Crawford & Company Reports 2026 Second Quarter Results

View all news 08/03/2026 Strong Earnings Growth Driven by International Operations and Broadspire Quarterly Dividend Increases to $0.08 per Share Crawford & Company® (NYSE: CRD-A and CRD-B), is pleased to announce its financial results for the second quarter ended June 30, 2026. Revenues before reimbursements decreased slightly to $321.4 million in the 2026 second quarter from $323.0 million in the 2025 second quarter. Second quarter net income was $13.4 million, or $0.27 per diluted share for CRD-A and $0.28 for CRD-B, compared to $7.8 million, or $0.16 per diluted share for CRD-A and CRD-B in the prior year quarter. GAAP Consolidated Results Three Months Ended Six Months Ended June 30, June 30, (in millions, except per share amounts) 2026 2025 Change 2026 2025 Change Revenues before reimbursements $321.4 $323.0 (0 )% $631.0 $635.0 (1 )% Net income attributable to shareholders 13.4 7.8 73 % 18.4 14.5 27 % Diluted earnings per share CRD-A 0.27 0.16 69 % 0.37 0.29 28 % Diluted earnings per share CRD-B 0.28 0.16 75 % 0.37 0.29 28 % Non-GAAP Consolidated Results Three Months Ended Six Months Ended June 30, June 30, (in millions, except per share amounts) 2026 2025 Change 2026 2025 Change Revenues before reimbursements on constant dollar basis $313.7 $323.0 (3 )% $615.4 $635.0 (3 )% Consolidated adjusted operating earnings 29.4 22.0 34 % 43.1 39.8 8 % Consolidated adjusted EBITDA 37.6 31.4 20 % 59.9 58.3 3 % Non-GAAP net income attributable to shareholders 18.8 11.2 68 % 26.6 21.5 24 % Non-GAAP diluted earnings per share CRD-A 0.38 0.22 73 % 0.54 0.43 26 % Non-GAAP diluted earnings per share CRD-B 0.38 0.22 73 % 0.54 0.43 26 % Mr. Bruce Swain, president and chief executive officer of Crawford & Company, commented, “Our second quarter was strong, rebounding nicely from the slower start to the year. Performance in the quarter was driven by weather-related claims volume in International, as well as continued solid results in Broadspire. I am confident in our overall direction despite a mixed claims environment that creates challenges in certain parts of our business. A cornerstone of our long-term strategy is to continue to focus on growing our non-weather dependent revenue streams to improve operational resiliency, and we are making progress in that regard.” Mr. Swain continued, “Organic revenue growth and profitable market share gains are our top priorities, and we are focused on client-centricity and operational execution to drive long-term growth. We are encouraged by opportunities we’re seeing in the marketplace, winning nearly $22 million in new business in the quarter with an active pipeline in front of us. Given the Company’s consistent profitability and strong cash generation, our Board has approved an increase to our quarterly dividend to $0.08 per share. As we move through the second half of the year, we remain focused on delivering measurable long-term value to our clients, employees, and shareholders.” Segment Results for the Second Quarter U.S. Property and Casualty U.S. Property and Casualty revenues before reimbursements were $74.1 million in the second quarter of 2026, down 10.2% from $82.5 million in the second quarter of 2025, primarily driven by decreases in weather-related claims and staff augmentation levels within our Catastrophe Services business and a decrease in referrals in Contractor Connection. The segment had operating earnings of $7.2 million in the 2026 second quarter, decreasing from $7.5 million in the second quarter of 2025. The operating margin was 9.7% in the 2026 quarter, compared with 9.0% in the 2025 quarter. The decrease in operating earnings was primarily driven by the reduction in revenues as compared to the prior year quarter. U.S. Property and Casualty revenues before reimbursements were $147.0 million in the six months ended June 30, 2026, decreasing 10.8% from $164.7 million in the 2025 period, primarily driven by decreases in weather-related claims and staff augmentation levels within our Catastrophe Services business and a decrease in referrals in Contractor Connection. The segment had operating earnings of $14.8 million in the