Hagerty, Inc.
For the period ended Sep 30, 2025. Filed Nov 4, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 4, 2025
HGTY$16.94-1.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations (Unaudited)
| Three months endedSeptember 30, | Nine months endedSeptember 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| REVENUE: | in thousands (except per share amounts) | |||
| Commission and fee revenue | $137,103 | $116,161 | $380,677 | $333,817 |
| Earned premium, net | 187,039 | 165,686 | 534,179 | 474,917 |
| Membership, marketplace and other revenue | 55,852 | 41,527 | 153,430 | 99,573 |
| Total revenue | 379,994 | 323,374 | 1,068,286 | 908,307 |
| OPERATING EXPENSES: | ||||
| Salaries and benefits | 68,110 | 47,192 | 191,275 | 161,001 |
| Ceding commissions, net | 87,411 | 77,501 | 247,682 | 221,877 |
| Losses and loss adjustment expenses | 78,626 | 99,430 | 224,969 | 226,515 |
| Sales expense | 77,672 | 59,141 | 199,678 | 146,791 |
| General and administrative expenses | 24,445 | 20,837 | 69,204 | 62,072 |
| Depreciation and amortization | 9,413 | 9,184 | 27,734 | 29,758 |
| Gain related to divestiture | — | — | — | (87) |
| Total operating expenses | 345,677 | 313,285 | 960,542 | 847,927 |
| OPERATING INCOME | 34,317 | 10,089 | 107,744 | 60,380 |
| Loss related to warrant liabilities, net | — | (463) | — | (8,544) |
| Interest and other income (expense), net (Note 20) | (20,980) | 8,359 | (8,262) | 27,945 |
| INCOME BEFORE TAXES | 13,337 | 17,985 | 99,482 | 79,781 |
| Income tax (expense) benefit | 32,834 | 1,022 | 21,184 | (9,918) |
| NET INCOME | 46,171 | 19,007 | 120,666 | 69,863 |
| Net income attributable to non-controlling interest | (25,323) | (14,122) | (80,474) | (55,951) |
| Accretion of Series A Convertible Preferred Stock | (1,903) | (1,875) | (5,653) | (5,552) |
| NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCKHOLDERS | $18,945 | $3,010 | $34,539 | $8,360 |
| Earnings per share of Class A Common Stock: | ||||
| Basic | $0.18 | $0.03 | $0.35 | $0.09 |
| Diluted | $0.11 | $0.03 | $0.29 | $0.09 |
| Weighted average shares of Class A Common Stock outstanding: | ||||
| Basic | 96,167 | 89,691 | 92,326 | 86,689 |
| Diluted | 347,240 | 89,691 | 346,672 | 87,601 |
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