Revenue growth remains robust, highlighted by a 52.5% year-over-year increase in 2025Q4, while the combined ratio improved significantly to 41.5% from the 96.4% observed in 2024Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Revenue | 927.48M | 900.95M | 749.45M | 550.01M | 491.99M | 402.55M | 275.73M | 241.38M | 231.29M | 244.41M | 258.22M | 285.95M | 266.11M | 241.09M | 162.89M | 92.87M | 68.61M | 68.38M | 49.53M | 7.66M |
| Revenue Growth % | 22.02% | 20.21% | 36.26% | 11.79% | 22.22% | 45.99% | 14.23% | 4.36% | -5.37% | -5.35% | -9.7% | 7.46% | 10.38% | 48.01% | 75.39% | 35.35% | 0.35% | 38.05% | 546.64% | - |
| Medical Costs & Claims | 310.34M | 241.83M | 474.11M | 345.4M | 476.44M | 321.26M | 213.9M | 150.01M | 148.27M | 205.29M | 167.31M | 129.21M | 117.42M | 96.74M | 92.24M | 66.37M | 52.55M | 44.84M | 24.61M | 5.61M |
| Medical Cost Ratio % | 33.46% | 26.84% | 63.26% | 62.8% | 96.84% | 79.81% | 77.57% | 62.15% | 64.11% | 84% | 64.79% | 45.19% | 44.12% | 40.13% | 56.63% | 71.47% | 76.58% | 65.58% | 49.69% | 73.24% |
| Gross Profit | 617.14M | 659.12M | 275.34M | 204.61M | 15.55M | 81.29M | 61.84M | 91.37M | 83.02M | 39.11M | 90.91M | 156.74M | 148.69M | 144.35M | 70.65M | 26.5M | 16.07M | 23.54M | 24.92M | 2.05M |
| Gross Margin % | 66.54% | 73.16% | 36.74% | 37.2% | 3.16% | 20.19% | 22.43% | 37.85% | 35.89% | 16% | 35.21% | 54.81% | 55.88% | 59.87% | 43.37% | 28.53% | 23.42% | 34.42% | 50.31% | 26.76% |
| Gross Profit Growth % | - | 139.38% | 34.57% | 1215.98% | -80.87% | 31.47% | -32.32% | 10.06% | 112.25% | -56.97% | -42% | 5.42% | 3.01% | 104.32% | 166.58% | 64.91% | -31.72% | -5.55% | 1115.56% | - |
| Operating Expenses | 172.76M | 229.79M | 101.92M | 86.96M | 83.97M | 70.06M | 24.91M | 55.28M | 56.12M | 54.74M | 44.05M | 50.55M | 47.73M | 37.89M | 21.07M | 10.1M | 7.48M | 5.79M | 4.12M | 419K |
| OpEx / Revenue % | 18.63% | 25.51% | 13.6% | 15.81% | 17.07% | 17.4% | 9.03% | 22.9% | 24.26% | 22.4% | 17.06% | 17.68% | 17.93% | 15.72% | 12.93% | 10.87% | 10.91% | 8.46% | 8.33% | 5.47% |
| Depreciation & Amortization | 9.2M | 11.22M | 4.3M | 8.18M | 8.01M | 5.55M | 8.75M | 8.94M | 11M | 9.59M | 5.41M | 5.25M | 4.96M | 2.1M | 1.59M | 576K | 178K | 74K | 37K | 0 |
| Combined Ratio % | 52.09% | 52.35% | 76.86% | 78.61% | 113.91% | 97.21% | 86.61% | 85.05% | 88.37% | 106.39% | 81.85% | 62.86% | 62.06% | 55.84% | 69.56% | 82.34% | 87.49% | 74.04% | 58.02% | 78.71% |
| Operating Income | 444.38M | 429.33M | 173.43M | 117.65M | -68.42M | 11.23M | 36.93M | 36.09M | 26.9M | -15.62M | 46.86M | 106.19M | 100.96M | 106.45M | 49.58M | 16.41M | 8.59M | 17.75M | 20.8M | 1.63M |
| Operating Margin % | 47.91% | 47.65% | 23.14% | 21.39% | -13.91% | 2.79% | 13.39% | 14.95% | 11.63% | -6.39% | 18.15% | 37.14% | 37.94% | 44.16% | 30.44% | 17.66% | 12.51% | 25.96% | 41.98% | 21.29% |
| Operating Income Growth % | - | 147.56% | 47.41% | 271.96% | -709.08% | -69.58% | 2.31% | 34.16% | 272.18% | -133.34% | -55.88% | 5.18% | -5.16% | 114.71% | 202.22% | 91.07% | -51.63% | -14.65% | 1174.98% | - |
| EBITDA | 454.5M | 440.55M | 177.73M | 125.83M | -60.41M | 16.78M | 45.67M | 45.03M | 37.9M | -6.03M | 52.26M | 111.44M | 105.92M | 108.56M | 51.17M | 16.98M | 8.76M | 17.82M | 20.83M | 1.63M |
