Porch Group Posts Stellar Q2 2026 Results: Revenue Growth and Increased Guidance
Porch Group, a leading provider of insurance services, has announced outstanding results for its second quarter of 2026. According to the company's recent conference call transcript, Porch Group delivered impressive financial performance that exceeded expectations.
CEO Matt Ehrlichman highlighted the strong Q2 results, stating, "We are pleased to report a fantastic second quarter where we again delivered results that exceeded expectations and are raising guidance substantially across the board." The company generated positive net income attributable to Porch in the quarter, with revenue growth excluding the reciprocal at 23% and Adjusted EBITDA margin excluding the reciprocal at 30%. This achievement marks Porch Group as a Rule of 50 company.
The core insurance services business stood out particularly well, with a 38% revenue growth and a remarkable 48% Adjusted EBITDA margin this quarter. Policy growth in the insurance business grew by the same 38% year-over-year, demonstrating the strong economics of Porch Group's model. Incremental margins at Insurance Services were exceptional, with revenues flowing almost fully into higher Adjusted EBITDA.
Adjusted EBITDA, excluding the reciprocal, grew two and a half times year-over-year for the entire company. The progress made on profitability has strengthened Porch Group's balance sheet profile, with increased 2026 guidance of $122 million of Adjusted EBITDA at the midpoint. This achievement puts leverage below three times this year.
The reciprocal is healthier than ever, with statutory surplus growing quarter-over-quarter and loss ratios that continue to be exceptional. CEO Matt Ehrlichman emphasized, "The system is working," highlighting Porch Group's differentiated insurance platform with strong capacity, expanding distribution, and proprietary data, which creates a fundamental margin advantage relative to competitors.
COO Matthew Neagle provided additional context on the Q2 results, mentioning that reciprocal written premium (RWP) was $140 million, up 16% year-over-year. Written policies were up 38% year-over-year, driving quarterly consolidated revenue of $141 million, up 12% year-over-year. Excluding the reciprocal, revenue was $132 million, up 23% year-over-year, with continued strong gross margins of 85% for this quarter.
The Q2 results demonstrated the earnings power of Porch Group's model, with premium volume translating into high-margin earnings. Scaling the insurance business is straightforward, as statutory surplus creates capacity and top-of-funnel consists of insurance agencies driving quote volume, quotes convert to policies written in RWP.
