EverQuote, Inc. (EVER) Earnings
EverQuote, Inc. is expected to report next earnings on November 2, 2026 (in NaN days), with a consensus EPS estimate of $0.67. EVER has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +15.6% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 3, 2026 | $0.52 | $0.53 | +1.3% | $195M | +2.1% |
| May 4, 2026 | $0.43 | $0.51 | +18.6% | $191M | +6.0% |
| Feb 26, 2024 | $-0.31 | $-0.19 | +38.7% | $56M | +11.8% |
| Feb 27, 2023 | $-0.27 | $-0.26 | +3.7% | $88M | -2.1% |
| Nov 1, 2022 | $-0.41 | $-0.20 | +51.2% | $103M | +10.8% |
| Aug 1, 2022 | $-0.47 | $-0.12 | +74.5% | $102M | +8.2% |
| May 2, 2022 | $-0.26 | $-0.19 | +26.9% | $111M | +8.3% |
| Feb 16, 2022 | $-0.32 | $-0.29 | +9.4% | $102M | +5.4% |
| May 3, 2021 | $-0.13 | $-0.13 | +0.0% | $104M | +0.0% |
| Feb 22, 2021 | $-0.14 | $-0.13 | +7.1% | $97M | -11.8% |
| Nov 2, 2020 | $-0.05 | $-0.12 | -140.0% | $90M | +41.4% |
| May 4, 2020 | $-0.06 | $-0.05 | +16.7% | $81M | -16.7% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 3, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Overall Business and Market Backdrop * Management reports a healthy market environment for both auto and homeowners insurance, with carriers remaining profitable and highly motivated to grow policy volume * EverQuote has solidified its position as a trusted growth partner for large carriers and thousands of local agents, with both carrier and agent revenue reaching record highs in Q2 2026 * Local agent demand for referrals hit a new record, with an increase in the average number of products purchased per agent as EverQuote advances its one-stop growth partner strategy - AI Product and Capability Progress * The Smart Campaigns AI-powered bidding solution for carriers continues to scale rapidly: 7 of EverQuote's top 10 carriers now use the product, and revenue flowing through Smart Campaigns grew over 100% year-over-year in Q2 * EverQuote launched an agent-facing version of Smart Campaigns to its first cohort of local agents in Q2, embedding AI technology into customer core workflows and enabling deeper data integrations * Internal use of AI for coding, operational automation, and product prototyping has reached an inflection point, with pervasive daily active use across corporate teams. Engineering teams have measured a 25% efficiency gain, exceeding industry AI adoption benchmarks * Recent AI innovations include AI shopper personas to identify user experience friction points, and upgraded AI traffic bidding that supports increasingly agentic traffic operations - New Strategic Growth Priorities * Building on its existing AI leadership, EverQuote is pursuing two new high-priority growth areas to capture opportunities in the AI era of P&C insurance distribution: 1. Developing new consumer-facing products purpose-built for AI search and agentic commerce to expand consumer visibility and capture new AI-generated traffic 2. Building AI-native growth solutions for carriers and agents that allow customers to access AI benefits without needing to build and maintain the technology in-house * EverQuote is pursuing select strategic commercial partnerships with AI-first companies to complement internal product development efforts
Guidance
- For Q3 2026, management guided total revenue in the range of $198 million to $208 million, representing 17% year-over-year growth at the midpoint of the range - For Q3 2026, VMD is expected to be between $56 million and $59 million, representing 15% year-over-year growth at the midpoint - For Q3 2026, adjusted EBITDA is guided between $28 million and $31 million, representing 18% year-over-year growth at the midpoint - Management reaffirmed its prior commitment to reach $1 billion in annual revenue on the original timeline communicated to investors in November 2025, while also maintaining expectations for strong cash flow generation alongside this growth - Operating expenses are expected to see a planned step-up in the second half of 2026: a $1 million to $1.25 million increase in Q3 2026, followed by an additional $0.5 million increase in Q4 2026. This step-up was previously communicated and does not change management's expectation that adjusted EBITDA margins will rise roughly 100 basis points for full-year 2026 - New AI-focused product initiatives are not expected to generate material revenue contribution in 2026, as 2026 will be a period of testing, innovation, and go-to-market development for these new offerings
Segment performance
EverQuote's total Q2 2026 revenue was $195.1 million, representing 25% year-over-year growth. - Auto Insurance Vertical: Revenue reached $172.1 million, up 23% year-over-year, accounting for 88.2% of total quarterly revenue. Growth was driven by broad distribution expansion across carriers and local agents, including the ramp-up of a returning major carrier. - Home Insurance Vertical: Revenue grew 35% year-over-year to a record $23 million, accounting for 11.8% of total quarterly revenue, supported by strong monetization of high-quality traffic and increased budget commitments from key carriers. Additional segment financials: Variable Marketing Dollars (VMD) grew 25% year-over-year to $56.9 million, with a Variable Marketing Margin (VMM) of 29.2% for the quarter. Adjusted EBITDA increased 37% year-over-year to a record $30.1 million, with an adjusted EBITDA margin of 15.4%. GAAP net income grew to $19.2 million, up from $14.7 million in the year-ago quarter.
Risks & headwinds
Management did not identify material new or unexpected operational risks or failures during the call, and referenced that all forward-looking statements are subject to general risks and uncertainties disclosed in EverQuote's existing SEC filings (including Form 10-K and Form 10-Q filings) that could cause actual results to differ from current expectations.
Analyst Q&A
Q: How has the carrier market changed since earlier in 2026, and what is the impact of the new agentic AI traffic bidding features? /
A: The market backdrop remains healthy for auto growth, with strong demand also emerging in the home vertical that is expected to persist through the second half of the year. Agentic AI layers deeper automation on top of existing machine learning-based bidding. Historically, this type of automation improves bidding effectiveness (which flows through to higher VMD) and increases operational efficiency by allowing larger traffic portfolios to be managed with less human intervention.
Q: What adoption and performance trends have you seen for the new agent-facing Smart Campaigns, and how has AI search impacted your marketing? /
A: It is early days for agent-facing Smart Campaigns, but early data shows significant conversion rate improvements for agents who have adopted the product. EverQuote has not seen any negative impact to existing paid search from AI search, and views growing LLM traffic as an incremental opportunity. The company is investing in content development, paid ads on AI platforms, and technical integrations to systematically access this new traffic source, which could become material over time as AI search platforms grow.
Q: How should investors balance the costs of new AI initiatives (including rising token costs) with efficiency gains, and what is the expected timeline for margin expansion? /
A: The planned OpEx step-up in the second half of 2026 was communicated at the start of the year, and the current investment plan aligns exactly with this original guidance. Management maintains its expectation of 100 basis points of adjusted EBITDA margin expansion for full-year 2026. While the company is investing in new AI products, it is also driving broad operational efficiency through internal automation, has visibility into token costs with controls in place, and maintains a strong focus on overall expense discipline after doubling revenue while holding OpEx flat over the past few years.
Q: What are EverQuote's current thoughts on M&A as part of its capital allocation strategy? /
A: M&A is not required to hit the company's $1 billion annual revenue target, which remains on track. However, management sees potential M&A opportunities to accelerate growth in three key areas: new AI-powered growth products for carriers and agents, expansion of non-auto verticals beyond home insurance, and add-on data capabilities to complement EverQuote's existing marketplace data. As EverQuote emerges as a clear sector leader, the company is seeing increasing inbound interest from private insurtech teams looking to join a larger scale player, with talent acquisition also a key potential benefit of targeted deals.