8-K
SelectQuote, Inc. (SLQT)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________
FORM 8-K
_______________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 5, 2026
_____________________________________
SELECTQUOTE, INC.
(Exact name of registrant as specified in its charter)
_____________________________________
| Delaware | 001-39295 | 94-3339273 |
|---|---|---|
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
| 6800 West 115th Street, Suite 2511 | ||
| Overland Park, Kansas 66211 | ||
| (Address of principal executive offices) (Zip code) | ||
| (913) 599-9225 | ||
| (Registrant’s telephone number, including area code) | ||
| No change since last report | ||
| (Former Name or Address, If Changed Since Last Report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered |
|---|---|---|
| Common Stock, $0.01 par value | SLQT | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On February 5, 2026, SelectQuote, Inc. reported its financial results for the second quarter ended December 31, 2025. Copies of the related press release and investor presentation are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference.
These exhibits are being furnished pursuant to Item 2.02, and the information contained therein shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall either of them be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description of Exhibit |
|---|---|
| 99.1 | Press Release |
| 99.2 | Investor Presentation |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SELECTQUOTE, INC.
| Date: February 5, 2026 | By: /s/ Ryan M. Clement |
|---|---|
| Name: Ryan M. Clement | |
| Title: Chief Financial Officer |
Document
Exhibit 99.1
SelectQuote, Inc. Reports Second Quarter of Fiscal Year 2026 Results
Second Quarter of Fiscal Year 2026 – Consolidated Earnings Highlights
•Revenue of $537.1 million
•Net income of $69.3 million
•Adjusted EBITDA* of $84.7 million
Fiscal Year 2026 Guidance Ranges:
•Revenue expected in a range of $1.61 billion to $1.71 billion
•Adjusted EBITDA* expected in a range of $90 million to $100 million
Second Quarter Fiscal Year 2026 – Segment Highlights
Senior
•Revenue of $261.5 million
•Adjusted EBITDA of $102.5 million
•Approved Medicare Advantage policies of 257,279
Healthcare Services
•Revenue of $230.7 million
•Adjusted EBITDA of $0.8 million
•113,483 SelectRx members
Life
•Revenue of $43.6 million
•Adjusted EBITDA of $5.6 million
OVERLAND PARK, Kan., February 5, 2026--(BUSINESS WIRE)--SelectQuote, Inc. (NYSE: SLQT) reported consolidated revenue for the second quarter of fiscal year 2026 of $537.1 million compared to consolidated revenue for the second quarter of fiscal year 2025 of $481.1 million. Consolidated net income for the second quarter of fiscal year 2026 was $69.3 million compared to consolidated net income for the second quarter of fiscal year 2025 of $53.2 million. Finally, consolidated Adjusted EBITDA* for the second quarter of fiscal year 2026 was $84.7 million compared to consolidated Adjusted EBITDA* for the second quarter of fiscal year 2025 of $87.5 million.
Tim Danker, SelectQuote Chief Executive Officer, “This year’s AEP again highlighted the strength and consistency of SelectQuote’s operating model. Despite continued volatility in Medicare Advantage benefit structures, our team delivered another season of high‑quality execution, with strong agent productivity and marketing efficiency driving 39% Adjusted EBITDA* margins for our Senior business. At the same time, our rapidly growing Healthcare Services segment, led by SelectRx, continues to provide meaningful clinical value for members and attractive long‑term economics for our platform. The combination of improved medication adherence, lower waste, and better patient outcomes reinforces SelectRx as an increasingly important driver of value creation for the company and broader pharmacy ecosystem.
Our revised fiscal 2026 guidance reflects two discrete, partner‑driven headwinds: a national carrier’s decision to constrain additional MA policy volume by curtailing strategic marketing spend across all channels, and the previously communicated PBM reimbursement changes. Neither impact related to our internal performance, which remained strong. While these developments are frustrating, they do not alter our conviction in the long‑term earnings power of SelectQuote’s comprehensive healthcare platform.
What continues to give us confidence is the consistency of our underlying operational execution. Regardless of the market backdrop, our teams have demonstrated the ability to drive efficiency, deliver value for partners and beneficiaries, and maintain strong margin discipline. Coupled with our improved balance sheet flexibility, we believe this operational consistency positions SelectQuote to deliver meaningful cash‑flow generation for shareholders in the quarters and years ahead.”
* See “Non-GAAP Financial Measures” below.
Segment Results
We currently have three reportable segments: 1) Senior, 2) Healthcare Services and 3) Life. The performance measures of the segments include total revenue and adjusted EBITDA. Costs of commissions and other services revenue, cost of goods sold-pharmacy revenue, marketing and advertising, selling, general, and administrative, and technical development operating expenses that are directly attributable to a segment are reported within the applicable segment. Indirect costs of revenue, marketing and advertising, selling, general, and administrative, and technical development operating expenses are allocated to each segment based on varying metrics such as headcount.
Senior
Financial Results
The following table provides the financial results for the Senior segment for the periods presented:
| Three Months Ended December 31, | Six Months Ended December 31, | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in thousands) | 2025 | 2024 | % Change | 2025 | 2024 | % Change | ||||||||||
| Revenue | $ | 261,539 | $ | 255,578 | 2 | % | $ | 320,536 | $ | 348,487 | (8) | % | ||||
| Adjusted EBITDA | 102,452 | 100,521 | 2 | % | 81,415 | 108,247 | (25) | % | ||||||||
| Adjusted EBITDA Margin | 39 | % | 39 | % | 25 | % | 31 | % |
Operating Metrics
Submitted Policies
Submitted policies are counted when an individual completes an application with our licensed agent and provides authorization to the agent to submit the application to the insurance carrier partner. The applicant may have additional actions to take before the application will be reviewed by the insurance carrier.
The following table shows the number of submitted policies for the periods presented:
| Three Months Ended December 31, | Six Months Ended December 31, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | % Change | 2025 | 2024 | % Change | |||
| Medicare Advantage | 286,076 | 284,774 | — | % | 356,316 | 387,055 | (8) | % |
| All other (1) | 29,546 | 26,861 | 10 | % | 46,720 | 43,117 | 8 | % |
| Total | 315,622 | 311,635 | 1 | % | 403,036 | 430,172 | (6) | % |
(1) Represents the submitted policies for Medicare supplement, dental, vision and hearing, prescription drug plan and other.
Approved Policies
Approved policies represents the number of submitted policies that were approved by our insurance carrier partners for the identified product during the indicated period. Not all approved policies will go in force.
