NerdWallet (NRDS) investor relations material

Executive summary

• Q2 2025 revenue reached $186.9M, up 24% year-over-year, driven by insurance and emerging verticals, but below guidance due to a temporary insurance platform transition.

• Net income was $8.2M, reversing a prior year loss, with adjusted EBITDA up 135% to $33.6M.

• Non-GAAP operating income was $21M, exceeding guidance and showing significant year-over-year improvement.

• Operational efficiency gains and strategic investments in vertical integration and user experience drove profitability and flexibility for future investments.

• Operating expenses rose 10% year-over-year, mainly due to higher performance marketing spend, while R&D and G&A costs declined.

Financial highlights

• Q2 2025 revenue: $186.9M, up 24% year-over-year, but below the $192M–$200M guidance range.

• Insurance revenue: $54.7M, up 86% year-over-year, but down 26% sequentially due to platform transition.

• Non-GAAP operating income: $21M, above $14M–$18M guidance, up $24M year-over-year.

• Adjusted EBITDA: $33.6M, up from $14.3M in Q2 2024, margin expanded to 18%.

• Cash and cash equivalents stood at $105.3M at quarter end.

Outlook and guidance

• Q3 2025 revenue expected between $189M–$197M, midpoint up 1% year-over-year.

• Q3 non-GAAP operating income guidance: $23M–$27M; GAAP operating income forecasted at $17M–$21M.

• Full-year 2025 non-GAAP operating income expected at $71M–$79M, midpoint raised by $14.5M from prior guidance; GAAP operating income guidance raised to $38M–$48M; adjusted EBITDA to $120M–$128M.

• Insurance revenue expected to decline slightly year-over-year in Q3; credit card headwinds to persist, offset by banking and personal loans.

• Liquidity expected to remain strong, with sufficient resources to meet capital and operating needs.