Homeowners insurance and vertical software platform Porch Group revealed that its first-quarter 2026 financial results exceeded expectations, reporting shareholder interest income of $109.4 million, a 29% increase from the same period last year.
The growth was primarily driven by the insurance services segment, which saw revenue rise 50% year over year to $74.7 million.
The group also reported gross profit of $91.2 million for the quarter, with a gross profit margin of 83%. Adjusted EBITDA reached $19.7 million, equivalent to an 18% margin.
Despite operating gains, Porch reported a net loss attributable to shareholders of $4.7 million. The loss was attributable to a higher share of earnings allocated to non-controlled mutual companies and higher interest expense related to the convertible notes.
Within its insurance coverage, written premiums at Reciprocal (which is owned by its policyholder members rather than Porch) increased 18% to $114.5 million in the first quarter of 2026, with 48,000 policies written, a 44% increase compared to the same period last year.
Capacity continues to be built, with the reciprocal statutory surplus as of the first quarter of 2026 at $164.6 million, a 59% increase from the first quarter of 2025.
The company noted that surplus plus non-endorsed assets ended up at $268.8 million, supporting Porch’s ability to expand premiums over the long term while maintaining a healthy bottom line.
Matt Ehrlichman, CEO, Chairman and Founder, commented: “Porch’s strategy is working. We have laid the groundwork in 2025 as we transition to a simpler model with higher margins, fees and commissions. The first quarter of 2026 is the first quarter in recent history to see significant year-over-year comparisons, and our momentum is clear now.”
“Rapid premium growth is delivering strong revenue growth, with Porch shareholder equity up 29% year-over-year and our Insurance Services segment growing 50%. The underlying drivers of premium growth are ahead of plan and are translating into strong new customer additions. As a result, we are raising our outlook and remain confident in our 2026 premium size targets.”
