Nerdwallet Inc.

02/25/2026 | Press release | Distributed by Public on 02/25/2026 15:26

Historical Financials (ae46b50a 8a36 452a bc5b 10724fb3f2a4)

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NerdWallet, Inc. Historical Financials & Metrics
The historical information contained in these spreadsheets should be viewed in conjunction with our Quarterly and Annual Reports on Form 10-Q and Form 10-K previously filed with the Securities and Exchange Commission as they provide additional financial results, transaction details and more context on our operations.

Income Statement & Metrics

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS UNAUDITED
Three months ended Twelve months ended
(in millions except per share amounts) 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2025 12/31/2024 12/31/2023
Revenue $ 225.4 $ 215.1 $ 186.9 $ 209.2 $ 183.8 $ 191.3 $ 150.6 $ 161.9 $ 836.6 $ 687.6 $ 599.4
Costs and Expenses:
Cost of revenue 13.6 15.3 16.6 18.2 16.7 17.7 14.9 14.2 63.7 63.5 54.0
Research and development 16.3 15.7 17.9 16.8 16.1 23.0 22.7 20.7 66.7 82.5 80.5
Sales and marketing 161.7 135.3 128.0 159.7 128.5 128.1 106.1 107.9 584.7 470.6 401.5
General and administrative 14.4 14.4 13.7 13.8 13.8 15.9 16.5 15.4 56.3 61.6 59.8
Total costs and expenses 206.0 180.7 176.2 208.5 175.1 184.7 160.2 158.2 771.4 678.2 595.8
Income (loss) from operations 19.4 34.4 10.7 0.7 8.7 6.6 (9.6) 3.7 65.2 9.4 3.6
Other income (expense), net:
Interest income 0.7 1.0 0.8 0.7 0.6 1.3 1.5 1.4 3.2 4.8 3.6
Interest expense (0.1) (0.2) (0.2) (0.1) (0.2) (0.1) (0.2) (0.2) (0.6) (0.7) (0.8)
Other gains (losses), net (0.1) 0.3 0.2 - (8.4) - - (0.1) 0.4 (8.5) (0.1)
Total other income (expense), net 0.5 1.1 0.8 0.6 (8.0) 1.2 1.3 1.1 3.0 (4.4) 2.7
Income (loss) before income taxes 19.9 35.5 11.5 1.3 0.7 7.8 (8.3) 4.8 68.2 5.0 6.3
Income tax provision (benefit) 5.9 9.2 3.3 1.1 (37.9) 7.7 1.1 3.7 19.5 (25.4) 18.1
Net income (loss) $ 14.0 $ 26.3 $ 8.2 $ 0.2 $ 38.6 $ 0.1 $ (9.4) $ 1.1 $ 48.7 $ 30.4 $ (11.8)
Net Income (Loss) Per Share Attributable to Common Stockholders
Basic $ 0.19 $ 0.35 $ 0.11 $ 0.00 $ 0.52 $ 0.00 $ (0.12) $ 0.01 $ 0.66 $ 0.40 $ (0.15)
Diluted $ 0.19 $ 0.34 $ 0.11 $ 0.00 $ 0.51 $ 0.00 $ (0.12) $ 0.01 $ 0.64 $ 0.38 $ (0.15)
Weighted-Average Shares Used in Computing Net Income (Loss) Per Share Attributable to Common Stockholders
Basic 72.3 75.7 74.8 74.2 73.7 77.4 77.9 77.2 74.3 76.5 76.7
Diluted 74.1 76.9 76.6 76.1 75.6 79.3 77.9 80.5 75.9 78.9 76.7
ADDITIONAL DISCLOSURES
Revenue by product category Three months ended Twelve months ended
(in millions) 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2025 12/31/2024 12/31/2023
Insurance $ 81.2 $ 70.9 $ 54.7 $ 74.0 $ 72.0 $ 68.7 $ 29.5 $ 21.4 $ 280.8 $ 191.6 $ 45.0
Credit cards 26.5 34.1 34.8 38.0 35.0 45.3 46.1 50.0 133.4 176.4 209.7
SMB products 22.5 23.6 25.0 28.9 25.5 27.8 26.1 30.4 100.0 109.8 101.2
Loans 42.3 39.6 27.5 24.0 17.6 23.8 21.7 21.4 133.4 84.5 101.6
Emerging verticals 52.9 46.9 44.9 44.3 33.7 25.7 27.2 38.7 189.0 125.3 141.9
Total revenue $ 225.4 $ 215.1 $ 186.9 $ 209.2 $ 183.8 $ 191.3 $ 150.6 $ 161.9 $ 836.6 $ 687.6 $ 599.4
Three months ended Twelve months ended
Sales and Marketing expense breakdown 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2025 12/31/2024 12/31/2023
Brand Marketing $ 10.7 $ 5.1 $ 11.9 $ 37.4 $ 11.1 $ 11.9 $ 18.6 $ 27.0 $ 65.1 $ 68.6 $ 84.4
Performance Marketing 125.0 104.8 89.5 97.6 91.4 91.9 59.5 54.6 416.9 297.4 206.5
Organic & Other Marketing 26.0 25.4 26.6 24.7 26.0 24.3 28.0 26.3 102.7 104.6 110.6
Total sales and marketing expense $ 161.7 $ 135.3 $ 128.0 $ 159.7 $ 128.5 $ 128.1 $ 106.1 $ 107.9 $ 584.7 $ 470.6 $ 401.5
Three months ended Twelve months ended
12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2024 12/31/2023
Monthly Unique Users (MUUs)1 (in millions) 19 22 23 29 23 23
year-over-year change (20%) (7%) 7% 25% 1% 15%
(1) We define a Monthly Unique User (MUU) as a unique user with at least one session in a given month as determined by a unique device identifier. We measure MUUs during a time period longer than one month by averaging the MUUs of each month within that period.

