10-K · February 26, 2026
Hagerty positions itself as a leading specialist insurer and ecosystem for automotive enthusiasts, with insurance comprising 92% of 2025 revenue and 2.8 million vehicles insured as of December 31, 2025. The company is…
Earnings analysis · 10-Q
HGTY earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Hagerty, Inc. (HGTY) reported a Q1 2026 revenue of $311.8 million, a decrease of 5.0% from the prior year due to changes in revenue recognition under the Markel Fronting Arrangement. The company incurred a net loss of…
Read full summary
Hagerty, Inc. (HGTY) reported a Q1 2026 revenue of $311.8 million, a decrease of 5.0% from the prior year due to changes in revenue recognition under the Markel Fronting Arrangement. The company incurred a net loss of $12.7 million, contrasting with a profit of $27.3 million in the same period last year, but saw Adjusted EBITDA increase by 76.9% to $85.2 million.
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.
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
- $-0.06
- Segment
- Insurance
- Segment
- Marketplace
What stood out
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Revenue Decline Year-on-Year
HGTY reported revenue of $311.8 million, down 5.0% from $328.4 million in Q1 2025.
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Significant EPS Drop
Diluted EPS fell to $(0.06) compared to $0.07 in Q1 2025, a decline of 185.7%.
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Increase in Earned Premium
Earned premium, net rose 41.5% to $239.6 million, up from $169.4 million in Q1 2025.
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Strong Adjusted EBITDA Growth
Adjusted EBITDA soared to $85.2 million, up 76.9% from $48.2 million a year ago.
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Increased Policy Acquisition Costs
Policy acquisition costs climbed 31.8% to $101.9 million from $77.3 million due to the new contractual arrangement.
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Expanded Auction Revenue
Despite overall revenue decline, auction revenue increased by 81% during a key event, indicating strong performance in Marketplace.
What to watch
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Revenues Impacted by New Accounting Standards
Transition to the Markel Fronting Arrangement has drastically reduced commission revenue, leading to an 83.6% drop in this segment.
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Higher Operating Expenses
Total expenses surged 15.1% to $306.3 million, driven by increased underwriting and lost adjustment expenses.
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Net Loss Forecast
Reported a net loss of $12.7 million compared to net income of $27.3 million in the prior year, indicating financial vulnerabilities.
Management's outlook
Management expects written premiums to grow by 15-16% over the next year.
Earlier filings 4
10-Q · August 4, 2025
Hagerty reported quarterly revenue of $368.7M (three months ended June 30, 2025) and operating income of $47.7M, with continued growth across insurance (earned premium $177.8M), commissions/fees ($143.3M) and…
10-Q · May 7, 2025
Hagerty reported a beat in Q1 2025 with revenue of $319,593,000 (vs. $271,708,000 in Q1 2024) and diluted EPS of $0.07 (vs. $(0.04) in Q1 2024). Operating income widened to $25,728,000 and the company generated…
10-K · March 4, 2025
Hagerty positions itself as a vertically integrated, enthusiast-focused ecosystem centered on specialty collector-car insurance (MGA + Hagerty Re) supplemented by memberships, marketplace and media. The company…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.