Stock Price History
Loading market data
Fetching 5Y stock price history for this report.
FFH
Loading market data
Fetching 5Y stock price history for this report.
Current Price
$2,220.71
Expected Value
$2,706.30
Implied Move
+21.9%
Current vs low/median/mean/high target prices
Fairfax is a holding company whose subsidiaries are primarily engaged in property and casualty insurance and reinsurance, plus associated investment management, and its results depend on operating companies accurately pricing risks, selecting risks and setting adequate loss reserves. The annual report describes underwriting risk as the risk that assumed insurance or reinsurance exposures are mispriced or reserved inadequately, and it notes that reserves are estimates affected by claims development, inflation, legal trends, court interpretations, legislative change and claim-handling practices. Catastrophe exposure is material because Fairfax writes property, casualty and reinsurance business across North America, global specialty markets and international markets; the 2025 annual report identifies catastrophe losses from California wildfires, Hurricane Melissa and other events, while the Q1 2026 report shows comparative results improved partly because current-period catastrophe losses were lower than in Q1 2025. Operational risk also includes dependence on independent brokers and international reinsurance brokers, the ability to obtain cost-effective reinsurance and retrocession protection, reinsurer collectability, cyber and information-technology disruption, acquisition and integration execution, and retention of key employees and operating-company management. Fairfax's decentralized model is a source-supported operating principle, but it also places execution, underwriting discipline and controls at many subsidiaries across jurisdictions.
Insufficient structured data
Options positioning visual unavailable for this report.
Fairfax's financial risk profile is tied to insurance liabilities, reinsurance recoverables, investment assets, debt and holding-company liquidity. The annual report's financial risk management note identifies credit risk, liquidity risk, market risk, interest-rate risk, foreign-currency risk and derivative counterparty risk. Loss reserves and reinsurance contract assets are large balance-sheet items, and reserve strengthening, reinsurer non-payment, disputes or delayed recoveries could reduce earnings, cash flow and capital flexibility. The investment portfolio is exposed to market variables, including interest rates, credit spreads, equity prices and foreign exchange rates; the annual report explains that higher rates can reduce fixed-income carrying values, while lower rates can reduce reinvestment income, and defaults by third parties can reduce investment income or create losses. Holding-company liquidity depends partly on cash and investments, investment management and administration fees, dividends from insurance and reinsurance subsidiaries, and access to the revolving credit facility. The Q1 2026 interim report reported holding-company cash and investments net of derivative obligations of $2.45 billion at March 31, 2026, but also described debt maturities, dividend needs, capital support for subsidiaries and other commitments. Financial-strength ratings and access to capital are separate risks because ratings affect insurance and reinsurance competitiveness, and regulatory, rating-agency or financing requirements can constrain dividends, borrowing capacity or capital deployment.
Fairfax Financial Holdings Limited operates as a decentralized holding company. Its subsidiaries conduct property and casualty insurance, reinsurance, life insurance, run-off, investment management and selected non-insurance businesses, while Fairfax retains holding-company responsibility for performance evaluation, succession planning, acquisitions, financing and investments. The operating companies are run by their presidents, and investment management for insurance, reinsurance and run-off subsidiaries is provided by Hamblin Watsa Investment Counsel. Fairfax generates earnings from underwriting results, insurance and reinsurance premiums, investment income, gains and losses on investments, share of profit from associates, and results of non-insurance subsidiaries.
Fairfax Financial Holdings Limited is a Toronto-based holding company listed on the TSX under FFH and FFH.U. The 2025 annual report describes Fairfax as a holding company whose corporate objective is to build long-term shareholder value through compound growth in book value per share. The Q1 2026 results release states that Fairfax is primarily engaged, through subsidiaries, in property and casualty insurance and reinsurance and associated investment management. Its insurance and reinsurance operations include North American, global and international platforms, and it also owns life insurance, run-off, investment holding and non-insurance businesses.
Fairfax's cost structure is dominated by insurance service expenses, cost of reinsurance, other insurance operating expenses, net finance expense from insurance contracts, investment-related gains and losses, interest expense, corporate and other expenses, non-insurance expenses, income taxes, catastrophe losses, commissions, claims, loss adjustment expenses, personnel costs, technology and operating costs, and debt financing costs. In Q1 2026, Fairfax reported insurance service expenses of $6.331 billion, cost of reinsurance of $1.366 billion, other insurance operating expenses of $280.9 million, net finance expense from insurance contracts of $187.3 million, interest expense of $211.6 million, corporate and other expenses of $108.2 million, and non-insurance expenses of $1.721 billion.
Barriers to entry include insurance licenses, statutory capital, regulatory compliance, financial strength ratings, underwriting expertise, claims infrastructure, broker and customer relationships, risk selection data, reinsurance access, loss-reserve discipline and reputation for claims payment. Reinsurance also requires specialized underwriting expertise, capital support and access to cedants and brokers. Substitutes and adjacent competitors include banks and other financial institutions offering similar services, capital markets participants providing alternative reinsurance capacity, self-insurance by large customers and risk-retention structures.
Fairfax's competitive advantages are its scale, decentralized underwriting model, diversified insurance and reinsurance platforms, central investment management and large investment portfolio. The AIF states that Fairfax seeks to differentiate itself by combining disciplined underwriting with investing assets on a total return basis, while operating insurance and reinsurance companies on a decentralized basis with autonomous management teams. The annual report cites $33.3 billion of gross premiums written across Northbridge, Crum & Forster, Odyssey, Allied World and Brit/Ki in 2025, record underwriting profit of $1.8 billion, an investment portfolio of $74.9 billion, and financial strength ratings upgrades for core insurance operations.
The property and casualty insurance and reinsurance industries are highly competitive. Fairfax's AIF says competition is based on premiums charged, terms and conditions, products and services, commission structure, financial ratings, speed of claims payment, reputation, selling effort, perceived financial strength and underwriting experience in the relevant line. Fairfax competes with Canadian, U.S. and foreign insurers and reinsurers, underwriting syndicates, some banks and alternative reinsurance capacity from capital markets participants. The competitive set therefore includes primary insurers, reinsurers, specialty carriers, Lloyd's participants, regional carriers, global carriers, brokers and alternative capital providers.
Capital structure composition and liquidity ratios
Fairfax reported total assets of $107.4 billion at March 31, 2026, compared with $107.8 billion at December 31, 2025. The asset base remained centered on portfolio investments: subsidiary cash and short-term investments were $7.0 billion, bonds were $42.1 billion, preferred stocks were $2.1 billion, common stocks were $9.2 billion, investments in associates were $7.4 billion, and Fairfax India cash, portfolio investments and associates were $1.9 billion. Holding company cash and investments were $2.5 billion, down from $2.7 billion at year-end. Common shareholders' equity declined to $25.8 billion from $26.3 billion, while book value per basic share was $1,250.14 versus $1,260.19 at December 31, 2025, or up 0.5% after adjusting for the $15.00 common share dividend paid during the quarter. Borrowings for the holding company and insurance and reinsurance companies increased to $11.2 billion from $10.5 billion, while non-insurance company borrowings fell to $2.8 billion from $3.2 billion.
The first-quarter balance sheet shows a large insurance and reinsurance capital base supported by $73.0 billion of portfolio investments and Fairfax India investments, assets held for sale of $3.3 billion, and reinsurance contract assets held of $11.2 billion. Insurance contract liabilities were $50.4 billion, broadly stable with year-end. Operating cash flow was negative $271.5 million in the first quarter of 2026, compared with positive $694.4 million in the first quarter of 2025, mainly reflecting net purchases of investments classified at fair value through profit or loss and changes in operating assets and liabilities. Financing cash use included $631.3 million for subordinate voting share purchases for cancellation and $329.1 million of common share dividends, partly offset by borrowings and non-controlling interest issuances. The cash and cash equivalents balance declined to $5.5 billion from $6.2 billion at the start of the period.