Balance Sheet

CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED
(in millions) 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024
Assets
Current assets:
Cash and cash equivalents $ 98.3 $ 120.6 $ 105.3 $ 92.2 $ 66.3 $ 71.7 $ 113.8 $ 110.9
Accounts receivable-net 111.0 121.9 97.8 120.3 102.2 102.8 93.7 93.9
Prepaid expenses and other current assets 35.4 32.6 35.6 29.4 28.2 19.2 22.5 19.4
Total current assets 244.7 275.1 238.7 241.9 196.7 193.7 230.0 224.2
Property, equipment and software-net 31.8 32.7 35.0 39.1 43.0 45.3 48.9 50.6
Goodwill 123.5 115.7 115.9 112.5 112.4 111.8 111.5 111.5
Intangible assets-net 21.5 24.8 28.5 29.9 33.3 36.7 40.0 43.5
Deferred tax asset-noncurrent 29.4 33.8 48.9 45.8 45.6 - - -
Right-of-use assets 7.1 7.6 8.0 4.7 5.3 5.4 6.0 6.5
Other assets 3.1 3.1 1.0 1.1 1.3 9.5 9.8 9.8
Total Assets $ 461.1 $ 492.8 $ 476.0 $ 475.0 $ 437.6 $ 402.4 $ 446.2 $ 446.1
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 5.4 $ 13.6 $ 11.8 $ 24.3 $ 8.9 $ 12.4 $ 10.1 $ 15.3
Accrued expenses and other current liabilities 65.5 60.8 57.5 66.1 51.2 54.1 43.8 38.5
Total current liabilities 70.9 74.4 69.3 90.4 60.1 66.5 53.9 53.8
Contingent consideration-noncurrent
Other liabilities-noncurrent 15.7 16.0 16.7 13.0 13.3 13.5 12.9 13.6
Total liabilities 86.6 90.4 86.0 103.4 73.4 80.0 66.8 67.4
Commitments and contingencies
Stockholders' equity 374.5 402.4 390.0 371.6 364.2 322.4 379.4 378.7
Total Liabilities and Stockholders' Equity $ 461.1 $ 492.8 $ 476.0 $ 475.0 $ 437.6 $ 402.4 $ 446.2 $ 446.1

