EverQuote (EVER) Q4 2025 earnings summary

Executive summary

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

• Operating leverage improved, with revenue more than doubling since 2023 while operating expenses remained flat.

• Ended 2025 with $171–$171.4 million in cash and no debt, entering 2026 with a strong balance sheet and healthy P&C insurance market.

• Management reiterated its commitment to achieving $1 billion in revenue within two to three years.

• Positioned for continued growth as carriers focus on profitable policy growth and digital adoption accelerates.

Financial highlights

• Full year 2025 revenue grew 38% to $692.5–$693 million; Q4 revenue rose 32% year-over-year to $195.3 million.

• Adjusted EBITDA for 2025 increased 62% to $94.6–$95 million; Q4 Adjusted EBITDA up 32% to $25.1 million.

• GAAP net income for 2025 was $99.3 million, including a one-time $38.4 million non-cash tax benefit; excluding this, net income was $60.9 million, up 89% year-over-year.

• Operating cash flow was $95–$95.4 million for the year; ended 2025 with $171–$171.4 million in cash and no debt.

• Q4 variable marketing dollars were $49.3 million, up 12% year-over-year.

Outlook and guidance

• Q1 2026 revenue expected between $175 million and $185 million; Adjusted EBITDA guidance of $23.5–$26.5 million.

• Management targets $1 billion in revenue within two to three years, implying 13%–21% annual growth.

• EBITDA margins expected to improve by 100–150 basis points annually on the path to $1 billion revenue.

• Focused on scaling provider budgets, expanding into adjacent verticals, and leveraging automation for efficiency.

• Carriers are taking a disciplined approach to Q1 2026 marketing spend after record Q4 investment.