| Peer Set | EPS Growth | Company Name | Revenue Growth |
|---|---|---|---|
| IFC | 11.7% | Intact Financial Corporation | 4.5% |
| DFY | -34.2% | Definity Financial Corporation | 57.1% |
| POW | 21.0% | Power Corporation of Canada | 7.4% |
| SLF |
| All numbers in thousands (USD) | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
•Total Revenue | 29,340,000 | 30,405,400 | 26,964,200 | 25,803,100 | 19,582,600 |
| All numbers in thousands (USD) | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|
Total Assets | 107,787,700 | 96,777,300 | 91,985,100 | 78,818,500 |
Total Liabilities Net Minority Interest | 76,913,600 |
| All numbers in thousands (USD) | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
•Operating Cash Flow | 1,453,500 | 2,419,400 | 3,993,900 | -39,400 | -4,419,900 |
| Value | Shares | Holder Type | Shareholder | Date Reported | Percentage Out |
|---|---|---|---|---|---|
| 707,668,558 | 321,928 | mutual_fund | VANGUARD STAR FUNDS-Vanguard Total International Stock Index Fund | Jan 2026 | 1.69% |
| 456,242,753 | 207,551 | mutual_fund | VANGUARD TAX-MANAGED FUNDS-Vanguard Developed Markets Index Fund | Dec 2025 | 1.09% |
| 203,746,414 | 92,687 | mutual_fund |
Fairfax's environmental factors are mainly insurance-risk and catastrophe-exposure factors rather than direct operating-emissions factors. The 2025 Annual Report says Fairfax's insurance and reinsurance operations are exposed to claims from natural catastrophes including hurricanes, windstorms, earthquakes, tornadoes, hailstorms, severe winter weather and fires, and states that weather-related losses have increased in recent years partly because climate change increases the inherent unpredictability of weather-related catastrophe frequency and severity. Current-period catastrophe losses on an undiscounted basis were $1.242 billion in 2025, including California wildfires, Hurricane Melissa and other events, compared with $1.099 billion in 2024. Fairfax manages these environmental loss exposures through probable maximum loss modelling, aggregation of exposed limits, strict underwriting guidelines at operating companies, and reinsurance purchased to protect against catastrophic financial loss and aggregate event exposure. The annual report also identifies emerging claim and coverage issues from changes in social and environmental conditions, including extreme weather events, as a source of uncertainty in insurance liabilities.
Fairfax's ESG risks and opportunities are tied to catastrophe exposure, changing insurance-claim conditions, decentralized subsidiary oversight, human-rights controls and governance culture. Environmental risk is material to the insurance business because weather-related catastrophe losses are affected by climate change, which Fairfax says increases the unpredictability of both frequency and severity, and because a catastrophic event or multiple events could materially affect financial condition, profitability or cash flows. Fairfax also identifies emerging claim and coverage issues from legal, social and environmental changes, including extreme weather events, and notes uncertainty in long-tail casualty liabilities. Social and supply-chain risk is addressed through the Modern Slavery Policy, CEO/CFO certifications, periodic review of policies and practices, monitoring of legal developments, and employee training expectations; Fairfax says direct supply-chain forced-labour risk is not material and generally low, but acknowledges modern slavery as a possible risk within operations and supply chains. Governance opportunities include the use of strict underwriting guidelines, probable maximum loss modelling, reinsurance and total risk aggregation to manage catastrophe exposure; employee ownership and incentives to align staff with long-term results; and board-approved policies, committee charters, whistleblower procedures and annual ESG-reporting practices to reinforce culture, compliance and disclosure.
Fairfax is exposed to cyclical and competitive conditions in property and casualty insurance and reinsurance. The AIF describes competition with many Canadian, U.S. and foreign insurers, reinsurers and underwriting syndicates, some with greater financial, marketing and management resources, and notes that banks and capital-markets participants can offer products that compete with reinsurance. It also describes insurance cycles in which excess capacity can produce intense price competition and underpriced business, while capacity shortages can support stronger premium levels. The annual report links reinsurance profitability to demand, supply, pricing, terms and alternative forms of reinsurance capacity entering the market. Inflation, social inflation, medical cost inflation, litigation trends, climate change, severe weather, supply-chain disruption, tariffs and geopolitical conflict can change claims frequency and severity, the cost of repairs and replacement, and demand for coverage. Statistics Canada's insurance-carrier financial-ratio table provides an industry context source for the Canadian insurance carrier peer environment, while Fairfax's annual and Q1 reports show that combined ratios, catastrophe losses, reserve development, net premiums and commissions vary across reporting segments and operating companies. Competitive pressure can reduce underwriting margins, raise acquisition and retention costs, alter reinsurance availability, and challenge Fairfax's ability to maintain disciplined underwriting across subsidiaries.
Fairfax operates insurance and reinsurance subsidiaries in Canada, the United States, Bermuda, the United Kingdom and many other jurisdictions, making regulation a core risk. The annual report says insurance regulators have broad powers over accounting methods, governance, premium rates, market practices, policy forms and capital adequacy, with policyholder protection taking priority over investor interests. Changes in insurance regulation, capital formulas, rating-agency models, tax rules, sanctions, anti-money-laundering rules, anti-bribery requirements or other government actions could raise costs, limit operations or require more capital. The annual report also describes potential information requests, investigations, litigation and regulatory activity affecting insurance industry practices, as well as claims and regulatory proceedings involving coverage disputes, claims adjudication, sales practices, disclosure, premium refunds, licensing, compensation arrangements, tax disputes, acquisitions and divestitures. Cyber incidents can create privacy-law exposure, remediation costs, regulatory scrutiny and litigation. The AIF incorporates the annual report's risk factors and legal proceeding disclosures by reference, and the modern-slavery report documents compliance obligations under Canada's supply-chain legislation, including board-approved policy coverage for directors, officers and employees of Fairfax and its subsidiaries. These sources indicate that legal and regulatory outcomes can affect reputation, expenses, capital, operations and reported results.
Insufficient structured data
Risk sensitivity visual unavailable for this report.
The source-backed risk case for Fairfax centers on whether disciplined underwriting, prudent reserving, conservative investment management, decentralized operating-company execution and adequate capital continue to work together. The AGM presentation summarizes Fairfax's formula as disciplined underwriting plus long-term value investing, and the annual report shows 2025 underwriting profit, catastrophe losses, reserve redundancy, investment income and a large investment portfolio. That profile could be impaired if underwriting discipline weakens in soft markets, if casualty or latent claims develop above reserves, if catastrophe frequency or severity exceeds modeled assumptions, or if reinsurers and retrocessionaires do not provide protection on acceptable terms or pay recoveries when needed. The same profile could also weaken if the investment portfolio suffers equity, credit, interest-rate or currency losses, if holding-company liquidity is constrained by subsidiary dividend restrictions or debt needs, if financial-strength ratings decline, or if regulatory capital requirements rise. Fairfax's decentralized structure and global footprint add risk from management succession, operating-company controls, acquisitions, litigation, cyber resilience and compliance across many jurisdictions. The key source-supported risk is therefore not a single exposure, but the possibility that underwriting, reserving, investment returns, liquidity and regulatory capital all become stressed at the same time.
Fairfax reaches customers through its decentralized insurance and reinsurance subsidiaries, brokers, underwriting platforms, Lloyd's market channels, local operating brands and international insurance networks. Northbridge sells Canadian commercial property and casualty products through its Northbridge and Federated brands. Crum & Forster writes U.S. commercial and specialty coverage, Zenith writes U.S. workers compensation, Odyssey writes treaty and facultative reinsurance and specialty insurance, Brit and Ki operate in the Lloyd's market, and Allied World offers property, casualty and specialty insurance and reinsurance from locations including the United States, Bermuda, London, Singapore and Canada. International subsidiaries write property, casualty, medical, motor and specialty lines in Asia, Central and Eastern Europe, Latin America and other markets.
Fairfax's geographic exposure is global, with major operations in Canada, the United States, Bermuda, the United Kingdom, Europe, Asia, the Middle East, Latin America and other international markets. Northbridge is based in Toronto and serves Canada, while Crum & Forster and Zenith operate in the United States. Odyssey has principal locations in the United States, Toronto, London, Paris, Singapore and Latin America. Brit and Ki are based in the United Kingdom, Allied World is based in Bermuda with principal locations in the United States, Bermuda, London, Singapore and Canada, and Fairfax's international insurers include businesses in Hong Kong, Thailand, Malaysia, Indonesia, Sri Lanka, Singapore, Central and Eastern Europe, Ukraine and Latin America. Fairfax India gives the group investment exposure to India and India-linked businesses.
Key operating levers include gross and net premiums written, underwriting discipline, pricing adequacy, exposure growth, combined ratios, catastrophe losses, reserve development, claims severity and frequency, reinsurance purchasing and recoveries, interest and dividend income, investment portfolio yield, gains and losses on equity and bond investments, share of profit from associates, foreign exchange, debt and capital structure, ratings, acquisition and disposition activity, subsidiary cash access, insurance market cycles, competition, and results at non-insurance companies. In Q1 2026, Fairfax reported higher P&C adjusted operating income, underwriting profit of $381.6 million and a consolidated P&C combined ratio of 94.1%, with gross premiums written up 4.1% and net premiums written up 4.2%.
