NerdWallet, Inc. (NRDS)

NerdWallet reported second-quarter 2026 revenue of $197.3 million, up 6 percent from a year earlier 2.

Net income for the quarter was $4.3 million, down from $8.2 million, as sales and marketing spending rose $17.4 million, or 14 percent 2.

The company says growth came from bank deposit accounts and personal loans, while consumer credit cards shrank because fewer visitors arrived from search engines 2.

For the first six months of 2026, net income was $24.7 million against $8.4 million a year earlier 2.

The open question is how long pressure on organic search traffic, which the company says has persisted for multiple quarters, keeps weighing on credit card and small business revenue 2.

NerdWallet is a San Mateo, California company that helps people compare financial products and earns a fee when a match leads to an action by the user 1.

Its result for 2023 was a net loss of $11.8 million 1.

In July 2024 the company committed to a restructuring plan to cut operating costs 1.

The plan reduced the workforce by about 15 percent of its full-time employees, compared with the headcount at the end of 2023 1.

In October 2024 it acquired Next Door Lending, a mortgage broker 1.

In 2025 it set up an insurance agency in March and bought an investment adviser in June 1.

Revenue rose 22 percent to $836.6 million in 2025 from $687.6 million in 2024 1.

Insurance revenue grew 47 percent, mostly in auto insurance, as carriers expanded their advertising budgets 1.

Credit card revenue fell 24 percent and small business products revenue fell 9 percent, which the company blamed on continued pressure on organic search traffic 1.

Organic search means visitors who arrive from unpaid results on search engines, and the company warns that Google can change its rules without notice 1.

Net income rose 60 percent to $48.7 million in 2025 as revenue grew $149.0 million and costs grew $93.2 million 1.

Most of the added spending went to performance marketing, which rose $119.5 million to $416.9 million 1.

What it sells

NerdWallet publishes reviews, guides and calculators, runs comparison marketplaces, and through subsidiaries brokers mortgages and insurance and gives investment advice 1.

Its revenue falls into these categories: Insurance, Credit cards, SMB products, Loans and Emerging verticals 1.

Insurance and loans

Insurance, the largest line, brought in $280.8 million in 2025, and Loans brought in $133.4 million 1.

Insurance covers auto, life and pet insurance, and its growth came from carriers raising their budgets 1.

Loans covers personal loans, mortgages, student loans and auto loans, and grew 58 percent, led by an 85 percent rise in personal loans 1.

Credit cards and small business products

Credit cards fell to $133.4 million from $176.4 million, and SMB products fell to $100.0 million from $109.8 million 1.

SMB products serve small and mid-sized businesses with loans, credit cards and other financial products 1.

In 2026 the company began to report revenue by user group, Consumer and SMB 2.

In the second quarter Consumer revenue was $175.2 million and SMB revenue was $22.1 million 2.

Emerging verticals

Emerging verticals covers banking, investing and international, and grew 51 percent, led by a 60 percent rise in banking revenue 1.

People and offices

Tim Chen is co-founder, chief executive and chairman of the board 1.

The company reported over 650 full-time employees at the end of 2025, about 95 percent of them in the United States 1.

It leases offices in San Mateo, New York, Scottsdale and Detroit and owns no real property 1.

Rivals

It names as rivals financial advisers, agents and brokers, traditional media such as The New York Times and U.S. News & World Report, and friends and family 1.

Problems and risks

The company warns that Google may change its algorithms without notice and cut its organic search ranking 1.

It adds that AI-assisted tools could further reduce search traffic to its site 1.

The umbrella, in words

The company runs its financial services through wholly-owned and indirectly-owned subsidiaries 1.

Next Door Lending brokers mortgages, NerdWallet Advisory runs the financial advisor marketplace, NerdWallet Wealth Partners gives fiduciary advice, and NerdWallet Insurance Experts is an insurance agency 1.

Fundera is its small business financing marketplace 1.

Tim Chen and his affiliated trusts hold all Class B shares, which carry ten votes each against one for Class A, or about 89 percent of the voting power at the end of 2025 1.

The company says it intends to make significant investments in its business, which may raise personnel and related expenses 2.

It expects to pay for operations mainly from cash flows from operations 2.

In February 2026 the board added $100.0 million to the share repurchase program, and $67.0 million of authorization remained at the end of June 2026 2.

The company expects to fund repurchases with existing cash 2.

In its annual report it expects cost of revenue to fall in dollars over the next few years as software amortization declines, then to rise as the business grows 1.

No clue on file points to a new direction yet.