# EverQuote, Inc. (EVER) Informational only - not investment advice. CIK: 0001640428 SIC: 7370 Services-Computer Programming, Data Processing, Etc. SIC breadcrumb: [Services](/division/I/) > [Business Services](/major-group/73/) > [SIC 7370 Services-Computer Programming, Data Processing, Etc.](/industry/7370/) Latest 10-K filed: 2026-02-24 SEC page: https://www.sec.gov/edgar/browse/?CIK=1640428 Filing source: https://www.sec.gov/Archives/edgar/data/1640428/000119312526066957/ever-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-24 · accession 0001193125-26-066957 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001640428.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 692,521,000 USD | 2025 | verified | | Net income | 99,311,000 USD | 2025 | verified | | Assets | 326,913,000 USD | 2025 | verified | | Free cash flow | 90,324,000 USD | 2025 | computed | | Net margin | 14.34% | 2025 | computed | | Operating margin | 8.42% | 2025 | computed | | Revenue YoY | +38.45% | 2025 | computed | | ROE | 41.72% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | EVER | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 14.3% | 2.4% | 63 | 31 | | Operating margin | 8.4% | 4.2% | 60 | 31 | | Revenue growth | 38.5% | 5.5% | 90 | 32 | | FCF margin | 13.0% | 15.0% | 47 | 31 | | ROE | 41.7% | 4.5% | 92 | 27 | | ROA | 30.4% | 1.6% | 97 | 32 | | Liabilities / equity | 0.37 | 1.05 | 23 | 27 | | Current ratio | 2.94 | 1.98 | 71 | 32 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 7370 Services-Computer Programming, Data Processing, Etc., not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 692521000 | USD | 2025 | 2026-02-24 | | Net income | 99311000 | USD | 2025 | 2026-02-24 | | Assets | 326913000 | USD | 2025 | 2026-02-24 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-24. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001640428.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | 163,349,000 | 248,811,000 | 346,935,000 | 418,515,000 | 404,127,000 | 287,921,000 | 500,190,000 | 692,521,000 | | Net income | | -5,071,000 | -13,791,000 | -7,117,000 | -11,202,000 | -19,434,000 | -24,416,000 | -51,287,000 | 32,169,000 | 99,311,000 | | Operating income | | -4,689,000 | -13,912,000 | -8,049,000 | -11,682,000 | -21,924,000 | -24,788,000 | -51,975,000 | 31,751,000 | 58,336,000 | | Diluted EPS | | | | -0.28 | -0.41 | -0.67 | -0.77 | -1.54 | 0.88 | 2.63 | | Operating cash flow | | -1,672,000 | -1,897,000 | 4,413,000 | 10,668,000 | 7,189,000 | -15,791,000 | -2,828,000 | 66,566,000 | 95,381,000 | | Capital expenditures | | 1,185,000 | 3,668,000 | 2,975,000 | 3,822,000 | 2,862,000 | 4,290,000 | 3,840,000 | 4,114,000 | 5,057,000 | | Share buybacks | | 9,229,000 | | | | | | | | 21,024,000 | | Assets | | 20,519,000 | 65,746,000 | 91,221,000 | 129,050,000 | 143,607,000 | 156,519,000 | 110,925,000 | 210,530,000 | 326,913,000 | | Liabilities | | 20,126,000 | 22,562,000 | 39,451,000 | 58,068,000 | 58,482,000 | 49,033,000 | 30,018,000 | 75,162,000 | 88,873,000 | | Stockholders' equity | -25,658,000 | -50,544,000 | 43,184,000 | 51,770,000 | 70,982,000 | 85,125,000 | 107,486,000 | 80,907,000 | 135,368,000 | 238,040,000 | | Cash and cash equivalents | | 2,363,000 | 41,634,000 | 46,054,000 | 42,870,000 | 34,851,000 | 30,835,000 | 37,956,000 | 102,116,000 | 171,379,000 | | Free cash flow | | -2,857,000 | -5,565,000 | 1,438,000 | 6,846,000 | 4,327,000 | -20,081,000 | -6,668,000 | 62,452,000 | 90,324,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | -8.44% | -2.86% | -3.23% | -4.64% | -6.04% | -17.81% | 6.43% | 14.34% | | Operating margin | | | -8.52% | -3.23% | -3.37% | -5.24% | -6.13% | -18.05% | 6.35% | 8.42% | | Return on equity | | | -31.94% | -13.75% | -15.78% | -22.83% | -22.72% | -63.39% | 23.76% | 41.72% | | Return on assets | | -24.71% | -20.98% | -7.80% | -8.68% | -13.53% | -15.60% | -46.24% | 15.28% | 30.38% | | Liabilities / equity | | | 0.52 | 0.76 | 0.82 | 0.69 | 0.46 | 0.37 | 0.56 | 0.37 | | Current ratio | | 1.18 | 2.83 | 2.22 | 2.08 | 1.79 | 1.78 | 2.31 | 2.36 | 2.94 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001640428.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | -0.20 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | -0.08 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | -0.40 | reported discrete quarter | | 2023-Q3 | 2023-06-30 | | -13,193,000 | | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 55,011,000 | | -0.87 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 55,705,000 | -6,348,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 91,065,000 | 1,907,000 | 0.05 | reported discrete quarter | | 2024-Q2 | 2024-03-31 | | 1,907,000 | | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 117,140,000 | | 0.17 | reported discrete quarter | | 2024-Q3 | 2024-06-30 | | 6,402,000 | | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 144,530,000 | | 0.31 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 147,455,000 | 12,306,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 166,632,000 | 7,990,000 | 0.21 | reported discrete quarter | | 2025-Q2 | 2025-03-31 | | 7,990,000 | | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 156,629,000 | | 0.39 | reported discrete quarter | | 2025-Q3 | 2025-06-30 | | 14,701,000 | | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 173,940,000 | | 0.50 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 195,320,000 | 57,755,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 190,852,000 | 18,673,000 | 0.51 | reported discrete quarter | | 2026-Q2 | 2026-03-31 | | 18,673,000 | | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 195,086,000 | | 0.53 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from EVER's latest 10-K: [/company/EVER/business/](/company/EVER/business/). ## Risk Factors Verbatim Item 1A Risk Factors from EVER's latest 10-K: [/company/EVER/risk-factors/](/company/EVER/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1640428/000119312526332775/ever-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-08-04 Report date: 2026-06-30 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read together with our condensed consolidated financial statements and related notes and other financial information included elsewhere in this Quarterly Report on Form 10-Q and our consolidated financial statements and the related notes and other financial information included in our Annual Report on Form 10-K for the year ended December 31, 2025, on file with the Securities and Exchange Commission. The following discussion and analysis contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below, elsewhere in this Quarterly Report on Form 10-Q and in Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025. We are a leading AI-powered growth solutions partner for regulated property and casualty insurance entities, enabling the largest insurance carriers and thousands of agents to maximize customer acquisition across digital channels. Fueled by our proprietary data assets and our AI traffic engine, EverQuote is transforming the way providers attract and engage consumers to grow market share. We operate a marketplace to connect insurance providers to a large volume of high-intent, pre-validated consumer referrals that match the insurers’ specific underwriting and profitability requirements. The transparency of our marketplace, as well as the campaign management tools we offer, are designed to make it easy for insurance carriers and third-party agents to evaluate the performance of their marketing spend on our platform and manage their own return on investment. We present consumers with a single starting point for a comprehensive insurance shopping experience where consumers can engage with insurance carriers through multiple channels based on their preferences. Our marketplace enables consumers to choose to visit an insurance provider’s website to purchase a policy or engage with a carrier or agent by phone or submit their data to insurance providers to receive quotes. Our services are free for consumers, and we derive our revenue principally from consumer inquiries sold as referrals to insurance providers. In the three months ended June 30, 2026 and 2025, our total revenue was $195.1 million and $156.6 million, respectively, representing a year-over-year increase of 24.6%. We had net income of $19.2 million and $14.7 million for the three months ended June 30, 2026 and 2025, respectively, and had $30.1 million and $22.0 million in Adjusted EBITDA for the three months ended June 30, 2026 and 2025, respectively. In the six months ended June 30, 2026 and 2025, our total revenue was $385.9 million and $323.3 million, respectively, representing a year-over-year increase of 19.4%. We had net income of $37.9 million and $22.7 million for the six months ended June 30, 2026 and 2025, respectively, and had $59.4 million and $44.5 million in Adjusted EBITDA for the six months ended June 30, 2026 and 2025, respectively. See the section titled “—Non-GAAP Financial Measure” for information regarding our use of Adjusted EBITDA and its reconciliation to net income (loss) determined in accordance with generally accepted accounting principles in the United States, or GAAP. Factors Affecting Our Performance We believe that our performance and future growth depend on a number of factors that present opportunities for us but also pose risks and challenges, including those discussed below, elsewhere in this Quarterly Report on Form 10-Q, and in Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025. Auto insurance industry risk For the six months ended June 30, 2026 and 2025, we derived 89% and 90%, respectively, of our revenue from auto insurance providers and our financial results depend on the performance of the auto insurance industry. Furthermore, total revenue from our two largest auto insurance carrier customers was 35% and 11% of our revenue, respectively, for the six months ended June 30, 2026 and total revenue from our two largest auto insurance carrier customers was 39% and 12% of our revenue, respectively, for the six months ended June 30, 2025. Business cycles within the auto insurance industry heavily impact our carrier customers’ advertising spend with us, such as in 2022 and 2023 when the auto insurance industry experienced deteriorated underwriting performance due to a rise in claims, inflation, and inadequate policy premiums, which had a negative impact on the pricing and demand for consumer referrals in our marketplace throughout 2023. 