Legalzoom.com, Inc. · NASDAQ:LZ
Legalzoom.com — Investor Presentation (February 2026)
36 slides from Legalzoom.com's investor presentation, February 2026
Slide 1: Investor Presentation
February 2026 Investor Presentation
Slide 2: Forward-looking statements disclaimer
Forward-looking statements disclaimer This presentation contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward- looking statements contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Slide 3: About non-GAAP financial measures; Third party information
About non-GAAP financial measures This presentation includes certain non-GAAP financial measures including Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP net income (loss), non-GAAP net income (loss) margin, non-GAAP gross profit, non-GAAP gross profit margin, certain non-GAAP expenses (including
Slide 4: About LegalZoom
About LegalZoom LEGALZ900M
Slide 5: Our vision and mission
Our vision To be the guardian of people’s aspirations, lives, and legacies Our mission Transforming how people navigate the legal system 5
Slide 6: LegalZoom investment highlights
LegalZoom investment highlights Category Leader in a Large, Fragmented Market Leading online legal services provider with 25 years of trusted execution at scale Efficient Growth Engine with Significant White Space Data-driven customer acquisition model with meaningful greenfield opportunity Sticky,
Slide 7: 2025 at a glance
2025 at a glance (Comparisons YoY) Revenue Subscription Revenue Transaction Revenue $756M $492M $264M +11% +13% +7% Net Income Non-GAAP Net Income(1) Adjusted EBITDA(1) $15M $114M $172M 23% margin -49% +15% +105 bps 7 (1) This is a non-GAAP financial measure. Refer to the Appendix for a reconciliati
Slide 8: Large SAM, significant opportunity
Large SAM(1), significant opportunity Life & Business Planning Business Management Expert Assistance $13B $15B $23B The largest digital formations During and post-business formation, We offer access to experts to help player leveraging our capabilities we offer a set of important services handle the
Slide 9: Leading digital player in a large, fragmented market
Leading digital player in a large, fragmented market We believe LegalZoom is uniquely positioned to lead the digital transformation of the online legal services industry for small businesses Our market Our scale & competitive advantage Little product innovation $51B -61 5.0M Businesses 4.4M 1.9M 1,0
Slide 10: We solve important problems for our customers
We solve important problems for our customers… Entity creation Business compliance Expert help is difficult is complicated feels expensive to navigate and time-consuming and inaccessible 48% 78% 44% 42% 67% 85% Of potential Of potential Of SMBs cite cost Of SMBs with entrepreneurs Of SMBs view Of SM
Slide 11: …through our innovative legal technology platform
Small business services …through our innovative legal technology platform Business Business Legal formation compliance advice Consumer services Tax prep, banking, Estate Legal Real Trademark & IP Business insurance & planning advice estate management(1) websites(2) (1) Services include virtual mail,
Slide 12: Our human-in-the-loop advantage
Our human-in-the-loop advantage Attorneys 1,000+ independent attorney network serving all 50 states IP professionals Trademark and IP support through our owned-law firm Concierge managers White-glove business & compliance services Customer care Live human support for every customer Registered agent
Slide 13: Three key focus areas
Three key focus areas 1 2 3 Optimize our Leverage AI Reorient go-to- subscription to deliver market strategy business expertise 13
Slide 14: Optimize our subscription business
Optimize our subscription business Create scalable solutions that deliver impactful outcomes Focus on premium solutions that cater to high-quality new and existing small businesses Deepen customer engagement and drive higher lifetime value Expanding suite of expert-led Do-It-For- Me customizable off
Slide 15: Reorient go-to-market strategy
Reorient go-to-market strategy Position LegalZoom as the trusted legal brand for small businesses to drive awareness and consideration Investments in brand marketing, balancing new customer acquisition with ROAS efficiency Further leverage partner channel to acquire high-quality small businesses Mar
Slide 16: Reorient go-to-market strategy: strategic partnerships
Reorient go-to-market strategy Driving visibility through strategic partnerships June 2025: Launched a tailored legal support October 2025: LegalZoom’s partners can program for Perplexity Pro users integrate our legal services directly into their own platforms August 2025: Collaboration integrates O
Slide 17: Augmented AI to deliver expertise
Augmented AI to deliver expertise Customer-Centric Augmentation - Access to both AI and our experts provides customers affordable empowerment at scale, with the expertise pure tech platforms can’t match Augmented Legal Expertise - AI empowers our experts to do more, delivering legal services to our
Slide 18: Experienced management team
Experienced management team Jeff Stibel Noel Watson Nicole Miller Aaron Stibel Chief Executive Officer Chief Financial Chief Legal Officer Chief Business & Operating Officer & Customer Officer Sheily Chhabria Panchal Kathy Tsitovich Daniel Lysaught Chief People Officer Chief Corporate Development Ch
Slide 19: Financial update
Financial update LEGALZ900M
Slide 20: FY 2025 snapshot
