FFX Income Statement - Fairfax Financial Holdings Ltd

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Price: 1 380 EUR 0.15%

Market Cap: €18.8B

F	Fairfax Financial Holdings Ltd XMUN:FFX	CA
K	KGHM Polska Miedz SA OTC:KGHPF	PL
	Robit Oyj F:RO3	FI
	Katapult Holdings Inc NASDAQ:KPLT	US
	AMN Healthcare Services Inc NYSE:AMN	US
	Steel Dynamics Inc BMV:STLD	US
	Thales SA F:CSF0	FR
N	National Bank of Canada SWB:NBC	CA

Financial profile · Q2 FY2026

A diversified insurer combining underwriting earnings with investment-driven volatility

Fairfax combines a property-and-casualty insurance and reinsurance platform with substantial investments and non-insurance holdings. Its multi-year history shows expanding operating earnings and recurring underwriting income, while reported net income remains more variable because investment gains, associate results, taxes, and share repurchases can materially affect the bottom line and per-share results.

What is developing

The latest comparable quarter confirms profitable underwriting and continued top-line expansion, but total earnings were tempered by lower investment gains and associate contributions. This preserves Fairfax’s established insurance-plus-investment model rather than indicating a change in its underlying economics.

What matters next

Whether underwriting profit continues to offset volatility in investment and associate income.

Metric	FY2016 Dec 2016	FY2017 Dec 2017	FY2018 Dec 2018	FY2019 Dec 2019	FY2020 Dec 2020	FY2021 Dec 2021	FY2022 Dec 2022	FY2023 Dec 2023	FY2024 Dec 2024	FY2025 Dec 2025
Gross Premiums Earned	9.9B	13B	16.5B	18.8B	18.7B	21.7B	29.1B	32.5B	36B	38.4B
Revenue	9.4B	14B	16.6B	20.2B	19.4B	23.8B	31.3B	35.6B	38.7B	43.3B
Operating Expenses	(9.6B)	(13.8B)	(16.5B)	(18.8B)	(19.2B)	(21.7B)	(27.1B)	(30B)	(33B)	(36.3B)
Selling, General & Administrative	—	(918.7m)	(1.2B)	(1.6B)	(1.2B)	(1.3B)	—	—	—	—
Depreciation & Amortization	—	(144m)	(168.3m)	(377.7m)	(488.2m)	(639.4m)	—	—	—	—
Benefits, Claims & Loss Adjustment	(6.1B)	(8.8B)	(9.9B)	(10.9B)	(11.7B)	(13.5B)	(20.5B)	(21.9B)	(24.9B)	(26.1B)
Other Operating Expenses	(3.6B)	(4B)	(5.3B)	(6B)	(5.8B)	(6.2B)	(6.6B)	(8.1B)	(8.1B)	(10.3B)
Operating Income	(206.2m)	164.3m	159.5m	1.4B	212.5m	2.2B	4.2B	5.5B	5.7B	7B
Net Interest Income (Expense)	(348.1m)	(127.9m)	(257.8m)	667.2m	(142m)	1.6B	(548.1m)	(510m)	(649m)	(821.9m)
Interest Expense	242.8m	331.2m	347.1m	472m	475.9m	513.9m	452.8m	510m	649m	821.9m
Non-Recurring Items	0	2B	960.4m	155.3m	173.6m	565m	1.3B	871.8m	575.5m	233.8m
Pre-Tax Income	(554.3m)	2B	862.1m	2.2B	244.1m	4.4B	4.9B	5.9B	5.6B	6.4B
Tax Provision	159.6m	(185.9m)	(44.2m)	(261.5m)	(206.7m)	(726m)	(1.1B)	(813.4m)	(1.4B)	(1.2B)
Income from Continuing Operations	(394.7m)	1.8B	817.9m	2B	37.4m	3.7B	3.8B	5.1B	4.3B	5.3B
Income to Minority Interest	(117.8m)	125.7m	(441.9m)	32.9m	181m	(265.5m)	(437.5m)	(713.1m)	(388m)	(511.4m)
Net Income	(556.5m)	1.7B	330.9m	2B	174.4m	3.4B	3.3B	4.3B	3.9B	4.9B
EPS (Diluted)	(24.18)	64.97	11.65	69.79	6.29	122.25	131.37	173.24	160.56	213.78