EverQuote Q3 revenue rises 25.4%; profit falls
Carrier spending on referrals was the primary driver of gains in automotive and home and renters revenue.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
EverQuote, Inc. (EVER) reported third-quarter 2026 revenue of $218.1 million, up 25.4% from $173.9 million a year earlier, while net income was $18.2 million versus $18.9 million. Adjusted EBITDA, a non-GAAP measure, was $35.5 million compared with $25.1 million. The company attributed revenue growth primarily to higher carrier spending for referrals in automotive and home and renters markets.
For the first nine months of 2026, revenue rose 21.5% to $604.0 million from $497.2 million, net income was $56.0 million versus $41.6 million, Adjusted EBITDA was $94.9 million versus $69.5 million, and operating cash flow was $94.4 million versus $68.4 million. Cash and cash equivalents totaled $229.1 million, with no borrowings under its $60.0 million revolving facility, as of September 30, 2026. In August, it paid $4.0 million to terminate an advertising contract with a $15.5 million remaining commitment. After quarter-end, the board authorized repurchases of up to $50.0 million in Class A common stock; the program has no expiration date and does not obligate the company to repurchase shares.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointQuarterly revenue increased 25.4% to $218.1 million.
- Moderate pointNine-month net income was $56.0 million, versus $41.6 million.
- Moderate pointNine-month operating cash flow was $94.4 million, versus $68.4 million.
- Moderate pointQuarterly Adjusted EBITDA was $35.5 million, versus $25.1 million.
- Minor pointNine-month revenue increased 21.5% to $604.0 million.
Negative
- None.
Filing Explained
First-half buybacks retired 1,068,016 shares in Q1 and 578,322 in Q2 under the prior program.
An
Under the prior repurchase program, the company bought 1,068,016 shares for
Key Figures
Key Terms
Adjusted EBITDA financial
Variable marketing dollars financial
Variable marketing margin financial
Direct distribution channel financial
Adjusted Quick Ratio financial
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did EVER report in Q3 2026?
What is EVER's 2026 share repurchase program?
AI-generated analysis. How Rhea-AI works. Not financial advice.
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to .
Commission File Number:
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer |
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(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code: (
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No
Table of Contents
As of September 30, 2026, the registrant had
Table of Contents
Table of Contents
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Page |
PART I. |
FINANCIAL INFORMATION |
6 |
Item 1. |
Condensed Consolidated Financial Statements (Unaudited) |
6 |
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Condensed Consolidated Balance Sheets |
6 |
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Condensed Consolidated Statements of Operations and Comprehensive Income |
7 |
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Condensed Consolidated Statements of Stockholders’ Equity |
8 |
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Condensed Consolidated Statements of Cash Flows |
10 |
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Notes to Unaudited Condensed Consolidated Financial Statements |
11 |
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
22 |
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk |
33 |
Item 4. |
Controls and Procedures |
34 |
PART II. |
OTHER INFORMATION |
34 |
Item 1. |
Legal Proceedings |
34 |
Item 1A. |
Risk Factors |
34 |
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
34 |
Item 5. |
Other Information |
35 |
Item 6. |
Exhibits |
36 |
Signatures |
37 |
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3
Table of Contents
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. All statements other than statements of historical fact contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations, financial position, liquidity and capital resources; our business strategy and plans, including our development, deployment and monetization of new and enhanced products and services; our expectations regarding increased investments to drive our artificial intelligence, or AI, capabilities, including the costs associated therewith, the potential impact of such investments on our financial statements and results of operations, including operating income, variable marketing dollars, variable marketing margins and Adjusted EBITDA, and the anticipated benefits of such investments; trends in consumer traffic and demand for our products and services; our relationships with, and spending by, carriers and agents; objectives of management for future operations; and our capital allocation priorities, are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements.
In some cases, you can identify forward-looking statements by terms such as “aim,” “may,” “should,” “expects,” “might,” “plans,” “anticipates,” “could,” “intends,” “goals,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “seek,” “will,” “would” or “continue,” or the negative of these terms or other similar expressions. The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, liquidity and results of operations. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and, except as required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of any new information, future events or otherwise. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements.
Factors that could cause actual results to differ materially from our forward-looking statements include, without limitation, the following:
A further list and description of risks, uncertainties and assumptions that could cause or contribute to differences in our future results include the cautionary statements described in Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year
4
Table of Contents
ended December 31, 2025, in our subsequent periodic filings with the Securities and Exchange Commission and elsewhere in this Quarterly Report on Form 10-Q. We qualify all of our forward-looking statements by these cautionary statements.
5
Table of Contents
PART I—FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements (Unaudited)
EVERQUOTE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share and per share amounts)
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September 30, 2026 |
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December 31, 2025 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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Accounts receivable, net |
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Prepaid expenses and other current assets |
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Total current assets |
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Property and equipment, net |
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Goodwill |
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Operating lease right-of-use assets |
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Deferred tax assets |
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Other assets |
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Total assets |
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$ |
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$ |
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Accounts payable |
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$ |
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$ |
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Accrued expenses and other current liabilities |
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Deferred revenue |
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Operating lease liabilities |
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Total current liabilities |
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Deferred tax liabilities |
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Operating lease liabilities, net of current portion |
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Total liabilities |
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Commitments and contingencies (Note 8) |
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Stockholders' equity: |
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Preferred stock, $ |
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— |
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Class A common stock, $ |
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Class B common stock, $ |
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Additional paid-in capital |
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Accumulated other comprehensive income |
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Accumulated deficit |
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Total stockholders’ equity |
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Total liabilities and stockholders’ equity |
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$ |
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$ |
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The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
6
Table of Contents
EVERQUOTE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Unaudited)
(In thousands, except per share amounts)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Revenue |
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$ |
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$ |
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$ |
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Cost and operating expenses: |
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Cost of revenue |
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Sales and marketing |
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Research and development |
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General and administrative |
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Legal settlement |
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Total cost and operating expenses |
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Income from operations |
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Other income (expense): |
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Interest income |
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Other income (expense), net |
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( |
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( |
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( |
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( |
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Total other income, net |
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Income before income taxes |
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Income tax benefit (expense) |
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( |
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( |
) |
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( |
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Net income |
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$ |
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$ |
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$ |
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$ |
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Net income per share: |
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Basic |
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$ |
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$ |
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$ |
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$ |
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Diluted |
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$ |
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$ |
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$ |
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$ |
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Weighted average common shares |
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Basic |
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Diluted |
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Comprehensive income: |
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Net income |
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$ |
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$ |
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$ |
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$ |
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Other comprehensive income (loss): |
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Foreign currency translation adjustment |
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( |
) |
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( |
) |
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Comprehensive income |
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$ |
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$ |
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$ |
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$ |
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The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
7
Table of Contents
EVERQUOTE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
(In thousands, except share amounts)
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Accumulated |
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Class A |
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Class B |
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Additional |
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Other |
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Total |
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||||||||||||||
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Common Stock |
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Common Stock |
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Paid-in |
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Comprehensive |
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Accumulated |
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Stockholders’ |
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Shares |
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Amount |
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Shares |
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Amount |
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Capital |
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Income |
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Deficit |
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Equity |
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||||||||
Balances at December 31, 2025 |
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$ |
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$ |
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$ |
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$ |
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$ |
( |
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$ |
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|||||||
Issuance of common stock upon |
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— |
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— |
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— |
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— |
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— |
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|||
Net issuance of common stock |
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— |
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— |
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— |
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( |
) |
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— |
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— |
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( |
) |
|
Repurchase and retirement of |
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( |
) |
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( |
) |
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— |
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— |
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( |
) |
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— |
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— |
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( |
) |
Stock-based compensation |
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— |
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— |
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— |
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— |
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— |
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— |
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||
Foreign currency translation |
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— |
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— |
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— |
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— |
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— |
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( |
) |
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— |
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( |
) |
Net income |
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— |
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— |
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— |
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— |
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— |
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— |
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||
Balances at March 31, 2026 |
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( |
) |
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|||||||
Issuance of common stock upon |
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— |
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— |
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— |
