What EverQuote, Inc. told the SEC could break it.

EverQuote's revenue is highly concentrated in a few insurance carriers — two customers represented 38% and 11% of total revenue in 2025 (and 36%/11% of receivables), with revenue growth driven primarily by its three largest customers.

“For the year ended December 31, 2025 , two customers represented 38 % and 11 %, respectively, of total revenue.”

EverQuote derives roughly 91% of revenue from the automotive insurance vertical ($629.8M of $692.5M in 2025), so its results are tied to auto-insurance carrier marketing spend; the 2025 increase came mainly from higher carrier spend among its three largest customers.

“The increase in revenue was primarily due to an increase of $183.7 million in our automotive vertical due to an increase in carrier spend for referrals, primarily from our three largest customers.”

EverQuote's lead-generation model depends on contacting consumers by phone, text and email; telephone carriers, communication platforms and government regulation (e.g., an FCC text-blocking rule effective July 24, 2024) increasingly restrict its ability to call or text consumers, threatening revenue.

“telephone carriers and communication platforms have themselves placed restrictions on our ability to call or send text messages to our consumers. Increased government regulation may also restrict our ability to call or text consumers.”