Hagerty, Inc. (HGTY) Earnings
Hagerty, Inc. is expected to report next earnings on August 3, 2026 (in NaN days), with a consensus EPS estimate of $-0.10. HGTY has beaten EPS estimates in 3 of its last 8 reported quarters (average surprise -63.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $0.01 | $-0.04 | -500.0% | $312M | +9.5% |
| Feb 26, 2026 | $0.04 | $0.08 | +100.0% | $357M | +10.3% |
| Nov 4, 2025 | $0.09 | $0.13 | +44.4% | $380M | +17.5% |
| Mar 4, 2025 | $0.01 | $0.02 | +100.0% | $300M | -2.1% |
| Nov 7, 2024 | $0.08 | $0.05 | -37.5% | $323M | +15.7% |
| Mar 12, 2024 | $-0.00 | $-0.01 | -228.9% | $258M | +5.2% |
| Mar 14, 2023 | $-0.08 | $-0.10 | -25.0% | $201M | +1.2% |
| Nov 10, 2022 | $0.07 | $-0.06 | -185.7% | $228M | +10.4% |
| Aug 10, 2022 | — | $-0.07 | — | $201M | — |
| Mar 24, 2022 | — | $-0.56 | — | $112M | — |
| Nov 12, 2021 | — | $-0.01 | — | $168M | — |
| May 13, 2021 | — | $-0.08 | — | $129M | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Record number of new members in 2026 as driving season starts. Written premiums up 18% in Q1, 13 consecutive quarters of top-line growth. 42% growth in earned premium and 77% jump in adjusted EBITDA. - Added record 112,000 policies in Q1. Top cars added include Mustangs, Miatas, etc. TIF growth jumped 15% with 89% retention. Hagerty-Reed combined ratio 87%, reserves down $6 million. - Working on additional partnerships and deepening existing ones, like State Farm Plastic Plus with 19,000 agents selling in 40 states by year-end and converting State Farm's collector car policies. - Broad Arrow Auctions had historic results in March with $111 million in total sales, 50% higher than prior Amelia auction, 92% sell-through rate. Robust auction demand continued in April and May. - Net investment income benefited from larger investment portfolio with steady returns and low volatility.
Guidance
- Reaffirming full-year 2026 guidance with anticipated written premium growth of 15 to 16%, adjusted EBITDA of $236 to $247 million, and a gap net loss of $41 to $51 million. - Trending toward high end of ranges. 2027 expected to be more normalized with mid-teens growth in written premium. Multi-year investments in member growth and other initiatives including Markel fronting arrangement, technology, product and broad arrow teams, digital marketplace, special investigation and material damage units.
Segment performance
Written premiums increased 18% in the first quarter. Earned premium jumped 42% to $240 million. Commission and fee revenue in the quarter was $16 million. Marketplace revenue was $26 million, down 12%. Membership and other revenue was $22 million. Net investment income came in at $10 million. Hagerty-Reed's combined ratio was 87%. Adjusted EBITDA jumped 77% to $85 million. Written premium in Q1 was $289 million, up 18% vs prior year. Earned premium was $240 million, up 42%. Commission and fee revenue was $16 million. Marketplace revenue was $26 million. Membership and other revenue was $22 million. Net investment income was $10 million. Hagerty-Reed combined ratio was 87%. Adjusted EBITDA was $85 million.
Analyst Q&A
Q: Is there any seasonality considered for EBITDA through the balance of the year?
A: Business is seasonal, seasonal pattern not changed. Investing in business with expenses ramping up over year. First quarter doesn't fill all headcount slots immediately.
Q: How is competition in personal auto affecting core classic car insurance business?
A: When standard auto rates go up, creates shopping behavior that benefits Hagerty. Strong year-over-year growth in core business due to new partnerships.
Q: Appetite for international expansion for insurance business?
A: Had international business for over 20 years. UK business growing. Focusing on rounding out European auction schedule now, looking at opportunities but not actively expanding insurance internationally yet.
Q: Strengthening of in - house claims team?
A: Always done claims in - house. Now with 100% risk, need to upgrade team. Bringing best practices from standard auto claims, handling unique repair needs of classic cars. Claims organization increased in - house claims, velocity and customer service better.
Q: Seasonality of TIF?
A: First quarter typically lower for TIF growth, ramps up from April through summer, ramps down in fourth quarter. State Farm conversions driving meaningful increase in PIF not seasonal.
Q: Guidance update approach?
A: Will provide first update after second quarter.
Q: Thoughts on new electric cars with self - driving feature?
A: Huge fan of electric cars. Will be insuring certain Teslas in future. Self - driving cars will be part of world, company will advocate for people.
Q: Prior development on reserves?
A: Six and a half million dollar reduction in first quarter, continuation of prior year's reduction. Combination of severity and frequency factors, in good spot currently.
Q: EBITDA growth in 2027?
A: No early thoughts, business continues to grow at mid - teens rate, balance between growth and expenses.
Q: Impact of state farm conversions on premium growth?
A: State farm conversions are a meaningful driver of premium growth this year and next year.
Q: Lost portfolio transfer?
A: Part of transition with Markel, receiving cash, assuming liability, gain amortizes into income statement over time.
Q: Breakdown of premium growth contributors?
A: Not breaking down by specific lines, state farm conversions are a meaningful driver this year and next, core business continues to grow consistently, E - plus is very small.