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Exzeo Group (XZO) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Exzeo Group (XZO) Q3 2026 earnings results →

Q3 2026 Revenue up 0% year over year to $55.2M · 40¢ of every $1 of revenue kept as net profit · operating margin 47.4%

Exzeo Group made $55.2M in Q3 2026 (0% Y/Y): Underwriting and Management Services $45.9M, Claim Services $6.6M, Technology Service $2.7M. Operating margin 47.4%, net earnings $22.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$55.2M

Year over year0%

Operating margin47.4%

Net earnings$22.3M

Operating cash flow$31.7M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $55.2M in Q3 2026, roughly flat year over year and down 5% from the previous quarter. Underwriting and Management Services was the largest line at 83% of revenue. Underwriting and Management Services added $1.0M year over year (up 2%), 4900% of the total change. Claim Services declined 18%.

Gross margin was 62.1%, up 0.8 points from Q3 2025. Operating profit was $26.1M, a 47.4% margin (down 2.0 points year over year). Operating profit fell $1.1M even though revenue rose $20K versus Q3 2025, so costs grew faster than sales. Operating expenses grew 24% against flat revenue. The fastest-growing cost line was SG&A (+43%). Net earnings were $22.3M, up 6% year over year. The effective tax rate was 25.1%.

Operating cash flow was $31.7M (up 1% year over year), 142% of net earnings. Non-cash charges added back $768K of depreciation and amortization and $721K of share-based compensation. Working capital and other items added $7.9M. After capital expenditures ($334K), free cash flow as the company reports it was $31.4M.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q3 2026	10-Q	Nov 5, 2026	$55.2M	0%	47.4%	$22.3M	$31.7M
Q2 2026	10-Q	Aug 7, 2026	$57.8M	+3%	49.3%	$23.3M	$15.4M
Q1 2026	10-Q	May 7, 2026	$55.5M	+6%	45.2%	$20.4M	$25.5M
Q4 2025	10-K	Feb 26, 2026	$53.3M	+20%	50.3%	$22.0M	$11.3M
Q3 2025	10-Q	Dec 11, 2025	$55.2M	+90%	49.4%	$21.2M	—

Charts

Latest (Q3 2026): Y/Y +0%, Q/Q -5%.

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q3 2026): Net income $22.3M, Operating cash flow $31.7M.

+5.3% since FY2023: more shares outstanding (issuance, stock pay).

Services-Prepackaged Software; dot size is quarterly revenue; dashed lines are the industry's medians.