Filing Flows › Hagerty (HGTY) › Q3 2026 › vs Q3 2025
Hagerty (HGTY) Q3 2026 vs Q3 2025 (year over year)
Hagerty's revenue fell $37.2M (-9%) from $391M in Q3 2025 to $354M in Q3 2026. The biggest changes: Insurance −$35.1M (-10%); Marketplace −$2.0M (-6%). Operating margin 11.7% against 8.8% (+2.9 pts).
Hagerty, Q3 2026: revenue $354M (-10% year over year), operating margin 11.7%, net earnings $10.2M, operating cash flow $94.0M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 11.7% | 8.8% | +2.9 pts |
| Net margin | 2.9% | 5.3% | -2.4 pts |
| Free cash flow margin | 24.4% | 21.8% | +2.6 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Insurance | $322M | $357M | −$35.1M | -10% |
| Marketplace | $32.6M | $34.6M | −$2.0M | -6% |
| Revenue | $354M | $391M | −$37.2M | -9% |
| Operating profit | $41.4M | $34.3M | $7.1M | +21% |
| Costs & expenses | $313M | $357M | −$44.3M | -12% |
| Pre-tax earnings | $41.4M | $13.3M | $28.1M | +210% |
| SG&A | $92.8M | $178M | −$85.4M | -48% |
| Other operating costs | $220M | $179M | $41.1M | +23% |
| Net earnings | $10.2M | $20.8M | −$10.6M | -51% |
| Minority interests | $26.1M | $25.3M | $735K | +3% |
| Income tax | $5.1M | −$32.8M | $38.0M | — |
| Depreciation & amortization | $9.8M | $9.4M | $378K | +4% |
| Share-based compensation | $5.2M | $5.1M | $127K | +2% |
| Working capital & other | $68.8M | $56.8M | $11.9M | +21% |
| Operating cash flow | $94.0M | $92.2M | $1.8M | +2% |
| Free cash flow (OCF − capex) | $86.4M | $85.2M | $1.2M | +1% |
| Capital expenditures | $7.6M | $7.0M | $660K | +9% |
Questions
How much did Hagerty's revenue grow year over year in Q3 2026?
Hagerty's revenue fell $37.2M (-9%) from $391M in Q3 2025 to $354M in Q3 2026.
What drove Hagerty's revenue change in Q3 2026?
Insurance −$35.1M (-10%); Marketplace −$2.0M (-6%).