Porch Group (PRCH) Q1 2026 earnings summary

Executive summary

• Q1 2026 results exceeded expectations, with revenue up 29% year-over-year to $109.4 million and Insurance Services revenue up 50%, driven by strong new customer additions and agency expansion.

• Adjusted EBITDA reached $19.7 million (18% margin), while net loss attributable to shareholders was $4.7 million.

• Statutory surplus at the Reciprocal grew 59% year-over-year to $164.6 million, supporting future premium growth.

• Strategic focus remains on scaling rapidly, investing in data, underwriting, and differentiated consumer products, including the launch of Porch Insurance.

• Agency branch locations increased 181% year-over-year, with quote volumes up 69%.

Financial highlights

• Q1 2026 revenue was $109.4 million, up 29% year-over-year; gross profit was $91.2 million (83% margin); Adjusted EBITDA was $19.7 million (18% margin).

• Insurance Services revenue was $74.7 million, up 50% year-over-year, with an 85% gross margin and 37% adjusted EBITDA margin.

• Software & Data revenue was $21.9 million (75% margin), and Consumer Services revenue was $15.1 million (87% margin), both with stable performance.

• Cash and investments at quarter-end were $134.1 million, up from $121.2 million at year-end 2025; net cash from operations was $19.8 million.

• Gross profit for Q1 2026 was $90.8 million, up from $65.4 million in Q1 2025.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $495–$507 million (up from $475–$490 million), gross profit guidance to $401–$413 million, and Adjusted EBITDA guidance to $103–$109 million.

• 2026 RWP target is $600 million, representing 25% year-over-year growth.

• Expected year-over-year growth: revenue 12–16%, gross profit 13–17%, Adjusted EBITDA 17–20%.

• Software and Data, Consumer Services expected to remain flat until housing market recovers; guidance increase driven by Insurance Services.

• Management expects continued premium growth from Porch Insurance and expansion in agency and quote volume.