20 Table of Contents Expanding consumer traffic Our success depends in part on the growth of our consumer traffic. We have historically increased consumer traffic to our marketplace by expanding existing advertising channels and adding new channels such as by engaging with consumers through our verified partner network. Over the long term, we plan to increase consumer traffic by leveraging the features and growing the data assets of our platform. While we plan to grow consumer traffic, we have the ability to decrease advertising spend when the revenue associated with such consumer traffic does not result in incremental profit to our business or in response to lower demand for consumer referrals. Further, our profitability will be impacted by our ability to acquire quote requests in significant volume, at prices that are attractive, and that represent high-intent shoppers for which insurance providers will purchase referrals. Increasing the number of insurance providers and their respective spend in our marketplace Our success also depends on our ability to retain and grow our insurance provider network. Historically, we have generally expanded both the number of insurance providers and the spend per provider on our platform. However, we have also experienced periods of decreasing carrier spend in the automotive insurance vertical as described above. Key Business Metrics We regularly review a number of metrics, including GAAP operating results and the key metrics listed below, to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections, and make operating and strategic decisions. Some of these metrics are non-financial metrics or are financial metrics that are not defined by GAAP. Adjusted EBITDA We define Adjusted EBITDA as net income (loss), adjusted to exclude: stock-based compensation expense, depreciation and amortization expense, legal settlement expense, interest income and income taxes. Adjusted EBITDA is a non-GAAP financial measure that we present in this Quarterly Report on Form 10-Q to supplement the financial information we present on a GAAP basis. We monitor and present Adjusted EBITDA because it is a key measure used by our management and board of directors to understand and evaluate our operating performance, to establish budgets and to develop operational goals for managing our business. Adjusted EBITDA should not be considered in isolation from, or as an alternative to, measures prepared in accordance with GAAP. Adjusted EBITDA should be considered together with other operating and financial performance measures presented in accordance with GAAP. Also, our definition of Adjusted EBITDA may be different than similarly titled measures presented by other companies, including those in our industry, which may reduce its usefulness as a comparative measure. For further explanation of the uses and limitations of this measure and a reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure, net income (loss), please see “—Non-GAAP Financial Measure”. Variable Marketing Dollars and Margin We define variable marketing dollars, or VMD, as revenue, as reported in our consolidated statements of operations and comprehensive income, less advertising costs (a component of sales and marketing expense, as reported in our consolidated statements of operations and comprehensive income). We define variable marketing margin, or VMM, as VMD divided by revenue. We use VMD and VMM to measure the efficiency of individual advertising and consumer acquisition sources and to make trade-off decisions to manage our return on advertising. We do not use VMD or VMM as a measure of profitability. Key Components of Our Results of Operations Revenue We generate our revenue primarily from consumer inquiries sold as referrals to insurance provider customers, consisting of carriers and agents, as well as to indirect distributors. To simplify the quoting process for the consumer and improve performance for the provider, we are able to provide consumer-submitted quote request data along with each referral. We recognize revenue from consumer referrals at the time of delivery. We support three secure consumer referral formats: • Clicks: An online-to-online referral, with a handoff of the consumer to the provider’s website. • Data: An online-to-offline referral, with quote request data transmitted to the provider for follow-up. • Calls: An online-to-offline referral for outbound calls and an offline-to-offline referral for inbound calls, with the consumer and provider connected by phone. 