Expect downward pressure on CRD-B as continued weak claims activity in U.S. Property & Casualty weighs on earnings. Monitor for weather catalysts and potential guidance updates on the earnings call. The strong balance sheet and share buyback provide some support but are unlikely to offset fundamental weakness near-term.
Price Chart
Executive Summary
Crawford & Company reported Q1 2026 results with revenue of $309.5M (down 1% YoY) and EPS of $0.10 (down 23% YoY), missing consensus estimates. Net income fell 27% to $4.9M, driven by continued low weather-related claims activity in U.S. Property & Casualty, which saw an 11.3% revenue decline. Broadspire grew 1% and International Operations grew 4.5% but constant currency declined 1.7%. The company maintains a strong balance sheet with a 1.62x leverage ratio.
Key Financial Metrics
Key Facts
- Revenue before reimbursements: $309.5M, down 1% YoY from $312.0M
- Net income attributable to shareholders: $4.9M, down 27% from $6.7M
- Diluted EPS: $0.10 for both CRD-A and CRD-B, down 23% from $0.13
- Adjusted operating earnings: $13.7M, down 23% from $17.8M
- Adjusted EBITDA: $22.4M, down 16% from $26.8M
- U.S. Property & Casualty revenue fell 11.3% to $72.9M on lower weather-driven claims
- Operating cash flow improved to $3.3M from -$13.9M a year ago
- Repurchased 468,314 shares of CRD-A and 59,555 shares of CRD-B during Q1
- Leverage ratio remains low at 1.62x EBITDA
Financial Impact
Revenue declined 1% YoY, net income declined 27%, and EPS declined 23% — a significant earnings miss reflecting persistent industry headwinds.
Risk Factors
- Prolonged benign weather suppressing claims volume
- Margin compression from higher corporate costs and shift in mix
- Foreign exchange headwinds impacting International Operations
- Failure to win new business or retain clients
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-204368 |
| Document: crda-20260504.htm | 0001193125-26-204368 |
| Document: crda-ex99_2.htm | 0001193125-26-204368 |
| Document: 0001193125-26-204368-index-headers.html | 0001193125-26-204368 |
| Document: 0001193125-26-204368-index.html | 0001193125-26-204368 |
| Document: 0001193125-26-204368.txt | 0001193125-26-204368 |
| 8-K Data (Synthetic) | 0001193125-26-204368 |
US Market Status
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