NerdWallet (NRDS) investor relations material

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.