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Insurance - Life · Financial Services · Fiscal year ends Dec 31
Porch reported revenue of $419M in the fiscal year ended Dec 2025, up 33.7% from the year before. Operating income was $37M, an operating margin of 8.7%, and net income was −$3M. Operating cash flow of $66M less capital expenditure of $454,000 left free cash flow of $66M. Net debt was $348M.
Ranks among the 20 insurance - life companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 192 | 276 | 287 | 313 | 419 |
| Cost of revenue | 58.7 | 108 | 229 | 236 | 142 |
| Gross profit | 134 | 168 | 201 | 202 | 340 |
| Selling, general & admin | 169 | 224 | 245 | 218 | 245 |
| Operating income | −83.4 | −177 | −190 | −64.6 | 36.6 |
| Interest expense | 5.8 | 8.7 | 31.8 | 42.5 | 51.6 |
| Pre-tax income | −117 | −156 | −133 | −30.7 | 26.7 |
| Income tax | −10.3 | 0.8 | 0.6 | 2.1 | 11.4 |
| Net income | −107 | −157 | −134 | −32.8 | −3.4 |
| Diluted EPS | −1.14 | −1.61 | −1.39 | −0.33 | −0.03 |
| Diluted shares | 93.9 | 97.4 | 96.1 | 99.6 | 104 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 316 | 215 | 258 | 168 | 44.7 |
| Receivables | 28.8 | 26.4 | 24.3 | 19.1 | 11.3 |
| Current assets | 605 | 611 | 481 | 365 | 88.2 |
| Net PP&E | 6.7 | 12.2 | 16.9 | 22.5 | 27.6 |
| Goodwill | 226 | 245 | 192 | 192 | 192 |
| Total assets | 1,039 | 1,049 | 899 | 814 | 797 |
| Payables | 7.0 | 6.3 | 8.8 | 4.5 | 4.0 |
| Deferred revenue | 201 | 271 | 249 | 249 | 4.6 |
| Current liabilities | 363 | 516 | 462 | 414 | 67.8 |
| Short-term debt | 0.2 | 16.5 | 0.2 | 0.2 | 7.8 |
| Long-term debt | 415 | 425 | 435 | 404 | 385 |
| Total liabilities | 822 | 970 | 935 | 857 | 775 |
| Shareholders' equity | 217 | 79.4 | −35.7 | −43.2 | −24.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −34.8 | −17.7 | 33.9 | −31.7 | 66.4 |
| Capital expenditure | 1.0 | 2.4 | 0.9 | 0.5 | 0.5 |
| Free cash flow | −35.7 | −20.1 | 33.1 | −32.2 | 66.0 |
| Depreciation & amortisation | 16.4 | 27.9 | 24.4 | 25.5 | 24.5 |
| Stock-based compensation | 38.6 | 27.0 | 20.7 | 27.2 | 29.0 |
| Acquisitions | 256 | 38.6 | 2.0 | 0.0 | 0.0 |
| Share buybacks | 0.0 | 1.8 | 5.6 | 0.0 | 0.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 43.4% | 4.2% | 9.0% | 33.7% |
| Gross margin | 69.5% | 61.0% | 69.9% | 64.5% | 81.2% |
| Operating margin | −43.3% | −64.2% | −66.2% | −20.6% | 8.7% |
| Net margin | −55.4% | −56.7% | −46.6% | −10.5% | −0.8% |
| Return on equityBlank when equity is negative | −49.1% | −197.3% | – | – | – |
| ROCEEBIT ÷ (assets − current liabilities) | −12.3% | −33.2% | −43.5% | −16.2% | 5.0% |
| Free cash flow margin | −18.6% | −7.3% | 11.5% | −10.3% | 15.7% |
| Cash conversion (CFO ÷ net income) | 0.33x | 0.11x | −0.25x | 0.97x | −19.8x |
| Receivable days | 55 | 35 | 31 | 22 | 10 |
| Payable days | 43 | 21 | 14 | 7 | 10 |
| Interest cover | −14.5x | −20.3x | −5.98x | −1.52x | 0.71x |
| Debt ÷ equity | 1.91x | 5.57x | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 99.0 | 227 | 177 | 236 | 348 |
| Current ratio | 1.67x | 1.18x | 1.04x | 0.88x | 1.30x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.