| EBITDA Margin % | 49% | 48.9% | 23.71% | 22.88% | -12.28% | 4.17% | 16.57% | 18.66% | 16.39% | -2.47% | 20.24% | 38.97% | 39.8% | 45.03% | 31.42% | 18.28% | 12.77% | 26.07% | 42.06% | 21.29% |
| Interest Expense | 6.69M | 9.16M | 13.34M | 11.12M | 7.64M | 6.3M | 11.58M | 12.9M | 18.1M | 16.77M | 11.08M | 10.75M | 10.45M | 3.61M | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Operating Income | -6.69M | -9.16M | -13.29M | -11.04M | -7.64M | -6.3M | -11.58M | -12.9M | -18.1M | -16.77M | -11.08M | -10.75M | -10.45M | -3.61M | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 444.38M | 429.33M | 173.43M | 117.65M | -68.42M | 11.23M | 36.93M | 36.09M | 26.9M | -15.62M | 46.86M | 106.19M | 100.96M | 106.45M | 49.58M | 16.41M | 8.59M | 17.75M | 20.8M | 1.63M |
| Pretax Margin % | 47.91% | 47.65% | 23.14% | 21.39% | -13.91% | 2.79% | 13.39% | 14.95% | 11.63% | -6.39% | 18.15% | 37.14% | 37.94% | 44.16% | 30.44% | 17.66% | 12.51% | 25.96% | 41.98% | 21.29% |
| Income Tax | 113.17M | 108.94M | 45.85M | 28.39M | -13.81M | 3.99M | 9.35M | 9.52M | 9.18M | -8.73M | 17.84M | 40.33M | 38.3M | 40.89M | 19.42M | 6.44M | 3.16M | 6.84M | 8.14M | 614K |
| Effective Tax Rate % | 25.47% | 25.37% | 26.44% | 24.13% | 20.19% | 35.53% | 25.31% | 26.37% | 34.11% | 55.88% | 38.06% | 37.98% | 37.93% | 38.41% | 39.18% | 39.26% | 36.85% | 38.53% | 39.14% | 37.65% |
| Net Income | 302.73M | 299M | 109.95M | 79.03M | -58.51M | 1.86M | 27.58M | 26.58M | 17.73M | -6.89M | 29.02M | 65.86M | 62.66M | 65.56M | 30.16M | 9.96M | 5.42M | 10.91M | 12.65M | 1.02M |
| Net Margin % | 32.64% | 33.19% | 14.67% | 14.37% | -11.89% | 0.46% | 10% | 11.01% | 7.66% | -2.82% | 11.24% | 23.03% | 23.55% | 27.19% | 18.51% | 10.73% | 7.9% | 15.96% | 25.55% | 13.28% |
| Net Income Growth % | 129.29% | 171.94% | 39.12% | 235.08% | -3252.53% | -93.27% | 3.78% | 49.94% | 357.14% | -123.75% | -55.94% | 5.1% | -4.42% | 117.4% | 202.66% | 83.77% | -50.3% | -13.79% | 1144.35% | - |
| EPS (Diluted) | 23.50 | 24.87 | 8.89 | 7.62 | -6.24 | 0.21 | 3.49 | 3.31 | 2.25 | -0.81 | 2.92 | 5.90 | 5.36 | 5.63 | 3.02 | 1.34 | 0.81 | 1.52 | 2.08 | 0.29 |
| EPS Growth % | 143.06% | 179.75% | 16.67% | 222.12% | -3071.43% | -93.98% | 5.44% | 47.11% | 377.78% | -127.74% | -50.51% | 10.07% | -4.8% | 86.42% | 125.37% | 65.43% | -46.71% | -26.92% | 617.24% | - |
| EPS (Basic) | - | 28.10 | 10.59 | 9.13 | -6.24 | 0.23 | 3.55 | 3.32 | 2.25 | -0.81 | 2.95 | 6.51 | 5.90 | 5.82 | 3.45 | 1.49 | 0.88 | 1.62 | 2.15 | 0.20 |
| Diluted Shares Outstanding | 12.88M | 12.88M | 12.69M | 11.04M | 8.82M | 8.58M | 9.69M | 10.24M | 7.89M | 8.56M | 10.87M | 11.36M | 11.69M | 11.12M | 9.81M | 7.45M | 6.67M | 7.19M | 6.07M | 5.18M |
Florida geographic concentration
According to recent financial disclosures, HCI has demonstrated a robust revenue growth trajectory, evidenced by a 52.5% year-over-year increase in 2025Q4, largely fueled by the company's strategic ability to execute policy take-outs from the state-backed Citizens Property Insurance Corporation in the Florida market.
