Revenue growth remains resilient at 17.3% year-over-year as of 2025Q4, supported by a highly automated underwriting platform that consistently delivers a combined ratio well below the 100% industry threshold.
| Revenue | 1.92B | 1.87B | 1.59B | 1.22B | 838.8M | 653.47M | 459.89M | 315.89M | 222.11M | 186.78M | 141.62M | 80.6M | 63.68M |
| Revenue Growth % | 17.04% | 18.04% | 29.65% | 45.98% | 28.36% | 42.09% | 45.59% | 42.22% | 18.92% | 31.89% | 75.71% | 26.57% | - |
| Medical Costs & Claims | 742.72M | 890.69M | 907.08M | 713.94M | 551.67M | 397.56M | 317.58M | 205.6M | 154.48M | 124.88M | 77.11M | 25.4M | 28.04M |
| Medical Cost Ratio % | 38.74% | 47.53% | 57.14% | 58.31% | 65.77% | 60.84% | 69.06% | 65.09% | 69.55% | 66.86% | 54.45% | 31.51% | 44.03% |
| Gross Profit | 707.86M | 983.3M | 680.44M | 510.51M | 287.13M | 255.91M | 142.31M | 110.29M | 67.64M | 61.89M | 64.51M | 55.2M | 35.64M |
| Gross Margin % | 36.92% | 52.47% | 42.86% | 41.69% | 34.23% | 39.16% | 30.94% | 34.91% | 30.45% | 33.14% | 45.55% | 68.49% | 55.97% |
| Gross Profit Growth % | - | 44.51% | 33.29% | 77.8% | 12.2% | 79.83% | 29.03% | 63.06% | 9.28% | -4.05% | 16.86% | 54.88% | - |
| Operating Expenses | 185.87M | 348.99M | 165.73M | 126.5M | 91.57M | 67.11M | 41.89M | 34.24M | 27.16M | 23.37M | 24.97M | 21.64M | 16.17M |
| OpEx / Revenue % | 9.69% | 18.62% | 10.44% | 10.33% | 10.92% | 10.27% | 9.11% | 10.84% | 12.23% | 12.51% | 17.63% | 26.85% | 25.39% |
| Depreciation & Amortization | 5.83M | 5.83M | 5.8M | 3.27M | 2.72M | 2.31M | 1.57M | 682K | 631K | 515K | 636K | 642K | 570K |
| Combined Ratio % | 48.43% | 66.15% | 67.58% | 68.64% | 76.69% | 71.11% | 78.17% | 75.92% | 81.78% | 79.38% | 72.08% | 58.36% | 69.42% |
| Operating Income | 521.99M | 634.3M | 514.72M | 384.02M | 195.56M | 188.8M | 100.41M | 76.05M | 40.48M | 38.52M | 39.54M | 33.56M | 19.47M |
| Operating Margin % | 27.23% | 33.85% | 32.42% | 31.36% | 23.31% | 28.89% | 21.83% | 24.08% | 18.22% | 20.62% | 27.92% | 41.64% | 30.58% |
| Operating Income Growth % | - | 23.23% | 34.03% | 96.36% | 3.58% | 88.02% | 32.03% | 87.87% | 5.09% | -2.57% | 17.82% | 72.33% | - |
| EBITDA | 532.95M | 640.14M | 520.52M | 387.29M | 198.28M | 191.11M | 101.99M | 76.73M | 41.11M | 39.04M | 40.17M | 34.2M | 20.04M |
| EBITDA Margin % | 27.8% | 34.16% | 32.79% | 31.63% | 23.64% | 29.25% | 22.18% | 24.29% | 18.51% | 20.9% | 28.37% | 42.43% | 31.48% |
| Interest Expense | 11.28M | 10.65M | 10.13M | 10.3M | 4.28M | 994K | 168K | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Operating Income | -8.11M | -10.65M | -10.13M | -10.3M | -4.28M | -994K | -168K | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 661.65M | 634.3M | 514.72M | 384.02M | 195.56M | 188.8M | 100.41M | 76.05M | 40.48M | 38.52M | 39.54M | 33.56M | 19.47M |
| Pretax Margin % | 34.51% | 33.85% | 32.42% | 31.36% | 23.31% | 28.89% | 21.83% | 24.08% | 18.22% | 20.62% | 27.92% | 41.64% | 30.58% |
| Income Tax | 134.71M | 130.69M | 99.87M | 75.92M | 36.45M | 36.14M | 11.99M | 12.73M | 6.69M | 13.62M | 13.37M | 11.28M | 6.5M |
| Effective Tax Rate % | 20.36% | 20.6% | 19.4% | 19.77% | 18.64% | 19.14% | 11.94% | 16.75% | 16.53% | 35.36% | 33.81% | 33.63% | 33.38% |
| Net Income | 526.94M | 503.61M | 414.84M | 308.09M | 159.11M | 152.66M | 88.42M | 63.32M | 33.79M | 24.9M | 26.17M | 22.27M | 12.97M |
| Net Margin % | 27.48% | 26.87% | 26.13% | 25.16% | 18.97% | 23.36% | 19.23% | 20.04% | 15.21% | 13.33% | 18.48% | 27.64% | 20.37% |
| Net Income Growth % | 30.07% | 21.4% | 34.65% | 93.63% | 4.23% | 72.65% | 39.65% | 87.4% | 35.69% | -4.84% | 17.48% | 71.69% | - |
| EPS (Diluted) | - | 21.65 | 17.78 | 13.22 | 6.88 | 6.62 | 3.87 | 2.86 | 1.56 | 1.16 | 1.24 | 1.06 | 0.62 |
| EPS Growth % | 2.65% | 21.77% | 34.49% | 92.15% | 3.93% | 71.06% | 35.31% | 83.33% | 34.48% | -6.45% | 16.98% | 70.97% | - |
