Hagerty, Inc. (NYSE:HGTY) reported fourth-quarter results on Thursday that exceeded Wall Street expectations, sending shares modestly higher in premarket trading despite a softer revenue outlook for 2026.
The specialty vehicle insurance provider posted adjusted earnings per share of $0.06, beating analyst forecasts of $0.03. Revenue rose 19% year over year to $357 million, surpassing consensus estimates of $327.68 million and marking an acceleration compared with earlier quarters.
Shares gained 1.38% ahead of the opening bell following the earnings release.
Growth was supported by a 19% increase in written premiums, which reached $259 million, alongside an 80% jump in marketplace revenue to $29 million.
Looking ahead, Hagerty projected fiscal 2026 revenue in a range of $1.28 billion to $1.3 billion, below analyst expectations of $1.37 billion. The midpoint of $1.29 billion represents an 11.5% decline from 2025 levels, primarily reflecting accounting changes tied to a new fronting arrangement with Markel rather than underlying business weakness.
The company expects written premiums to continue expanding, forecasting growth of 15% to 16% in 2026.
“2025 was a standout year for Hagerty, defined by accelerating momentum and record new business count,” said McKeel Hagerty, Chief Executive Officer and Chairman. “In 2026, we will continue to invest back into our member-centric model to drive durable, compounding growth, with written premiums expected to increase 15% to 16%.”
For the full year 2025, Hagerty reported net income of $149 million, up 91% year over year, while adjusted EBITDA increased 46% to $237 million. The company added a record 371,000 new members and expanded total insured vehicles by 9% to 2.8 million.
Hagerty’s 2026 net income guidance calls for a loss of between $51 million and $41 million, reflecting approximately $190 million in transitional non-cash costs related to the Markel fronting arrangement transition.