EverQuote (EVER) investor relations material

Executive summary

• Record Q3 results exceeded the high end of guidance: revenue was $218.1M, up 25.4% YoY, and Adjusted EBITDA was $35.5M, up 41.4%.

• Growth was broad-based across carriers and verticals; home and renters revenue grew 70% YoY, supported by carrier demand.

• 9M revenue increased 21.5% to $604.0M; Adjusted EBITDA rose to $94.9M from $69.5M.

• Luva launched as an AI-native insurance shopping platform, supporting a strategy combining proprietary data, AI, partnerships, and expanded services.

• Management said revenue remains on track to reach $1B within 1–2 years.

Financial highlights

• Q3 GAAP net income was $18.2M versus $18.9M; higher taxes and a one-time $4.0M advertising-vendor termination fee weighed on results.

• Q3 operating income rose 36.5% YoY to $23.9M; 9M operating income increased 78.4% to $70.8M.

• Q3 operating cash flow was $40.5M versus $19.8M; 9M operating cash flow was $94.4M versus $68.4M.

• Q3 advertising expense rose to $155.4M from $123.8M, primarily reflecting increased carrier spend; 9M expense was $428.6M versus $354.7M.

Outlook and guidance

• Q4 2026 revenue guidance is $213M–$223M, representing 12% YoY growth at the midpoint; VMD guidance is $57M–$60M, up 19% at midpoint.

• Q4 Adjusted EBITDA guidance is $29M–$32M, representing 22% YoY growth at midpoint.

• VMM is expected to decline sequentially from Q3 as investment increases in agentic LLM channels; management views Q4 as a starting-point proxy for next year.

• 2026 sales and marketing, R&D, and G&A expenses are expected to rise versus 2025; AI, advertising, personnel, and technology investment may pressure margins and operating income, with uncertain timing of benefits.

• Management expects healthy carrier demand into the coming year and continued revenue growth from automotive, home, and renters.