Porch Group Q2 adjusted core profit eases past estimates; annual outlook lifted
PRCH•Outlook
- Porch raises 2026 revenue guidance to $506 mln-$517 mln from $495 mln-$507 mln
- Company lifts 2026 gross profit outlook to $419 mln-$429 mln from $401 mln-$413 mln
- Porch increases 2026 adjusted EBITDA forecast to $119 mln-$125 mln from $103 mln-$109 mln
Overview
- U.S. homeowners insurer's Q2 revenue grew 12% yr/yr, driven by Insurance Services segment
- Adjusted EBITDA for Q2 beat analyst expectations, rising 150% yr/yr
- Company raised full-year guidance on strong Insurance Services growth and policy momentum
Result Drivers
- Insurance Services growth - Insurance Services revenue rose 38% yr/yr, leading segment growth
- Policy volume - Reciprocal Policies Written grew 38% yr/yr, with new customer RWP up 206% yr/yr
- Distribution expansion - Agency branch locations producing in Q2 rose 148% yr/yr, quote volumes up 87%
