EverQuote Q3 Revenue Rises 25% as Adjusted EBITDA Climbs 41%

EverQuote Inc. (Nasdaq: EVER) reported a 25% year-over-year increase in third-quarter 2026 revenue, while adjusted EBITDA rose 41% and its margin expanded, reflecting stronger operating leverage in the insurance customer-acquisition marketplace.

Revenue reached $218.1 million for the three months ended September 30, up from $173.9 million a year earlier. Adjusted EBITDA increased to $35.5 million from $25.1 million, and adjusted EBITDA margin widened to 16.3% from 14.4%, an increase of 1.8 percentage points.

GAAP net income was $18.2 million, compared with $18.9 million in the prior-year quarter. The adjusted EBITDA calculation excluded $6.6 million of stock-based compensation, $1.0 million of depreciation and amortization, $7.0 million of income-tax provision and a $4.0 million vendor contract termination charge, partly offset by $1.2 million of net interest income.

EverQuote said it generated $40 million of operating cash flow during the quarter. It ended the period with $229 million in cash and no outstanding debt.

Marketing economics and operating scale

Variable marketing dollars, a non-GAAP measure defined as revenue less advertising costs, increased 25% to $62.6 million from $50.1 million. Variable marketing margin was 28.7%, compared with 28.8% a year earlier. EverQuote uses the measure to assess advertising and consumer-acquisition efficiency but does not consider it a measure of profitability.

For the 12 months through the third quarter, the company reported $799 million of revenue, $225 million of variable marketing dollars, $120 million of adjusted EBITDA and $121 million of operating cash flow. The corresponding adjusted EBITDA margin was 15.0%.

EverQuote operates a digital marketplace connecting high-intent insurance shoppers with property and casualty carriers and agents. The company said its model uses proprietary consumer data and artificial intelligence to target shoppers, determine bids and match customers with insurers based on underwriting preferences, acquisition costs and expected lifetime value.

AI strategy and Luva launch

EverQuote identified AI-enabled products and new consumer channels as central elements of its longer-term growth strategy. On October 27, the company launched Luva, a conversational insurance comparison platform designed to provide real-time quotes through an AI-first shopping experience.

The company plans to engage shoppers through Luva.com, integrations with large-language-model applications and agentic infrastructure. EverQuote said AI could support additional high-intent traffic, improve consumer-carrier matching and bind performance, and help clients optimize acquisition spending. These expected benefits remain forward-looking and depend on the development, adoption and monetization of the company’s AI products.

EverQuote’s broader strategy includes increasing budgets from existing insurance providers, expanding traffic sources, introducing AI-enabled solutions and adjacent property and casualty products, and using automation to scale its operations. The presentation also reiterated the company’s previously stated path toward more than $1 billion in annual revenue, without providing a specific timetable or quarterly financial guidance.

Risks and uncertainties

The company said future performance depends in part on consumer traffic, demand for its services, carrier and agent spending, and its ability to develop and monetize products such as Luva. Its marketplace also operates across state-specific insurance regulations and changing carrier underwriting preferences.

During the quarter, EverQuote terminated a multiyear advertising-services contract carrying a remaining commitment of $15.5 million in exchange for a $4.0 million payment to the vendor. The charge was excluded from adjusted EBITDA.