Accelerant (ARX) Q1 2026 earnings summary

Executive summary

• Exchange Written Premium grew 16% year-over-year to $1.14 billion, with 296 Members and 96 Risk Capital Partners as of March 31, 2026.

• Adjusted EBITDA rose to $66 million, up 70% year-over-year, with a 24% margin; fee-based Adjusted EBITDA grew 112% year-over-year to $60 million.

• Net revenue retention was 116%, reflecting strong growth from existing Members.

• Third-party written premium increased to 41% of Exchange Written Premium, up from 19% in Q1 2025.

• Adjusted net income was $38 million, up 118% year-over-year; GAAP net after-tax loss of $4 million due to share-based compensation.

Financial highlights

• Q1 2026 revenue rose 54% year-over-year to $273 million; operating revenue up 57%.

• Adjusted EBITDA reached $66 million, up from $39 million in Q1 2025.

• Adjusted net income was $38 million; GAAP net after-tax loss of $4 million due to share-based compensation.

• Consolidated GAAP EPS was a loss of $0.02; adjusted non-GAAP EPS was $0.17.

• Net earned premiums more than doubled to $129.8 million, up 106% from Q1 2025.

Outlook and guidance

• Q2 2026 guidance: exchange written premium $1.27–$1.32 billion, third-party premium $580–$620 million, adjusted EBITDA $60–$66 million.

• Full-year 2026 guidance: exchange written premium at least $5.2 billion, third-party premium at least $2.3 billion, adjusted EBITDA at least $285 million.

• Expect adjusted EBITDA margins for exchange services to be ~70% for the remainder of 2026.

• Gross loss ratio expected to remain in the low-50s for 2026.

• Premium placed with Accelerant Risk Exchange Insurers projected to increase, shifting revenue mix toward fee-based segments.