EverQuote eyes $1 billion revenue milestone

EverQuote reported third-quarter results, signaling a decisive shift from a lead-generation marketplace to an AI-powered growth partner for insurers and agents.

“We achieved record top and bottom line performance in Q3. Our team continues to help carriers and agents drive profitable policy growth amidst a healthy underwriting environment. We’re making steady progress toward our vision of becoming the #1 growth partner to P&C insurance providers by delivering: one, better performing referrals; two, bigger traffic scale; and three, a broader suite of products and services. As we innovate new products, release features and further embed AI into our marketplace, we are fast evolving from a lead gen vendor to a growth solutions partner for our customers.”

Q3 revenue rose 20% year over year to $173.9 million, driven by a 27% jump in enterprise carrier spend. Net income climbed to $18.9 million from $11.6 million, while adjusted EBITDA surged 33% to $25.1 million, expanding margins to 14.4%.

“Total revenues in the third quarter grew 20% year-over-year to a record $173.9 million. Revenue growth was primarily driven by stronger enterprise carrier spend, which was up over 27% from the comparable period last year. Revenue from our auto insurance vertical increased to $157.6 million in Q3, up over 21% year-over-year. Revenue from our home and renters insurance vertical increased to $16.3 million in Q3, up 15% year-over-year.”

EverQuote’s strength stems from tight integration with insurers’ customer acquisition strategies, benefiting from what CEO Jayme Mendal called a “healthy underwriting environment.” The firm has become the top customer acquisition partner for at least one major national carrier, and 80% of its top 25 partners still remain below prior peak spend—indicating substantial upside as the market reopens.

“As evidence of this flywheel working, in Q3, we were notified by a major national carrier that we have become their #1 customer acquisition partner in our channel for the first time.”

“Of note, approximately 80% of our top 25 historical carrier partners were below peak quarterly spend in our marketplace in Q3, reflecting ample room for additional growth.”

For agents, EverQuote is expanding from lead sales to subscription-based growth services such as telephony, calls, and digital marketing.

“On the agent side, again, the vision is to really evolve to become their one-stop shop for all things growth. So agents spend money on leads to generate growth, but there are a lot of other things that they spend money on, whether it’s telephony services or calls or digital services.”

The company is also scaling new traffic channels, including connected TV, social, and AI search, which could pressure margins short term but position it for sustained expansion. Management expects full-year revenue growth of roughly 35% and adjusted EBITDA growth above 55%, reinforcing its goal of achieving $1 billion in annual revenue within two to three years.

“The other sort of category that we’re focused on is AI search. Historically, we’ve not done much SEO traffic here at EverQuote for better or worse. Today, I’d say that it’s kind of a positive thing because we haven’t been — there’s been nothing to sort of disrupt as the organic search results have changed. And so we view the AI search as kind of a clean sheet for us, and we’re making some investments in beginning to build out our presence in those platforms.”

The company ended the quarter debt-free with $146 million in cash after repurchasing 900,000 shares for $21 million.

“Since our IPO in 2018, EverQuote has committed to growing 20% and expanding adjusted EBITDA margin by 100 to 150 basis points per year on average. Over the 6-year period through 2024, we delivered as promised with a 21% revenue CAGR and an average of over 200 basis points of margin improvement per year. As we approach the end of the year, we have confidence that we will deliver once again in 2025. And now we have set our sights on reaching $1 billion of annual revenue in the next 2 to 3 years while transforming into a multiproduct, AI-powered profitable growth solutions provider for carriers and agents. Consistent with our track record of saying what we will do and doing what we say, we look forward to updating you on our progress as we drive full steam ahead into 2026.”

EverQuote’s stock has gained 26.6% over the past year, closing at $26.45 on November 10, 2025.