Accelerant (ARX) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $278.6M, net loss was $9.2M and adjusted EBITDA was $71.3M; 9M revenue reached $908.8M and net income was $66.7M.

• Q3 Exchange Written Premium reached $1.33B, up 27% YoY; 9M premium was $3.79B, up 22%.

• The proposed Thoma Bravo cash merger is valued at $20.25 per share, plus a potential ticking amount, and is expected to close in H1 2027, subject to approvals.

Financial highlights

• Q3 total revenue was $278.6M vs. $267.4M YoY; operating revenue was $280.2M vs. $227.9M.

• Q3 net loss was $9.2M; net loss attributable to common shareholders was $12.3M, or $0.06 per diluted share. The prior-year 9M loss included $1.38B of non-cash IPO-related profits-interest expense.

• Q3 adjusted net income was $38.2M, or $0.18 per diluted share; adjusted EBITDA was $71.3M vs. $65.5M YoY.

• 9M total revenue was $908.8M vs. $664.5M; net income was $66.7M vs. a $1.35B loss, and adjusted net income was $145.9M.

• Direct commission income rose 109% to $90.9M in Q3 and 122% to $234.2M in 9M; net earned premiums rose 39% to $113.9M and 73% to $372.8M, respectively.

Outlook and guidance

• Merger closing is expected in H1 2027, subject to customary conditions, including shareholder and regulatory approvals; contingent transaction fees are estimated at $70M–$85M.

• No Q4 or FY 2026 guidance will be provided in light of the pending transaction.

• Third-party insurers are expected to write a growing share of Exchange premium, supporting direct commission income but slowing Underwriting revenue growth; retained premium is expected to decline over time.

• Continued investment in platform capabilities, technology and talent is planned; some related expenses may become less tied to premium volume as capabilities are built.