Fairfax's subsidiaries provide property and casualty insurance, reinsurance, workers compensation, commercial and specialty insurance, treaty and facultative reinsurance, Lloyd's specialty insurance and reinsurance, digital underwriting, general insurance, medical and motor insurance, life insurance, run-off services and associated investment management. Northbridge provides Canadian property and casualty insurance products; Crum & Forster writes U.S. commercial specialty coverages; Zenith writes workers compensation; Odyssey underwrites treaty and facultative reinsurance and specialty insurance; Brit and Ki write Lloyd's market specialty insurance and reinsurance; Allied World provides property, casualty and specialty insurance and reinsurance; and Hamblin Watsa provides investment management to Fairfax's insurance, reinsurance and run-off subsidiaries.
Fairfax operates in a regulated insurance, reinsurance, investment and public-company environment. Its subsidiaries are subject to insurance and reinsurance regulation, capital and solvency requirements, financial strength ratings, claims-paying expectations, underwriting and reserve standards, reinsurance recoverability, market conduct obligations, securities disclosure, tax requirements, and local insurance laws in the jurisdictions where they operate. Operating conditions are also shaped by catastrophe events, insurance pricing cycles, competition, interest rates, foreign exchange, equity prices, credit spreads, emerging claims and coverage issues, asbestos and environmental latent claims, ratings changes, derivative and hedging risks, access to subsidiary cash, acquisition execution and general economic conditions.
Fairfax's revenue drivers include insurance revenue, gross and net premiums written, underwriting volume, rate changes, retention, new business, reinsurance activity, investment income, interest and dividends, share of profit from associates, gains and losses on investments, non-insurance revenue and life insurance and run-off results. In Q1 2026, Fairfax reported gross premiums written of $8.809 billion, net premiums written of $7.119 billion and net insurance revenue of $6.455 billion. The consolidated statement of earnings reported insurance revenue of $7.821 billion, interest and dividends of $662.1 million, share of profit of associates of $371.5 million and non-insurance revenue of $1.725 billion.
Fairfax operates primarily in the property and casualty insurance and reinsurance industry, together with associated investment management. The industry accepts insurance and reinsurance risk, collects premiums, pays covered claims and operating costs, and invests the funds held before claims are paid. Fairfax's subsidiaries write commercial property and casualty, specialty, workers compensation, treaty and facultative reinsurance, general insurance and selected life and run-off business across Canada, the United States, London and Lloyd's markets, Bermuda, Europe, Asia, Africa, Latin America and the Middle East.
Industry growth is driven by insured exposure growth, employment, wages, consumer spending, business investment, government spending, inflation, capital markets, catastrophe activity, pricing conditions and reinsurance demand. Fairfax's AIF states that demand for insurance and reinsurance is influenced by underwriting results of primary insurers and prevailing economic conditions. The AIF also describes the property and casualty cycle: soft markets occur when excess underwriting capacity leads to intense price competition, while hard markets occur when capacity shortages permit more attractive premium levels. Reinsurance supply can also change as underwriting capital and alternative reinsurance capacity enter or leave the market.
Insurance and reinsurance are regulated businesses with legal, capital, solvency, reporting, reserving, market conduct and audit oversight across multiple jurisdictions. Fairfax's AIF and annual report refer to legal and regulatory requirements, ratings, claims and loss reserves, underwriting capacity, capital markets, inflation or deflation, catastrophe losses, reserve development, investment portfolio fluctuations and risk management. Structural risks include natural catastrophes, adverse claims experience, inadequate pricing, reserve strengthening, inflation, interest-rate and market movements, foreign exchange, reinsurer credit risk, regulatory changes, ratings pressure, concentration in catastrophe-exposed lines, broker distribution shifts, operational issues and competition from alternative capital.
Pricing power in insurance and reinsurance is cyclical and depends on underwriting capacity, loss trends, capital availability, financial strength ratings, policy terms, product scope, claims service and broker distribution. Fairfax's AIF describes soft markets as periods of intense price competition and hard markets as periods when capacity shortages allow more attractive premium levels. Cost position is driven by losses and loss adjustment expenses, commissions, acquisition costs, operating expenses, catastrophe losses, claims inflation, reinsurance cost, reserve development and investment income. Fairfax's 2025 annual report reports property and casualty insurance and reinsurance underwriting profit of $1.8 billion and a 93.0% undiscounted combined ratio, while also noting $1.2 billion of catastrophe losses.
Customers include individuals, businesses, institutions and insurers seeking primary insurance, specialty insurance, workers compensation coverage, treaty reinsurance, facultative reinsurance and general insurance. Distribution and supplier relationships include brokers, agents, underwriting syndicates, reinsurers, retrocessionaires, capital providers, ratings agencies, claims vendors, loss adjusters, technology providers, regulators and investment counterparties. Fairfax's AIF highlights products and services, commissions, claims-payment speed, ratings and perceived financial strength as competitive factors. The annual report also describes float as funds available for investment because insurance and reinsurance operations receive premiums before paying claims.
Operating, investing, and financing cash flow by period
For the first quarter of 2026, Fairfax reported net earnings of $737.2 million but cash used in operating activities of $271.5 million. The reconciliation included non-cash or non-operating adjustments such as $176.3 million of depreciation, amortization and impairment charges, a $371.5 million share of profit of associates deduction, $385.9 million of net losses on investments, $1.1 billion of net purchases of investments classified at fair value through profit or loss, and a $165.0 million use from changes in operating assets and liabilities. Investing activities used $85.0 million, including purchases of associates and capital assets partly offset by sales, distributions and dividends from associates. Financing activities used $374.8 million, led by share repurchases for cancellation and common dividends, while holding-company and insurance borrowings provided inflows.
Normalized cash conversion and accrual quality metrics
Cash Conversion
-0.39x
Risk
Accrual Intensity
15.1%
Risk
Earnings Margin
10.8%
OK
OCF Margin
-4.2%
Risk
Cash Conversion
-0.39x
Accrual Intensity
15.1%
Earnings Margin
10.8%
OCF Margin
-4.2%
Revenue
$6.4M
Net Income
$696K
Operating CF
-$272K
Fairfax's first-quarter earnings combined underwriting, investment income, associate income, finance effects, and market movements in financial instruments. The company reported insurance revenue of $7.8 billion, insurance service result of $1.1 billion, and investment income made up of $662.1 million of interest and dividends, $371.5 million share of profit of associates, and $385.9 million net losses on investments. The release identifies the investment losses as including $363.9 million of bond losses from modestly higher interest rates, while the statement of earnings also included net finance expense from insurance contracts and reinsurance contract assets. Management presents underwriting profit, adjusted operating income, combined ratios, and related coverage ratios as non-IFRS measures, so those figures should be read with the IFRS statement of earnings and cash flow statement. The quarter also included common share repurchases, pending associate and life insurance transactions, and assets and liabilities held for sale, which affect comparability across periods.
Insufficient structured data
Earnings history visual unavailable for this report.
The approved sources provide transaction and operating context rather than a numerical full-year forecast. Fairfax said it expected to close two significant transactions in the second quarter of 2026: the sale of 23.1% of Poseidon for approximately $1.9 billion with an estimated pre-tax gain of about $837 million, and the proposed sale of Eurolife Life Operations to Eurobank for approximately $935 million with an estimated pre-tax gain of about $350 million. Management also said the fixed income portfolio had an average term to maturity of 3 years and continued to be conservatively positioned. Operating commentary points to continued premium growth in International Insurers and Reinsurers, modest growth in Global Insurers and Reinsurers, competitive pricing pressure in some segments, and underwriting results affected by catastrophe losses and prior-year reserve development.
The 2025 annual report shows Fairfax's scale continuing to expand through 2025, with revenue of $46.7 billion, net earnings attributable to shareholders of $4.8 billion, investments of $74.9 billion, common shareholders' equity of $26.3 billion, and book value per share of $1,260.19 at year-end. In 2025, Fairfax reported record underwriting profit of $1.8 billion, record interest and dividend income of $2.6 billion, and net gains on investments of $3.2 billion. The annual report also states that since 2017 gross premiums written at major property and casualty platforms grew substantially, with total gross premiums shown rising from $13.8 billion in 2017 to $33.3 billion in 2025 and an average combined ratio of 95%. The first quarter of 2026 continued the underwriting trend, with net premiums written by property and casualty insurance and reinsurance operations up 4.2% year over year and underwriting profit up to $381.6 million from $96.9 million.
