AXIS CAPITAL HOLDINGS LTD financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data AXIS CAPITAL HOLDINGS LTD files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	4,006	4,592	5,090	5,173	4,842	5,322	5,135	5,643	5,958	6,564
Selling, general and administrative	603	579	627	635	580	663	680	684	666	704
Interest expense	51.4	54.8	67.4	68.1	75	62.3	63.1	68.4	67.8	66.7
Pre-tax income	520	-377	13.5	347	-133	681	245	403	1,026	1,226
Income tax	6.34	-7.54	-29.5	23.7	-12.3	62.4	22	26.3	-55.6	217
Net income to minority interests	0
Net income	513	-369	43	323	-120	619	223	376	1,082	1,009
EPS, basic	5.13	-4.94	0.00	3.37	-1.79	6.95	2.27	4.06	12.49	12.52
EPS, diluted	5.08	-4.94	0.00	3.34	-1.79	6.90	2.25	4.02	12.35	12.35
Shares, basic (weighted)	90.8	84.1	83.5	83.9	84.3	84.7	84.9	85.1	84.2	78.2
Shares, diluted (weighted)	91.5	84.1	84	84.5	84.3	85.3	85.7	86	85.2	79.3
Dividend per share	1.43	1.53	1.57	1.61	1.65	1.69	1.73	1.76	1.76	1.76

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,039	949	1,233	1,241	903	845	751	953	2,143	820
Lease right-of-use assets			0	111	124	103	92.2	108	92.5	93.9
Goodwill	47.1	102	102	102	101	101	101	101	66.5	66.5
Intangible assets	37.9	258	242	231	220	209	198	187	176	166
Total assets	20,814	24,760	24,133	25,604	25,878	27,369	27,683	30,251	32,681	34,462
Total liabilities	14,541	19,419	19,102	20,060	20,582	21,958	23,043	24,987	26,592	28,105
Paid-in capital	2,300	2,299	2,309	2,317	2,330	2,346	2,366	2,383	2,394	2,406
Retained earnings	6,528	5,980	5,913	6,057	5,764	6,205	6,247	6,441	7,342	8,182
Treasury stock	-3,562	-3,807	-3,791	-3,779	-3,765	-3,749	-3,765	-3,747	-3,931	-4,812
Other comprehensive income	-122	92.4	-177	172	414	56.5	-760	-366	-268	28.4
Shareholders' equity	6,272	5,341	5,030	5,544	5,296	5,411	4,640	5,263	6,089	6,356
Total equity	6,272	5,341	5,030	5,544	5,296	5,411	4,640	5,263	6,089	6,356
Total liabilities and equity	20,814	24,760	24,133	25,604	25,878	27,369	27,683	30,251	32,681	34,462
Shares outstanding	86.4	83.2	83.6	84	84.4	84.8	84.7	85.3	83	74.1

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	513	-369	43	323	-120	619	223	376	1,082	1,009
Stock-based compensation	52.2	12.7	34.3	32.5	29	37.7	48.5	54.1	42.7	45.2
Cash from operations	407	259	10.8	199	344	1,198	798	1,256	1,845	-40.9
Acquisitions	0	-467	0	0
Purchases of investments	-9,177	-8,715	-8,464	-9,994	-10,494	-12,134	-7,476	-6,349	-10,530	-9,184
Sales and maturities of investments	1,493	2,010	1,241	1,283	1,526	1,817	1,019	934	1,508	1,616
Cash from investing	-129	392	639	-774	490	-1,197	-762	-856	280	-629
Debt issued	0	346	0	718	0	0
Stock issued	0.22	0	0
Share buybacks	-495	-261	0	0	0	0	-35	0	-200	-888
Dividends paid	-132	-135	-134	-137	-142	-146	-149	-154	-152	-143
Cash from financing	-202	-546	-186	278	-909	-186	-150	-202	-417	-1,087
Exchange rate effect	-9.35	17.2	3.11	44.2	2.15	-0.07	-29.8	11.8	-28.3	14.5
Net change in cash	66.8	122	466	-254	-73.2	-186	-143	209	1,680	-1,742
Interest paid	48.9	49.9	64.8	59.6	54.1	59.4	59.9	63.6	64.2	62.6
Income taxes paid	12	0	15.7	39.9	4.41	45.1	33.4	77.5	80.6	127

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $94.45 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	19.3%	Pre-tax income / revenue.
Net margin	16.0%	Net income / revenue.
Operating cash flow margin	2.5%	Cash from operations / revenue.
Effective tax rate	17.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	16.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.0%	Net income / average total assets.
SG&A / revenue	10.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-6.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	65.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	0.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	76.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-102.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	1.3%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	4.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	11.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	3.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-6.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	82.1%	Total liabilities / total assets.
Goodwill and intangibles / assets	0.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$6.15B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.19x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$14.23	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$88.95	Revenue / diluted weighted shares.
Operating cash flow per share	$2.25	Cash from operations / diluted weighted shares.
Book value per share	$86.30	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$83.19	Tangible book value / shares outstanding.
Cash per share	$11.66	(Cash + short-term investments) / shares outstanding.
Payout ratio	12.9%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$6.89B	Share price x shares outstanding.
Enterprise value	$6.03B	Market cap + total debt - cash - short-term investments.
P/E	6.44x	Market cap / net income. Only when net income is positive.
P/S	1.03x	Market cap / revenue.
P/B	1.08x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.12x	Market cap / tangible book value, when positive.
P/OCF	40.7x	Market cap / cash from operations, when positive.
EV/Sales	0.90x	Enterprise value / revenue.
Earnings yield	15.5%	Net income / market cap (the inverse of P/E).
Dividend yield	2.0%	Dividends paid over the period / market cap.
Shareholder yield	9.4%	(Dividends paid + share buybacks) / market cap.
PEG	0.08x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was AXIS CAPITAL HOLDINGS LTD's revenue in fiscal 2025?

AXIS CAPITAL HOLDINGS LTD reported revenue of $6.56B for fiscal 2025, 10.2% higher than the year before.

Was AXIS CAPITAL HOLDINGS LTD profitable in fiscal 2025?

Yes. Net income was $1.01B, a net margin of 15.4%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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