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Kingsway Financial Services Income Statement 2025-2010 | KFS
Brief overview of financial performance at Kingsway Financial Services
This overview is based on financial performance over the past five years. Kingsway Financial Services reported revenue of $64.8 million in 2020 and $135 million by 2025. Across the full period, sales moved by +108.5%; the average annual rate was 15.8%. The pace indicates confident and sustained business growth.
The operating result measured by EBITDA moved from −$3.1 million to $6.8 million, or +318%. Additional revenue translated efficiently into EBITDA. Comparing the endpoints gives EBITDA margins of −4.8% and 5.1%. The company improved its ability to convert sales into EBITDA.
The final result was −$6.7 million initially and −$10.3 thousand in the final year. The loss narrowed, although sustainable profitability has not yet returned.
The five-year change in capitalization reached +246.4%: from $101 million to $351 million. Investor expectations increased faster than reported performance.
Conclusion
Most key measures improved without a pronounced weak signal. Key strengths include higher operating efficiency, improving net profitability and a larger revenue base. Investors should continue to monitor margins, costs, and earnings quality.
Annual Income Statement Kingsway Financial Services
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
351 M | 217 M | 236 M | 232 M | 117 M | 101 M | 36.5 M | 49.8 M | 124 M | -84.2 M | 83 M | 99.7 M | 56.9 M | 54.3 M | 33 M | - |
Shares |
27.9 M | 27.2 M | 25.7 M | 23 M | 22.5 M | 22.2 M | 21.9 M | 21.7 M | 21.5 M | -13 M | 19.7 M | 17.4 M | 14.1 M | 13.1 M | 13.1 M | - |
Historical Prices |
12.6 | 7.99 | 9.19 | 10.1 | 5.2 | 4.57 | 1.7 | 2.17 | 5.7 | 6.35 | 4.21 | 5.73 | 4.01 | 4.13 | 2.52 | 6.76 |
Net Income |
-10.3 K | -8.3 K | 24 K | 15.1 M | 1.86 M | -6.72 M | -5.89 M | -30.1 M | -15.7 M | 803 K | 1.11 M | -12.8 M | -36.9 M | -52.1 M | -20.1 M | - |
Revenue |
135 M | 109 M | 103 M | 93.3 M | 78.4 M | 64.8 M | 59.9 M | 52.1 M | 44.6 M | 168 M | 156 M | 152 M | 168 M | 123 M | 229 M | - |
Gross Profit |
- | - | - | - | - | 58.7 M | 55.2 M | 44.7 M | 38.1 M | 164 M | 152 M | 148 M | 166 M | 123 M | - | - |
Operating Income |
-2.4 M | 2.16 M | 954 K | -3.57 M | -474 K | -5.22 M | -1.41 M | -2.29 M | 6.78 M | -7.07 M | -1.78 M | 1.5 M | -13.5 M | -24.6 M | - | - |
Interest Expense |
377 K | 192 K | 6.25 M | 8.09 M | 6.16 M | 332 K | 8.99 M | 7.41 M | 4.98 M | 4.5 M | 5.28 M | 5.64 M | 7.26 M | 7.64 M | - | - |
EBITDA |
6.83 M | 9.16 M | 7.17 M | 2.88 M | 4.59 M | -3.13 M | 4.73 M | 322 K | -7.99 M | 754 K | -2.64 M | -7.87 M | -32.6 M | -38.6 M | - | - |
Operating Expenses |
137 M | 107 M | 102 M | 96.9 M | 78.9 M | 66.2 M | 62.9 M | 58.4 M | 58.3 M | 175 M | 166 M | 157 M | 201 M | 195 M | - | - |
General and Administrative Expenses |
61.2 M | 44.9 M | 41.8 M | 43.5 M | 45.2 M | 42 M | 36.3 M | 29.2 M | 26.1 M | 41.6 M | 41.8 M | 41.6 M | 79.8 M | 73.9 M | 77.9 M | - |
All numbers in USD currency
Quarterly Income Statement Kingsway Financial Services
| 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
28.6 M | 28.5 M | 27.2 M | 27.1 M | 27.1 M | 27.2 M | 27.3 M | 27.1 M | 27.1 M | 26.2 M | 25.3 M | 24.1 M | 23.2 M | 23 M | 22.9 M | 22.9 M | 22.9 M | 22.7 M | 22.4 M | 22.2 M | 22.2 M | 22.2 M | 22.2 M | 22.1 M | 21.9 M | 21.9 M | 21.9 M | 21.8 M | 21.8 M | 21.7 M | 21.7 M | 21.7 M | 21.7 M | 21.6 M | 21.5 M | 21.5 M | 21.5 M | 19.8 M | 19.8 M | 19.7 M | 19.7 M | 19.7 M | 19.7 M | 19.7 M | 19.7 M | 17 M | 16.4 M | 16.4 M | 16.4 M | 13.7 M | 13.1 M | 13.1 M | 13.1 M | 13.1 M | 13.1 M | 13.1 M | 13.1 M | 13.1 M | 13.1 M | 52.3 B |