Revenue (USD) and profitability margins (% of revenue)
Fairfax reported first-quarter 2026 net earnings attributable to shareholders of $695.7 million, or $31.11 per diluted share, compared with $945.7 million, or $42.70 per diluted share, in the first quarter of 2025. Insurance revenue increased to $7.8 billion from $7.5 billion, while the insurance service result improved to $1.1 billion from $605.7 million. Investment income was lower at $647.7 million versus $1.8 billion because $662.1 million of interest and dividends and $371.5 million of share of profit of associates were offset by $385.9 million of net losses on investments. Other revenue and expenses were a net expense of $316.5 million. Earnings before income taxes were $1.0 billion, and the provision for income taxes was $304.5 million.
Key first-quarter metrics were led by property and casualty net premiums written of $7.1 billion, up 4.2% year over year, and gross premiums written of $8.7 billion, up 4.1%. Property and casualty underwriting profit was $381.6 million, with an undiscounted combined ratio of 94.1%, compared with $96.9 million and 98.5% in the prior-year quarter. The accident-year undiscounted combined ratio was 95.4%, made up of a 63.3% claims ratio, 17.1% commission ratio, and 15.0% underwriting expense ratio, with 1.3 points of favorable prior-year reserve development reducing the calendar-year ratio. Adjusted operating income for the property and casualty insurance and reinsurance operations increased 77.0% to $1.2 billion, and book value per basic share was $1,250.14 at March 31, 2026.
Several items in the first-quarter sources are period-specific and should be separated from recurring underwriting and interest income trends. Current-period catastrophe losses were $119.3 million, or 1.8 combined-ratio points, compared with $781.3 million, or 12.7 points, in the prior-year quarter, which included California wildfire losses. Net favorable prior-year reserve development was $86.1 million, below $219.1 million in the prior-year quarter. Net losses on investments were $385.9 million in the first quarter of 2026 versus net gains of $1.1 billion in the first quarter of 2025, with bond losses reflecting interest-rate movements. The quarter also included $631.3 million of share purchases for cancellation and announced transactions involving Poseidon, Kennedy Wilson, and Eurolife Life Operations, so trend analysis should distinguish recurring underwriting, interest and dividends, and associate earnings from market movements, reserve emergence, transaction gains or losses, and capital actions.
| -48.4% |
| Sun Life Financial Inc. |
| 0.2% |
| GWO | 42.4% | Great-West Lifeco Inc. | 7.0% |
| NA | 10.8% | National Bank of Canada | 24.6% |
| MFC | 161.6% | Manulife Financial Corporation | 12.1% |
| IGM | 22.4% | IGM Financial Inc. | 12.9% |
| IAG | -24.7% | iA Financial Corporation Inc. | 13.4% |
| BNS | 161.4% | The Bank of Nova Scotia | 23.5% |
| -27.1% | Subject (FFH) | -7.8% |
| ROA | ROE | Peer Set | Net Margin | Company Name | Gross Margin | Operating Margin |
|---|---|---|---|---|---|---|
| 5.1% | 17.2% | IFC | 13.1% | Intact Financial Corporation | 18.9% | 17.3% |
| 4.1% | 10.1% | DFY | 7.3% | Definity Financial Corporation | 30.5% | 8.3% |
| 0.5% | 10.5% | POW | 7.0% | Power Corporation of Canada | 52.5% | 18.8% |
| 0.8% | 12.0% | SLF | 8.8% | Sun Life Financial Inc. | 40.1% | 8.5% |
| 0.7% | 13.8% | GWO | 12.4% | Great-West Lifeco Inc. | 47.9% | 20.5% |
| 0.8% | 14.3% | NA | 31.8% | National Bank of Canada | 0.0% | 44.9% |
| 0.6% | 12.6% | MFC | 20.0% | Manulife Financial Corporation | 50.3% | 19.0% |
| 5.5% | 13.6% | IGM | 25.9% | IGM Financial Inc. | 41.5% | 36.8% |
| 0.7% | 13.4% | IAG | 11.1% | iA Financial Corporation Inc. | 46.1% | 9.6% |
| 0.6% | 10.3% | BNS | 26.9% | The Bank of Nova Scotia | 0.0% | 37.5% |
| 4.3% | 17.2% | 11.7% | Subject (FFH) | 43.0% | 14.4% |
| P/B | P/E | P/S | Peer Set | EV/EBITDA | EV/Revenue | Market Cap | Forward P/E | Company Name | Enterprise Value |
|---|---|---|---|---|---|---|---|---|---|
| 2.42 | 14.44 | 1.82 | IFC | 8.76x | 1.95x | $47.9bn | 14.37 | Intact Financial Corporation | $51.3bn |
| 1.94 | 20.31 | 1.48 | DFY | 13.16x | 1.83x | $7.9bn | 14.59 | Definity Financial Corporation | $9.8bn |
| 2.25 | 19.63 | 1.30 | POW | -13.71x | -2.57x | $51.4bn | 12.26 | Power Corporation of Canada | $-101.5bn |
| 2.42 | 18.72 | 1.60 | SLF | -7.01x | -1.04x | $55.7bn | 11.81 | Sun Life Financial Inc. | $-36.2bn |
| 2.67 | 17.08 | 1.98 | GWO | -11.11x | -2.98x | $71.3bn | 13.14 | Great-West Lifeco Inc. | $-107.3bn |
| 2.60 | 20.38 | 6.13 | NA | -4.71x | $82.5bn | 14.95 | National Bank of Canada | $-63.3bn | |
| 1.82 | 15.36 | 2.78 | MFC | 8.61x | 2.72x | $89.0bn | 10.80 | Manulife Financial Corporation | $87.1bn |
| 2.04 | 16.14 | 4.11 | IGM | 10.61x | 4.43x | $18.2bn | 13.90 | IGM Financial Inc. | $19.7bn |
| 2.20 | 16.16 | 1.65 | IAG | 11.15x | 1.95x | $15.6bn | 11.33 | iA Financial Corporation Inc. | $18.4bn |
| 1.55 | 16.36 | 4.08 | BNS | -1.15x | $135.8bn | 12.04 | The Bank of Nova Scotia | $-38.1bn | |
| 1.29 | 7.94 | 1.19 | 7.71x | 1.52x | $45.8bn | 10.13 | Subject (FFH) | $58.6bn |
| 29,340,000 |
| 30,405,400 |
| 26,964,200 |
| 25,803,100 |
| 19,582,600 |
•Net Non Operating Interest Income Expense | -843,100 | -821,900 | -649,000 | -510,000 | -452,800 |
Interest Expense Non Operating | 843,100 | 821,900 | 649,000 | 510,000 | 452,800 |
•Other Income Expense | -- | -- | -- | -- | 5,581,600 |
•Special Income Charges | -- | -- | 0 | 549,800 | 1,219,700 |
Other Special Charges | -- | -- | -- | -549,800 | -1,219,700 |
Pretax Income | 6,316,300 | 6,440,300 | 5,638,500 | 5,908,300 | 4,904,200 |
Tax Provision | 1,248,300 | 1,156,500 | 1,375,600 | 813,400 | 1,092,500 |
•Net Income Common Stockholders | 4,685,000 | 4,935,000 | 3,879,800 | 4,332,100 | 3,329,000 |
•Net Income | 4,522,400 | 4,772,400 | 3,874,900 | 4,381,800 | 3,374,200 |
•Net Income Including Non-Controlling Interests | 5,068,000 | 5,283,800 | 4,262,900 | 5,094,900 | 3,811,700 |
Net Income Continuous Operations | 5,068,000 | 5,283,800 | 4,262,900 | 5,094,900 | 3,811,700 |
Minority Interests | -545,600 | -511,400 | -388,000 | -713,100 | -437,500 |
Preferred Stock Dividends | -- | 24,500 | 48,600 | 49,700 | 45,200 |
Otherunder Preferred Stock Dividend | -- | -187,100 | -53,500 | -- | -- |
