Marketwise, Inc. · NASDAQ:MKTW
Marketwise — Q2 2026 Earnings Presentation
31 slides from Marketwise's earnings presentation, Sep 24, 2026
Slide 1: MarketWise, Inc. Investor Presentation | September 2026
M A R K E T W I S E , I N C . ( N A S D A Q : M K T W ) Investor Presentation | September 2026
Slide 2: Important Information
IMPORTANT INFORMATION: This presentation is for informational purposes. These materials are subject to change or amendment from time to time without notice and Marketwise is not under any obligation to keep you advised of such changes. The materials are not intended as an offer or solicitation with
Slide 3: Contents
CONTENTS 01 About MarketWise 02 2Q 2026 Financial Performance 03 Operational Metrics 04 Balance Sheet, Capital Structure, & Capital Allocation 05 Appendix
Slide 4: About MarketWise
About MarketWise Background | Investment Thesis | Content | Brands
Slide 5: About MarketWise
ABOUT MARKETWISE • Mission: To Empower, Educate, and Enrich self-directed investors. • Founded: 1999 • Products: Multi-brand platform providing premium investment research and software tools for investors. • Community: Serves a community of millions of free and paid subscribers.
Slide 6: MarketWise Investment Thesis
1. Massive Market Opportunity…. Large and growing market with secular tailwinds. 2. Robust Ecosystem… Over 2.5 million subscribers and 100+ research and software products. 3. Asset-lite Business Model… Strong recurring revenue stream and minimal CAPEX. 4. Meaningful Scale… T4Q Billings2 of $315M and
Slide 7: Premium Subscription Content, Software & Tools
PREMIUM SUBSCRIPTION CONTENT, SOFTWARE & TOOLS SOFTWARE & TOOLSACTIONABLE IDEAS
Slide 8: Our Customer-Facing Brands
OUR CUSTOMER-FACING BRANDS * CHAIKIN" i Se ae ANALYTICS Altimetry POWERED BY VALENS RESEARCH JEFF CLARK BTRAvESMiTH. AX PRADER WS INVESTORPLACE BROWNSTONE Wh OPPORTUNISTIC *RESEARCH: TRADER
Slide 9: Diverse, Actionable & Affordable Content
Diverse, Actionable & Affordable Content
Slide 10: 2Q 2026 Financial Performance
2Q 2026 Financial Performance Highlights | Billings & Revenue | Profitability & Cash Flow | Quarterly Financials
Slide 11: 2Q '26 Summary
2Q ’26 SUMMARY Strong 2Q Billings enabled significant investment in customer acquisition as we position for growth and margin expansion 2Q ’26 BILLINGS $91.2M [Highest since 4Q 2023] 2Q ’26 CFFO $22.4M [vs. $17.8M in 2Q '25] 2Q BILLINGS YoY +57% [vs. Prior Year Quarter] DIVIDENDS/SHARE $0.45 ~10% TT
Slide 12: Billings and GAAP Net Revenue Trends
BILLINGS and GAAP NET REVENUE TRENDS GAAP NET REVENUE BY QUARTER 3Q ‘25 $81M 4Q ‘25 $83M 1Q ‘26 $77M 2Q ‘26 $76M TTM 2Q ‘26 $318M 49 55 70 58 64 79 81 91 3Q 4Q 1Q 2Q Quarterly Cash Billings ($M) Prior 4Qs Most Recent 4Qs • Note: Billings tend to lead GAAP Net Revenue by 12-24 months, on average, and
Slide 13: Relationship Between Billings and GAAP Net Revenue
RELATIONSHIP BETWEEN BILLINGS AND GAAP NET REVENUE S T R A T E G I C C O N T E X T • Billings (cash received by customers) is a leading indicator. • Billings tend to lead GAAP revenue recognition by 12-24 months, on average. • Strong Billings is leading indicator for GAAP revenue growth. • Net Reven
Slide 14: Cash from Operating Activities
CASH FROM OPERATING ACTIVITIES S T R A T E G I C C O N T E X T • The Company continues to generate strong Cash from Operating Activities (CFFO). • Quarterly CFFO is primarily impacted by the timing of product launches, marketing campaigns, and discrete working capital items. • CFFO is seasonally hig
Slide 15: Quarterly Financial Summary
QUARTERLY FINANCIAL SUMMARY | 2Q ‘26 vs. Prior Quarters ($M) 3Q ‘25 4Q ‘25 1Q ‘26 2Q ‘26 GAAP Net Revenue $81.3 $83.3 $77.0 $75.8 Billings/Net Sales $63.7 $78.9 $81.4 $91.2 GAAP Net Income $17.9 $14.0 -$0.6 -$2.6 CFFO $2.2 $24.2 -$2.1 $22.4 Billings YoY Growth +30% +42% +15% +57% Paid Subscribers (K
Slide 16: Operational Metrics
Operational Metrics Subscribers| Composition | ARPU & Revenue Quality | Net Revenue Retention
Slide 17: Subscriber Metrics
SUBSCRIBER METRICS 394 379 374 381 400 2Q '25 3Q '25 4Q '25 1Q '26 2Q '26 Paid Subscriber Trajectory (000s) S T R A T E G I C C O N T E X T • Increase in Paid Subscribers due to increased investment in customer acquisition in the first half of 2026. • We intend to scale back marketing investment in
