EverQuote, Inc.

Total revenue in Q2 was $195.1 million, up 25% year over year. Auto revenue was $172.1 million, up 23%, and home revenue was $23 million, up 35% to a record. Adjusted EBITDA was $30.1 million, up 37% year over year, with adjusted EBITDA margin of 15.4%; GAAP net income was $19.2 million versus $14.7 million a year ago. Variable marketing dollars were $56.9 million, up 25%, and variable marketing margin was 29.2%. For Q3 2026, EverQuote guided to revenue of $198 million to $208 million, VMD of $56 million to $59 million, and adjusted EBITDA of $28 million to $31 million. Management said they remain on track to reach $1 billion in annual revenue on the timeline initially communicated, while also generating strong cash flow.

Jayme Mendal said the quarter reflected strong execution, record levels in both carrier and agent revenue, and continued expansion in home and AI-driven products. He emphasized that carriers remain profitable and eager to grow, which is supporting higher willingness to pay and greater adoption of products like Smart Campaigns. His tone was highly confident and strategic, focusing on EverQuote’s position as a long-term AI leader in P&C distribution and on new growth vectors beyond the current business.

Joseph Sanborn highlighted record VMD of $56.9 million, record adjusted EBITDA of $30.1 million, and strong operating cash flow of $24.3 million. He noted cash operating expenses of $26.8 million, no debt, and cash and cash equivalents of $192 million. Capital allocation remained focused on buybacks, with 578,000 shares repurchased for about $9 million in Q2 and $50 million repurchased in total under the program; he said the Board may revisit a new authorization later this year. He also said the company still expects EBITDA margins to rise roughly 100 basis points this year, despite a planned second-half OpEx step-up of about $1 million to $1.25 million in Q3 and about $0.5 million more in Q4.

Analysts focused on the health of the carrier market, the rollout of Smart Campaigns for agents, the impact of AI search and ChatGPT-related traffic, and whether new initiatives or channel testing could pressure VMM. Management said the carrier market remains healthy, with carriers still hungry for growth and more willing to pay and test new products, and that Smart Campaigns for agents is early but showing significant conversion-rate improvement among adopters. They said AI overviews have not directly affected paid search, but LLM traffic is an incremental opportunity they are beginning to access through content, paid ads, and integrations. On margins, management said there is no evidence of carrier testing depressing VMM, and that VMM in the high 20s remains the level that best supports maximizing VMD.