Diluted NI Available to Com Stockholders | 4,685,000 | 4,935,000 | 3,879,800 | 4,332,100 | 3,329,000 |
Basic EPS | 217.35 | 230.07 | 173.41 | 186.87 | 46.62 |
Diluted EPS | 202.19 | 213.78 | 160.56 | 173.24 | 43.49 |
Basic Average Shares | 21,231.57 | 21,449.82 | 22,373.09 | 23,183 | 23,638 |
Diluted Average Shares | 23,137.79 | 23,084.03 | 24,163.46 | 25,293.24 | 26,378.48 |
Total Expenses | 23,023,700 | 23,965,100 | 21,325,700 | 19,894,800 | 14,678,700 |
Net Income from Continuing & Discontinued Operation | 4,522,400 | 4,772,400 | 3,874,900 | 4,381,800 | 3,374,200 |
Normalized Income | 4,522,400 | 4,772,400 | 3,874,900 | 3,907,872.40 | 2,426,493.10 |
Interest Income | 1,359,200 | 1,284,500 | 1,196,700 | 1,896,200 | 995,000 |
Interest Expense | 843,100 | 821,900 | 649,000 | 510,000 | 452,800 |
Net Interest Income | -843,100 | -821,900 | -649,000 | -510,000 | -452,800 |
EBIT | 7,159,400 | 7,262,200 | 6,287,500 | 6,418,300 | 5,357,000 |
Reconciled Depreciation | 668,600 | 783,800 | 753,800 | 896,000 | 677,400 |
Net Income from Continuing Operation Net Minority Interest | 4,522,400 | 4,772,400 | 3,874,900 | 4,381,800 | 3,374,200 |
Total Unusual Items Excluding Goodwill | 0 | -- | 0 | 549,800 | 1,219,700 |
Total Unusual Items | 0 | -- | 0 | 549,800 | 1,219,700 |
Tax Rate for Calcs | 0 | 0 | 0 | 0 | 0 |
Tax Effect of Unusual Items | 0 | 0 | 0 | 75,872.40 | 271,993.10 |
| All numbers in thousands (USD) | TTM | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 |
|---|---|---|---|---|---|---|
•Total Revenue | 29,340,000 | 6,413,900 | 7,701,700 | 7,548,200 | 8,020,300 | 7,479,300 |
•Total Premiums Earned | 26,374,800 | 6,454,900 | 6,698,900 | 6,819,000 | 6,402,000 | 6,153,000 |
•Net Premiums Written | 26,374,800 | 6,454,900 | 6,698,900 | 6,819,000 | 6,402,000 | 6,153,000 |
Gross Premiums Written | 31,933,200 | 7,820,900 | 8,110,400 | 8,266,700 | 7,735,200 | 7,482,700 |
Ceded Premiums | -5,558,400 | -1,366,000 | -1,411,500 | -1,447,700 | -1,333,200 | -1,329,700 |
Net Investment Income | 1,681,100 | -490,000 | -384,400 | 599,800 | 1,387,400 | 513,500 |
Net Realized Gain Loss on Investments | -75,100 | 104,100 | 998,100 | -173,600 | -435,400 | 542,600 |
Interest Income | 1,359,200 | 344,900 | 389,100 | 303,000 | 666,300 | 270,200 |
•Total Expenses | 23,023,700 | 5,372,200 | 5,945,700 | 5,983,600 | 6,066,300 | 6,313,600 |
•Loss Adjustment Expense | 23,161,500 | 5,427,200 | 5,947,600 | 6,139,400 | 5,991,400 | 6,085,200 |
•Net Policyholder Benefits And Claims | 23,161,500 | 5,427,200 | 5,947,600 | 6,139,400 | 5,991,400 | 6,085,200 |
Policyholder Benefits Gross | 26,936,700 | 6,378,900 | 6,921,600 | 7,092,400 | 7,011,400 | 7,238,100 |
Policyholder Benefits Ceded | 3,775,200 | 951,700 | 974,000 | 953,000 | 1,020,000 | 1,152,900 |
Fees & Commission Expense | 0 | 0 | 0 | 0 | -- | 0 |
•Selling General and Administrative | 6,328,400 | 1,342,800 | 1,620,000 | 1,655,000 | -- | 1,819,400 |
•General & Administrative Expense | 1,487,500 | 357,100 | 360,800 | 377,200 | -- | 480,200 |
Other G and A | 1,487,500 | 357,100 | 360,800 | 377,200 | -- | 480,200 |
Selling & Marketing Expense | 4,840,900 | 985,700 | 1,259,200 | 1,277,800 | -- | 1,339,200 |
•Net Non Operating Interest Income Expense | -843,100 | -211,600 | -211,000 | -213,100 | -207,400 | -190,400 |
Interest Expense Non Operating | 843,100 | 211,600 | 211,000 | 213,100 | 207,400 | 190,400 |
Income from Associates & Other Participating Interests | 1,059,000 | 371,500 | 251,800 | 305,000 | 130,700 | 128,600 |
Other Operating Expenses | -6,250,300 | -1,237,900 | -1,581,100 | -1,718,900 | -1,800 | -1,652,800 |
Pretax Income | 6,316,300 | 1,041,700 | 1,756,000 | 1,564,600 | 1,954,000 | 1,165,700 |
Tax Provision | 1,248,300 | 304,500 | 272,800 | 318,900 | 352,100 | 212,700 |
•Net Income Common Stockholders | 4,685,000 | 695,700 | 1,400,900 | 1,151,700 | 1,436,700 | 945,700 |
•Net Income | 4,522,400 | 695,700 | 1,238,300 | 1,151,700 | 1,436,700 | 945,700 |
•Net Income Including Non-Controlling Interests | 5,068,000 | 737,200 | 1,483,200 | 1,245,700 | 1,601,900 | 953,000 |
Net Income Continuous Operations | 5,068,000 | 737,200 | 1,483,200 | 1,245,700 | 1,601,900 | 953,000 |
Minority Interests | -545,600 | -41,500 | -244,900 | -94,000 | -165,200 | -7,300 |
Diluted NI Available to Com Stockholders | 4,685,000 | 695,700 | 1,400,900 | 1,151,700 | 1,436,700 | 945,700 |
Basic EPS | 217.35 | 33.38 | 61.85 | 55.90 | 66.34 | 46.10 |
Diluted EPS | 202.19 | 31.11 | 57.57 | 52.04 | 61.61 | 42.70 |
Basic Average Shares | 21,231.57 | 20,778 | 21,082 | 21,506 | 21,569 | 21,651 |
Diluted Average Shares | 23,137.79 | 22,362.58 | 21,509.47 | 22,131.05 | 23,319.27 | 22,147.54 |
Net Income from Continuing & Discontinued Operation | 4,522,400 | 695,700 | 1,238,300 | 1,151,700 | 1,436,700 | 945,700 |
Normalized Income | 4,522,400 | 695,700 | 1,238,300 | 1,151,700 | 1,436,700 | 945,700 |
EBIT | 7,159,400 | 1,253,300 | 1,967,000 | 1,777,700 | 2,161,400 | 1,356,100 |
Reconciled Depreciation | 668,600 | 176,300 | 159,100 | 165,500 | 167,700 | 291,500 |
Net Income from Continuing Operation Net Minority Interest | 4,522,400 | 695,700 | 1,238,300 | 1,151,700 | 1,436,700 | 945,700 |
Total Unusual Items Excluding Goodwill | 0 | -- | -- | -- | -- | -- |
Total Unusual Items | 0 | -- | -- | -- | -- | -- |
Tax Rate for Calcs | 0 | 0 | 0 | 0 | 0 | 0 |
Tax Effect of Unusual Items | 0 | 0 | 0 | 0 | 0 | 0 |
Interest Expense | 843,100 | 211,600 | 211,000 | 213,100 | 207,400 | 190,400 |
| 68,428,100 |
| 64,284,200 |
| 55,799,800 |
•Total Equity Gross Minority Interest | 30,874,100 | 28,349,200 | 27,700,900 | 23,018,700 |
•Stockholders' Equity | 26,514,300 | 24,068,000 | 22,950,500 | 19,115,800 |
•Capital Stock | 5,644,600 | 6,770,400 | 7,331,400 | 7,421,800 |
Preferred Stock | 231,700 | 1,108,200 | 1,335,500 | 1,335,500 |
Common Stock | 5,412,900 | 5,662,200 | 5,995,900 | 6,086,300 |
Retained Earnings | 22,100,700 | 18,987,400 | 16,875,300 | 12,952,500 |
Treasury Stock | 1,105,000 | 1,038,800 | 906,700 | 891,300 |
•Gains Losses Not Affecting Retained Earnings | -905,000 | -1,384,000 | -962,200 | -982,900 |
Other Equity Adjustments | -905,000 | -1,384,000 | -962,200 | -982,900 |
Other Equity Interest | 779,000 | 733,000 | 612,700 | 615,700 |
Minority Interest | 4,359,800 | 4,281,200 | 4,750,400 | 3,902,900 |
Total Capitalization | 37,677,400 | 33,677,300 | 31,611,900 | 26,840,900 |
