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MarketWise (MKTW) investor relations material
MarketWise Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net revenue for Q2 2025 was $80.0 million, down 23.9% year-over-year, mainly due to the wind down of Legacy Research and lower subscription revenue.
Net income for Q2 2025 was $15.3 million, a decrease from $21.2 million in Q2 2024.
Cash from operating activities improved to $17.8 million in Q2 2025, up over $20 million year-over-year.
Announced quarterly and special dividends totaling $0.40 per Class A share in August 2025.
Paid subscribers declined 39% year-over-year to 394,000, mainly due to the closure of Legacy Research.
Financial highlights
Total net revenue for the six months ended June 30, 2025 was $163.5 million, down 23.6% year-over-year.
Adjusted CFFO for Q2 2025 was $17.8 million, with a margin of 30.7% of Billings.
Free Cash Flow for Q2 2025 was $17.5 million, up from negative $4.3 million in Q2 2024.
EBITDA for Q2 2025 was $15.7 million, down 26.7% year-over-year.
Cash and cash equivalents were $69.1 million as of June 30, 2025, with no debt outstanding.
Outlook and guidance
Management expects operating cash flows and cash on hand to be sufficient for at least the next 12 months.
FY 2025 billings expected to increase by 20% over annualized 2H 2024, reaching $250 million.
FY 2025 cash from operating activities and free cash flow estimated at $30 million, over $50 million improvement from FY 2024.
FY 2025 dividends to Class A shareholders projected at $1.60 to $1.80 per share.
No significant payments expected under the Tax Receivable Agreement in the next 12 months.
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