Net Income |
-2.27 M | -2.41 M | -3.16 M | -3.09 M | - | -2.31 M | -2.19 M | -2.33 M | - | -675 K | -1.67 M | 27.8 M | - | 37.3 M | -2.36 M | -2.5 M | - | -226 K | -256 K | 899 K | - | -1.12 M | -1.42 M | -393 K | - | -4.01 M | -396 K | 3.19 M | - | -3.83 M | -10.7 M | -2.83 M | -444 K | -1.53 M | -7.9 M | -1.76 M | 1.3 M | 1.43 M | -596 K | -1.54 M | -2.1 M | -891 K | 1.82 M | 2.13 M | - | -6.96 M | -5 M | -1.71 M | - | 1.88 M | -10.3 M | -17.4 M | - | -18.9 M | -6.02 M | -11 M | - | 7.25 M | -2.56 M | -17.8 M |
Revenue |
39 M | 37.2 M | 30.9 M | 28.3 M | - | 27.1 M | 26.4 M | 26.2 M | - | 24.8 M | 26.2 M | 26.4 M | - | 22.4 M | 23.6 M | 22.5 M | - | 21 M | 22.1 M | 21.9 M | - | 15.3 M | 13.8 M | 14.7 M | - | 16.4 M | 15.2 M | 13.3 M | - | 13.2 M | 12.3 M | 13.2 M | 49.5 M | 11.1 M | 10.1 M | 10.3 M | 52.8 M | 45.8 M | 41.1 M | 36.9 M | 38.2 M | 38.6 M | 39.1 M | 44.1 M | - | 38.6 M | 42.5 M | 43.7 M | - | 41.6 M | 41.6 M | 42.6 M | - | 34.8 M | 39.7 M | 36.6 M | - | 68.2 M | 64.1 M | 55 M |
Gross Profit |
17.3 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating Income |
485 K | -865 K | -1.13 M | -714 K | - | -672 K | 126 K | 767 K | - | -208 K | 393 K | 514 K | - | -4.3 M | 1.53 M | -758 K | - | -114 K | 778 K | 822 K | - | -610 K | -75 K | -1.62 M | - | 450 K | -828 K | -899 K | - | 1.82 M | -1.52 M | -699 K | - | 1.39 M | 1.56 M | 1.66 M | - | 1.15 M | -599 K | -395 K | - | -401 K | -582 K | 136 K | - | -86 K | 78 K | 119 K | - | -5.05 M | -4 M | -1.13 M | - | -16.3 M | -2.85 M | -1.49 M | - | - | - | - |
Interest Expense |
237 K | 122 K | 226 K | 139 K | - | 230 K | 472 K | 1.14 M | - | 1.06 M | 1.09 M | 2.97 M | - | 2.14 M | 1.7 M | 1.36 M | - | 53 K | 1.59 M | 1.55 M | - | 1.81 M | 2 M | 2.15 M | - | 2.31 M | 2.34 M | 2.1 M | - | 1.9 M | 1.84 M | 1.72 M | - | 1.26 M | 1.22 M | 1.16 M | - | 1.13 M | 1.11 M | 1.09 M | - | 1.25 M | 1.41 M | 1.39 M | - | 1.42 M | 1.36 M | 1.43 M | - | 1.81 M | 1.93 M | 1.83 M | - | 1.89 M | 1.92 M | 1.85 M | - | - | - | - |
EBITDA |
2.96 M | 1.5 M | 584 K | 1.11 M | - | 765 K | 1.58 M | 2.31 M | - | 1.22 M | 493 K | 2.01 M | - | -4.2 M | 1.63 M | 748 K | - | 6.26 M | 1.27 M | 2.37 M | - | 4.4 M | 3.26 M | 45 K | - | 5.6 M | 2.54 M | 707 K | - | 6.92 M | 1.16 M | 642 K | - | 5.43 M | 4.71 M | 3.05 M | - | 3.12 M | 98 K | 30 K | - | 999 K | 372 K | 616 K | - | 1.8 M | 1.36 M | 772 K | - | -2.26 M | -2.12 M | -127 K | - | -15.3 M | -1.78 M | -961 K | - | 1.72 M | 1.19 M | 691 K |
Operating Expenses |
- | 38 M | 32 M | 29.1 M | - | 27.8 M | 26.3 M | 25.4 M | - | 25 M | 25.8 M | 25.9 M | - | 26.7 M | 22.1 M | 23.2 M | - | 21.1 M | 21.3 M | 21.1 M | - | 15.9 M | 13.9 M | 16.3 M | - | 15.9 M | 16.1 M | 14.2 M | - | 11.4 M | 13.8 M | 13.9 M | 65.5 M | 12.2 M | 11.5 M | 11 M | 55.4 M | 46.2 M | 42.2 M | 39.7 M | 39.1 M | 40.4 M | 41.6 M | 40.4 M | - | 40.5 M | 41.2 M | 42.5 M | - | 50.7 M | 54.1 M | 51.5 M | - | 56.5 M | 47.4 M | 46.8 M | - | 59.6 M | 68.6 M | 72.4 M |
General and Administrative Expenses |
16.5 M | 17.2 M | 14.1 M | 12.8 M | - | 11.9 M | 11 M | 10.4 M | - | 10.3 M | 9.87 M | 10.2 M | - | 9.72 M | 10.5 M | 12.2 M | - | 11.8 M | 12 M | 12.6 M | - | 9.72 M | 8.39 M | 10.7 M | - | 9.16 M | 9.16 M | 8.4 M | - | 5.4 M | 7.3 M | 7.48 M | - | 6.52 M | 6.5 M | 5.99 M | - | 9.95 M | 10.8 M | 9.55 M | - | 10 M | 10.2 M | 11.6 M | - | 10.2 M | 11.1 M | 11.9 M | - | 19 M | 20 M | 19.6 M | - | 16.8 M | 17.2 M | 18.8 M | - | 18 M | 22.8 M | 21.6 M |
All numbers in USD currency
The income statement is one of the three key financial reports of a company Kingsway Financial Services (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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