Preferred Stock Equity | 231,700 | 1,108,200 | 1,335,500 | 1,335,500 |
Common Stock Equity | 26,282,600 | 22,959,800 | 21,615,000 | 17,780,300 |
Capital Lease Obligations | 1,191,000 | 1,304,800 | 1,075,200 | 1,094,000 |
Net Tangible Assets | 18,174,900 | 15,789,800 | 16,574,200 | 13,426,800 |
Invested Capital | 39,925,500 | 34,713,500 | 31,338,500 | 26,405,200 |
Tangible Book Value | 17,943,200 | 14,681,600 | 15,238,700 | 12,091,300 |
Total Debt | 14,833,900 | 13,058,500 | 10,798,700 | 9,718,900 |
Net Debt | 7,504,600 | 5,742,300 | 4,604,600 | 2,545,900 |
Share Issued | 23,428.17 | 24,434.70 | 25,781.66 | 26,146.38 |
Ordinary Shares Number | 21,655.32 | 22,467.70 | 23,802.48 | 24,124.54 |
Preferred Shares Number | -- | 48,239.18 | 58,239.18 | 58,239.18 |
Treasury Shares Number | 1,772.85 | 1,967.01 | 1,979.18 | 2,021.85 |
| All numbers in thousands (USD) | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 |
|---|---|---|---|---|---|
•Total Assets | 107,389,800 | 107,787,700 | 106,352,500 | 103,569,600 | 98,897,800 |
•Total Investments | 69,245,900 | 68,867,000 | 66,154,800 | 65,221,600 | 62,163,200 |
Fixed Maturity Investments | 42,378,400 | 40,360,100 | 38,443,500 | 38,214,700 | 39,390,200 |
Equity Investments | 11,858,200 | 12,110,600 | 12,137,400 | 11,754,700 | 10,683,800 |
Derivative Assets | 3,622,500 | 3,983,700 | 2,347,200 | 2,105,700 | 1,734,400 |
•Long Term Equity Investment | 10,004,900 | 9,977,600 | 9,937,800 | 9,570,800 | 8,769,700 |
Investments in Other Ventures Under Equity Method | 10,004,900 | 9,977,600 | 9,937,800 | 9,570,800 | 8,769,700 |
Other Short Term Investments | 1,381,900 | 2,435,000 | 2,593,400 | 2,870,700 | 870,400 |
Other Invested Assets | -- | -- | 695,500 | 705,000 | 714,700 |
Cash And Cash Equivalents | 5,305,900 | 6,138,300 | 8,841,200 | 7,169,100 | 6,397,900 |
Restricted Cash & Cash Equivalents | 897,500 | 852,400 | 1,116,300 | 965,800 | 1,077,900 |
Reinsurance Recoverable | 11,240,700 | 11,251,000 | 11,238,700 | 11,094,000 | 10,842,700 |
•Receivables | 961,700 | 2,634,000 | 919,200 | 797,100 | 869,100 |
Accounts receivable | 961,700 | 1,006,200 | 919,200 | 797,100 | 869,100 |
Accrued Interest Receivable | -- | 516,100 | -- | -- | -- |
Taxes Receivable | -- | 177,000 | -- | -- | -- |
Other Receivables | -- | 934,700 | -- | -- | -- |
Prepaid Assets | -- | 460,800 | -- | -- | -- |
Deferred Tax Assets | 416,400 | 367,100 | 353,200 | 355,400 | 332,000 |
Net PPE | -- | 3,554,200 | -- | -- | -- |
•Goodwill And Other Intangible Assets | 8,223,200 | 8,339,400 | 8,305,400 | 8,425,600 | 8,157,100 |
Goodwill | -- | 4,230,400 | -- | -- | -- |
Other Intangible Assets | -- | 4,109,000 | -- | -- | -- |
Defined Pension Benefit | -- | 133,500 | -- | -- | -- |
Separate Account Assets | -- | 156,800 | -- | -- | -- |
Assets of Discontinued Operations | 3,299,900 | 3,445,900 | -- | -- | -- |
Other Assets | 7,798,600 | 1,587,300 | 9,423,700 | 9,541,000 | 9,057,900 |
•Total Liabilities Net Minority Interest | 76,731,500 | 76,913,600 | 75,942,400 | 73,573,300 | 70,696,600 |
Policy Holders Liabilities | 50,379,700 | 50,441,000 | 52,748,500 | 50,883,800 | 49,130,300 |
•Payables And Accrued Expenses | 6,364,800 | 4,534,000 | 6,932,800 | 7,177,700 | 7,389,900 |
•Payables | 6,364,800 | 2,385,500 | 6,932,800 | 7,177,700 | 7,389,900 |
Accounts Payable | 6,364,800 | 1,555,700 | 6,932,800 | 7,177,700 | 7,389,900 |
•Total Tax Payable | -- | 589,200 | -- | -- | -- |
Income Tax Payable | -- | 589,200 | -- | -- | -- |
Other Payable | -- | 240,600 | -- | -- | -- |
Current Accrued Expenses | -- | 2,148,500 | -- | -- | -- |
•Current Debt And Capital Lease Obligation | -- | 2,479,800 | -- | -- | -- |
•Current Debt | -- | 2,479,800 | -- | -- | -- |
Line of Credit | -- | 2,479,800 | -- | -- | -- |
•Long Term Debt And Capital Lease Obligation | 14,048,800 | 12,354,100 | 13,842,500 | 13,216,400 | 12,171,800 |
Long Term Debt | 14,048,800 | 11,163,100 | 13,842,500 | 13,216,400 | 12,171,800 |
Long Term Capital Lease Obligation | -- | 1,191,000 | -- | -- | -- |
Derivative Product Liabilities | 456,200 | 1,067,300 | 392,800 | 340,400 | 307,200 |
•Non Current Deferred Liabilities | 1,999,600 | 2,302,400 | 2,025,800 | 1,955,000 | 1,697,400 |
Non Current Deferred Taxes Liabilities | 1,999,600 | 1,946,700 | 2,025,800 | 1,955,000 | 1,697,400 |
Non Current Deferred Revenue | -- | 355,700 | -- | -- | -- |
•Employee Benefits | -- | 96,900 | -- | -- | -- |
Non Current Pension And Other Post-Retirement Benefit Plans | -- | 96,900 | -- | -- | -- |
Other Liabilities | 3,482,400 | 3,638,100 | -- | -- | -- |
•Total Equity Gross Minority Interest | 30,658,300 | 30,874,100 | 30,410,100 | 29,996,300 | 28,201,200 |
•Stockholders' Equity | 26,014,600 | 26,514,300 | 26,192,600 | 25,769,600 | 24,072,100 |
•Capital Stock | 5,551,700 | 5,644,600 | 6,048,200 | 6,354,700 | 6,367,400 |
Preferred Stock | 231,700 | 231,700 | 520,200 | 756,100 | 756,100 |
Common Stock | 5,320,000 | 5,412,900 | 5,528,000 | 5,598,600 | 5,611,300 |
Retained Earnings | 21,928,600 | 22,100,700 | 21,448,700 | 20,709,100 | 19,340,400 |
Treasury Stock | 1,129,000 | 1,105,000 | 1,069,000 | 1,069,600 | 1,043,200 |
•Gains Losses Not Affecting Retained Earnings | -1,124,800 | -905,000 | -959,100 | -914,100 | -1,262,600 |
Other Equity Adjustments | -1,124,800 | -905,000 | -959,100 | -914,100 | -1,262,600 |
Other Equity Interest | 788,100 | 779,000 | 723,800 | 689,500 | 670,100 |
Minority Interest | 4,643,700 | 4,359,800 | 4,217,500 | 4,226,700 | 4,129,100 |
Total Capitalization | 40,063,400 | 37,677,400 | 40,035,100 | 38,986,000 | 36,243,900 |
Preferred Stock Equity | 231,700 | 231,700 | 520,200 | 756,100 | 756,100 |
Common Stock Equity | 25,782,900 | 26,282,600 | 25,672,400 | 25,013,500 | 23,316,000 |
Capital Lease Obligations | -- | 1,191,000 | -- | -- | -- |
Net Tangible Assets | 17,791,400 | 18,174,900 | 17,887,200 | 17,344,000 | 15,915,000 |
Invested Capital | 39,831,700 | 39,925,500 | 39,514,900 | 38,229,900 | 35,487,800 |
Tangible Book Value | 17,559,700 | 17,943,200 | 17,367,000 | 16,587,900 | 15,158,900 |
Total Debt | 14,048,800 | 14,833,900 | 13,842,500 | 13,216,400 | 12,171,800 |
Net Debt | 8,742,900 | 7,504,600 | 5,001,300 | 6,047,300 | 5,773,900 |
Share Issued | 22,396.89 | 23,428.17 | 23,892.91 | 24,178.05 | 24,229.09 |
Ordinary Shares Number | 20,624.03 | 21,655.32 | 22,127.94 | 22,391.06 | 22,380.54 |
