On a February evening in 2026, Exzeo Group, the Tampa-based software firm that runs the back-office machinery for homeowners insurers, set out its results for a year in which its revenue grew by nearly two-thirds and its profits climbed even faster. Growth of this kind is familiar in the history of platforms that become indispensable to an industry, yet it arrives here tethered to a single controlling shareholder that supplies nearly all of the business. The numbers speak of a company finding its footing, while the release itself reminds the reader that the foundation still rests largely on on
Exzeo Reports 62% Full-Year Revenue Growth to $217M, Net Income Reaches $82.7M
Substantially all of its revenue still comes from its controlling shareholder
Mark
Revenue up 62% and net income more than tripled. What's the core of the story?
Mimi
Exzeo sells software and services to home insurers, and 2025 was the year the scope of those services widened. Revenue hit $217.0 million, and net income from continuing operations went from $26.1 million to $82.7 million.
Mark
And the Managed Premium number, 139% in the fourth quarter?
Mimi
It's the value of premiums running through the platform, $1.39 billion versus $580.3 million. Annual Recurring Revenue went from $138.5 million to $214.9 million alongside it.
Luke
Worth saying what those are. Managed Premium and ARR are the company's own defined operating measures, not GAAP figures. The definitions are in the release, but nobody outside has audited the framing.
Mark
Same for the 54% margin?
Luke
Yes. Adjusted EBITDA margin is non-GAAP, and it's calculated on Adjusted Revenue, which excludes some outsourced claims-management revenue. That makes the denominator smaller than total revenue.
Mimi
The company says that excluded revenue is roughly neutral economically, since the costs match it. That's its explanation, though.
Mark
What's the biggest caution in the document itself?
Mimi
Dependence on HCI Group. HCI controls Exzeo's stock and supplies substantially all of its revenue, by the company's own account.
Luke
Right, and the release doesn't break down revenue by customer. It says a sixth insurer joined, but not how much any of them contributes. That's unknown here.
Mark
So what do we watch?
Luke
The 10-K, when filed, and whether revenue diversifies away from HCI.
El Pulso
- Full-year revenue surged 62% to $217.0 million, and net income from continuing operations more than tripled to $82.7 million.
- Managed Premium jumped 139% in the fourth quarter to $1.39 billion, pushing the platform's scale into new territory.
- The company now depends on majority owner HCI Group for substantially all of its revenue, a concentration the release states plainly.
- Cash piled up to $305.4 million by year end, giving Exzeo room to absorb the regulatory and risk factors it has flagged.
- Investors are waiting on the 10-K filing and the conference call to test whether profitability holds beyond the HCI relationship.
On a February evening in 2026, Exzeo Group, the Tampa-based software firm that runs the back-office machinery for homeowners insurers, set out its results for a year in which its revenue grew by nearly two-thirds and its profits climbed even faster. Growth of this kind is familiar in the history of platforms that become indispensable to an industry, yet it arrives here tethered to a single controlling shareholder that supplies nearly all of the business. The numbers speak of a company finding its footing, while the release itself reminds the reader that the foundation still rests largely on one relationship.
On the evening of February 25, 2026, Exzeo Group, the Tampa company listed on the New York Stock Exchange as XZO, published its results for the fourth quarter and the full year 2025. Full-year revenue reached $217.0 million, up 62% from the year before. Chairman and CEO Paresh Patel framed the year as proof of what the company calls its Insurance-as-a-Service platform: a single system covering quoting, underwriting, policy administration, claims, analytics and financial reporting for property and casualty carriers, with homeowners insurance at its center.
The profit story was sharper still. Net income from continuing operations rose to $82.7 million from $26.1 million, and earnings per share climbed to $0.99 from $0.20. Adjusted EBITDA reached $111.5 million. Much of the growth came from underwriting and management services for existing customers, along with a wider range of services provided to them from the start of 2025.