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— |
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— |
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|||
Net issuance of common stock |
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— |
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— |
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|
|
— |
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|
( |
) |
|
|
— |
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|
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— |
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|
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( |
) |
|
Repurchase and retirement of |
|
|
( |
) |
|
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— |
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— |
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— |
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( |
) |
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— |
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— |
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( |
) |
Stock-based compensation |
|
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— |
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— |
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— |
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— |
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— |
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— |
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Transfer of Class B common stock |
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— |
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( |
) |
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— |
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— |
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|
|
— |
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— |
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— |
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Net income |
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— |
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— |
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— |
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— |
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— |
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— |
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||
Balances at June 30, 2026 |
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( |
) |
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|||||||
Issuance of common stock upon |
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— |
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— |
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— |
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— |
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— |
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|||
Net issuance of common stock |
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— |
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— |
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— |
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( |
) |
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— |
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— |
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( |
) |
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Stock-based compensation |
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— |
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— |
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— |
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— |
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— |
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— |
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Foreign currency translation |
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— |
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— |
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— |
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— |
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— |
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— |
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||
Net income |
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— |
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— |
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|
— |
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— |
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|
— |
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— |
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||
Balances at September 30, 2026 |
|
|
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|
$ |
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|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
8
Table of Contents
EVERQUOTE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
(In thousands, except share amounts)
|
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Accumulated |
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||||||||
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Class A |
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Class B |
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Additional |
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Other |
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Total |
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||||||||||||||
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Common Stock |
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Common Stock |
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Paid-in |
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Comprehensive |
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Accumulated |
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Stockholders’ |
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||||||||||||||
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Income |
|
|
Deficit |
|
|
Equity |
|
||||||||
Balances at December 31, 2024 |
|
|
|
|
$ |
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|||||||
Issuance of common stock upon |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|||
Net issuance of common stock |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Foreign currency translation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
||
Balances at March 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||||
Issuance of common stock upon |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|||
Net issuance of common stock |
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
||
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Foreign currency translation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
||
Balances at June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||||
Issuance of common stock upon |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|||
Net issuance of common stock |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
Repurchase and retirement of common stock |
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Foreign currency translation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
||
Balances at September 30, 2025 |
|
|
|
|
$ |
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
9
Table of Contents
EVERQUOTE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
|
|
Nine Months Ended September 30, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
Cash flows from operating activities: |
|
|
|
|
|
|
||
Net income |
|
$ |
|
|
$ |
|
||
Adjustments to reconcile net income to net cash provided by |
|
|
|
|
|
|
||
Depreciation and amortization expense |
|
|
|
|
|
|
||
Stock-based compensation expense |
|
|
|
|
|
|
||
Deferred taxes |
|
|
|
|
|
— |
|
|
Provision for bad debt |
|
|
— |
|
|
|
|
|
Unrealized foreign currency transaction (gains) losses |
|
|
( |
) |
|
|
|
|
Litigation accrual settled with sale of assets |
|
|
— |
|
|
|
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
( |
) |
|
|
( |
) |
Prepaid expenses and other current assets |
|
|
|
|
|
( |
) |
|
Commissions receivable, current and non-current |
|
|
— |
|
|
|
|
|
Operating lease right-of-use assets |
|
|
|
|
|
|
||
Accounts payable |
|
|
|
|
|
|
||
Accrued expenses and other current liabilities |
|
|
|
|
|
( |
) |
|
Deferred revenue |
|
|
|
|
|
( |
) |
|
Operating lease liabilities |
|
|
( |
) |
|
|
( |
) |
Net cash provided by operating activities |
|
|
|
|
|
|
||
Cash flows from investing activities: |
|
|
|
|
|
|
||
Acquisition of property and equipment, including costs capitalized |
|
|
( |
) |
|
|
( |
) |
Purchase of strategic investment |
|
|
( |
) |
|
|
— |
|
Net cash used in investing activities |
|
|
( |
) |
|
|
( |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
||
Proceeds from exercise of stock options |
|
|
|
|
|
|
||
Repurchase of common stock |
|
|
( |
) |
|
|
( |
) |
Tax withholding payments related to net share settlement |
|
|
( |
) |
|
|
( |
) |
Net cash used in financing activities |
|
|
( |
) |
|
|
( |
) |
Effect of exchange rate changes on cash, cash equivalents |
|
|
( |
) |
|
|
|
|
Net increase in cash, cash equivalents and restricted cash |
|
|
|
|
|
|
||
Cash, cash equivalents and restricted cash at beginning of period |
|
|
|
|
|
|
||
Cash, cash equivalents and restricted cash at end of period |
|
$ |
|
|
$ |
|
||
Supplemental disclosure of non-cash information: |
|
|
|
|
|
|
||
Acquisition of property and equipment included in accounts payable |
|
$ |
|
|
$ |
|
||
Assets sold in settlement of litigation accrual |
|
$ |
— |
|
|
$ |
|
|
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
10
Table of Contents
EVERQUOTE, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Nature of the Business and Basis of Presentation
EverQuote, Inc. (the “Company”) was incorporated in the state of Delaware in 2008. Through its internet websites, the Company operates an online marketplace for consumers shopping for property and casualty insurance. The Company generates revenue primarily by selling consumer referrals to insurance provider customers, consisting of carriers and agents, and indirect distributors in the United States.
The Company is subject to a number of risks and uncertainties common to companies in similar industries and stages of development including, but not limited to, rapid technological changes, competition from substitute products and services from larger companies, protection of proprietary technology, customer concentration, patent litigation, the need to obtain additional financing to support growth and dependence on third parties and key individuals.
The accompanying condensed consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. The Company expects that its cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months from the issuance date of the condensed consolidated financial statements, without considering borrowing availability under the Company’s credit facility.
The Company’s condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
2. Summary of Significant Accounting Policies
Unaudited Interim Financial Information
The condensed consolidated balance sheet at December 31, 2025 was derived from audited consolidated financial statements but does not include all disclosures required by GAAP. The accompanying unaudited condensed consolidated financial statements as of September 30, 2026 and for the three and nine months ended September 30, 2026 and 2025 have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 on file with the SEC. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s financial position as of September 30, 2026 and results of operations for the three and nine months ended September 30, 2026 and 2025 and cash flows for the nine months ended September 30, 2026 and 2025 have been made. The Company’s results of operations for the three and nine months ended September 30, 2026 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2026 or any other period.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, revenue recognition and the valuation of accounts receivable, the expensing and capitalization of website and software development costs, stock-based compensation expense and income taxes. The Company bases its estimates on historical experience, known trends and other market-specific or relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in periods in which they become known. These estimates may change as new events occur and additional information is obtained, and actual results could differ materially from these estimates.
11
Table of Contents
Concentrations of Credit Risk and of Significant Customers
Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents at accredited financial institutions. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.
The Company sells its consumer referrals to insurance provider customers, consisting of carriers and agents, and indirect distributors in the United States, primarily in the automotive industry. For the three months ended September 30, 2026,
Fair Value Measurements
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:
The Company’s cash equivalents are carried at fair value, determined according to the fair value hierarchy described above. The Company’s cash equivalents included money market funds of $
Accounts Receivable
The Company provides credit to customers in the ordinary course of business and believes its credit policies are prudent and reflect industry practices and business risk. The Company monitors economic conditions to identify facts or circumstances that may indicate that its receivables are at risk of collection. The Company provides an allowance against accounts receivable for estimated losses, if any, that may result from a customer’s inability to pay based on the composition of its accounts receivable, current economic conditions and historical credit loss activity. Amounts determined to be uncollectible are charged or written-off against the allowance. As of September 30, 2026 and December 31, 2025, the Company’s allowance for credit losses was $
Revenue Recognition
The Company derives its revenue primarily by selling consumer referrals to its insurance provider customers, including insurance carriers, agents and indirect distributors. Prior to the sale of certain carrier contracts in May 2025, the Company also generated revenue from commission fees for the sale of policies, primarily in its automotive insurance vertical as part of its direct-to-consumer agency. In May 2025, the Company sold the right to receive commissions under its remaining property and casualty carrier contracts related to its direct-to-consumer agency to settle a litigation matter (see Note 3).
To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606 Revenue from Contracts with Customers (“ASC 606”), the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction
12
Table of Contents
price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation.
The Company only applies the five-step model to contracts when collectibility of the consideration to which the Company is entitled in exchange for the goods or services it transfers to the customer is determined to be probable. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less.
The Company recognizes referral revenue when it satisfies its performance obligations by delivering the referrals to its customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those referrals.
Disaggregated Revenue
The Company presents disaggregated revenue from contracts with customers by distribution channel, as the distribution channel impacts the nature and amount of the Company’s revenue, and by vertical market segment. The Company’s direct distribution channel consists of insurance carriers and third-party agents. The Company’s indirect distribution channel consists of insurance aggregators and media networks who purchase referrals with the intent to resell. Revenue generated via the Company’s direct distribution channel is generally higher per referral than revenue generated by the Company’s indirect distribution channels and provides the Company with additional insights and data regarding insurance provider demand and referral performance.
Total revenue is comprised of revenue from the following distribution channels:
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Direct channels |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
||||
Indirect channels |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
||||
|
|
|
% |
|
|
% |
|
|
% |
|
|
% |
||||
Total revenue is comprised of revenue from the following insurance verticals (in thousands):
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Automotive |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Home and renters |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||
Total revenue |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
The Company has elected to apply the practical expedient in ASC 606 to expense incremental direct costs of obtaining a contract, consisting of sales commissions, as incurred as the expected period of benefit of the sales commissions is
Deferred Revenue
Amounts received for referrals prior to satisfying the revenue recognition criteria are recorded as deferred revenue on the accompanying condensed consolidated balance sheets. Amounts expected to be recognized as revenue within 12 months of the balance sheet date are classified as current deferred revenue. Deferred revenue was $
13
Table of Contents
Advertising Expense
Advertising expense consists of variable costs that are related to attracting consumers to the Company’s marketplace and generating consumer quote requests, including through its verified partner network, and promoting its marketplace to insurance carriers and agents. The Company expenses advertising costs as incurred and such costs are included in sales and marketing expense in the accompanying condensed consolidated statements of operations and comprehensive income. During the three months ended September 30, 2026 and 2025, advertising expense totaled $
Net Income (Loss) per Share
Basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding stock options and unvested restricted stock units. For periods in which the Company reported a net loss, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.
