PRCH earnings analysis
What we found in PRCH's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Porch Group, Inc. reported stronger-than-expected results for Q1 2026, with revenues of $121.1 million, surpassing estimates by 26.97%. The company experienced a significant growth in gross profit, which increased by 39% year-over-year, though it posted a net loss attributable to Porch of $4.7 million. Management raised full-year guidance for Porch Shareholder Interest revenues and adjusted EBITDA, indicating confidence in future performance.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Q1 Revenue Significantly Beats Estimates
- Porch reported Q1 2026 revenue of $121.1 million, exceeding estimates by 26.97%.
- Improved Gross Profit Margin
- Gross profit increased 39% year-over-year to $90.8 million, raising the gross margin to 75%.
- EPS Surpasses Expectations
- The actual EPS of -$0.04 was a 63.64% positive surprise against the estimate of -$0.11.
- Strong Growth in Reciprocal Policies
- Reciprocal Policies Written grew by 33% year-over-year, contributing to overall revenue.
- Increased Guidance for Full Year 2026
- Management raised revenue guidance to $495M–$507M from $475M–$490M.
- Solid Adjusted EBITDA Growth
- Adjusted EBITDA rose to $19.7 million, representing a 17% year-over-year increase.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Interest Expense
- Interest expense grew by 30% year-over-year to $14.6 million due to higher coupon rates on new debt.
- Continued Net Loss
- The company reported a net loss attributable to Porch of $4.7 million compared to a profit of $8.4 million last year.
- Dependence on Reciprocal's Performance
- Porch's financial health is closely tied to the Reciprocal's stability, highlighting potential vulnerabilities.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.04
- Gross margin
- 75%
- Operating margin
- 9.8%
- Segment
- Insurance Services
- Segment
- Software & Data
- Segment
- Consumer Services
What they said about what is next.
Revenue guidance raised from $475M–$490M to $495M–$507M; Adjusted EBITDA guidance increased to $103M–$109M.
The filing reads better than the one before it.
What came before.
- 10-K · February 20, 2026
- Porch Group positions itself as a vertically integrated home marketplace combining homeowners insurance, warranty/moving consumer services, and home-related SaaS/data. The 10-K emphasizes a data advantage (Home Factors)…
- 10-Q · November 6, 2025
- Porch Group reported Q3 2025 revenue of $118,082,000 (up from $111,200,000 in Q3 2024) with gross profit of $86,947,000 (73.6% margin) and operating income of $16,335,000 (13.8% margin). however, net income attributable…
- 10-Q · August 5, 2025
- Porch Group reported Q2 revenue of $119.295 million (up $8.451 million vs Q2 2024) with gross profit of $75.873 million (~63.6% margin) and operating income of $5.049 million, reversing the prior-year operating loss of…
- 10-Q · August 6, 2024
- Porch reported Q2 revenue of $110,844,000, up 12.2% year-over-year from $98,765,000, driven by Insurance segment strength. Despite top-line growth, the company recorded an operating loss of $52,479,000 (operating margin…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing PRCH makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever