Hagerty, Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Hagerty, Inc. reported revenue of $1.5B (+21.4% year on year) and net income of $149.2M (+90.6% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Revenue from contract with customer, including finance revenue, excluding assessed tax | $568.8M | $556.7M | — | — |
| Earned premium, net | $726.7M | $643.3M | $531.9M | $403.1M |
| Marketplace revenue | $119.2M | — | — | — |
| Net investment income | $38.6M | — | — | — |
| Net investment gains | $3.1M | — | — | — |
| Total revenue | $1.5B | $1.2B | $1.0B | $787.6M |
| Losses and loss adjustment expenses | $285.4M | $298.6M | $220.7M | $182.4M |
| Ceding commissions, net | $337.1M | $301.7M | $251.8M | $191.2M |
| Sales expense | $258.2M | $190.5M | $156.4M | $140.8M |
| Salaries and benefits | $263.6M | $221.5M | $216.9M | $199.5M |
| General and administrative expenses | $94.5M | $82.5M | $85.4M | $89.1M |
| Depreciation and amortization | $37.5M | $38.9M | $45.8M | $33.9M |
| Restructuring, impairment and related charges, net | $0 | $0 | $8.8M | $18.3M |
| Gains, losses, and impairments related to divestitures | $0 | ($87.0K) | $4.0M | — |
| Loss (gain) related to warrant liabilities, net | $0 | ($8.5M) | — | — |
| Interest expense and other, net | $40.9M | $35.8M | $22.8M | $2.0M |
| Total expenses | $1.3B | $1.1B | $989.8M | $855.2M |
| INCOME BEFORE TAXES | $139.2M | — | — | — |
| Income tax benefit | $10.0M | ($15.4M) | ($16.6M) | ($7.0M) |
| NET INCOME | $149.2M | $78.3M | $28.2M | $2.4M |
| Net income attributable to non-controlling interest | ($100.2M) | ($61.3M) | ($7.9M) | $29.7M |
| Accretion of Series A Convertible Preferred Stock | ($7.6M) | ($7.4M) | ($3.7M) | — |
| NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCKHOLDERS | $41.5M | $9.6M | $16.6M | — |
| Basic (in dollars per share) | $0.41 | $0.10 | $0.19 | $0.39 |
| Diluted (in dollars per share) | $0.37 | $0.10 | $0.09 | -$0.07 |
| Basic (in shares) | 94.4M | 87.5M | 84.2M | 82.7M |
| Diluted (in shares) | 347.0M | 88.5M | 340.3M | 336.1M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Earned premium, net | $252.0M | $239.6M | $187.0M | $177.8M |
| Revenue from contract with customer, including finance revenue, excluding assessed tax | $45.0M | $38.6M | $193.0M | $190.9M |
| Marketplace revenue | $39.7M | $25.7M | — | — |
| Net investment income | $11.0M | $10.3M | — | — |
| Net investment gains | $7.2M | ($2.3M) | — | — |
| Total revenue | $354.8M | $311.8M | $380.0M | $368.7M |
| Losses and loss adjustment expenses, net | $110.7M | $97.9M | $78.6M | $75.2M |
| Policy acquisition costs, net | $83.6M | $101.9M | — | — |
| Underwriting and other insurance expenses | $62.9M | $59.6M | — | — |
| Selling, general, and administrative expenses | $95.3M | $72.4M | — | — |
| Interest expense and other, net | $28.0K | $922.0K | ($21.0M) | $5.7M |
| Total expenses | $352.6M | $332.8M | $345.7M | $321.0M |
| INCOME (LOSS) BEFORE TAXES | $2.2M | ($20.9M) | $13.3M | $53.4M |
| Income tax (expense) benefit | $5.8M | $8.2M | $32.8M | ($6.2M) |
| NET INCOME (LOSS) | $8.0M | ($12.7M) | $46.2M | $47.2M |
| Net (income) loss attributable to non-controlling interest | ($7.8M) | $8.3M | ($25.3M) | ($36.2M) |