Statement of Cash Flows

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED
Year-to-date ended
(in millions) 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023
Operating Activities:
Net income (loss) $ 48.7 $ 34.7 $ 8.4 $ 0.2 $ 30.4 $ (8.2) $ (8.3) $ 1.1 $ (11.8)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization 46.4 36.9 25.3 12.6 48.4 37.0 24.1 11.9 48.2
Stock-based compensation 28.6 21.6 14.9 6.7 37.7 29.2 19.0 8.7 38.8
Deferred taxes 16.0 11.5 (3.4) (0.3) (46.1) (0.2) (0.2) (0.1) (0.5)
Non-cash lease costs 2.2 1.8 1.3 0.6 2.2 1.7 1.1 0.5 2.8
Other, net 1.8 1.6 1.1 0.7 8.6 0.3 0.3 0.2 2.9
Changes in operating assets and liabilities, net of business combination:
Accounts receivable (9.4) (20.6) 3.8 (18.7) (27.0) (27.3) (18.4) (18.5) 10.7
Prepaid expenses and other assets (2.5) (0.7) 1.8 3.5 (1.8) 3.5 0.2 3.0 (4.4)
Mortgage loans held for sale (4.5) (3.6) (9.0) (4.4) 2.1 - - - -
Accounts payable (3.6) 4.8 2.9 15.3 6.6 10.3 8.0 13.4 (1.8)
Accrued expenses and other current liabilities 9.8 6.4 (1.6) 11.3 12.5 16.8 8.3 3.0 (2.4)
Payment of contingent consideration - - - - - - - - (14.0)
Operating lease liabilities (2.5) (2.1) (1.7) (0.9) (3.4) (2.5) (1.7) (0.8) (3.1)
Other liabilities 0.6 0.4 0.4 0.1 1.6 1.3 0.5 0.3 6.7
Net cash provided by (used in) operating activities 131.6 92.7 44.2 26.7 71.8 61.9 32.9 22.7 72.1
Investing Activities:
Purchase of investment (2.0) (2.0) - - (8.1) (8.1) (8.1) (8.1) -
Capitalized software development costs (16.9) (12.4) (8.1) (4.4) (20.7) (15.9) (10.8) (5.4) (28.8)
Purchase of property and equipment (1.3) (1.0) (0.9) (0.2) (0.6) (0.4) (0.3) - (0.7)
Business combination, net of cash acquired (13.1) (5.0) (5.0) - (0.3) - - - -
Net cash used in investing activities (33.3) (20.4) (14.0) (4.6) (29.7) (24.4) (19.2) (13.5) (29.5)
Financing Activities:
Payment of contingent consideration - - - - - - - - (16.9)
Net repayments on warehouse line of credit 4.4 3.3 8.7 4.3 (2.0) - - - -
Proceeds from line of credit - - - - - - - - 7.5
Payments on line of credit - - - - - - - - (7.5)
Payment of debt issuance costs - - - - - - - - (1.4)
Proceeds from exercise of stock options 1.1 0.7 0.3 - 6.3 5.2 2.1 1.7 10.2
Issuance of Class A common stock under Employee Stock Purchase Plan 2.1 1.0 1.0 - 1.4 - - - 3.0
Repurchase of Class A common stock (70.2) (19.5) (0.3) - (80.1) (69.8) (1.1) - (20.0)
Tax payments related to net-share settlements on restricted stock units (3.5) (3.2) (0.8) (0.5) (2.1) (1.7) (1.4) (0.4) (1.1)
Net cash provided by (used in) financing activities (66.1) (17.7) 8.9 3.8 (76.5) (66.3) (0.4) 1.3 (26.2)
Effect of exchange rate changes on cash and cash equivalents (0.2) (0.3) (0.1) - 0.3 0.1 0.1 - 0.1
Net increase (decrease) in cash and cash equivalents 32.0 54.3 39.0 25.9 (34.1) (28.7) 13.4 10.5 16.5
Cash and Cash Equivalents:
Beginning of period 66.3 66.3 66.3 66.3 100.4 100.4 100.4 100.4 83.9
End of period $ 98.3 $ 120.6 $ 105.3 $ 92.2 $ 66.3 $ 71.7 $ 113.8 $ 110.9 $ 100.4

