Everest Q2 2026: $559M net income, EPS $14.22, premiums down 12.6%
Everest's second quarter was softer than the headline ROE suggests: net income of $559 million is down 17.8% year over year and net premiums earned fell 12.6% to $3.49 billion, while the combined ratio slipped to 92.0%. Operating EPS of $14.85 essentially matched the $14.8252 consensus, but that came with shrinking premium volume and thinner cash flow. Read this as a quality-of-earnings quarter, not a growth quarter.
1 · Expected vs. Actual
Free preview belowGAAP EPS was $14.22, down from $16.10, and operating EPS was $14.85 versus $17.36; the roughly $0.63 gap between the two this quarter came from $8 million of after-tax investment losses and $17 million of after-tax foreign exchange losses. Against a $14.8252 consensus operating estimate, $14.85 is a 0.2% beat — noise, not a result. On a GAAP basis, EPS missed that same consensus by $0.61, so the quarter only looks like a beat if you accept the company's definition of operating income.
The top line that matters is net premiums earned: $3.49 billion, down 12.6% from $3.99 billion a year earlier, and the three reported segments sum to $3.49 billion. The structured feed labels $3.96 billion as revenue — that is total revenues from the income statement, which includes $523 million of net investment income and a $45 million other-expense drag — and sets it against $3.99 billion of prior-year premium, an apples-to-oranges comparison. Use the premium line for growth, not the feed's headline revenue figure.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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