EverQuote Q1 Revenue Jumps 15% to $190.9M, Adjusted EBITDA Hits $29.3M
EverQuote’s first quarter revenue rose 15% year-over-year to $190.9 million, driving GAAP net income of $18.7 million and record Adjusted EBITDA of $29.3 million on operating cash flow of $29.6 million. The company ended Q1 with $178.5 million cash, no debt, repurchased $19.9 million in shares and forecasts Q2 revenue growth of 21%.
1. First Quarter Financial Highlights
EverQuote reported Q1 revenue of $190.9 million, up 15% year-over-year. GAAP net income increased to $18.7 million from $8.0 million, while Adjusted EBITDA climbed 30% to $29.3 million. Operating cash flow reached a record $29.6 million and Variable Marketing Dollars totaled $55.9 million.
2. Segment Performance
The automotive insurance vertical generated $172.4 million in revenue, growing 13% as digital channels drove customer acquisition. The home and renters insurance vertical delivered $18.5 million, marking a 33% increase powered by expanded AI-enabled solutions.
3. Balance Sheet and Capital Allocation
The company closed the quarter with $178.5 million in cash and cash equivalents and zero debt. During Q1, EverQuote repurchased 1.1 million shares for $19.9 million, reinforcing its commitment to shareholder returns and funding AI and growth initiatives.
4. Second Quarter Outlook
EverQuote projects Q2 revenue of $185 million to $195 million, representing 21% year-over-year growth at the midpoint. It expects Variable Marketing Dollars of $55 million to $57 million and Adjusted EBITDA of $28 million to $30 million, each reflecting over 30% growth at the midpoint.