PLMR earnings analysis
What we found in PLMR's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Palomar Holdings, Inc. posted a solid quarter in Q1 2026 with a revenue of $278.9 million, surpassing expectations of $250.7 million, but diluted EPS of $1.57 slightly missed the consensus estimate of $2.16. The company reported growth in gross written premiums, particularly from casualty and inland marine segments, reflecting a strategy to diversify risk, though increased losses and operating expenses impacted net income. Management provided an outlook for continued premium growth driven by market expansion, but warned of potential challenges from rising loss ratios.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Exceeded Estimates
- Reported revenue of $278.9 million surpassed estimates of $250.7 million, a growth of 59.5% year-on-year from $174.63 million.
- Strong Growth in Premiums
- Gross written premiums increased by $187.7 million, or 42.4%, to $629.8 million, driven mainly by growth in casualty and inland marine lines.
- Positive EPS Performance
- Diluted EPS of $1.57 equalled the prior year but missed expectations of $2.16 with the increase in expenses.
- Increased Cash Flow from Operations
- Operating cash flow was $47.0 million for Q1 2026, although down from $87.2 million in Q1 2025.
- Notable Investment Growth
- Net investment income increased by 49.0% to $18.0 million due to a higher average balance of investments.
- Significant Share Repurchases
- Repurchased 190,255 shares for $23.1 million, remaining authority of $89.6 million under the share repurchase program.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Losses
- Losses and loss adjustment expenses surged by $48.4 million, up 124.8% to $87.1 million, driven by a spike in non-catastrophe losses.
- Higher Operating Expenses Impact Results
- Acquisition and other underwriting expenses increased 51.7% to $70.3 million, impacting net income despite revenue growth.
- Regulatory Risks
- Compliance with various state and federal regulations remains a potential risk impacting future profitability and operational flexibility.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.57
- Gross margin
- 54.3%
- Operating margin
- 14.5%
- Segment
- Casualty: $206.3M (32.8%)
- Segment
- Inland Marine: $166.6M (26.4%)
- Segment
- Earthquake: $137.3M (21.8%)
- Segment
- Crop: $87.8M (13.9%)
- Segment
- Surety & Credit: $31.9M (5.1%)
What they said about what is next.
Management anticipates continued growth in written premiums driven by new partnerships and product offerings.
The filing reads about the same as the one before it.
What came before.
- 10-K · February 24, 2026
- Palomar Holdings, Inc. reported strong growth in gross written premiums and net income for the year ended December 31, 2025, driven primarily by its Casualty and Crop lines, reflecting an attractive operational…
- 10-Q · November 7, 2025
- Palomar Holdings, Inc. reported strong Q3 2025 results with increased revenues and earnings, showcasing a recovery in gross written premiums and a significant reduction in catastrophe losses. Key financial metrics…
- 10-Q · August 5, 2025
- Palomar Holdings, Inc. reported strong Q2 2025 results with revenues increasing by 55% year-over-year to $203M, driven by significant growth in Net Earned Premiums. The company also saw a 79.4% increase in Net Income to…
- 10-Q · May 6, 2025
- Palomar Holdings, Inc. reported strong Q1 2025 results with revenues of $175 million, up 47% from $119 million in Q1 2024. Gross margins improved to 51.3%, and the company achieved an EPS of $1.57, reflecting a 51%…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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