Revenue contracted by 12.1% year-over-year in 2026Q1, while underwriting profitability remains pressured by a combined ratio of 107.0%.
| 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 |
|---|
| Revenue | 666.71M | 687.61M | 707.63M | 812.01M | 661.51M | 609.03M | 668.69M | 907.13M | 885.6M | 817.63M | 586.23M | 504.92M | 439M | 386.29M | 417.91M |
| Revenue Growth % | -1.78% | -2.83% | -12.85% | 22.75% | 8.62% | -8.92% | -26.28% | 2.43% | 8.31% | 39.47% | 16.1% | 15.02% | 13.65% | -7.57% | - |
| Medical Costs & Claims | 483.74M | 492.64M | 620.33M | 572.79M | 490.45M | 614.06M | 554.12M | 756M | 711.38M | 671.38M | 427.05M | 376.77M | 322.55M | 256.13M | 353.07M |
| Medical Cost Ratio % | 72.56% | 71.65% | 87.66% | 70.54% | 74.14% | 100.83% | 82.87% | 83.34% | 80.33% | 82.11% | 72.85% | 74.62% | 73.47% | 66.31% | 84.49% |
| Gross Profit | 182.97M | 194.97M | 87.29M | 239.22M | 171.06M | -5.03M | 114.57M | 151.13M | 174.22M | 146.25M | 159.18M | 128.16M | 116.45M | 130.16M | 64.84M |
| Gross Margin % | 27.44% | 28.35% | 12.34% | 29.46% | 25.86% | -0.83% | 17.13% | 16.66% | 19.67% | 17.89% | 27.15% | 25.38% | 26.53% | 33.69% | 15.51% |
| Gross Profit Growth % | - | 123.35% | -63.51% | 39.84% | 3504.24% | -104.39% | -24.19% | -13.25% | 19.13% | -8.13% | 24.21% | 10.05% | -10.53% | 100.75% | - |
| Operating Expenses | 159.07M | 144.43M | 158.41M | 152.31M | 117.79M | 103.11M | 102.63M | 99.26M | 103.38M | 91.1M | 79.84M | 68.38M | 70.83M | 53.08M | 57.07M |
| OpEx / Revenue % | 23.86% | 21% | 22.39% | 18.76% | 17.81% | 16.93% | 15.35% | 10.94% | 11.67% | 11.14% | 13.62% | 13.54% | 16.13% | 13.74% | 13.66% |
| Depreciation & Amortization | 793K | -717K | -709K | -475K | 1.05M | 4.71M | 5.02M | 4.06M | 4.21M | 2.12M | 2.41M | 2M | 2.76M | 3.57M | 3.19M |
| Combined Ratio % | 96.42% | 92.65% | 110.05% | 89.3% | 91.95% | 117.75% | 98.21% | 94.28% | 92% | 93.26% | 86.47% | 88.16% | 89.61% | 80.05% | 98.14% |
| Operating Income | 23.9M | 50.54M | -71.12M | 86.91M | 53.27M | -108.13M | 11.94M | 51.87M | 70.84M | 55.15M | 79.34M | 59.78M | 45.62M | 77.08M | 7.77M |
| Operating Margin % | 3.58% | 7.35% | -10.05% | 10.7% | 8.05% | -17.75% | 1.79% | 5.72% | 8% | 6.74% | 13.53% | 11.84% | 10.39% | 19.95% | 1.86% |
| Operating Income Growth % | - | 171.07% | -181.83% | 63.15% | 149.27% | -1005.84% | -76.99% | -26.78% | 28.46% | -30.5% | 32.73% | 31.02% | -40.81% | 892.38% | - |
| EBITDA | 24.69M | 49.83M | -71.83M | 86.44M | 54.32M | -103.42M | 16.96M | 55.93M | 75.05M | 57.27M | 81.76M | 61.78M | 48.38M | 80.64M | 10.95M |
| EBITDA Margin % | 3.7% | 7.25% | -10.15% | 10.65% | 8.21% | -16.98% | 2.54% | 6.17% | 8.47% | 7% | 13.95% | 12.24% | 11.02% | 20.88% | 2.62% |
| Interest Expense | 23.59M | 23.54M | 24.67M | 24.63M | 13.87M | 8.92M | 10.03M | 10.6M | 11.55M | 8.97M | 8.45M | 7M | 6.35M | 6.78M | 8.27M |
| Non-Operating Income | -18M | -23.54M | -24.67M | -24.63M | -13.87M | -8.92M | -10.03M | -10.6M | -11.55M | -8.97M | -8.45M | -7M | -6.35M | -6.78M | -8.27M |
| Pretax Income | 23.9M | 50.54M | -71.12M | 86.91M | 53.27M | -108.13M | 11.94M | 51.87M | 70.84M | 55.15M | 79.34M | 59.78M | 45.62M | 77.08M | 7.77M |
| Pretax Margin % | 3.58% | 7.35% | -10.05% | 10.7% | 8.05% | -17.75% | 1.79% | 5.72% | 8% | 6.74% | 13.53% | 11.84% | 10.39% | 19.95% | 1.86% |
| Income Tax | -6.16M | 723K | -7.63M | 25.7M | 18.41M | -23.23M | 7.11M | 13.53M | 7.01M | 11.58M | 4.87M | 6.28M | 939K | 9.74M | -897K |
| Effective Tax Rate % | -25.77% | 1.43% | 10.73% | 29.58% | 34.57% | 21.49% | 59.59% | 26.08% | 9.89% | 21% | 6.14% | 10.5% | 2.06% | 12.64% | -11.55% |
| Net Income | 28.93M | 47.43M | -81.12M | -107.68M | 30.97M | -172.8M | 4.82M | 38.34M | 63.83M | 43.57M | 74.47M | 53.5M | 44.69M | 67.34M | 8.66M |
| Net Margin % | 4.34% | 6.9% | -11.46% | -13.26% | 4.68% | -28.37% | 0.72% | 4.23% | 7.21% | 5.33% | 12.7% | 10.6% | 10.18% | 17.43% | 2.07% |
