NerdWallet (NRDS) investor relations material

Executive summary

• Q1 2026 revenue reached $222.2 million, up 6% year-over-year, driven by a 10% increase in Consumer revenue and offset by a 15% decline in SMB revenue.

• Net income surged to $20.4 million, or $0.29 per diluted share, from $0.2 million in Q1 2025, reflecting improved operating leverage and lower expenses.

• Non-GAAP operating income hit $33.7 million and adjusted EBITDA reached $45.2 million, both setting new Q1 records due to strong operating leverage and reduced marketing spend.

• The company is affirming the high end of full-year NGOI guidance but lowering the low end due to auto insurance monetization headwinds and increased investment in vertical integration.

• Acquired College Finance Company, LLC for $17.2 million in February; contributions were not material to Q1 results.

Financial highlights

• Consumer revenue was $197.6 million, up 10% year-over-year, led by deposit accounts and personal loans.

• SMB revenue declined 15% year-over-year to $24.6 million, mainly due to organic search headwinds.

• Q1 GAAP operating income was $27.2 million, up from $0.7 million in the prior-year quarter.

• Adjusted EBITDA more than doubled to $45.2 million, with a margin of 20%.

• Adjusted free cash flow for the trailing twelve months was $131 million, up 125% year-over-year.

Outlook and guidance

• Q2 2026 revenue is expected between $186 million and $202 million, up 4% year-over-year at the midpoint.

• Q2 Non-GAAP Operating Income is guided at $6 million-$14 million, with Q2 GAAP operating income projected at $1–$9 million and adjusted EBITDA at $19–$27 million.

• Full-year NGOI guidance is $85 million-$110 million, with the upper end reaffirmed and the lower end reduced for investment and insurance uncertainty.

• Full-year 2026 GAAP operating income guidance set at $65–$90 million; adjusted EBITDA at $132–$157 million.

• Revenue growth for the full year is expected in the mid to high single digits year-over-year.