The call presented strong top-line growth, outsized KSX segment performance, meaningful acquisition activity (6 deals in 2025), and a portfolio LTM EBITDA of $22M–$23M—supporting management's optimism and a double-digit organic growth budget for 2026. Offsetting these positives are a full-year net loss ($10.3M), increased leverage (total debt $70.7M; net debt up ~20% YoY), seasonality and investment-related margin pressure in select businesses, and slower-than-expected growth in some initiatives (e.g., Digital Diagnostics). On balance, the company demonstrated clear growth momentum and constructive strategic progress, but faces execution and leverage risks in the near term.

Company Guidance

Management guided to double-digit organic revenue and EBITDA growth in 2026 across both KSX and Extended Warranty and reiterated a target of 3–5 acquisitions (management expects about 1–2 new platform investments and 2–3 tuck‑ins), supported by momentum from 2025 results: consolidated revenue of $135.0M (up 23.4% YoY), consolidated adjusted EBITDA $7.8M, portfolio LTM adjusted EBITDA of $22–23M, KSX revenue $64.2M (up 58.5% YoY) and KSX adjusted EBITDA $9.5M (up 40.8% YoY), Q4 revenue $38.6M (up 30.1% YoY) with Q4 KSX revenue $20.3M (up 63.6% YoY) and KSX Q4 adjusted EBITDA $2.5M (up 28.6% YoY), Extended Warranty revenue $70.8M for the year (up 2.8% YoY) with cash sales +9% for the year (+11% in Q4), claims growth moderating to +4.4% (vs. +6.3% prior year), and a year‑end balance sheet of $8.3M cash, $70.7M total debt ($55M bank loans, $13.7M subordinated debt, $2M notes) and net debt of $62.4M.

Strong Consolidated Revenue Growth

Full year 2025 consolidated revenue of $135.0M, up 23.4% year-over-year; Q4 revenue $38.6M, up 30.1% year-over-year.

KSX Segment Outperformance

KSX revenue for Q4 of $20.3M, up 63.6% QoQ YoY; KSX revenue for full year $64.2M, up 58.5% YoY. KSX adjusted EBITDA rose 28.6% in Q4 to $2.5M and was $9.5M for the year, up 40.8% YoY. KSX represented a majority of both revenue and adjusted EBITDA in Q3 and Q4 for the first time.

Portfolio LTM Adjusted EBITDA

Management reports portfolio LTM adjusted EBITDA of $22M to $23M as of December 31, 2025 (pro forma trailing 12-month view aligning KSX adjusted EBITDA and Extended Warranty modified cash adjusted EBITDA).

Acquisitions and Platform Expansion

Completed 6 acquisitions in 2025, launched the Kingsway Skilled Trades platform, and closed a January 2026 tuck-in (Ledgers into Ravix). Reiterated 2026 target of 3–5 acquisitions and guided to a mix of new platforms and tuck-ins (management expect ~1–2 new platforms and ~2–3 tuck-ins as a rough split).

Extended Warranty Improvement

Extended Warranty revenue in Q4 was $18.3M (up 6.1% QoQ YoY) and $70.8M for the year (up 2.8% YoY). Cash sales increased 11% in Q4 and 9% for the year; IWS cash sales up 10% YoY. Total claims moderated, rising 4.4% in 2025 versus 6.3% in the prior year.

Improved Liquidity Position

Cash and cash equivalents at year-end 2025 were $8.3M, up from $5.5M at year-end 2024 (approximately +51%), reflecting a modest improvement in liquidity following acquisition activity.

Positive Operational Momentum and Management Confidence

Management is budgeting double-digit organic growth across both KSX and Extended Warranty for 2026, cites operator-led tuck-ins, Roundhouse tracking ahead of underwriting, and investments (Image Solutions, Skilled Trades) positioned to drive growth in 2026.

Kingsway Financial Services (KFS) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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KFS Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 13, 2026	2026 (Q1)	- / -	-0.127	―	―	―
Mar 12, 2026	2025 (Q4)	- / -0.07	-0.066	-9.09% (>-0.01)	―
Nov 06, 2025	2025 (Q3)	- / -0.10	-0.096	-2.08% (>-0.01)	―
Aug 07, 2025	2025 (Q2)	- / -0.13	-0.086	-54.65% (-0.05)	―
May 08, 2025	2025 (Q1)	- / -0.13	-0.077	-64.94% (-0.05)	―
Mar 17, 2025	2024 (Q4)	- / -0.07	0.006	-1200.00% (-0.07)	―
Nov 06, 2024	2024 (Q3)	- / -0.10	-0.039	-146.15% (-0.06)	―
Aug 06, 2024	2024 (Q2)	- / -0.09	-0.057	-50.88% (-0.03)	―
May 08, 2024	2024 (Q1)	- / -0.08	1.051	-107.33% (-1.13)	―
Mar 05, 2024	2023 (Q4)	- / <0.01	0.181	-96.69% (-0.17)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

KFS Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Mar 12, 2026	$10.96	$10.38	-5.29%
Nov 06, 2025	$14.60	$13.02	-10.82%
Aug 07, 2025	$13.90	$13.52	-2.73%
May 08, 2025	$8.89	$9.00	+1.24%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Kingsway Financial Services (KFS) report earnings?

Kingsway Financial Services (KFS) is schdueled to report earning on May 13, 2026, After Close (Confirmed).

What is Kingsway Financial Services (KFS) earnings time?

Kingsway Financial Services (KFS) earnings time is at May 13, 2026, After Close (Confirmed).

Where can I see when companies are reporting earnings?

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What companies are reporting earnings today?

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What is KFS EPS forecast?

Currently, no data Available