Filing Flows › Hagerty (HGTY) › Q2 2025
Hagerty (HGTY) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 4, 2025
Hagerty (HGTY) reported revenue of $379M for the second quarter 2025 (Q2 2025), +21% from a year earlier and +16% from the quarter before. Operating margin was 12.6%, net earnings $11.0M (2.9% of revenue).
Hagerty, Q2 2025: revenue $379M (+21% year over year), operating margin 12.6%, net earnings $11.0M, operating cash flow $53.9M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $379M | +16% | +21% |
| Operating profit | $47.7M | +85% | +25% |
| Net earnings | $11.0M | +31% | +6% |
| Operating cash flow | $53.9M | +23% | -16% |
| Free cash flow | $47.7M | +24% | -16% |
What changed
Revenue was $379.3M in Q2 2025, up 21% year over year and up 16% from the previous quarter. Commission and fee revenue was the largest line at 34% of revenue. Marketplace revenue added $20.2M year over year (up 493%), 31% of the total change. Other revenue declined 19%.
Operating profit was $47.7M, a 12.6% margin (up 0.4 points year over year). Of the extra revenue versus a year earlier, 15% reached operating profit, above the 12% margin then. Total costs grew 21% against revenue growth of 21%. Net earnings were $11.0M, up 6% year over year. The effective tax rate was 11.5%.
Operating cash flow was $53.9M (down 16% year over year), 114% of net income including minority interests. Non-cash charges added back $8.8M of depreciation and amortization and $5.1M of share-based compensation. Working capital and other items used $7.3M. Capital expenditures of $6.2M left free cash flow of $47.7M.
Questions
What was Hagerty's revenue in the second quarter 2025?
Hagerty (HGTY) reported revenue of $379M for the second quarter 2025 (Q2 2025), +21% from a year earlier and +16% from the quarter before.
Was Hagerty profitable in the second quarter 2025?
Operating profit was $47.7M (12.6% of revenue) and net earnings $11.0M.
Source: Hagerty 10-Q on SEC EDGAR.