NerdWallet Reverses Sequential Revenue Decline

The Tip Desk · November 11, 2026 · 2 min read

Third-quarter revenue reached $239.6 million, up 11% from a year earlier, and the company now expects fourth-quarter sales of $191 million to $203 million.

NerdWallet, Inc. (NRDS), which provides trustworthy financial guidance, products and services to consumers and small and mid-sized businesses, reported third-quarter revenue of $239.6 million, up 11% from a year earlier. That year-over-year pace picked up from 6% growth in both the second and first quarters of 2026. Sequentially, sales rose 21% from $197.3 million in the second quarter, reversing an 11% sequential drop from $222.2 million in the first quarter.

Consumer revenue, the bulk of the business, was $214.5 million, up 12% year over year after 8% growth in the second quarter and 10% in the first. The company said the increase was driven primarily by a $25.0 million rise in student loans reflecting recent changes in federal borrowing limits, the peak summer lending season and the College Finance acquisition, $13.3 million from personal loans as it expanded marketplace offerings, and $8.6 million from deposit accounts as partners expanded budgets. Those gains were partially offset by a $17.4 million decrease in auto insurance from lower lead volume.

SMB revenue was $25.1 million, up 6% year over year after an 11% decline in the second quarter and a 15% decline in the first. NerdWallet said an increase in business loan originations was partially offset by continued pressures in organic search traffic. SMB sales rose 13% sequentially from $22.1 million.

Profitability remained below year-ago levels, while it improved sequentially alongside revenue. GAAP income from operations was $19.4 million, down 44% from $34.4 million a year earlier. Net income was $14.9 million, or $0.23 a share, down 43% from $26.3 million, or $0.34 a share, a year earlier. Non-GAAP operating income was $30.4 million and adjusted EBITDA was $39.8 million. GAAP operating margin compressed to 8% from 16% a year earlier; non-GAAP operating margin was 13% versus 19%; adjusted EBITDA margin was 17% versus 25%.

Sales and marketing expense was $173.2 million, up 28% year over year. Cost of revenue was $13.8 million. Research and development was $17.8 million and general and administrative expense was $15.4 million. Cash and cash equivalents were $73.5 million at September 30, 2026.

For the fourth quarter of 2026, NerdWallet expects revenue in a range of $191 million to $203 million, down 13% year over year at the midpoint. GAAP operating income is expected at $2 million to $8 million, non-GAAP operating income at $9 million to $15 million, and adjusted EBITDA at $19 million to $25 million. The company adjusted its 2026 annual GAAP operating income expectation to $56 million to $62 million, non-GAAP operating income to $85 million to $91 million, and adjusted EBITDA to $127 million to $133 million.