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Exzeo Announces Third Quarter 2026 Financial Results
Pre-Tax Income of $29.8 million;
Managed Premium2of $1.4 billion
TAMPA, Fla., November 04, 2026–(BUSINESS WIRE)–Exzeo Group, Inc.(NYSE:XZO) today announced financial results for the third quarter ended September 30, 2026.
“AI will reshape the insurance industry, not just in expense ratios but in how coverage is bought and sold,” said Paresh Patel, Exzeo’s Chairman and Chief Executive Officer. “That creates a real opening for Exzeo to expand its revenue base by designing and deploying new offerings with carrier partners. We’re starting from a strong position: we have the team, the technology and the balance sheet to pursue this while remaining solidly profitable.”
Third Quarter 2026 Highlights (Comparisons to Third Quarter 2025)
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Revenue was in line with the prior-year period at $55.2 million. Adjusted Revenue3, which excludes outsourced claims service revenue that is driven largely by catastrophe events, increased to $53.9 million from $52.4 million, due to growth in underwriting and management services from new and existing customers.
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Net income increased to $22.3 million from $21.2 million. Basic and diluted earnings per share were $0.25 in both periods.
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Managed Premium increased to $1.4 billion from $1.2 billion, reflecting continued growth in managed policies from new and existing customers on the Exzeo platform.
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Annual Recurring Revenue4 increased to $205.8 million from $192.4 million, reflecting growth in Managed Premium and related recurring fee base.
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Adjusted EBITDA3 was $27.6 million compared with $28.7 million. Adjusted EBITDA Margin3 was 51% compared with 55% in the prior-year period, as Exzeo continued to invest in strategic initiatives to support long-term growth, including expanding its workforce and enhancing operational infrastructure.
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Cash, cash equivalents and investments totaled $350.2 million, consisting of $116.4 million in cash and cash equivalents and $233.8 million in available-for-sale fixed-maturity securities.
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During the third quarter, Exzeo repurchased 410,585 shares of common stock for approximately $7.0 million under its May 2026 and August 2026 Share Repurchase Programs5. The May 2026 Share Repurchase Program was completed on July 8, 2026, and approximately $20.0 million remained available under the August 2026 Share Repurchase Program as of September 30, 2026.
Year-to-Date 2026 Highlights (Comparisons to Year-to-Date 2025)
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Revenue increased to $168.5 million from $163.7 million. Adjusted Revenue, which excludes outsourced claims service revenue that is driven largely by catastrophe events, increased to $164.2 million from $154.8 million, due to growth in underwriting and management services from new and existing customers.
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Net income increased to $66.0 million from $60.8 million and basic and diluted earnings per share were $0.73 in both periods.
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Adjusted EBITDA increased to $84.1 million from $83.5 million. Adjusted EBITDA Margin was 51% compared with 54% in the prior-year period, reflecting continued investment in Exzeo’s workforce and operational infrastructure to support long-term growth.
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Net cash provided by operating activities was $72.6 million compared with $89.0 million. Free Cash Flow3 was $71.7 million compared with $86.6 million in the prior-year period. The decrease was primarily due to the timing of business growth and associated cash collections, partially offset by higher net income.
