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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
NerdWallet
NerdWallet (NRDS) investor relations material
NerdWallet Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary25 Feb, 2026
Executive summary
Q4 2025 revenue reached $225.4 million, up 23% year-over-year; full-year revenue was $836.6 million, up 22% year-over-year, exceeding guidance due to strong performance marketing and non-search referral channels despite organic search declines.
Non-GAAP operating income rose 47% in Q4 to $24.7 million and more than doubled for the year to $96 million.
Performance marketing, personal loans, banking, and insurance were key growth drivers, offsetting declines in credit cards and SMB products.
GAAP net income for Q4 was $14.0 million ($0.19 per diluted share); full-year net income was $48.7 million ($0.64 per diluted share).
Adjusted EBITDA for Q4 was $36.7 million, and $145.0 million for the full year.
Financial highlights
Q4 revenue was $225.4 million, up 23% year-over-year; full year revenue was $836.6 million, up 22%.
Q4 non-GAAP operating income was $24.7 million, up 47% year-over-year; full year non-GAAP operating income was $96 million, more than doubling from 2024.
Q4 GAAP operating income was $19.4 million; full year GAAP operating income was $65.2 million.
Adjusted free cash flow for the trailing twelve months was $117.8 million; year-end cash balance was $98.3 million.
Net cash provided by operating activities for 2025 was $131.6 million.
Outlook and guidance
Q1 2026 revenue guidance is $224–$232 million, up 9% year-over-year at the midpoint; non-GAAP operating income guidance is $28–$32 million.
Q1 2026 GAAP operating income expected between $22–$27 million.
Full year 2026 non-GAAP operating income expected between $95–$110 million; GAAP operating income $72–$89 million.
Full-year 2026 adjusted EBITDA expected between $143–$158 million.
Guidance factors in ongoing organic search headwinds and expected cooling in banking as interest rates decline.
Mitigate AI search impact on traffic
Rationale for new Consumer/SMB revenue split
Rationale for $225M share repurchase plan
LLM referral traffic: How does it offset organic search?
Prioritized bolt-on acquisition areas
What drives performance marketing efficiency?
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Next NerdWallet earnings date
Q1 20265 May, 2026
NerdWallet
Next NerdWallet earnings date
Q1 20265 May, 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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