six months ended June 30, 2026, decreasing from $17.2 million in the 2025 period. The operating margin was 10.1% for the six months ended June 30, 2026, compared with 10.5% in the 2025 period. The decrease in operating earnings was primarily driven by the reduction in revenues as compared to the prior year period. Broadspire Broadspire segment revenues before reimbursements were $109.4 million in the 2026 second quarter, increasing 1.2% from $108.2 million in the 2025 second quarter driven by increases in disability claims and medical management revenues. Broadspire operating earnings were $15.7 million in the second quarter of 2026, representing an operating margin of 14.4%, increasing from $14.2 million, or 13.1% of revenues in the 2025 period. The increase was due to the increased revenues as well as a reduction in centralized indirect support expenses. Broadspire segment revenues before reimbursements were $214.2 million in the 2026 year-to-date period, increasing 1.1% from $211.8 million in the 2025 period due to increases in disability claims and medical management revenues. Broadspire operating earnings were $26.6 million in the six months ended June 30, 2026, representing an operating margin of 12.4%, increasing from $26.2 million, or 12.4% of revenues in the 2025 period. The slight increase was due to a reduction in centralized indirect support expenses. International Operations International Operations revenues before reimbursements were $138.0 million in the second quarter of 2026, up 4.2% from $132.3 million in the prior-year quarter. The disposition of the Crawford Legal Services businesses reduced revenues by $4.1 million, while foreign currency exchange rate movements increased revenues by $7.7 million. Excluding the effects of these items, revenues increased $2.1 million, or 1.6%, from $127.3 million in the second quarter of 2025 to $129.4 million for the second quarter of 2026, driven primarily by higher weather-related activity in Australia and Asia. Operating earnings were $10.9 million in the 2026 second quarter, increasing from $7.3 million in the 2025 period. The segment’s operating margin for the 2026 quarter increased to 7.9% compared with 5.5% in the 2025 quarter driven by improved operating results within Australia and Canada. International Operations revenues before reimbursements were $269.8 million in the 2026 year-to-date period, up 4.4% from $258.5 million in the 2025 period. The disposition of the Crawford Legal Services businesses reduced revenues by $7.4 million, while foreign currency exchange rate movements increased revenues by $15.5 million. Excluding the effects of these items, revenues increased $3.2 million, or 1.3%, from $247.8 million for the six months ended June 30, 2025 to $251.0 million for the six months ended June 30, 2026, driven primarily by higher weather-related activity in Australia and Asia. Operating earnings were $14.9 million in the six months ended June 30, 2026, increasing from $9.6 million in the 2025 period. The segment’s operating margin for the six months ended June 30, 2026 increased to 5.5% compared with 3.7% in the 2025 period driven by improved operating results within Australia, Canada and Asia. Unallocated Corporate and Shared Costs and Credits, Net Unallocated corporate costs were $4.3 million in the second quarter of 2026, compared with $7.0 million in the same period of 2025. The decrease in the 2026 second quarter was primarily due to one-time $3.1 million indirect tax expense incurred in the 2025 second quarter. Unallocated corporate costs were $13.1 million for both the six months ended June 30, 2026 and 2025. Selling, General, and Administrative Expenses Selling, general, and administrative expenses (“SG&A”) decreased $8.7 million, or 11.1%, in the three months ended June 30, 2026 as compared with the 2025 period. SG&A decreased $7.1 million, or 4.7%, in the 2026 year-to-date period as compared with the 2025 period. The decrease was primarily due to a $3.1 million one-time indirect tax expense incurred in the 2025 second quarter and lower compensation costs, partially offset by a $2.3 million software impairment charge in the 2026 second quarter. Other