Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-39142 PORCH GROUP, INC. (Exact name of registrant as specified in its charter) Delaware 84-2587663 (State or other jurisdiction of incorporation or organizatio ...

SEATTLE--(BUSINESS WIRE)--Porch Group, Inc. ("Porch†) (Nasdaq: PRCH), a new kind of homeowners insurance company, today announced its upcoming investor event attendance. Porch Management will be attending and participating in one-on-one and group investor meetings at these upcoming events: February 27, 2026: KBW Non-Deal Roadshow (Milwaukee) March 3-4, 2026: Benchmark Non-Deal Roadshow (San Francisco/Los Angeles) March 9, 2026: Loop Capital 7th Annual Investor Conference (Virtual) March 10, 202. ...

Core Viewpoint - Porch Group Inc. experienced a significant stock surge of 21.87% to $9.25 in after-hours trading following the release of its fourth-quarter earnings report, which exceeded market expectations [1]. Q4 Earnings Results - The company reported a loss of $0.03 per share, which was better than the anticipated loss of $0.07 per share [2]. - Porch Group's revenue increased to $23.94 million compared to the same period last year [2]. - In the previous quarter, the company's earnings per share fell short of estimates by $0.04 [2]. - Keefe, Bruyette & Woods upgraded Porch Group's rating from Market Perform to Outperform and set a price target of $10.50 [2]. Trading Metrics, Technical Analysis - Porch Group has a market capitalization of $938.76 million, with a 52-week high of $19.44 and a low of $3.72 [3]. - The stock has a Relative Strength Index (RSI) of 43.09 and has gained 59.79% over the past 12 months [3]. - As of Wednesday, the stock closed at $7.59, reflecting a 2.71% increase, and is currently trading approximately 24.6% above its 52-week low [3]. Stock Rankings - Benzinga's Edge Stock Rankings indicate that Porch Group has a positive price trend across all time frames [4].

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Management repeatedly framed premium growth around three drivers: statutory surplus at the reciprocal (capacity), quote volume (top-of-funnel), and conversion rate (new policies). Ehrlichman said statutory surplus at the reciprocal increased about $50 million in 2025 and ended the year almost 50% higher than 2024. He added that the company more than doubled active agencies and nearly tripled quote volumes year-over-year, while conversion rates improved late in 2025 and into early 2026 following pricing and ...

分组1 - Porch Group, Inc. reported a quarterly loss of $0.03 per share, better than the Zacks Consensus Estimate of a loss of $0.08, representing an earnings surprise of +60.00% [1] - The company posted revenues of $112.25 million for the quarter ended December 2025, exceeding the Zacks Consensus Estimate by 3.33% and up from $100.36 million a year ago [2] - Over the last four quarters, Porch Group has surpassed consensus EPS estimates three times and topped consensus revenue estimates four times [2] 分组2 - The stock has underperformed the market, losing about 19.1% since the beginning of the year compared to the S&P 500's gain of 1.4% [3] - The current consensus EPS estimate for the coming quarter is -$0.10 on revenues of $96.5 million, and for the current fiscal year, it is $0.04 on revenues of $480.78 million [7] - The Zacks Industry Rank for Internet - Software is in the bottom 44% of over 250 Zacks industries, indicating potential underperformance compared to higher-ranked industries [8]

