Second Quarter 2026
Filed Aug 6, 2026Abacus Global Management, Inc. reports record second quarter 2026 total revenue of $73.0 Million; adjusted net income of $27.1 Million and adjusted EPS of $0.28 exceeded the high end of guidance ranges.
Revenue, adjusted net income, adjusted EPS, adjusted EBITDA and operating cash flow increased year-over-year, but GAAP net income declined 63% year-over-year and adjusted EBITDA margin declined.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total RevenueGAAP | $73.0M | – | +30% YoY |
| GAAP net incomeGAAP | $6.6M | – | Down 63% YoY |
| Adjusted net income (Gross)non-GAAP | $27.1M | – | +24% YoY |
| Adjusted EPS (Gross)non-GAAP | $ 0.28 | – | +22% YoY |
| Adjusted EBITDAnon-GAAP | $39.9M | – | +27% YoY |
| Adjusted EBITDA marginnon-GAAP | 54.7 % | – | – |
| Operating Cash Flow (YTD)GAAP | $130.9M | – | +$116.4M increase YoY |
| Annualized ROICnon-GAAP | 23 % | – | +90 bps YoY |
| Annualized ROEnon-GAAP | 25 % | – | +400 bps YoY |
| Annualized turnover ratioother | 2.0x | – | – |
| Average realized gainother | 25 % | – | – |
FY26 and 3Q26 outlook
- NoteFY26 Adjusted net income (Gross): $100M to $106M
- Note3Q26 Adjusted net income (Gross): $26M to $28M
- NoteFY26 Adjusted EPS (Gross): $1.00 to $1.05
- Note3Q26 Adjusted EPS (Gross): $0.26 to $0.28
- NoteFY implies 17% to 24% YoY; Midpoint of ~20%
- NoteQuarterly implies Up to 17% YoY; based on diluted share count
What drove it
- Total revenue was driven by strong Life Solutions growth.
- For the first half of 2026, Abacus raised $544.2 million in new longevity-funds capital, surpassing its $500 million target.
- Capital inflows in the second quarter alone totaled approximately $256.1 million.
- In May 2026, Abacus completed its previously announced $53 million minority equity investment in Manning & Napier, Inc.
- Abacus launched the ABX Longevity Growth and Income Fund, its first registered interval fund dedicated to the longevity asset class.
- During the quarter, Abacus began tokenizing in-force life insurance policies.
Concerns
- GAAP net income was down 63% YoY on strategic business expenses and personnel costs from acquisitions and growth across asset management, wealth management and technology.
- Adjusted EBITDA margin was 54.7 %, compared to 56.1 % in 2Q25.
- Total outstanding debt, net of deferred issuance costs and discounts, was $330.6 million as of June 30, 2026.
- Average realized gain was 25 %, compared to 26 % in 2Q25.
What to watch
- Execution of the live referral channel with Manning & Napier and rollout of the LifeARC platform across Manning & Napier's advisor network.
- Growth in the ABX Longevity Growth and Income Fund and individual-investor access to the longevity asset class.
- Delivery against 3Q26 Adjusted EPS (Gross) guidance of $0.26 to $0.28.
- Delivery against FY26 Adjusted net income (Gross) guidance of $100M to $106M and Adjusted EPS (Gross) guidance of $1.00 to $1.05.
- Longevity-funds capital inflows after $544.2 million was raised in the first half of 2026.
Balance sheet and cash flow
- As of June 30, 2026, cash and cash equivalents were $23.4 million.
- As of June 30, 2026, balance sheet policy assets held at fair value were $383.0 million.
- As of June 30, 2026, total outstanding debt, net of deferred issuance costs and discounts, was $330.6 million.
- The Company generated $130.9 million in operating cash flow during the six months ended June 30, 2026, compared to $14.5 million in the prior-year period.
Analysis
Abacus reported record second-quarter total revenue of $73.0M, up 30% YoY from $56.2M, driven by strong Life Solutions growth. The company also reported growth in non-GAAP profitability: Adjusted net income (Gross) increased 24% YoY to $27.1M, Adjusted EPS (Gross) increased 22% YoY to $ 0.28, and Adjusted EBITDA increased 27% YoY to $39.9M. The reported adjusted EPS and adjusted net income exceeded the high end of the company’s guidance ranges.
The GAAP result moved in the opposite direction. GAAP net income was $6.6M, compared with $17.6M in 2Q25, and the company attributed the 63% YoY decline to strategic business expenses and personnel costs from acquisitions and growth across asset management, wealth management and technology. Adjusted EBITDA margin was 54.7 %, below 56.1 % in 2Q25, although the company characterized the margin level as high while growing the business.
Cash generation was a major reported development. Operating cash flow for the six months ended June 30, 2026 was $130.9 million, compared with $14.5 million in the prior-year period. Abacus linked this increase to growing longevity-fund AUM. The company raised $544.2 million in new longevity-funds capital in the first half of 2026, exceeding its $500 million target, while second-quarter inflows totaled approximately $256.1 million.
The balance sheet included $23.4 million of cash and cash equivalents, $383.0 million of balance sheet policy assets held at fair value, and $330.6 million of total outstanding debt, net of deferred issuance costs and discounts. During May 2026, the company completed its $53 million minority equity investment in Manning & Napier and began a referral channel and LifeARC rollout across that firm's advisor network. It also launched the ABX Longevity Growth and Income Fund and began tokenizing in-force policies.
For the outlook, Abacus guided FY26 Adjusted net income (Gross) to $100M to $106M and FY26 Adjusted EPS (Gross) to $1.00 to $1.05. Third-quarter guidance calls for Adjusted net income (Gross) of $26M to $28M and Adjusted EPS (Gross) of $0.26 to $0.28. The release did not provide revenue, gross-margin, operating-expense, tax-rate, GAAP-net-income, or GAAP-EPS guidance.
Management, verbatim
Abacus continues to build the intelligence layer for lifespan-linked finance. We're building a new category in financial planning and infrastructure: longevity and LifeARC as the foundation for how families plan and transfer wealth across generations, grounded in the liquidity and data only Abacus can provide.
Jay Jackson, Chief Executive Officer of Abacus
This was a record quarter for Abacus, and our results reflect that momentum. Revenue grew 30% year-over-year to $73.0 million, and our longevity funds raised $544.2 million in the first half, surpassing our $500 million target.
Jay Jackson, Chief Executive Officer of Abacus
Not in the filing
stated, not guessed- GAAP diluted EPS
- GAAP operating income or loss
- Gross profit and gross margin
- Operating expenses
- Free cash flow
- Individual segment revenue and segment comparisons
- Prior-quarter comparisons for reported metrics
- Revenue guidance
- Gross margin guidance
- Operating expenses guidance
- Tax rate guidance
- Comparable GAAP net income guidance or reconciliation to FY 2026 adjusted outlook
- Capital-return disclosures, including share repurchases and dividends
- Previous-release outlook for comparison with actual results
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.