EverQuote Forecasts Q4 2026 Revenue of $213 Million to $223 Million

EverQuote forecast fourth-quarter 2026 revenue of $213 million to $223 million and expects variable marketing margin (VMM) to decrease from Q3 as it invests in new agentic large language model (LLM) channels and solutions.

For the three months ended Sept. 30, revenue reached $218.077 million, up 25.4% from $173.940 million a year earlier. Auto insurance revenue rose 21% to $190.4 million, while home and renters revenue climbed 70% to $27.7 million.

Chief Financial Officer and Chief Administrative Officer Joseph Sanborn said on the Nov. 2 earnings call, “As a result, VMM is expected to decrease sequentially from Q3.” The call began at 4:30 p.m. ET (9:30 p.m. UTC).

EverQuote projected Q4 VMD of $57 million to $60 million. It also forecast adjusted EBITDA, a non-GAAP measure, of $29 million to $32 million. The company said it could not reconcile that outlook with projected GAAP net income without unreasonable effort.

Third-quarter GAAP net income was $18.152 million, compared with $18.865 million a year earlier. Adjusted EBITDA rose 41.4% to $35.451 million from $25.067 million. The company’s reconciliation included a $4 million addback for an advertising-vendor contract termination payment.

Chief Executive Jayme Mendal said LLM traffic made up less than 1% of EverQuote’s traffic, with agentic shoppers contributing even less. He said apps were being rolled out on Meta, OpenAI and Anthropic platforms, subject to each platform’s review and approval.

Luva, an EverQuote-backed consumer-facing AI insurance shopping brand, launched Oct. 27. Its initial auto insurance offering is available in all 50 states, subject to carrier availability.

EverQuote’s AI distribution efforts also include an Aug. 10 exclusive commercial partnership with Waniwani and a strategic minority investment in the company. The partnership concerns property and casualty insurance distribution through AI channels.