21 Table of Contents For the periods presented, our total revenue consisted of revenue generated within our insurance verticals as follows: [[GREPCENT_TABLE]] [["","","Three Months Ended June 30,","","","Six Months Ended June 30,"],["","","2026","","","2025","","","2026","","","2025"],["","","(in thousands)"],["Automotive","","$","172,051","","","$","139,584","","","$","344,437","","","$","292,299"],["Home and renters","","","23,035","","","","17,034","","","","41,501","","","","30,938"],["Other","","","\u2014","","","","11","","","","\u2014","","","","24"],["Total revenue","","$","195,086","","","$","156,629","","","$","385,938","","","$","323,261"]] [[/GREPCENT_TABLE]] We expect an overall increase in revenue in 2026 as compared to 2025, driven by our automotive and home and renters verticals, as we anticipate increased spending from our carrier partners. We expect revenue from our other insurance verticals to be insignificant in 2026 as a result of our focus on the P&C market. Cost and Operating Expenses Our cost and operating expenses consist of cost of revenue, sales and marketing, research and development, general and administrative, and legal settlement expense. We allocate certain overhead expenses, such as rent, utilities, office supplies and depreciation and amortization of general office assets, to cost of revenue and operating expense categories based on headcount. As a result, an overhead expense allocation is reflected in cost of revenue, sales and marketing, research and development, and general and administrative expenses. Personnel-related costs included in cost of revenue and operating expense categories include wages, fringe benefit costs and stock-based compensation expense. Cost of Revenue Cost of revenue is comprised primarily of the costs of operating our marketplace and delivering consumer referrals to our customers. These costs consist primarily of technology service costs including hosting, software, data services, and third-party call center costs. In addition, cost of revenue includes depreciation and amortization of our platform technology assets and personnel-related costs. Sales and Marketing Sales and marketing expense consists primarily of advertising and marketing expenditures as well as personnel-related costs for employees engaged in sales, marketing, data analytics and consumer acquisition functions. Advertising expenditures consist of varia [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1640428/000119312526066957/ever-20251231.htm Complete FY 2025 MD&A: /company/EVER/mda/fy2025/ Extracted from a substantive MD&A body after the formal Item 7 span was a TOC or reference stub. Confidence: high Filing date: 2026-02-24 Report date: 2025-12-31 Overview We operate a leading online marketplace for insurance shopping, connecting consumers with insurance provider customers, which includes both carriers and agents. Our vision is to be the leading growth partner for P&C insurance providers. Our results-driven marketplace, powered by our proprietary data and technology platform, is improving the way insurance providers attract and connect with consumers shopping for insurance. We operate a marketplace to connect insurance providers to a large volume of high-intent, pre-validated consumer referrals that match the insurers’ specific underwriting and profitability requirements. The transparency of our marketplace, as well as the campaign management tools we offer, are designed to make it easy for insurance carriers and third-party agents to evaluate the performance of their marketing spend on our platform and manage their own return on investment. We present consumers with a single starting point for a comprehensive insurance shopping experience where consumers can engage with insurance carriers through multiple channels based on their preferences. Our marketplace enables consumers to choose to visit an insurance provider’s website to purchase a policy or engage with a carrier or agent by phone or submit their data to insurance providers to receive quotes. Our services are free for consumers, and we derive our revenue principally from consumer inquiries sold as referrals to insurance providers. In the years ended December 31, 2025, 2024 and 2023, our total revenue was $692.5 million, $500.2 million and $287.9 million, respectively, representing year-over-year increases of 38.5% from 2024 to 2025 and 73.7% from 2023 to 2024. We had net income of $99.3 million and $32.2 million for the years ended December 31, 2025 and 2024, respectively, and a net loss of $51.3 million for the year ended December 31, 2023, and had $94.6 million, $58.2 million and $0.5 million in adjusted EBITDA for these same periods, respectively. See the section titled “—Non-GAAP Financial Measure” for information regarding our use of adjusted EBITDA and its reconciliation to net income (loss) determined in accordance with generally accepted accounting principles in the United States, or GAAP. Factors Affecting Our Performance We believe that our performance and future growth depend on a number of factors that present significant opportunities for us but also pose risks and challenges, including those discussed below and in the section titled “Risk Factors.” Auto insurance industry risk For the years ended December 31, 2025 and 2024, we derived 91% and 89%, respectively, of our revenue from auto insurance providers and our financial results depend on the performance of the auto insurance industry. Furthermore, total