The following table shows the number of approved policies for the periods presented:
| Three Months Ended December 31, | Six Months Ended December 31, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | % Change | 2025 | 2024 | % Change | |||
| Medicare Advantage | 257,279 | 247,849 | 4 | % | 319,789 | 339,529 | (6) | % |
| All other (1) | 20,302 | 19,714 | 3 | % | 34,178 | 32,693 | 5 | % |
| Total | 277,581 | 267,563 | 4 | % | 353,967 | 372,222 | (5) | % |
(1) Represents the approved policies for Medicare supplement, dental, vision and hearing, prescription drug plan and other.
Lifetime Value of Commissions per Approved Policy
Lifetime value of commissions per approved policy represents commissions estimated to be collected over the estimated life of an approved policy based on multiple factors, including but not limited to, contracted commission rates, carrier mix and expected policy persistency with applied constraints. The lifetime value of commissions per approved policy is equal to the sum of the commission revenue due upon the initial sale of a policy, and when applicable, an estimate of future renewal commissions.
The following table shows the lifetime value of commissions per approved policy for the periods presented:
| Three Months Ended December 31, | Six Months Ended December 31, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (dollars per policy): | 2025 | 2024 | % Change | 2025 | 2024 | % Change | ||||||
| Medicare Advantage | $ | 874 | $ | 907 | (4) | % | $ | 853 | $ | 881 | (3) | % |
| All other(1) | 151 | 111 | 36 | % | 145 | 134 | 8 | % |
(1) Represents the weighted average LTV per approved policy.
Healthcare Services
Financial Results
The following table provides the financial results for the Healthcare Services segment for the periods presented:
| Three Months Ended December 31, | Six Months Ended December 31, | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in thousands) | 2025 | 2024 | % Change | 2025 | 2024 | % Change | ||||||||||
| Revenue | $ | 230,654 | $ | 183,370 | 26 | % | $ | 452,005 | $ | 339,108 | 33 | % | ||||
| Adjusted EBITDA | 846 | 2,212 | (62) | % | 8,058 | 7,089 | 14 | % | ||||||||
| Adjusted EBITDA Margin | — | % | 1 | % | 2 | % | 2 | % |
Operating Metrics
Members
The total number of SelectRx members represents the amount of active customers to which an order has been shipped and the prescriptions per day represents the total average prescriptions shipped per business day. These two metrics are the primary drivers of revenue for Healthcare Services.
The following table shows the total number of SelectRx members as of the periods presented:
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| Total SelectRx Members | 113,483 | 96,695 |
The total number of SelectRx members increased by 17% as of December 31, 2025, compared to December 31, 2024, due to our strategy to grow SelectRx membership.
The following table shows the average prescriptions shipped per day for the periods presented:
| Three Months Ended December 31, | Six Months Ended December 31, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Prescriptions Per Day | 32,578 | 26,846 | 31,978 | 25,922 |
Combined Senior and Healthcare Services - Consumer Per Unit Economics
Combined Senior and Healthcare Services consumer per unit economics represents total MA and MS commissions; other product commissions; other revenues, including revenues from Healthcare Services; and operating expenses associated with Senior and Healthcare Services, each shown per number of approved MA and MS policies over a given time period. Management assesses the business on a per-unit basis to help ensure that the revenue opportunity associated with a successful policy sale is attractive relative to the marketing acquisition cost. Because not all acquired leads result in a successful policy sale, all per-policy metrics are based on approved policies, which is the measure that triggers revenue recognition.
The MA and MS commission per MA/MS policy represents the LTV for policies sold in the period. Other commission per MA/MS policy represents the LTV for other products sold in the period, including DVH prescription drug plan, and other products, which management views as additional commission revenue on our agents’ core function of MA/MS policy sales. Pharmacy revenue per MA/MS policy represents revenue from SelectRx, and other revenue per MA/MS policy represents revenue from Population Health, production bonuses, marketing development funds, lead generation revenue, and adjustments from the Company’s reassessment of its cohorts’ transaction prices. Total operating expenses per MA/MS policy represents all of the operating expenses within Senior and Healthcare Services. The revenue to customer acquisition cost (“CAC”) multiple represents total revenue as a multiple of total marketing acquisition cost, which represents the direct costs of acquiring leads. These costs are included in marketing and advertising expense within the total operating expenses per MA/MS policy.
The following table shows combined Senior and Healthcare Services consumer per unit economics for the periods presented. Based on the seasonality of Senior and the fluctuations between quarters, we believe that the most relevant view of per unit economics is on a rolling 12-month basis. All per MA/MS policy metrics below are based on the sum of approved MA/MS policies, as both products have similar commission profiles.
| Twelve Months Ended December 31, | ||||||
|---|---|---|---|---|---|---|
| (dollars per approved policy): | 2025 | 2024 | ||||
| MA and MS approved policies | 575,181 | 634,135 | ||||
| MA and MS commission per MA / MS policy | $ | 870 | $ | 909 | ||
| Other commission per MA/MS policy | 13 | 12 | ||||
| Pharmacy revenue per MA/MS policy | 1,463 | 938 | ||||
| Other revenue per MA/MS policy | 136 | 153 | ||||
| Total revenue per MA / MS policy | 2,482 | 2,012 | ||||
| Total operating expenses per MA / MS policy | (2,202) | (1,685) | ||||
| Adjusted EBITDA per MA/MS policy | $ | 280 | $ | 327 | ||
| Adjusted EBITDA Margin per MA/MS policy | 11 | % | 16 | % | ||
| Revenue / CAC multiple | 6.5X | 5.3X |
Total revenue per MA/MS policy increased 23% for the twelve months ended December 31, 2025, compared to the twelve months ended December 31, 2024, primarily due to the increase in pharmacy revenue. Total operating expenses per MA/MS policy increased 31% for the twelve months ended December 31, 2025, compared to the twelve months ended December 31, 2024, driven by an increase in cost of goods sold-pharmacy revenue for Healthcare Services due to the growth of the business.
Life
Financial Results
The following table provides the financial results for the Life segment for the periods presented:
| Three Months Ended December 31, | Six Months Ended December 31, | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in thousands) | 2025 | 2024 | % Change | 2025 | 2024 | % Change | ||||||||||
| Revenue | $ | 43,623 | $ | 39,861 | 9 | % | $ | 90,269 | $ | 79,151 | 14 | % | ||||
| Adjusted EBITDA | 5,581 | 7,423 | (25) | % | 11,152 | 13,383 | (17) | % | ||||||||
| Adjusted EBITDA Margin | 13 | % | 19 | % | 12 | % | 17 | % |
Operating Metrics
Life premium represents the total premium value for all policies that were approved by the relevant insurance carrier partner and for which the policy document was sent to the policyholder and payment information was received by the relevant insurance carrier partner during the indicated period. Because our commissions are earned based on a percentage of total premium, total premium volume for a given period is the key driver of revenue for our Life segment.
