Crawford & Company (CRD-A) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenues were $321.4 million, nearly flat year-over-year, with strong operating earnings growth driven by Broadspire and International segments, and best operating earnings since Q3 2023.

• Net income attributable to shareholders rose 73% year-over-year to $13.4 million, with diluted EPS of $0.27 (CRD-A) and $0.28 (CRD-B); non-GAAP EPS increased to $0.38.

• Adjusted operating earnings increased 34% to $29.4 million, and adjusted EBITDA rose 20% to $37.6 million.

• Operating cash flow for the first six months was $23.1 million, up from $21.1 million; free cash flow reached $7.9 million.

• Board approved a quarterly dividend increase to $0.08 per share, reflecting confidence in cash generation and profitability.

Financial highlights

• Q2 2026 revenues: $321.4 million, down 0.5% year-over-year; total revenues: $330.0 million (down 1.4%).

• Net income: $13.4 million for Q2 2026, up from $7.8 million in Q2 2025; non-GAAP net income: $18.8 million, up 68%.

• Adjusted operating earnings: $29.4 million (9.2% margin); adjusted EBITDA: $37.6 million (11.7% margin).

• Operating cash flow YTD: $23.1 million; cash and cash equivalents at June 30, 2026: $69.4 million.

• Free cash flow for the first half: $7.9 million; total debt: $198.1 million; net debt: ~$129 million.

Outlook and guidance

• Organic revenue growth, profitable market share gains, and client-centricity remain top priorities for 2026.

• International weather-related claims activity expected to moderate in Q3 and Q4; focus on growing non-weather dependent revenue streams.

• Broadspire and International margins expected to normalize as episodic events subside, but long-term margin improvement targeted.

• Continued investment in technology, AI integration, and talent to drive efficiency and growth.

• Effective tax rate for 2026 expected to be approximately 33% to 35%.