The Company has two classes of common stock outstanding: Class A common stock and Class B common stock. The rights of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion.
Recently Adopted Accounting Pronouncements
In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326) to introduce a practical expedient to calculating current expected credit loss by assuming that the current conditions as of the balance sheet date will not change for the remaining life of the asset. This expedient can only be applied to current accounts receivable and current contract assets. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025 and interim periods within those annual periods, and this update is applied prospectively. The Company
Recently Issued Accounting Pronouncements
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) to improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. ASU 2024-03 allows for adoption using either a prospective or retrospective method. The Company is currently assessing the impact of the adoption of this guidance on its consolidated financial statements.
In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which removes all references to software development project stages and requires entities to start capitalizing software costs when both of the following occur: (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. The amendments in ASU 2025-06 are effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted as of the beginning of a fiscal year. The amendments can be applied prospectively, retrospectively, or via a modified prospective transition method. The Company is currently assessing the impact of the adoption of this guidance on its consolidated financial statements.
14
Table of Contents
3. Goodwill and Acquired Intangible Assets
Goodwill is not amortized, but instead is reviewed for impairment at least annually or more frequently when events and circumstances occur indicating that the recorded goodwill may be impaired. The Company considers its business to be
Acquired intangible assets consisted of customer relationships and developed technology related to the Company’s acquisition of Policy Fuel, LLC and its affiliated entities, Kanopy Insurance Center, LLC, One Eight Software, Inc., and Parachute Insurance Services Corp., collectively referred to as “PolicyFuel,” which assets were sold as part of the settlement of litigation with the former owners of PolicyFuel on May 1, 2025. The Company recorded amortization expense for intangible assets of $
The Company recorded legal settlement expense of $
4. Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
|
|
September 30, |
|
|
December 31, |
|
||
|
|
2026 |
|
|
2025 |
|
||
Accrued employee compensation and benefits |
|
$ |
|
|
$ |
|
||
Accrued advertising expenses |
|
|
|
|
|
|
||
Other current liabilities |
|
|
|
|
|
|
||
|
|
$ |
|
|
$ |
|
||
5. Loan and Security Agreement
On August 1, 2025, the Company entered into a credit agreement (as amended, the “Credit Agreement”) providing for a senior secured revolving credit facility (the “Revolving Facility”) among the Company, as borrower, Western Alliance Bank, as administrative agent and collateral agent for the lenders (the “Agent”) and as a lender itself, and the other lenders party thereto (collectively, the “Lenders”). The Credit Agreement provides for a $
Pursuant to the Credit Agreement, borrowings under the Revolving Facility cannot exceed
Borrowings are collateralized by substantially all of the Company’s assets and property.
15
Table of Contents
In August 2026, the Company amended the Credit Agreement, including to join a new subsidiary of the Company to the Credit Agreement and to update covenants related to permitted investments and indebtedness. In October 2026, the Company further amended the Credit Agreement (see Note 14).
6. Equity
On July 22, 2025, the Company’s board of directors authorized a share repurchase program for up to $
On August 11, 2025, the Company repurchased
During the first quarter of 2026, the Company repurchased
In October 2026, the Company's board of directors authorized a new share repurchase program (see Note 14).
7. Stock-Based Compensation
2008 and 2018 Plans
The Company has outstanding awards under its 2008 Stock Incentive Plan, as amended (the “2008 Plan”), but is no longer granting awards under this plan. Shares of common stock issued upon exercise of stock options granted prior to September 8, 2017 will be issued as either Class A common stock or Class B common stock. Shares of common stock issued upon exercise of stock options granted after September 8, 2017 will be issued as Class A common stock.
The Company’s 2018 Equity Incentive Plan (the “2018 Plan” and, together with the 2008 Plan, the “Plans”) provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, and other stock-based awards. The number of shares initially reserved for issuance under the 2018 Plan is the sum of
Option awards and restricted stock unit (“RSU”) awards granted under the Plans vest over periods determined by the board of directors. Options granted under the Plans expire no later than
16
Table of Contents
Stock Option Activity
The Company did
Restricted Stock Unit Activity
The Company has granted RSU awards with service-based vesting conditions and with both service-based and performance-based vesting conditions (“pRSU”). The fair value of these grants is estimated on the date of grant using the market price of the underlying shares on the grant date.
The following table summarizes the Company’s RSU with service-based vesting conditions activity since December 31, 2025:
|
|
|
|
|
Weighted Average |
|
||
|
|
Number of Shares |
|
|
Grant-Date Fair Value |
|
||
Unvested balance December 31, 2025 |
|
|
|
|
$ |
|
||
Granted |
|
|
|
|
|
|
||
Vested |
|
|
( |
) |
|
|
|
|
Forfeited |
|
|
( |
) |
|
|
|
|
Unvested balance September 30, 2026 |
|
|
|
|
$ |
|
||
The following table summarizes the Company’s pRSU activity since December 31, 2025:
|
|
|
|
|
Weighted Average |
|
||
|
|
Number of Shares |
|
|
Grant-Date Fair Value |
|
||
Unvested balance December 31, 2025 |
|
|
|
|
$ |
|
||
Granted |
|
|
|
|
|
|
||
Vested |
|
|
( |
) |
|
|
|
|
Forfeited |
|
|
( |
) |
|
|
|
|
Unvested balance September 30, 2026 |
|
|
|
|
$ |
|
||
Unvested pRSUs outstanding as of September 30, 2026 and December 31, 2025 are comprised of the following awards:
|
|
September 30, 2026 |
|
|
December 31, 2025 |
|
||
Performance conditions met |
|
|
|
|
|
|
||
2026 performance conditions not met |
|
|
|
|
|
— |
|
|
2027 performance conditions not met |
|
|
|
|
|
|
||
Unvested balance |
|
|
|
|
|
|
||
17
Table of Contents
Stock-Based Compensation Expense
The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations and comprehensive income (in thousands):
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Cost of revenue |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Sales and marketing |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Research and development |
|
|
|
|
|
|
|
|
|
|
|
|
||||
General and administrative |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Stock-based compensation expense in the table above includes $
As of September 30, 2026, unrecognized compensation expense for stock-based awards expected to vest was $
The Company recognized income tax benefits related to stock-based compensation expense of $
8. Commitments and Contingencies
Leases
The Company leases office space under various non-cancelable operating leases. There have been no material changes to the Company’s leases during the three and nine months ended September 30, 2026. For additional information, please read Note 10, Leases, to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Purchase Commitment
In June 2025, the Company entered into a
Legal Proceedings and Other Contingencies
The Company is from time to time subject to various legal proceedings and claims, either asserted or unasserted, which arise in the ordinary course of its business. While the outcome of these claims cannot be predicted with certainty, management does not believe, based on its current knowledge, that the outcome of any of these legal matters will have a material adverse effect on the Company’s consolidated results of operations or financial condition. Notwithstanding the foregoing, the ultimate outcome of any legal proceedings involves judgments, estimates and inherent uncertainties, and cannot be predicted with certainty. It is possible that an adverse outcome of any matter could be material to the Company’s business, financial position, results of operations or cash flows as a whole for any particular reporting period of occurrence. In addition, it is possible that a matter may prompt litigation or additional investigations or proceedings by government agencies or private litigants.
9. Retirement Plan
The Company has established a defined-contribution plan under Section 401(k) of the Internal Revenue Code (the “401(k) Plan”). The 401(k) Plan covers all employees who meet defined minimum age and service requirements, and allows participants to defer a portion of their annual compensation on a pre-tax basis. As currently established, the Company is not required to make any contributions to the 401(k) Plan. The Company contributed $
18
Table of Contents
10. Related Party Transactions
The Company has, in the ordinary course of business, entered into arrangements with other companies who have shareholders in common with the Company. Pursuant to these arrangements, related-party affiliates receive payments for providing website visitor referrals. During the three months ended September 30, 2026 and 2025, the Company recorded expense of $
On August 11, 2025, the Company repurchased
11. Income Taxes
The Company records income tax expense by applying its estimated annual effective tax rate to year-to-date income before income taxes, and adjusting for discrete items occurring in the quarter. The Company’s effective tax rate may vary from period to period, generally based on factors such as changes in forecasts and year-to-date results.
