Bowhead Specialty Holdings Inc. cash flow statement

In fiscal 2025, Bowhead Specialty Holdings Inc.'s operations generated $332m of cash; it spent $5.6m on capital projects, leaving free cash flow of $326m.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Bowhead Specialty Holdings Inc.: cash flow statement, annual
Fiscal year	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Cash from operations	182	236	294	332	334
Depreciation and amortisation	1	2	4	2	2
Stock-based pay	0	1	4	7	11
Capital spending	4	4	3	6	5
Free cash flow	178	232	291	326	329
Free cash flow after stock pay	177	232	287	319	318

US$ millions unless shown otherwise. Fiscal quarters.

Bowhead Specialty Holdings Inc.: cash flow statement, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Cash from operations	119	61	48	109	115	60	65	94
Depreciation and amortisation	1	1	0	0	0	1	1	1
Stock-based pay	1	1	1	0	2	4	2	3
Capital spending	1	1	1	2	1	2	1	1
Free cash flow	118	61	46	107	113	59	64	93
Free cash flow after stock pay	117	60	45	107	112	55	62	90

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

Compare with peers

Head to head: BOW vs JRVR BOW vs HIPO BOW vs PRCH

More: Property & Casualty Insurance stocks compared, Financials sector, rankings of US companies

Figures from Bowhead Specialty Holdings Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Bowhead Specialty Holdings Inc.