Slide 1: Q2 2026 Shareholder Letter
Q2 2026 Shareholder Letter NI nerdwallet
Slide 2: Expanded our personal loans marketplace
Expanded our personal loans marketplace, enabling us to deliver more offers and provide meaningfully better credit outcomes for near-prime consumers NerdWallet Insurance Experts, our in-house agency, nearly doubled policies sold quarter-over-quarter, effectively deepening our carrier and consumer re
Slide 3: Q2'26 key financial metrics
Q2'26 $197M 6% of revenue delivered year-over-year revenue growth driven by Consumer products partially offset by decline in SMB products revenue $12M 6% non-GAAP operating income non-GAAP operating income delivered while strategically margin investing in our product vision and our nerds $141M $62M
Slide 4: Fellow Shareholders
AUGUST 6, 2026 Fellow Shareholders, We reported revenue of $197 million for the second quarter, up 6% year-over-year. Non-GAAP operating income (NGOI) of $12 million was above the midpoint of our guidance range. We are in the middle of an AI transition that is changing how people get answers to thei
Slide 5: Q2 2026 Business Highlights
Product improvements unlocked significant volume growth in recent quarters, helping to drive the $12 million year-over-year increase in personal loans revenue we delivered in the second quarter. Between our continued business momentum and robust innovation pipeline, I see a lot of opportunity to fur
Slide 6: Q2 2026 Financial Update
Q2 2026 FINANCIAL UPDATE • Revenue of $197 million was up 6% year-over-year, with an 8% year-over-year increase in Consumer revenue to $175 million partially offset by an 11% year-over-year decline in SMB revenue to $22 million. • Non-GAAP operating income was $12 million at a 6% margin, down from N
Slide 7: Financial Highlights
Financial Highlights
Slide 8: Q2 2026 Results: Summary Financial Results
Q2 2026 RESULTS SUMMARY FINANCIAL RESULTS THREE MONTHS ENDED YEAR VS. (IN MILLIONS, EXCEPT PER SHARE AMOUNTS) JUN 30, 2026 JUN 30, 2025 YEAR Revenue $ 197.3 $ 186.9 6% Consumer 1 175.2 161.9 8% SMB products 2 22.1 25.0 (11%) Income from operations $ 7.0 $ 10.7 (35%) Net income $ 4.3 $ 8.2 (48%) Net
Slide 9: Q2 2026 Results: Financial Highlights
Q2 2026 RESULTS FINANCIAL HIGHLIGHTS Q2 revenue grew 6% year-over-year to REVENUE ($ MILLIONS) $197 million driven by an increase in Consumer revenue, partially offset by a decrease in SMB products revenue. 225.4 215.1 222.2 197.3 186.9 Consumer revenue consists of revenue from financial products an
Slide 10: Operating Expenses
OPERATING EXPENSES ($ MILLIONS) Q2'25 Q2'26 % CHANGE Cost of revenue $ 16.6 $ 13.4 (19%) Research & development 17.9 17.5 (2%) Sales & marketing 128.0 145.4 14% General & administrative 13.7 14.0 1% Total costs & expenses $ 176.2 $ 190.3 8% COST OF REVENUE COST OF REVENUE AS % OF REVENUE Cost of rev
Slide 11: Operating Expenses: Sales & Marketing
OPERATING EXPENSES SALES & MARKETING SALES & MARKETING Sales & marketing expense increased AS % OF REVENUE 14% year-over-year and was 5 points 73% higher as a percentage of our revenue. 68% OTHER Sales & marketing expense was MARKETING comprised of $116 million in Performance marketing and $29 milli
Slide 12: Operating Expenses: G&A; Balance Sheet, Liquidity & Capital Allocation
OPERATING EXPENSES GENERAL & ADMINISTRATIVE GENERAL & ADMINISTRATIVE General & administrative expenses increased AS % OF REVENUE 1% year-over-year and remained flat as a 7% 7% percentage of our revenue. We are leveraging technology to increase administrative efficiency, even as our business becomes
Slide 13: Financial Outlook
FINANCIAL OUTLOOK Q3 revenue: $244-$260 million; representing a 17% increase year-over-year at the midpoint Q3 GAAP operating income: $22-$30 million Q3 non-GAAP operating income: $29-$37 million Q3 adjusted EBITDA: $39-$47 million We are adjusting our 2026 annual GAAP operating income expectations
Slide 14: Appendix
Appendix
Slide 15: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This letter to shareholders 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 letter are forward- looking, including, but not limited t
Slide 16: Condensed Consolidated Statements of Operations
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS UNAUDITED THREE MONTHS ENDED (IN MILLIONS, EXCEPT PER SHARE AMOUNTS) JUN 30, 2026 JUN 30, 2025 % CHANGE Revenue $ 197.3 $ 186.9 6% Costs and Expenses: Cost of revenue 13.4 16.6 (19%) Research and development 17.5 17.9 (2%) Sales and marketing 145.4 128
Slide 17: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES We use non-GAAP operating income (loss), adjusted EBITDA and adjusted free cash flow in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the e
Slide 18: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES Adjusted free cash flow: We define free cash flow as net cash provided by operating activities less capitalized software development costs and purchases of property and equipment, adjusted for any net borrowing or repayment on our warehouse line of credit. Our warehouse l
Slide 19: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES We compensate for the limitations on the prior pages by reconciling non-GAAP operating income to income from operations, adjusted EBITDA to net income, and adjusted free cash flow to net cash provided by operating activities, the most comparable respective GAAP financial
Slide 20: Condensed Consolidated Balance Sheets
CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED (IN MILLIONS) JUN 30, 2026 DEC 31, 2025 Assets Current assets: Cash and cash equivalents $ 62.0 $ 98.3 Accounts receivable—net 113.6 111.0 Prepaid expenses and other current assets 25.7 35.4 Total current assets 201.3 244.7 Property, equipment and soft
Slide 21: Condensed Consolidated Statements of Cash Flows
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED SIX MONTHS ENDED JUNE 30, 2026 (IN MILLIONS) 2026 2025 Operating Activities: Net income $ 24.7 $ 8.4 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 19.0 25.3 Stock-based compens
Slide 22: NerdWallet
Wi nerdwallet