EverQuote, Inc. reported significant financial growth in its latest quarterly filing, with total revenue reaching $156.6 million for the three months ended June 30, 2025, a 33.7% increase from $117.1 million in the same period last year. For the first half of 2025, revenue surged to $323.3 million, up 55.3% from $208.2 million in the first half of 2024. The company also achieved a net income of $14.7 million for the second quarter, compared to $6.4 million in the prior year, and a net income of $22.7 million for the first six months, up from $8.3 million in 2024.
The increase in revenue was primarily driven by a substantial rise in the automotive insurance vertical, which accounted for approximately 90% of total revenue. The company noted a $37 million increase in automotive revenue due to heightened spending from its largest carrier customers. Additionally, revenue from home and renters insurance also saw growth, contributing an additional $3.2 million in the second quarter. EverQuote's cost of revenue decreased slightly to $4.8 million in Q2 2025, down from $5.0 million a year earlier, reflecting a reduction in personnel-related costs.
In terms of operational metrics, EverQuote's advertising expenses rose significantly, totaling $111.1 million in Q2 2025, compared to $80.7 million in Q2 2024. This increase was attributed to higher carrier spending on referrals. The company's adjusted EBITDA for the second quarter was $22.0 million, up from $12.9 million in the same quarter last year. The total number of shares outstanding increased to 36.3 million as of June 30, 2025, from 34.9 million a year earlier, reflecting ongoing stock option exercises and vesting of restricted stock units.
Strategically, EverQuote has made notable changes, including the sale of certain assets related to its PolicyFuel acquisition to settle litigation, which resulted in a legal settlement expense of $8.2 million for the first half of 2025. The company also entered into a new credit agreement in August 2025, providing a $60 million revolving credit facility, which replaces its previous $25 million line of credit. This new facility is expected to enhance liquidity and support future growth initiatives.
Looking ahead, EverQuote anticipates continued revenue growth driven by increased spending from insurance carriers, particularly in the automotive sector. However, the company remains cautious about potential market volatility and regulatory changes that could impact its operations. The management expressed confidence in its ability to adapt to market conditions while maintaining a focus on expanding its consumer traffic and insurance provider network.
About EverQuote, Inc.
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