NERDWALLET, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data NERDWALLET, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	228	245	380	539	599	688	837
Cost of revenue	16.1	21.3	28.5	39.8	54	63.5	63.7
Gross profit	212	224	351	499	545	624	773
Research and development	46	50.9	62.2	77.6	80.5	82.5	66.7
Selling and marketing	116	144	271	376	402	471	585
General and administrative	22.2	28	38.5	58.2	59.8	61.6	56.3
Operating income	28.4	1.9	-39	-19	3.6	9.4	65.2
Interest expense	1.1	1.1	1.3	2.5	0.8	0.7	0.6
Interest income	1.1	0.2	0	1.5	3.6	4.8	3.2
Other non-operating income	-0.5	-1	1.3	-1	2.7	-4.4	3
Pre-tax income	27.9	0.9	-37.7	-20	6.3	5	68.2
Income tax	3.7	-4.4	4.8	-9.8	18.1	-25.4	19.5
Net income	24.2	5.3	-42.5	-10.2	-11.8	30.4	48.7
EBITDA	37.8	17	-11.9	18	51.8	57.8	112
EPS, basic	0.57	0.12	-0.82	-0.14	-0.15	0.40	0.66
EPS, diluted	0.45	0.09	-0.82	-0.14	-0.15	0.38	0.64
Shares, basic (weighted)	42.1	44.3	51.9	70.6	76.7	76.5	74.3
Shares, diluted (weighted)	54.3	56.3	51.9	70.6	76.7	78.9	75.9

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	67.6	83.4	168	83.9	100	66.3	98.3
Receivables		37.3	57.6	87	75.5	102	111
Other current assets		0.1	0.4	0.1	1.4	1.7	0.4
Total current assets		129	243	189	198	197	245
Property, plant and equipment		27.7	34.9	49.1	52.6	43	31.8
Lease right-of-use assets		14	13.9	11.3	7.2	5.3	7.1
Goodwill	0.3	43.8	43.8	111	112	112	124
Intangible assets		35.6	27.6	64.1	46.9	33.3	21.5
Other non-current assets		0.6	1.1	0.8	2	1.3	3.1
Total assets		255	364	426	419	438	461
Accounts payable		5.4	3.2	3.6	1.7	8.9	5.4
Deferred revenue				0	4.1	0.2
Total current liabilities		24	65.8	72.4	37.3	60.1	70.9
Long-term debt		30.2	0
Lease liabilities		7.4	12.7	9.6	6.2	4.1	6.1
Other non-current liabilities		11.5	16.5	11.6	14.4	13.3	15.7
Total liabilities		104	107	84	51.7	73.4	86.6
Total debt		30.2	0
Paid-in capital		99.8	332	427	484	531	563
Retained earnings		-17.7	-74.5	-84.7	-117	-167	-188
Treasury stock		0	0
Other comprehensive income		0.6	0.5	-0.9	-0.3	-0.2	0.1
Shareholders' equity	8	82.7	258	342	367	364	375
Total equity	8	82.7	258	342	367	364	375
Total liabilities and equity		255	364	426	419	438	461
Shares outstanding		48.9	66.7	75.1	76.9	74.1	71.3