Financial Data and Key Metrics Changes - Full year 2025 adjusted EBITDA reached $77 million, an 11-fold increase over 2024, translating into $65 million in cash flow from operations [3][13] - Q4 gross profit was $91 million, resulting in an 81% gross margin, while Q4 adjusted EBITDA was $23 million, a 21% margin [5][15] - Statutory surplus at the reciprocal grew approximately $50 million year-over-year, ending 2025 at $155 million, a 47% increase [6][11] Business Line Data and Key Metrics Changes - Insurance services revenue for Q4 was $75.7 million, contributing 67% to total revenue, with an 86% gross margin [15][16] - Software and Data segment revenue was $22.3 million, a 3% increase year-over-year, while Consumer Services revenue was $16.6 million, a 2% increase [17][18] - Reciprocal written premium (RWP) for Q4 was $126 million, exceeding expectations, with a significant increase in new customer additions [4][28] Market Data and Key Metrics Changes - The number of active agencies more than doubled year-over-year, with quote volumes increasing nearly 3x compared to the previous year [25][26] - New business premiums in November increased 61% compared to the January to October average, with December seeing a further 104% increase [6][27] Company Strategy and Development Direction - The company aims for $600 million in organic reciprocal written premium for 2026, representing a 25% growth rate, supported by increased agency and quote volumes [4][22] - Porch Insurance was launched in Texas, providing a unique product that includes additional coverages and services, enhancing agent incentives [7][52] - The company focuses on building a data-driven underwriting advantage, which has resulted in strong loss ratios and profitability [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2026 targets, citing strong momentum in new customer acquisition and improved conversion rates [4][34] - The company noted that the competitive landscape is shifting towards independent agents, which aligns with its distribution strategy [82] Other Important Information - The company authorized a $2.5 million share repurchase program, reflecting confidence in its financial position [21] - The 2026 guidance includes expectations for revenue growth of 13%-17%, with adjusted EBITDA projected between $98 million to $105 million [22] Q&A Session Questions and Answers Question: Can you provide insight into the pricing actions taken to drive acceleration and the flexibility for future pricing adjustments? - Management indicated that there is significant margin in the system, allowing for targeted pricing adjustments to drive conversion rates without dramatic changes [39][40] Question: How should the RWP to EBITDA conversion be viewed as the company scales RWP? - The company highlighted strong operating discipline, maintaining fixed operating expenses while increasing revenue, which supports improved EBITDA conversion rates [42][43] Question: What is the outlook for the competitive landscape and how does it impact the business? - Management noted a shift from in-house agents to independent agents, which is beneficial for the company as it works primarily with independent agents [82]

Financial Data and Key Metrics Changes - Full year 2025 Adjusted EBITDA reached $77 million, an 11-fold increase over 2024, translating into $65 million in cash flow from operations [3][13] - Q4 gross profit was $91 million, resulting in an 81% gross margin, with Q4 Adjusted EBITDA at $23 million, a 21% margin [5][15] - Statutory surplus at the reciprocal grew approximately $50 million year-over-year, ending 2025 at $155 million, a 47% increase [6][11] Business Line Data and Key Metrics Changes - Insurance Services generated 67% of Q4 revenue, with RWP at $126 million, driven by new customer additions [15][28] - Software and Data segment revenue was $22.3 million, a 3% increase year-over-year, while Consumer Services revenue was $16.6 million, a 2% increase [18][19] - Adjusted EBITDA for Insurance Services was $29 million, a margin of 38%, while Software and Data had an Adjusted EBITDA of $3.7 million [16][18] Market Data and Key Metrics Changes - Quote volumes increased nearly 3x year-over-year, with a 9% sequential increase from Q3 to Q4 [26][28] - New business premiums in November increased 61% compared to the January to October average, with December seeing a further 104% increase [6][27] - The company expects to achieve $600 million in organic reciprocal written premium (RWP) in 2026, representing a 25% growth rate [4][22] Company Strategy and Development Direction - The launch of Porch Insurance in Texas is a key part of the long-term strategy, aimed at improving conversion rates and providing better products for homeowners [7][51] - The company is focused on growing agency and quote volumes, pricing adjustments, and agency incentives to increase conversion rates [4][25] - The strategy emphasizes a structural advantage in underwriting, leveraging data and software to improve risk assessment and pricing [8][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering against the 2026 plan, citing strong momentum in new policyholder conversion rates and agency growth [4][6] - The company noted that 2025 was a transformational year, positioning for durable, profitable growth despite challenges in the broader housing market [3][34] - Management highlighted the importance of maintaining a healthy reciprocal surplus to support future growth targets [11][72] Other Important Information - The company ended 2025 with a cash position of $121.2 million, a $31.3 million increase from the beginning of the year [20] - A $2.5 million share repurchase program was authorized by the board of directors [21] - The company plans to focus on larger customers and sunset certain legacy software products to improve profitability [30] Q&A Session Summary Question: Can you provide insight into pricing actions taken to drive acceleration and flexibility for future pricing? - Management indicated that there is significant margin in the system, allowing for targeted pricing adjustments to improve conversion rates without dramatic changes [38][39] Question: How should we think about the operating leverage in RWP to EBITDA conversion as you scale RWP? - Management noted that operating discipline and cost control have led to improved RWP to Adjusted EBITDA conversion rates, with expectations for continued improvement [41][43] Question: Can you discuss the competitive landscape and any shifts observed in key markets? - Management acknowledged no significant changes in competition impacting quote volumes or conversion rates, maintaining confidence in their growth strategy [7][80]