revenue from our two largest customers accounted for 38% and 11%, respectively, of our total revenue for the year ended December 31, 2025 and revenue from our largest auto insurance carrier customer was 39% of our revenue for the year ended December 31, 2024. Business cycles within the auto insurance industry heavily impact our carrier customers’ advertising spend with us, such as the downturn we saw in 2022 and 2023, when the auto insurance industry experienced deteriorated underwriting performance due to a rise in claims, inflation, and inadequate policy premiums, which had a negative impact on the pricing and demand for consumer referrals in our marketplace throughout 2023. The state of the auto insurance market remains volatile, and while spending patterns have significantly improved since 2023, a number of our top carrier customers remain below their peak historical spend. Expanding consumer traffic Our success depends in part on the growth of our consumer traffic. We have historically increased consumer traffic to our marketplace by expanding existing advertising channels and adding new channels such as by engaging with consumers through our verified partner network. Over the long term, we plan to increase consumer traffic by leveraging the features and growing the data assets of our platform. While we plan to grow consumer traffic, we have the ability to decrease advertising spend when the revenue associated with such consumer traffic does not result in incremental profit to our business or in response to lower demand for consumer referrals. Further, our profitability will be impacted by our ability to acquire quote requests in significant volume, at prices that are attractive, and that represent high-intent shoppers for which insurance providers will purchase referrals. 26 Table of Contents Increasing the number of insurance providers and their respective spend in our marketplace Our success also depends on our ability to retain and grow our insurance provider network. Historically, we have generally expanded both the number of insurance providers and the spend per provider on our platform. However, we have also experienced periods of decreasing carrier spend in the automotive insurance vertical as described above. Regulation Our revenue and earnings may fluctuate from time to time as a result of changes to federal, state, and industry-based laws and regulations, or changes to standards concerning the enforcement thereof. Our business could be affected directly because we operate websites, conduct telephonic and email marketing, and collect, store, share, and use consumer information and other data. Our business also could be affected indirectly if our customers were to adjust their operations as a result of regulatory changes and enforcement activity. For example, on January 26, 2024, the FCC published regulations which, among other things, would have amended the consent requirements of the TCPA by requiring “one-to-one consent” for outbound telemarketing calls or texts made using an automatic telephone dialing system or pre-recorded or artificial voice messages to wireless or residential numbers. On January 24, 2025, the United States Court of Appeals for the Eleventh Circuit vacated these amended regulations, which were scheduled to go into effect on January 27, 2025. Also, on June 20, 2025, the Supreme Court of the United States held that the Hobbs Act does not bind district courts in civil enforcement proceedings to an agency’s interpretation of a statute, including the FCC’s interpretation of the TCPA. It remains unclear whether or how government agencies or legislatures will revisit telephone call consent issues. In addition, a number of states have enacted (and others are considering) broad data privacy laws that could affect our business. Although it remains unclear how these new privacy laws may be modified or interpreted, their effects could have an impact on our business, and may require us to modify our data use practices and policies and incur compliance-related costs and expenses. Key Business Metrics We regularly review a number of metrics, including GAAP operating results and the key metrics listed below, to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections, and make operating and strategic decisions. Some of these metrics are non-financial metrics or are financial metrics that are not defined by GAAP. Adjusted EBITDA We define Adjusted EBITDA as net income (loss), adjusted to exclude: stock-based compensation expense, depreciation and amortization expense, legal settlement expense, restructuring and other charges, acquisition-related costs, interest income and income taxes. Adjusted EBITDA is a non-GAAP financial measure that we present in this Annual Report on Form 10-K to supplement the financial information we present on a GAAP basis. We monitor and present Adjusted EBITDA because it is a key measure used by our management and board of directors to understand and evaluate our operating performance, to establish budgets and to develop operational goals for managing our business. Adjusted EBITDA should