nrds-20250930

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


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

For the quarterly period ended September 30, 2025


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

For the transition period from to

Commission file number 001-40994

NerdWallet, Inc.

(Exact name of registrant as specified in its charter)


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

19 S. B Street, Suite 9, San Mateo, California 94401

(Address of principal executive offices) (Zip code)

(415) 549-8913

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Class A common stock, $0.0001 par value	NRDS	The Nasdaq Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):


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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

The registrant had outstanding 41,027,578 shares of Class A common stock and 31,685,652 shares of Class B common stock as of October 30, 2025.

Table of Contents

Index to Form 10-Q


			Page
PART I		Financial Information
	Item 1.	Financial Statements	3
		Condensed Consolidated Balance Sheets	3
		Condensed Consolidated Statements of Operations	4
		Condensed Consolidated Statements of Comprehensive Income (Loss)	5
		Condensed Consolidated Statements of Stockholders’ Equity	6
		Condensed Consolidated Statements of Cash Flows	8
		Notes to Condensed Consolidated Financial Statements	9
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	25
	Item 4.	Controls and Procedures	25

PART II		Other Information
	Item 1.	Legal Proceedings	26
	Item 1A.	Risk Factors	26
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	26
	Item 3.	Defaults Upon Senior Securities	26
	Item 4.	Mine Safety Disclosures	27
	Item 5.	Other Information	27
	Item 6.	Exhibits	28

Signatures			29

Table of Contents

Special Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements about us and our industry that involve significant risks and uncertainties. Except for statements of historical facts, all statements contained in this Quarterly Report on Form 10-Q are forward-looking. These statements often contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will” or “would” or similar terms, including their negatives. These forward-looking statements include, but are not limited to, statements regarding:

•the impact of macroeconomic developments, including inflation, interest rates, credit market conditions and general economic uncertainty, on our business, operating results, financial condition, and stock price;

•our expectations regarding future financial and operational performance, including total revenue, cost of revenue, non‑GAAP operating income (loss) and adjusted EBITDA;

•our ability to grow traffic, engagement, and monetization on our platform;

•expected returns on marketing investments and brand campaigns;

•consumer demand for products and services offered through our platform;

•our ability to increase user registrations, improve repeat usage rates, and convert users into matches with financial services partners;

•expansion within existing and new verticals, including new products, services, and features that are competitive, compliant with applicable regulations, and responsive to market needs;

•changing geographic operations;

•maintaining and expanding relationships with existing financial services partners and identifying new ones;

•developing scalable technology and data capabilities to provide personalized guidance and enhance user engagement;

•strengthening brand awareness, credibility, and consumer trust;

•producing high quality, engaging consumer content and tools;

•adapting to evolving consumer financial interests and behaviors;

•competing effectively in existing and new markets;

•maintaining the security, reliability, and availability of our platform;

•protecting and enhancing our intellectual property portfolio;

•attracting, developing, and retaining highly skilled and diverse talent;

•complying with evolving laws, regulations, and supervisory expectations applicable to our business;

•the adequacy of our cash, cash equivalents, and investments to meet liquidity needs;

•managing growth, scaling infrastructure, and preserving our corporate culture;

•identifying, executing, and successfully integrating acquisitions;

•entering new financial services markets, and meeting associated regulatory complexities; and

•achieving expected synergies, accretion, and other benefits from completed acquisitions.

Table of Contents

These forward-looking statements are not guarantees of future performance and should not be relied upon as predictions of future events. They are based on our current expectations, estimates, and projections regarding future events and trends that may affect our business, financial condition, and operating results. These expectations are subject to various risks, uncertainties, and assumptions, including those described elsewhere in this Quarterly Report on Form 10-Q, in Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2024, as well as in our subsequent periodic filings with the U.S. Securities and Exchange Commission.

Our industry is highly competitive and rapidly evolving, and new risks and uncertainties may arise that we cannot predict. As a result, actual results, events, or circumstances may differ materially from those reflected in our forward-looking statements.

Forward-looking statements in this Quarterly Report on Form 10-Q speak only as of the date hereof. We undertake no obligation to update any such statements in this Quarterly Report on Form 10-Q to reflect subsequent events, new information, or unexpected developments, except as required by law. These statements also do not reflect potential impacts from future acquisitions, mergers, dispositions, joint ventures, or investments.

Additionally, statements that include “we believe” or similar expressions represent our beliefs and opinions as of the date of this Quarterly Report on Form 10-Q. While we believe the information supporting these statements is reasonable, it may be incomplete or subject to change. Investors should not interpret these statements as assurances that we have conducted an exhaustive inquiry or review of all relevant information. Given their inherent uncertainty, investors should not place undue reliance on these statements.

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

NERDWALLET, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

Unaudited


	September 30, 2025		December 31, 2024
(in millions, except share amounts which are in thousands and per share amounts)
Assets
Current assets:
Cash and cash equivalents	$	120.6	$	66.3
Accounts receivable—net	121.9		102.2
Prepaid expenses and other current assets	32.6		28.2
Total current assets	275.1		196.7
Property, equipment and software—net	32.7		43.0
Goodwill	115.7		112.4
Intangible assets—net	24.8		33.3
Deferred tax asset—noncurrent	33.8		45.6
Right-of-use assets	7.6		5.3
Other assets	3.1		1.3
Total Assets	$	492.8	$	437.6
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	13.6	$	8.9
Accrued expenses and other current liabilities	60.8		51.2
Total current liabilities	74.4		60.1
Other liabilities—noncurrent	16.0		13.3
Total liabilities	90.4		73.4
Commitments and contingencies (Note 5)
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; 74,731 and 74,108 shares issued and outstanding as of September 30, 2025 and December 31, 2024	—		—
Additional paid-in capital	553.5		530.9
Accumulated other comprehensive loss	(0.1)		(0.2)
Accumulated deficit	(151.0)		(166.5)
Total stockholders’ equity	402.4		364.2
Total Liabilities and Stockholders’ Equity	$	492.8	$	437.6

See notes to condensed consolidated financial statements.