| Accretion of Series A Convertible Preferred Stock | ($1.9M) | ($2.0M) | ($1.9M) | ($1.9M) |
| NET INCOME (LOSS) ATTRIBUTABLE TO CLASS A COMMON STOCKHOLDERS | ($1.7M) | ($6.5M) | $18.9M | $9.1M |
| Basic (in dollars per share) | -$0.02 | -$0.06 | $0.18 | $0.09 |
| Diluted (in dollars per share) | -$0.02 | -$0.06 | $0.11 | $0.09 |
| Basic (in shares) | 101.8M | 101.0M | 96.2M | 90.7M |
| Diluted (in shares) | 101.8M | 101.0M | 347.2M | 90.7M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Fixed maturity securities | $696.3M | — | — | — |
| Equity securities | $34.9M | — | — | — |
| Total investments | $731.1M | — | — | — |
| Cash and cash equivalents | $160.2M | $104.8M | $108.3M | $95.2M |
| Restricted cash and cash equivalents | $138.8M | $128.1M | $616.0M | $444.0M |
| Accounts receivable | $96.2M | $84.8M | $71.5M | $58.3M |
| Commissions receivable | $28.9M | $20.4M | $79.1M | — |
| Premiums receivable | $180.5M | $153.7M | $137.5M | $100.7M |
| Deferred acquisition costs, net | $179.2M | $156.5M | $141.6M | $107.3M |
| Reinsurance recoverables | $15.3M | — | — | — |
| Prepaid reinsurance premiums | $21.9M | — | — | — |
| Notes receivable | $113.9M | $45.4M | $35.9M | $25.5M |
| Intangible assets, net | $88.9M | $90.1M | $91.9M | $104.0M |
| Goodwill | $114.2M | $114.1M | $114.2M | $115.0M |
| Deferred income tax assets | $43.0M | — | — | — |
| Other assets | $181.7M | — | — | — |
| TOTAL ASSETS | $2.1B | $1.7B | $1.6B | $1.3B |
| Accounts payable and accrued expenses | $111.9M | $73.4M | $87.2M | — |
| Advance premiums and due to insurers | $123.2M | $108.4M | — | — |
| Losses payable | $95.4M | $98.4M | $62.0M | $55.5M |
| Reserves for unpaid losses and loss adjustment expenses | $168.9M | $168.5M | $136.5M | $111.7M |
| Unearned premiums | $412.1M | $357.5M | $317.3M | $235.5M |
| Ceding commissions payable | $86.2M | $77.4M | $108.7M | $77.1M |
| Debt, net | $177.9M | $105.0M | $130.7M | $108.3M |
| Contract liabilities | $46.5M | $31.9M | $30.3M | $25.3M |
| Deferred tax liability | $23.5M | $18.1M | $15.9M | $12.8M |
| Tax receivable agreement liability | $39.8M | — | — | — |
| Other liabilities | $61.7M | — | — | — |
| TOTAL LIABILITIES | $1.3B | $1.1B | $1.1B | $945.1M |
| Commitments and Contingencies (Note 25) | $0 | $0 | $0 | — |
| Preferred stock, $0.0001 par value (20,000,000 shares authorized, 8,483,561 Series A Convertible Preferred Stock issued and outstanding as of December 31, 2025 and December 31, 2024) | 86.6M | 84.7M | 82.8M | — |
| Common stock | $34.0K | $34.0K | $33.0K | $33.0K |
| Additional paid-in capital | $623.0M | $603.8M | $561.8M | $549.0M |
| Accumulated earnings (deficit) | ($403.0M) | ($452.0M) | ($469.0M) | ($489.6M) |
| Accumulated other comprehensive income (loss) | $1.2M | ($1.5M) | ($88.0K) | ($213.0K) |
| Total stockholders' equity | $221.3M | $150.3M | $92.7M | $59.3M |
| Non-controlling interest | $439.1M | $373.2M | $317.8M | $308.1M |
| Total equity (Note 20) | $660.4M | $523.5M | $410.5M | $367.4M |
| TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY | $2.1B | $1.7B | $1.6B | $1.3B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Fixed maturity securities | $701.6M | $673.1M | — | — |
| Equity securities, at fair value | $54.9M | $47.8M | — | — |