Matters The Company recognized a $1.3 million net loss on the disposition of businesses in the 2026 second quarter related to the sales of its Crawford Legal Services operations in the U.K. and Chile. Balance Sheet and Cash Flow The Company’s consolidated cash and cash equivalents position as of June 30, 2026, totaled $69.4 million, compared with $64.1 million at December 31, 2025. The Company’s total debt outstanding as of June 30, 2026, totaled $198.1 million, compared with $189.1 million at December 31, 2025. The Company’s operations provided $23.1 million of cash during the first six months of 2026, compared with $21.1 million provided in 2025. The increase in cash provided was primarily driven by higher earnings compared to prior year. During the first six months of 2026, the Company repurchased 763,577 shares of CRD-A at an average per-share cost of $10.52 and 97,940 shares of CRD-B at an average per-share cost of $10.24. In the first six months of 2025, the Company did not repurchase any shares of CRD-A or CRD-B. Conference Call As previously announced, Crawford & Company will host a conference call on August 4, 2026, at 8:30 a.m. Eastern Time to discuss its second quarter 2026 results. The conference call can be accessed live by dialing 1-800-715-9871 and using Conference ID 3128371. A presentation for tomorrow’s call can also be found on the investor relations portion of the Company’s website, https://ir.crawco.com. The call will be recorded and available for replay through August 11, 2026. You may dial 1-800-770-2030 and use passcode 3128371# to listen to the replay. Non-GAAP Presentation In the normal course of business, our operating segments incur certain out-of-pocket expenses that are thereafter reimbursed by our clients. Under U.S. generally accepted accounting principles (“GAAP”), these out-of-pocket expenses and associated reimbursements are required to be included when reporting expenses and revenues, respectively, in our consolidated results of operations. In the foregoing discussion and analysis of segment results of operations, we do not include a gross up of segment expenses and revenues for these pass-through reimbursed expenses. The amounts of reimbursed expenses and related revenues offset each other in our results of operations with no impact to our net income or operating earnings. A reconciliation of revenues before reimbursements to consolidated revenues determined in accordance with GAAP is self-evident from the face of the accompanying unaudited condensed consolidated statements of operations. Operating earnings is the primary financial performance measure used by our senior management and chief operating decision maker (“CODM”) to evaluate the financial performance of our Company and operating segments, and make resource allocation and certain compensation decisions. Unlike net income, segment operating earnings is not a standard performance measure found in GAAP. We believe this measure is useful to others in that it allows them to evaluate segment and consolidated operating performance using the same criteria used by our senior management and CODM. Consolidated operating earnings represent segment earnings including certain unallocated corporate and shared costs, but before net corporate interest expense, stock option expense, amortization of acquisition-related intangible assets, contingent earnout adjustments, non-service pension costs, loss on disposition of businesses, net, software impairment, income taxes, and net income or loss attributable to noncontrolling interests. Adjusted EBITDA is not a term defined by GAAP and as a result our measure of adjusted EBITDA might not be comparable to similarly titled measures used by other companies. However, adjusted EBITDA is used by management to evaluate, assess and benchmark our operational results. The Company believes that adjusted EBITDA is relevant and useful information widely used by analysts, investors and other interested parties. Adjusted EBITDA is defined as net income attributable to shareholders of the Company with adjustments for depreciation and amortization, net corporate interest expense, contingent earnout adjustments, non-service