For the three and nine months ended September 30, 2026, the Company recorded income tax expense of $
For the three and nine months ended September 30, 2025, the Company recorded an income tax benefit of $
12. Net Income per Share
A reconciliation of the numerators and the denominators of the basic and diluted net income per common share computations are as follows (in thousands):
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average basic common shares |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Effect of dilutive securities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Options to purchase common stock |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Restricted stock units |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average diluted common shares |
|
|
|
|
|
|
|
|
|
|
|
|
||||
19
Table of Contents
The Company excluded the following potential common shares, presented based on weighted average shares outstanding during the periods, from the computation of diluted net income per share because including them would have had an anti-dilutive effect (in thousands):
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Options to purchase common stock |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Restricted stock units |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
The tables above do not include performance-based awards for which the performance conditions had not been met as of period end. As of September 30, 2026 and 2025, the Company had outstanding pRSUs for which the performance conditions had not been met as of period end of
13. Segments and Geographical Information
The Company’s revenue is derived from customers in the United States. Long-lived tangible assets held outside of the United States are not material.
The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions.
As a single reportable segment entity, the Company’s segment performance measure is net income (loss), which is used to monitor budget versus actual results. Significant segment expenses, as provided to the CODM, are presented below (in thousands):
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Revenue |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Advertising expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash operating expense(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other segment items, net(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
(1) Cash operating expense is primarily comprised of personnel-related costs, technology service costs, professional fees and office-related costs included in cost and operating expenses in the Company’s consolidated statements of operations and comprehensive income and does not include non-cash depreciation and amortization and stock-based compensation amounts that are included in cost and operating expenses and other items such as legal settlement expense and a vendor contract termination fee related to a multi-year contract also included in cost and operating expenses.
(2) Other segment items, net included within net income include depreciation and amortization and stock-based compensation amounts that are non-cash items included in cost and operating expenses, and other items such as legal settlement expense and a vendor contract termination fee related to a multi-year contract that are considered not indicative of core operating performance, as well as interest income and income taxes. These amounts are also reported within the consolidated statements of operations and comprehensive income and consolidated statements of cash flows. See the accompanying consolidated financial statements and footnotes for financial information regarding other segment items, net and the Company’s operating segment.
20
Table of Contents
14. Subsequent Events
On October 21, 2026, the Company's Credit Agreement was amended to, among other things, permit the Company to (i) repurchase, redeem or otherwise acquire shares of its capital stock, including its Class A common stock in an aggregate amount of up to $
On October 21, 2026, the Company’s board of directors authorized a share repurchase program (the “2026 Repurchase Program”). The 2026 Repurchase Program allows the Company to repurchase up to $
21
Table of Contents
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The following discussion and analysis of our financial condition and results of operations should be read together with our condensed consolidated financial statements and related notes and other financial information included elsewhere in this Quarterly Report on Form 10-Q and our consolidated financial statements and the related notes and other financial information included in our Annual Report on Form 10-K for the year ended December 31, 2025, on file with the Securities and Exchange Commission. The following discussion and analysis contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below, elsewhere in this Quarterly Report on Form 10-Q and in Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025.
We are a leading AI-powered growth solutions partner for regulated property and casualty insurance entities, enabling the largest insurance carriers and thousands of agents to maximize customer acquisition across digital channels. Fueled by our proprietary data assets and our AI traffic engine, EverQuote is transforming the way providers attract and engage consumers to grow market share.
We operate a marketplace to connect insurance providers to a large volume of high-intent, pre-validated consumer referrals that match the insurers’ specific underwriting and profitability requirements. The transparency of our marketplace, as well as the campaign management tools we offer, are designed to make it easy for insurance carriers and third-party agents to evaluate the performance of their marketing spend on our platform and manage their own return on investment. We present consumers with a single starting point for a comprehensive insurance shopping experience where consumers can engage with insurance carriers through multiple channels based on their preferences. Our marketplace enables consumers to choose to visit an insurance provider’s website to purchase a policy or engage with a carrier or agent by phone or submit their data to insurance providers to receive quotes. Our services are free for consumers, and we derive our revenue principally from consumer inquiries sold as referrals to insurance providers.
In the three months ended September 30, 2026 and 2025, our total revenue was $218.1 million and $173.9 million, respectively, representing a year-over-year increase of 25.4%. We had net income of $18.2 million and $18.9 million for the three months ended September 30, 2026 and 2025, respectively, and had $35.5 million and $25.1 million in Adjusted EBITDA for the three months ended September 30, 2026 and 2025, respectively. In the nine months ended September 30, 2026 and 2025, our total revenue was $604.0 million and $497.2 million, respectively, representing a year-over-year increase of 21.5%. We had net income of $56.0 million and $41.6 million for the nine months ended September 30, 2026 and 2025, respectively, and had $94.9 million and $69.5 million in Adjusted EBITDA for the nine months ended September 30, 2026 and 2025, respectively. See the section titled “—Non-GAAP Financial Measure” for information regarding our use of Adjusted EBITDA and its reconciliation to net income (loss) determined in accordance with generally accepted accounting principles in the United States, or GAAP.
To support our efforts to enable AI capabilities to drive productivity, marketplace growth and broaden our value to customers, we expect to increase our investments in advertising, people and technology. Accordingly, we expect increased spending in these areas, which may impact operating income, variable marketing dollars, variable marketing margins and Adjusted EBITDA. The timing, amount and benefits of these investments are uncertain and may not result in improved performance or profitability in the timeframe we expect, or at all.
Factors Affecting Our Performance
We believe that our performance and future growth depend on a number of factors that present opportunities for us but also pose risks and challenges, including those discussed below, elsewhere in this Quarterly Report on Form 10-Q, and in Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025.
Auto insurance industry risk
For the nine months ended September 30, 2026 and 2025, we derived 89% and 90%, respectively, of our revenue from auto insurance providers and our financial results depend on the performance of the auto insurance industry. Furthermore, total revenue from our two largest auto insurance carrier customers was 35% and 10% of our revenue, respectively, for the nine months ended September 30, 2026 and total revenue from our two largest auto insurance carrier customers was 37% and 11% of our revenue, respectively, for the nine months ended September 30, 2025. Business cycles within the auto insurance industry heavily impact our carrier customers’ advertising spend with us, such as in 2022 and 2023 when the auto insurance industry experienced deteriorated underwriting performance due to a rise in claims, inflation, and inadequate policy premiums, which had a negative impact on the pricing and demand for consumer referrals in our marketplace throughout 2023.
22
Table of Contents
Expanding consumer traffic
Our success depends in part on the growth and quality of our consumer traffic. We have historically increased consumer traffic to our marketplace by expanding existing advertising channels and adding new channels such as by engaging with consumers through our verified partner network. We plan to increase consumer traffic by leveraging the features and growing the data assets of our platform, including through the deployment of AI-enabled capabilities. While we plan to grow consumer traffic, we have the ability to decrease advertising spend when the revenue associated with such consumer traffic does not result in incremental profit to our business or in response to lower demand for consumer referrals. To support our efforts to enable AI capabilities to improve the quantity and quality of consumer traffic, we expect to make incremental investments in advertising, personnel and technology services. Our profitability will be impacted by our ability to acquire quote requests in significant volume, at prices that are attractive, and that represent high-intent shoppers for which insurance providers will purchase referrals.
Increasing the number of insurance providers and their respective spend in our marketplace
Our success also depends on our ability to retain and grow our insurance provider network. Historically, we have generally expanded both the number of insurance providers and the spend per provider on our platform. However, we have also experienced periods of decreasing carrier spend in the automotive insurance vertical as described above.
Key Business Metrics
We regularly review a number of metrics, including GAAP operating results and the key metrics listed below, to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections, and make operating and strategic decisions. Some of these metrics are non-financial metrics or are financial metrics that are not defined by GAAP.
Adjusted EBITDA
We use Adjusted EBITDA, a non-GAAP financial measure, to evaluate our operating performance, to establish budgets and to develop operational goals for managing our business. For our definition and a description of our use of Adjusted EBITDA, its limitations, and a reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable GAAP measure, please see “—Non-GAAP Financial Measure”.
Variable Marketing Dollars and Margin
We define variable marketing dollars, or VMD, as revenue, as reported in our consolidated statements of operations and comprehensive income, less advertising costs (a component of sales and marketing expense, as reported in our consolidated statements of operations and comprehensive income). We define variable marketing margin, or VMM, as VMD divided by revenue.
We use VMD and VMM to measure the efficiency of individual advertising and consumer acquisition sources and to make trade-off decisions to manage our return on advertising. We do not use VMD or VMM as a measure of profitability.
Key Components of Our Results of Operations
Revenue
We generate our revenue primarily from consumer inquiries sold as referrals to insurance provider customers, consisting of carriers and agents, as well as to indirect distributors. To simplify the quoting process for the consumer and improve performance for the provider, we are able to provide consumer-submitted quote request data along with each referral. We recognize revenue from consumer referrals at the time of delivery. We support three secure consumer referral formats:
23
Table of Contents
For the periods presented, our total revenue consisted of revenue generated within our insurance verticals as follows:
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
|
|
(in thousands) |
|
|||||||||||||
Automotive |
|
$ |
190,389 |
|
|
$ |
157,641 |
|
|
$ |
534,826 |
|
|
$ |
449,940 |
|
Home and renters |
|
|
27,688 |
|
|
|
16,290 |
|
|
|
69,189 |
|
|
|
47,228 |
|
Other |
|
|
— |
|
|
|
9 |
|
|
|
— |
|
|
|
33 |
|
Total revenue |
|
$ |
218,077 |
|
|
$ |
173,940 |
|
|
$ |
604,015 |
|
|
$ |
497,201 |
|
We expect an overall increase in revenue in 2026 as compared to 2025, driven by our automotive and home and renters verticals, as we anticipate increased spending from our carrier partners. We expect revenue from our other insurance verticals to be insignificant in 2026 as a result of our focus on the P&C market.
