EG US S&P 500Russell 1000 Earnings call

Everest Group (EG) · Q2 2026 results and valuation

Share price: $423.74 · 2026-11-11

Results Q2 2026 vs Q1 2026 · previous quarter · published 30 Jul 2026 and 30 Apr 2026

Net income down 14.4% on the previous quarter, guidance raised. Management sounded restrained, in its script and in answers to analysts.

Only a basic analysis is available for this company at the moment.

1 · Numbers

−14.4%

Net income vs Q1 2026

Guidance raised

Net income 559.0M vs 653.0M

Revenue −2.6%

Against the same quarter last year (Q2 2025) it is −17.8%, so it is not just seasonal.

2 · How management spoke

Restrained

Less upbeat than 69% of company calls

Answers to analysts: cautious, in line with the script.

Similar to last call.

3 · What stood out

Figure

Everest has deployed $1.5 billion toward share repurchases since January 2025, resulting in a reduction and returning capital to shareholders.

Valuation

Is Everest Group undervalued?

Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At 10.0% growth a year (3-year revenue growth), the model's fair value is $933.62 a share — the stock trades 55% below it. Today's price assumes −1.4% growth a year.

Current price

$423.74

close of 2026-11-11

Market implies growth of i

-1.4% for 10 yrs

Fair value / share

$933.62

Buy below

$700.22

Price vs fair value

Undervalued 55%

Price vs buy-below price

Undervalued 39%

FCF growth / yr i Discount rate i Terminal growth i Margin of safety i

Official channels

The company's own website and social media accounts.

Website
X

Read between the lines

Key theme

Core businesses delivered $3.7 billion in gross written premium, a modest year-over-year decline reflecting deliberate underwriting discipline focused on bottom-line results over top-line production.

Source quote
“Our core businesses delivered $3.7 billion in gross written premium, a modest year-over-year decline driven by deliberate underwriting choices. As I have said before, we continue to focus on underwriting discipline and rate adequacy while prioritizing bottom line results over top line production, especially in this environment. Our reinsurance treaty team delivered another excellent quarter, leveraging the depth and breadth of our platform as competitive advantages to effectively...”
Guidance

EG said it views $300 million as a quarterly floor for share repurchases and expects to exceed that when appropriate due to its strong balance sheet.

Source quote
“Looking ahead, while we continue to view share repurchases of $300 million as a quarterly floor, we expect to exceed that amount when appropriate, given the strength of our balance...”
Guidance ↑

EG said the Q2 loss was anomalous, suggesting the setback is temporary and future performance should improve.

Source quote
“And so I think you sort of net those things together, and I'd say that I really view this quarter's loss as an anomalous loss, not that it couldn't...”

Tone

How upbeat the language was, compared with other companiesi. Dot: Q2 2026. Ring: Q1 2026.

Prepared remarks Restrained (was restrained)

Answers to analysts Cautious (was cautious)

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone

“Our strategy to expand the portfolio in specialty lines and targeted international markets while delivering margin expansion continues to gain momentum.”

“Now moving to our Global Wholesale and Specialty business, where we are focused on improving underwriting margins as we pursue profitable growth in targeted lines and geographies.”

“While underwriting profitability was strong this quarter, we continue to expect this business to deliver combined ratios in the mid- to high 90s in the near term.”

Full figures

USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)

Metric	Q2 2026period end 2026-06-30	Q1 2026period end 2026-03-31	Change	Q2 2025	YoY
Revenue	3.96B	4.07B	−2.6%	4.49B	−11.8%
Operating income	683.0M	736.0M	−7.2%	815.0M	−16.2%
Net income	559.0M	653.0M	−14.4%	680.0M	−17.8%
EPS	14.22	16.21	−12.3%	16.10	−11.7%
P/E today 7.8	7.5	6.7	+0.8	17.8	−10.3

Topics

Most discussed now

The benefits of the actions Everest is taking to improve portfolio quality, strengthen underwriting performance and allocate capital to…
Everest's core businesses, Treaty Reinsurance and Global Wholesale and Specialty generated underwriting income of $317 million on a…
Everest actually moved a little bit more remote from loss, so its average attachment point increased slightly.
As I indicated, Everest has seen market pricing move in the 15% to 20% range.
My view of property cat rates at this point is they're still in such a place that it allows it...

Faded since Q1 2026

Fading Management comments regarding estimates, projections and future results are subject to the risks, uncertainties and assumptions as noted in…
Fading Group operating income for the quarter was $648 million, producing a net operating return on equity of 16.7%, and an...
Fading This is the first quarter reporting under the new segment structure Everest previously announced, and the early read is consistent...
Fading Net investment income was $567 million supported by fixed income portfolio growth and strong limited partnership returns.

Latest announcements

Official filings, newest first.

2026-08-31 Regulation FD disclosure · SEC 8-K
2026-07-29 Results of operations · SEC 8-K
2026-06-03 Other events · SEC 8-K
2026-05-15 Director or officer change; Shareholder vote results · SEC 8-K
2026-04-29 Results of operations · SEC 8-K
2026-04-13 Regulation FD disclosure · SEC 8-K
2026-03-23 Material agreement; Regulation FD disclosure · SEC 8-K
2026-03-16 Director or officer change · SEC 8-K