Non-GAAP Measures Explanation

NON-GAAP FINANCIAL MEASURES
We use non-GAAP operating income (loss), adjusted EBITDA and adjusted free cash flow in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies, and to communicate with our Board of Directors concerning our financial performance.
Non-GAAP operating income (loss): We define non-GAAP operating income (loss) as income (loss) from operations adjusted to exclude depreciation and amortization, and further exclude (1) impairment of right-of-use asset, (2) losses (gains) on disposals of assets, (3) acquisition-related costs, and (4) restructuring charges. We also reduce income from operations, or increase loss from operations, for capitalized internally developed software costs.
Adjusted EBITDA: We define adjusted EBITDA as net income (loss) from continuing operations adjusted to exclude depreciation and amortization, interest income (expense), net, other gains (losses), net, and provision (benefit) for income taxes, and further exclude (1) losses (gains) on disposals of assets, (2) impairment of right-of-use asset, (3) stock-based compensation (4) acquisition-related costs, and (5) restructuring charges.
The above items are excluded from our non-GAAP operating income (loss) and adjusted EBITDA measures because these items are non-cash in nature, or because the amounts are not driven by core operating results and renders comparisons with prior periods less meaningful. We deduct capitalized internally developed software costs in our non-GAAP operating income (loss) measure to reflect the cash impact of personnel costs incurred within the time period.
We believe that non-GAAP operating income (loss) and adjusted EBITDA provide useful information to investors and others in understanding and evaluating our operating results and in comparing operating results across periods. Moreover, non-GAAP operating income (loss) and adjusted EBITDA are key measurements used by our management internally to make operating decisions, including those related to analyzing operating expenses, evaluating performance, and performing strategic planning and annual budgeting. However, the use of these non-GAAP measures have certain limitations because they do not reflect all items of income and expense that affect our operations. Non-GAAP operating income (loss) and adjusted EBITDA have limitations as financial measures, should be considered as supplemental in nature, and are not meant as substitutes for the related financial information prepared in accordance with GAAP. These limitations include the following:
•Non-GAAP operating income (loss) and adjusted EBITDA exclude certain recurring, non-cash charges, such as amortization of software, depreciation of property and equipment, amortization of intangible assets, an impairment of right-of-use asset.and (losses) gains on disposals of assets. Although these are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and non-GAAP operating income (loss) and adjusted EBITDA do not reflect all cash requirements for such replacements or for new capital expenditure requirements;
•Non-GAAP operating income (loss) and adjusted EBITDA exclude acquisition-related costs, including acquisition-related retention compensation under compensatory retention agreements with certain key employees, and acquisition-related transaction expenses;
•Non-GAAP operating income (loss) and adjusted EBITDA exclude restructuring charges primarily consisting of severance payments, stock-based compensation, employee benefits, and related expenses for impacted employees, as well as contract termination costs, associated with our Restructuring Plan;
•Adjusted EBITDA excludes stock-based compensation, including for acquisition-related inducement awards, which has been, and will continue to be for the foreseeable future, a significant recurring expense in our business and an important part of our compensation strategy; and
•Adjusted EBITDA does not reflect interest income (expense) and other gains (losses), net, which include unrealized and realized gains and losses on foreign currency exchange, as well as certain nonrecurring gains (losses).
Adjusted free cash flow: We previously defined free cash flow as net cash provided by operating activities less capitalized software development costs and purchases of property and equipment. Effective with the first quarter of 2025, we further define our adjusted free cash flow to be free cash flow adjusted for any net borrowing or repayment on our warehouse line of credit which is used to fund mortgage loans originated for sale, as any increase or decrease in our mortgage loans held for sale is substantially offset by a corresponding borrowing or repayment on our warehouse line of credit. Adjusted free cash flow is a key measurement used by our management internally to evaluate our business performance and overall liquidity. We believe that adjusted free cash flow provides useful information for investors and others for determining the amount of cash available for investment in our business, strategic opportunities, repurchasing stock, strengthening our financial position and other purposes, as well as evaluating our historical and prospective liquidity. A limitation of the utility of adjusted free cash flow as a measure of financial performance and liquidity is that adjusted free cash flow does not represent the total increase or decrease in our cash balance for the period.
In addition, non-GAAP operating income (loss), adjusted EBITDA and adjusted free cash flow as we define them may not be comparable to similarly titled measures used by other companies. Because of these limitations, you should consider non-GAAP operating income (loss), adjusted EBITDA and adjusted free cash flow alongside other financial performance measures, including income (loss) from operations, net income (loss), cash flows from operating activities, and our other GAAP results.

