Hagerty (HGTY) financial statements
Hagerty reported revenue of $1.5B in fiscal 2025, up 39.2% a year over 5 years.
Net income was $149M and the operating margin 9.6%, against 5.7% in 2020.
Free cash flow was $194M.
The diluted share count rose 82227% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Hagerty's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $279M | $323M | $385M | $468M | $1.2B | $1.5B |
| Selling, general and admin | $137M | $172M | $230M | $242M | $273M | $353M |
| Operating income | $16M | -$10M | -$68M | $10M | $66M | $139M |
| Interest expense | — | — | — | $5M | $1M | $5M |
| Pre-tax income | $15M | -$55M | $11M | $45M | $94M | $139M |
| Income tax | $5M | $7M | $7M | $17M | $15M | -$10M |
| Net income | $10M | -$46M | $32M | $28M | $78M | $149M |
| EPS (diluted) | $101.66 | -$0.56 | $0.39 | — | — | — |
| Diluted shares | 0M | 82M | — | — | — | — |
| Operating margin | 5.7% | -3.1% | -17.6% | 2.2% | 5.3% | 9.6% |
| Net margin | 3.6% | -14.3% | 8.3% | 6.0% | 6.3% | 10.2% |
Balance sheet
Fiscal years, from Hagerty's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $38M | $275M | $95M | $119M | $179M | $160M |
| Receivables | $34M | $47M | $58M | $72M | $85M | $99M |
| Inventory | — | — | $2M | $5M | $18M | $12M |
| Total current assets | $513M | $895M | $937M | $1.3B | $858M | — |
| Property, plant and equipment | $26M | $28M | $25M | $21M | $18M | $16M |
| Goodwill | $5M | $11M | $115M | $114M | $114M | $114M |
| Total assets | $611M | $1.0B | $1.3B | $1.6B | $1.7B | $2.1B |
| Total current liabilities | $385M | $496M | $667M | $842M | $915M | — |
| Long-term debt | $69M | $136M | $108M | $131M | $106M | $178M |
| Total liabilities | $493M | $771M | $945M | $1.1B | $1.1B | $1.3B |
| Shareholders' equity | -$1,470 | -$324M | $59M | $93M | $150M | $221M |
| Net debt | $32M | -$139M | $13M | $26M | $2M | $18M |
Cash flow
Fiscal years, from Hagerty's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | $85M | $42M | $55M | $134M | $177M | $219M |
| Capital spending | $38M | $43M | $44M | $26M | $21M | $25M |
| Free cash flow | $46M | -$1M | $11M | $107M | $156M | $194M |
| Stock-based compensation | — | $0 | $12M | $18M | $17M | $19M |
| Net borrowing | $44M | $66M | -$28M | $22M | -$29M | $69M |
| Free cash flow margin | 16.6% | -0.3% | 2.8% | 22.9% | 12.5% | 13.4% |
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Open HGTY in InvestinglyQuestions
What was Hagerty's revenue in 2025?
$1.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Hagerty generate?
$194M in fiscal 2025 (operating cash flow minus capital spending).
From Hagerty's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.