Arch Capital Group Ltd reported Q4 2025 net income of $1.238 billion, underpinned by a sizable non-operating income line, with pre-tax income of $1.387 billion and total other income and expenses of $1.326 billion. On a standalone operating basis, EBITDA was $61 million and operating income was $61 million, suggesting that the quarterly headline earnings were significantly influenced by non-operating items rather than the core underwriting business. Gross profit for the quarter was negative at $47 million, and revenue for Q4 2025 is not disclosed in the supplied data, limiting visibility into the quarter’s top-line dynamics. Across the first three quarters of 2025, reported quarterly revenue was approximately $4.59B (Q1), $4.97B (Q2), and $4.98B (Q3), indicating a stable top-line cadence in a mature insurance cycle, with Q4 revenue not provided.\\n
For the full-year 2025, net income by quarter was $0.574B (Q1), $1.237B (Q2), $1.350B (Q3), and $1.238B (Q4). Year-over-year net income is reported as +32.4% in the data, while QoQ net income declined about 8.3% from Q3 to Q4. The year shows a pattern of material earnings contributed by non-operating income, which raises questions about sustainability absent corroborating management commentary. The dataset provides limited balance sheet and cash flow detail, so a rigorous assessment of solvency and liquidity cannot be completed from these figures alone. Management commentary and a full 10-K/annual report would be needed to validate reserve positions, capital deployment, and ongoing underwriting profitability.\\n
Given the absence of explicit forward guidance in the dataset, investors should monitor core underwriting performance, reserve adequacy, catastrophe exposure, capital management actions, and the durability of any non-operating income components in subsequent quarters.