A data and analytics company that helps U.S. property-and-casualty insurers price policies, evaluate risk, and handle claims, offering industry-standard insurance programs, catastrophe modeling, and anti-fraud tools. It serves all of the top 100 U.S. P&C insurers for the lines it offers and maintains one of the world's largest private databases. After selling its Energy business in 2023 and its Marketing Solutions arm in 2025, the company now focuses entirely on the insurance industry.
Q2 FY2026 revenue rose 3.9% to $782.6M while long-term debt climbed 30.4% to $4,217.2M
climbed 30.4% to $4,217.2M as the company funded buybacks with new borrowing. rose 3.9% to $782.6M and rose 4.8% to $1.73, with up 6.7% on cost discipline partly offset by higher interest and legal costs. The refocused insurance business is growing, but is rising fast.
Key takeaways
rose 30.4% to $4,217.2M from a year earlier and 30.6% from the prior quarter, after the company repurchased $1,626.9M of common stock in Q1 funded by operations and borrowings and continued buybacks in Q2.
rose 3.9% to $782.6M with 5.5% , as the VMS disposition and acquisitions netted a $10.9M reduction against underlying gains; underwriting revenue grew 3.8% to $552.1M and claims revenue grew 4.3% to $230.5M.
rose 6.7% to $352.2M and improved 50 to 55.7% from growth and cost discipline, while widened 1.2 points to 45.0%.
Section summaries
Management's Discussion and Analysis
Q2 FY2026 revenue rose 4.3% to $806M, but net income fell 9.8% on higher interest, legal costs, and tax rate.
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Total grew 4.3% to $806.3M in Q2, driven by a 3.5% increase in underwriting and a 6.3% increase in claims, with of 5.9% excluding acquisitions and dispositions.
rose 0.8% to $234.2M and rose 4.8% to $1.73, with net income margin at 29.9% pressured by a non-recurring prior-year tax refund and higher interest payments that also pulled down 12.2% to $390.4M.
fell 16.5% to $326.4M despite the underlying business performance, reflecting the cash used for financing and higher interest.
What changed
Q2 2026 growth of 3.9% came in below the 7.8% Q2 2025 figure flagged to watch, as the narrower post-Marketing-Solutions-sale portfolio annualized at a slower rate.
stood at $4,217.2M, up from the $4,773.5M year-end 2025 balance flagged to watch; the Q1 2026 figure of $4,217.2M reflected $1,626.9M in buybacks funded by borrowing rather than deployment of the $1.5B mandatory-redemption notes proceeds.
of $390.4M in Q1 and $244.5M in Q2 (table Q2'26 $390.4M is Q1; Q2 operating cash flow not separately stated in table beyond Q1 $390.4M and QoQ +13.7% to ~$390.4M? — table shows Q1'26 $390.4M, Q2'26 $390.4M with QoQ +13.7% implies Q2 ~$443.9M) trails the $1,436.0M full-year 2025 figure flagged to watch, with Q1 down 12.2% on a prior-year tax refund and higher interest.
Integration of and was not quantified this quarter; SG&A in Q1 rose on acquisition-related costs, a trend continued from the $17.4M FY2025 transaction costs flagged to watch.
The company's risk factors and market risk disclosures were restated from the 2025 10-K with no material change, so no new company-specific risk emerged this filing.
What to watch
Q3 FY2026 growth against the 3.9% Q2 figure as the post-VMS portfolio further annualizes.
trajectory from the $4,217.2M Q2 balance after the $1,626.9M funding and any further issuance, repayment, or term loan draw.
Full-year 2026 against the $1,436.0M 2025 figure after the $390.4M Q1 print and Q2 result.
Effect of and integrations on SG&A and in coming quarters.
decreased 9.8% to $228.6M, pressured by a $17.3M rise in net , a $16.6M swing to investment losses, and a higher (24.6% vs. 22.7%).
Selling, general and administrative expenses jumped 20.8% to $128.6M, largely due to $16.3M in net costs from acquisitions, dispositions, and -related legal fees.
margin contracted to 54.2% from 57.7%, primarily reflecting those legal fees, partially offset by growth and cost discipline.
surged 49.7% to $366.0M, while financing outflows included $1.8B in share repurchases year-to-date, funded by cash, a new $500M Term Loan Facility, and the .
The company issued $750M in senior notes in February 2026 and drew on its credit facilities to support accelerated share repurchases, ending the quarter with $552.2M in cash and securities.
Quantitative and Qualitative Disclosures About Market Risk
Market risks at June 30, 2026 have not materially changed from those discussed under Item 7A in our 2025 10-K dated and filed with the Securities and Exchange Commission on February 18, 2026.
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Market risks at June 30, 2026 have not materially changed from those discussed under Item 7A in our 2025 10-K dated and filed with the Securities and Exchange Commission on February 18, 2026.
We are party to legal proceedings with respect to a variety of matters in the ordinary course of business. See Part I Item 1. Note 12. Commitments and Contingencies, to our condensed consolidated financial statements for the six months ended June 30, 2026 for a description of ou…
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We are party to legal proceedings with respect to a variety of matters in the ordinary course of business. See Part I Item 1. Note 12. Commitments and Contingencies, to our condensed consolidated financial statements for the six months ended June 30, 2026 for a description of our significant current legal proceedings.