Public Policy Holding Company (PPHC) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 rose 16.3% year-over-year to $102.3M, with organic growth of 4.4%.

• Adjusted EBITDA for H1 2026 increased 9.3% to $23.4M (22.9% margin); Q2 2026 was $12.3M (23.5% margin).

• GAAP net loss for H1 2026 improved to $15.2M from $16.3M in H1 2025, aided by lower non-cash charges and bargain purchase gains.

• Three acquisitions completed in 2026 (WPI, Tancredi, The Advocacy Partners), expanding capabilities and geographic reach.

• Client base grew to approximately 1,500, including about half of the Fortune 100.

Financial highlights

• Q2 2026 revenue was $52.1M, up 7.3% year-over-year, with 3.9% organic growth.

• Adjusted net income for H1 2026 was $17.9M, up 15% year-over-year; adjusted EPS (diluted) was $0.34 for Q2 and $0.59 for H1.

• Adjusted free cash flow for H1 2026 was $4.1M, down from $11.7M last year, due to higher working capital investment.

• Net debt at June 30, 2026, was $5.2M, down from $42.2M a year earlier, reflecting IPO proceeds and debt repayment.

• Dividend of $7.0M paid in Q2 2026.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $213–216M, adjusted EBITDA to $48.5–50.5M, with margins of 22.5–23.5%.

• Organic revenue growth guidance unchanged at ~5% annually; guidance excludes future acquisitions.

• Free cash flow expected to accelerate in H2, in line with historical patterns.

• Strategic acquisitions will continue to supplement organic growth.