Treasury Shares Number | 1,772.85 | 1,772.85 | 1,764.98 | 1,786.99 | 1,848.55 |
| 1,453,500 |
| 2,419,400 |
| 3,993,900 |
| -39,400 |
| -4,419,900 |
Net Income from Continuing Operations | 5,068,000 | 5,283,800 | 4,262,900 | 5,094,900 | 3,811,700 |
•Operating Gains Losses | -1,717,700 | -2,916,800 | -1,208,200 | -3,004,500 | -315,700 |
Gain Loss On Sale of Business | -- | -233,800 | -575,500 | -871,800 | -1,264,800 |
Net Foreign Currency Exchange Gain Loss | -- | 439,700 | 25,200 | 118,800 | 143,600 |
Gain Loss On Investment Securities | -864,600 | -2,306,600 | 298,400 | -1,229,300 | 1,827,900 |
Earnings Losses from Equity Investments | -1,059,000 | -816,100 | -956,300 | -1,022,200 | -1,022,400 |
•Deferred Tax | 288,500 | 201,900 | 255,000 | 173,300 | 485,700 |
Deferred Income Tax | 288,500 | 201,900 | 255,000 | 173,300 | 485,700 |
Amortization of Securities | -244,700 | -258,500 | -310,200 | -406,300 | -34,200 |
Stock based compensation | 179,300 | 176,600 | 164,900 | 147,000 | 146,100 |
Other non-cash items | -4,485,600 | -4,059,100 | -515,800 | -5,499,100 | -9,640,200 |
•Change in working capital | 2,747,800 | 4,258,400 | 1,406,800 | 3,076,300 | 802,500 |
•Change in Receivables | -- | -168,100 | 107,300 | -553,300 | -349,600 |
Changes in Account Receivables | -- | -231,000 | 144,200 | -282,400 | -1,600 |
•Change in Payables And Accrued Expense | -- | 108,700 | 38,700 | 239,700 | 55,600 |
•Change in Payable | -- | 108,700 | 38,700 | 239,700 | 55,600 |
Change in Account Payable | -- | 108,700 | 38,700 | 239,700 | 55,600 |
Change in Other Working Capital | -- | -380,900 | -411,500 | -423,600 | -337,200 |
•Investing Cash Flow | -1,035,300 | -523,800 | -1,323,100 | 92,000 | 384,800 |
•Cash Flow from Continuing Investing Activities | -1,035,300 | -523,800 | -1,323,100 | 92,000 | 384,800 |
•Net PPE Purchase And Sale | -605,400 | -586,200 | -408,800 | -514,100 | -418,900 |
Purchase of PPE | -605,400 | -586,200 | -408,800 | -514,100 | -418,900 |
•Net Business Purchase And Sale | -1,219,700 | -654,900 | -1,300,900 | 306,100 | 719,000 |
Purchase of Business | -1,495,000 | -1,563,500 | -2,051,000 | -882,000 | -593,400 |
Sale of Business | 275,300 | 908,600 | 750,100 | 1,188,100 | 1,312,400 |
•Net Investment Properties Purchase And Sale | -24,700 | -22,700 | -33,000 | 53,300 | 84,700 |
Sale of Investment Properties | -- | -- | -- | 53,300 | 84,700 |
Dividends Received CFI | 814,500 | 740,000 | 419,600 | 246,700 | -- |
•Financing Cash Flow | -1,348,200 | -1,825,000 | -1,563,500 | -1,067,100 | -1,294,600 |
•Cash Flow from Continuing Financing Activities | -1,348,200 | -1,825,000 | -1,563,500 | -1,067,100 | -1,294,600 |
•Net Issuance Payments of Debt | 1,488,500 | 1,395,000 | 1,683,200 | 42,400 | 826,500 |
•Net Long Term Debt Issuance | 1,921,900 | 1,395,000 | 1,683,200 | 52,400 | 557,400 |
Long Term Debt Issuance | 2,938,200 | 2,386,900 | 3,811,800 | 622,500 | 790,400 |
Long Term Debt Payments | -1,016,300 | -991,900 | -2,128,600 | -570,100 | -233,000 |
•Net Short Term Debt Issuance | -- | -- | 0 | -10,000 | 269,100 |
Short Term Debt Issuance | -- | -- | -- | -- | 304,100 |
Short Term Debt Payments | -- | -- | 0 | -10,000 | -35,000 |
•Net Common Stock Issuance | -2,180,700 | -1,814,300 | -1,828,800 | -363,200 | -347,800 |
Common Stock Payments | -2,180,700 | -1,814,300 | -1,828,800 | -363,200 | -347,800 |
•Net Preferred Stock Issuance | -398,600 | -689,400 | -173,800 | 0 | -- |
Preferred Stock Payments | -398,600 | -689,400 | -173,800 | 0 | -- |
•Cash Dividends Paid | -346,900 | -368,100 | -411,700 | -294,900 | -295,100 |
Common Stock Dividend Paid | -329,100 | -343,600 | -363,100 | -245,200 | -249,900 |
Preferred Stock Dividend Paid | -17,800 | -24,500 | -48,600 | -49,700 | -45,200 |
Net Other Financing Charges | 89,500 | -348,200 | -832,400 | -451,400 | -1,478,200 |
•End Cash Position | 5,467,900 | 6,242,800 | 6,112,500 | 5,121,400 | 6,119,600 |
Changes in Cash | -930,000 | 70,600 | 1,107,300 | -1,014,500 | -5,329,700 |
Effect of Exchange Rate Changes | -5,900 | 59,700 | -116,200 | 16,300 | -236,100 |
Beginning Cash Position | 6,397,900 | 6,112,500 | 5,121,400 | 6,119,600 | 11,685,400 |
Income Tax Paid Supplemental Data | -- | 953,500 | 1,005,600 | 713,900 | -- |
Interest Paid Supplemental Data | -- | 750,400 | 566,100 | 428,100 | -- |
Capital Expenditure | -605,400 | -586,200 | -408,800 | -514,100 | -418,900 |
Issuance of Debt | 2,877,500 | 2,386,900 | 3,811,800 | 622,500 | 1,094,500 |
Repayment of Debt | -1,389,000 | -991,900 | -2,128,600 | -580,100 | -268,000 |
Repurchase of Capital Stock | -2,579,300 | -2,503,700 | -2,002,600 | -363,200 | -347,800 |
Free Cash Flow | 848,100 | 1,833,200 | 3,585,100 | -553,500 | -4,838,800 |
| All numbers in thousands (USD) | TTM | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 |
|---|---|---|---|---|---|---|
•Operating Cash Flow | 1,453,500 | -271,500 | -1,298,600 | 2,152,300 | 871,300 | 694,400 |
•Cash Flow from Continuing Operating Activities | 1,453,500 | -271,500 | -1,298,600 | 2,152,300 | 871,300 | 694,400 |
Net Income from Continuing Operations | 5,068,000 | 737,200 | 1,483,200 | 1,245,700 | 1,601,900 | 953,000 |
•Operating Gains Losses | -1,717,700 | 14,400 | 81,800 | -731,200 | -1,082,700 | -1,184,700 |
Gain Loss On Investment Securities | -864,600 | 385,900 | 127,700 | -426,200 | -952,000 | -1,056,100 |
Earnings Losses from Equity Investments | -1,059,000 | -371,500 | -251,800 | -305,000 | -130,700 | -128,600 |
•Depreciation & amortization | 668,600 | 176,300 | 159,100 | 165,500 | 167,700 | 291,500 |
Depreciation | 668,600 | 176,300 | 159,100 | 165,500 | 167,700 | 291,500 |
•Deferred Tax | 288,500 | 64,200 | -31,900 | 74,800 | 181,400 | -22,400 |
Deferred Income Tax | 288,500 | 64,200 | -31,900 | 74,800 | 181,400 | -22,400 |
Other non-cash items | -4,485,600 | -1,095,300 | -2,691,700 | -91,700 | -606,900 | -668,800 |
Amortization of Securities | -244,700 | -49,600 | -58,400 | -70,900 | -65,800 | -63,400 |
Stock based compensation | 179,300 | 46,300 | 42,200 | 46,000 | 44,800 | 43,600 |
Change in working capital | 2,747,800 | -165,000 | 767,800 | 1,514,100 | 630,900 | 1,345,600 |
•Investing Cash Flow | -1,035,300 | -85,000 | 151,900 | -499,100 | -603,100 | 426,500 |
•Cash Flow from Continuing Investing Activities | -1,035,300 | -85,000 | 151,900 | -499,100 | -603,100 | 426,500 |
