Key Highlights

  • Total Revenue grew 25% to USD 218.1 million, compared with USD 173.9 million in the third quarter of 2025.
  • Adjusted EBITDA rose 41% to USD 35.5 million, and Operating Cash Flow reached USD 40.5 million versus USD 19.8 million.
  • Home and renters revenue grew 70% to USD 27.7 million, while automotive revenue grew 21% to USD 190.4 million.
  • The quarter ended with USD 229.1 million of cash, no outstanding Debt and a new USD 50 million buyback.

Quarter in Numbers

EverQuote, Inc. (NASDAQ:EVER), an online marketplace that connects property and casualty insurance shoppers with carriers and agents, reported third-quarter 2026 revenue of USD 218.1 million, up 25% from USD 173.9 million a year earlier. GAAP Net Income was USD 18.2 million, compared with USD 18.9 million, a small decline that management attributed to higher income taxes and a one-time item in the quarter. Adjusted EBITDA, a non-GAAP measure, grew 41% to USD 35.5 million from USD 25.1 million.

Variable Marketing Dollars, the company's measure of revenue less variable Advertising costs, came to USD 62.6 million versus USD 50.1 million, an increase of about 25% by our calculation. Operating cash flow more than doubled to USD 40.5 million from USD 19.8 million.

Vertical Performance

Automotive insurance remains the dominant vertical, contributing USD 190.4 million of revenue, up 21%. Home and renters insurance is much smaller at USD 27.7 million but grew 70%, lifting its share of the total to roughly 13% by our calculation. Chief executive Jayme Mendal said carriers continue to maintain strong Underwriting profitability and an appetite for growth, and that the team is executing to meet that demand. He added that the company aims to help guide property and casualty insurance into what he called the agentic AI era, pointing to new product development as the next stage of the strategy.

The chief financial officer said continued growth and execution allow the company to invest in artificial intelligence initiatives while generating cash, keeping the Balance Sheet debt free and returning Capital to shareholders.

Balance Sheet and Capital Return

The company closed the quarter with USD 229.1 million in cash and cash equivalents and no outstanding debt. It also announced that its board approved a USD 50 million share repurchase program, which gives management a defined channel for returning excess cash while the Business continues to produce positive operating cash flow. The jump in operating cash flow relative to adjusted EBITDA conversion is worth noting: cash from operations of USD 40.5 million exceeded adjusted EBITDA of USD 35.5 million in the quarter, which is not always the case for marketplace models that carry Working Capital swings.

Fourth-Quarter Guide Rails

For the fourth quarter of 2026, management projects revenue of USD 213.0 million to USD 223.0 million, Variable Marketing Dollars of USD 57.0 million to USD 60.0 million and adjusted EBITDA of USD 29.0 million to USD 32.0 million. The revenue range brackets the third-quarter figure of USD 218.1 million, so the midpoint of USD 218.0 million implies roughly flat sequential revenue, while the adjusted EBITDA range sits below the USD 35.5 million just reported. The company did not reconcile adjusted EBITDA guidance to GAAP net income because it cannot quantify stock-based compensation, depreciation, taxes and other items without unreasonable effort. Items to track include carrier advertising budgets, the pace of home and renters growth, product Investment and use of the new repurchase authorization.