Filing Flows › Hagerty (HGTY) › Q2 2026 › vs Q2 2025
Hagerty (HGTY) Q2 2026 vs Q2 2025 (year over year)
Hagerty's revenue fell $24.5M (-6%) from $379M in Q2 2025 to $355M in Q2 2026. The biggest changes: Insurance −$37.4M (-11%); Marketplace +$12.9M (+48%). Operating margin 0.6% against 12.6% (-11.9 pts).
Hagerty, Q2 2026: revenue $355M (-6% year over year), operating margin 0.6%, net earnings $8.0M, operating cash flow $170M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 0.6% | 12.6% | -11.9 pts |
| Net margin | 2.3% | 12.4% | -10.2 pts |
| Free cash flow margin | 45.6% | 12.6% | +33.0 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Insurance | $315M | $352M | −$37.4M | -11% |
| Marketplace | $39.9M | $27.0M | $12.9M | +48% |
| Revenue | $355M | $379M | −$24.5M | -6% |
| Operating profit | $2.2M | $47.7M | −$45.5M | -95% |
| Costs & expenses | $353M | $332M | $21.0M | +6% |
| Pre-tax earnings | $2.2M | $53.4M | −$51.1M | -96% |
| SG&A | $95.3M | $162M | −$66.4M | -41% |
| Other operating costs | $257M | $170M | $87.3M | +51% |
| Income tax benefit | $5.8M | −$6.2M | $12.0M | — |
| Net earnings | $8.0M | $47.2M | −$39.2M | -83% |
| Depreciation & amortization | $9.7M | $8.8M | $883K | +10% |
| Share-based compensation | $5.1M | $5.1M | −$53K | -1% |
| Working capital & other | $147M | −$7.3M | $154M | — |
| Operating cash flow | $170M | $53.9M | $116M | +215% |
| Free cash flow (OCF − capex) | $162M | $47.7M | $114M | +239% |
| Capital expenditures | $8.2M | $6.2M | $2.1M | +34% |
Questions
How much did Hagerty's revenue grow year over year in Q2 2026?
Hagerty's revenue fell $24.5M (-6%) from $379M in Q2 2025 to $355M in Q2 2026.
What drove Hagerty's revenue change in Q2 2026?
Insurance −$37.4M (-11%); Marketplace +$12.9M (+48%).