Operating Expenses | 240.45M | 206.45M | 365K | 16.53M | -6.53M | 29.2M | 27.41M | -10.67M | 88.5M | 26.36M | 25.81M | 23.43M | 24.5M | 20.96M | 17.54M | 13.89M | 16.19M | 21.31M | 12.59M | 11.92M | 9.06M | -2.99M |
| OpEx / Revenue % | 48.14% | 29.65% | 0.06% | 2.61% | -1.37% | 5.12% | 5.72% | -2.17% | 36.29% | 4.08% | 4.39% | 19.04% | 5.11% | 2.74% | 3.22% | 3.45% | 4.14% | 5.08% | -112.67% | 9.48% | 10.52% | -10.23% |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 79K | 16K | 2.3M | 2.35M | 2.77M | 368K | 390K | 405K | 436K | 325K | 250K | 232K | 225K | 117K | 40K | 40K | 20K | 2K |
| Combined Ratio % | 89.51% | 88.75% | 93.28% | 86.25% | 94.87% | 96.26% | 99.1% | 100.71% | 245.17% | 106.94% | 91.98% | 371.18% | 76.52% | 69.51% | 96.6% | 97.81% | 75.74% | 50.01% | -981.72% | 71.89% | 33.84% | -10.23% |
| Operating Income | 57.03M | 78.31M | 43.56M | 86.93M | 24.53M | 21.32M | 4.29M | -3.5M | -354M | -44.83M | 47.21M | -333.69M | 112.65M | 233.01M | 18.54M | 8.81M | 94.78M | 209.5M | -120.9M | 35.33M | 57M | 26.27M |
| Operating Margin % | 11.42% | 11.25% | 6.72% | 13.75% | 5.13% | 3.74% | 0.9% | -0.71% | -145.17% | -6.94% | 8.02% | -271.18% | 23.48% | 30.49% | 3.4% | 2.19% | 24.26% | 49.99% | 1081.72% | 28.11% | 66.16% | 89.77% |
| Operating Income Growth % | - | 79.76% | -49.89% | 254.44% | 15.02% | 397.06% | 222.47% | 99.01% | -689.73% | -194.95% | 114.15% | -396.21% | -51.65% | 1157.11% | 110.31% | -90.7% | -54.76% | 273.27% | -442.26% | -38.03% | 117.02% | - |
| EBITDA | 57.72M | 83.1M | 52.75M | 94.96M | 24.61M | 21.34M | 6.59M | -1.15M | -351.23M | -44.46M | 47.6M | -333.28M | 113.09M | 233.33M | 18.79M | 9.04M | 95M | 209.61M | -120.86M | 35.37M | 57.02M | 26.27M |
| EBITDA Margin % | 11.56% | 11.93% | 8.14% | 15.02% | 5.15% | 3.74% | 1.38% | -0.23% | -144.04% | -6.89% | 8.09% | -270.85% | 23.57% | 30.53% | 3.44% | 2.24% | 24.32% | 50.02% | 1081.36% | 28.14% | 66.19% | 89.78% |
| Interest Expense | 656K | 4.79M | 9.18M | 8.03M | 10.92M | 17.92M | 6.28M | 6.26M | 2.5M | 0 | 0 | 18.48M | 7.47M | 25.4M | 17.41M | 13.31M | 3.97M | 0 | 0 | 0 | 0 | 0 |
| Non-Operating Income | -687K | -4.79M | -9.18M | -8.03M | -10.92M | -17.92M | -6.28M | -6.26M | -2.5M | 0 | 0 | -18.48M | 0 | 0 | 0 | 0 | 0 | -2.31M | -95.97M | 0 | 0 | 0 |
| Pretax Income | 60.66M | 78.31M | 43.56M | 86.93M | 24.53M | 21.32M | 4.29M | -3.5M | -354M | -44.83M | 47.21M | -333.69M | 112.65M | 233.01M | 18.54M | 8.81M | 94.78M | 209.5M | -120.9M | 35.33M | 57M | 54.2M |
| Pretax Margin % | 12.14% | 11.25% | 6.72% | 13.75% | 5.13% | 3.74% | 0.9% | -0.71% | -145.17% | -6.94% | 8.02% | -271.18% | 23.48% | 30.49% | 3.4% | 2.19% | 24.26% | 49.99% | 1081.72% | 28.11% | 66.16% | 185.25% |
| Income Tax | 1.21M | 3.48M | 749K | 100K | -816K | 3.75M | 424K | 483K | 332K | -451K | 509K | -1.75M | -624K | 538K | 86K | 247K | 396K | -49K | 0 | 0 | 0 | 27.93M |
| Effective Tax Rate % | 1.99% | 4.44% | 1.72% | 0.12% | -3.33% | 17.57% | 9.88% | -13.79% | -0.09% | 1.01% | 1.08% | 0.53% | -0.55% | 0.23% | 0.46% | 2.8% | 0.42% | -0.02% | 0% | 0% | 0% | 51.54% |
| Net Income | 70.04M | 74.83M | 42.82M | 86.83M | 25.34M | 17.58M | 3.87M | -3.99M | -350.05M | -44.95M | 44.88M | -326.43M | 109.59M | 225.7M | 14.6M | 6.77M | 90.64M | 209.54M | -122.07M | 35.33M | 57M | 26.27M |
| Net Margin % | 14.02% | 10.75% | 6.61% | 13.73% | 5.31% | 3.08% | 0.81% | -0.81% | -143.55% | -6.96% | 7.63% | -265.28% | 22.84% | 29.53% | 2.68% | 1.68% | 23.2% | 50% | 1092.13% | 28.11% | 66.16% | 89.77% |
| Net Income Growth % | 3851.31% | 74.78% | -50.69% | 242.63% | 44.17% | 354.68% | 196.99% | 98.86% | -678.73% | -200.16% | 113.75% | -397.85% | -51.44% | 1446.1% | 115.66% | -92.53% | -56.74% | 271.66% | -445.55% | -38.03% | 117.02% | - |
| EPS (Diluted) | 2.11 | 2.17 | 1.24 | 2.50 | 0.64 | 0.51 | 0.11 | -0.11 | -9.74 | -1.21 | 1.20 | -8.90 | 2.89 | 6.01 | 0.39 | 0.18 | 2.44 | 5.71 | -3.36 | 1.15 | 2.66 | 1.24 |
| EPS Growth % | 2500.57% | 75% | -50.4% | 290.63% | 25.49% | 363.64% | 200% | 98.87% | -704.96% | -200.83% | 113.48% | -407.96% | -51.91% | 1441.03% | 116.67% | -92.62% | -57.27% | 269.94% | -392.17% | -56.77% | 114.52% | - |