The company's ability to consistently expand its policy base suggests that its proprietary technology platforms are effectively identifying lower-risk profiles within a challenging regulatory environment. Investors should monitor whether this growth rate remains sustainable as the company attempts to scale its TypTap subsidiary into non-Florida jurisdictions where its predictive algorithms may face different loss patterns.
As reported in quarterly filings, HCI achieved a combined ratio of 41.5% in 2025Q4, reflecting a significant improvement from the 96.4% level observed in 2024Q4, which suggests that the company is successfully leveraging its internal reinsurance and claims processing capabilities to drive superior underwriting profitability.
The dramatic compression of the combined ratio indicates that the company is effectively managing its loss adjustment expenses, likely aided by recent legislative reforms in Florida. This margin profile appears highly sensitive to seasonal weather events, and analysts should consider whether these current levels represent a structural shift or a temporary benefit from a benign catastrophe environment.
Based on the provided income statement data, HCI has maintained a disciplined expense structure, with operating income reaching $144.0 million in 2025Q4, a figure that highlights the company's ability to scale its operations without a proportional increase in administrative or acquisition-related costs.
The company's vertical integration of its IT and reinsurance segments appears to provide a competitive cost advantage that traditional peers lack. This operational leverage suggests that HCI can maintain profitability even during periods of moderate premium pricing pressure, provided that its internal software platforms continue to deliver accurate risk selection.
While HCI's recent performance is strong, financial statements indicate an extreme concentration in the Florida residential market, which warrants caution as any adverse shift in the Office of Insurance Regulation's policies could materially impact the company's future underwriting results and overall solvency requirements.
The reliance on a single geographic region for the majority of premiums creates a binary risk profile that may not be fully captured by current earnings multiples. Investors should investigate the potential for social inflation and litigation tailwinds to re-emerge, as the current favorable loss ratios may be masking underlying vulnerabilities to future regulatory or climate-related shocks.
Quick answers to the most common questions about buying HCI stock.
For fiscal year 2025, HCI Group, Inc. (HCI) reported total revenue of $900.9M. This represents a 11661.7% increase compared to $7.7M in 2007.
HCI Group, Inc. (HCI) is profitable, generating $299.0M in net income for the fiscal year ending 2025 with a net profit margin of 33.2%.
HCI Group, Inc. (HCI) reported an operating income of $429.3M, resulting in an operating profit margin of 47.7%. This margin reflects the operational efficiency of the business before interest and taxes.
HCI Group, Inc. (HCI) generated $659.1M in gross profit for the year, representing a gross profit margin of 73.2%. This demonstrates the company's core pricing power and production efficiency.