NerdWallet (NRDS) Q3 2025 earnings summary

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.