Cost and Operating Expenses
Our cost and operating expenses consist of cost of revenue, sales and marketing, research and development, general and administrative, and legal settlement expense.
We allocate certain overhead expenses, such as rent, utilities, office supplies and depreciation and amortization of general office assets, to cost of revenue and operating expense categories based on headcount. As a result, an overhead expense allocation is reflected in cost of revenue, sales and marketing, research and development, and general and administrative expenses. Personnel-related costs included in cost of revenue and operating expense categories include wages, fringe benefit costs and stock-based compensation expense.
Cost of Revenue
Cost of revenue is comprised primarily of the costs of operating our marketplace and delivering consumer referrals to our customers. These costs consist primarily of technology service costs including hosting, software, data services, and third-party call center costs. In addition, cost of revenue includes depreciation and amortization of our platform technology assets and personnel-related costs.
Sales and Marketing
Sales and marketing expense consists primarily of advertising and marketing expenditures as well as personnel-related costs for employees engaged in sales, marketing, data analytics and consumer acquisition functions. Advertising expenditures consist of variable costs that are related to attracting consumers to our marketplace, generating consumer quote requests, including the cost of quote requests we acquire from our verified partner network, and promoting our marketplace to carriers and agents. Advertising costs are expensed as incurred. Marketing costs consist primarily of content and creative development, public relations, memberships, and event costs. We expect our sales and marketing expense will increase in 2026 as compared to 2025 as we expect increased carrier spend for referrals, which will impact our advertising expenditures.
Research and Development
Research and development expense consists primarily of personnel-related costs for software development and product management. We have focused our research and development efforts on improving ease of use and functionality of our existing marketplace platform and developing new offerings and internal tools. We primarily expense research and development costs. Direct development costs related to software enhancements that add functionality are capitalized and amortized as a component of cost of revenue. We expect that research and development expense will increase in 2026 as compared to 2025, primarily due to personnel-related costs and technology services.
General and Administrative
General and administrative expense consists of personnel-related costs and related expenses for executive, finance, legal, human resources, technical support and administrative personnel as well as the costs associated with professional fees for external legal, accounting and other consulting services, insurance premiums and payment processing and billing costs. We expect that general and administrative expense will increase in 2026 as compared to 2025, primarily due to personnel-related costs.
24
Table of Contents
Legal settlement
Legal settlement includes costs associated with the settlement of our litigation in 2025 with the former owners of certain entities acquired in 2021.
Other Income (Expense)
Other income (expense) consists of interest income and other income (expense). Interest income consists of interest earned on invested cash balances. Other income (expense) consists of miscellaneous income (expense) unrelated to our core operations.
Income Taxes
Our income tax expense is based on applying our estimated annual effective tax rate to year-to-date income before income taxes, and adjusting for discrete items occurring in the quarter. Our effective tax rate may vary from period to period, generally based on factors such as changes in forecasts and year-to-date results.
As a result of the release of our valuation allowance in the fourth quarter of 2025, we expect an increase to our income tax rate in 2026. To the extent allowed, we intend to use our available net operating loss carryforwards and tax credits to reduce cash tax payment obligations.
Non-GAAP Financial Measure
To supplement our consolidated financial statements presented in accordance with GAAP and to provide investors with additional information regarding our financial results, we present in this Quarterly Report on Form 10-Q Adjusted EBITDA as a non-GAAP financial measure. Adjusted EBITDA is not based on any standardized methodology prescribed by GAAP and is not necessarily comparable to similarly titled measures presented by other companies.
Adjusted EBITDA. We define Adjusted EBITDA as our net income (loss), excluding the impact of stock-based compensation expense, depreciation and amortization expense, interest income, income taxes and other items that we believe are non-recurring or not indicative of our core operating performance. The most directly comparable GAAP measure to Adjusted EBITDA is net income (loss). We monitor and present in this Quarterly Report on Form 10-Q Adjusted EBITDA because it is a key measure used by our management and board of directors to understand and evaluate our operating performance, to establish budgets and to develop operational goals for managing our business. In particular, we believe that excluding the impact of these items in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core operating performance.
We use Adjusted EBITDA to evaluate our operating performance and trends and make planning decisions. We believe Adjusted EBITDA helps identify underlying trends in our business that could otherwise be masked by the effect of the items that we exclude in the calculation of Adjusted EBITDA. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects.
Adjusted EBITDA is not prepared in accordance with GAAP and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. Adjusted EBITDA should be considered together with other operating and financial performance measures presented in accordance with GAAP. There are a number of limitations related to the use of Adjusted EBITDA rather than net income (loss), all of which could reduce the usefulness of our presentation of Adjusted EBITDA as a tool for comparison. Some of these limitations are:
25
Table of Contents
The following table reconciles Adjusted EBITDA to net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP:
Reconciliation of Net Income to Adjusted EBITDA:
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
|
|
(in thousands) |
|
|||||||||||||
Net income |
|
$ |
18,152 |
|
|
$ |
18,865 |
|
|
$ |
56,011 |
|
|
$ |
41,556 |
|
Stock-based compensation |
|
|
6,570 |
|
|
|
6,728 |
|
|
|
17,383 |
|
|
|
18,708 |
|
Depreciation and amortization |
|
|
988 |
|
|
|
811 |
|
|
|
2,744 |
|
|
|
2,950 |
|
Interest income |
|
|
(1,224 |
) |
|
|
(992 |
) |
|
|
(3,235 |
) |
|
|
(2,618 |
) |
Income taxes |
|
|
6,965 |
|
|
|
(345 |
) |
|
|
17,980 |
|
|
|
702 |
|
Other: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Vendor contract termination(1) |
|
|
4,000 |
|
|
|
— |
|
|
|
4,000 |
|
|
|
— |
|
Legal settlement(2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,232 |
|
Adjusted EBITDA |
|
$ |
35,451 |
|
|
$ |
25,067 |
|
|
$ |
94,883 |
|
|
$ |
69,530 |
|
(1) During the three and nine months ended September 30, 2026, we terminated a multi-year vendor contract for advertising services with a $15.5 million remaining commitment in exchange for a payment of $4.0 million.
(2) During the nine months ended September 30, 2025, we recorded legal settlement costs related to the settlement of our litigation with the former owners of certain entities acquired in 2021.
26
Table of Contents
Results of Operations
Comparison of the Three and Nine Months Ended September 30, 2026 and 2025
The following tables set forth our results of operations for the periods shown:
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
|
|
(in thousands) |
|
|||||||||||||
Statement of Operations Data: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Revenue(1) |
|
$ |
218,077 |
|
|
$ |
173,940 |
|
|
$ |
604,015 |
|
|
$ |
497,201 |
|
Cost and operating expenses(2): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of revenue |
|
|
4,632 |
|
|
|
4,712 |
|
|
|
13,256 |
|
|
|
14,934 |
|
Sales and marketing |
|
|
164,951 |
|
|
|
135,362 |
|
|
|
457,976 |
|
|
|
385,847 |
|
Research and development |
|
|
9,027 |
|
|
|
7,944 |
|
|
|
27,004 |
|
|
|
23,201 |
|
General and administrative |
|
|
15,533 |
|
|
|
8,382 |
|
|
|
34,944 |
|
|
|
25,282 |
|
Legal settlement |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,232 |
|
Total cost and operating expenses |
|
|
194,143 |
|
|
|
156,400 |
|
|
|
533,180 |
|
|
|
457,496 |
|
Income from operations |
|
|
23,934 |
|
|
|
17,540 |
|
|
|
70,835 |
|
|
|
39,705 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income |
|
|
1,224 |
|
|
|
992 |
|
|
|
3,235 |
|
|
|
2,618 |
|
Other income (expense), net |
|
|
(41 |
) |
|
|
(12 |
) |
|
|
(79 |
) |
|
|
(65 |
) |
Total other income, net |
|
|
1,183 |
|
|
|
980 |
|
|
|
3,156 |
|
|
|
2,553 |
|
Income before income taxes |
|
|
25,117 |
|
|
|
18,520 |
|
|
|
73,991 |
|
|
|
42,258 |
|
Income tax benefit (expense) |
|
|
(6,965 |
) |
|
|
345 |
|
|
|
(17,980 |
) |
|
|
(702 |
) |
Net income |
|
$ |
18,152 |
|
|
$ |
18,865 |
|
|
$ |
56,011 |
|
|
$ |
41,556 |
|
Other Financial and Operational Data: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Variable marketing dollars |
|
$ |
62,633 |
|
|
$ |
50,140 |
|
|
$ |
175,428 |
|
|
$ |
142,520 |
|
Adjusted EBITDA(3) |
|
$ |
35,451 |
|
|
$ |
25,067 |
|
|
$ |
94,883 |
|
|
$ |
69,530 |
|
(1) Comprised of revenue from the following distribution channels:
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Direct channels |
|
|
90 |
% |
|
|
85 |
% |
|
|
91 |
% |
|
|
87 |
% |
Indirect channels |
|
|
10 |
% |
|
|
15 |
% |
|
|
9 |
% |
|
|
13 |
% |
|
|
|
100 |
% |
|
|
100 |
% |
|
|
100 |
% |
|
|
100 |
% |
(2) Includes stock-based compensation expense as follows:
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
|
|
(in thousands) |
|
|||||||||||||
Cost of revenue |
|
$ |
34 |
|
|
$ |
39 |
|
|
$ |
97 |
|
|
$ |
87 |
|
Sales and marketing |
|
|
984 |
|
|
|
2,289 |
|
|
|
3,328 |
|
|
|
5,860 |
|
Research and development |
|
|
1,887 |
|
|
|
1,778 |
|
|
|
5,032 |
|
|
|
4,706 |
|
General and administrative |
|
|
3,665 |
|
|
|
2,622 |
|
|
|
8,926 |
|
|
|
8,055 |
|
|
|
$ |
6,570 |
|
|
$ |
6,728 |
|
|
$ |
17,383 |
|
|
$ |
18,708 |
|
(3) See “—Non-GAAP Financial Measure” for information regarding our use of Adjusted EBITDA as a non-GAAP financial measure and a reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure.
