Filing Flows › Hagerty (HGTY) › Q3 2025
Hagerty (HGTY) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Hagerty (HGTY) reported revenue of $391M for the third quarter 2025 (Q3 2025), +21% from a year earlier and +3% from the quarter before. Operating margin was 8.8%, net earnings $46.2M (11.8% of revenue).
Hagerty, Q3 2025: revenue $391M (+21% year over year), operating margin 8.8%, net earnings $46.2M, operating cash flow $92.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $391M | +3% | +21% |
| Operating profit | $34.3M | -28% | +240% |
| Net earnings | $46.2M | -2% | +143% |
| Operating cash flow | $92.2M | +71% | +37% |
| Free cash flow | $85.2M | +79% | +37% |
What changed
Revenue was $391.4M in Q3 2025, up 21% year over year and up 3% from the previous quarter. Commission and fee revenue was the largest line at 31% of revenue. Commission and fee revenue added $16.3M year over year (up 15%), 24% of the total change.
Operating profit was $34.3M, a 8.8% margin (up 5.6 points year over year). Of the extra revenue versus a year earlier, 36% reached operating profit, above the 3% margin then. Total costs grew 14% against revenue growth of 21%. Net earnings were $20.8M, up 327% year over year. The tax line was a benefit of $32.8M on pre-tax earnings of $13.3M.
Operating cash flow was $92.2M (up 37% year over year), 200% of net income including minority interests. Non-cash charges added back $9.4M of depreciation and amortization and $5.1M of share-based compensation. Working capital and other items added $31.5M. Capital expenditures of $7.0M left free cash flow of $85.2M.
Questions
What was Hagerty's revenue in the third quarter 2025?
Hagerty (HGTY) reported revenue of $391M for the third quarter 2025 (Q3 2025), +21% from a year earlier and +3% from the quarter before.
Was Hagerty profitable in the third quarter 2025?
Operating profit was $34.3M (8.8% of revenue) and net earnings $46.2M.
Source: Hagerty 10-Q on SEC EDGAR.