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Altisource Portfolio Solutions SA (ASPS) Q3 2026 Earnings Report
ASPS Q3 2026 EPS Results
- Actual EPS
- $0.13
- Consensus EPS
- $0.18
- Beat/Miss
- Missed by -$0.05
- One Year Ago EPS
- $0.10
ASPS Q3 2026 Revenue Results
- Actual Revenue
- $49.85M
- Expected Revenue
- $50.60M
- Beat/Miss
- Missed by -$753.00K
- YoY Revenue Growth
- +25.44%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/29/2026
- Time
- Before Open
- Conference Call
- Thursday, October 29, 2026
Altisource Portfolio Solutions SA's next earnings date is estimated for March 11, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was positive overall. The company reported strong year-over-year revenue, adjusted EBITDA, adjusted pre-tax income, and adjusted EPS growth; significant customer wins and pipelines; expanding revenue diversification; and progress in AI, automation, and Project 45. These positives were partially offset by below-normal industry volumes, the Rithm business wind-down, declining origination-market volumes, lower adjusted EBITDA and gross profit margins, and a corporate adjusted EBITDA loss. Management nevertheless expressed confidence in continued growth and margin improvement.
Altisource’s objective is to reach $45 million of run-rate adjusted EBITDA by the fourth quarter of 2028, and it anticipates the continued ramp of customer wins, greater operating leverage, and disciplined cost management to support higher adjusted EBITDA in the fourth quarter. As customer implementations progress, wins season, and efficiency initiatives take hold, it forecasts improved operating leverage and higher adjusted EBITDA margins; it anticipates a greater portion of incremental revenue to contribute to adjusted EBITDA in the servicer and real estate segment, expects net margins to expand in the origination segment as revenue continues to grow, and expects corporate costs to remain relatively stable as the business grows. It forecasts fourth quarter origination service revenue to remain strong compared to the prior year, while the MBA projects 5.3 million loans will be originated in 2026, representing 6% growth over 2025.
- Company Revenue and Adjusted EBITDA GrowthThird-quarter 2026 service revenue was $49.8 million, up 26% year-over-year, while adjusted EBITDA was $4.3 million, up 17%. Management said customer wins continued to ramp and that AI and other efficiency initiatives began accelerating product development speed and are anticipated to drive scalability and operating leverage over the upcoming quarters.
- Improved Earnings PerformanceAdjusted pre-tax income increased 59% year-over-year to $2.1 million from $1.3 million, and adjusted earnings per share increased 30% to $0.13 from $0.10 in the third quarter of 2025.
- Cash Generation and Debt RetirementNet cash provided by operating activities was $3.5 million for the quarter and $1.3 million for the nine months ended September 30, 2026. The company also opportunistically purchased and retired $900,000 of its term loan and ended the quarter with $25.1 million in unrestricted cash.
- Servicer and Real Estate Revenue GrowthThird-quarter servicer and real estate service revenue increased 15% quarter-over-quarter and 4% sequentially to $35.8 million, driven primarily by customer wins and strength in the Hubzu, Title, and Trustee businesses, partially offset by lower Rithm revenue.
- Servicer and Real Estate EBITDA ImprovementServicer and real estate adjusted EBITDA increased 2% quarter-over-quarter to $10.2 million. Management said revenue from recent customer wins is offsetting the loss of Rithm revenue and beginning to translate into improved earnings, with a greater portion of incremental revenue expected to contribute to adjusted EBITDA as the new business seasons.
- Servicer and Real Estate Customer Wins and PipelineThe company added an estimated $2.7 million of annualized stabilized service revenue wins during the quarter. Wins secured since 2024 generated $13 million of revenue in the quarter, equivalent to $51.9 million on an annualized basis, and the company ended the quarter with an estimated weighted average pipeline of $12.8 million in stabilized annual revenue.