The fourth quarter echoed the year at a smaller scale. Revenue rose 20% to $53.3 million, and a sixth insurance company joined the platform during the quarter. Managed Premium, the gross value of in-force premiums the software processes, rose 139% to $1.39 billion, while Annual Recurring Revenue reached $214.9 million. Cash from operations reached $100.3 million, and cash on hand ended the year at $305.4 million.
The release does not hide its caveats. It acknowledges that Exzeo currently depends on its controlling shareholder, HCI Group, for substantially all of its revenue, and it lists the regulated environment and the challenge of sustaining profitability among its risks. The full discussion awaits the annual report on Form 10-K. The question that lingers is how much of this momentum rests on one related customer, and whether the other carriers on the platform can stand on their own.
On the evening of February 25, 2026, Exzeo Group, Inc., the Tampa-based insurance software company listed on the New York Stock Exchange as XZO, published its results for the fourth quarter and full year ended December 31, 2025. The headline figure was full-year revenue of $217.0 million, up 62% from $133.9 million the year before.
The company builds what it calls an Insurance-as-a-Service platform for property and casualty carriers, with a particular focus on homeowners insurance. The platform covers quoting, underwriting, policy administration, claims handling, data analytics and financial reporting. Chairman and Chief Executive Officer Paresh Patel said the year showed the strength and scalability of the platform. Since the company's IPO, he said, Exzeo has deepened ties with existing carrier partners and added new customers while delivering strong revenue growth and solid profitability.
Profit moved sharply. Net income from continuing operations for the full year was $82.7 million, against $26.1 million in 2024. Earnings per share, basic and diluted, rose to $0.99 from $0.20. Adjusted EBITDA, a non-GAAP measure, climbed to $111.5 million from $44.0 million, and the adjusted margin widened to 54% from 37%. Exzeo attributes the revenue growth mainly to underwriting and management services for its existing customers, and to a broader scope of services provided to them at the start of 2025.
The fourth quarter followed the same pattern at a smaller scale. Revenue rose 20% to $53.3 million from $44.5 million. Net income from continuing operations was $22.0 million, compared with $11.7 million a year earlier, and earnings per share were $0.25 versus $0.15. Adjusted EBITDA reached $28.0 million from $16.8 million, with a margin of 55% against 46%. A sixth insurance company joined the platform during the quarter.
Two operating measures stood out. Managed Premium, which is the gross value of in-force premiums processed or administered by Exzeo's software at period end, excluding policy fee income, rose 139% to $1.39 billion from $580.3 million. Annual Recurring Revenue, which multiplies each customer's managed premium by its contractual fee rate, adds policy fee income and leaves out one-time items such as catastrophe services, reached $214.9 million at year end, up from $138.5 million.
Cash generation improved as well. Cash from operating activities was $100.3 million, up from $49.3 million, and free cash flow, defined as operating cash less capital expenditures, was $97.5 million versus $45.9 million. Cash and cash equivalents ended the year at $305.4 million, compared with $54.5 million a year earlier, and working capital was $241.4 million, up from $10.9 million.
The release also carries its caveats. It names the company's controlling shareholder, HCI Group, Inc., and says Exzeo currently depends on HCI for substantially all of its revenue. It lists the regulated environment and the ability to maintain current profitability among its risks. Exzeo also defines an Adjusted Revenue measure that leaves out certain claims-management services outsourced to an HCI subsidiary. Those services are recorded gross under GAAP, but the company says the costs closely match the revenue, so the economics are largely neutral. The adjusted margin is calculated on that narrower revenue base.
Management scheduled a conference call for 5:45 p.m. Eastern that day, with a replay posted afterward on its investor relations site. The annual report on Form 10-K for 2025 is still to be filed, and it will carry the full risk discussion. The open question is how much of this growth continues to come from a single related customer relationship, and how many of the six carriers on the platform contribute meaningfully beyond it.
Citas Notables
The full-year performance underscores the strength and scalability of the Exzeo Platform, with deeper carrier relationships and new customers since the IPO.— Paresh Patel, Chairman and CEO, Exzeo Group
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