| Net Income Growth % | 133.27% | 158.47% | 24.67% | -447.67% | 117.92% | -3682.07% | -87.42% | -39.94% | 46.51% | -41.5% | 39.21% | 19.72% | -33.64% | 677.2% | - |
| EPS (Diluted) | 0.63 | 0.79 | -3.06 | -3.13 | 0.59 | -4.94 | 0.16 | 1.25 | 2.11 | 1.44 | 2.49 | 1.82 | 1.55 | 2.36 | 0.30 |
| EPS Growth % | 110.01% | 125.82% | 2.24% | -630.51% | 111.94% | -3187.5% | -87.2% | -40.76% | 46.53% | -42.17% | 36.81% | 17.42% | -34.32% | 686.67% | - |
| EPS (Basic) | - | 1.03 | -3.06 | -3.14 | 0.59 | -4.94 | 0.16 | 1.27 | 2.14 | 1.48 | 2.56 | 1.87 | 1.57 | 2.36 | 0.30 |
| Diluted Shares Outstanding | 46.1M | 60.01M | 38.69M | 37.81M | 37.65M | 34.96M | 30.88M | 30.67M | 30.31M | 30.27M | 29.89M | 29.33M | 28.81M | 28.54M | 28.54M |
Persistent underwriting volatility
As reported in recent quarterly filings, James River experienced a 12.1% year-over-year revenue decline in 2026Q1, signaling a deliberate contraction of the underwriting portfolio as the company attempts to exit less profitable lines and mitigate exposure to high-volatility segments within its specialty insurance business.
The consistent negative revenue growth trends suggest that management is prioritizing capital preservation over market share expansion. This strategic retreat appears necessary to stabilize the underwriting book, though it risks a loss of relevance within the competitive wholesale brokerage channel.
Based on the 2026Q1 combined ratio of 107.0%, James River is currently failing to generate an underwriting profit, a trend that highlights the ongoing struggle to maintain pricing discipline in an environment where loss ratios frequently exceed the 70% threshold in recent periods.
The inability to consistently maintain a combined ratio below 100% suggests that the company remains overly dependent on investment income or reserve releases to achieve profitability. Investors should monitor whether the current expense structure can be scaled down effectively to match the shrinking premium base.
According to historical income statement data, the company has faced significant earnings distortions from prior-year reserve adjustments, most notably the 2024Q4 period where the loss ratio spiked to 126.5%, indicating that past underwriting decisions continue to exert downward pressure on current net income.
The recurring need for reserve strengthening implies that the company's historical pricing models for long-tail casualty risks were insufficient. This pattern warrants further investigation into whether the current reserve levels are truly adequate or if additional charges remain likely in future reporting cycles.
As evidenced by the recent sale of the Casualty Reinsurance segment, James River is attempting a structural pivot to narrow its focus, yet the 2026Q1 net loss of $8.9 million suggests that this transition has not yet yielded the intended stabilization of the bottom line.
The divestiture of non-core segments is a clear attempt to reduce earnings volatility, but the persistence of operating losses indicates that the core E&S business faces its own set of margin pressures. The market appears to be waiting for evidence that these structural changes will lead to sustainable, rather than episodic, profitability.
Quick answers to the most common questions about buying JRVR stock.
For fiscal year 2025, James River Group Holdings, Ltd. (JRVR) reported total revenue of $687.6M. This represents a 64.5% increase compared to $417.9M in 2012.
James River Group Holdings, Ltd. (JRVR) is profitable, generating $47.4M in net income for the fiscal year ending 2025 with a net profit margin of 6.9%.
James River Group Holdings, Ltd. (JRVR) reported an operating income of $50.5M, resulting in an operating profit margin of 7.4%. This margin reflects the operational efficiency of the business before interest and taxes.
James River Group Holdings, Ltd. (JRVR) generated $195.0M in gross profit for the year, representing a gross profit margin of 28.4%. This demonstrates the company's core pricing power and production efficiency.