MarketWise (MKTW) Q4 2025 earnings summary

Executive summary

• Q4 2025 net revenue was $83.4M and net income reached $14.0M, with billings up 42% year-over-year and 24% sequentially from Q3 2025.

• FY 2025 billings were $271.2M, up 13.4% from FY 2024, while net revenue declined 19.7% to $328.1M due to deferred revenue recognition.

• FY 2025 net income was $64.0M, down from $93.1M in FY 2024, but cash from operating activities (CFFO) improved to $46.0M from $(22.2)M.

• Board increased regular dividend by 25% and resumed a $50M share buyback program.

• FY 2026 guidance raised: billings target $300M (+10% YoY), CFFO target $50M (+9% YoY), and dividend target $1.80 per Class A share.

Financial highlights

• Q4 2025 billings were $78.9M, up 42% YoY; CFFO for Q4 was $24.2M, up $18.2M YoY.

• FY 2025 CFFO was $46.0M, exceeding original guidance by 53%.

• Cash and cash equivalents at year-end 2025 were $70.1M, with no debt outstanding.

• Paid subscribers declined to 374K at year-end 2025 from 506K in 2024, but ARPU increased to $670.

• Operating expenses decreased across all major categories, supporting margin expansion.

Outlook and guidance

• FY 2026 billings guidance raised to $300M (+10% YoY) and CFFO to $50M (+9% YoY).

• Dividend guidance for FY 2026 is $1.80 per Class A share, reflecting a 13% yield at current prices.

• Tax distributions expected to decline by $15M in FY 2026, with cash balances projected to dip in H1 and recover in H2.