Nerdwallet, Inc 10-K for FY2025

Nerdwallet, Inc. (NRDS)

10-K 2026-02-25 For: 2025-12-31

Added on April 10, 2026

About this 10-K

Nerdwallet, Inc filed this 10-K on February 25, 2026, covering the fiscal year ended December 31, 2025 (FY2025).

Headline figures

Fiscal year ended December 31, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $836.6M; up 21.7% from $687.6M a year earlier
Net income: $48.7M; up 60.2% from net income of $30.4M a year earlier
Diluted EPS: $0.64; up 68.4% from $0.38 a year earlier

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Delaware			45-4180440
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Class A common stock, $.0001 par value	NRDS	The Nasdaq Global Market


Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☒


Part I			3
Item 1. Business			3
Item 1A. Risk Factors			10
Item 1B. Unresolved Staff Comments			35
Item 1C. Cybersecurity			36
Item 2. Properties			37
Item 3. Legal Proceedings			37
Item 4. Mine Safety Disclosures			37
Part II			38
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities			38
Item 6. [Reserved]			39
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations			40
Item 7A. Quantitative and Qualitative Disclosures About Market Risk			52
Item 8. Financial Statements and Supplementary Data			54
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure			84
Item 9A. Controls and Procedures			84
Item 9B. Other Information			85
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections			85
Part III			85
Item 10. Directors, Executive Officers and Corporate Governance			85
Item 11. Executive Compensation			85
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters			85
Item 13. Certain Relationships and Related Transactions, and Director Independence			85
Item 14. Principal Accountant Fees and Services			85
Part IV			86
Item 15. Exhibits and Financial Statement Schedules			86
Item 16. Form 10-K Summary			88
Signatures			89


Period	Total Number of Shares Purchased1 (in thousands)	Average Price Paid per Share2		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs1 (in thousands)	Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs1 (in millions)
October 1, 2025 - October 31, 2025	2,091	$	11.07	2,091	$	32.7
November 1, 2025 - November 30, 2025	1,462	$	13.75	1,462	$	12.6
December 1, 2025 - December 31, 2025	499	$	15.56	499	$	55.2
Total	4,052			4,052


☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


(in millions)
Year Ended December 31,	2025		2024		2023
Revenue	$	836.6	$	687.6	$	599.4
Costs and Expenses:
Cost of revenue	63.7		63.5		54.0
Research and development(1)	66.7		82.5		80.5
Sales and marketing(1)	584.7		470.6		401.5
General and administrative(1)	56.3		61.6		59.8
Total costs and expenses	771.4		678.2		595.8
Income from Operations	65.2		9.4		3.6
Other income (expense), net:
Interest income	3.2		4.8		3.6
Interest expense	(0.6)		(0.7)		(0.8)
Other gains (losses), net	0.4		(8.5)		(0.1)
Total other income (expense), net	3.0		(4.4)		2.7
Income before income taxes	68.2		5.0		6.3
Income tax provision (benefit)	19.5		(25.4)		18.1
Net Income (Loss)	$	48.7	$	30.4	$	(11.8)


			Page
Report of Independent Registered Public Accounting Firm			55
Consolidated Financial Statements of NerdWallet, Inc. and its Consolidated Subsidiaries:
Consolidated Balance Sheets			56
Consolidated Statements of Operations			57
Consolidated Statements of Comprehensive Income (Loss)			58
Consolidated Statements of Stockholders’ Equity			59
Consolidated Statements of Cash Flows			60
Notes to Consolidated Financial Statements			62


(in millions, except share amounts which are in thousands and per share amounts)
As of December 31,	2025		2024
Assets
Current assets:
Cash and cash equivalents	$	98.3	$	66.3
Accounts receivable—net	111.0		102.2
Prepaid expenses and other current assets	35.4		28.2
Total current assets	244.7		196.7
Property, equipment and software—net	31.8		43.0
Goodwill	123.5		112.4
Intangible assets—net	21.5		33.3
Deferred tax asset—noncurrent	29.4		45.6
Right-of-use assets	7.1		5.3
Other assets	3.1		1.3
Total Assets	$	461.1	$	437.6
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	5.4	$	8.9
Accrued expenses and other current liabilities	65.5		51.2
Total current liabilities	70.9		60.1
Other liabilities—noncurrent	15.7		13.3
Total liabilities	86.6		73.4
Commitments and contingencies (Note 8)
Stockholders’ equity:
Preferred stock—$0.0001 par value per share—5,000 shares authorized; zero shares issued and outstanding	—		—
Common stock—$0.0001 par value per share—296,686 shares authorized; 71,289 and 74,108 shares issued and outstanding as of December 31, 2025 and 2024	—		—
Additional paid-in capital	562.5		530.9
Accumulated other comprehensive income (loss)	0.1		(0.2)
Accumulated deficit	(188.1)		(166.5)
Total stockholders’ equity	374.5		364.2
Total Liabilities and Stockholders’ Equity	$	461.1	$	437.6


