A two-sided online marketplace that helps people shopping for car, home, and renters insurance compare quotes from a network of carriers and agents for free, while making money by selling those shoppers' details as referrals to insurers. Founded by two MIT classmates, the company started in 2011 as a lead-generation ad firm named AdHarmonics before rebranding to EverQuote in 2014 to reflect its pivot to insurance shopping. It doesn't sell insurance itself—it only matches shoppers with providers, powered by machine learning.
EverQuote variable marketing margin stabilized at 29.2% in Q2 2026 after a year of declines, as revenue rose 24.6% to $195.1M.
stopped falling. rose 24.6% to $195.1 million and widened 3.0 points to 12.0%, driven by higher carrier spend in auto and home insurance. The company completed its $50 million program and held $192.3 million in cash with no debt.
Key takeaways
held nearly flat at 29.2% of , compared to 29.1% a year ago, after declining for five consecutive quarters through Q1 2025.
rose 24.6% to $195.1 million, with the automotive vertical contributing $32.5 million of the $38.5 million increase and home and renters adding $6.0 million.
rose 65.8% to $23.5 million, and widened to 12.0% from 9.0% a year ago, as growth outpaced the 21.9% increase in sales and marketing expense.
Section summaries
Management's Discussion and Analysis
Revenue rose 24.6% YoY to $195.1M in Q2 FY2026, driven by higher carrier spend in auto and home insurance verticals.
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Total Q2 grew 24.6% to $195.1M, with the automotive vertical contributing $32.5M of the $38.5M increase and home and renters adding $6.0M.
Variable marketing dollars rose 25.0% to $56.9M, while variable marketing margin remained nearly flat at 29.2% versus 29.1% a year ago.
rose 30.5% to $19.2 million, and increased 35.9% to $0.53.
The company completed its $50 million program, deploying $29.0 million in the first half of 2026, and ended the quarter with $192.3 million in cash and no outstanding borrowings on its $60 million .
was $24.3 million, down 3.8% , while fell 4.5% to $22.8 million.
What changed
The improvement flagged in Q1 2026 was sustained: after rising to 29.3% in Q1 from 28.1% a year earlier, it held at 29.2% in Q2, suggesting the traffic optimization cited by management is holding rather than a single-quarter benefit.
The two largest carrier customers continued to drive growth, with the automotive vertical adding $32.5 million of the $38.5 million increase, though their combined share of revenue was not updated from the 49% reported for FY2025.
The $50 million program authorized in Q3 2025 was completed during Q2 2026, with $29.0 million deployed in the first half of the year, exhausting the authorization.
The previously reported material weakness in IT general controls was again absent from the filing, consistent with the pattern since Q1 2025 after years of being flagged.
What to watch
Whether can hold near 29.2% or improve further in Q3 2026, now that it has stabilized for two consecutive quarters after a prolonged decline.
The contribution from the two largest carrier customers in Q3 2026, given their combined 49% share of FY2025 revenue and the absence of long-term purchase commitments.
Whether the company authorizes a new program after completing the $50 million authorization, and how any additional buybacks affect the $192.3 million cash balance.
The impact of the $18.5 million five-year advertising purchase commitment on the cost structure and , which management has not yet quantified in reported results.
Sales and marketing expense increased 21.9% to $147.6M, primarily due to a $27.1M rise in advertising costs tied to higher carrier demand.
improved to $19.2M from $14.7M, and grew to $30.1M from $22.0M, reflecting .
The company completed its $50M program, using $29.0M in H1 2026, and held $192.3M in cash with no outstanding borrowings.
Quantitative and Qualitative Disclosures About Market Risk
Our Credit Agreement provides us with credit at a floating rate of interest. As of June 30, 2026, we had no outstanding borrowings under our revolving line of credit and therefore no material exposure to fluctuations in interest rates. We contract with vendors in foreign countri…
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Our Credit Agreement provides us with credit at a floating rate of interest. As of June 30, 2026, we had no outstanding borrowings under our revolving line of credit and therefore no material exposure to fluctuations in interest rates.
We contract with vendors in foreign countries and we have foreign subsidiaries. As such, we have exposure to adverse changes in exchange rates of foreign currencies associated with our foreign transactions and our foreign subsidiaries. We believe this exposure to be immaterial. We do not hedge against this exposure to fluctuations in exchange rates.
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Information with respect to legal proceedings and this item is included in Note 8 of the Notes to the Unaudited Condensed Consolidated Financial Statements contained in Part I, Item I of this Quarterly Report on Form 10-Q, which is incorporated herein by reference.
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Information with respect to legal proceedings and this item is included in Note 8 of the Notes to the Unaudited Condensed Consolidated Financial Statements contained in Part I, Item I of this Quarterly Report on Form 10-Q, which is incorporated herein by reference.
As of the date of this report, there has been no material change from the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2025.
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As of the date of this report, there has been no material change from the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2025.