Bowhead Specialty Holdings Inc. (BOW)

BOW Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022
Net Income	53.79	38.24	25.05	11.26
Depreciation & Amortization	1.78	3.87	2.27	0.73
Stock-Based Compensation	7.24	4.1	0.68	0.37
Other Adjustments	-2.59	-6.7	-6.63	-2.4
Changes in Receivables	-24.18	-27.72	-12.76	-2.88
Changes in Reinsurance Contract Assets	-183.86	-151.52	-118.05	-77.2
Changes in Deferred Acquisition Costs	-7.66	-8.22	-5.74	-5.76
Changes in Accounts Payable	13.92	11.42	16.75	5.15
Changes in Accrued Expenses	1.04	3.11	2.87	2.26
Changes in Unearned Premiums	105.74	102.15	112.96	89.87
Changes in Claims Reserves	373.08	325.67	224.14	159.1
Changes in Income Taxes Payable	-1.26	1.53	-1.48	1.09
Changes in Other Operating Activities	-5.45	-1.65	-3.84	0.07
Operating Cash Flow	331.59	294.29	236.23	181.64
Operating Cash Flow Growth	12.68%	24.58%	30.05%	-
Capital Expenditures	-5.57	-3.11	-3.82	-3.97
Purchases of Investments	-828.16	-612.94	-367.25	-198.29
Proceeds from Sale of Investments	369.34	290.16	96.3	14.81
Investing Cash Flow	-464.39	-325.88	-274.77	-187.46
Long-Term Debt Issued	150	-	-	-
Long-Term Debt Repaid	-0.04	-	-	-
Net Long-Term Debt Issued (Repaid)	149.96	-	-	-
Issuance of Common Stock	-1.84	133.89	77.66	24
Net Common Stock Issued (Repurchased)	-1.84	133.89	77.66	24
Other Financing Activities	-3.6	-	-	-25
Financing Cash Flow	144.52	133.89	77.66	-1
Net Cash Flow	11.71	102.29	39.12	-6.81
Free Cash Flow	326.02	291.18	232.41	177.67
Free Cash Flow Growth	11.97%	25.29%	30.81%	-
FCF Margin	59.11%	68.41%	82.01%	94.71%
Free Cash Flow Per Share	9.66	9.81	9.68	7.40
Levered Free Cash Flow	122.43	-4.19	26.98	23.48
Unlevered Free Cash Flow	-21.58	-0.06	27.47	23.48

Updated Feb 24, 2026. Data Source: Fiscal.ai. Insurance template. Financial Sources.

SEC Filings: 10-K · 10-Q