27
Table of Contents
Revenue
|
|
Three Months Ended September 30, |
|
|
Change |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
Amount |
|
|
% |
|
||||
|
|
(dollars in thousands) |
|
|||||||||||||
Revenue |
|
$ |
218,077 |
|
|
$ |
173,940 |
|
|
$ |
44,137 |
|
|
|
25.4 |
% |
Revenue increased by $44.1 million from $173.9 million for the three months ended September 30, 2025 to $218.1 million for the three months ended September 30, 2026. The increase in revenue was due to an increase of $32.7 million in our automotive vertical and an increase of $11.4 million in our home and renters vertical, due primarily to an increase in carrier spend for referrals.
|
|
Nine Months Ended September 30, |
|
|
Change |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
Amount |
|
|
% |
|
||||
|
|
(dollars in thousands) |
|
|||||||||||||
Revenue |
|
$ |
604,015 |
|
|
$ |
497,201 |
|
|
$ |
106,814 |
|
|
|
21.5 |
% |
Revenue increased by $106.8 million from $497.2 million for the nine months ended September 30, 2025 to $604.0 million for the nine months ended September 30, 2026. The increase in revenue was due to an increase of $84.9 million in our automotive vertical and an increase of $22.0 million in our home and renters vertical, due primarily to an increase in carrier spend for referrals.
Cost of Revenue
|
|
Three Months Ended September 30, |
|
|
Change |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
Amount |
|
|
% |
|
||||
|
|
(dollars in thousands) |
|
|||||||||||||
Cost of revenue |
|
$ |
4,632 |
|
|
$ |
4,712 |
|
|
$ |
(80 |
) |
|
|
-1.7 |
% |
Percentage of revenue |
|
|
2.1 |
% |
|
|
2.7 |
% |
|
|
|
|
|
|
||
Cost of revenue decreased by $0.1 million from $4.7 million for the three months ended September 30, 2025 to $4.6 million for the three months ended September 30, 2026. Cost of revenue decreased primarily due to a decrease in third-party call center costs.
|
|
Nine Months Ended September 30, |
|
|
Change |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
Amount |
|
|
% |
|
||||
|
|
(dollars in thousands) |
|
|||||||||||||
Cost of revenue |
|
$ |
13,256 |
|
|
$ |
14,934 |
|
|
$ |
(1,678 |
) |
|
|
-11.2 |
% |
Percentage of revenue |
|
|
2.2 |
% |
|
|
3.0 |
% |
|
|
|
|
|
|
||
Cost of revenue decreased by $1.7 million from $14.9 million for the nine months ended September 30, 2025 to $13.3 million for the nine months ended September 30, 2026. Cost of revenue decreased primarily due to a decrease of $1.0 million in third-party call center costs and decreases of $0.4 million and $0.2 million in technology services and lead verification services, respectively.
Sales and Marketing
|
|
Three Months Ended September 30, |
|
|
Change |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
Amount |
|
|
% |
|
||||
|
|
(dollars in thousands) |
|
|||||||||||||
Sales and marketing expense |
|
$ |
164,951 |
|
|
$ |
135,362 |
|
|
$ |
29,589 |
|
|
|
21.9 |
% |
Percentage of revenue |
|
|
75.6 |
% |
|
|
77.8 |
% |
|
|
|
|
|
|
||
Sales and marketing expense increased by $29.6 million from $135.4 million for the three months ended September 30, 2025 to $165.0 million for the three months ended September 30, 2026. The increase in sales and marketing expense was primarily due to an increase in advertising costs of $31.6 million due to an increase in carrier spend, partially offset by a decrease in personnel-related
28
Table of Contents
costs of $1.8 million. Personnel-related costs included stock-based compensation expense of $1.0 million and $2.3 million for the three months ended September 30, 2026 and 2025, respectively. Consulting costs also decreased by $0.6 million.
|
|
Nine Months Ended September 30, |
|
|
Change |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
Amount |
|
|
% |
|
||||
|
|
(dollars in thousands) |
|
|||||||||||||
Sales and marketing expense |
|
$ |
457,976 |
|
|
$ |
385,847 |
|
|
$ |
72,129 |
|
|
|
18.7 |
% |
Percentage of revenue |
|
|
75.8 |
% |
|
|
77.6 |
% |
|
|
|
|
|
|
||
Sales and marketing expense increased by $72.1 million from $385.8 million for the nine months ended September 30, 2025 to $458.0 million for the nine months ended September 30, 2026. The increase in sales and marketing expense was primarily due to an increase in advertising costs of $73.9 million due to an increase in carrier spend and an increase in technology services of $0.7 million, partially offset by decreases of $1.9 million and $0.4 million in personnel-related costs and consulting costs, respectively. Personnel-related costs included stock-based compensation expense of $3.3 million and $5.9 million for the nine months ended September 30, 2026 and 2025, respectively. Amortization expense also decreased by $0.4 million as we sold the acquired intangible assets as part of the settlement of litigation in 2025.
Research and Development
|
|
Three Months Ended September 30, |
|
|
Change |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
Amount |
|
|
% |
|
||||
|
|
(dollars in thousands) |
|
|||||||||||||
Research and development expense |
|
$ |
9,027 |
|
|
$ |
7,944 |
|
|
$ |
1,083 |
|
|
|
13.6 |
% |
Percentage of revenue |
|
|
4.1 |
% |
|
|
4.6 |
% |
|
|
|
|
|
|
||
Research and development expense increased by $1.1 million from $7.9 million for the three months ended September 30, 2025 to $9.0 million for the three months ended September 30, 2026. The increase in research and development expense was primarily due to an increase in personnel-related costs of $0.4 million due primarily to increased headcount and overall compensation increases, and an increase in technology services costs of $0.3 million.
|
|
Nine Months Ended September 30, |
|
|
Change |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
Amount |
|
|
% |
|
||||
|
|
(dollars in thousands) |
|
|||||||||||||
Research and development expense |
|
$ |
27,004 |
|
|
$ |
23,201 |
|
|
$ |
3,803 |
|
|
|
16.4 |
% |
Percentage of revenue |
|
|
4.5 |
% |
|
|
4.7 |
% |
|
|
|
|
|
|
||
Research and development expense increased by $3.8 million from $23.2 million for the nine months ended September 30, 2025 to $27.0 million for the nine months ended September 30, 2026. The increase in research and development expense was primarily due to an increase in personnel-related costs of $2.8 million due primarily to increased headcount and overall compensation increases and an increase in technology services costs of $0.7 million.
