Accelerant Holdings reported fourth‑quarter and full‑year 2025 results on March 19, 2026. Total revenue was $248.4 million, a slight miss of the $248.47 million consensus estimate, while adjusted EBITDA reached $70.5 million, giving a 28% margin. Earnings per share were $0.23, beating the consensus of $0.15 by $0.08, a 53% surprise.
The EPS beat was driven by a 24% year‑over‑year increase in Exchange Written Premium to $1.09 billion and a 40% share of third‑party direct written premium, which has a higher fee‑based margin. Revenue fell short of estimates by $0.07 million, a 0.03% miss, likely reflecting a modest decline in legacy underwriting revenue that was offset by the growth in third‑party premium. Compared with Q4 2024, revenue rose from $190.7 million to $248.4 million, and adjusted EBITDA grew from $46.4 million to $70.5 million.
Adjusted EBITDA margin expanded from 19% in Q4 2024 to 28% in Q4 2025, reflecting the company’s shift toward a capital‑light, fee‑based model and the operating leverage gained as the platform scales. The 126% net revenue retention rate and the 24% growth in Exchange Written Premium underscore the strength of the underlying member base and the increasing participation of third‑party capital.
Management guided for full‑year 2026 Adjusted EBITDA of at least $275 million, a decline from the $282 million achieved in 2025, signaling caution about near‑term profitability. The company also announced that CFO Jay Green will step down effective March 31, 2026, and that Linda Huber will assume the role. In addition, the board authorized a share repurchase program of up to $200 million, effective through December 31, 2028.
Jeff Radke, co‑founder and CEO, said, “We closed out 2025 with a fantastic quarter, meeting or exceeding our expectations across our key operating metrics and continuing to expand the reach of the Accelerant Risk Exchange.” CFO Jay Green added, “Our fourth quarter results reflect continued strong Exchange Written Premium growth, underpinned by growth in Third‑Party Direct Written Premium and operating leverage. Our 2026 outlook reflects continued momentum across the Accelerant Risk Exchange, with Exchange Written Premium expected to grow more than 20% year‑over‑year as third‑party capital participation continues to expand.”
Investors reacted cautiously to the guidance, weighing the strong quarterly performance against the lower 2026 EBITDA outlook and the CFO transition.
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