pension costs, loss on disposition of businesses, net, software impairment, income taxes, and stock-based compensation expense. Unallocated corporate and shared costs and credits include expenses and credits related to our chief executive officer and Board of Directors, certain provisions for bad debt allowances or subsequent recoveries such as those related to bankrupt clients, certain unallocated professional fees and certain self-insurance costs and recoveries that are not allocated to our individual operating segments. Income taxes, net corporate interest expense, stock option expense, amortization of acquisition-related intangible assets, contingent earnout adjustments, and non-service pension costs are recurring components of our net income, but they are not considered part of our segment operating earnings because they are managed on a corporate-wide basis. Income taxes are calculated for the Company on a consolidated basis based on statutory rates in effect in the various jurisdictions in which we provide services and vary significantly by jurisdiction. Net corporate interest expense results from capital structure decisions made by senior management and the Board of Directors, affecting the Company as a whole. Stock option expense represents the non-cash costs generally related to stock options and employee stock purchase plan expenses which are not allocated to our operating segments. Amortization expense is a non-cash expense for finite-lived customer-relationship and trade name intangible assets acquired in business combinations. Contingent earnout adjustments relate to changes in the fair value of earnouts associated with our recent acquisitions. Non-service pension costs represent the U.S. and U.K. non-service defined benefit pension costs, which are non-operating in nature as the U.S. plan was frozen in 2002 and the U.K. plans are closed to new participants. None of these costs relate directly to the performance of our services or operating activities and, therefore, are excluded from segment operating earnings to better assess the results of each segment's operating activities on a consistent basis. A significant portion of our operations are international. These international operations subject us to foreign exchange fluctuations. The following table illustrates revenue as a percentage of total revenue for the major currencies of the geographic areas that Crawford does business: Three Months Ended Six Months Ended (in thousands) June 30, June 30, June 30, June 30, 2026 2025 2026 2025 Geographic Area Currency USD equivalent % of total USD equivalent % of total USD equivalent % of total USD equivalent % of total U.S. USD $183,488 57.1 % $190,658 59.0 % $361,131 57.2 % $376,520 59.3 % U.K. GBP 43,021 13.4 % 44,322 13.7 % 86,184 13.7 % 88,664 14.0 % Canada CAD 23,737 7.4 % 23,269 7.2 % 47,469 7.5 % 45,045 7.1 % Australia AUD 25,384 7.9 % 21,607 6.7 % 46,129 7.3 % 40,655 6.4 % Europe EUR 18,411 5.7 % 16,750 5.2 % 35,890 5.7 % 32,674 5.1 % Rest of World Various 27,398 8.5 % 26,391 8.2 % 54,161 8.6 % 51,471 8.1 % Total Revenues, before reimbursements $321,439 100.0 % $322,997 100.0 % $630,964 100.0 % $635,029 100.0 % Following is a reconciliation of consolidated operating earnings to net income attributable to shareholders of Crawford & Company on a GAAP basis: Three Months Ended Six Months Ended (in thousands) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Operating earnings: U.S. Property & Casualty $ 7,155 $ 7,451 $ 14,771 $ 17,231 Broadspire 15,730 14,202 26,586 26,179 International Operations 10,862 7,331 14,859 9,551 Unallocated corporate and shared costs, net (4,302 ) (6,988 ) (13,073 ) (13,121 ) Consolidated operating earnings 29,445 21,996 43,143 39,840 (Deduct) add: Net corporate interest expense (2,852 ) (3,858 ) (5,497 ) (7,802 ) Stock option expense (114 ) (214 ) (300 ) (398 ) Amortization of intangible assets (1,782 ) (1,825 ) (3,566 ) (3,625 ) Non-service pension costs (1,462 ) (2,354 ) (3,438 ) (4,687 ) Loss on disposition of businesses, net (1,285 ) — (1,285 ) — Software impairment (2,294 ) — (2,294 ) — Contingent earnout adjustments — (80 ) 180 (443 ) Income tax provision (6,235 ) (5,845 ) (8,610 ) (8,325 ) Net loss (income) attributable to noncontrolling interests 27 (38 ) 20 (94 ) Net income attributable to shareholders of Crawford & Company $ 13,448 $ 7,782 $ 18,353 $ 14,466 Following is a reconciliation of net income attributable to shareholders of Crawford & Company on a GAAP basis to non-GAAP adjusted EBITDA: Three Months Ended Six Months Ended (in thousands) June 30, June 30, June 30, June 30, 2026 2025 2026 2025 Net income attributable to shareholders of Crawford & Company $ 13,448 $ 7,782 $ 18,353 $ 14,466 Add (Deduct): Depreciation and amortization 9,496 9,814 19,085 19,461 Stock-based compensation 481 1,695 1,527 3,085 Net corporate interest expense 2,852 3,858 5,497 7,802 Non-service pension costs 1,462 2,354 3,438 4,687 Loss on disposition of businesses, net 1,285 — 1,285 — Software impairment 2,294 — 2,294 — Contingent earnout adjustments — 80 (180 ) 443 Income tax provision 6,235 5,845 8,610 8,325 Non-GAAP adjusted EBITDA $ 37,553 $ 31,428 $ 59,909 $ 58,269 Following is a reconciliation of operating cash flow to free cash flow for the six months ended June 30, 2026 and 2025: Six Months Ended (in thousands) June 30, 2026 June 30, 2025 Change Net Cash Provided by Operating Activities $ 23,144 $ 21,083 $ 2,061 Less: Property & Equipment Purchases, net (3,206 ) (2,401 ) (805 ) Capitalized Software (internal and external costs) (12,036 ) (16,087 ) 4,051 Free Cash Flow $ 7,902 $ 2,595 $ 5,307 Non-GAAP consolidated results for 2026 and 2025 exclude the non-cash, after-tax adjustments for amortization of intangible assets, non-service-related pension costs, loss on disposition of businesses, net, software impairment, and contingent earnout adjustments. Following are the reconciliations of GAAP Pretax Earnings, Net Income and Earnings Per Share to related non-GAAP Adjusted figures, which reflect each of 2026 and 2025 before amortization of intangible assets, non-service related pension costs, loss on disposition of businesses, net, software impairment, and contingent earnout adjustments: Three Months Ended June 30, 2026 (in thousands) Pretax earnings Net income attributable to Crawford & Company Diluted earnings per CRD-A share(1) Diluted earnings per CRD-B share GAAP $ 19,656 $ 13,448 $ 0.27 $ 0.28 Adjustments: Amortization of intangible assets 1,782 1,492 0.03 0.03 Non-service pension costs 1,462 1,067 0.02 0.02 Loss on disposition of businesses, net 1,285 1,090 0.02 0.02 Software impairment 2,294 1,695 0.03 0.03 Non-GAAP Adjusted $ 26,479 $ 18,792 $ 0.38 $ 0.38 Three Months Ended June 30, 2025 (in thousands) Pretax earnings Net income attributable to Crawford & Company Diluted earnings per CRD-A share(1) Diluted earnings per CRD-B share(1) GAAP $ 13,665 $ 7,782 $ 0.16 $ 0.16 Adjustments: Amortization of intangible assets 1,825 1,511 0.03 0.03 Non-service pension costs 2,354 1,823 0.04 0.04 Contingent earnout adjustments 80 80 - - Non-GAAP Adjusted $ 17,924 $ 11,196 $ 0.22 $ 0.22 Six Months Ended June 30, 2026 (in thousands) Pretax earnings Net income attributable to Crawford & Company Diluted earnings per CRD-A share(1) Diluted earnings per CRD-B share(1) GAAP $ 26,943 $ 18,353 $ 0.37 $ 0.37 Adjustments: Amortization of intangible assets 3,566 3,006 0.06 0.06 Non-service pension costs 3,438 2,642 0.05 0.05 Loss on disposition of businesses, net 1,285 1,090 0.02 0.02 Software impairment 2,294 1,695 0.03 0.03 Contingent earnout adjustments (180 ) (180 ) - - Non-GAAP Adjusted $ 37,346 $ 26,606 $ 0.54 $ 0.54 Six Months Ended June 30, 2025 (in thousands) Pretax earnings Net income attributable to Crawford & Company Diluted earnings per CRD-A share Diluted earnings per CRD-B share GAAP $ 22,885 $ 14,466 $ 0.29 $ 0.29 Adjustments: Amortization of intangible assets 3,625 3,000 0.06 0.06 Non-service pension costs 4,687 3,626 0.07 0.07 Contingent earnout adjustments 443 443 0.01 0.01 Non-GAAP Adjusted $ 31,640 $ 21,535 $ 0.43 $ 0.43 (1) Sum of reconciling items may differ from total due to rounding of individual components. Following is information regarding the weighted average shares used in the computation of basic and diluted earnings per share: Three Months Ended Six Months Ended (in