Non-GAAP Financial Measures

NON-GAAP FINANCIAL MEASURES
ADJUSTED EBITDA, NON-GAAP OPERATING INCOME (LOSS) AND ADJUSTED FREE CASH FLOW UNAUDITED
Three months ended Twelve months ending
(in millions) 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2025 12/31/2024 12/31/2023
Income (Loss) from operations $ 19.4 $ 34.4 $ 10.7 $ 0.7 $ 8.7 $ 6.6 $ (9.6) $ 3.7 $ 65.2 $ 9.4 $ 3.6
Depreciation and amortization 9.5 11.6 12.7 12.6 11.4 12.9 12.2 11.9 46.4 48.4 48.2
Acquisition-related retention - - 0.8 0.8 0.9 0.8 1.3 1.2 1.6 4.2 5.3
Impairment of right-of-use asset - - - - - - - - - - 1.4
Loss on disposal of assets 0.1 - 0.3 - - - - - 0.4 - 0.2
Acquisition-related expenses 0.6 0.9 0.8 - - 0.5 0.1 - 2.3 0.6 0.1
Restructuring 0.1 - 0.1 0.3 1.2 7.8 - - 0.5 9.0 -
Capitalized internally developed software costs (5.0) (5.6) (4.7) (5.1) (5.4) (5.7) (6.7) (6.2) (20.4) (24.0) (32.4)
Non-GAAP operating income (loss) $ 24.7 $ 41.3 $ 20.7 $ 9.3 $ 16.8 $ 22.9 $ (2.7) $ 10.6 $ 96.0 $ 47.6 $ 26.4
Operating income (loss) margin 9% 16% 6% 0% 5% 3% (6%) 2% 8% 1% 1%
Non-GAAP operating income (loss) margin1 11% 19% 11% 4% 9% 12% (2%) 7% 11% 7% 4%
Net income (loss) $ 14.0 $ 26.3 $ 8.2 $ 0.2 $ 38.6 $ 0.1 $ (9.4) $ 1.1 $ 48.7 $ 30.4 $ (11.8)
Depreciation and amortization 9.5 11.6 12.7 12.6 11.4 12.9 12.2 11.9 46.4 48.4 48.2
Stock-based compensation 7.0 6.7 8.2 6.7 8.6 8.7 10.3 8.7 28.6 36.3 38.8
Acquisition-related retention - - 0.8 0.8 0.9 0.8 1.3 1.2 1.6 4.2 5.3
Impairment of right-of-use asset - - - - - - - - - - 1.4
Loss on disposal of assets 0.1 - 0.3 - - - - - 0.4 - 0.2
Acquisition-related expenses 0.6 0.9 0.8 - - 0.5 0.1 - 2.3 0.6 0.1
Restructuring 0.1 - 0.1 0.3 1.2 7.8 - - 0.5 9.0 -
Interest (income) expense, net (0.6) (0.8) (0.6) (0.6) (0.4) (1.2) (1.3) (1.2) (2.6) (4.1) (2.8)
Other (gains) losses, net 0.1 (0.3) (0.2) - 8.4 - - 0.1 (0.4) 8.5 0.1
Income tax provision (benefit) 5.9 9.2 3.3 1.1 (37.9) 7.7 1.1 3.7 19.5 (25.4) 18.1
Adjusted EBITDA 36.7 53.6 33.6 21.1 30.8 37.3 14.3 25.5 145.0 107.9 97.6
Stock-based compensation (7.0) (6.7) (8.2) (6.7) (8.6) (8.7) (10.3) (8.7) (28.6) (36.3) (38.8)
Capitalized internally developed software costs (5.0) (5.6) (4.7) (5.1) (5.4) (5.7) (6.7) (6.2) (20.4) (24.0) (32.4)
Non-GAAP operating income (loss) $ 24.7 $ 41.3 $ 20.7 $ 9.3 $ 16.8 $ 22.9 $ (2.7) $ 10.6 $ 96.0 $ 47.6 $ 26.4
Net income (loss) margin 6% 12% 4% 0% 21% 0% (6%) 1% 6% 4% (2%)
Adjusted EBITDA margin2 16% 25% 18% 10% 17% 19% 10% 16% 17% 16% 16%
(1) Represents non-GAAP operating income (loss) as a percentage of revenue. (2) Represents adjusted EBITDA as a percentage of revenue.
Twelve months ended
(in millions) 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024
Cash from operating activities $ 131.6 $ 102.6 $ 83.1 $ 75.8 $ 71.8 $ 91.5 $ 98.6 $ 78.4
Capitalized software development costs (16.9) (17.2) (18.0) (19.7) (20.7) (25.1) (24.7) (26.9)
Purchase of property and equipment (1.3) (1.2) (1.2) (0.8) (0.6) (0.6) (0.6) (0.4)
Net borrowing (repayment) on warehouse line of credit 4.4 1.3 6.7 2.3 (2.0) - - -
Adjusted free cash flow $ 117.8 $ 85.5 $ 70.6 $ 57.6 $ 48.5 $ 65.8 $ 73.3 $ 51.1
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