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Root (ROOT) investor relations material
Root Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Achieved record quarter for policies in force and revenue, with total revenue up 27% year-over-year and net premiums earned up 28.9%, driven by growth in both direct and partnership channels and higher premiums per policy.
Growth supported by new pricing algorithms, expansion into Washington (now 36 states, covering nearly 80% of the U.S.), and new marketing channels.
Maintained strong loss ratio performance, with gross loss ratio at 59%–59.5%, below long-term targets.
Independent agent channel tripled new writings year-over-year, now representing about 50% of partnership distribution.
Net loss for Q3 2025 was $5.4M, primarily due to a $17M–$17.2M non-cash Carvana warrant expense.
Financial highlights
Net premiums earned: $360.1M in Q3 2025, up 28.9% year-over-year; total revenues: $387.8M, up 26.9%.
Gross premiums written: $387.2M in Q3 2025, up 16.7% year-over-year.
Adjusted EBITDA: $33.7M in Q3 2025, down from $41.6M in Q3 2024.
Operating income for Q3 2025 was $0.3M.
Year-to-date net income stands at $35M.
Outlook and guidance
Management expects continued acceleration in policies in force and premiums per policy, with ongoing investments in technology and marketing.
Planning to increase direct R&D marketing investment by $5M in Q4.
Anticipate a seasonal headwind to loss ratio in Q4, similar to last year's 5 percentage point impact.
Existing cash, equivalents, and marketable securities are sufficient to support operations for at least the next 12 months.
Quantify future loss ratio impact from new UBI model
Independent agent channel growth potential?
Future Carvana warrant expense impact on net income?
Independent agent channel penetration strategy
Capital deployment for highest profit growth
Pricing strategy with healthy loss ratio
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Frequently asked questions
Root Inc is a technology-driven insurance company specializing in personalized auto, renters, and homeowners insurance products. The company utilizes mobile technology and telematics data to offer usage-based insurance pricing models. Root Inc primarily serves individual consumers across the United States. The company is headquartered in Columbus, Ohio, and its shares are listed on the NASDAQ.
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