•Net PPE Purchase And Sale | -605,400 | -131,400 | -111,700 | -263,700 | -98,600 | -112,200 |
Purchase of PPE | -605,400 | -131,400 | -111,700 | -263,700 | -98,600 | -112,200 |
•Net Investment Properties Purchase And Sale | -24,700 | -2,200 | -22,700 | 2,000 | -1,800 | -200 |
Purchase of Investment Properties | -- | -2,200 | -- | -- | -1,800 | -200 |
Sale of Investment Properties | -- | -- | -- | 2,000 | -- | -- |
•Net Business Purchase And Sale | -1,219,700 | -59,400 | -206,300 | -277,700 | -676,300 | 505,400 |
Purchase of Business | -1,495,000 | -72,900 | -364,400 | -339,600 | -725,800 | -141,400 |
Sale of Business | 275,300 | 13,500 | 158,100 | 61,900 | 49,500 | 646,800 |
Dividends Received CFI | 814,500 | 108,000 | 492,600 | 40,300 | 173,600 | 33,500 |
•Financing Cash Flow | -1,348,200 | -374,800 | -1,441,800 | 33,300 | 435,100 | -851,600 |
•Cash Flow from Continuing Financing Activities | -1,348,200 | -374,800 | -1,441,800 | 33,300 | 435,100 | -851,600 |
•Net Issuance Payments of Debt | 1,488,500 | 396,400 | -320,400 | 755,000 | 657,500 | 302,900 |
•Net Long Term Debt Issuance | 1,921,900 | 469,100 | -320,400 | 755,000 | 657,500 | -57,800 |
Long Term Debt Issuance | 2,938,200 | 555,100 | -75,400 | 1,215,600 | 1,082,200 | 3,800 |
Long Term Debt Payments | -1,016,300 | -86,000 | -245,000 | -460,600 | -424,700 | -61,600 |
•Net Short Term Debt Issuance | -- | -72,700 | -- | -- | -- | 360,700 |
Short Term Debt Issuance | -- | 300,000 | -- | -- | -- | 360,700 |
Short Term Debt Payments | -- | -372,700 | -- | -- | -- | -- |
•Net Common Stock Issuance | -2,180,700 | -731,100 | -812,200 | -508,900 | -128,500 | -364,700 |
Common Stock Payments | -2,180,700 | -731,100 | -812,200 | -508,900 | -128,500 | -364,700 |
•Net Preferred Stock Issuance | -398,600 | 0 | -218,900 | -179,700 | 0 | -290,800 |
Preferred Stock Payments | -398,600 | 0 | -218,900 | -179,700 | 0 | -290,800 |
•Cash Dividends Paid | -346,900 | -331,300 | -4,100 | -5,700 | -5,800 | -352,500 |
Common Stock Dividend Paid | -329,100 | -329,100 | 0 | 0 | 0 | -343,600 |
Preferred Stock Dividend Paid | -17,800 | -2,200 | -4,100 | -5,700 | -5,800 | -8,900 |
Net Other Financing Charges | 89,500 | 291,200 | -86,200 | -27,400 | -88,100 | -146,500 |
•End Cash Position | 5,467,900 | 5,462,000 | 6,242,800 | 8,856,900 | 7,171,300 | 6,397,900 |
Changes in Cash | -930,000 | -731,300 | -2,588,500 | 1,686,500 | 703,300 | 269,300 |
Effect of Exchange Rate Changes | -5,900 | -49,500 | -25,600 | -900 | 70,100 | 16,100 |
Beginning Cash Position | 6,397,900 | 6,242,800 | 8,856,900 | 7,171,300 | 6,397,900 | 6,112,500 |
Capital Expenditure | -605,400 | -131,400 | -111,700 | -263,700 | -98,600 | -112,200 |
Issuance of Debt | 2,877,500 | 855,100 | -75,400 | 1,215,600 | 1,082,200 | 364,500 |
Repayment of Debt | -1,389,000 | -458,700 | -245,000 | -460,600 | -424,700 | -61,600 |
Repurchase of Capital Stock | -2,579,300 | -731,100 | -1,031,100 | -688,600 | -128,500 | -655,500 |
Free Cash Flow | 848,100 | -402,900 | -1,410,300 | 1,888,600 | 772,700 | 582,200 |
| Fidelity Concord Street Trust-Fidelity SAI Canada Equity Index Fund |
| Mar 2026 |
| 0.49% |
| 151,820,062 | 69,065 | mutual_fund | Fidelity Contrafund | Feb 2026 | 0.36% |
| 149,879,034 | 68,182 | mutual_fund | J.P. Morgan Exch-Trd Fd. TRT-JPMorgan BetaBuilders Canada ETF | Jan 2026 | 0.36% |
| 143,295,365 | 65,187 | mutual_fund | Dimensional ETF Trust-Dimensional International Value ETF | Jan 2026 | 0.34% |
| 122,557,358 | 55,753 | mutual_fund | DFA INVESTMENT TRUST CO-The DFA International Value Series | Jan 2026 | 0.29% |
| 107,209,386 | 48,771 | mutual_fund | VANGUARD Intl Eqy. INDEX Fd.S-Vanguard FTSE All-World ex-US Index Fd. | Jan 2026 | 0.26% |
| 104,169,247 | 47,388 | mutual_fund | SCHWAB STRATEGIC TRUST-Schwab International Equity ETF | Feb 2026 | 0.25% |
| 87,928,798 | 40,000 | mutual_fund | Legg Mason Global Asset Management Trust-ClearBridge Value Fund | Jan 2026 | 0.21% |
| 63,972,597 | 29,102 | institutional | Mraz, Amerine & Associates, Inc. | Mar 2026 | 0.15% |
| 54,559,819 | 24,820 | institutional | Elgethun Capital Management | Mar 2026 | 0.13% |
| 40,994,604 | 18,649 | institutional | Poehling Capital Management, Inc. | Mar 2026 | 0.10% |
| 16,822,977 | 7,653 | institutional | Mn Services Vermogensbeheer B.V. | Mar 2026 | 0.04% |
| 2,237,787 | 1,018 | institutional | Kahn Brothers Group Inc. | Mar 2026 | 0.01% |
| 2,198,219 | 1,000 | institutional | Huntington National Bank | Mar 2026 | 0.01% |
| 764,980 | 348 | institutional | Atlas Capital Advisors Inc | Mar 2026 | 0.00% |
| 564,942 | 257 | institutional | Yousif Capital Management, LLC | Mar 2026 | 0.00% |
| 536,365 | 244 | institutional | Lountzis Asset Management, LLC | Mar 2026 | 0.00% |
| 481,410 | 219 | institutional | Check Capital Management Inc. | Mar 2026 | 0.00% |
Fairfax reports governance through board oversight, committee structure, corporate policies, decentralized operating accountability and risk aggregation by the holding company. The 2025 Annual Report says Fairfax is a Canadian reporting issuer listed on the Toronto Stock Exchange and has corporate-governance practices that comply with applicable rules and substantially comply with Canadian Securities Administrators guidelines and policies. The Board has adopted Corporate Governance Guidelines including a written board mandate; established Audit, Governance and Nominating, and Compensation committees; approved written committee charters; and approved a Code of Business Conduct and Ethics, Anti-Corruption Policy and Modern Slavery Policy applicable to directors, officers and employees. The Board also established a Whistleblower Policy with the Audit Committee. The AIF identifies Audit Committee, Compensation Committee and Governance and Nominating Committee membership and describes audit-committee procedures for complaints on accounting, internal controls, audit matters and potential violations of law, including confidential anonymous employee submissions and a hotline. Fairfax's guiding principles and modern-slavery disclosure describe a decentralized model in which subsidiary presidents run operating companies while Fairfax retains performance evaluation, succession planning, acquisitions, financing, investments, financial reporting, total risk aggregation across insurance operations and corporate-culture promotion.