EverQuote, Inc.

everquote.com

What Do They Do?

Sells consumer referrals to auto, home and renters insurance carriers and agents through an online marketplace.

How Do They Make Money?

Carriers and agents buy consumer referrals; EverQuote earns the referral revenue when it delivers them. Referrals can be clicks, consumer data or calls, and the company also earns policy-sale commissions.

revenue

Segment	Share	How money arrives
Automotive Sold outright	91% FY2022: 80%	Sold outright
Home and renters Sold outright	9.1% FY2022: 7.9%	Sold outright
Other	<0.1% FY2022: 12%

Who Are Their Customers?

Insurance carriers and third-party agents buy referrals directly, while insurance aggregators and media networks buy them indirectly to resell.

Customers above 10% of revenue, FY2025

of revenue from two customers (38%, 11%)

FY2023: 18% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 14 cents of every revenue dollar as net income in FY2025 and turned 13 cents into free cash flow.

Operating income, FY2025

8% of revenue

▲ +84% vs FY2024 ($31.8M, 6%)

Net income, FY2025

14% of revenue

▲ +209% vs FY2024 ($32.2M, 6%)

Free cash flow, FY2025

13% of revenue

▲ +45% vs FY2024 ($62.5M, 12%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +25%; vs $156.6M in Q2 FY2025
Net income: ▲ +31%; vs $14.7M in Q2 FY2025

Automotive share of revenue vs 89.1% in Q2 FY2025

Aug 3, 2026 Sets third-quarter revenue outlook at $198.0 – $208.0 million
May 4, 2026 Sets second-quarter revenue outlook at $185.0 – $195.0 million

Growing. Revenue grew 65% in 4 years, from $418.5M in FY2021 to $692.5M in FY2025, about 13% a year.

Own-agent policy sales The older report describes EverQuote’s own agents binding policies and earning commissions; the latest centers on selling referrals to insurance providers.

Revenue over time

Automotive Home and renters Other

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Comments