General and Administrative
|
|
Three Months Ended September 30, |
|
|
Change |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
Amount |
|
|
% |
|
||||
|
|
(dollars in thousands) |
|
|||||||||||||
General and administrative expense |
|
$ |
15,533 |
|
|
$ |
8,382 |
|
|
$ |
7,151 |
|
|
|
85.3 |
% |
Percentage of revenue |
|
|
7.1 |
% |
|
|
4.8 |
% |
|
|
|
|
|
|
||
29
Table of Contents
General and administrative expenses increased by $7.2 million from $8.4 million for the three months ended September 30, 2025 to $15.5 million for the three months ended September 30, 2026. General and administrative expenses for the three months ended September 30, 2026 included a $4.0 million vendor contract termination fee for a long-term advertising contract. Other increases in general and administrative expenses included an increase in personnel-related costs of $1.5 million. Personnel-related costs included stock-based compensation expense of $3.7 million and $2.6 million for the three months ended September 30, 2026 and 2025, respectively. Consulting and professional fees also increased by $0.8 million related to strategic initiatives, and legal fees increased by $0.4 million.
|
|
Nine Months Ended September 30, |
|
|
Change |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
Amount |
|
|
% |
|
||||
|
|
(dollars in thousands) |
|
|||||||||||||
General and administrative expense |
|
$ |
34,944 |
|
|
$ |
25,282 |
|
|
$ |
9,662 |
|
|
|
38.2 |
% |
Percentage of revenue |
|
|
5.8 |
% |
|
|
5.1 |
% |
|
|
|
|
|
|
||
General and administrative expenses increased by $9.7 million from $25.3 million for the nine months ended September 30, 2025 to $34.9 million for the nine months ended September 30, 2026. The increase in general and administrative expenses was primarily due to a $4.0 million vendor contract termination fee for a long-term advertising contract. Personnel-related costs increased by $2.7 million due primarily to overall compensation increases and increased headcount. Personnel-related costs included stock-based compensation expense of $8.9 million and $8.1 million for the nine months ended September 30, 2026 and 2025, respectively. Legal fees and consulting and professional fees also increased by $1.1 million and $0.5 million, respectively, and bank service fees increased by $0.7 million.
Legal Settlement
Legal settlement expense was $8.2 million for the nine months ended September 30, 2025. Legal settlement expense for the nine months ended September 30, 2025 consisted of the costs to settle the litigation of $7.8 million and legal expense related to the settlement of $0.4 million (see Note 3 to the Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q).
Other Income (Expense)
Interest income increased by $0.2 million and $0.6 million in the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025, respectively, due to an increase in interest earned on our cash balances. Other income (expense), net was not significant for any periods presented.
Income Tax Expense
For the three and nine months ended September 30, 2026, we recorded income tax expense of $7.0 million and $18.0 million, respectively, related primarily to U.S. federal and state income taxes. Our effective tax rate for the three and nine months ended September 30, 2026 varied from the U.S. federal statutory income tax rate primarily due to state income taxes, partially offset by U.S. federal research and development tax credits.
For the three and nine months ended September 30, 2025, we recorded an income tax benefit of $0.3 million and an income tax expense of $0.7 million, respectively. We recorded an income tax benefit for the three months ended September 30, 2025 due to the favorable impact of changes to domestic research expensing for tax purposes under the One Big Beautiful Bill Act, which was enacted on July 4, 2025. Income tax expense of $0.7 million for the nine months ended September 30, 2025 consisted primarily of state income taxes as well as federal income taxes for the portion of our taxable income that was not offset by net operating loss and tax credit carryforwards. Until the fourth quarter of 2025, we maintained a full valuation allowance against our deferred tax assets.
30
Table of Contents
Variable Marketing Dollars and Margin
|
|
Three Months Ended September 30, |
|
|
Change |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
Amount |
|
|
% |
|
||||
|
|
(dollars in thousands) |
|
|||||||||||||
Revenue |
|
$ |
218,077 |
|
|
$ |
173,940 |
|
|
$ |
44,137 |
|
|
|
25.4 |
% |
Less: total advertising expense (a component of sales and marketing expense) |
|
|
155,444 |
|
|
|
123,800 |
|
|
|
|
|
|
|
||
Variable marketing dollars |
|
$ |
62,633 |
|
|
$ |
50,140 |
|
|
$ |
12,493 |
|
|
|
24.9 |
% |
Variable marketing margin |
|
|
28.7 |
% |
|
|
28.8 |
% |
|
|
|
|
|
|
||
|
|
Nine Months Ended September 30, |
|
|
Change |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
Amount |
|
|
% |
|
||||
|
|
(dollars in thousands) |
|
|||||||||||||
Revenue |
|
$ |
604,015 |
|
|
$ |
497,201 |
|
|
$ |
106,814 |
|
|
|
21.5 |
% |
Less: total advertising expense (a component of sales |
|
|
428,587 |
|
|
|
354,681 |
|
|
|
|
|
|
|
||
Variable marketing dollars |
|
$ |
175,428 |
|
|
$ |
142,520 |
|
|
$ |
32,908 |
|
|
|
23.1 |
% |
Variable marketing margin |
|
|
29.0 |
% |
|
|
28.7 |
% |
|
|
|
|
|
|
||
The increase in variable marketing dollars in the three and nine months ended September 30, 2026 as compared to the three and nine months ended September 30, 2025 was due primarily to increased carrier spend.
Liquidity and Capital Resources
As of September 30, 2026, our principal sources of liquidity were cash and cash equivalents of $229.1 million and up to $60.0 million of availability under our revolving line of credit.
On August 1, 2025, we entered into a new senior secured revolving credit facility, or as amended, the Credit Agreement, with Western Alliance Bank, as administrative agent and collateral agent for the lenders, or the Agent, and as a lender itself, and the other lenders party thereto, or collectively, the Lenders. The Credit Agreement provides for a $60.0 million senior secured revolving line of credit. Subject to customary terms and conditions (including the absence of any default or event of default under the Credit Agreement), we have the right, from time to time, to request one or more increases to the revolving commitments in an aggregate amount not to exceed up to $25.0 million during the term of the Credit Agreement. Availability under the Credit Agreement will terminate on August 1, 2028, or the Revolving Commitment Period, and all outstanding revolving loans must be paid on or before such date. We will pay a commitment fee of 0.075% per annum on the average daily unused portion of commitments under the Credit Agreement during the Revolving Commitment Period.
Under the Credit Agreement, we have agreed to certain affirmative and negative covenants, reporting requirements and other customary requirements to which we will remain subject until maturity that may limit our operating flexibility. Specifically, the covenants include limitations on our ability to incur additional indebtedness, pay cash dividends, and engage in certain fundamental business transactions, such as mergers or acquisitions of other businesses. In addition, under the Credit Agreement and through the maturity date, for any period we do not maintain a minimum Adjusted Quick Ratio (as defined in the Credit Agreement) of 1.30 to 1.00, the Agent shall have the ability to use our cash receipts to repay outstanding obligations until such time as the Adjusted Quick Ratio is equal to or greater than 1.30 to 1.00 for two consecutive months. For more information regarding our Credit Agreement, see Note 5 to the Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q. As of September 30, 2026, we were in compliance with its covenants and had no amounts outstanding under the Credit Agreement.
On October 21, 2026, our board of directors authorized a share repurchase program for up to $50.0 million of our Class A common stock, or the 2026 Repurchase Program. Share repurchases under the 2026 Repurchase Program may be made from time to time on the open market, through privately negotiated transactions, pursuant to Rule 10b5-1 trading plans, or by other legally permissible means. The 2026 Repurchase Program does not obligate us to acquire a specific number of shares, can be suspended, modified, or terminated at any time, without prior notice, and does not expire. Repurchases under the program are expected to be funded from a combination of existing cash balances and future cash flow.
31
Table of Contents
We believe our existing cash and cash equivalents will be sufficient to fund our operating expenses and capital expenditure requirements for at least 12 months from the issuance date of the consolidated financial statements, without considering the borrowing availability under the Credit Agreement. Our future capital requirements may vary materially from those currently planned and will depend on many factors, including our revenue, the timing and extent of spending on business initiatives, including increased investment in our AI capabilities, purchases of common stock under the 2026 Repurchase Program, purchases of capital equipment to support our growth, sales and marketing activities, expansion of our business through acquisitions, partnerships or other strategic investments in complementary offerings, technologies or businesses, market acceptance of our platform and overall economic conditions. If we do not achieve our revenue goals as planned, we believe that we can reduce our operating costs. If we need additional funds and are unable to obtain funding on a timely basis, we may need to significantly curtail our operations in an effort to provide sufficient funds to continue our operations, which could adversely affect our business prospects.
In addition, we have an effective universal shelf registration statement on Form S-3 with the Securities and Exchange Commission that permits us to sell up to $150.0 million of any combination of our common stock, preferred stock, debt securities, warrants, rights or units from time to time and at prices and on terms that we may determine. The net proceeds of any securities we sell under this registration statement may be used for general corporate purposes, including among other possible uses, the acquisition of companies or businesses, repayment and refinancing of debt, working capital and capital expenditures. Any issuance of equity securities under this registration statement (or otherwise) may cause dilution to our stockholders. However, at this time, we have no plans to sell any securities under this registration statement.
Cash Flows
The following table shows a summary of our cash flows for the nine months ended September 30, 2026 and 2025:
|
|
Nine Months Ended September 30, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
|
|
(in thousands) |
|
|||||
Net cash provided by operating activities |
|
$ |
94,404 |
|
|
$ |
68,371 |
|
Net cash used in investing activities |
|
|
(6,182 |
) |
|
|
(3,896 |
) |
Net cash used in financing activities |
|
|
(30,528 |
) |
|
|
(20,827 |
) |
Effect of exchange rate changes on cash, cash equivalents |
|
|
(3 |
) |
|
|
2 |
|
Net increase in cash, cash equivalents and restricted cash |
|
$ |
57,691 |
|
|
$ |
43,650 |
|
Net cash provided by operating activities
Operating activities provided $94.4 million in cash during the nine months ended September 30, 2026, primarily resulting from our net income of $56.0 million and adjusting for net non-cash charges of $33.0 million, and net cash provided by changes in our operating assets and liabilities of $5.3 million. Net cash provided by changes in our operating assets and liabilities consisted primarily of a $9.8 million increase in accounts payable and accrued expenses and other current liabilities, partially offset by a $4.8 million increase in accounts receivable.
