EverQuote (EVER) Q4 2025 earnings summary

Executive summary

• Achieved record financial performance in 2025, with revenue up 38% year-over-year to $692.5–$693 million and Adjusted EBITDA up 62% to $94.6–$95 million, driven by marketplace scaling, AI integration, and new product launches.

• Operating leverage improved significantly, with revenues more than doubling since 2023 while operating expenses remained flat, resulting in a capital-efficient operation and strong balance sheet with no debt and $171–$171.4 million in cash at year-end.

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

• Entered 2026 with a robust balance sheet, no debt, and a healthy insurance market focused on profitable policy growth.

• Focused on expanding traffic, broadening product offerings, and scaling provider budgets for continued growth.

Financial highlights

• Q4 2025 revenue grew 32% year-over-year to $195.3 million, with carrier spend up 39%.

• Auto insurance revenue in Q4 was $179.9–$180 million (up 32% YoY); home insurance revenue was $15–$15.4 million (up 37% YoY).

• Full-year auto revenue grew 41% to $629.8 million; home revenue grew 20% to $62.7 million.

• Q4 GAAP net income was $57.8 million, including a $38.4 million one-time non-cash tax benefit; full-year GAAP net income was $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 for Q4 was $27 million; full-year operating cash flow was $95–$95.4 million.

Outlook and guidance

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

• Management targets $1 billion in revenue within two to three years, implying 13–21% annual top-line growth and annual EBITDA margin improvement of 100–150 basis points.

• Focus on sustainable growth, expanding profitability, and leveraging automation and digital services.