Skyward Specialty Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	170.03	118.83	85.98	39.4	38.32
Depreciation & Amortization	3.54	3.36	3.89	4.1	5.6
Stock-Based Compensation	11.96	9.4	8.53	2.29	0.52
Other Adjustments	-53.28	-21.3	5.06	9.94	-20.71
Changes in Receivables	-222.58	-142.41	-40.02	-27.06	1.88
Changes in Reinsurance Contract Assets	-297.05	-279.32	-45.75	-64.7	9.61
Changes in Deferred Acquisition Costs	-22.92	-21.23	-23.02	-9.48	-5.98
Changes in Accounts Payable	139.85	46.09	38.75	1.36	-3.05
Changes in Unearned Premiums	136.85	84.65	110.02	79.22	20.77
Changes in Claims Reserves	536.51	467.88	172.74	162.21	124.27
Changes in Income Taxes Payable	1.8	4.5	-1.89	-	-
Changes in Other Operating Activities	3.37	34.67	23.89	11.67	4.06
Operating Cash Flow	408.08	305.12	338.19	208.94	175.29
Operating Cash Flow Growth	33.75%	-9.78%	61.86%	19.20%	292.06%
Capital Expenditures	-5.45	-4.22	-3.11	-2.33	-2.15
Purchases of Intangible Assets	-2	-	-0.05	-	-
Purchases of Investments	-930.07	-663.93	-487.36	-327.2	-363.54
Proceeds from Sale of Investments	525.14	397.78	130.8	99.06	137.68
Payments for Business Acquisitions	-	-	-	-	-10.55
Proceeds from Business Divestments	-	-	-	-	8.19
Other Investing Activities	45.48	26.68	-134.1	37.08	47.37
Investing Cash Flow	-366.9	-243.69	-493.81	-193.38	-183.01
Long-Term Debt Issued	43.41	107	50	-	-
Long-Term Debt Repaid	-43	-116.79	-50	-	-
Net Long-Term Debt Issued (Repaid)	0.41	-9.79	-	-	-
Issuance of Common Stock	-	-	130.95	2.18	1.38
Net Common Stock Issued (Repurchased)	-	-	130.95	2.18	1.38
Other Financing Activities	-	5.56	-	-	-
Financing Cash Flow	0.41	-4.23	130.95	2.18	1.38
Net Cash Flow	41.59	57.19	-24.68	17.74	-6.35
Free Cash Flow	402.62	300.89	335.08	206.61	173.13
Free Cash Flow Growth	33.81%	-10.20%	62.18%	19.34%	306.06%
FCF Margin	28.42%	26.16%	37.82%	32.16%	31.47%
Free Cash Flow Per Share	9.63	7.27	8.74	6.33	5.33
Levered Free Cash Flow	130.42	-22.47	187.09	40.36	48.67
Unlevered Free Cash Flow	136.23	-5.29	196.6	64.31	70.84

Updated Feb 23, 2026. Data Source: Fiscal.ai. Insurance template. Financial Sources.

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