Slide 18: ARPU & Revenue Quality
ARPU & REVENUE QUALITY 474 566 670 738 822 2Q '25 3Q '25 4Q '25 1Q '26 2Q '26 ARPU Per Quarter ($) R E V E N U E Q U A L I T Y 2Q ‘26 ARPU $822 +73% vs LY 2Q ‘26 Membership Subscribers to Total Paid List 46% vs 47% at 2Q ‘25 2025 Net Revenue Retention 91% vs 53% in 2024
Slide 19: Subscriber Composition
SUBSCRIBER COMPOSITION S T R A T E G I C C O N T E X T • Positive mix shift between 2023 to 2026 • ~ 61% of customers have LTV > $500 • ARPU increase due to higher prices and better conversions
Slide 20: Net Revenue Retention
Net Revenue Retention YoY 96% 85% 85% 113% 96% 51% 69% 53% 91% 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net Revenue Retention % K e y T a k e a w a y s Note: Net Revenue Retention calculated as total Billings in current year from Subscribers existing at beginning of year divided by total Billing
Slide 21: Durable Monetization of Customer Cohorts
Durable Monetization of Customer Cohorts • 2025 NRR% of 91% represents a return to pre-covid rates • Indicates that current subscriber base is “sticky” and making multiple purchases over their lifetime • NRR declined in 2022-2024 due to declines from the covid peak and internal restructurings 1. “St
Slide 22: Balance Sheet, Capital Structure, & Capital Allocation
Balance Sheet, Capital Structure, & Capital Allocati0n
Slide 23: Balance Sheet & Liquidity
BALANCE SHEET & LIQUIDITY As of June 30, 2026 CASH & EQUIVALENTS $32.9M TOTAL DEBT $0 FY 2026 ESTIMATED TAX DISTRIBUTIONS ~$40M 1H: $32M | 2H: $8M TOTAL ASSETS $185.9M GAAP Consolidated S T R A T E G I C C O N T E X T • Cash balances + CFFO provides strong liquidity profile • Tax distributions arise
Slide 24: Capital Structure
TYPE SHARES OWNERSHIP Class A Shares (publicly traded) 2.7 17% Class B Shares (noncontrolling interest) 13.0 83% Total 15.7 100.0% Share Price as of June 30, 2026 $17.84 Market Cap as of June 30, 2026 $280M1 Capital Structure As of June 30, 2026 (in millions, except per share data) 1. Note that Clas
Slide 25: Illustration of Up-C Corporate Structure & Funds Flow
ILLUSTRATION OF “UP-C” CORPORATE STRUCTURE & FUNDS FLOW MarketWise Inc. (NASDAQ: MKTW) Class A (public shares) MarketWise LLC (operating companies) Class B (non-controlling interest) 17% 83% Dividends Tax Distributions Tax Distributions Dividends Economic Split: - 17% Class A (public shares) - 83% C
Slide 26: Capital Allocation & Shareholder Returns
CAPITAL ALLOCATION & SHAREHOLDER RETURNS D I V I D E N D S $0.45/share B U Y B A C K S $50M Program Share repurchase program initiated in early 2025 at a price of up to $20/share: - $3M shares repurchased in FY 2025; - $12M buyback in April 2026 represented ~3% of shares; 2Q ‘26 buyback activity of
Slide 27: Capital Allocation - Dividend History
CAPITAL ALLOCATION- DIVIDEND HISTORY1 1. Dividends prior to the 1-for-20 reverse stock split in April 2025 have been split-adjusted. Q1 2025 included a special dividend of $0.60. FY 2026 Dividend Target of $1.80 per Class A Share.
Slide 28: Appendix
M A R K E T W I S E Appendix CONFIDENTIAL | February 2026
Slide 29: Income Statement (2Q '26)
Income Statement (2Q ’26)1 29 1. Quarterly results are unaudited ($ in 000's) 2Q '25 2Q '26 % Variance Total Revenue 79,950 75,808 -5% Operating Expenses Cost of Revenue 10,950 11,112 1% Sales and Marketing 31,626 42,815 35% General and Administrative 19,744 22,693 15% Research and Development 2,141
Slide 30: Balance Sheet (as of June 30, 2026)
Balance Sheet (as of June 30, 2026) 30 ($ in 000's) Dec 31, 2025 Jun 30, 2026 ($ in 000's) Dec 31, 2025 Jun 30, 2026 Assets Liabilities and Stockholders' Deficit Current Assets Current Liabilities Cash and Cash Equivalents 70,140 32,914 Trade and Other Payables 3,868 7,023 Accounts Receivable 5,722
Slide 31: Non-GAAP Reconciliation – Adj. CFFO & Free Cash Flow
Non-GAAP Reconciliation – Adj. CFFO & Free Cash Flow 31 1.Represents separation pay for four members of our executive team including our CEO. ($ in 000's) 2023 2024 2025 2Q '25 2Q '26 Net Cash Provided/(Used) by Operating Activities 62,428 (22,150) 45,958 17,842 22,421 Plus: Non-Recurring Expenses 1