The following table shows term and final expense premiums for the periods presented:
| Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in thousands) | 2025 | 2024 | % Change | 2025 | 2024 | % Change | |||||||
| Term Premiums | $ | 17,513 | $ | 17,311 | 1 | % | $ | 36,957 | $ | 32,529 | 14 | % | |
| Final Expense Premiums | 27,355 | 22,139 | 24 | % | 56,784 | 46,612 | 22 | % | |||||
| Total | $ | 44,868 | $ | 39,450 | 14 | % | $ | 93,741 | $ | 79,141 | 18 | % |
Earnings Conference Call
SelectQuote, Inc. will host a conference call with the investment community on February 5, 2025 beginning at 8:00 a.m. ET. To register for this conference call, please use this link: https://events.q4inc.com/analyst/199368355?pwd=c0a3KINj. After registering, a confirmation will be sent via email, including dial-in details and unique conference call codes for entry. Registration is open through the live call, but to ensure you are connected for the full call we suggest registering at least 10 minutes before the start of the call. The event will also be webcasted live via our investor relations website https://ir.selectquote.com/investor-home/default.aspx.
Non-GAAP Financial Measures
This release includes certain non-GAAP financial measures intended to supplement, not substitute for, comparable GAAP measures. To supplement our financial statements presented in accordance with GAAP and to provide investors with additional information regarding our GAAP financial results, we have presented in this release Adjusted EBITDA, which, when presented on a consolidated basis, is a non-GAAP financial measure. This non-GAAP financial measure is not based on any standardized methodology prescribed by GAAP and is not necessarily comparable to any similarly titled measure presented by other companies. We define Adjusted EBITDA as net income (loss) plus interest expense, income taxes, depreciation and amortization, changes in fair value of warrant liabilities, and certain add-backs for non-cash or non-recurring expenses, including restructuring and share-based compensation expenses. The most directly comparable GAAP measure is net income (loss). We monitor and have presented in this release Adjusted EBITDA because it is a key measure used by our management and Board of Directors to understand and evaluate our operating performance, establish budgets, and develop operational goals for managing our business. In particular, we believe that excluding the impact of these expenses in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core operating performance.
A reconciliation of the differences between Adjusted EBITDA and its most directly comparable GAAP measure, net income (loss), is presented below on page 15. The Company is unable to provide a quantitative reconciliation of forward-looking Adjusted EBITDA to its most directly comparable GAAP measure without unreasonable effort because it is not possible to predict certain information included in the calculation of such GAAP measure, including the fair value of outstanding warrants to purchase shares of the Company's common stock. The unavailable information could have a significant impact on the Company’s GAAP financial results.
Forward Looking Statements
This release contains forward-looking statements. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would” and “outlook,” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following: our reliance on a limited number of insurance carrier partners and any potential termination of those relationships or failure to develop new relationships; existing and future laws and regulations affecting the health insurance market; changes in health insurance products offered by our insurance carrier partners and the health insurance market generally; insurance carriers offering products and services directly to consumers; changes to commissions paid by insurance carriers and underwriting practices; competition with brokers, exclusively online brokers and carriers who opt to sell policies directly to consumers; competition from government-run health insurance exchanges; developments in the U.S. health insurance system; our dependence on revenue from carriers in our senior segment and downturns in the senior health as well as life, automotive and home insurance industries; our ability to develop new offerings and penetrate new vertical markets; risks from third-party products; failure to enroll individuals during the Medicare annual enrollment period; our ability to attract, integrate and retain qualified personnel; our dependence on lead providers and ability to compete for leads; failure to obtain and/or convert sales leads to actual sales of insurance policies; access to data from consumers and insurance carriers; accuracy of information provided from and to consumers during the insurance shopping process; cost-effective advertisement through internet search engines; ability to contact consumers and market products by telephone; global economic conditions, including inflation; disruption to operations as a result of future acquisitions; significant estimates and assumptions in the preparation of our financial statements; impairment of goodwill; potential litigation and other legal proceedings or inquiries; our existing and future indebtedness; our ability to maintain compliance with our debt covenants; access to additional capital; failure to protect our intellectual property and our brand; fluctuations in our financial results caused by seasonality; accuracy and timeliness of commissions reports from insurance carriers; timing of insurance carriers’ approval and payment practices; factors that impact our estimate of the constrained lifetime value of commissions per policyholder; changes in accounting rules, tax legislation and other legislation; disruptions or failures of our technological infrastructure and platform; failure to maintain relationships with third-party service providers; cybersecurity breaches or other attacks involving our systems or those of our insurance carrier partners or third-party service providers; our ability to protect consumer information and other data; failure to market and sell Medicare plans effectively or in compliance with laws; and other factors related to our pharmacy business, including manufacturing or supply chain disruptions, access to and demand for prescription drugs, changes in reimbursement rates under our contracts with pharmacy benefit managers, and regulatory changes or other industry developments that may affect our pharmacy operations. For a further discussion of these and other risk factors that could impact our future results and performance, see the section entitled “Risk Factors” in the most recent Annual Report on Form 10-K (the “Annual Report”) and subsequent periodic reports filed by us with the Securities and Exchange Commission. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as otherwise required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
About SelectQuote:
Founded in 1985, SelectQuote (NYSE: SLQT) pioneered the model of providing unbiased comparisons from multiple, highly-rated insurance companies, allowing consumers to choose the policy and terms that best meet their unique needs. Two foundational pillars underpin SelectQuote’s success: a strong force of highly-trained and skilled agents who provide a consultative needs analysis for every consumer, and proprietary technology that sources and
routes high-quality leads. Today, the Company operates an ecosystem offering high touchpoints for consumers across insurance, pharmacy, and virtual care.
With an ecosystem offering engagement points for consumers across insurance, Medicare, pharmacy, and value-based care, the company now has three core business lines: SelectQuote Senior, SelectQuote Healthcare Services, and SelectQuote Life. SelectQuote Senior serves the needs of a demographic that sees around 10,000 people turn 65 each day with a range of Medicare Advantage and Medicare Supplement plans. SelectQuote Healthcare Services is comprised of the SelectRx Pharmacy, a Patient-Centered Pharmacy Home™ (PCPH) accredited pharmacy, SelectPatient Management, a provider of chronic care management services, and Healthcare Select which proactively connects consumers with a wide breadth of healthcare services supporting their needs.
Investor Relations:
Sloan Bohlen
877-678-4083
investorrelations@selectquote.com
Media:
Matt Gunter
913-286-4931
matt.gunter@selectquote.com
Source: SelectQuote, Inc.