| Total investments | $756.5M | $720.9M | — | — |
| Cash and cash equivalents | $298.3M | $212.4M | $160.4M | $140.3M |
| Restricted cash and cash equivalents | $169.3M | $154.4M | $172.3M | $190.3M |
| Accounts receivable | $27.3M | $28.0M | $107.5M | $107.9M |
| Premiums receivable | $120.4M | $92.4M | $230.9M | $249.8M |
| Deferred acquisition costs, net | $100.2M | $143.6M | $192.5M | $178.4M |
| Reinsurance recoverables | $12.3M | $11.9M | — | — |
| Prepaid reinsurance premiums | $49.8M | $40.4M | — | — |
| Notes receivable | $153.3M | $148.9M | $94.2M | $83.5M |
| Intangible assets, net | $89.3M | $89.1M | $88.5M | $86.7M |
| Goodwill | $114.1M | $114.2M | $114.2M | $114.2M |
| Deferred tax assets | $48.0M | $40.1M | $45.3M | — |
| Other assets | $209.4M | $228.4M | — | — |
| TOTAL ASSETS | $2.1B | $2.0B | $2.2B | $2.0B |
| Accounts payable and accrued expenses | $89.8M | $85.8M | $147.9M | $138.3M |
| Advance premiums | $50.1M | $50.7M | — | — |
| Due to insurers | $27.1M | $14.4M | — | — |
| Losses payable and reserves for unpaid losses and loss adjustment expenses | $241.7M | $204.0M | $276.7M | $259.1M |
| Unearned premiums | $598.2M | $508.0M | $439.4M | $410.5M |
| Ceding commissions payable | $6.1M | $1.9M | $107.5M | $113.1M |
| Debt, net | $216.0M | $228.6M | $104.4M | $153.4M |
| Contract liabilities | $50.8M | $46.4M | — | $36.6M |
| Deferred tax liability | $244.0K | $5.7M | $24.2M | $21.9M |
| Tax receivable agreement liability | $38.3M | $38.3M | $37.9M | — |
| Other liabilities | $95.2M | $106.8M | — | — |
| TOTAL LIABILITIES | $1.4B | $1.3B | $1.4B | $1.4B |
| Commitments and Contingencies | $0 | $0 | $0 | $0 |
| Preferred stock, $0.0001 par value (20,000,000 shares authorized, 8,483,561 Series A Convertible Preferred Stock issued and outstanding as of December 31, 2025 and December 31, 2024) | 85.0M | 88.6M | 84.7M | 82.8M |
| Common stock | $34.0K | $34.0K | $34.0K | $34.0K |
| Additional paid-in capital | $623.7M | $626.2M | $622.4M | $604.6M |
| Accumulated earnings (deficit) | ($407.2M) | ($407.5M) | ($411.8M) | ($432.6M) |
| Accumulated other comprehensive income (loss) | ($1.1M) | ($66.0K) | $998.0K | $262.0K |
| Total stockholders' equity | $215.5M | $218.7M | $211.7M | $172.3M |
| Non-controlling interest | $434.4M | $426.7M | $418.4M | $405.8M |
| Total equity | $649.8M | $645.4M | $630.1M | $578.0M |
| TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY | $2.1B | $2.0B | $2.2B | $2.0B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $149.2M | $78.3M | $28.2M | $2.4M |
| Loss on disposals of equipment, software and other assets | $1.9M | $500.0K | $1.9M | $4.3M |
| Loss (gain) related to warrant liabilities, net | $0 | $8.5M | — | — |
| Change in TRA Liability | $32.2M | — | — | — |
| Depreciation and amortization | $37.5M | $38.9M | $45.8M | $33.9M |
| Provision for deferred taxes | ($34.5M) | $2.9M | $2.9M | $3.0M |
| Share-based compensation expense | $18.9M | $17.4M | $18.0M | $12.1M |
| Non-cash lease expense | $8.9M | $8.1M | $11.7M | $10.9M |
| Net investment gains | ($3.1M) | ($2.2M) | — | — |
| (Accretion) amortization of discount and premium, net | ($4.1M) | ($3.4M) | — | — |
| Other | $1.3M | $5.3M | ($1.5M) | $533.0K |