thousands) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Weighted-Average Shares Used to Compute Basic Earnings Per Share: Class A Common Stock 29,712 30,304 29,735 30,240 Class B Common Stock 18,935 19,145 18,963 19,145 Weighted-Average Shares Used to Compute Diluted Earnings Per Share: Class A Common Stock 30,047 30,782 30,229 30,744 Class B Common Stock 18,935 19,145 18,963 19,145 Further information regarding the Company’s operating results for the three and six months ended June 30, 2026, financial position as of June 30, 2026, and cash flows for the six months ended June 30, 2026 is shown on the attached unaudited condensed consolidated financial statements. About Crawford & Company Based in Atlanta, Crawford & Company (NYSE: CRD-A and CRD-B) is a leading provider of claims management and outsourcing solutions to insurance companies and self-insured entities with an expansive network serving clients in more than 70 countries. The Company's two classes of stock are substantially identical, except with respect to voting rights for the Class B Common Stock (CRD-B) and protections for the non-voting Class A Common Stock (CRD-A). More information is available at www.crawco.com. TAG: Crawford-Financial, Crawford-Investor-News-and-Events This press release contains forward-looking statements, including statements about the expected future financial condition, results of operations and earnings outlook of Crawford & Company. Statements, both qualitative and quantitative, that are not historical facts may be “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from historical experience or Crawford & Company’s present expectations. Accordingly, no one should place undue reliance on forward-looking statements, which speak only as of the date on which they are made. Crawford & Company does not undertake to update forward-looking statements to reflect the impact of circumstances or events that may arise or not arise after the date the forward-looking statements are made. For further information regarding Crawford & Company, including factors that could cause our actual financial condition, results or earnings to differ from those described in any forward-looking statements, please read Crawford & Company’s reports filed with the SEC and available at www.sec.gov and in the Investor Relations section of Crawford & Company’s website at www.crawco.com. CRAWFORD & COMPANY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, Except Per Share Amounts and Percentages) Three Months Ended June 30, 2026 2025 % Change Revenues: Revenues Before Reimbursements $ 321,439 $ 322,997 (0 )% Reimbursements 8,585 11,598 (26 )% Total Revenues 330,024 334,595 (1 )% Costs and Expenses: Costs of Services Provided, Before Reimbursements 226,446 224,724 1 % Reimbursements 8,585 11,598 (26 )% Total Costs of Services 235,031 236,322 (1 )% Selling, General, and Administrative Expenses 69,662 78,337 (11 )% Corporate Interest Expense, Net 2,852 3,858 (26 )% Loss on Disposition of Businesses, Net 1,285 - nm Total Costs and Expenses 308,830 318,517 (3 )% Other Loss, Net (1,538 ) (2,413 ) (36 )% Income Before Income Taxes 19,656 13,665 44 % Provision for Income Taxes 6,235 5,845 7 % Net Income 13,421 7,820 72 % Net Loss (Income) Attributable to Noncontrolling Interests 27 (38 ) 171 % Net Income Attributable to Shareholders of Crawford & Company $ 13,448 $ 7,782 73 % Earnings Per Share - Basic: Class A Common Stock $ 0.28 $ 0.16 75 % Class B Common Stock $ 0.28 $ 0.16 75 % Earnings Per Share - Diluted: Class A Common Stock $ 0.27 $ 0.16 69 % Class B Common Stock $ 0.28 $ 0.16 75 % Cash Dividends Per Share: Class A Common Stock $ 0.075 $ 0.07 7 % Class B Common Stock $ 0.075 $ 0.07 7 % CRAWFORD & COMPANY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, Except Per Share Amounts and Percentages) Six Months Ended June 30, 2026 2025 % Change Revenues: Revenues Before Reimbursements $ 630,964 $ 635,029 (1 )% Reimbursements 19,186 22,905 (16 )% Total Revenues 650,150 657,934 (1 )% Costs and Expenses: Costs of Services Provided, Before Reimbursements 447,858 446,617 0 % Reimbursements 19,186 22,905 (16 )% Total Costs of Services 467,044 469,522 (1 )% Selling, General, and Administrative