EverQuote Q3 Revenue Rises 25% to Record $218 Million

EverQuote, Inc., which runs an online marketplace that connects people shopping for insurance with insurance carriers and agents, reported its third-quarter 2026 results on November 2, 2026. The company trades on Nasdaq under the symbol EVER and holds a conference call on the day of its release. Because carriers pay EverQuote when consumers request quotes or buy policies, the company's revenue is a useful indicator of how much insurers are spending on customer acquisition. This article reports the figures from the release, explains the terms used, and marks growth rates and ratios computed here.

Revenue by line

Total revenue for the third quarter was $218.1 million, compared with $173.9 million in the third quarter of 2025, an increase of 25.4%. Revenue from automotive insurance, the company's largest line, was $190.4 million against $157.6 million, an increase of 20.8%. Revenue from home and renters insurance was $27.7 million against $16.3 million, an increase of 70.0%. The company's remaining revenue category, labelled other, was negligible in both years.

Automotive made up about 87% of third-quarter revenue and home and renters about 13%, calculated here. Home and renters is a much smaller line but is growing more than three times as fast, which is shifting the mix.

For the first nine months, total revenue was $604.0 million against $497.2 million, up 21.5%. Automotive revenue was $534.8 million, up 18.9%, and home and renters revenue was $69.2 million, up 46.5%.

Profit and margin measures

Net income for the quarter was $18.2 million, or $0.49 per diluted share, against $18.9 million, or $0.50 per share, a decline of 3.8% in net income. The release attributes the lower figure to higher income taxes and a one-time item in the quarter. Adjusted EBITDA, a non-GAAP measure of earnings before interest, taxes, depreciation, amortization and certain other items, was $35.5 million against $25.1 million, an increase of 41.4%. The company states that its third-quarter figure excludes a $4.0 million charge for the termination of a vendor contract.

Nine-month net income was $56.0 million against $41.6 million, up 34.8%, with diluted earnings per share of $1.53 against $1.10. Nine-month adjusted EBITDA was $94.9 million against $69.5 million, up 36.5%.

The company also reports variable marketing dollars, a measure of the revenue left after deducting the variable costs of acquiring traffic. It was $62.6 million in the quarter against $50.1 million, an increase of 24.9%, and $175.4 million for the nine months against $142.5 million, up 23.1%. Variable marketing dollars grew in line with revenue, which suggests the company did not have to give up margin to achieve the growth, although the release does not report a margin ratio.

Cash flow, balance sheet and buybacks

Operating cash flow for the quarter was $40.5 million, up from $19.8 million, and for the nine months it was $94.4 million against $68.4 million. Cash and cash equivalents were $229.1 million at September 30, 2026, up from $171.4 million at December 31, 2025, and the company had no outstanding debt.

The board approved a new share repurchase program of $50 million. The company did not repurchase any shares in the third quarter of 2026, compared with $21.0 million in the third quarter of 2025. For the nine months, repurchases totaled $29.0 million against $21.0 million a year earlier. The new authorization gives the company the option to buy back stock, but the release does not say when or whether it will do so.

Guidance

EverQuote gave guidance for the fourth quarter only and did not provide full-year guidance. It expects revenue of $213.0 million to $223.0 million, variable marketing dollars of $57.0 million to $60.0 million and adjusted EBITDA of $29.0 million to $32.0 million. The midpoint of the revenue range, $218.0 million, is almost the same as the third-quarter figure of $218.1 million, calculated here. That implies little sequential growth in the fourth quarter, though the release does not give the fourth-quarter result for 2025, so the year-over-year growth rate implied by guidance cannot be calculated from the document.

Management commentary

Chief executive Jayme Mendal said that "Carriers continue to maintain strong underwriting profitability and an appetite for growth." The company's chief financial officer, Joseph Sanborn, described the quarter as a record, with 25% revenue growth, and said the company is investing in artificial intelligence while generating strong cash flow. The release provides no industry data to support the comment on carriers' profitability, so it is best read as management's view rather than a measured fact.

What the results say about the insurance market

For readers outside the investment world, the results are interesting because of what they imply about auto and home insurers. Carriers spend heavily on marketing when they want more customers, and they spend less when claims costs squeeze underwriting results. After several years in which many auto insurers raised rates and restricted new business, a strong quarter for a marketplace that is paid by carriers suggests that many have returned to seeking growth. The 70% rise in home and renters revenue points in the same direction for property insurance.

There are limits to that inference. EverQuote's results also depend on its own share of carriers' budgets, the traffic it can buy at a reasonable cost, and competition from other comparison sites and from carriers' own advertising. The company's growth could therefore reflect gains in market share as well as an increase in carrier spending.

What to watch next

The next points to watch are whether fourth-quarter revenue lands within the guided range of $213 million to $223 million, whether the company uses its new repurchase authorization, and whether home and renters continues to grow faster than auto. Investors will also look at whether adjusted EBITDA stays in the guided range of $29 million to $32 million, which is below the $35.5 million of the third quarter.

Sources: EverQuote, Inc.'s third-quarter 2026 earnings release, filed as an exhibit to a current report with the US Securities and Exchange Commission on November 2, 2026. Growth rates and ratios labelled as calculated here are derived from the reported figures and are not company statements.