Porch Group Q2 2026: Adjusted EBITDA Soars 150% to $39.1M, Full-Year Guidance Raised Across the Board
PRCH has more than doubled off its 52-week low of $6.36.
Summary
Porch Group reported Q2 2026 results that exceeded expectations, with Adjusted EBITDA (Excluding Reciprocal) of $39.1 million (150% YoY growth) and raised full-year guidance. Insurance Services revenue grew 38% YoY, driven by strong reciprocal policy growth.
Key Events · Earnings and Guidance · PRCH
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Q2 2026 Results Beat Expectations
Adjusted EBITDA (Excluding Reciprocal) of $39.1 million grew 150% YoY, exceeding the $25.1 million consensus. Net income attributable to Porch was $5.6 million, and Porch-Owned Segments Revenue (Excluding Reciprocal) rose 23% YoY to $131.8 million.
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Full-Year 2026 Guidance Raised
Porch raised guidance for Revenue (Excluding Reciprocal) to $506M-$517M (21%-23% YoY growth), Gross Profit (Excluding Reciprocal) to $419M-$429M (22%-25% YoY growth), and Adjusted EBITDA (Excluding Reciprocal) to $119M-$125M (55%-63% YoY growth).
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Insurance Services Momentum Accelerates
Insurance Services revenue grew 38% YoY to $92.9 million. Reciprocal Written Premium reached $139.8 million (16% YoY growth), and Reciprocal Policies Written increased 38% YoY to 58.7 thousand, with new customer RWP up 206% YoY.
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Reciprocal Share Sale to Captive Reinsurer
In June 2026, the Reciprocal sold 2.1 million shares of Porch common stock to Porch's wholly owned captive reinsurance business for $15 million at $7.17 per share, a price set on March 31, 2026. The Reciprocal still holds 16.2 million shares.
Analysis · PRCH · Technology
A standout Q2 saw Porch Group deliver adjusted EBITDA of $39.1 million, crushing the $25.1 million consensus and rising 150% year-over-year. The company raised full-year guidance for revenue, gross profit, and adjusted EBITDA, signaling accelerating momentum in its insurance services business. Reciprocal Written Premium grew 16% to $139.8 million, and policies written jumped 38%, demonstrating strong top-of-funnel expansion and conversion. The balance sheet shows $126.8 million in Porch-owned cash and investments, though convertible debt of $475.1 million remains a significant overhang. In June, the Reciprocal sold 2.1 million shares to Porch's captive reinsurer at $7.17 per share — well below today's $14.80 — a non-event for current shareholders but one that highlights the value transfer mechanics between entities. Overall, the results validate the company's pivot to a capital-light reciprocal model and suggest a path to sustained profitability.
At the time of this filing, PRCH was trading at $14.80 on NASDAQ in the Technology sector, with a market capitalization of approximately $1.4B. The 52-week trading range was $6.36 to $19.44. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.