Operating activities provided $68.4 million in cash during the nine months ended September 30, 2025, primarily resulting from our net income of $41.6 million and adjusting for net non-cash charges of $29.6 million, including a litigation accrual of $7.8 million, partially offset by net cash used by changes in our operating assets and liabilities of $2.8 million. Net cash used by changes in our operating assets and liabilities consisted primarily of a $6.8 million increase in accounts receivable and a $4.7 million increase in prepaid expenses, partially offset by a $7.2 million increase in accounts payable and accrued expenses and other current liabilities and a decrease of $1.9 million in commission receivable.
Changes in accounts receivable, accounts payable and accrued expenses and other current liabilities, and prepaid expenses and other current assets were generally due to changes in our business and timing of customer and vendor invoicing and payments.
Net cash used in investing activities
Net cash used in investing activities of $6.2 million and $3.9 million for the nine months ended September 30, 2026 and 2025, respectively, was primarily attributable to the acquisition of property and equipment, which included the capitalization of certain software development costs. During the nine months ended September 30, 2026 and 2025, we capitalized $4.3 million and $3.4 million, respectively, of software development costs. We also used $1.3 million for a strategic investment during the nine months ended September 30, 2026.
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Net cash used in financing activities
During the nine months ended September 30, 2026, net cash used in financing activities was $30.5 million, primarily due to $29.0 million used to repurchase common stock under our 2025 share repurchase program and $3.0 million used for tax withholding payments relating to net share settlements, partially offset by $1.5 million in proceeds received from the exercise of common stock options.
During the nine months ended September 30, 2025, net cash used in financing activities was $20.8 million primarily due to $21.0 million used to repurchase common stock under our 2025 share repurchase program from Link Ventures, which is an entity affiliated with funds advised by David Blundin, the Company's chairman of the board of directors and co-founder, and other affiliated entities of Mr. Blundin. Cash proceeds during the nine months ended September 30, 2025 included proceeds received from the exercise of common stock options, partially offset by tax withholding payments relating to net share settlements.
Contractual Obligations and Commitments
Our cash flows are dependent on a number of factors in addition to our operational expenditures, including our 2026 Repurchase Program and contractual and other obligations. As a result, our liquidity and capital resources in future periods should be analyzed in conjunction with such factors.
There have been no material changes to the contractual obligations reported in our Annual Report on Form 10-K for the year ended December 31, 2025 other than the termination of our five-year purchase commitment for advertising.
Critical Accounting Policies and Significant Judgments and Estimates
Our condensed consolidated financial statements are prepared in accordance with GAAP. The preparation of our condensed consolidated financial statements and related disclosures requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue, costs and expenses, and the disclosure of contingent assets and liabilities in our condensed consolidated financial statements. We base our estimates on historical experience, known trends and events, and various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. We evaluate our estimates and assumptions on an ongoing basis. Our actual results may differ from these estimates under different assumptions or conditions.
There have been no material changes to our critical accounting policies from those disclosed in our financial statements and the related notes and other financial information included in our Annual Report on Form 10-K for the year ended December 31, 2025, on file with the Securities and Exchange Commission. For further disclosure, refer to our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q and our audited consolidated financial statements included in our Annual Report on Form 10-K.
Recently Issued Accounting Pronouncements
A description of recently issued accounting pronouncements that may potentially impact our financial position and results of operations is disclosed in Note 2 to our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Our Credit Agreement provides us with credit at a floating rate of interest. As of September 30, 2026, we had no outstanding borrowings under our revolving line of credit and therefore no material exposure to fluctuations in interest rates.
We contract with vendors in foreign countries and we have foreign subsidiaries. As such, we have exposure to adverse changes in exchange rates of foreign currencies associated with our foreign transactions and our foreign subsidiaries. We believe this exposure to be immaterial. We do not hedge against this exposure to fluctuations in exchange rates.
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Item 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer (our principal executive officer and principal financial officer, respectively), evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and our management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q, our principal executive officer and principal financial officer have concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.
Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the three months ended September 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II—OTHER INFORMATION
Item 1. Legal Proceedings.
Information with respect to legal proceedings and this item is included in Note 8 of the Notes to the Unaudited Condensed Consolidated Financial Statements contained in Part I, Item 1 of this Quarterly Report on Form 10-Q, which is incorporated herein by reference.
Item 1A. Risk Factors.
As of the date of this report, there has been no material change from the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2025.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Recent Sales of Unregistered Equity Securities
There were no equity securities sold by us during the three months ended September 30, 2026 that were not registered under the Securities Act, and that were not previously reported in a Current Report on Form 8-K.
Issuer Purchases of Equity Securities
We did not purchase any of our registered equity securities during the period from July 1, 2026 to September 30, 2026.
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Item 5. Other Information.
Outperformance pRSUs
On November 2, 2026, the board of directors on the recommendation of the Compensation Committee, approved amendments to the outperformance pRSUs granted to the Company’s executive officers in 2025 (the “Executive pRSUs”). The amendments (i) redefine Adjusted EBITDA, for purposes of the Executive pRSUs only, as a percentage of the Company’s GAAP revenue in order to determine achievement of the awards’ performance targets, subject to a downward adjustment in certain circumstances; and (ii) update and clarify the change in control provisions. Except for the amendments described above and other administrative revisions, the material terms of Executive pRSUs remain unchanged, including the measurement dates and number of pRSUs. The amendments address the possible impact on 2027 Adjusted EBITDA of the Company’s expected increased investment in AI. The amendments are intended to preserve the pRSUs’ original purpose of incentivizing achievement of the Company’s long-term model while supporting potential investments the Company believes may be necessary to drive long-term growth and stockholder value. This description is qualified in its entirety by the form of Amended and Restated Performance-Based Restricted Stock Unit Agreement, which is filed as Exhibit 10.3 to this Quarterly Report on Form 10-Q and is incorporated by reference herein.
Rule 10b5-1 Trading Plans
During the three months ended September 30, 2026, the following directors or officers informed us of the adoption or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K:
Name (Title) |
Action Taken |
Type of Trading Arrangement |
Nature of Trading |
Duration of Trading |
Aggregate Number |
|
|
Rule 10b5-1 trading arrangement |
Sale |
Until |
Up to |
|
|
Rule 10b5-1 trading arrangement |
Sale |
Until |
Up to |
|
|
Rule 10b5-1 trading arrangement |
Sale |
Until |
Up to |
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Item 6. Exhibits.
Exhibit Number |
|
Description |
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|
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10.1* |
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Consent and First Amendment to Credit Agreement, dated as of August 3, 2026, by and among EverQuote, Inc. and Batnac, LLC, collectively, as Borrower, Western Alliance Bank, as Agent, and Western Alliance Bank, as a Lender, an Issuing Lender and the Swingline Lender (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 001-38549) filed with the SEC on October 21, 2026) |
|
|
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10.2* |
|
Second Amendment to Credit Agreement, dated as of October 21, 2026, by and among EverQuote, Inc. and Batnac, LLC, collectively, as Borrower, Western Alliance Bank, as Agent, and Western Alliance Bank, as a Lender, an Issuing Lender and the Swingline Lender (incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K (File No. 001-38549) filed with the SEC on October 21, 2026) |
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|
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10.3# |
|
Form of Amended and Restated Outperformance Performance-Based Restricted Stock Unit Agreement – Section 16 Officer |
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|
|
31.1 |
|
Certification of Chief Executive Officer of the Registrant Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|
|
|
31.2 |
|
Certification of Chief Financial Officer of the Registrant Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|
|
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32.1† |
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Certification of Chief Executive Officer of the Registrant Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|
|
|
32.2† |
|
Certification of Chief Financial Officer of the Registrant Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|
|
|
101.INS |
|
Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
|
|
|
101.SCH |
|
Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents |
|
|
|
104 |
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
* Certain schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company agrees to furnish supplementally a copy of any omitted schedule or exhibit to the SEC upon request.
# Indicates management contract or compensation plan.
† The certifications attached as Exhibits 32.1 and 32.2 that accompany this Quarterly Report on Form 10-Q, are not deemed filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of EverQuote, Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Quarterly Report on Form 10-Q, irrespective of any general incorporation language contained in such filing.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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|
EVERQUOTE, INC. |
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|
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Date: November 3, 2026 |
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By: |
/s/ Jayme Mendal
|
|
|
|
Jayme Mendal Chief Executive Officer and President (Principal Executive Officer) |
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|
|
Date: November 3, 2026 |
|
By: |
/s/ Joseph Sanborn
|
|
|
|
Joseph Sanborn Chief Financial Officer, Chief Administrative Officer, Treasurer and Secretary (Principal Financial Officer) |
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