(in millions, except per share amounts)
Year Ended December 31,	2025		2024		2023
Revenue	$	836.6	$	687.6	$	599.4
Costs and Expenses:
Cost of revenue	63.7		63.5		54.0
Research and development	66.7		82.5		80.5
Sales and marketing	584.7		470.6		401.5
General and administrative	56.3		61.6		59.8
Total costs and expenses	771.4		678.2		595.8
Income from Operations	65.2		9.4		3.6
Other income (expense), net:
Interest income	3.2		4.8		3.6
Interest expense	(0.6)		(0.7)		(0.8)
Other gains (losses), net	0.4		(8.5)		(0.1)
Total other income (expense), net	3.0		(4.4)		2.7
Income before income taxes	68.2		5.0		6.3
Income tax provision (benefit)	19.5		(25.4)		18.1
Net Income (Loss)	$	48.7	$	30.4	$	(11.8)

Net Income (Loss) per Share Attributable to Common Stockholders
Basic	$	0.66	$	0.40	$	(0.15)
Diluted	$	0.64	$	0.38	$	(0.15)
Weighted-average Shares Used in Computing Net Income (Loss) per Share Attributable to Common Stockholders
Basic	74.3		76.5		76.7
Diluted	75.9		78.9		76.7


	Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Accumulated Deficit		Stockholders’ Equity
(in millions, except share amounts which are in thousands)
	Shares	Amount
Balance as of December 31, 2022	75,120	$	—	$	427.3	$	(0.9)	$	(84.7)	$	341.7
Issuance of Class A common stock upon exercise of stock options	1,584	—		10.2						10.2
Issuance of Class A common stock pursuant to settlement of restricted stock units	2,253	—								—
Class A common stock withheld related to net share settlement of restricted stock units	(95)	—		(1.1)						(1.1)
Issuance of Class A common stock under Employee Stock Purchase Plan	346	—		3.0						3.0
Repurchase of Class A common stock	(2,268)	—						(20.0)		(20.0)
Stock-based compensation				44.3						44.3
Other comprehensive income						0.6				0.6
Net loss								(11.8)		(11.8)
Balance as of December 31, 2023	76,940	$	—	$	483.7	$	(0.3)	$	(116.5)	$	366.9
Issuance of Class A common stock upon exercise of stock options	968	—		6.3						6.3
Issuance of Class A common stock pursuant to settlement of restricted stock units	2,709	—								—
Class A common stock withheld related to net share settlement of restricted stock units	(150)	—		(2.1)						(2.1)
Issuance of Class A common stock under Employee Stock Purchase Plan	127	—		1.4						1.4
Repurchase of Class A common stock	(6,486)	—						(80.4)		(80.4)
Stock-based compensation				41.6						41.6
Other comprehensive income						0.1				0.1
Net income								30.4		30.4
Balance as of December 31, 2024	74,108	$	—	$	530.9	$	(0.2)	$	(166.5)	$	364.2
Issuance of Class A common stock upon exercise of stock options	159	—		1.1						1.1
Issuance of Class A common stock pursuant to settlement of restricted stock units	2,897	—								—
Class A common stock withheld related to net share settlement of restricted stock units	(324)	—		(3.5)						(3.5)
Issuance of Class A common stock under Employee Stock Purchase Plan	283	—		2.1						2.1
Repurchase of Class A common stock	(5,834)	—						(70.3)		(70.3)
Stock-based compensation				31.9						31.9
Other comprehensive income						0.3				0.3
Net income								48.7		48.7
Balance as of December 31, 2025	71,289	$	—	$	562.5	$	0.1	$	(188.1)	$	374.5


NERDWALLET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents


(in millions)	Quoted Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Carrying Value
As of December 31, 2025
Assets:
Cash and cash equivalents—money market funds	$	67.0	$	—	$	—	$	67.0
Mortgage loans held for sale	—		7.1		—		7.1
Certificate of deposit	—		2.3		—		2.3
	$	67.0	$	9.4	$	—	$	76.4