FY 2025 snapshot Revenue Non-GAAP Gross Profit(1) Adjusted EBITDA(1) +11% YoY $756 +12% YoY $682 $524 $467 +16% YoY $172 $148 FY'24 FY'25 FY'24 FY'25 FY'24 FY'25 % of Revenue(1) % of Revenue(1) 68% 69% 22% 23% (1) This is a non-GAAP financial measure. Refer to the Appendix for a reconciliation of th
Slide 21: Q4 2025 snapshot
Q4 2025 snapshot Revenue Non-GAAP Gross Profit(1) Adjusted EBITDA(1) +18% YoY $190M +18% YoY $162M $135M $115M +13% YoY $50M $44M Q4'24 Q4'25 Q4'24 Q4'25 Q4'24 Q4'25 % of Revenue(1) % of Revenue(1) 71% 71% 27% 26% (1) This is a non-GAAP financial measure. Refer to the Appendix for a reconciliation o
Slide 22: Subscription revenue
Subscription revenue +13% YoY Subscription revenue is primarily comprised of registered agent and compliance packages, attorney $492M advice, virtual mail, bookkeeping, legal forms, and e- signature services. $436M $413M +20% YoY $120M $125M $131M $109M $116M Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2023 2024
Slide 23: Transaction revenue
Transaction revenue Transaction revenue is primarily generated from business formations services as well as other small business and consumer +7% YoY transactions including annual reports, trademark filings, and estate planning solutions. $264M $248M $246M +12% YoY $52M $53M $59M Q4'23 Q4'24 Q4'25 2
Slide 24: Sales & marketing
Sales & marketing(1) Customer Acquisition Media “CAM” $236M Other Sales & Marketing $199M $196M 60M 54M 38M 176M 158M $56M 145M $43M $44M 16M 10M 8M 33M 36M 40M Q4'23 Q4'24 Q4'25 2023 2024 2025 % of Revenue % of Revenue Total Sales & Marketing 27% 27% 30% 30% 29% 31% CAM 21% 22% 21% 22% 23% 23% Othe
Slide 25: Non-GAAP expenses
Non-GAAP expenses(1) Cost of Revenue $584M Sales & Marketing $542M $534M Technology & Development 58M 60M 60M 58M General & Administrative 60M 62M 236M 199M 196M $125M $140M 15M $118M 15M 13M 14M 222M 215M 232M 43M 16M 13M 56M 44M 51M 47M 55M Q4'23 Q4'24 Q4'25 2023 2024 2025 % of Revenue % of Revenu
Slide 26: Q1 and FY 2026 guidance
Q1 and FY 2026 guidance(1) Q1 2026 FY 2026 FY 2026 Guidance Commentary Revenue growth of approximately 8% YoY Total Revenue Total Revenue - Acceleration vs. organic growth of 3% YoY in FY 2025 - Driven by quality customer acquisition and higher-value $200M - $203M $805M - $825M offerings Adj. EBITDA
Slide 27: Appendix
Appendix LEGALZ900M
Slide 28: Reconciliation of GAAP expenses to non-GAAP expenses
Reconciliation of GAAP expenses to non-GAAP expenses FYE Dec 31, $K 2023 2024 2025 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Cost of revenue $239,263 $240,093 $257,960 $55,907 $68,384 $63,609 $54,715 $53,385 $66,560 $67,398 $62,271 $61,731 Stock-based compensation 4,318 5,833 5,538 1,224
Slide 29: Reconciliation of GAAP expenses to non-GAAP expenses on a % of revenue basis
Reconciliation of GAAP expenses to non-GAAP expenses on a % of revenue basis FYE Dec 31, $K 2023 2024 2025 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Cost of revenue 36% 35% 34% 35% 39% 36% 32% 33% 36% 35% 33% 32% Stock-based compensation 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% Depreciation a
Slide 30: Reconciliation of GAAP expenses to non-GAAP expenses on a year-over-year % basis
Reconciliation of GAAP expenses to non-GAAP expenses on a year-over-year % basis FYE Dec 31, $K 2023 2024 2025 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Cost of revenue 13% 0% 7% 18% 13% (0%) (8%) (5%) (3%) 6% 14% 16% Stock-based compensation 47% 35% (5%) 69% 82% 58% 4% 8% (21%) (15%) 22
Slide 31: Reconciliation of GAAP gross profit to non-GAAP gross profit
Reconciliation of GAAP gross profit to non-GAAP gross profit FYE Dec 31, $K 2023 2024 2025 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Gross profit $421,464 $441,788 $498,083 $102,756 $105,830 $113,753 $113,884 $108,321 $116,550 $125,111 $127,887 $128,535 Cost of revenue stock-based compen
Slide 32: Reconciliation of GAAP net income (loss) to Adjusted EBITDA
Reconciliation of GAAP net income (loss) to Adjusted EBITDA FYE Dec 31, $K 2023 2024 2025 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Net income (loss) $13,953 $29,963 $15,427 $7,382 $4,744 $1,314 $11,051 $12,854 $5,127 ($266) $4,509 $6,058 Interest (income) expense, net (8,814) (7,404) (6
Slide 33: Reconciliation of GAAP net income (loss) to non-GAAP net income (loss)
Reconciliation of GAAP net income (loss) to non-GAAP net income (loss) FYE Dec 31, $K 2023 2024 2025 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Net income (loss) $13,953 $29,963 $15,427 $7,382 $4,744 $1,314 $11,051 $12,854 $5,127 ($266) $4,509 $6,058 Amortization of acquired intangible as
Slide 34: Reconciliation of net cash provided by operating activities to free cash flow
Reconciliation of net cash provided by operating activities to free cash flow FYE Dec 31, $K 2023 2024 2025 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Net cash provided by operating activities $124,308 $135,639 $178,197 $22,495 $34,194 $27,245 $31,613 $42,586 $50,703 $39,139 $54,226 $34,1
Slide 35: Reconciliation of total revenue to non-GAAP organic revenue
Reconciliation of total revenue to non-GAAP organic revenue FYE Dec 31, $K 2024 2025 Total Revenue $681,881 $756,043 Formation Nation Revenue — 51,401 Non-GAAP Organic Revenue(1) 681,881 704,642 YoY % of GAAP Revenue — 11% YoY % of Non-GAAP Organic Revenue(1) — 3% (1) We define non-GAAP organic reve
Slide 36: LEGALZ900M
LEGALZ900M
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