Arch Capital Group Ltd. FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$19.9B
Gross margin	— not reported
Operating income	— not reported
Net income	$4.4B
Diluted EPS	$11.60
Cash & equivalents	$993.0M
Total assets	$79.2B
Long-term debt	— not reported

Key takeaway

Arch Capital generated $4.4 billion in net income on $19.9 billion revenue in 2025, with book value per share growing 22.6% from $53.11 to $65.11.

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Beneath the surface

Investment portfolio shows concentrated credit losses: while the AFS portfolio has a net unrealized gain position ($408M gains minus $290M losses), $12.9B of holdings are in unrealized loss positions across 7,240 securities, with $2.8B in continuous loss >12 months—reflecting exposure to rising rates and credit risk.

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