| Accounts, premiums and commissions receivable | ($62.6M) | $26.5M | ($69.9M) | — |
| Deferred acquisition costs, net | ($22.8M) | ($14.8M) | ($34.3M) | ($25.8M) |
| Reinsurance recoverables | ($3.4M) | — | — | — |
| Prepaid reinsurance premiums | ($3.4M) | — | — | — |
| Advance premiums and due to insurers | $14.2M | $8.4M | — | — |
| Losses payable and provision for unpaid losses and loss adjustment expenses | ($3.0M) | $36.4M | $6.5M | $21.0M |
| Increase (Decrease) in Liability for Claims and Claims Adjustment Expense Reserve | $359.0K | $32.0M | $24.8M | $36.9M |
| Unearned premiums | $54.5M | $40.3M | $81.8M | $60.3M |
| Ceding commissions payable | $8.8M | — | — | — |
| Other assets and liabilities, net | $28.0M | ($65.6M) | ($10.0M) | — |
| Net Cash Provided by Operating Activities | $219.0M | $177.0M | $133.7M | $55.3M |
| Capital expenditures | ($24.5M) | ($21.3M) | ($26.4M) | ($44.4M) |
| Acquisitions, net of cash acquired, and other investments | ($1.6M) | ($25.1M) | ($8.7M) | ($15.4M) |
| Issuance of notes receivable | ($74.7M) | ($65.8M) | ($24.9M) | ($6.1M) |
| Collection of notes receivable | $37.7M | $59.8M | $10.4M | $370.0K |
| Purchases of fixed maturity securities | ($333.1M) | ($669.5M) | ($10.6M) | ($4.2M) |
| Purchases of equity securities | ($21.9M) | ($10.9M) | — | — |
| Proceeds from maturities of fixed maturity securities | $229.9M | $48.4M | $7.5M | $1.2M |
| Other investing activities | $3.0M | $979.0K | $121.0K | ($721.0K) |
| Net Cash Used in Investing Activities | ($185.2M) | ($618.6M) | ($52.6M) | ($91.5M) |
| Payments on long-term debt | ($187.9M) | ($90.8M) | ($139.8M) | ($122.5M) |
| Proceeds from long-term debt, net of issuance costs | $257.2M | $62.0M | $161.5M | $94.4M |
| Proceeds from Issuance of Preferred Stock and Preference Stock | $0 | $0 | $79.2M | — |
| Distributions paid to non-controlling interest unit holders | ($30.3M) | ($6.7M) | — | — |
| Payment of Series A Convertible Preferred Stock dividends | ($5.6M) | ($5.6M) | — | — |
| Funding of TRA Liability payments | ($223.0K) | — | — | — |
| Funding of employee tax obligations upon vesting of share-based payments | ($3.9M) | ($5.8M) | — | — |
| Other financing activities | $552.0K | $0 | — | — |
| Net Cash Provided by (Used in) Financing Activities | $29.9M | ($46.9M) | $103.2M | ($28.1M) |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents | $2.4M | ($3.0M) | $865.0K | ($504.0K) |
| Change in cash and cash equivalents and restricted cash and cash equivalents | $66.2M | ($491.4M) | $185.1M | ($64.8M) |
| Beginning cash and cash equivalents and restricted cash and cash equivalents | $232.8M | $724.3M | $539.2M | $604.0M |
| Ending cash and cash equivalents and restricted cash and cash equivalents | $299.0M | $232.8M | $724.3M | $539.2M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income (loss) | ($4.7M) | ($12.7M) | $120.7M | $74.5M |
| Loss on disposals of equipment, software, and other assets | $241.0K | $213.0K | $1.4M | $1.2M |
| Change in TRA Liability | $0 | — | — | — |
| Depreciation and amortization | $19.4M | $9.7M | $27.7M | $18.3M |
| Provision for deferred taxes | ($26.2M) | ($13.5M) | ($34.4M) | $2.1M |
| Share-based compensation expense | $9.7M | $4.6M | $14.6M | $9.5M |
