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MarketWise (MKTW) investor relations material
MarketWise Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Net revenue for Q3 2025 was $81.3 million, down 16.4% year-over-year, with net income of $17.9 million and a 22.0% margin, primarily due to the wind down of Legacy Research brands and lower subscription revenue.
Cash from operating activities improved to $2.2 million in Q3 2025, up $8.0 million from Q3 2024, with year-to-date CFFO up $49.9 million.
Cash and cash equivalents stood at $50.5 million as of September 30, 2025, with no debt outstanding.
Announced quarterly and special dividends totaling $0.40 per Class A share in October 2025, bringing FY 2025 dividends to $1.90 per share (13% yield).
A proposal to acquire all outstanding equity at $17.25 per share was received in October 2025, leading to suspension of share repurchases.
Financial highlights
Total net revenue for the nine months ended September 30, 2025 was $244.7 million, down 21.4% year-over-year.
Net income for the nine months was $50.1 million, down from $66.7 million in the prior year.
EBITDA for Q3 2025 was $18.9 million, down 18.2% year-over-year; for the nine months ended September 30, 2025: $52.1 million.
Free cash flow for Q3 2025 was $1.7 million; year-to-date free cash flow was $20.7 million.
Earnings per share (diluted) for Q3 2025 was $0.87.
Outlook and guidance
FY 2025 billings expected to reach $260 million, exceeding the original $250 million target.
FY 2025 CFFO expected to be approximately $31 million, above the $30 million target.
FY 2026 preliminary targets: billings of $290 million (10% growth), CFFO of $45 million (50% YoY increase), and dividends of $1.60 per share.
Management expects continued improvement in operating cash flows and plans to invest in operational efficiency and product development.
No significant tax distributions or TRA payments are expected in Q4 2025.
How will subscriber growth reconcile with ARPU focus?
Capital allocation if M&C proposal doesn't proceed
What operational changes sustain FY26 CFFO growth?
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MarketWise, Inc. is a U.S.-based subscription services platform providing financial research, analysis, and education. The company offers insights and tools to individual investors, helping them make informed decisions in areas such as stock trading, options, and wealth management. MarketWise operates through a portfolio of independent brands, delivering content via newsletters, webinars, and online courses. The company is headquartered in Baltimore, Maryland, and its shares are listed on the NASDAQ.
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