Kingsway Financial Services Inc (KFS) Financial Statements
Industry: Fire, Marine & Casualty Insurance
In fiscal 2025, Kingsway Financial Services reported revenue of $135.0M, up 23.4% from $109.4M the year before. Net income was -$10.7M (a -7.9% net margin), or -$0.43 per diluted share. Gross margin was 80.9% and operating margin was -1.8%. Operating activities generated -$3,000 of cash. At fiscal year end, Kingsway Financial Services held $231.5M in total assets against $197.1M in total liabilities, including $8.3M of cash and equivalents.
Open the full interactive Kingsway Financial Services financials → Quarterly statements, key ratios, valuation history and price charts.
Kingsway Financial Services Key Stats
| Share Price | $9.51 |
|---|---|
| Market Cap | $272.1M |
| Revenue YoY Growth | +23.4% |
| 52-Week Range | $8.61 – $16.13 |
| Shares Outstanding | 28.6 million (basic, 2026 Q2) |
Kingsway Financial Services Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $61.4M | $91.8M | $93.3M | $103.2M | $109.4M | $135.0M |
| Cost of Goods Sold | — | $19.5M | $20.9M | $23.1M | $24.6M | $25.7M |
| Gross Profit | — | $72.2M | $72.4M | $80.2M | $84.8M | $109.3M |
| Operating Income | -$4.8M | $3.2M | -$3.6M | $954,000 | $2.2M | -$2.4M |
| Pre-Tax Income | -$6.5M | -$5.8M | $35.0M | $23.7M | -$8.3M | -$14.0M |
| Income Tax | -$1.1M | -$7.6M | $4.8M | -$1.9M | -$147,000 | -$3.8M |
| Net Income | -$7.8M | -$342,000 | $16.5M | $24.0M | -$8.3M | -$10.7M |
| Diluted EPS | -$0.35 | -$0.04 | $0.98 | $0.89 | -$0.35 | -$0.43 |
Kingsway Financial Services Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $37.2M | $38.6M | $39.0M | $39.4M |
| Net Income | -$2.5M | -$2.0M | -$2.5M | -$617,000 |
| Diluted EPS | -$0.10 | -$0.07 | -$0.10 | -$0.03 |
Kingsway Financial Services Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $14.4M | $12.6M | $64.2M | $9.1M | $5.5M | $8.3M |
| Total Assets | $452.5M | $475.6M | $285.6M | $197.7M | $186.6M | $231.5M |
| Total Long-Term Debt | $192.1M | $292.7M | $102.1M | $44.4M | $57.5M | $70.7M |
| Total Liabilities | $433.8M | $460.9M | $263.5M | $173.1M | $168.3M | $197.1M |
| Shareholders' Equity | -$2.0M | -$5.7M | $15.7M | $27.7M | $8.4M | $15.2M |
Kingsway Financial Services Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $1.7M | -$5.9M | -$14.6M | -$26.2M | $1.1M | -$3,000 |
| Cash From Investing | $4.0M | -$8.6M | $100.9M | $6.5M | -$16.8M | -$29.6M |
| Cash From Financing | $13.6M | -$540,000 | -$37.9M | -$40.0M | $11.4M | $32.7M |
| Free Cash Flow | — | -$6.7M | — | — | — | — |
Figures from Kingsway Financial Services' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Kingsway Financial Services financials page for every line item.
Kingsway Financial Services Company Profile
| Ticker | KFS |
|---|---|
| Exchange | NYSE |
| Industry | Fire, Marine & Casualty Insurance |
| Headquarters | Chicago, Illinois |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Accelerated filer, smaller reporting company |
| SEC CIK | 0001072627 |
Frequently Asked Questions
What was Kingsway Financial Services' revenue in fiscal 2025?
Kingsway Financial Services (KFS) reported revenue of $135.0M for fiscal 2025.
What is Kingsway Financial Services' annual revenue history?
Kingsway Financial Services' annual revenue by fiscal year: 2020: $61.4M; 2021: $91.8M; 2022: $93.3M; 2023: $103.2M; 2024: $109.4M; 2025: $135.0M.
What was Kingsway Financial Services' net income in fiscal 2025?
Kingsway Financial Services reported net income of -$10.7M for fiscal 2025.
What was Kingsway Financial Services' earnings per share (EPS) in fiscal 2025?
Kingsway Financial Services' diluted EPS was -$0.43 for fiscal 2025 (adjusted for any later stock splits).
What was Kingsway Financial Services' revenue last quarter?
In its most recent reported quarter (2026 Q2), Kingsway Financial Services reported revenue of $39.4M.
How much debt does Kingsway Financial Services have?
Kingsway Financial Services reported $70.7M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Kingsway Financial Services are outstanding?
Kingsway Financial Services reported a weighted average of 28.6 million basic shares outstanding in 2026 Q2.
What is Kingsway Financial Services' market cap?
Based on its latest closing price, Kingsway Financial Services (KFS) has a market capitalization of about $272.1M.
When does Kingsway Financial Services' fiscal year end?
Kingsway Financial Services' fiscal year end, as registered with the SEC, is December 31.
Where is Kingsway Financial Services headquartered?
Kingsway Financial Services lists its business address in Chicago, Illinois in its SEC filings.