$38.55+0.11 (+0.29%)
At close: Oct 26, 2026, 4:00 PM ET· NYSE · USD
Hippo Holdings (HIPO) Income Statement
Is this a real, growing, cash-generative business, or a story propped up by accounting?
Sources Company filings FilingsHow we compute thisNot investment advice
Business engineGrowing fast: revenue compounds ~50.6%/yr (FY21→FY25), net margin 13.4%; free cash flow runs at −7% of net income. Check the accrual gap. Worth your attention in FY25: Share count (+138.9%) and Returns vs FCF (n/m). Both visible in the receipts below.
The four lines that matter · FY21–FY25
Revenue ($M)▲25.9%
468.6
FY21→FY25CAGR +50.6%/yr
Net income ($M)—
62.6
FY21→FY25CAGR —
Free cash flow ($M)—
−4.1
FY21→FY25CAGR —
Diluted EPS—
2.22
FY21→FY25CAGR —
What the receipts whisper · what a headline number hides
Share count
+138.9%
10.9mn → 26.0mn diluted shares since FY21. Rising share count dilutes EPS. Growth must outrun it.
Capex
$13.3M
steady at 2.8% of revenue (+10.8% YoY).
Returns vs FCF
n/m
$22.6M returned vs $−4.1M of FCF in FY25. Free cash flow was negative, so returns were funded from the balance sheet rather than from cash generation.
What the income statement says · FY21–FY25
Where every revenue dollar goes · FY25 ($M)
13¢ of every revenue dollar becomes profit. The biggest cost lever is COGS.
Margin trend · direction beats level Gross Operating Net
Over this window: gross -38.3% → 22.9%. Net margin 13.4% is below the sector median.
The receipt · income statement · FY21–FY25 USD thousands except per-share & ratios · hover a line for its definition
USD thousands except per-share & ratios
| Line item | TTM † | FY25 | FY24 | FY23 | FY22 | FY21 | YoY | CAGR 21→25 |
|---|---|---|---|---|---|---|---|---|
| Revenue & profitability | ||||||||
Revenue | 507,200.0 | 468,600.0 | 372,100.0 | 209,700.0 | 119,700.0 | 91,200.0 | ▲25.9% | +50.6% |
Cost of revenue | 342,200.0 | 361,200.0 | 297,800.0 | 260,800.0 | 161,300.0 | 126,100.0 | ▲21.3% | +30.1% |
Gross profit | 165,000.0 | 107,400.0 | 74,300.0 | −51,100.0 | −41,600.0 | −34,900.0 | ▲44.5% | — |
Research & development | 35,800.0 | 32,500.0 | 30,700.0 | 47,000.0 | 57,500.0 | 36,200.0 | ▲5.9% | −2.7% |
Selling, general & admin | 67,600.0 | 67,100.0 | 70,700.0 | 79,600.0 | 71,500.0 | 49,200.0 | ▼5.1% | +8.1% |
Total operating expenses | 136,900.0 | 139,100.0 | 156,100.0 | 211,400.0 | 286,100.0 | 180,400.0 | ▼10.9% | −6.3% |
Operating incomefeeds ROC rank | 28,100.0 | −31,700.0 | −81,800.0 | −262,500.0 | −327,700.0 | −215,300.0 | ▲61.2% | — |
Other income, net | 95,000.0 | 95,000.0 | 54,400.0 | 0.0 | 2,500.0 | −151,900.0 | — | — |
Pretax income | 123,100.0 | 63,300.0 | −27,400.0 | −262,500.0 | −325,200.0 | −367,200.0 | — | — |
Income tax | 1,800.0 | 700.0 | 1,200.0 | 500.0 | 1,300.0 | 700.0 | ▼41.7% | +0.0% |
Net incomePiotroski ROA ✓feeds Buffett Quality owner earnings | 121,300.0 | 62,600.0 | −28,600.0 | −263,000.0 | −326,500.0 | −367,900.0 | — | — |
| Per share | ||||||||
Diluted EPSbuyback-sensitive | 4.73 | 2.22 | −1.64 | −11.58 | −14.66 | −34.11 | — | — |
Diluted shares (mn) | 26.55 | 26.01 | 24.70 | 23.58 | 22.75 | 10.89 | ▲5.3% | +24.3% |
| Margins | ||||||||
Gross margin14th pct in Financial Services | 32.5% | 22.9% | 20.0% | −24.4% | −34.8% | −38.3% | ▲3.0pp | +61.2pp |
Operating margin | 5.5% | −6.8% | −22.0% | −125.2% | −273.8% | −236.1% | ▲15.2pp | +229.3pp |
Net margin32nd pct in Financial Services | 23.9% | 13.4% | −7.7% | −125.4% | −272.8% | −403.4% | ▲21.0pp | +416.8pp |
† TTM = trailing four quarters through 2026-06-30.
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These lines feed the tenet checklists: see which gates passTenets →Margins & returns continue as sector-ranked ratiosStatistics →
Annual report filed 2026-03-04 · view filings on SEC EDGAR ↗ · reported currency USD · as-filed figures may be later restated.
Statements normalized in our fundamentals DB · Not investment advice.
Statements normalized in our fundamentals DB · Not investment advice.
Common questions
What was Hippo Holdings' revenue last fiscal year?
Hippo Holdings reported revenue of $468.6M in fiscal 2025, up 25.9% from fiscal 2024.
What was Hippo Holdings' net income?
Hippo Holdings reported net income of $62.6M in fiscal 2025, a net margin of 13.4%.
Annual and quarterly statements as filed, normalized into one comparable shape · Not investment advice.