Expenses 145,806 152,924 (5 )% Corporate Interest Expense, Net 5,497 7,802 (30 )% Loss on Disposition of Businesses, Net 1,285 - nm Total Costs and Expenses 619,632 630,248 (2 )% Other Loss, Net (3,575 ) (4,801 ) (26 )% Income Before Income Taxes 26,943 22,885 18 % Provision for Income Taxes 8,610 8,325 3 % Net Income 18,333 14,560 26 % Net Loss (Income) Attributable to Noncontrolling Interests 20 (94 ) 121 % Net Income Attributable to Shareholders of Crawford & Company $ 18,353 $ 14,466 27 % Earnings Per Share - Basic: Class A Common Stock $ 0.38 $ 0.29 31 % Class B Common Stock $ 0.38 $ 0.29 31 % Earnings Per Share - Diluted: Class A Common Stock $ 0.37 $ 0.29 28 % Class B Common Stock $ 0.37 $ 0.29 28 % Cash Dividends Per Share: Class A Common Stock $ 0.15 $ 0.14 7 % Class B Common Stock $ 0.15 $ 0.14 7 % CRAWFORD & COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS As of June 30, 2026 and December 31, 2025 (In Thousands, Except Par Values) June 30, December 31, 2026 2025 (In thousands, except par value amounts) (Unaudited) * ASSETS Current Assets: Cash and Cash Equivalents $ 69,419 $ 64,079 Accounts Receivable, Net 119,063 115,661 Unbilled Revenues, at Estimated Billable Amounts 140,732 126,960 Income Taxes Receivable 3,735 4,350 Prepaid Expenses and Other Current Assets 29,839 41,362 Total Current Assets 362,788 352,412 Net Property and Equipment 15,811 16,649 Other Assets: Operating Lease Right-of-Use Asset, Net 59,706 66,322 Goodwill 76,426 76,569 Intangible Assets Arising from Business Acquisitions, Net 62,981 66,352 Capitalized Software Costs, Net 110,673 112,812 Deferred Income Tax Assets 23,549 24,684 Other Noncurrent Assets 46,318 48,500 Total Other Assets 379,653 395,239 Total Assets $ 758,252 $ 764,300 LIABILITIES AND SHAREHOLDERS’ INVESTMENT Current Liabilities: Short-Term Borrowings $ 47,500 $ 38,500 Accounts Payable 44,379 39,769 Accrued Compensation and Related Costs 87,550 108,878 Self-Insured Risks 19,618 19,095 Income Taxes Payable 3,431 3,874 Operating Lease Liability 27,690 27,650 Other Accrued Liabilities 40,090 37,970 Deferred Revenues 35,101 33,834 Total Current Liabilities 305,359 309,570 Noncurrent Liabilities: Long-Term Debt and Finance Leases, Less Current Installments 150,580 150,593 Operating Lease Liability 44,903 53,531 Deferred Revenues 24,542 23,259 Accrued Pension Liabilities 16,285 17,910 Other Noncurrent Liabilities 32,065 38,005 Total Noncurrent Liabilities 268,375 283,298 Shareholders’ Investment: Class A Common Stock, $1.00 Par Value 29,614 29,860 Class B Common Stock, $1.00 Par Value 18,916 19,014 Additional Paid-in Capital 92,480 92,251 Retained Earnings 236,573 233,708 Accumulated Other Comprehensive Loss (191,179 ) (201,740 ) Shareholders’ Investment Attributable to Shareholders of Crawford & Company 186,404 173,093 Noncontrolling Interests (1,886 ) (1,661 ) Total Shareholders’ Investment 184,518 171,432 Total Liabilities and Shareholders’ Investment $ 758,252 $ 764,300 (*)Derived from the audited Consolidated Balance Sheet CRAWFORD & COMPANY SUMMARY RESULTS BY OPERATING SEGMENT WITH DIRECT COMPENSATION AND OTHER EXPENSES (In Thousands, Except Percentages) Three Months Ended June 30, U.S. Property & Casualty % Broadspire % International Operations % 2026 2025 Change 2026 2025 Change 2026 2025 Change Revenues Before Reimbursements $ 74,065 $ 82,500 (10.2)% $ 109,423 $ 108,158 1.2% $ 137,951 $ 132,339 4.2% Direct Compensation, Fringe Benefits & Non-Employee Labor 45,349 51,000 (11.1)% 60,567 60,694 (0.2)% 88,971 88,165 0.9% % of Revenues Before Reimbursements 61.2 % 61.8 % 55.4 % 56.1 % 64.5 % 66.6 % Expenses Other than Reimbursements, Direct Compensation, Fringe Benefits & Non-Employee Labor 21,561 24,049 (10.3)% 33,126 33,262 (0.4)% 38,118 36,843 3.5% % of Revenues Before Reimbursements 29.1 % 29.2 % 30.3 % 30.8 % 27.6 % 27.8 % Total Operating Expenses 66,910 75,049 (10.8)% 93,693 93,956 (0.3)% 127,089 125,008 1.7% Operating Earnings(1) $ 7,155 $ 7,451 (4.0)% $ 15,730 $ 14,202 10.8% $ 10,862 $ 7,331 48.2% % of Revenues Before Reimbursements 9.7 % 9.0 % 14.4 % 13.1 % 7.9 % 5.5 % Six Months Ended June 30, U.S. Property & Casualty % Broadspire % International Operations % 