not be considered in isolation from, or as an alternative to, measures prepared in accordance with GAAP. Adjusted EBITDA should be considered together with other operating and financial performance measures presented in accordance with GAAP. Also, Adjusted EBITDA may not necessarily be comparable to similarly titled measures presented by other companies. For further explanation of the uses and limitations of this measure and a reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure, net income (loss), please see “—Non-GAAP Financial Measure.” Variable Marketing Dollars and Margin We define variable marketing dollars, or VMD, as revenue, as reported in our consolidated statements of operations and comprehensive income (loss), less advertising costs (a component of sales and marketing expense, as reported in our consolidated statements of operations and comprehensive income (loss)). We define variable marketing margin, or VMM, as VMD divided by revenue. We use VMD and VMM to measure the efficiency of individual advertising and consumer acquisition sources and to make trade-off decisions to manage our return on advertising. We do not use VMD or VMM as a measure of profitability. Key Components of Our Results of Operations Revenue We generate our revenue primarily from consumer inquiries sold as referrals to insurance provider customers, consisting of carriers and agents, as well as to indirect distributors. To simplify the quoting process for the consumer and improve performance for the provider, we are able to provide consumer-submitted quote request data along with each referral. We recognize revenue from consumer referrals at the time of delivery. We support three secure consumer referral formats: • Clicks: An online-to-online referral, with a handoff of the consumer to the provider’s website. 27 Table of Contents • Data: An online-to-offline referral, with quote request data transmitted to the provider for follow-up. • Calls: An online-to-offline referral for outbound calls and an offline-to-offline referral for inbound calls, with the consumer and provider connected by phone. Prior to the sale of carrier contracts in May 2025, we also generated revenue in the automotive insurance vertical from commission fees for the sale of policies as part of our direct to consumer agency and, prior to our exit from the health insurance vertical in 2023, we generated commission revenue in our other insurance vertical. Commission revenue represented less than 1% of total revenue for each of the years ended December 31, 2025 and 2024, and less than 10% of revenue for the year ended December 31, 2023. For the periods presented, our total revenue consisted of revenue generated within our insurance verticals as follows: [[GREPCENT_TABLE]] [["","","Year Ended December 31,"],["","","2025","","","2024","","","2023"],["","","(in thousands)"],["Automotive","","$","629,831","","","$","446,095","","","$","227,505"],["Home and renters","","","62,650","","","","52,013","","","","40,889"],["Other","","","40","","","","2,082","","","","19,527"],["Total revenue","","$","692,521","","","$","500,190","","","$","287,921"]] [[/GREPCENT_TABLE]] We expect an overall increase in revenue in 2026 as compared to 2025, driven by our automotive and home and renters verticals, as we anticipate increased spending from our carrier partners. We expect revenue from our other insurance verticals to be insignificant in 2026 as a result of our focus on the P&C market. Cost and Operating Expenses Our cost and operating expenses consist of cost of revenue, sales and marketing, research and development, general and administrative, legal settlement, restructuring and other charges and acquisition-related costs. We allocate certain overhead expenses, such as rent, utilities, office supplies and depreciation and amortization of general office assets, to cost of revenue and operating expense categories based on headcount. As a result, an over [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/EVER/mda/fy2025/ All MD&A years: /company/EVER/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/EVER/mda/fy2024/): filed 2025-02-25; accession 0000950170-25-026724 (https://www.sec.gov/Archives/edgar/data/1640428/000095017025026724/ever-20241231.htm) - [FY 2023 MD&A](/company/EVER/mda/fy2023/): filed 2024-02-27; accession 0000950170-24-021082 (https://www.sec.gov/Archives/edgar/data/1640428/000095017024021082/ever-20231231.htm) - [FY 2022 MD&A](/company/EVER/mda/fy2022/): filed 2023-02-27; accession 0000950170-23-004649 (https://www.sec.gov/Archives/edgar/data/1640428/000095017023004649/ever-20221231.htm) - [FY 2021 MD&A](/company/EVER/mda/fy2021/): filed 2022-02-25; accession 0001193125-22-054390 (https://www.sec.gov/Archives/edgar/data/1640428/000119312522054390/d287160d10k.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 7370 Services-Computer Programming, Data Processing, Etc.) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/EVER.md · JSON record: /company/EVER.json · verified financials: /company/EVER/financials.json / /company/EVER/financials.csv · machine TOC for the whole site: /llms.txt