RENAISSANCERE HOLDINGS LTD financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data RENAISSANCERE 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	1,728	2,104	2,075	4,202	5,172	5,278	5,060	9,135	11,695	12,848
General and administrative	37.4	18.6	34	94.1	97	41.2	46.8	128	135	82
Operating expenses	198	161	178
Interest expense	42.1	44.2	47.1	58.4	50.5	47.5	48.3	73.2	93.8	121
Pre-tax income	630	-328	263	967	996	-114	-1,219	3,110	2,993	4,014
Income tax	0.34	26.5	-6.3	17.2	2.86	-10.7	-59	-510	32.6	396
Net income to minority interests	127	-132	41.6	201
Net income	503	-222	227	749	762	-40.2	-1,061	2,561	1,870	2,682
EPS, basic	11.50	-6.15	4.91	16.32	15.34	-1.57	-25.50	52.40	35.31	56.23
EPS, diluted	11.43	-6.15	4.91	16.29	15.31	-1.57	-25.50	52.27	35.21	56.03
Shares, basic (weighted)	41.3	39.9	39.7	43.1	47.1	47.2	43	47.5	51.2	46.3
Shares, diluted (weighted)	41.6	39.9	39.8	43.2	47.2	47.2	43	47.6	51.3	46.5
Dividend per share	1.24	1.28

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	421	1,362	1,108	1,379	1,737	1,859	1,194	1,878	1,677	1,731
Short-term investments	1,368	992	2,587
Lease right-of-use assets				42.8	29.8	22.9	66.6	72.9	83.8	97.1
Intangible assets	65.5	54.5	57	65.9	51	41.3	34.8	482	404	333
Total assets	12,352	15,226	18,676	26,330	30,821	33,960	36,553	49,007	50,708	53,800
Total liabilities	6,310	9,538	11,579	17,287	19,872	23,781	26,692	33,451	33,156	34,590
Total debt	949	990	991	1,384	1,136	1,168	1,170	1,959	1,887	2,329
Paid-in capital	217	37.4	296	568	1,623	608	476	2,144	1,512	0
Retained earnings	4,208	3,914	4,058	4,711	5,374	5,233	4,071	6,522	8,276	10,827
Other comprehensive income	1.13	0.22	-1.43	-1.94	-12.6	-10.9	-15.5	-14.2	-14.8	-12.6
Shareholders' equity	4,867	4,391	5,045	5,971	7,560	6,624	5,325	9,455	10,574	11,609
Total equity	4,867	4,391	5,045	5,971	7,560	6,624	5,325	9,455	10,574	11,609
Total liabilities and equity	12,352	15,226	18,676	26,330	30,821	33,960	36,553	49,007	50,708	53,800
Shares outstanding	41.2	40	42.2	44.1	50.8	44.4	43.7	52.7	50.2	44

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	630	-355	269	950	993	-103	-1,160	3,620	2,961	3,618
Depreciation and amortization	29.3	31.2	0.12	-59	16.7	-21	-27	-135	258	-14.1
Stock-based compensation	47.4	37.2	35.7	41.4	43.7	40	45.2	60.3	71.4	77.5
Deferred income tax	-1.75	25.6	-7.97	15.1	-3.45	-11.7	-62.1	-567	-24.1	8.34
Cash from operations	485	1,026	1,222	2,137	1,993	1,235	1,604	1,912	4,165	3,693
Acquisitions	0	0	0	-276	0	0	0	-2,434	0	0
Purchases of investments							-25,972	-39,310	-31,598	-45,694
Cash from investing	-165	-122	-2,537	-2,989	-2,305	-816	-3,016	-3,823	-3,061	-2,216
Debt issued	0	296	0	396	0	0	0	741	0	889
Debt repaid	0	-250	0	0	-250	0	0	-30	-75	-450
Stock issued	0	0	250	0	1,096	0	0	1,352	0	0
Share buybacks	-309	-189	0	0	-62.6	-1,028	-167	0	-667	-1,600
Dividends paid	-51.6	-51.4	-52.8	-59.4	-68.5	-67.8	-64.7	-75.1	-80.8	-74.8
Cash from financing	-401	28.9	1,066	1,120	665	-302	725	2,589	-1,288	-1,411
Exchange rate effect	-4.64	8.22	-5.1	2.48	4.49	6.15	22.5	5.54	-17.4	-12.2
Net change in cash	-85.7	940	-254	271	358	122	-665	683	-201	54.6
Interest paid	54	44.2	45.6	53.2	48.8	21.2	46.2	73.5	88	112
Income taxes paid	-1.12	0.34	0.34	9.75	5.67	-4.26	3.13	26.8	99.5	237

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $325.60 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	39.6%	Pre-tax income / revenue.
Net margin	23.7%	Net income / revenue.
Operating cash flow margin	32.4%	Cash from operations / revenue.
Effective tax rate	9.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	22.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.8%	Net income / average total assets.
D&A / revenue	-0.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	36.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	20.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	43.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	28.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	59.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	29.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-11.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	32.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	13.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	9.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	29.7%	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	9.0%	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	6.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	13.8%	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	11.8%	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	-9.5%	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	-0.3%	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
Debt / equity	0.20x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	4.2%	Total debt / total assets.
Liabilities / assets	65.3%	Total liabilities / total assets.
Net debt	$1.03B	Total debt - cash - short-term investments. Negative means more cash than debt.
Tangible book value	$11.82B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.20x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$63.39	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	$268.01	Revenue / diluted weighted shares.
Operating cash flow per share	$86.79	Cash from operations / diluted weighted shares.
Book value per share	$282.70	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$282.70	Tangible book value / shares outstanding.
Cash per share	$31.14	(Cash + short-term investments) / shares outstanding.
Payout ratio	2.7%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$13.53B	Share price x shares outstanding.
Enterprise value	$14.56B	Market cap + total debt - cash - short-term investments.
P/E	5.14x	Market cap / net income. Only when net income is positive.
P/S	1.22x	Market cap / revenue.
P/B	1.14x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.14x	Market cap / tangible book value, when positive.
P/OCF	3.75x	Market cap / cash from operations, when positive.
EV/Sales	1.31x	Enterprise value / revenue.
Earnings yield	19.5%	Net income / market cap (the inverse of P/E).
Dividend yield	0.5%	Dividends paid over the period / market cap.
Shareholder yield	12.1%	(Dividends paid + share buybacks) / market cap.

What was RENAISSANCERE HOLDINGS LTD's revenue in fiscal 2025?

RENAISSANCERE HOLDINGS LTD reported revenue of $12.85B for fiscal 2025, 9.9% higher than the year before.

Was RENAISSANCERE HOLDINGS LTD profitable in fiscal 2025?

Yes. Net income was $2.68B, a net margin of 20.9%.

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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