(dollars in millions)	Weighted-Average Remaining Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
As of December 31, 2025
Technology	1.5	$	55.5	$	(40.7)	$	14.8
User base	1.8	19.4		(14.3)		5.1
Customer relationships	2.5	14.2		(12.6)		1.6
Trade names		0.4		(0.4)		—
Total		$	89.5	$	(68.0)	$	21.5


(in millions)
Year Ended December 31,	2025		2024		$ Change		% Change
Insurance	$	280.8	$	191.6	$	89.2	47	%
Credit cards	133.4		176.4		(43.0)		(24	%)
SMB products	100.0		109.8		(9.8)		(9	%)
Loans	133.4		84.5		48.9		58	%
Emerging verticals	189.0		125.3		63.7		51	%
Total revenue	$	836.6	$	687.6	$	149.0	22	%


(in millions)
Year Ended December 31,	2025			2024			2023
Income from Operations	$	65.2		$	9.4		$	3.6
Depreciation and amortization	46.4			48.4			48.2
Acquisition-related retention	1.6			4.2			5.3
Acquisition-related expenses	2.3			0.6			0.1
Impairment of right-of-use asset	—			—			1.4
Loss on disposal of assets	0.4			—			0.2
Restructuring	0.5			9.0			—
Capitalized internally developed software costs	(20.4)			(24.0)			(32.4)
Non-GAAP Operating Income	$	96.0		$	47.6		$	26.4

Operating income margin	8		%	1		%	1		%
Non-GAAP operating income margin1	11		%	7		%	4		%

Net Income (Loss)	$	48.7		$	30.4		$	(11.8)
Depreciation and amortization	46.4			48.4			48.2
Stock-based compensation	28.6			36.3			38.8
Acquisition-related retention	1.6			4.2			5.3
Acquisition-related expenses	2.3			0.6			0.1
Impairment of right-of-use asset	—			—			1.4
Loss on disposal of assets	0.4			—			0.2
Restructuring	0.5			9.0			—
Interest income, net	(2.6)			(4.1)			(2.8)
Other gains (losses), net	(0.4)			8.5			0.1
Income tax provision (benefit)	19.5			(25.4)			18.1
Adjusted EBITDA	$	145.0		$	107.9		$	97.6
Stock-based compensation	(28.6)			(36.3)			(38.8)
Capitalized internally developed software costs	(20.4)			(24.0)			(32.4)
Non-GAAP Operating Income	$	96.0		$	47.6		$	26.4

Net income (loss) margin	6		%	4		%	(2		%)
Adjusted EBITDA margin2	17		%	16		%	16		%


(in millions)
Year Ended December 31,	2025		2024		2023
Insurance	$	280.8	$	191.6	$	45.0
Credit cards	133.4		176.4		209.7
SMB products	100.0		109.8		101.2
Loans	133.4		84.5		101.6
Emerging verticals	189.0		125.3		141.9
Total revenue	$	836.6	$	687.6	$	599.4


(in millions)
Years Ending December 31,	Amortization
2026	$	13.3
2027	7.9
2028	0.3
Total	$	21.5


(in thousands)
As of December 31,	2025	2024
Shares outstanding from stock options and RSUs	9,856	7,904
Shares available for future equity award grants	12,444	13,642
Shares available for future ESPP offerings	1,707	1,249
Total shares reserved	24,007	22,795


	Outstanding Stock Options (in thousands)	Weighted- Average Exercise Price	Weighted- Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in millions)
Balance as of December 31, 20241	3,283	$12.40	6.2	$7.1
Granted2	2,324	$10.55
Exercised	(159)	$7.22
Cancelled/forfeited2	(662)	$13.11
Balance as of December 31, 20251	4,786	$11.58	7.2	$13.4
Vested and exercisable as of December 31, 2025	2,555	$12.50	5.5	$6.3


	Number of Units (in thousands)	Weighted-Average Grant-Date Fair Value
Nonvested as of December 31, 20241	4,621	$	12.57
Granted1	4,355	$	9.94
Vested1	(2,897)	$	11.28
Forfeited	(1,009)	$	12.09
Nonvested as of December 31, 20251	5,070	$	11.13


			NERDWALLET, INC.

			By:			/s/ Tim Chen
						Tim Chen
						Chief Executive Officer

			By:			/s/ Jun Hyung Lee
						Jun Hyung Lee
						Chief Financial Officer


/s/ Deloitte & Touche LLP

San Jose, California
February 25, 2026


Date:	February 25, 2026	/s/ Tim Chen
		Tim Chen
		Chief Executive Officer and Chairman of the Board of Directors