Key Highlights

  • EVER reported third quarter 2026 Revenue of $218.1 million, up 25% from $173.9 million a year earlier.
  • Adjusted EBITDA grew 41% to $35.5 million, a 16.3% margin, from $25.1 million.
  • Home and renters insurance revenue jumped 70% to $27.7 million, while automotive revenue rose 21% to $190.4 million.
  • Operating cash flow was $40.5 million and cash reached $229.1 million with no debt.
  • The company guided fourth quarter 2026 revenue to $213.0 million to $223.0 million and approved a $50 million buyback.

Record Quarter Lifts Revenue by $44.1 Million From a Year Earlier

EverQuote (NASDAQ:EVER) reported results for the third quarter ended Sep 30, 2026 on Nov 2, 2026. Revenue grew 25% to $218.1 million from $173.9 million, which management said exceeded the high end of its own guidance range. The Massachusetts-based company runs an online marketplace that connects consumers shopping for property and casualty insurance with carriers and agents.

Automotive revenue climbed 21% to $190.4 million, and home and renters revenue surged 70% to $27.7 million. Management said eight of its top ten carriers increased spending sequentially, which it described as evidence of broad demand. Variable Marketing Dollars, a non-GAAP measure of revenue left after traffic costs, rose to $62.6 million from $50.1 million, with a variable marketing Margin of 28.7%.

For the nine months ended Sep 30, 2026, revenue reached $604.0 million versus $497.2 million.

Net Income Dips to $18.2 Million Despite 41% Jump in Adjusted EBITDA

GAAP Net Income was $18.2 million, or $0.49 per diluted share, compared with $18.9 million, or $0.50, a year earlier. The company attributed the decline to higher income taxes, with a $7.3 million swing year over year, and a one-time $4 million fee for ending a vendor contract for Advertising services. Income from operations still rose to $23.9 million from $17.5 million.

Adjusted EBITDA increased 41% to $35.5 million from $25.1 million. Cash operating expenses, which exclude advertising spend and certain non-cash charges, were $27.2 million, up slightly from the second quarter.

Agentic AI Push and a New Shopping Platform Weigh on Fourth-Quarter Margin

Management said the company launched a separately branded AI-native insurance shopping platform last week, designed to work with large language models and AI commerce agents. It is also rolling out apps on several AI platforms, subject to their approval processes. Traffic from language models is still under 1% of the total, with agentic shoppers even smaller.

The company expects fourth quarter 2026 revenue of $213.0 million to $223.0 million, or about 12% growth at the midpoint. It forecast Variable Marketing Dollars of $57.0 million to $60.0 million and adjusted EBITDA of $29.0 million to $32.0 million, roughly 22% growth at the midpoint. Variable marketing margin is expected to fall sequentially because newer agentic traffic channels perform less efficiently in their early days, and management sees the fourth quarter as a reasonable starting point for 2027.

Management also said carrier Underwriting remains healthy and that it expects a soft insurance Market Cycle to support demand. It now expects to reach its $1 billion annual revenue goal within one to two years.

Debt-Free Balance Sheet and $50 Million Buyback Frame the Fourth-Quarter Report

EverQuote ended the quarter with $229.1 million in cash and cash equivalents and no outstanding debt, after generating $40.5 million of Operating Cash Flow versus $19.8 million a year ago. The board approved a new $50 million share repurchase program; the prior program, which ended in the second quarter, bought 2.5 million shares for $50 million. The fourth quarter report will be measured against the guidance above.