2026 2025 Change 2026 2025 Change 2026 2025 Change Revenues Before Reimbursements $ 146,950 $ 164,690 (10.8)% $ 214,181 $ 211,830 1.1% $ 269,833 $ 258,509 4.4% Direct Compensation, Fringe Benefits & Non-Employee Labor 90,982 101,788 (10.6)% 120,948 119,037 1.6% 179,328 174,632 2.7% % of Revenues Before Reimbursements 61.9 % 61.8 % 56.5 % 56.2 % 66.5 % 67.6 % Expenses Other than Reimbursements, Direct Compensation, Fringe Benefits & Non-Employee Labor 41,197 45,671 (9.8)% 66,647 66,614 0.0% 75,646 74,326 1.8% % of Revenues Before Reimbursements 28.0 % 27.7 % 31.1 % 31.4 % 28.0 % 28.8 % Total Operating Expenses 132,179 147,459 (10.4)% 187,595 185,651 1.0% 254,974 248,958 2.4% Operating Earnings(1) $ 14,771 $ 17,231 (14.3)% $ 26,586 $ 26,179 1.6% $ 14,859 $ 9,551 55.6% % of Revenues Before Reimbursements 10.1 % 10.5 % 12.4 % 12.4 % 5.5 % 3.7 % (1) A non-GAAP financial measurement which represents net income attributable to the applicable reporting segment excluding income taxes, net corporate interest expense, stock option expense, amortization of acquisition-related intangible assets, non-service pension costs, contingent earnout adjustments, loss on disposition of businesses, net, software impairment, and certain unallocated corporate and shared costs and credits. See pages 3 and 4 for additional information about segment operating earnings. CRAWFORD & COMPANY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Year-to-Date Period Ended June 30, 2026 and June 30, 2025 (In Thousands) 2026 2025 Cash Flows From Operating Activities: Net income $ 18,333 $ 14,560 Reconciliation of net income to net cash provided by operating activities: Depreciation and amortization 19,085 19,461 Software impairment 2,294 — Stock-based compensation 1,527 3,085 Loss on disposal of property and equipment 28 1,030 Loss on disposition of businesses, net 1,285 — Contingent earnout adjustments (180 ) 443 Changes in operating assets and liabilities: Accounts receivable, net (3,504 ) 8,111 Unbilled revenues, net (16,379 ) (12,127 ) Accrued or prepaid income taxes 600 (2,922 ) Accounts payable and accrued liabilities (16,908 ) (16,136 ) Deferred revenues 2,283 1,295 Accrued retirement costs (725 ) 25 Prepaid expenses and other operating activities 15,405 4,258 Net cash provided by operating activities 23,144 21,083 Cash Flows From Investing Activities: Acquisitions of property and equipment (3,206 ) (2,401 ) Capitalization of computer software costs (12,036 ) (16,087 ) Proceeds from settlement of life insurance policies — 210 Proceeds from business dispositions, net of cash 5,560 — Net cash used in investing activities (9,682 ) (18,278 ) Cash Flows From Financing Activities: Cash dividends paid (7,311 ) (6,917 ) Payments related to shares received for withholding taxes under employee stock-based compensation plans (1,708 ) — Repurchases of common stock (9,038 ) — Increases in short-term and revolving credit facility borrowings 23,500 49,193 Payments on short-term and revolving credit facility borrowings (14,500 ) (42,582 ) Payments of contingent consideration on acquisitions (95 ) (1,326 ) Increases in fiduciary liabilities 3,791 — Other financing activities 752 554 Net used in financing activities (4,609 ) (1,078 ) Effects of exchange rate changes on cash and cash equivalents 413 863 Increase in cash, cash equivalents, and restricted cash(1) 9,266 2,590 Cash, cash equivalents, and restricted cash at beginning of year(1) 64,546 56,329 Cash, cash equivalents, and restricted cash at end of period(1) $ 73,812 $ 58,919 Supplemental cash flow information: Income taxes paid $ 8,043 $ 11,340 Interest paid 6,524 9,089 (1) The 2026 amounts include beginning restricted cash of $467 at December 31, 2025, and ending restricted cash of $4,393 at June 30, 2026, and the 2025 amounts include beginning restricted cash of $917 at December 31, 2024, and ending restricted cash of $390 at June 30, 2025, which we present as part of "Prepaid expenses and other current assets" on the Balance Sheets. FOR FURTHER INFORMATION REGARDING THIS PRESS RELEASE, PLEASE CALL HOLLY BOUDREAU AT (404) 220-4388. Source: Crawford & Company Multimedia Files: Categories: Press Releases View all news