Filing Flows › Hagerty (HGTY) › Q4 2025
Hagerty (HGTY) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Hagerty (HGTY) reported revenue of $357M for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and -9% from the quarter before. Operating margin was 11.1%, net earnings $8.8M (2.5% of revenue).
Hagerty, Q4 2025: revenue $357M (+7% year over year), operating margin 11.1%, net earnings $8.8M, operating cash flow $29.1M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $357M | -9% | +7% |
| Operating profit | $39.7M | +16% | +558% |
| Net earnings | $8.8M | -58% | +184% |
| Operating cash flow | $29.1M | -68% | — |
| Free cash flow | $23.1M | -73% | — |
What changed
Revenue was $357.3M in Q4 2025, up 7% year over year and down 9% from the previous quarter.
Operating profit was $39.7M, a 11.1% margin (up 9.3 points year over year). Of the extra revenue versus a year earlier, 140% reached operating profit, above the 2% margin then. Total costs fell 3% while revenue rose 7%. The fastest-growing cost line was Sales & marketing (+34%). Net earnings were $8.8M, up 184% year over year. The effective tax rate was 28.1%.
Operating cash flow was $29.1M, 102% of net income including minority interests. Non-cash charges added back $9.8M of depreciation and amortization and $4.3M of share-based compensation. Working capital and other items used $13.5M. Capital expenditures of $6.0M left free cash flow of $23.1M.
Questions
What was Hagerty's revenue in the fourth quarter 2025?
Hagerty (HGTY) reported revenue of $357M for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and -9% from the quarter before.
Was Hagerty profitable in the fourth quarter 2025?
Operating profit was $39.7M (11.1% of revenue) and net earnings $8.8M.
Source: Hagerty 10-K on SEC EDGAR.