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Hagerty (HGTY) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Hagerty (HGTY) Q3 2026 earnings results →
Q3 2026 Revenue down 10% year over year to $354M · 3¢ of every $1 of revenue kept as net profit · operating margin 11.7%
Hagerty made $354M in Q3 2026 (-10% Y/Y): Insurance $322M, Marketplace $32.6M. Operating margin 11.7%, net earnings $10.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $354.2M in Q3 2026, down 9% year over year and roughly flat from the previous quarter. Insurance was the largest line at 91% of revenue. Insurance lost $35.1M year over year (down 10%), 94% of the total change.
Operating profit was $41.4M, a 11.7% margin (up 2.9 points year over year). Total costs fell 12% while revenue fell 9%. The fastest-growing cost line was Other operating costs (+23%). Net earnings were $10.2M, down 51% year over year. The effective tax rate was 12.4%.
Operating cash flow was $94.0M (up 2% year over year), 259% of net income including minority interests. Non-cash charges added back $9.8M of depreciation and amortization and $5.2M of share-based compensation. Working capital and other items added $42.7M. Capital expenditures of $7.6M left free cash flow of $86.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $354M | -10% | 11.7% | $10.2M | $94.0M |
| Q2 2026 | 10-Q | Aug 5, 2026 | $355M | -6% | 0.6% | $8.0M | $170M |
| Q1 2026 | 10-Q | May 6, 2026 | $312M | -5% | -6.7% | −$12.7M | $16.3M |
| Q4 2025 | 10-K | Feb 26, 2026 | $357M | +7% | 11.1% | $8.8M | $29.1M |
| Q3 2025 | 10-Q | Nov 4, 2025 | $391M | +21% | 8.8% | $46.2M | $92.2M |
| Q2 2025 | 10-Q | Aug 4, 2025 | $379M | +21% | 12.6% | $11.0M | $53.9M |
| Q1 2025 | 10-Q | May 7, 2025 | $328M | +21% | 7.8% | $8.4M | $43.8M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Hagerty
We are a market leader in providing insurance for collector cars and enthusiast vehicles, helping the automotive enthusiast community protect and enjoy their special cars for more than 40 years. Our insurance products are complemented by our membership product, Hagerty Drivers Club ("HDC"), our renowned car events, and our media and entertainment platforms. We also operate a trusted marketplace where collectors and enthusiasts can buy and sell a wide range of vehicles, from entry level enthusiast vehicles to high value collector cars. Together, our integrated automotive ecosystem fosters a vibrant community where enthusiasts connect, share their passion, and access resources that enhance their ownership experience. Our vision is to be the world's most trusted and preferred brand for automotive enthusiasts to insure, buy, sell, and enjoy their special cars.
In its own words, from its 10-K, filed Feb 26, 2026.
Hagerty against its Insurance Agents, Brokers & Service peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -10% against the peers' median +7%. Operating margin: 11.7% against the peers' median 17.8%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| HGTY Hagerty | Q3 2026 | $354M | -10% | 11.7% |
| MRSH Marsh & McLennan Companies | Q3 2026 | $6.9B | +8% | 17.7% |
| AON Aon | Q3 2026 | $4.1B | +3% | 19.7% |
| AJG Arthur J. Gallagher | Q3 2026 | $4.0B | +18% | 13.0% |
| EQH Equitable Holdings | Q3 2026 | $3.9B | +168% | 35.8% |
| WTW Willis Towers Watson | Q3 2026 | $2.5B | +8% | 17.4% |
| BRO Brown & Brown | Q3 FY27 | $1.7B | +7% | 18.6% |
| ERIE Erie Indemnity | Q3 2026 | $1.1B | +0.3% | 19.4% |
| RYAN Ryan Specialty Holdings | Q3 2026 | $790M | +5% | 17.8% |
Source: Hagerty 10-Q on SEC EDGAR · CIK 1840776 · Insurance Agents, Brokers & Service
Guidance and outlook
13F: who owns HGTY and who is buying
More on HGTY
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results