10-Q · May 5, 2026
EverQuote (EVER) reported Q1 2026 earnings with total revenue of $190.9 million, surpassing estimates by 6% and reflecting a year-over-year growth of 14.5%. However, EPS of $0.51 fell short of consensus expectations by…
Earnings analysis · 10-Q
EVER earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
EverQuote delivered strong Q2 operating results, with revenue up 24.6% year over year to $195.086 million, gross margin at 97.8%, and operating margin improving to 12.0%. Both automotive and home-and-renters verticals…
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EverQuote delivered strong Q2 operating results, with revenue up 24.6% year over year to $195.086 million, gross margin at 97.8%, and operating margin improving to 12.0%. Both automotive and home-and-renters verticals grew on increased carrier referral spend, while net income reached $19.186 million. Liquidity and cash generation remain robust, but the filing highlights meaningful auto-insurance and customer concentration, a higher expected 2026 tax rate, and no quantitative 10-Q guidance.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.53
What stood out
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Revenue grew 24.6% year over year
Q2 revenue increased $38.457 million, or 24.6% year over year, to $195.086 million. Sequentially, revenue rose from $190.9 million in Q1 2026 to $195.1 million in Q2 2026.
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Material gross and operating leverage
Gross margin expanded to 97.8% from 96.9% a year earlier as cost of revenue declined 10.0% to $4.359 million despite the $38.457 million revenue increase. Operating margin rose to 12.0% from 9.1% in Q2 2025.
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Profitability rose year over year
Net income increased 30.5% to $19.186 million from $14.701 million, while Adjusted EBITDA increased 37.1% to $30.103 million from $21.956 million. Diluted EPS was $0.53, up from $0.39 in Q2 2025 and $0.51 in Q1 2026.
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Both core insurance verticals expanded
Both core verticals contributed to growth: automotive revenue rose to $172.051 million from $139.584 million, and home and renters rose to $23.035 million from $17.034 million, principally from higher carrier spend for referrals.
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Operating cash flow increased with low capex
Six-month operating cash flow increased to $53.922 million from $48.603 million. Investing cash use was only $3.102 million, including $2.700 million of capitalized software development, indicating low capital intensity; the filing does not report free cash flow as a metric.
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Strong liquidity and completed repurchase
Liquidity was substantial at $192.3 million of cash and cash equivalents, plus a $60.0 million undrawn revolving credit facility. The company repurchased $29.0 million of stock in the first six months and completed its $50.0 million authorization.
What to watch
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High auto vertical and customer concentration
Revenue remains highly exposed to auto insurance: 89% of six-month revenue came from auto providers, and the two largest auto carrier customers represented 35% and 11% of revenue. Carrier underwriting cycles and advertising-spend changes can therefore materially affect demand.
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Working capital turned into a cash use
Working capital was a $4.5 million use of operating cash in the first six months, including a $4.2 million decrease in accounts payable/accruals and a $0.9 million increase in accounts receivable, despite $53.922 million of operating cash flow.
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Higher tax rate is an earnings headwind
Q2 income-tax expense rose to $5.324 million from $0.363 million because the valuation allowance was released in Q4 2025. Management expects a higher tax rate in 2026, which can constrain net-income conversion even if operating income grows.
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No formal risk-factor update; credit covenants remain
The filing states there were no material changes to the risk factors in the 2025 Form 10-K. Nonetheless, the company’s $60.0 million revolver includes operating restrictions and a 1.30-to-1.00 minimum Adjusted Quick Ratio trigger for cash-sweep rights if the threshold is not maintained.
Management's outlook
The 10-Q provides no quantitative revenue or EPS outlook. Management expects 2026 revenue to increase versus 2025, driven by automotive and home-and-renters carrier spending, while expecting sales and marketing, R&D, and G&A expense to rise in 2026.
Earlier filings 4
10-K · February 24, 2026
EverQuote describes itself as a results-driven online marketplace connecting high-intent insurance shoppers with carriers and agents, powered by proprietary data and machine learning. The company delivered strong…
10-Q · November 4, 2025
EverQuote reported Q3 revenue of $173.94M (up from $144.53M a year ago) and GAAP diluted EPS of $0.50 (vs. $0.31 a year ago), driven by higher referral volumes in the automotive vertical and continued margin leverage.…
10-K · February 25, 2025
EverQuote describes a proprietary, data-driven insurance marketplace focused on P&C (historically automotive) that leverages machine learning, a 60-carrier distribution network and campaign management tools to drive…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.