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Edge28 Nov 2025
Keeping the Streak Alive: The Story of Duolingo
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NerdWallet (NRDS) investor relations material
NerdWallet 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
Q3 2025 revenue reached $215.1 million, up 12% year-over-year, with net income of $26.3 million and significant gains in operating efficiency and performance marketing.
Non-GAAP operating income was $41.3 million, up 81% year-over-year, and adjusted EBITDA was $53.6 million, up 44%.
Net income for the nine months ended September 30, 2025, was $34.7 million, compared to a net loss of $8.2 million in the prior year period.
Strategic focus on expanding product offerings to below-prime consumers and scaling performance marketing offset organic search headwinds.
Investments in LLM-driven traffic and operational efficiency contributed to higher conversion rates and improved results.
Financial highlights
Q3 revenue was $215.1 million, up 12% year-over-year, surpassing guidance; total revenue for the nine months ended September 30, 2025, was $611.2 million, up 21%.
Banking revenue grew 96%, personal loans rose 91%, and insurance revenue increased 3% year-over-year in Q3; insurance revenue grew 67% for the nine-month period.
Non-GAAP operating income was $41.3 million, above guidance; GAAP operating income was $34.4 million.
Adjusted EBITDA margin for Q3 was 25%, up from 19% in Q3 2024.
Cash and cash equivalents increased to $120.6 million as of September 30, 2025.
Outlook and guidance
Q4 2025 revenue expected between $207M–$250M, with midpoint up 15% year-over-year.
Q4 non-GAAP operating income projected at $20M–$24M; GAAP operating income guidance: $13M–$17M.
Full-year 2025 non-GAAP operating income guidance raised to $91M–$95M; adjusted EBITDA forecast increased to $141M–$145M.
Liquidity expected to remain strong, with sufficient resources for capital and operational needs.
Anticipates less margin expansion year-over-year due to organic search headwinds and increased investment.
How to reverse organic search traffic decline?
Brand marketing strategy reevaluation outcome
R&D cost reduction vs. capitalized software
LLM traffic: specific growth investments
Credit card/SMB organic search decline mitigation
Expected impact of below prime consumer expansion?
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Next NerdWallet earnings date
Q4 202513 Feb, 2026
Next NerdWallet earnings date
Q4 202513 Feb, 2026
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NerdWallet Inc offers a digital platform providing financial guidance and comparison tools for products such as credit cards, loans, insurance, and investments. It serves consumers and small businesses across the United States. The company is headquartered in San Francisco, California, and its shares are listed on the NASDAQ.
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