The quarter beat the standing operating bar by a wide margin. Management had guided to second-quarter adjusted EBITDA of $60 million to $66 million, while the filing delivered $93.1 million; exchange written premium also landed at $1.322 billion, just above the top of its $1.27 billion-$1.32 billion range. The published adjusted-EPS expectation was approximately $0.16, versus $0.32 reported.
| Metric | Q2 2026 | Q2 2025 | Expectation / prior guide |
|---|---|---|---|
| Exchange written premium | $1,322.3M (Second Quarter 2026 Key Results) | $1,072.3M (Second Quarter 2026 Key Results) | $1.27B-$1.32B Q2 guide |
| Operating revenues | $303.9M (GAAP to Non-GAAP Reconciliation) | $219.2M (GAAP to Non-GAAP Reconciliation) | No clean published consensus using this definition |
| Adjusted EBITDA | $93.1M (GAAP to Non-GAAP Reconciliation) | $63.6M (GAAP to Non-GAAP Reconciliation) | $60M-$66M Q2 guide |
| Adjusted EBITDA margin | 31% (GAAP to Non-GAAP Reconciliation) | 29% (GAAP to Non-GAAP Reconciliation) | — |
| Adjusted net income | $70.0M (GAAP to Non-GAAP Reconciliation) | $26.4M (GAAP to Non-GAAP Reconciliation) | — |
| Adjusted earnings per diluted share | $0.32 (GAAP to Non-GAAP Reconciliation) | $0.13 (GAAP to Non-GAAP Reconciliation) | ~$0.16 published consensus |
The quality of the beat was strongest in the fee-based engine. Operating revenue rose 39% year over year to $303.9 million, while management said fee-based operating revenue increased 56% and fee-based adjusted EBITDA increased 91%; Exchange Services and MGA Operations generated adjusted EBITDA of $74.0 million and $30.3 million, respectively, versus $55.7 million and $24.7 million a year earlier. That points to better underlying platform economics rather than a result driven solely by investment gains. (Financial Information by Segment — Q2 2026; Second Quarter 2026 Key Results)
The headline GAAP profit is flattered by investments, but the underlying result still cleared expectations. The quarter included $53.0 million of net realized and unrealized investment gains, which the company excludes from its updated non-GAAP measures. Even after removing that benefit, adjusted EBITDA reached $93.1 million and adjusted net income reached $70.0 million. (Condensed Consolidated Statements of Operations; GAAP to Non-GAAP Reconciliation)
The Thoma Bravo agreement changes the information regime more than the quarter changes the forecast. Accelerant canceled its scheduled earnings call and withdrew third-quarter and full-year 2026 guidance because of the pending transaction. The filing supplied here does not disclose the purchase price, premium, financing terms, or closing timetable, so the deal itself cannot be judged against a transaction-value benchmark from this document. (Transaction with Thoma Bravo)
Net read: a clear earnings beat, partially offset by lost public-market visibility. The operating numbers materially exceeded the company’s own EBITDA target and the available EPS expectation, but investors now have fewer forward markers because management will not issue further guidance while the take-private deal proceeds. The filing therefore reads as an earnings Beat, with the acquisition becoming the dominant strategic event. (Transaction with Thoma Bravo; Second Quarter 2026 Key Results)
Read the original 8-K on SEC EDGAR ↗