SELECTQUOTE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
| December 31, 2025 | June 30, 2025 | |||
|---|---|---|---|---|
| ASSETS | ||||
| CURRENT ASSETS: | ||||
| Cash, cash equivalents, and restricted cash | $ | 22,201 | $ | 35,733 |
| Accounts receivable, net of allowances of $9.6 million and $11.8 million, respectively | 127,647 | 151,388 | ||
| Commissions receivable-current | 253,039 | 132,077 | ||
| Other current assets | 21,928 | 21,844 | ||
| Total current assets | 424,815 | 341,042 | ||
| COMMISSIONS RECEIVABLE—Net | 840,739 | 818,751 | ||
| PROPERTY AND EQUIPMENT—Net | 14,668 | 14,577 | ||
| SOFTWARE—Net | 16,209 | 15,060 | ||
| OPERATING LEASE RIGHT-OF-USE ASSETS | 22,603 | 24,635 | ||
| INTANGIBLE ASSETS—Net | 1,404 | 1,973 | ||
| GOODWILL | 29,438 | 29,438 | ||
| OTHER ASSETS | 2,383 | 3,880 | ||
| TOTAL ASSETS | $ | 1,352,259 | $ | 1,249,356 |
| LIABILITIES, PREFERRED STOCK, AND SHAREHOLDERS’ EQUITY | ||||
| CURRENT LIABILITIES: | ||||
| Accounts payable | $ | 80,433 | $ | 59,205 |
| Accrued expenses | 57,477 | 13,856 | ||
| Accrued compensation and benefits | 62,209 | 58,788 | ||
| Operating lease liabilities—current | 4,887 | 4,820 | ||
| Current portion of long-term debt | 20,104 | 68,523 | ||
| Contract liabilities | 1,837 | 698 | ||
| Other current liabilities | 7,829 | 7,020 | ||
| Total current liabilities | 234,776 | 212,910 | ||
| LONG-TERM DEBT, NET—less current portion | 385,692 | 316,589 | ||
| DEFERRED INCOME TAXES | 42,091 | 37,872 | ||
| OPERATING LEASE LIABILITIES | 23,575 | 25,982 | ||
| OTHER LIABILITIES | 46,482 | 80,485 | ||
| Total liabilities | 732,616 | 673,838 | ||
| December 31, 2025 | June 30, 2025 | |||
| --- | --- | --- | --- | --- |
| COMMITMENTS AND CONTINGENCIES | ||||
| PREFERRED STOCK: | ||||
| Senior Non-Convertible Preferred Stock, $0.01 par value, 350,000 shares issued and outstanding as of December 31, 2025 and June 30, 2025, respectively, current liquidation preference of $394.2 million and $367.1 million as of December 31, 2025 and June 30, 2025. | 259,981 | 224,374 | ||
| SHAREHOLDERS’ EQUITY: | ||||
| Common stock, $0.01 par value | 1,763 | 1,728 | ||
| Additional paid-in capital | 541,254 | 571,605 | ||
| Accumulated deficit | (183,355) | (222,189) | ||
| Total shareholders’ equity | 359,662 | 351,144 | ||
| TOTAL LIABILITIES, PREFERRED STOCK, AND SHAREHOLDERS’ EQUITY | $ | 1,352,259 | $ | 1,249,356 |
SELECTQUOTE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(In thousands)
| Three Months Ended December 31, | Six Months Ended December 31, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||
| REVENUE: | ||||||||
| Commissions and other services | $ | 309,893 | $ | 301,069 | $ | 420,160 | $ | 440,449 |
| Pharmacy | 227,209 | 180,000 | 445,753 | 332,883 | ||||
| Total revenue | 537,102 | 481,069 | 865,913 | 773,332 | ||||
| OPERATING COSTS AND EXPENSES: | ||||||||
| Cost of commissions and other services revenue | 103,034 | 101,138 | 172,135 | 166,872 | ||||
| Cost of goods sold—pharmacy revenue | 205,194 | 156,201 | 397,973 | 285,724 | ||||
| Marketing and advertising | 105,028 | 97,725 | 166,975 | 161,489 | ||||
| Selling, general, and administrative | 38,940 | 45,021 | 74,759 | 81,166 | ||||
| Technical development | 9,595 | 10,044 | 19,506 | 19,119 | ||||
| Total operating costs and expenses | 461,791 | 410,129 | 831,348 | 714,370 | ||||
| INCOME FROM OPERATIONS | 75,311 | 70,940 | 34,565 | 58,962 | ||||
| INTEREST EXPENSE, NET | (11,613) | (23,721) | (23,421) | (46,752) | ||||
| CHANGE IN FAIR VALUE OF WARRANTS | 19,296 | (7,642) | 34,332 | (7,642) | ||||
| OTHER EXPENSE, NET | (39) | (21) | (183) | (32) | ||||
| INCOME BEFORE INCOME TAX EXPENSE (BENEFIT) | 82,955 | 39,556 | 45,293 | 4,536 | ||||
| INCOME TAX EXPENSE (BENEFIT) | 13,662 | (13,680) | 6,459 | (4,154) | ||||
| NET INCOME | $ | 69,293 | $ | 53,236 | $ | 38,834 | $ | 8,690 |
| Senior Non-Convertible Preferred Stock accumulated dividends and accretion | (18,125) | — | $ | (35,607) | $ | — | ||
| NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ | 51,168 | $ | 53,236 | $ | 3,227 | $ | 8,690 |
| NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS PER SHARE: | ||||||||
| Basic | $ | 0.27 | $ | 0.31 | $ | 0.02 | $ | 0.05 |
| Diluted | $ | 0.26 | $ | 0.30 | $ | 0.01 | $ | 0.05 |
| WEIGHTED-AVERAGE COMMON STOCK OUTSTANDING USED IN PER SHARE AMOUNTS: | ||||||||
| Basic | 187,573 | 171,802 | 186,694 | 171,116 | ||||
| Diluted | 190,830 | 175,101 | 190,730 | 175,024 | ||||
| Three Months Ended December 31, | Six Months Ended December 31, | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2025 | 2024 | 2025 | 2024 | |||||
| OTHER COMPREHENSIVE LOSS, NET OF TAX: | ||||||||
| Unrealized loss, net of related tax benefit for the three and six months ended December 31, 2025, and 2024, of $0.0 million and $0.1 million | — | (393) | — | (432) | ||||
| Amount reclassified into earnings, net of related tax benefit for the three months ended December 31, 2025, and 2024, of $0.0 million and $0.3 million, and for the six months ended December 31, 2025, and 2024, of $0.0 million and $1.3 million. | — | (934) | — | (3,680) | ||||
| OTHER COMPREHENSIVE LOSS | — | (1,327) | — | (4,112) | ||||
| COMPREHENSIVE INCOME | $ | 69,293 | $ | 51,909 | $ | 38,834 | $ | 4,578 |
SELECTQUOTE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
| Six Months Ended December 31, | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
| Net income | $ | 38,834 | $ | 8,690 |
| Adjustments to reconcile net income to net cash, cash equivalents, and restricted cash used in operating activities: | ||||
| Depreciation and amortization | 8,622 | 10,659 | ||
| Loss on disposal of property, equipment, and software | — | 157 | ||
| Impairment of equity-method investment | 1,000 | — | ||
| Share-based compensation expense | 7,802 | 8,545 | ||
| Deferred income taxes | 4,220 | (4,154) | ||
| Amortization of debt issuance costs and debt discount | 2,446 | 2,379 | ||
| Write-off of debt issuance costs | — | 93 | ||
| Accrued interest payable in kind | — | 9,673 | ||
| Change in fair value of warrants | (34,332) | 7,642 | ||
| Non-cash lease expense | 2,033 | 1,846 | ||
| Bad debt expense | — | 4,203 | ||
| Changes in operating assets and liabilities: | ||||
| Accounts receivable, net | 23,741 | 30,038 | ||
| Commissions receivable | (142,950) | (155,507) | ||
| Other assets | 226 | (4,802) | ||
| Accounts payable and accrued expenses | 63,628 | 46,211 | ||
| Operating lease liabilities | (2,341) | (2,285) | ||
| Other liabilities | 5,500 | (8,692) | ||
| Net cash used in operating activities | (21,571) | (45,304) | ||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
| Purchases of property and equipment | (2,146) | (741) | ||
| Purchases of software and capitalized software development costs | (5,485) | (4,105) | ||
| Net cash used in investing activities | (7,631) | (4,846) | ||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
| Proceeds from revolving credit facility | 257,000 | 84,900 | ||
| Payments on revolving credit facility | (219,000) | (26,900) | ||
| Payments on Term Loans | (9,646) | (123,215) | ||
| Proceeds from ABS Notes | — | 99,095 | ||
| Payments on ABS Notes | (10,054) | (6,272) | ||
| Payments on other debt | (243) | (114) | ||
| Proceeds from common stock options exercised and employee stock purchase plan | — | 38 | ||
| Payments of tax withholdings related to net share settlement of equity awards | (2,511) | (3,960) | ||
| Payments of debt issuance costs | (72) | (2,479) | ||
| Net cash provided by financing activities | 15,474 | 21,093 | ||
| NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (13,728) | (29,057) | ||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH —Beginning of period | 37,066 | 42,690 | ||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH —End of period | $ | 23,338 | $ | 13,633 |
SELECTQUOTE, INC. AND SUBSIDIARIES
Reconciliation by Segment of Adjusted EBITDA to Income before income tax expense (benefit)
(Unaudited)
| Three Months Ended December 31, 2025 | ||||||||
|---|---|---|---|---|---|---|---|---|
| (in thousands) | Senior | Healthcare Services | Life | Total | ||||
| Total revenue from reportable segments | $ | 261,539 | $ | 230,654 | $ | 43,623 | $ | 535,816 |
| Less: | ||||||||
| Cost of commissions and other services revenue | (74,391) | (8,357) | (17,404) | |||||
| Cost of goods sold - pharmacy revenue | — | (203,783) | — | |||||
| Marketing expense | (84,056) | (2,235) | (20,376) | |||||
| Technical development | — | (311) | — | |||||
| Selling, general, and administrative | (640) | (15,122) | (262) | |||||
| Adjusted Segment EBITDA | $ | 102,452 | $ | 846 | $ | 5,581 | $ | 108,879 |
| Reconciliation of total segment Adjusted EBITDA | ||||||||
| All other Adjusted EBITDA | 2,102 | |||||||
| Corporate | (26,250) | |||||||
| Share-based compensation expense | (3,475) | |||||||
| Transaction costs | (662) | |||||||
| Depreciation and amortization | (4,322) | |||||||
| Impairment of equity-method investment | (1,000) | |||||||
| Change in fair value of warrants | 19,296 | |||||||
| Interest expense, net | (11,613) | |||||||
| Income before income tax expense (benefit) | $ | 82,955 | ||||||
| Three Months Ended December 31, 2024 | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (in thousands) | Senior | Healthcare Services | Life | Total | ||||
| Total revenue from reportable segments | $ | 255,578 | $ | 183,370 | $ | 39,861 | $ | 478,809 |
| Less: | ||||||||
| Cost of commissions and other services revenue | (75,042) | (7,932) | (15,041) | |||||
| Cost of goods sold - pharmacy revenue | — | (155,009) | — | |||||
| Marketing expense | (79,398) | (1,902) | (17,172) | |||||
| Technical development | — | (592) | — | |||||
| Selling, general, and administrative | (617) | (15,723) | (225) | |||||
| Adjusted Segment EBITDA | $ | 100,521 | $ | 2,212 | $ | 7,423 | $ | 110,156 |
| Reconciliation of total segment Adjusted EBITDA | ||||||||
| All other Adjusted EBITDA | 2,303 | |||||||
| Corporate | (24,940) | |||||||
| Share-based compensation expense | (4,699) | |||||||
| Transaction costs | (6,719) | |||||||
| Depreciation and amortization | (5,060) | |||||||
| Loss on disposal of property, equipment, and software, net | (122) | |||||||
| Change in fair value of warrants | (7,642) | |||||||
| Interest expense, net | (23,721) | |||||||
| Income before income tax expense (benefit) | $ | 39,556 |
SELECTQUOTE, INC. AND SUBSIDIARIES
Reconciliation by Segment of Adjusted EBITDA to Income before income tax expense (benefit)
(Unaudited)
| Six Months Ended December 31, 2025 | ||||||||
|---|---|---|---|---|---|---|---|---|
| (in thousands) | Senior | Healthcare Services | Life | Total | ||||
| Total revenue from reportable segments | $ | 320,536 | $ | 452,005 | $ | 90,269 | $ | 862,810 |
| Less: | ||||||||
| Cost of commissions and other services revenue | (116,288) | (14,658) | (35,382) | |||||
| Cost of goods sold - pharmacy revenue | — | (395,181) | — | |||||
| Marketing expense | (121,686) | (4,623) | (43,136) | |||||
| Technical development | — | (749) | — | |||||
| Selling, general, and administrative | (1,147) | (28,736) | (599) | |||||
| Adjusted Segment EBITDA | $ | 81,415 | $ | 8,058 | $ | 11,152 | $ | 100,625 |
| Reconciliation of total segment Adjusted EBITDA | ||||||||
| All other Adjusted EBITDA | 3,989 | |||||||
| Corporate | (51,962) | |||||||
| Share-based compensation expense | (7,802) | |||||||
| Transaction costs | (846) | |||||||
| Depreciation and amortization | (8,622) | |||||||
| Impairment of equity-method investment | (1,000) | |||||||
| Change in fair value of warrants | 34,332 | |||||||
| Interest expense, net | (23,421) | |||||||
| Income before income tax expense (benefit) | $ | 45,293 | ||||||
| Six Months Ended December 31, 2024 | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (in thousands) | Senior | Healthcare Services | Life | Total | ||||
| Total revenue from reportable segments | $ | 348,487 | $ | 339,108 | $ | 79,151 | $ | 766,746 |
| Less: | ||||||||
| Cost of commissions and other services revenue | (116,169) | (13,812) | (29,613) | |||||
| Cost of goods sold - pharmacy revenue | — | (283,375) | — | |||||
| Marketing expense | (122,775) | (4,149) | (35,667) | |||||
| Technical development | — | (1,200) | — | |||||
| Selling, general, and administrative | (1,296) | (29,483) | (488) | |||||
| Adjusted Segment EBITDA | $ | 108,247 | $ | 7,089 | $ | 13,383 | $ | 128,719 |
| Reconciliation of total segment Adjusted EBITDA | ||||||||
| All other Adjusted EBITDA | 6,099 | |||||||
| Corporate | (48,983) | |||||||
| Share-based compensation expense | (8,545) | |||||||
| Transaction costs | (7,544) | |||||||
| Depreciation and amortization | (10,659) | |||||||
| Loss on disposal of property, equipment, and software, net | (157) | |||||||
| Change in fair value of warrants | (7,642) | |||||||
| Interest expense, net | (46,752) | |||||||
| Income before income tax expense (benefit) | $ | 4,536 |
RECONCILIATION OF NON-GAAP MEASURE
SELECTQUOTE, INC. AND SUBSIDIARIES
Reconciliation of Net income to Adjusted EBITDA
(Unaudited)
| Three Months Ended December 31, | Six Months Ended December 31, | |||||||
|---|---|---|---|---|---|---|---|---|
| (in thousands) | 2025 | 2024 | 2025 | 2024 | ||||
| Net income | $ | 69,293 | $ | 53,236 | $ | 38,834 | $ | 8,690 |
| Share-based compensation expense | 3,475 | 4,699 | 7,802 | 8,545 | ||||
| Transaction costs | 662 | 6,719 | 846 | 7,544 | ||||
| Depreciation and amortization | 4,322 | 5,060 | 8,622 | 10,659 | ||||
| Loss on disposal of property, equipment, and software, net | — | 122 | — | 157 | ||||
| Impairment of equity-method investment | 1,000 | — | 1,000 | — | ||||
| Change in fair value of warrants | (19,296) | 7,642 | (34,332) | 7,642 | ||||
| Interest expense, net | 11,613 | 23,721 | 23,421 | 46,752 | ||||
| Income tax expense (benefit) | 13,662 | (13,680) | 6,459 | (4,154) | ||||
| Adjusted EBITDA | $ | 84,731 | $ | 87,519 | $ | 52,652 | $ | 85,835 |
15
selectquoteincdecember31
| We shop. You save. 2nd Quarter Fiscal 2026 Earnings Presentation February 5, 2026 Exhibit 99.2
| We shop. You save. Forward-Looking Statements This presentation contains forward-looking statements. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would” and “outlook,” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following: our reliance on a limited number of insurance carrier partners and any potential termination of those relationships or failure to develop new relationships; existing and future laws and regulations affecting the health insurance market; changes in health insurance products offered by our insurance carrier partners and the health insurance market generally; insurance carriers offering products and services directly to consumers; changes to commissions paid by insurance carriers and underwriting practices; competition with brokers, exclusively online brokers and carriers who opt to sell policies directly to consumers; competition from government-run health insurance exchanges; developments in the U.S. health insurance system; our dependence on revenue from carriers in our senior segment and downturns in the senior health as well as life, automotive and home insurance industries; our ability to develop new offerings and penetrate new vertical markets; risks from third-party products; failure to enroll individuals during the Medicare annual enrollment period; our ability to attract, integrate and retain qualified personnel; our dependence on lead providers and ability to compete for leads; failure to obtain and/or convert sales leads to actual sales of insurance policies; access to data from consumers and insurance carriers; accuracy of information provided from and to consumers during the insurance shopping process; cost- effective advertisement through internet search engines; ability to contact consumers and market products by telephone; global economic conditions, including inflation and tariffs; disruption to operations as a result of future acquisitions; significant estimates and assumptions in the preparation of our financial statements; impairment of goodwill; existing or potential litigation and other legal proceedings or inquiries, including the Department of Justice action alleging violations of the federal False Claims Act; our existing and future indebtedness; our ability to maintain compliance with our debt covenants; access to additional capital; failure to protect our intellectual property and our brand; fluctuations in our financial results caused by seasonality; accuracy and timeliness of commissions reports from insurance carriers; timing of insurance carriers’ approval and payment practices; factors that impact our estimate of the constrained lifetime value of commissions per policyholder; changes in accounting rules, tax legislation and other legislation; disruptions or failures of our technological infrastructure and platform; failure to maintain relationships with third-party service providers; cybersecurity breaches or other attacks involving our systems or those of our insurance carrier partners or third-party service providers; our ability to protect consumer information and other data; failure to market and sell Medicare plans effectively or in compliance with laws; and other factors related to our pharmacy business, including manufacturing or supply chain disruptions, access to and demand for prescription drugs, contractual reimbursement rates, and regulatory changes or other industry developments that may affect our pharmacy operations. For a further discussion of these and other risk factors that could impact our future results and performance, see the section entitled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended June 30, 2025 (the "Annual Report") and subsequent periodic reports filed by us with the Securities and Exchange Commission. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as otherwise required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. No Offer or Solicitation; Further Information This presentation is for informational purposes only and is not an offer to sell with respect to any securities. This presentation should be read together with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and the related notes thereto included in the Annual Report and subsequent quarterly reports. Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures intended to supplement, not substitute for, comparable GAAP measures. To supplement our financial statements presented in accordance with GAAP and to provide investors with additional information regarding our GAAP financial results, we have presented in this presentation Adjusted EBITDA and cash EBITDA, which, when presented on a consolidated basis, are non-GAAP financial measures. These non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and is not necessarily comparable to any similarly titled measure presented by other companies. We define Adjusted EBITDA as net income (loss) plus interest expense, income taxes, depreciation and amortization, changes in fair value of warrant liabilities, and certain add-backs for non-cash or non-recurring expenses, including restructuring and share-based compensation expenses. We define cash EBITDA as Adjusted EBITDA excluding the impacts from the estimates of net renewal commissions earned and adjustments. The most directly comparable GAAP measure for both Adjusted EBITDA and cash EBITDA is net income (loss). We monitor and have presented in this presentation Adjusted EBITDA and cash EBITDA because they are key measures used by our management and Board of Directors to understand and evaluate our operating performance, establish budgets, and develop operational goals for managing our business. In particular, we believe that excluding the impact of these expenses in calculating Adjusted EBITDA and cash EBITDA can provide a useful measure for period-to-period comparisons of our core operating performance. For further discussion regarding these non-GAAP measures, please see today’s press release. A reconciliation of the differences between Adjusted EBITDA and its most directly comparable GAAP financial measure, net income (loss), is set forth below on slide 18, and a reconciliation of the differences between cash EBITDA and is most directly comparable GAAP financial measure, net income (loss), is set forth below on slide 19. The Company is unable to provide a quantitative reconciliation of forward-looking Adjusted EBITDA to its most directly comparable GAAP measure without unreasonable effort because it is not possible to predict certain items included in the calculation of such GAAP measure, including the fair value of outstanding warrants to purchase shares of the Company's common stock. The unavailable information could have a significant impact on the Company's GAAP financial results. Disclaimer 2
| We shop. You save. • Consolidated ◦ Solid revenue growth of 12% year-over-year, driven by a strong Senior AEP and continued Healthcare Services growth ◦ New $415 million credit facility enhances operational flexibility and extends maturities to 2031 • Senior ◦ Successful AEP drove 2% Senior revenue growth year-over-year on 4% higher MA approved policies ◦ Adjusted EBITDA* increased 2% year-over-year to $102 million ◦ Strong agent productivity coupled with efficient marketing yielded 39% Adjusted EBITDA* margins ◦ In another highly-disruptive environment, our proactive outreach approach helped to deliver a strong recapture rate of customers impacted by carrier policy cancellations • Healthcare Services ◦ Revenue growth of 26% year-over-year to more than $231 million ◦ 2Q Adjusted EBITDA* of $0.8 million reflects previously discussed PBM reimbursement rate pressure ◦ New multiyear agreement with major PBM partner provides go-forward rate predictability 2Q Earnings Highlights *See "Non-GAAP Financial Measures" section on slide 2 3
| We shop. You save. 235k 248k 257k 2Q24 2Q25 2Q26 Another Strong AEP Season for Senior MA Policies 000s Agent Productivity† Adjusted EBITDA* Margins †Percentage change deltas are calculated relative to 2Q24 results. 2Q24 2Q25 2Q26 Marketing Expense Per Policy**† 2Q24 2Q25 2Q26 33% 12% 22% 20% 4 32% 39% 39% 2Q24 2Q25 2Q26 *See "Non-GAAP Financial Measures" section on slide 2 **Represents total Senior division marketing and operating expenses per approved Medicare Advantage and Medicare Supplement policy
| We shop. You save. Pre-2025 Average AEP Carrier Plan Terminations High-Touch Model Again Provided Retention Stability 33% 2026 AEP Terminated Plan Recapture Rate <1% 2025 AEP Carrier Plan Terminations ~7%Another highly disruptive AEP season... Our high-touch model outperformed... Despite significant carrier plan disruption again this year, our proactive, high-touch approach helped tens of thousands of seniors understand their benefit changes and achieved strong terminated plan customer recapture. 2026 AEP Carrier Plan Terminations ~7% 5
| We shop. You save. SelectRx Addresses Critical Senior Health & Cost Issues ~60% of seniors take medications prescribed by 4 or more physicians 6 Industry Problem Solution Our 30 day adherence packaging leads to a 10x reduction in waste compared to 90 day mail order and retail pharmacy fills Our pharmacists specialize in working with multiple prescribing physicians and pharmacies to bring one cohesive pharmacy solution Comprehensive medication management practices lead to a 20% reduction in inpatient hospital daysSource Source Estimated $3 billion in annual waste-related drug cost from repeated early re-fills of 90- day mail-order fills 47% of seniors taking prescriptions that geriatricians say elderly patients should avoid Completed nearly 50K shared decision-making calls with providers, resulting in actionable therapy changes in more than 50% of cases to optimize patient medication regimens Adverse drug interactions may lead to increased mental fogginess, increased fall risk, and other adverse reactions
| We shop. You save. Improved Capital Flexibility and Term Loan Maturity 7 January 2026: Term Debt Refinance • New $415M credit facility provides sufficient growth capital for foreseeable future • $325M term loan and revolving credit facility up to $90M • New maturity of January 2031 Legacy Credit Facility* $54M $261M CY'26 CY’27 CY’28 CY’29 CY’30 CY’31 New Credit Facility $6M $10M $16M $16M $16M $260M CY'26 CY’27 CY’28 CY’29 CY’30 CY’31 *Legacy structure term loan balance of $304M as of January 8, 2026, with anticipated payment-in-kind accruals resulting in a full repayment balance of $315M by September 30, 2027.
| We shop. You save. $481 $537 2Q25 2Q26 Consolidated Financial Summary *See "Non-GAAP Financial Measures" section on slide 2 Commentary $88 $85 2Q25 2Q26 • Robust revenue growth driven by continued strength in Healthcare Services and strong Senior AEP results • Adjusted EBITDA* of $85 million decreased slightly year-over-year due to PBM reimbursement headwind in Healthcare Services • Near record-high 39% Senior Adjusted EBITDA* margins 8 Revenue $MM Adjusted EBITDA* $MM
| We shop. You save. $256 $262 2Q25 2Q26 Revenue $MM Adjusted EBITDA* $MM Senior Financial Summary Commentary $101 $102 2Q25 2Q26 39% 39% • Senior revenue grew 2% year- over-year on 4% higher approved policy volume • Adjusted EBITDA* increased modestly year-over-year to $102 million • Near record high 39% Adjusted EBITDA* margins, in line with strong prior year results 9 *See "Non-GAAP Financial Measures" section on slide 2
| We shop. You save. SELECTRX Members 97 106 108 107 113 2Q25 3Q25 4Q25 1Q26 2Q26 0 20 40 60 80 100 120 Revenue & Adjusted EBITDA* $MM $2 $6 $12 $7 $1 $183 $190 $214 $221 $231 2Q25 3Q25 4Q25 1Q26 2Q26 Healthcare Services KPIs REVENUE ADJUSTED EBITDA* 10 *See "Non-GAAP Financial Measures" section on slide 2
| We shop. You save. $7 $6 2Q25 2Q26 $40 $44 2Q25 2Q26 Life Financial Summary Adjusted EBITDA* $MM Commentary Revenue $MM 11 *See "Non-GAAP Financial Measures" section on slide 2 • Revenue increased 9% year-over- year driven by continued Final Expense premium growth, which increased 24% year-over-year • Final Expense continues to execute well and deliver attractive returns and cash flow • Term Life results year-over-year reflect modest marketing expense pressure
| We shop. You save. Capital Structure Transformation October 2024: Initial Securitization February 2025: Preferred EquityP 12 Impact • Completed $100M securitization • Established foundation for potential future securitizations and warehouse financing • Announced $350M strategic investment • Proceeds used to repay $260M of term debt and to support ongoing growth initiatives P ABS cost of capital more than 500bps† lower than existing term debt P Annual interest savings of ~$5M† P Extension of term debt maturity to September 2027 Impact P Reduced annual cash interest obligations by more than $30M annually† P On-going cost of capital decreased by more than 150 basis points† P January 2026: Term Debt RefinanceP • New $415M credit facility provides sufficient growth capital for foreseeable future • $325M term loan and $90M revolving credit facility • New maturity of January 2031 *Legacy structure term loan balance of $304M as of January 8, 2026 with anticipated payment-in-kind accruals resulting in a full repayment balance of $315M on September 30, 2027. Impact P Eliminates 2026 and 2027 repayment obligation with new 5-year scheduled maturity in 2031 P Peak-season liquidity increased 25% improving growth optionality P Cost of capital improvement with potential to earn future rate decreases totalling 100 basis points †Based on SOFR at time of closing
| We shop. You save. Revised FY26 Financial Guidance REVENUE $1.61B ADJUSTED EBITDA* to $1.71B $90M to $100M *See "Non-GAAP Financial Measures" above on slide 2. 13 from $120 million to $150 million* from $1.65 billion to $1.75 billion
| We shop. You save. $(12) FY25 FY26 $54 FY25 FY26 Continued Focus on Driving Meaningful Cashflow Operating Cash Flow $MM • Forecasting FY26 Cash EBITDA* of $60-70 million representing ~20% growth year-over-year at the mid-point • Operating Cash Flow of $25-35 million expected in FY26 driven by solid Senior and Healthcare Services operating performance Commentary Cash EBITDA* $MM 14 $60 - $70 $25 - $35 *See "Non-GAAP Financial Measures" above on slide 2.
| We shop. You save. Supplemental Information 15
| We shop. You save. 2Q FY 2026 (in thousands) Senior Healthcare Services Life Total Total revenue from reportable segments $ 261,539 $ 230,654 $ 43,623 $ 535,816 Less: Cost of commissions and other services revenue (74,391) (8,357) (17,404) Cost of goods sold - pharmacy revenue — (203,783) Marketing expense (84,056) (2,235) (20,376) Technical development — (311) — Selling, general, and administrative (640) (15,122) (262) Adjusted Segment EBITDA $ 102,452 $ 846 $ 5,581 $ 108,879 Reconciliation of total segment Adjusted EBITDA All other Adjusted EBITDA 2,102 Corporate (26,250) Share-based compensation expense (3,475) Transaction costs (662) Depreciation and amortization (4,322) Impairment of equity-method investment (1,000) Change in fair value of warrants 19,296 Interest expense, net (11,613) Income before income tax expense (benefit) $ 82,955 Reconciliation by Segment of Adjusted EBITDA to Income before income tax expense (benefit) 16
| We shop. You save. 2Q FY 2025 (in thousands) Senior Healthcare Services Life Total Total revenue from reportable segments $ 255,578 $ 183,370 $ 39,861 $ 478,809 Less: Cost of commissions and other services revenue (75,042) (7,932) (15,041) Cost of goods sold - pharmacy revenue — (155,009) — Marketing expense (79,398) (1,902) (17,172) Technical development — (592) — Selling, general, and administrative (617) (15,723) (225) Adjusted Segment EBITDA $ 100,521 $ 2,212 $ 7,423 $ 110,156 Reconciliation of total segment Adjusted EBITDA All other Adjusted EBITDA 2,303 Corporate (24,940) Share-based compensation expense (4,699) Transaction costs (6,719) Depreciation and amortization (5,060) Loss on disposal of property, equipment, and software, net (122) Change in fair value of warrants (7,642) Interest expense, net (23,721) Income before income tax expense (benefit) $ 39,556 Reconciliation by Segment of Adjusted EBITDA to Income before income tax expense (benefit) 17
| We shop. You save. Reconciliation of Non-GAAP Measure Reconciliation of Net Income to Adjusted EBITDA 18 2Q FY FY YTD (in thousands) 2026 2025 2026 2025 Net income $ 69,293 $ 53,236 $ 38,834 $ 8,690 Share-based compensation expense 3,475 4,699 7,802 8,545 Transaction costs 662 6,719 846 7,544 Depreciation and amortization 4,322 5,060 8,622 10,659 Loss on disposal of property, equipment, and software, net — 122 — 157 Impairment of equity-method investment 1,000 — 1,000 — Change in fair value of warrants (19,296) 7,642 (34,332) 7,642 Interest expense, net 11,613 23,721 23,421 46,752 Income tax expense (benefit) 13,662 (13,680) 6,459 (4,154) Adjusted EBITDA $ 84,731 $ 87,519 $ 52,652 $ 85,835
| We shop. You save. Net Income to Cash EBITDA Reconciliation Forecasted FY26 (in thousands) Consolidated Net income1 $ 30,878 Income tax expense 8,464 Interest expense, net 44,420 Change in fair value of warrants1 (34,332) Impairment of equity-method investment 1,000 Depreciation and amortization 17,877 Transaction costs 2,515 Share-based compensation expense 15,202 Adjusted EBITDA 86,024 Net renewal commissions earned and adjustments (21,024) Cash EBITDA $ 65,000 19 (1) The change in fair value of warrants is reflective of the amounts included in the Company's condensed consolidated statement of comprehensive income for the six months ended December 31, 2025 as it is not possible to predict the fair value of warrants to purchase the Company's common stock. This information could have a significant impact on the Company's GAAP financial results.
| We shop. You save. Net Income to Cash EBITDA Reconciliation 20 FY25 (in thousands) Consolidated Net income $ 47,580 Income tax expense 931 Interest expense, net 79,385 Change in fair value of warrants (59,525) Impairment of long-lived assets 4,209 Loss on disposal of property, equipment, and software 240 Depreciation and amortization 20,460 Transaction costs 14,617 Share-based compensation expense 18,357 Adjusted EBITDA 126,254 Net renewal commissions earned and adjustments (71,822) Cash EBITDA $ 54,432
| We shop. You save. SelectQuote Inc. 6800 West 115th Street Suite 2511 Overland Park, Kansas 66211 Phone: (877) 678-4086 Investor Relations investorrelations@selectquote.com 21