Porch Group's insurance services segment expanded reciprocal written premium 38% to $139.8 million in the second quarter of 2026. The segment's adjusted EBITDA margin as a percentage of written premium reached 32%, up from 16% a year earlier, as the company scaled its policyholder-owned reciprocal exchange.
Reciprocal policies written grew 38% year-over-year to 58,700, an acceleration from 33% growth in Q1 2026. Statutory surplus at the Porch Reciprocal Exchange ended the quarter at $169.9 million, up 33% from Q2 2025, with surplus plus non-admitted assets at $376.5 million.
Insurance services segment revenue rose 38% to $92.9 million from $67.4 million, with an adjusted EBITDA of $44.4 million against $19.7 million a year earlier. Insurance services gross profit as a percentage of reciprocal written premium expanded to 58% from 48%.
Under the reciprocal model, policyholders own the exchange while a Porch subsidiary acts as attorney-in-fact and earns fees on premiums. Porch consolidates the Reciprocal as a variable interest entity for reporting purposes, but its results do not accrue to Porch Group stockholders.
Porch-owned segments revenue, which excludes the Reciprocal, rose 23% to $131.8 million from $107 million. Adjusted EBITDA excluding the Reciprocal reached $39.1 million, up 150% from $15.6 million in Q2 2025.
Consolidated revenue was $140.9 million, up 12% from $126.1 million. Net loss on a consolidated basis was $14.2 million, but net income attributable to Porch stockholders was $5.6 million, a positive result that reflects the separation of the Reciprocal's own net loss of $19.8 million from Porch's shareholder economics.
"Q2 was a strong quarter and another clear proof point that the model is working," said Matt Ehrlichman, Porch Group's chief executive officer, chairman, and founder. "We exceeded expectations, grew Adjusted EBITDA excluding Reciprocal meaningfully, delivered positive net income attributable to Porch, and are raising guidance across the board."
Top-of-funnel expansion contributed to the growth, with producing agency branch locations rising 148% from Q2 2025 and quote volumes up 87%. New customer reciprocal written premium grew 206% year-over-year in the quarter.
Porch raised full-year guidance for Porch-owned segments. Revenue guidance moved to $506 million to $517 million from a prior range of $495 million to $507 million, a range of 21% to 23% growth. Full-year adjusted EBITDA excluding the Reciprocal is now guided at $119 million to $125 million, against a prior range of $103 million to $109 million.
Software and data segment revenue was $23.1 million against $24 million a year earlier. The average number of companies served fell 22% to 18,700, while annualized average revenue per company rose 24% to $4,926.
At quarter-end, Porch held $126.8 million in total cash, cash equivalents, investments, and restricted cash. Outstanding convertible debt principal was $475.1 million. Of that total, $7.8 million of notes mature in September 2026, which management expects to settle at that date.
