Revenue has scaled significantly to $222.2 million in 2026Q1, though operating margins remain constrained by high SG&A costs, fluctuating between -6.4% and 16.0% over the last ten quarters.
| Sales/Revenue | 849.6M | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | 790.5M | 772.9M | 624.1M | 545.4M | 499.1M | 351.1M | 224M | 212.2M |
| Gross Margin % | 93.04% | 92.39% | 90.77% | 90.99% | 92.61% | 92.49% | 91.32% | 92.95% |
| Gross Profit Growth % | - | 23.84% | 14.43% | 9.28% | 42.15% | 56.74% | 5.56% | - |
| Operating Expenses | 698.8M | 703.3M | 614.7M | 541.8M | 518.1M | 390.1M | 222.1M | 183.8M |
| OpEx % of Revenue | - | 84.07% | 89.4% | 90.39% | 96.14% | 102.77% | 90.54% | 80.51% |
| Selling, General & Admin | 632.1M | 641M | 532.2M | 461.3M | 433.8M | 309.8M | 172M | 137.8M |
| SG&A % of Revenue | - | 76.62% | 77.4% | 76.96% | 80.5% | 81.61% | 70.12% | 60.36% |
| Research & Development | 0 | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - |
| Operating Income | 91.7M | 69.6M | 9.4M | 3.6M | -19M | -39M | 1.9M | 28.4M |
| Operating Margin % | 10.79% | 8.32% | 1.37% | 0.6% | -3.53% | -10.27% | 0.77% | 12.44% |
| Operating Income Growth % | - | 640.43% | 161.11% | 118.95% | 51.28% | -2152.63% | -93.31% | - |
| EBITDA | 125.5M | 116M | 57.8M | 51.8M | 18M | -4M | 17M | 37.8M |
| EBITDA Margin % | 14.77% | 13.87% | 8.41% | 8.64% | 3.34% | -1.05% | 6.93% | 16.56% |
| EBITDA Growth % | 126.13% | 100.69% | 11.58% | 187.78% | 550% | -123.53% | -55.03% | - |
| D&A (Non-Cash Add-back) | 33.8M | 46.4M | 48.4M | 48.2M | 37M | 35M | 15.1M | 9.4M |
| EBIT | 94.6M | 69.6M | 5.7M | 7.1M | -17.5M | -36.4M | 2M | 29M |
| Net Interest Income | 2M | 2.6M | 4.1M | 2.8M | -1M | -1.3M | -900K | 0 |
| Interest Income | 3.4M | 3.2M | 4.8M | 3.6M | 1.5M | 0 | 200K | 1.1M |
| Interest Expense | 300K | 600K | 700K | 800K | 2.5M | 1.3M | 1.1M | 1.1M |
| Other Income/Expense | 0 | - | - | - | - | - | - | - |
| Pretax Income | 94.9M | 68.2M | 5M | 6.3M | -20M | -37.7M | 900K | 27.9M |
| Pretax Margin % | 11.17% | 8.15% | 0.73% | 1.05% | -3.71% | -9.93% | 0.37% | 12.22% |
| Income Tax | 26M | 19.5M | -25.4M | 18.1M | -9.8M | 4.8M | -4.4M | 3.7M |
| Effective Tax Rate % | 27.4% | 28.59% | -508% | 287.3% | 49% | -12.73% | -488.89% | 13.26% |
| Net Income | 68.9M | 48.7M | 30.4M | -11.8M | -10.2M | -42.5M | 5.3M | 24.2M |
| Net Margin % | 8.11% | 5.82% | 4.42% | -1.97% | -1.89% | -11.2% | 2.16% | 10.6% |
| Net Income Growth % | 133.56% | 60.2% | 357.63% | -15.69% | 76% | -901.89% | -78.1% | - |
| Net Income (Continuing) | 68.9M | 48.7M | 30.4M | -11.8M | -10.2M | -42.5M | 5.3M | 24.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.99 | 0.64 | 0.39 | -0.15 | -0.14 | -0.63 | 0.08 | 0.37 |
| EPS Growth % | 136.1% | 64.1% | 360% | -7.14% | 77.78% | -882.61% | -78.24% | - |
| EPS (Basic) | - | 0.66 | 0.40 | -0.15 | -0.14 | -0.63 | 0.08 | 0.37 |
| Diluted Shares Outstanding | 69.5M | 75.9M | 78.9M | 76.7M | 70.6M | 67.07M | 65.83M | 65.83M |
| Basic Shares Outstanding | 68.2M | 74.3M | 76.5M | 76.7M | 70.6M | 67.07M | 65.83M | 65.83M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Search engine algorithm dependency
Based on reported financial data, NerdWallet has demonstrated a clear upward revenue trajectory, climbing from $133.7 million in 2023Q4 to $222.2 million by 2026Q1, reflecting the company's ability to capture increased consumer demand for financial guidance despite broader macroeconomic headwinds affecting the credit and loan sectors.
The consistent revenue expansion suggests that the company's organic search-driven model remains effective at scaling top-line results. However, investors should monitor whether this growth is sustainable or if it remains overly sensitive to the cyclical nature of financial product originations.
As indicated by the provided income statements, NerdWallet maintains a robust gross margin profile, consistently hovering above 90% and reaching 93.9% in 2026Q1, which highlights the inherent scalability of its digital platform and the minimal incremental cost associated with servicing additional user traffic.
This high gross margin structure provides a significant buffer, yet the disparity between gross and operating margins suggests that the company's profitability is heavily constrained by high variable marketing expenditures. The ability to maintain these margins while scaling suggests strong pricing power within its affiliate network.
According to the quarterly income statements, NerdWallet's operating leverage appears limited, as evidenced by operating margins that fluctuated between -6.4% and 16.0% over the last ten quarters, indicating that SG&A expenses often scale in lockstep with revenue gains rather than providing significant bottom-line expansion.
The lack of consistent operating margin expansion suggests that the company is currently prioritizing market share and traffic acquisition over immediate profitability. Investors should investigate whether this is a strategic choice to build a moat or a structural limitation of the lead-generation business model.
Based on the provided financial figures, stock-based compensation remains a persistent factor in the company's expense structure, with quarterly charges frequently exceeding $6 million, which complicates the assessment of true cash-based profitability and dilutes the quality of reported net income for common shareholders.
The volatility in net income, which swung from a loss of $9.4 million in 2024Q2 to a profit of $26.3 million in 2025Q3, suggests that non-operating items and compensation structures significantly impact the bottom line. This warrants caution when evaluating the company's core operational performance.
As reported in recent filings, the company's reliance on high SG&A spending to drive traffic creates a potential vulnerability, as any increase in customer acquisition costs or a shift in search engine algorithms could rapidly compress operating margins and threaten the company's path to sustained profitability.
Short-term margin improvements appear to be driven by tactical reductions in marketing spend rather than structural efficiency gains. This suggests that the company's profitability may be more fragile than the headline revenue growth figures imply, necessitating a closer look at the sustainability of its traffic acquisition strategy.
Quick answers to the most common questions about buying NRDS stock.
NerdWallet, Inc. (NRDS) is profitable, generating $48.7M in net income for the fiscal year ending 2025 with a net profit margin of 5.8%.
NerdWallet, Inc. (NRDS) reported an operating income of $69.6M, resulting in an operating profit margin of 8.3%. This margin reflects the operational efficiency of the business before interest and taxes.
NerdWallet, Inc. (NRDS) generated $772.9M in gross profit for the year, representing a gross profit margin of 92.4%. This demonstrates the company's core pricing power and production efficiency.