HCIHIGH SIGNALOPERATIONAL10-K

HCI underwent a major business transformation with revenue growing 316% to $901M and net income increasing 172% to $299M, while simplifying its organizational structure into a single insurance operating segment.

The massive revenue and earnings growth, combined with the organizational restructuring mentioned in the removed language, suggests HCI completed a significant acquisition or business combination that dramatically expanded its scale. The shift to a single insurance operating segment indicates management is focusing the company's strategy around its core insurance business rather than maintaining diverse business lines.

Comparing 2026-02-26 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

HCI experienced extraordinary growth across all key metrics, with revenue more than quadrupling and net income nearly tripling, while stockholders' equity and cash both more than doubled to over $1B each. Despite a 71% increase in total debt, the company actually reduced total liabilities by 20% and maintained strong cash generation with operating cash flow growing 34% to $444M. This financial profile suggests a transformative business combination that significantly enhanced HCI's scale, profitability, and financial strength while maintaining disciplined capital allocation through continued dividends and share buybacks.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
+316.4%
$216.3M→$900.9M

Strong top-line growth of 316.4% — accelerating demand or successful expansion into new markets.

Net Income
P&L
+171.9%
$110.0M→$299.0M

Net income grew 171.9% — bottom-line growth signals improving overall business health.

Stockholders Equity
Balance Sheet
+129.6%
$453.3M→$1.0B

Equity base grew 129.6% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Cash & Equivalents
Balance Sheet
+127.3%
$532.5M→$1.2B

Cash position surged 127.3% — strong cash generation or capital raise providing significant financial cushion.

Interest Expense
P&L
-98.7%
$150K→$2K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Total Debt
Balance Sheet
+71.3%
$138.9M→$237.8M

Debt increased 71.3% — substantial leverage increase; assess whether deployed for growth or covering losses.

Share Buybacks
Cash Flow
+47%
$1.0M→$1.5M

Share repurchases increased 47% — management returning capital, signals confidence in intrinsic value.

Operating Cash Flow
Cash Flow
+33.9%
$331.8M→$444.4M

Operating cash flow surged 33.9% — exceptional cash generation, highest quality earnings signal.

Dividends Paid
Cash Flow
+21%
$13.7M→$16.6M

Dividend payments increased 21% — management confidence in sustained cash generation.

Total Liabilities
Balance Sheet
-19.7%
$1.8B→$1.4B

Liabilities reduced 19.7% — deleveraging improves balance sheet strength and financial flexibility.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-28
ADDED
You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made and are not guarantees of future performance.
Except as required by applicable securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
2 PART I ITEM 1 Business Our Business HCI Group, Inc., together with its subsidiaries (collectively, we, our, us, the Company, or HCI ), is primarily engaged in the property and casualty insurance business.
We provide various homeowners property and casualty insurance products for properties located in the State of Florida, which is our primary market, as well as in other states in the northeast and southeast regions of the United States ( U.S.
Our insurance operations are supported by other insurance-related subsidiaries within the consolidated group.
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REMOVED
is a Florida-based company that, through its subsidiaries, is engaged in property and casualty insurance, information technology services, insurance management, real estate and reinsurance.
References to we, our, us, the Company, or HCI in this Form 10-K generally refer to HCI Group, Inc.
Our principal executive offices are located at 3802 Coconut Palm Drive, Tampa, Florida 33619, and our telephone number is (813) 849-9500.
As described in Change in Segment Information under Note 1 -- Nature of Operations to our consolidated financial statements under Item 8 of this Annual Report on Form 10-K, our organizational change during the third quarter of 2024 has grouped all insurance subsidiaries into one single operating segment to enhance operational efficiency and simplify financial reporting.
Accordingly, we manage our operations in the following organizational segments, based on managerial emphasis and evaluation of financial and operating performances: a) Insurance Operations Property and casualty insurance Reinsurance and other auxiliary operations b) TypTap Group Insurance management services Information technology Reinsurance brokerage services c) Reciprocal Exchange Operations d) Real Estate Operations e) Other Operations Attorney-in-fact services Holding company operations Insurance Operations Property and Casualty Insurance We currently have three insurance subsidiaries.
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