AXIS Capital Holdings Ltd
NYSE: AXS · FINANCIAL SERVICES · INSURANCE - SPECIALTY
Updated 2026-06-05
AXIS Capital Holdings Ltd (AXS) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.08B | $3.23B | $2.81B | $2.79B | $3.57B | $3.85B | $3.90B | $4.17B | $4.45B | $4.23B | $4.13B | $4.44B | $5.12B | $5.19B | $4.76B | $5.32B | $5.30B | $5.59B | $6.02B | $6.56B |
| Revenue growth (YoY) | — | +4.8% | -12.9% | -0.9% | +28.0% | +7.8% | +1.3% | +7.0% | +6.7% | -4.9% | -2.5% | +7.6% | +15.3% | +1.3% | -8.2% | +11.8% | -0.3% | +5.4% | +7.7% | +9.1% |
| Cost of revenue | $1.81B | $1.75B | $2.08B | $1.84B | $2.17B | $3.26B | $2.72B | $2.80B | $2.92B | $2.89B | $2.95B | $4.11B | $4.16B | $4.07B | $4.21B | $3.93B | $4.26B | $4.39B | $4.23B | $3.29B |
| Gross profit | $1.27B | $1.47B | $731.21M | $942.05M | $1.40B | $583.29M | $1.17B | $1.37B | $1.53B | $1.34B | $1.18B | $330.45M | $960.45M | $1.12B | $550.44M | $1.39B | $1.04B | $1.20B | $1.79B | $3.28B |
| Gross margin | 41.1% | 45.6% | 26.0% | 33.8% | 39.3% | 15.2% | 30.1% | 32.9% | 34.3% | 31.6% | 28.5% | 7.4% | 18.8% | 21.5% | 11.6% | 26.1% | 19.6% | 21.4% | 29.7% | 49.9% |
| R&D | — | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — | — | — | — | — |
| SG&A | $268.40M | $303.83M | $335.76M | $370.16M | $449.88M | $459.15M | $560.98M | $575.39M | $621.88M | $596.82M | $602.72M | $579.43M | $627.39M | $634.83M | $579.79M | $663.30M | $680.34M | $684.45M | $666.20M | $703.93M |
| Operating income | $996.90M | $1.13B | $407.49M | $539.86M | $895.40M | $61.54M | $550.53M | $734.47M | $830.47M | $644.66M | $521.80M | $-368.11M | $12.54M | $337.45M | $-129.13M | $648.91M | $243.13M | $398.44M | $1.01B | $1.23B |
| Operating margin | 32.4% | 35.1% | 14.5% | 19.4% | 25.1% | 1.6% | 14.1% | 17.6% | 18.7% | 15.2% | 12.6% | -8.3% | 0.2% | 6.5% | -2.7% | 12.2% | 4.6% | 7.1% | 16.8% | 18.7% |
| EBITDA | $1.07B | $1.21B | $450.47M | $586.63M | $965.38M | $141.04M | $626.21M | $819.72M | $930.14M | $721.96M | $597.74M | $-281.93M | $89.77M | $480.78M | $11.71M | $778.19M | $374.56M | $542.42M | $1.13B | $1.35B |
| EBITDA margin | 34.8% | 37.6% | 16.0% | 21.1% | 27.1% | 3.7% | 16.1% | 19.7% | 20.9% | 17.1% | 14.5% | -6.3% | 1.8% | 9.3% | 0.2% | 14.6% | 7.1% | 9.7% | 18.8% | 20.5% |
| EBIT | $1.03B | $1.18B | $439.16M | $571.89M | $951.28M | $124.14M | $612.39M | $796.45M | $905.17M | $695.62M | $573.16M | $-313.30M | $79.97M | $405.55M | $-54.08M | $711.21M | $306.27M | $466.87M | $1.08B | $1.29B |
| Interest expense | $32.95M | $51.15M | $31.67M | $32.03M | $55.88M | $62.60M | $61.86M | $61.98M | $74.69M | $50.96M | $51.36M | $54.81M | $67.43M | $68.11M | $75.05M | $62.30M | $63.15M | $68.42M | $67.77M | $66.66M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $963.06M | $1.09B | $387.38M | $497.89M | $856.72M | $46.30M | $547.24M | $727.47M | $810.75M | $641.63M | $513.37M | $-368.97M | $43.02M | $323.47M | $-120.42M | $618.61M | $223.08M | $376.29M | $1.08B | $1.01B |
| Net income growth (YoY) | — | +13.4% | -64.5% | +28.5% | +72.1% | -94.6% | +1081.8% | +32.9% | +11.4% | -20.9% | -20.0% | -171.9% | +111.7% | +651.9% | -137.2% | +613.7% | -63.9% | +68.7% | +187.5% | -6.7% |
| Profit margin | 31.3% | 33.8% | 13.8% | 17.9% | 24.0% | 1.2% | 14.0% | 17.4% | 18.2% | 15.2% | 12.4% | -8.3% | 0.8% | 6.2% | -2.5% | 11.6% | 4.2% | 6.7% | 18.0% | 15.4% |
Frequently asked questions
What is AXIS Capital Holdings Ltd's revenue?
AXIS Capital Holdings Ltd's trailing twelve-month revenue is $6.69B. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is AXS?
In its most recent fiscal year, AXS ran a gross margin of 49.90%, an operating margin of 18.67%, and a net margin of 15.37%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does AXS generate?
AXS produced $-92.21M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is AXS's balance sheet healthy?
AXS holds $820.25M in cash and equivalents against $1.32B in long-term debt, on $6.36B of shareholder equity. That debt is best read against the cash flow the business throws off each year.