Consensus Cloud Solutions, Inc.

Q2 2026 consolidated revenue was $91.4 million, up $3.6 million or 4.1% year over year and up $2.9 million sequentially. Adjusted EBITDA was $48.3 million, up $0.2 million or 0.5% year over year, with a 52.9% margin. Adjusted net income was $28.7 million, up $0.2 million or 0.7%, and adjusted EPS was $1.49, up $0.03 or 2.1% year over year. Free cash flow was $25.5 million, up about 25% year over year. Corporate revenue was a record $60.5 million, up 9.3% year over year, while SoHo revenue was $30.9 million, down 4.7% year over year. For full year 2026, management reaffirmed revenue guidance of $350 million to $364 million, adjusted EBITDA of $182 million to $193 million, and adjusted EPS of $5.55 to $5.95. Q3 2026 guidance is revenue of $89.2 million to $93.2 million, adjusted EBITDA of $45 million to $48 million, and adjusted EPS of $1.34 to $1.44. Management reiterated full-year free cash flow should approximate $106 million, roughly in line with 2025.

Scott Turicchi framed the quarter as another step in Consensus’s acceleration, highlighting the third straight quarter of year-over-year growth across revenue, adjusted EBITDA, adjusted non-GAAP EPS and free cash flow. His tone was constructive and strategic, emphasizing the shift toward higher-value corporate revenue, the role of secure cloud fax, and the company’s push into broader healthcare workflow solutions through the new strategy group and doc.health acquisition. He also said the company expects these investments to matter more in 2028 and beyond, implying a longer runway for the non-fax platform strategy.

Adam Varon focused on the numbers, noting Q2 revenue of $91.4 million, adjusted EBITDA of $48.3 million, adjusted EPS of $1.49, and free cash flow of $25.5 million. He said the company ended Q2 with about $99 million in cash, capex was $7.8 million, net debt-to-EBITDA was 2.45x, and total debt-to-EBITDA was 2.97x. He also highlighted that the board increased the share repurchase authorization to $200 million, with about $82 million used to buy back 3 million shares to date, and said doc.health contributes roughly $1 million of revenue, negative $0.6 million of EBITDA, and negative $0.02 of EPS to full-year guidance.

Analysts pressed management on hospital demand, the decision not to raise full-year guidance, VA rollout progress, public-sector runway, capital allocation, and hiring. Management said hospitals are taking longer, are more focused on vendor selection and EHR integration, and are more reluctant, so Consensus is emphasizing ROI while leaning on strong EHR partnerships. On guidance, management said it typically does not raise the range intra-year even after beats, but expects revenue to land between the midpoint and high end, with EBITDA and EPS somewhat above midpoint. On the VA, management said rollout is roughly 65% to 80% complete, sees contractor spillover opportunities, and thinks the VA should contribute north of $9 million in 2026; they also said stock buybacks remain attractive given a roughly 16% to 17% free cash flow yield and limited debt buyback liquidity.