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Sep 30, 2025
Hagerty Q3 2025 Earnings Report
Hagerty reported strong third quarter 2025 results, with significant increases in total revenue, operating income, and net income, leading to an increased full-year 2025 outlook.
Key Takeaways
Hagerty delivered robust financial performance in the third quarter of 2025, with total revenue climbing 18% year-over-year to $380.0 million. Operating income saw a remarkable 240% increase to $34.3 million, and net income surged by 143% to $46.2 million. This strong momentum led the company to raise its full-year 2025 outlook for revenue, net income, and Adjusted EBITDA.
Total Revenue increased 18% year-over-year to $380.0 million in Q3 2025.
Operating Income grew by 240% year-over-year to $34.3 million in Q3 2025.
Net Income increased 143% year-over-year to $46.2 million in Q3 2025.
The company raised its full-year 2025 outlook for Total Revenue growth to 14-15% and Net Income growth to 58-65%.
Revenue by Segment
Forward Guidance
Hagerty increased its full-year 2025 outlook, anticipating continued strong profit growth driven by investments in its technology platform and growth across its Insurance, Membership, and Marketplace businesses.
Positive Outlook
- Total Revenue growth projected to be 14-15% for full year 2025.
- Net Income growth projected to be 58-65% for full year 2025.
- Adjusted EBITDA growth projected to be 37-41% for full year 2025.
- Written Premium growth projected to be 13-14% for full year 2025.
- Expects 2026 to be another great year of sustained growth and margin expansion.
Challenges Ahead
- Profit ranges incorporate $20 million of elevated spend, primarily in the new technology platform, Duck Creek.
- Profit ranges incorporate approximately $10 million pre-tax impact from the Southern California wildfires.
- Full year 2025 net income includes a $32.3 million loss related to the change in value of the TRA liability.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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