Financial Data and Key Metrics Changes - Full year 2025 adjusted EBITDA reached $77 million, an 11-fold increase over 2024, translating into $65 million in cash flow from operations [3][14] - Q4 gross profit was $91 million, resulting in an 81% gross margin, while Q4 adjusted EBITDA was $23 million, a 21% margin [5][16] - Statutory surplus at the reciprocal grew approximately $50 million, ending 2025 almost 50% higher than 2024, with a total of $155 million in statutory surplus [3][12] Business Line Data and Key Metrics Changes - Insurance services revenue was $75.7 million in Q4, accounting for 60% of total revenue, with a gross margin of 86% [16][17] - Software and data segment revenue was $22.3 million, a 3% increase over the prior year, while consumer services revenue was $16.6 million, a 2% increase [18][20] - Reciprocal written premium (RWP) was $126 million in Q4, with a significant increase in new customer additions driving this growth [4][28] Market Data and Key Metrics Changes - The number of active agencies more than doubled year-over-year, with quote volumes increasing nearly 3x compared to the previous year [26][28] - New business premiums in December rose 104% compared to the January to October average, indicating strong market demand [6][28] - The competitive landscape is shifting from in-house agents to independent agents, which is favorable for the company [82] Company Strategy and Development Direction - The company aims for $600 million in organic reciprocal written premium in 2026, representing a 25% growth rate [4][23] - The launch of Porch Insurance is a key part of the strategy, providing a unique product that enhances conversion rates and agent profitability [8][51] - The company is focused on leveraging its data and technology to improve underwriting and risk assessment, creating a structural advantage in the market [9][63] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2026 growth targets, citing strong momentum in new customer additions and improved conversion rates [4][36] - The company noted that the insurance services division is offsetting soft U.S. housing conditions, which are expected to persist [24][71] - Management highlighted the importance of maintaining a healthy statutory surplus to support future growth [12][74] Other Important Information - The company ended 2025 with a cash position of $121.2 million, a $31.3 million increase from the beginning of the year [21][22] - A $2.5 million share repurchase program has been authorized by the board of directors [22] Q&A Session Questions and Answers Question: Can you provide insight into the pricing actions taken to drive acceleration and the flexibility for future pricing adjustments? - Management indicated that there is significant margin in the system, allowing for targeted pricing adjustments to improve conversion rates without dramatic changes [41][42] Question: How should we think about the operating leverage in RWP to EBITDA conversion as you scale RWP? - Management noted that the RWP to adjusted EBITDA conversion improved due to operating discipline and cost control, with expectations for continued improvement in 2026 [44][45] Question: Can you discuss the competitive landscape and any shifts observed in key markets? - Management acknowledged a shift from in-house agents to independent agents, which is beneficial for the company as it works with independent agents [82]