Porch Group (PRCH) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue grew 12% year-over-year to $140.9 million, with Porch-Owned Segments revenue up 23% to $131.8 million, led by Insurance Services revenue growth of 38% year-over-year to $92.9 million.

• Adjusted EBITDA (Excluding Reciprocal) rose 150% year-over-year to $39.1 million, and net income attributable to shareholders was $5.6 million, up 117% year-over-year.

• Insurance Services segment drove growth, with policies written up 38% year-over-year and Reciprocal Written Premium (RWP) from new customers up 206%.

• Statutory surplus at the Reciprocal increased 33% year-over-year to $169.9 million, supporting premium growth.

• The Reciprocal Segment posted a net loss of $8.8 million due to higher retained losses and changes in reinsurance structure.

Financial highlights

• Q2 2026 consolidated revenue: $140.9 million, up 12% year-over-year; Insurance Services revenue: $92.9 million, up 38% year-over-year.

• Adjusted EBITDA (Excluding Reciprocal): $39.1 million, up 150% year-over-year; Insurance Services Adjusted EBITDA: $44.4 million (48% margin).

• Net income attributable to shareholders: $5.6 million; consolidated gross profit: $87.6 million (62% margin).

• Software & Data revenue: $23.1 million (75% margin); Consumer Services revenue: $18.1 million (84% margin).

• Interest expense rose 23% year-over-year to $14.8 million in Q2, reflecting higher coupon rates on new convertible notes.

Outlook and guidance

• Full-year 2026 Porch-Owned Segments revenue guidance raised to $506–$517 million (21–23% YoY growth).

• Gross profit guidance increased to $419–$429 million (22–25% YoY growth).

• Adjusted EBITDA (Excluding Reciprocal) guidance raised to $119–$125 million (55–63% YoY growth).

• Leverage ratio expected to be below 3x for the year; sufficient liquidity for at least 12 months.

• Management expects continued premium growth from new insurance products and agency expansion.