| EPS (Basic) | - | 21.76 | 17.92 | 13.37 | 6.97 | 6.73 | 3.96 | 2.94 | 1.60 | 1.19 | 1.26 | 1.06 | 0.62 |
| Diluted Shares Outstanding | 0 | 23.26M | 23.33M | 23.31M | 23.13M | 23.06M | 22.85M | 22.14M | 21.68M | 21.5M | 21.07M | 20.97M | 20.97M |
Social inflation litigation tailwinds
As reported in recent financial filings, Kinsale Capital Group achieved a 17.3% year-over-year revenue increase in 2025Q4, demonstrating that the company continues to capture significant market share within the specialty excess and surplus lines sector despite an increasingly competitive pricing environment for high-volume small-account risks.
The consistent double-digit revenue growth suggests that the company's proprietary underwriting platform remains highly effective at identifying and pricing risks that larger, legacy-burdened competitors may overlook. Investors should monitor whether this growth trajectory persists as the broader insurance market cycle potentially shifts toward a softer pricing environment.
Based on the company's reported figures, the combined ratio reached 63.8% in 2025Q4, reflecting a highly disciplined underwriting approach that consistently generates significant profit margins well below the industry-standard 100% threshold, even as the company scales its operations across diverse specialty casualty and property lines.
The ability to maintain a combined ratio in the low-to-mid 60s indicates that the company's technological automation is successfully suppressing the expense ratio while maintaining rigorous loss selection. This structural advantage appears to provide a substantial buffer against potential volatility in loss costs, though it warrants ongoing scrutiny regarding future underwriting discipline.
According to historical income statement data, Kinsale's operating margin of 33.85% highlights the company's lean cost structure, which is fundamentally supported by a high degree of underwriting automation that minimizes the need for manual intervention and traditional administrative overhead compared to its larger, more diversified industry peers.
The company's ability to scale premiums without a commensurate increase in fixed operating costs suggests that its proprietary technology platform is a primary driver of its competitive moat. This operational leverage appears to be a key factor in maintaining profitability, provided that the company avoids expanding into lines that require more intensive human underwriting.
While current underwriting results appear robust, the company's heavy concentration in casualty lines may expose it to significant tail risk from social inflation, as evidenced by the fluctuation in loss ratios which reached 54.8% in 2025Q3, suggesting that historical reserve adequacy may not guarantee future performance.
Investors should consider that rising litigation costs and unpredictable jury awards could necessitate future upward reserve adjustments, which would directly impact net income. The reliance on management's subjective estimates for IBNR claims warrants further investigation to ensure that current-period profits are not being artificially inflated by overly optimistic reserve assumptions.
Quick answers to the most common questions about buying KNSL stock.
For fiscal year 2025, Kinsale Capital Group, Inc. (KNSL) reported total revenue of $1.87B. This represents a 2843.0% increase compared to $63.7M in 2014.
Kinsale Capital Group, Inc. (KNSL) is profitable, generating $503.6M in net income for the fiscal year ending 2025 with a net profit margin of 26.9%.
Kinsale Capital Group, Inc. (KNSL) reported an operating income of $634.3M, resulting in an operating profit margin of 33.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Kinsale Capital Group, Inc. (KNSL) generated $983.3M in gross profit for the year, representing a gross profit margin of 52.5%. This demonstrates the company's core pricing power and production efficiency.