Hagerty reported its financial results for the three months ended September 30, 2025, showing total revenue of $380.0 million, up 18% year‑over‑year, and net income of $46.2 million, up 143% year‑over‑year. The company’s earnings per share were $0.13, beating the consensus estimate of $0.09.
Adjusted EBITDA for the quarter was $49.7 million, a 46% increase from the same period in 2024. The company’s loss ratio improved to 42.0% from 60.0% in Q3 2024, reflecting stronger underwriting performance.
Marketplace revenue reached $34.2 million, up 58% year‑over‑year, while membership revenue was $16.0 million, up 8% year‑over‑year. Insurance revenue accounted for the remaining $329.8 million of total sales.
Management highlighted a $20 million investment in the Duck Creek platform rollout and a $10 million pre‑tax impact from recent wildfires, both of which will temper margin expansion in 2025 but support long‑term scalability.
Hagerty raised its 2025 outlook to total revenue growth of 14‑15% and net income growth of 58‑65%. The company also announced a new partnership with Liberty Mutual and continued collaboration with State Farm and Safeco.
A conference call to discuss the results will be held at 10:00 a.m. Eastern Time on Tuesday, November 4, 2025.
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