Insp erity 2Q26 Review: Better Hiring & Margin Initiatives Drive Solid Results & 2.5% Profit Hike

研报英文原文证据摘录

Insp erity 2Q26 Review: Better Hiring & Margin Initiatives Drive Solid Results & 2.5% Profit Hike

J P M O R G A N North America Equity Research

30 July 2026

Insperity Underweight

NSP, NSP US

2Q26 Review: Better Hiring & Margin Initiatives Drive Price (29 Jul 26):$53.18

Solid Results & 2.5% Profit Hike ▲Price Target (Dec-27):$38.00 Prior (Dec-26):$33.00

Insperity issued 2Q26 results that were largely in the ballpark of expectations,

including positive macro commentary and a promising 2H if all goes according to Payments, Processors & IT Services

plan. The company raised its 2026 WSE unit growth expectations at the low end Brendan Biles AC

(by slightly more than the quarterly beat), driven by better-than-expected hiring in (1-212) 270-0880

the base, a positive macro read-through data point. Insperity called out a strong and brendan.biles@jpmorgan.com

accelerating sales motion across HR Scale, HR 360, the agency business, and Tien-tsin Huang, CFA

company-wide AI initiatives, all of which could culminate in a strong fall selling (1-212) 622-6632

tien-tsin.huang@jpmorgan.com

season if clients receive the pitch well. The team stressed that margin expansion J.P. Morgan Securities LLC

initiatives are tracking well across client profitability mix (retaining higher-value

clients and shedding lower-value clients) and risk diet (pricing changes and United

Healthcare deal update, which support higher-visibility earnings). All told, while Key Changes (FYE Dec)

it feels like there are a number of levers at the company’s fingertips to meet and Prev Cur Δ

exceed the wide guidance for 2H26, we remain somewhat cautious on execution Adj. EBITDA - 26E ($ mn) 184 195 5.9%

Adj. EBITDA - 27E ($ mn) 253 230 -8.9%

around the return to GP/WSE growth on which the 2H26 guidance probably relies