| EPS (Basic) | - | 2.21 | 1.26 | 2.55 | 0.75 | 0.51 | 0.11 | -0.11 | -9.74 | -1.21 | 1.20 | -8.90 | 2.94 | 6.13 | 0.40 | 0.19 | 2.49 | 5.78 | -3.36 | 1.17 | 2.67 | 1.24 |
| Diluted Shares Outstanding | 33.21M | 34.5M | 34.65M | 34.8M | 39.77M | 34.35M | 36.28M | 36.08M | 35.95M | 37M | 37.34M | 36.67M | 37.87M | 37.59M | 37.36M | 37.29M | 37.22M | 36.72M | 35.97M | 30.81M | 21.46M | 21.18M |
Quick answers to the most common questions about buying GLRE stock.
For fiscal year 2025, Greenlight Capital Re, Ltd. (GLRE) reported total revenue of $696.3M. This represents a 2280.1% increase compared to $29.3M in 2005.
Greenlight Capital Re, Ltd. (GLRE) is profitable, generating $74.8M in net income for the fiscal year ending 2025 with a net profit margin of 10.7%.
Greenlight Capital Re, Ltd. (GLRE) reported an operating income of $78.3M, resulting in an operating profit margin of 11.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Greenlight Capital Re, Ltd. (GLRE) generated $284.8M in gross profit for the year, representing a gross profit margin of 40.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Volatile quarterly underwriting results
Metrics are mathematically derived from official filings.
Underwriting Results Swing Sharply Quarter to Quarter
Based on reported figures, GLRE's combined ratio ranged from 71.6% in 2025Q4 to 120.8% in 2024Q4 and 117.8% in 2026Q2, indicating underwriting profitability that is highly inconsistent across the ten-quarter window.
The 2026Q2 loss ratio of 94.4% and combined ratio of 117.8% suggest a quarter in which underwriting losses overwhelmed premium income, forcing reliance on other sources to restore earnings. The fact that profitable quarters such as 2025Q4 and 2024Q3 coexist with loss-making periods points to a book exposed to lumpy catastrophe or large-loss events rather than steady attritional performance. Investors should monitor whether the 2026Q1 return to a 77.7% combined ratio reflects durable pricing discipline or simply a light loss period.
Revenue Base Flat With Recent Contraction
Reported total revenue held in a narrow $136M to $180M band across the period, with 2026Q3 revenue of -$4.6M and a 102.9% year-over-year decline signaling a sharp reversal in top-line momentum.
Revenue in the 2025Q1 to 2026Q2 span remained broadly stable around $160M to $180M, which suggests premium volume has not materially expanded despite the reinsurance pricing environment. The negative 2026Q3 revenue figure appears to reflect mark-to-market or investment-related offsets rather than a true premium decline, though the data alone does not confirm this. This warrants further investigation before drawing conclusions about underlying premium growth.
Earnings Volatility Tied to Loss Development
Based on the supplied figures, GLRE's 2025Q4 claims line showed a negative $40.6M against $177.9M revenue, a pattern consistent with favorable prior-year reserve development that may have flattered reported profitability.
A negative claims figure in 2025Q4 suggests reserve releases were large enough to offset current-period losses, which would lift reported earnings relative to underlying underwriting performance. Such releases can mask deterioration in the current accident year if they are not repeated. The absence of disclosed reserve development detail in the provided data means this inference should be treated as a question for further review rather than a conclusion.
Positive Quarters May Overstate Sustainable Earnings
The strongest challenge to reported profitability is that GLRE's most profitable quarter, 2025Q4 with $49.3M net income, coincided with negative claims, which may reflect non-recurring reserve releases rather than repeatable underwriting strength.
If the 2025Q4 earnings were driven by favorable development on prior accident years, the run-rate profitability implied by the 2025 and early 2026 quarters would be materially lower than headline results suggest. The 2026Q2 loss swing to a net loss of $29.6M further suggests that earnings can reverse quickly when loss experience normalizes. Investors should weigh the average earnings across the full ten-quarter period rather than individual strong quarters.