NERDWALLET, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

Table of Contents


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share amounts)	2025		2024		2025		2024
Revenue	$	215.1	$	191.3	$	611.2	$	503.8
Costs and Expenses:
Cost of revenue	15.3		17.7		50.1		46.8
Research and development	15.7		23.0		50.4		66.4
Sales and marketing	135.3		128.1		423.0		342.1
General and administrative	14.4		15.9		41.9		47.8
Total costs and expenses	180.7		184.7		565.4		503.1
Income from Operations	34.4		6.6		45.8		0.7
Other income, net:
Interest income	1.0		1.3		2.5		4.2
Interest expense	(0.2)		(0.1)		(0.5)		(0.5)
Other gains (losses), net	0.3		—		0.5		(0.1)
Total other income, net	1.1		1.2		2.5		3.6
Income before income taxes	35.5		7.8		48.3		4.3
Income tax provision	9.2		7.7		13.6		12.5
Net Income (Loss)	$	26.3	$	0.1	$	34.7	$	(8.2)

Net Income (Loss) per Share Attributable to Common Stockholders
Basic	$	0.35	$	0.00	$	0.46	$	(0.11)
Diluted	$	0.34	$	0.00	$	0.45	$	(0.11)

Weighted-average Shares Used in Computing Net Income (Loss) per Share Attributable to Common Stockholders
Basic	75.7		77.4		74.9		77.5
Diluted	76.9		79.3		76.5		77.5

See notes to condensed consolidated financial statements.

NERDWALLET, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Unaudited

Table of Contents


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2025		2024		2025		2024
Net Income (Loss)	$	26.3	$	0.1	$	34.7	$	(8.2)
Other Comprehensive Income (Loss):
Change in foreign currency translation	(0.3)		0.3		0.1		0.3
Comprehensive Income (Loss)	$	26.0	$	0.4	$	34.8	$	(7.9)

See notes to condensed consolidated financial statements.

NERDWALLET, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

Unaudited

Table of Contents


	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, 2024	74,108	$	—	$	530.9	$	(0.2)	$	(166.5)	$	364.2
Issuance of Class A common stock upon exercise of stock options	5	—		—						—
Issuance of Class A common stock pursuant to settlement of restricted stock units	431	—								—
Class A common stock withheld related to net share settlement of restricted stock units	(52)	—		(0.5)						(0.5)
Stock-based compensation				7.5						7.5
Other comprehensive income						0.2				0.2
Net income								0.2		0.2
Balance as of March 31, 2025	74,492	$	—	$	537.9	$	—	$	(166.3)	$	371.6
Issuance of Class A common stock upon exercise of stock options	26	—		0.3						0.3
Issuance of Class A common stock pursuant to settlement of restricted stock units	594	—								—
Class A common stock withheld related to net share settlement of restricted stock units	(25)	—		(0.3)						(0.3)
Issuance of Class A common stock under Employee Stock Purchase Plan	136	—		1.0						1.0
Stock-based compensation				9.0						9.0
Other comprehensive income						0.2				0.2
Net income								8.2		8.2
Balance as of June 30, 2025	75,223	$	—	$	547.9	$	0.2	$	(158.1)	$	390.0
Issuance of Class A common stock upon exercise of stock options	64	—		0.4						0.4
Issuance of Class A common stock pursuant to settlement of restricted stock units	1,450	—								—
Class A common stock withheld related to net share settlement of restricted stock units	(224)	—		(2.4)						(2.4)
Repurchase of Class A common stock	(1,782)	—						(19.2)		(19.2)
Stock-based compensation				7.6						7.6
Other comprehensive loss						(0.3)				(0.3)
Net income								26.3		26.3
Balance as of September 30, 2025	74,731	$	—	$	553.5	$	(0.1)	$	(151.0)	$	402.4

NERDWALLET, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

Unaudited

Table of Contents


	Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Stockholders’ Equity
(in millions, except share amounts which are in thousands)	Shares	Amount
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	276	—		1.7						1.7
Issuance of Class A common stock pursuant to settlement of restricted stock units	529	—								—
Class A common stock withheld related to net share settlement of restricted stock units	(25)	—		(0.5)						(0.5)
Stock-based compensation				9.6						9.6
Other comprehensive loss						(0.1)				(0.1)
Net income								1.1		1.1
Balance as of March 31, 2024	77,720	$	—	$	494.5	$	(0.4)	$	(115.4)	$	378.7
Issuance of Class A common stock upon exercise of stock options	104	—		0.4						0.4
Issuance of Class A common stock pursuant to settlement of restricted stock units	730	—								—
Class A common stock withheld related to net share settlement of restricted stock units	(68)	—		(0.9)						(0.9)
Repurchase of Class A common stock	(89)	—						(1.1)		(1.1)
Stock-based compensation				11.6						11.6
Other comprehensive income						0.1				0.1
Net loss								(9.4)		(9.4)
Balance as of June 30, 2024	78,397	$	—	$	505.6	$	(0.3)	$	(125.9)	$	379.4
Issuance of Class A common stock upon exercise of stock options	430	—		3.1						3.1
Issuance of Class A common stock pursuant to settlement of restricted stock units	981	—								—
Class A common stock withheld related to net share settlement of restricted stock units	(28)	—		(0.3)						(0.3)
Repurchase of Class A common stock	(5,752)	—						(71.1)		(71.1)
Stock-based compensation				10.9

SEC Form 10-Q filed by NerdWallet Inc.