Slide 1: Earnings Presentation Q2 2027
Earnings Presentation Q2 2027
Slide 2: Disclaimer
Disclaimer Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements that involve substantial risks and uncertainties. All statements contained in this presentation other than statements of historical fact, including statements regarding our future op
Slide 3: Q2 2027 Business Update
Q2 2027 Business Update C2026-TD Expanded Availability of Wealthfront Home Lending Launched general availability of Wealthfront Home Lending in Texas in early May and California in Cross-Product early August Adoption Incentive C2025 Cash Category Goals & Recurring Cash-to- Enhanced the Digital Exper
Slide 4: Total Platform Assets (in $ B)
Total Platform Assets • Month-end Total Investment Advisory Platform Assets of Cash Management $99.0 billion were up (in $ B) 12% year-over-year (YoY). This included trailing twelve-month net deposits of $2.8 billion. +12% • Investment Advisory $96.6 $99.0 Assets of $54.1 billion $92.8 $94.1 were up
Slide 5: Total Net Deposits (in $ B)
Total Net Deposits • Wealthfront generated $1.1 billion in net inflows across the platform in Q2 (in $ B) 2027 driven by Investment Advisory net inflows of $1.1 billion, partially offset by Cash Management net withdrawals of $26 million. $3.7 $1.6 $1.1 $0.6 $(0.4) Q2’26 Q3’26 Q4’26 Q1’27 Q2’27 Note:
Slide 6: Total Funded Accounts & Funded Clients (in 000s)
Total Funded Accounts & • Funded accounts ended Ending Total Funded Accounts the quarter at 1.97 million, Ending Total Funded up 15% YoY, with funded Funded Clients (in 000s) +15% Clients clients of roughly 1.51 million, up 14% YoY, reflecting 1.3 funded 1,968 accounts per funded client. 1,900 • Q2
Slide 7: Total Revenue & Gross Profit (in $ M)
Total Revenue & Gross profit margin Cost of Revenue Adjusted Operating Gross Profit (in $ M) Gross profit Expenses (in $ M) +1% $91.1 $93.2 $96.1 $91.9 $90.5 $86.6 $81.5 $83.0 $80.5 $81.1 +17% (1)% $53.7 $57.1 $58.0 $58.7 89% 89% 90% 89% $50.3 88% Q2’26 Q3’26 Q4’26 Q1’27 Q2’27 Q2’26 Q3’26 Q4’26 Q1’2
Slide 8: Adj. EBITDA (in $ M) & Adj. EBITDA Margin (in %)
Adj. EBITDA (in $ M) Adjusted EBITDA margin GAAP Diluted GAAP Diluted EPS Adjusted EBITDA GAAP Diluted net & Adj. EBITDA Margin (in %) Net Income (Loss) (in $ M) income (loss) & GAAP Diluted EPS (in $) $44.8 $43.8 $44.2 $34.7 $30.6 (15)% $12.8 $17.6 $37.5 $38.1 $0.21 $0.24 $0.07 $0.10 49% 47% 46% 41
Slide 9: Rule of 40 and Adjusted Free Cash Flow
Rule of 40 Revenue growth (in ppt) Adjusted Free Cash Flow ($ M) Adjusted free cash flow (in Percentage Points) Adjusted EBITDA margin (in ppt) Adjusted Free Cash Flow conversion Adjusted free cash flow Conversion (in %) 67 $42.7 63 62 $38.8 $39.5 18 16 $34.2 114% 16 49 $28.3 7 42 1 90% LTM FCF 87%
Slide 10: Corporate Liquidity (in $ M)
Corporate Liquidity Revolving credit facility (untapped) • Repurchased approximately $30 million of shares in the open market during Q2 2027. (in $ M) Corporate cash & cash equivalents • Ended the quarter at $453 million in corporate cash & cash equivalents. $690.8 $678.2 $703.3 CAPITAL PRIORITIES $
Slide 11: Appendix
Appendix
Slide 12: Income Statement
Income Statement (in $ thousands excluding EPS and shares) Q2’26 Q3’26 Q4’26 Q1’27 Q2’27 Revenue: Cash management 68,873 68,812 69,749 63,381 61,758 Investment advisory 22,040 24,182 25,803 26,244 28,804 Other revenue 210 226 584 859 1,312 Total revenue 91,123 93,220 96,136 90,484 91,874 Costs and o
Slide 13: Gross Profit
Gross Profit (in $ thousands unless otherwise noted) Q2’26 Q3’26 Q4’26 Q1’27 Q2’27 Total revenue 91,123 93,220 96,136 90,484 91,874 Less: Cost of revenue 9,587 10,178 9,574 9,964 10,764 Gross profit 81,536 83,042 86,562 80,520 81,110 Gross profit margin (in %) 89 % 89 % 90 % 89 % 88 % 13
Slide 14: Non-GAAP Reconciliation: Adjusted Free Cash Flow
Non-GAAP Reconciliation: Adjusted Free Cash Flow (in $ thousands unless otherwise noted) Q2’26 Q3’26 Q4’26 Q1’27 Q2’27 Net cash provided by operating activities 38,924 41,478 33,306 22,683 47,310 Divided by: Net income 34,741 30,901 (133,655) 12,834 17,751 Operating cash flow conversion 112 % 134 %
Slide 15: Non-GAAP Reconciliation: Expense Detail
Non-GAAP Reconciliation: Expense Detail (in $ thousands unless otherwise noted) Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 GAAP operating expenses 51,843 61,784 310,656 75,936 75,087 Less: Stock-based compensation expense 1,571 8,088 248,288 17,053 16,433 Less: Employer payroll taxes on IPO-triggered vesting of
Slide 16: Non-GAAP Reconciliation: Adjusted EBITDA
Non-GAAP Reconciliation: Adjusted EBITDA (in $ thousands unless otherwise noted) Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 Net income (loss) 34,741 30,901 (133,655) 12,834 17,751 Net margin (in %) 38 % 33 % (139)% 14 % 19 % Add: Interest expense 99 217 508 252 255 Provision for (benefit from) income taxes 5,130
Slide 17: Key Business Metrics (1 of 2)
Key Business Metrics (1 of 2) (in $ millions unless otherwise noted) Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 Platform assets $ 88,175 $ 92,821 $ 94,106 $ 96,600 $ 98,990 Cash management 46,579 47,011 45,360 44,883 44,857 Investment advisory 41,596 45,811 48,745 51,718 54,133 Net deposits $ 3,662 $ 1,568 $ (36
Slide 18: Key Business Metrics (2 of 2)
Key Business Metrics (2 of 2) (in $ millions unless otherwise noted) Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 Cash management assets (off-balance sheet), beginning of the period 43,774 46,579 47,011 45,360 44,883 Cash management assets (off-balance sheet), end of the period 46,579 47,011 45,360 44,883 44,857 A
Slide 19: Illustrative GAAP Diluted Weighted-Average Shares Outstanding Sensitivity
Illustrative GAAP Diluted Weighted-Average Shares Outstanding Sensitivity Illustrative for F2Q27 Assumed Average Share Price (shares in millions) $10.00 173.8 NOTE: The GAAP diluted weighted-average shares outstanding and ACTUAL $10.20 174.1 assumed share prices provided in this table are being prov
Slide 20: Definitions
Definitions Key Business Metrics Platform assets: We define “platform assets” as the total value of financial assets held by clients in their accounts as of a stated date on our platform. Net deposits and changes in value attributable to financial market performance are included in the change in pla