| Non-cash lease expense | $4.2M | $2.1M | $6.6M | $4.2M |
| Net investment gains | ($4.9M) | $2.3M | ($2.1M) | ($879.0K) |
| (Accretion) amortization of discount and premium, net | ($1.4M) | ($1.4M) | ($3.5M) | ($2.3M) |
| Amortization of gain on loss portfolio transfer | ($2.9M) | ($1.3M) | — | — |
| Other | $795.0K | $575.0K | $1.7M | $355.0K |
| Accounts and premiums receivable | $128.4M | $157.6M | — | — |
| Deferred acquisition costs, net | $79.0M | $35.7M | ($36.0M) | ($22.0M) |
| Reinsurance recoverables | $3.0M | $3.4M | — | — |
| Prepaid reinsurance premiums | ($27.9M) | ($18.5M) | — | — |
| Advance premiums | $21.9M | $22.5M | — | — |
| Due to insurers | ($67.3M) | ($80.4M) | — | — |
| Losses payable and reserves for unpaid losses and loss adjustment expenses | ($22.5M) | ($60.2M) | $9.8M | ($7.8M) |
| Unearned premiums | $186.2M | $95.9M | $81.9M | $53.0M |
| Ceding commissions payable | ($80.0M) | ($84.3M) | $30.1M | $35.7M |
| Other assets and liabilities, net | ($28.8M) | ($46.1M) | $7.8M | $3.3M |
| Net Cash Provided by Operating Activities | $186.2M | $16.3M | $189.9M | $97.7M |
| Capital expenditures | ($16.0M) | ($7.7M) | ($18.5M) | ($11.5M) |
| Issuance of notes receivable | ($92.2M) | ($48.1M) | ($49.1M) | ($26.6M) |
| Collection of notes receivable | $55.3M | $14.0M | $14.8M | $8.1M |
| Purchases of fixed maturity securities | ($228.4M) | ($150.0M) | ($223.1M) | ($98.5M) |
| Purchases of equity securities | ($51.0M) | ($51.0M) | ($10.6M) | ($347.0K) |
| Proceeds from maturities and sales of fixed maturity securities | $214.8M | $167.5M | $122.2M | $75.5M |
| Proceeds from sales of equity securities | $35.4M | $35.4M | $911.0K | $378.0K |
| Other investing activities | ($613.0K) | ($13.0K) | $1.4M | ($151.0K) |
| Net Cash Used in Investing Activities | ($82.7M) | ($39.9M) | ($122.8M) | ($31.8M) |
| Repayments of debt | ($61.8M) | ($6.2M) | ($170.7M) | ($124.5M) |
| Proceeds from debt, net of issuance costs | $100.8M | $57.9M | $240.7M | $192.3M |
| Proceeds from loss portfolio transfer | $50.5M | $50.5M | — | — |
| Claims payments made from loss portfolio transfer | ($13.3M) | ($9.2M) | — | — |
| Distributions paid to non-controlling interest unit holders | ($837.0K) | ($359.0K) | ($30.5M) | ($30.4M) |
| Payment of Series A Convertible Preferred Stock dividends | ($5.6M) | — | ($5.6M) | ($5.6M) |
| Funding of TRA Liability payments | ($1.5M) | ($1.5M) | ($223.0K) | ($223.0K) |
| Funding of employee tax obligations upon vesting of share-based payments | ($3.3M) | ($61.0K) | ($3.5M) | ($2.5M) |
| Other financing activities | $309.0K | — | $289.0K | $289.0K |
| Net Cash Provided by Financing Activities | $65.3M | $91.0M | $30.4M | $29.5M |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents | ($156.0K) | $366.0K | $2.3M | $2.4M |
| Change in cash and cash equivalents and restricted cash and cash equivalents | $168.6M | $67.7M | $99.8M | $97.7M |
| Beginning cash and cash equivalents and restricted cash and cash equivalents | $299.0M | $299.0M | $232.8M | $232.8M |
| Ending cash and cash equivalents and restricted cash and cash equivalents | $467.6M | $366.7M | $332.6M | $330.6M |
Hagerty, Inc. score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.