Ethos Technologies (LIFE) FY2025 results: revenue $388 million, up 52.0% on the year
Ethos Technologies Inc. (LIFE) reported revenue of $388 million for fiscal 2025, the year ended 31 December 2025, up 52.0% on the year before. Net income was $71 million, up 45.7%, and diluted earnings per share $1.22. The figures are the company's own, from the 10-K it filed with the SEC on 17 March 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
- Revenue grew 65% in Q4: Fourth-quarter revenue was $110.1 million, up 65% from a year earlier. Full-year revenue was $387.6 million, up 52%.
- Diluted EPS rose to $0.42: Q4 net income was $24.6 million, a 22% margin, and diluted EPS was $0.42 against $0.16. Full-year net income was $71.2 million and diluted EPS $1.22 against $0.85.
- Direct channel grew 93% in Q4: Direct channel revenue was $74.2 million in the fourth quarter. For the full year, direct channel revenue was $242.5 million, up 40%.
- Lifetime policies passed 500,000: The company activated 54,714 new policies in Q4, up 42%, bringing lifetime policies to over 500,000.
- Two new products launched in Q4: The company launched Accumulation Indexed Universal Life with North American Sammons and Cancer Insurance with Aflac during the quarter.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | On the year | Last 8 years |
|---|---|---|---|---|
| Revenue | 388 | 255 | +52.0% | |
| Cost of revenue | 6.7 | 6.5 | +3.2% | |
| Gross profit | 381 | 248 | +53.3% | |
| Gross margin | 98.3% | 97.4% | ||
| Operating income | 72.9 | 48.7 | +49.6% | |
| Operating margin | 18.8% | 19.1% | ||
| Pre-tax income | 75.7 | 53.9 | +40.4% | |
| Income tax | 4.6 | 5.1 | -10.0% | |
| Effective tax rate | 6.1% | 9.5% | ||
| Net income | 71.2 | 48.8 | +45.7% | |
| Net margin | 18.4% | 19.2% | ||
| Diluted EPS | $1.22 | $0.85 | +43.5% |
$ million except per share.
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Cash flow
| $ million | FY2025 | FY2024 | On the year | Last 8 years |
|---|---|---|---|---|
| Operating cash flow | 36.2 | -10.9 | ||
| Capital expenditure | 1.5 | 0.8 | +92.1% | |
| Free cash flow | 34.7 | -11.7 | ||
| Free cash flow margin | 9.0% | -4.6% | ||
| Cash from investing | 31.9 | -0.9 | ||
| Cash from financing | -12.0 | 21.9 | ||
| Depreciation and amortisation | 5.4 | 5.4 | -1.5% | |
| Share-based compensation | 10.6 | 3.2 | +234.7% | |
| Dividends paid | 0.0 | n/a | ||
| Diluted shares, weighted | 58m | 58m | +1.4% | |
| Shares outstanding at period end | 17m | 16m | +3.8% |
Balance sheet
| $ million | FY2025 | FY2024 | On the year | Last 8 years |
|---|---|---|---|---|
| Shareholders' equity | -24.1 | -107 | ||
| Operating lease liabilities | 1.2 | 1.9 | -34.1% | |
| Other liabilities | 538 | 501 | +7.4% | |
| Total liabilities and equity | 515 | 396 | +30.2% | |
| Fixed assets | 8.2 | 7.4 | +10.3% | |
| Goodwill | 2.2 | 2.2 | 0.0% | |
| Intangible assets | 0.7 | 0.2 | +199.5% | |
| Investments | 66.3 | 103 | -35.8% | |
| Cash and equivalents | 91.1 | 35.1 | +159.7% | |
| Receivables | 36.5 | 30.3 | +20.4% | |
| Other assets | 310 | 217 | +42.8% | |
| Total assets | 515 | 396 | +30.2% |
10-K for the year ended 31 December 2025, filed 17 March 2026: the filing.