Ethos Technologies (LIFE) Q4 2025 earnings summary

Executive summary

• Achieved Q4 2025 revenue of $110.1 million, up 65% year-over-year, and FY 2025 revenue of $388 million, up 52% year-over-year.

• Adjusted EBITDA for Q4 was $25.8 million (23% margin); FY 2025 adjusted EBITDA was $89 million (23% margin).

• Net income for Q4 was $24.6 million; FY 2025 net income was $71.2 million.

• Activated 54,714 new policies in Q4, surpassing 500,000 total policies; agent count exceeded 15,000.

• Launched two new products in Q4: Accumulation Indexed Universal Life and Cancer Insurance.

Financial highlights

• Q4 gross profit was $108 million (98% margin); contribution profit was $47.2 million (43% margin).

• Full-year contribution profit was $162 million (42% margin); ARPU in Q4 was $2,012.

• Direct channel revenue in Q4 was $74.2 million (up 93%); third-party channel revenue was $35.9 million (up 27%).

• Cash, equivalents, and investments at year-end ranged from $91.1 million to $157.4 million; commission receivables were $290 million.

• Net cash from operating activities was $36.2 million in 2025.

Outlook and guidance

• Q1 2026 revenue expected at $144–$146 million (53% year-over-year growth); adjusted EBITDA $30–$32 million.

• FY 2026 revenue guidance is $510–$514 million (32% year-over-year growth); adjusted EBITDA $99–$103 million.

• Focus remains on sustainable growth, product diversification, and channel expansion.