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	24.2	5.3	-42.5	-10.2	-11.8	30.4	48.7
Depreciation and amortization	9.4	15.1	27.1	37	48.2	48.4	46.4
Stock-based compensation	5	6.4	17.9	34.4	38.8	37.7	28.6
Deferred income tax	2	-4.6	4.1	-13.8	-0.5	-46.1	16
Change in receivables	-12.9	1	-20.2	-18.7	10.7	-27	-9.4
Change in payables	-0.3	3.6	-2.2	-5.6	-1.8	6.6	-3.6
Cash from operations	31.4	15.4	7.2	25	72.1	71.8	132
Capital expenditures	-0.7	-1.3	-2.3	-4.6	-0.7	-0.6	-1.3
Acquisitions	0	-36.7	0	-68.1	0	-0.3	-13.1
Purchases of investments				0	0	-8.1	-2
Cash from investing	-14.8	-55.4	-23	-100	-29.5	-29.7	-33.3
Stock issued	0	54.3	0	0	10.2	6.3	1.1
Share buybacks					-20	-80.1	-70.2
Cash from financing	-1.4	55.7	100	-8.4	-26.2	-76.5	-66.1
Exchange rate effect	0	0.1	0	-0.2	0.1	0.3	-0.2
Net change in cash	15.2	15.8	84.4	-83.9	16.5	-34.1	32
Free cash flow	30.7	14.1	4.9	20.4	71.4	71.2	130
Interest paid	1.5	1.4	2.5	1.9	0.3	0.3	0.3
Income taxes paid	1.5	1.2	0.3	4	13.5	16	15.1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $8.50 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	93.5%	Gross profit / revenue.
Operating margin	10.2%	Operating income / revenue.
EBITDA margin	14.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	10.5%	Pre-tax income / revenue.
Net margin	7.6%	Net income / revenue.
FCF margin	19.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	19.1%	Cash from operations / revenue.
Effective tax rate	28.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	20.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	15.6%	Net income / average total assets.
Return on invested capital (ROIC)	23.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	7.7%	Research and development expense / revenue.
Stock-based pay / revenue	3.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.1%	Capital expenditures / revenue.
D&A / revenue	4.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	21.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	15.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	27.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	23.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	15.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	28.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	593.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 5y	102.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	93.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	83.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	45.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	60.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	55.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	68.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	48.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	83.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	74.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	53.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	83.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	85.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	56.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	2.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	3.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	35.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	12.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	6.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.62x	Current assets / current liabilities.
Quick ratio	2.28x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.81x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	22.1%	Total liabilities / total assets.
Interest coverage	147x	Operating income / interest expense.
Working capital	$124.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	37.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$170.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	2.06x	Revenue / average total assets.
Fixed asset turnover	29.6x	Revenue / average property, plant and equipment.
Receivables turnover	7.57x	Revenue / average receivables.
Days sales outstanding	48 days	365 x average receivables / revenue.
Days payables	83 days	365 x average accounts payable / cost of revenue.
FCF conversion	251.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	0.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.99	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$13.07	Revenue / diluted weighted shares.
FCF per share	$2.48	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.50	Cash from operations / diluted weighted shares.
Book value per share	$5.10	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.67	Tangible book value / shares outstanding.
Cash per share	$0.97	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	97.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$543.3M	Share price x shares outstanding.
Enterprise value	$481.3M	Market cap + total debt - cash - short-term investments.
P/E	8.36x	Market cap / net income. Only when net income is positive.
P/S	0.63x	Market cap / revenue.
P/B	1.67x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.19x	Market cap / tangible book value, when positive.
P/FCF	3.33x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	3.31x	Market cap / cash from operations, when positive.
EV/Sales	0.56x	Enterprise value / revenue.
EV/EBIT	5.47x	Enterprise value / operating income, when both are positive.
EV/EBITDA	3.76x	Enterprise value / EBITDA, when both are positive.
EV/FCF	2.95x	Enterprise value / free cash flow, when both are positive.
FCF yield	30.1%	Free cash flow / market cap.
Earnings yield	12.0%	Net income / market cap (the inverse of P/E).
Shareholder yield	29.2%	(Dividends paid + share buybacks) / market cap.

What was NERDWALLET, INC.'s revenue in fiscal 2025?

NERDWALLET, INC. reported revenue of $836.6M for fiscal 2025, 21.7% higher than the year before.

Was NERDWALLET, INC. profitable in fiscal 2025?

Yes. Net income was $48.7M, a net margin of 5.8%.

How much free cash flow did NERDWALLET, INC. generate in fiscal 2025?

Cash from operations of $131.6M minus capital expenditures of $1.3M left free cash flow of $130.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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