NerdWallet Forecasts Fourth-Quarter Revenue of $191 Million to $203 Million, Down 13%

Key Facts

NerdWallet reported results on November 5, 2026, for the third quarter ended September 30 and forecast fourth-quarter revenue of $191 million to $203 million, down 13% year over year at the midpoint. The guidance followed third-quarter revenue of $239.6 million, up 11% from the same period last year. However, quarterly revenue fell below the range the company had previously set for the quarter, while the fourth-quarter forecast points to another year-over-year decline. The figures put the revenue trajectory against shrinking profitability in the quarter ended. The company held an earnings call on the day of the announcement.

Third-quarter revenue was $239.6 million, compared with $215.1 million a year earlier and $197.3 million in the second quarter of 2026. The company’s prior guidance for the quarter ranged from $244 million to $260 million, with expected year-over-year growth of 17% at the midpoint. Consumer revenue was $214.5 million, up 12% year over year, while small and midsize business revenue was $25.1 million, up 6%. In the first nine months of the year, revenue rose 8% to $659.1 million, and net income increased 14% to $39.6 million compared with the same period in 2025. The quarterly results show mixed performance across the platform’s segments and profit measures.

The company attributed part of consumer revenue growth to year-over-year increases of $25 million in student loans, $13.3 million in personal loans and $8.6 million in deposit accounts. It said student loan revenue benefited from changes to federal borrowing limits, the summer lending season and the integration of recently acquired College Finance. Expansion in the personal loan market and higher partner budgets also contributed to growth in some categories. By contrast, revenue from auto insurance products fell $17.4 million because of a decline in lead volume, the company said. In the small and midsize business segment, growth in business loan originations offset pressure on visits from organic search.

Despite revenue growth, operating income under generally accepted accounting principles (GAAP) fell 44% to $19.4 million, and net income declined 43% to $14.9 million. Non-GAAP operating income dropped 27% to $30.4 million, while adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) fell 26% to $39.8 million. Diluted earnings per share declined 32% to $0.23, from $0.34 a year earlier. Meanwhile, total costs and expenses rose 22% to $220.2 million, and sales and marketing expenses increased 28% to $173.2 million. The increase in marketing spending coincided with lower profitability measures for the quarter.

The chief executive said the auto insurance carrier network remains at an early stage and that the company “had been overly optimistic about the timing of partnerships.” He added that insurance dynamics would continue to affect results through year-end. Management linked these pressures to weaker lead volume in auto insurance products, while saying that building the distribution network and partnerships takes time. Before reporting third-quarter results, the company had forecast a fivefold increase in vertical integration investments in 2026 compared with 2025. Its annual guidance for non-GAAP operating income includes a negative impact of $15 million to $20 million from those investments.

Alongside its revenue forecast, NerdWallet set fourth-quarter GAAP operating income at $2 million to $8 million and non-GAAP operating income at $9 million to $15 million. It also forecast adjusted EBITDA of $19 million to $25 million for the same period. The company revised its 2026 annual forecast to GAAP operating income of $56 million to $62 million, non-GAAP operating income of $85 million to $91 million and adjusted EBITDA of $127 million to $133 million. Cash and cash equivalents totaled $73.5 million at the end of September, down 39% year over year. NRDS shares closed at $11.43 in the November 5 session; Investing.com also reported that analysts’ average fourth-quarter revenue estimate was $241.50 million.