- Hubzu Inventory and Transaction GrowthHubzu Marketplace inventory more than quadrupled over the past year to 26,000 assets as of September 30, 2026, compared with 5,700 assets a year earlier, and increased 16% from 22,300 assets at June 30, 2026. The company transacted 789 homes in the third quarter, compared with 583 homes in the third quarter of 2025 and 710 homes in the prior quarter.
- Origination Segment OutperformanceThird-quarter origination service revenue increased 65% year-over-year to $14 million, while adjusted EBITDA increased 33% to $1.2 million, despite origination unit volume declining 6% from the third quarter of 2025. Management said the results were driven primarily by market share gains and customer adoption rather than market-based fluctuations.
- Origination Wins and PipelineThe company secured an estimated $6.3 million of annualized stabilized revenue wins during the quarter, primarily in Lenders One, and ended the quarter with an estimated weighted average pipeline of $18.5 million. Based on sales wins, the pipeline, and the market, management forecast fourth-quarter origination service revenue to remain strong compared with the prior year.
- Revenue Diversification Away from Onity and RithmService revenue from customers other than Onity, Rithm, and customers associated with their portfolios grew 96% year-over-year and represented 72% of Altisource's service revenue, compared with 46% a year earlier and 65% in the prior quarter. Management said this reduces customer concentration and broadens the source of growth.
- AI and Automation ExpansionThe company expanded AI-enabled workflows across Marketplace, field services, valuations, finance, and other corporate support functions. It also used AI to shorten development cycles and continued building AI-developed software solutions for construction risk management, commercial loan servicing, and real estate asset management.
- Corporate Cost Reduction and Operating LeverageThird-quarter corporate adjusted EBITDA loss was $7.1 million, reflecting a $200,000 reduction in corporate costs from the third quarter of 2025 and an $800,000 decrease from the prior quarter. Management expects corporate costs to remain relatively stable as the business grows, while the business segments generated combined adjusted EBITDA margins of approximately 23%.
- Project 45 ProgressManagement said continued customer wins, greater operating leverage, and disciplined cost management are the core building blocks of Project 45, the objective of reaching $45 million of run-rate adjusted EBITDA by the fourth quarter of 2028. The company anticipates these drivers will support higher adjusted EBITDA in the fourth quarter.
- Improving Default-Market IndicatorsAs of August 2026, seriously delinquent loans and loans in foreclosure totaled 872,000, up 26% from August 2025 and 9% from December 2025. Foreclosure starts for the eight months ending August 2026 were 20% higher year-over-year, and foreclosure sales were 17% higher, although both remained below pre-pandemic activity.
- Expected Margin ExpansionManagement expects total company adjusted EBITDA margins to significantly improve over the coming quarters through the seasoning of new servicer and real estate business, operating efficiency and AI automation initiatives, continued revenue growth in origination after investments in talent and capabilities, and relatively stable corporate costs.
ASPS Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 11, 2027 | 2026 (Q4) | 0.13- | 0.11 | ― | ― |
| Oct 29, 2026 | 2026 (Q3) | 0.180.13 | 0.1 | 30.00% (+0.03) | |
| Jul 23, 2026 | 2026 (Q2) | 0.200.17 | 0.19 | -10.53% (-0.02) | |
| Apr 23, 2026 | 2026 (Q1) | 0.180.19 | 0 | ― | |
| Mar 04, 2026 | 2025 (Q4) | ―0.11 | -1.44 | 107.64% (+1.55) | |
| Oct 23, 2025 | 2025 (Q3) | ―0.10 | -1.84 | 105.43% (+1.94) | |
| Jul 24, 2025 | 2025 (Q2) | ―0.19 | -1.68 | 111.31% (+1.87) | |
| May 01, 2025 | 2025 (Q1) | ―0.00 | -0.2 | 100.00% (+0.20) | |
| Mar 13, 2025 | 2024 (Q4) | -2.16-1.44 | -2.96 | 51.35% (+1.52) | |
| Oct 24, 2024 | 2024 (Q3) | -1.64-1.84 | -3.52 | 47.73% (+1.68) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
