Bowhead Specialty Holdings (BOW) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Bowhead Specialty Holdings generated $331.59M of operating cash flow and spent $5.57M on capital expenditures. That left free cash flow of $326.02M, up 12.0% from $291.18M a year earlier, or 59.1% of revenue.

Bowhead Specialty Holdings Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Bowhead Specialty Holdings Inc. (BOW) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022
Operating Activities
Net Income	53.79	38.24	25.05	11.26
Depreciation & Amortization	1.78	3.87	2.27	0.73
Deferred Income Tax	-6.53	-6.17	-4.36	-2.97
Stock Based Compensation	7.24	4.10	0.68	0.37
Change in Working Capital	271.37	254.77	214.86	171.70
Change in Accounts Receivable	-167.83	-140.02	-9.33	-51.53
Change in Accounts Payable	13.92	11.42	15.28	6.24
Change in Other Working Capital	425.29	-1.65	0.58	0.64
Other Operating Activities	3.94	-6.70	0.58	0.64
Net Cash from Operating Activities	331.59	294.29	236.23	181.64
Investing Activities
Capital Expenditures	-5.57	-3.11	-3.82	-3.97
Purchases of Investments	-828.16	-612.94	-367.25	-198.29
Sales/Maturities of Investments	369.34	290.16	96.30	14.81
Net Cash from Investing Activities	-464.39	-325.88	-274.77	-187.46
Financing Activities
Debt Repayment	150.00	0.00	77.66	-1.00
Common Stock Issued	0.00	133.89	77.66	24.00
Common Stock Repurchased	0.00	0.00	0.00	-25.00
Dividends Paid	0.00	0.00	0.00	-25.00
Other Financing Activities	-5.48	0.06	77.66	-1.00
Net Cash from Financing Activities	144.52	133.89	77.66	-1.00
Summary
Effect of Forex Changes on Cash	0.00	0.00	0.00	0.00
Net Change in Cash	11.71	102.29	39.12	-6.81
Cash at Beginning of Period	222.06	119.77	80.65	87.47
Cash at End of Period	233.77	222.06	119.77	80.65
Free Cash Flow	326.02	291.18	232.41	177.67
Supplemental Disclosures
Income Taxes Paid	-	16.41	14.01	5.29

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Bowhead Specialty Holdings Cash Flow

What is Bowhead Specialty Holdings's free cash flow?

Bowhead Specialty Holdings generated free cash flow of $326.02M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $331.59M minus $5.57M of capital expenditures. That was up 12.0% from $291.18M a year earlier. Free cash flow equaled 59.1% of revenue.

How much does Bowhead Specialty Holdings spend on capital expenditures?

Bowhead Specialty Holdings spent $5.57M on capital expenditures in fiscal 2025, compared with $3.11M a year earlier. That equals 1.7% of operating cash flow.

Does Bowhead Specialty Holdings pay dividends or buy back shares?

Bowhead Specialty Holdings's cash flow statement for fiscal 2025 shows no dividend payments or share repurchases.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition