Revenue growth decelerated to 5.6% in 2026Q3, while the combined ratio exhibited extreme volatility, swinging from a strained 112.4% in 2026Q1 to 91.7% in 2026Q3.
SelectQuote, Inc. (SLQT) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Jun'26 | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 |
|---|
| Revenue | 1.57B | 1.62B | 1.53B | 1.32B | 1B | 764.04M | 929.98M | 529.34M | 337.47M | 233.69M |
| Revenue Growth % | 0.42% | 6.02% | 15.5% | 31.8% | 31.26% | -17.84% | 75.69% | 56.86% | 44.41% | - |
| Medical Costs & Claims | 998.04M | 1.04B | 935.47M | 723.8M | 527.49M | 455.7M | 270.71M | 167.4M | 104.42M | 83.34M |
| Medical Cost Ratio % | 63.58% | 64.44% | 61.28% | 54.76% | 52.6% | 59.64% | 29.11% | 31.62% | 30.94% | 35.66% |
| Gross Profit | 571.66M | 575.6M | 591.13M | 597.97M | 475.36M | 308.35M | 659.27M | 361.94M | 233.05M | 150.35M |
| Gross Margin % | 36.42% | 35.56% | 38.72% | 45.24% | 47.4% | 40.36% | 70.89% | 68.38% | 69.06% | 64.34% |
| Gross Profit Growth % | - | -2.63% | -1.15% | 25.79% | 54.17% | -53.23% | 82.15% | 55.31% | 55.01% | - |
| Operating Expenses | 485.57M | 501.67M | 522.63M | 533.42M | 463.78M | 654.35M | 467.03M | 231.79M | 136.76M | 107.19M |
| OpEx / Revenue % | 30.93% | 31% | 34.23% | 40.36% | 46.25% | 85.64% | 50.22% | 43.79% | 40.53% | 45.87% |
| Depreciation & Amortization | 17.65M | 17.49M | 20.46M | 25M | 27.88M | 24.72M | 16.14M | 7.99M | 4.7M | 3.47M |
| Combined Ratio % | 94.52% | 95.43% | 95.51% | 95.12% | 98.84% | 145.29% | 79.33% | 75.41% | 71.47% | 81.53% |
| Operating Income | 89.93M | 73.92M | 68.5M | 64.55M | 11.58M | -346.01M | 192.24M | 130.15M | 96.29M | 43.16M |
| Operating Margin % | 5.73% | 4.57% | 4.49% | 4.88% | 1.16% | -45.29% | 20.67% | 24.59% | 28.53% | 18.47% |
| Operating Income Growth % | - | 7.92% | 6.12% | 457.28% | 103.35% | -279.99% | 47.7% | 35.17% | 123.12% | - |
| EBITDA | 107.58M | 91.41M | 88.96M | 89.55M | 39.46M | -321.29M | 208.38M | 138.15M | 100.99M | 46.62M |
| EBITDA Margin % | 6.85% | 5.65% | 5.83% | 6.77% | 3.94% | -42.05% | 22.41% | 26.1% | 29.93% | 19.95% |
| Interest Expense | 43.69M | 44.53M | 79.39M | 93.55M | 80.61M | 43.59M | 29.32M | 24.59M | 1.66M | 929K |
| Non-Operating Income | -32M | -46.89M | -59.4M | 65K | 121K | 202K | 4.9M | 1.57M | 15K | 709K |
| Pretax Income | 87.43M | 76.29M | 48.51M | -29.07M | -69.14M | -389.81M | 158.01M | 103.99M | 94.61M | 41.52M |
| Pretax Margin % | 5.57% | 4.71% | 3.18% | -2.2% | -6.89% | -51.02% | 16.99% | 19.64% | 28.04% | 17.77% |
| Income Tax | 15.09M | 14.1M | 931K | 5.06M | -10.6M | -92.3M | 33.16M | 24.5M | 22.03M | 6.62M |
| Effective Tax Rate % | 17.25% | 18.48% | 1.92% | -17.41% | 15.33% | 23.68% | 20.98% | 23.56% | 23.29% | 15.94% |
| Net Income | 72.35M | 62.19M | 47.58M | -34.13M | -58.54M | -297.5M | 124.86M | 79.48M | 72.58M | 34.9M |
| Net Margin % | 4.61% | 3.84% | 3.12% | -2.58% | -5.84% | -38.94% | 13.43% | 15.02% | 21.51% | 14.93% |
| Net Income Growth % | 17.32% | 30.7% | 239.43% | 41.71% | 80.32% | -338.27% | 57.09% | 9.51% | 107.97% | - |
| EPS (Diluted) | 0.38 | -0.06 | 0.01 | -0.20 | -0.35 | -1.81 | 0.75 | 0.49 | 0.45 | 0.25 |
| EPS Growth % | -106.72% | -551.13% | 106.65% | 42.86% | 80.66% | -341.33% | 53.06% | 8.89% | 80% | - |
| EPS (Basic) | - | -0.06 | 0.14 | -0.20 | -0.35 | -1.81 | 0.77 | 0.49 | 0.45 | 0.26 |
| Diluted Shares Outstanding | 191.46M | 188.17M | 181.9M | 168.52M | 166.14M | 164.04M | 165.54M | 162.19M | 162.19M | 138.21M |
Quick answers to the most common questions about buying SLQT stock.
For fiscal year 2026, SelectQuote, Inc. (SLQT) reported total revenue of $1.62B. This represents a 592.6% increase compared to $233.7M in 2018.
SelectQuote, Inc. (SLQT) is profitable, generating $62.2M in net income for the fiscal year ending 2026 with a net profit margin of 3.8%.
SelectQuote, Inc. (SLQT) reported an operating income of $73.9M, resulting in an operating profit margin of 4.6%. This margin reflects the operational efficiency of the business before interest and taxes.
SelectQuote, Inc. (SLQT) generated $575.6M in gross profit for the year, representing a gross profit margin of 35.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
CMS Regulatory Marketing Compliance
Metrics are mathematically derived from official filings.
Revenue Growth Faces Seasonal Headwinds
As reported in recent financial filings, SelectQuote achieved a 5.6% year-over-year revenue growth in 2026Q3, reflecting a deceleration from the double-digit expansion observed in previous quarters as the firm navigates a more complex Medicare enrollment environment and shifting consumer demand patterns across its core segments.
The company's revenue trajectory appears increasingly sensitive to the timing of the Medicare Annual Enrollment Period, which creates significant volatility in quarterly comparisons. Investors should monitor whether the current growth rate can be sustained without escalating lead acquisition costs, as the firm's reliance on high-intent telephonic conversion may be reaching a point of diminishing returns.
Underwriting Profitability Remains Highly Volatile
Based on the provided income statement data, the combined ratio fluctuated significantly, reaching a strained 112.4% in 2026Q1 before improving to 91.7% in 2026Q3, illustrating the inherent difficulty in maintaining consistent underwriting margins within the current competitive and regulatory landscape for Medicare Advantage distribution.
The wide variance in the combined ratio suggests that SelectQuote's profitability is heavily dependent on seasonal volume spikes to amortize fixed marketing and agent costs. The periodic breach of the 100% combined ratio threshold indicates that the firm occasionally relies on non-underwriting activities to offset core operational inefficiencies.
Operating Efficiency Constrained by Overhead
According to recent SEC filings, the firm's operating income has shown extreme sensitivity to quarterly volume, swinging from a $40.7 million loss in 2026Q1 to a $35.9 million profit in 2026Q3, highlighting the challenge of scaling a high-variable cost structure against fixed overhead requirements.
The thin net margin profile suggests that SelectQuote operates with limited cushion to absorb shocks in lead pricing or agent productivity. Further investigation is warranted into whether the current agent utilization model can achieve the necessary scale to permanently improve operating margins without compromising the quality of customer acquisition.
Accounting Estimates Mask Underlying Volatility
As indicated by the historical financial data, the reliance on ASC 606 revenue recognition for lifetime value estimates may obscure the true cash-generating capacity of the business, as evidenced by the significant divergence between reported net income and the underlying operational performance across the last ten quarters.
The potential for retrospective LTV revisions suggests that current earnings may be subject to future downward adjustments if policy persistence fails to meet management's initial projections. Investors should remain cautious regarding the quality of these non-cash earnings, as they represent a significant portion of the reported top-line growth.