EverQuote announces new $50 million share buyback authorization
Key Facts
EverQuote announced a new authorization to repurchase up to $50 million of shares on October 21, 2026, according to a summary of the company's announcement published via GlobeNewswire. The authorization covers the company's Class A common stock. The announcement follows the completion of its previous share repurchase program, according to its quarterly filing with the U.S. Securities and Exchange Commission. Management had indicated during the second-quarter earnings call that another program could be approved during the year. Chief Financial Officer Joseph Sanborn said at the time: "We expect our board to revisit authorizing a new program later this year as part of our ongoing review of capital allocation."
EverQuote announced its first share repurchase program as part of its second-quarter 2025 results. That program totaled $50.0 million, according to the company's earnings release. The earlier announcement set July 22, 2026, as the program's expiration date. However, the company confirmed in its quarterly report that it had completed the program by June 30, 2026, ahead of its stated expiration date. The October announcement thus followed the completion of the first program, which had allowed the company to repurchase shares during the first quarter of the year.
During the first quarter of 2026, the company repurchased approximately 1.1 million shares of its common stock, according to its earnings release for that period. The approximate total cost of those purchases was $19.9 million. The quarterly SEC filing stated that shares repurchased under the previous program were immediately retired and returned to the status of authorized and unissued shares. On liquidity, EverQuote ended the second quarter of 2026 with cash and cash equivalents of $192.3 million, according to its earnings release. The company said in the same release that it had no outstanding debt at the end of that quarter.
EverQuote's second-quarter 2026 results showed revenue rising to $195.1 million. The company said that represented growth of 25% from the same period a year earlier. When announcing its first-quarter results, it had forecast second-quarter revenue of between $185.0 million and $195.0 million, putting the actual result above the top end of that range. Net income under U.S. generally accepted accounting principles rose to $19.2 million in the second quarter. Net income in the corresponding period of 2025 was approximately $14.7 million, according to the comparison provided in the company's earnings release.
As part of its push into artificial intelligence, EverQuote announced the release of a research paper on personal agents and the future of insurance distribution. Chief Executive Jayme Mendal said AI agents could transform insurance distribution in the United States. He added that they could fundamentally change how consumers compare insurance policy options. His remarks were included in the company's announcement of the research paper on this development. Mendal said: "Agentic AI has the potential to transform insurance distribution in the United States and fundamentally change how consumers compare policy options."
In its second-quarter earnings release, the company forecast third-quarter 2026 revenue of between $198.0 million and $208.0 million. It also projected adjusted earnings before interest, taxes, depreciation and amortization of between $28.0 million and $31.0 million for the same period. EverQuote scheduled its third-quarter results for Monday, November 2, 2026, according to a separate announcement of its reporting schedule. The results will be released after the U.S. market closes that day. The earnings call begins at 4:30 p.m. U.S. Eastern Time.