Crawford Third-Quarter Earnings Rise as U.S. Decline Narrows

The Tip Desk · November 10, 2026 · 3 min read

Third-quarter 2026 revenues before reimbursements were $321.6 million and net income attributable to shareholders was $15.0 million, or $0.31 a diluted share, as International Operations operating earnings reached $10.7 million.

Crawford & Company (CRD-A), a claims-management and outsourcing provider, reported third-quarter 2026 revenues before reimbursements of $321.6 million, down 0.2% from $322.2 million in the year-ago quarter. Net income attributable to shareholders rose 21% to $15.0 million from $12.4 million, while diluted earnings per share rose 24% to $0.31 from $0.25. Consolidated adjusted operating earnings were $28.8 million, up 8% from $26.6 million. Adjusted EBITDA was $37.1 million.

President and chief executive officer Bruce Swain said the quarter showed improved operating results in a mixed claims environment, with earnings supported by weather-related claims activity and disciplined cost management in International.

International Operations was the operating turn. Segment revenues before reimbursements were $136.7 million, up 1.0% from $135.3 million a year earlier. Operating earnings were $10.7 million, or a 7.8% operating margin, up from $7.7 million, or 5.7% of revenues, a year earlier. The company said the margin increase was driven by improved operating results within Australia, Canada, and Latin America.

The disposition of Crawford Legal Services businesses reduced International revenues by $4.9 million, while foreign currency exchange-rate movements increased revenues by $7.9 million. Excluding those items, revenues decreased $1.6 million, or 1.2%, from $130.4 million to $128.8 million, driven primarily by a decrease in higher-value third-party administration claims within the U.K., partially offset by increases in third-party administration and weather-related activity within Canada.

U.S. Property and Casualty revenues before reimbursements were $76.0 million, down 0.4% from $76.2 million a year earlier, after a 10.2% year-over-year decline in the second quarter and an 11.3% decline in the first quarter. The company attributed the third-quarter decrease primarily to lower weather-related claims and staff augmentation levels within Catastrophe Services. Operating earnings were $9.7 million, with an operating margin of 12.8%, compared with 12.9% a year earlier.

Broadspire revenues before reimbursements were $109.0 million, down 1.5% from $110.6 million a year earlier, after a 1.0% year-over-year increase in the first quarter. The company said the decrease was driven by a reduction in casualty claims and subrogation, partially offset by increases in disability claims. Operating earnings were $13.0 million, or an 11.9% operating margin, down from $15.3 million, or 13.8% of revenues, a year earlier. The company said the decrease was due to lower revenues as well as an increase in software amortization costs.

Unallocated corporate costs were $4.5 million in the third quarter, compared with $6.1 million in the same period of 2025, primarily due to lower medical self-insurance and compensation expense. Selling, general, and administrative expenses increased $2.3 million, or 3.2%, primarily due to increases in cloud software costs, insurance, and bad-debt expense.

Cash and cash equivalents totaled $79.0 million as of September 30, 2026, compared with $64.1 million at December 31, 2025. Total debt outstanding was $225.1 million. In the first nine months of 2026, the company repurchased 1,815,458 shares of CRD-A at an average cost of $11.80 and 108,963 shares of CRD-B at an average cost of $10.25.

Swain said lower claims frequency and moderating weather-related activity are expected to pressure fourth-quarter results, and that priorities remain profitable market-share growth, accelerating the U.S. realignment, strengthening operating discipline, and building capabilities for long-term success.