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Hagerty HGTY Insurance — Sales expense

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Other financials

Income statement

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Revenue$354.8M-6.5%
Operating income$34.3M+240%
Net income$8.0M-83.0%
EPS (diluted)-$0.02-122%

Balance sheet

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Cash & equivalents$467.6M+41.5%
Total debt$258.3M+28.5%
Total equity$215.5M+25.1%
Total assets$2.1B+5.3%

Cash flow

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Operating cash flow$169.9M+215%
CapEx$8.2M+33.8%
Free cash flow$161.7M+239%

Valuation

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Market cap$1.39B+40.3%
Enterprise value$1.18B+37.1%
P/E19.8×+10.1×
P/S+0.2×

Profitability

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Operating margin8%
Net margin4.9%-2.6pp
FCF margin19.4%

Returns & leverage

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Return on equity36.1%-40.3pp
Debt / equity1.2×0.0×
Current ratio0.0×

Where this comes from

Reported directly by Hagerty in its filing.

Tagged under the XBRL concept hgty:SellingAndMarketingExpenseAdjusted.

The source filing: Hagerty’s 10-K, filed February 26, 2026.

Filed
Feb 26, 2026, 10:58 AM EST
Fiscal year
FY2025
Accession
0001840776-26-000013
REVENUES:Insurance / (in thousands)Marketplace / (in thousands)Total / (in thousands)
EXPENSES:
Losses and loss adjustment expenses285,394285,394
Ceding commissions, net337,087337,087
Sales expense165,89492,307258,201
Other expenses356,74938,930395,679
Total segment expenses1,145,124131,2371,276,361
Segment income (loss) before taxes191,157(11,129)180,028
Corporate expenses(3,171)

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FAQ

What is Hagerty's insurance — sales expense?
Hagerty (HGTY) reported insurance — sales expense of $41.47M in Q4 2025.
How has Hagerty's insurance — sales expense changed year-over-year?
Hagerty's insurance — sales expense increased by 9.6% year-over-year, from $37.82M to $41.47M.
What is the long-term trend for Hagerty's insurance — sales expense?
Over 2 years (2023 to 2025), Hagerty's insurance — sales expense has grown at a 8.3% compound annual growth rate (CAGR), from $141.45M to $165.89M.
What does insurance — sales expense mean?
This metric tracks the direct costs associated with acquiring new insurance policies and maintaining existing customer relationships, including commissions paid to agents and marketing expenditures. It is a critical measure of the customer acquisition cost and the investment required to drive top-line growth within the insurance segment. Evaluating this expense relative to premium growth helps determine the effectiveness of the company's sales and distribution strategy.

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