EverQuote (EVER) Q4 2025 earnings summary

Executive summary

• Achieved record financial performance in 2025, with revenue up 38% year-over-year to $693 million and Adjusted EBITDA up 62% to $95 million, driven by scaling the marketplace and AI integration.

• Operating leverage improved significantly, with revenues more than doubling since 2023 while operating expenses remained flat.

• Ended 2025 with $171.4 million in cash and no debt, entering 2026 with a strong balance sheet.

• Positioned as a leading growth partner for P&C insurance providers, leveraging AI and proprietary data to drive efficiency and innovation.

• Focused on delivering better referrals, expanding traffic, and broadening product offerings, with carriers prioritizing profitable policy growth in 2026.

Financial highlights

• Q4 2025 revenue grew 32% year-over-year to $195.3 million, with auto insurance revenue at $180 million (up 32% YoY) and home insurance revenue at $15.4 million (up 37% YoY).

• Q4 GAAP net income was $57.8 million, including a $38.4 million one-time non-cash tax benefit; full-year GAAP net income reached $99.3 million.

• Q4 Adjusted EBITDA was $25.1 million (12.8% margin); full-year Adjusted EBITDA margin was 13.7%, up 200 basis points.

• Operating cash flow was $95.4 million for the year, up from $66.6 million in 2024.

• Variable Marketing Dollars for Q4 2025 were $49.3 million, up 12% year-over-year.

Outlook and guidance

• 2026 expected to be a growth year for carriers, with measured marketing spend in Q1 and a focus on profitable policy growth.

• Q1 2026 guidance: revenue of $175–$185 million, VMD of $49–$52 million, Adjusted EBITDA of $23.5–$26.5 million.

• Path to $1 billion in revenue within two to three years, implying 13–21% annual top-line growth.

• EBITDA margins expected to improve by 100–150 basis points annually on the path to $1 billion.

• Focused on scaling provider budgets, expanding into adjacent verticals, and leveraging automation for efficiency.