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Vergleich mit Peer Group
📊 Peer Group
📈 Was ist das?
Die Peer Group sind die Unternehmen mit dem ähnlichsten Geschäftsmodell. Sie dienen als Vergleichsmaßstab, um eine Aktie einzuordnen.
🧮 Wie wird sie ausgewählt?
Nach Ähnlichkeit des Geschäftsmodells, also Unternehmen aus derselben Branche, mit vergleichbaren Produkten und einer ähnlichen Kundengruppe. Nur so vergleichst du Äpfel mit Äpfeln.
🏛️ Wofür ist sie wichtig?
Ob eine Aktie günstig oder teuer ist, lässt sich am ehesten im Vergleich beurteilen. Ein KGV von 18 oder ein EV/FCF von 20 wirkt je nach Maßstab günstig oder teuer. Die Peer Group liefert dabei den treffsichersten Maßstab: Unternehmen mit ähnlichem Geschäftsmodell, die denselben Bedingungen unterliegen.
🎯 Was bedeutet das für Anleger?
Liegt eine Kennzahl unter dem Peer-Durchschnitt, ist die Aktie relativ günstiger bewertet, über dem Durchschnitt entsprechend teurer. Ein Abschlag zur Peer Group kann eine Chance sein, aber auch einen Grund haben (zum Beispiel geringeres Wachstum). Der Vergleich ist ein Startpunkt, kein Urteil.
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📘 Marktkapitalisierung
📈 Was ist das?
Die Marktkapitalisierung zeigt, wie viel ein Unternehmen laut Börse aktuell wert ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft Unternehmen in Größenklassen (Large, Mid, Small Cap) einzuordnen und gibt Hinweise auf Marktmacht und Stabilität.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Große Unternehmen gelten als stabiler, zahlen oft Dividenden, wachsen aber langsamer.
- Kleine Firmen können stärker wachsen, sind aber schwankungsanfälliger.
- Die Marktkapitalisierung ist ein guter Indikator für Unternehmensgröße, aber kein Maß für Unter- oder Überbewertung.
📘 Enterprise Value (Unternehmenswert)
📈 Was ist das?
Der Enterprise Value (EV) zeigt, was ein Unternehmen tatsächlich kostet, wenn man es komplett übernehmen würde – inklusive Schulden und abzüglich Cash.
🧮 Wie wird es berechnet?
(= Marktkapitalisierung + Nettoverschuldung)
🏛️ Wofür ist es wichtig?
Der EV ist eine realistischere Bewertungsbasis als die Marktkapitalisierung, da er die Kapitalstruktur berücksichtigt. Er ist Grundlage für Kennzahlen wie EV/FCF oder EV/Sales.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Der Enterprise Value zeigt, was ein Unternehmen tatsächlich wert ist – unabhängig davon, wie es finanziert ist.
- Er ist besonders wichtig für professionelle Investoren, da er eine objektivere Grundlage für Bewertungsvergleiche bietet als die Marktkapitalisierung allein.
- Ein Unternehmen mit hoher Verschuldung erscheint im EV teurer, eines mit viel Cash günstiger – auch wenn sie an der Börse gleich viel wert sind.
📘 Nettoverschuldung
📈 Was ist das?
Die Nettoverschuldung zeigt, wie viele Schulden nach Abzug des verfügbaren Cashs tatsächlich verbleiben.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie zeigt, wie stark ein Unternehmen von Fremdkapital abhängig ist – und wie gut es in der Lage ist, seine Schulden kurzfristig zu bedienen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine niedrige oder negative Nettoverschuldung bedeutet hohe finanzielle Stabilität.
- Unternehmen mit viel Cash und geringer Verschuldung sind besser gerüstet für Krisen.
- Eine hohe Nettoverschuldung erhöht das Risiko – besonders bei steigenden Zinsen oder konjunkturellen Schwächen.
📘 Cash
📈 Was ist das?
Der Cashbestand zeigt, wie viele liquide Mittel einem Unternehmen sofort zur Verfügung stehen.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Er gibt Auskunft über die finanzielle Flexibilität: Ein hoher Cashbestand ermöglicht Investitionen, Rückkäufe oder Krisenresistenz.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Cashbestand zeigt finanzielle Stärke und Handlungsspielraum.
- Cash kann für Investitionen, Schuldentilgung oder Aktienrückkäufe genutzt werden.
- Allerdings: Zu viel ungenutztes Kapital kann auch auf mangelnde Investitionsideen hinweisen.
📘 Anzahl ausstehender Aktien
📈 Was ist das?
Die Anzahl ausstehender Aktien gibt an, wie viele Aktien eines Unternehmens aktuell im Umlauf sind und von Investoren gehalten werden.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie ist die Grundlage für viele Kennzahlen wie Gewinn je Aktie (EPS), Marktkapitalisierung oder KGV.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Je weniger Aktien im Umlauf sind, desto höher fällt z. B. der Gewinn je Aktie aus – wichtig für Bewertung und Dividendenrendite.
- Aktienrückkäufe verringern die Anzahl ausstehender Aktien – und steigern den Wert je Aktie.
- Kapitalerhöhungen haben den gegenteiligen Effekt: mehr Aktien → Verwässerung der bestehenden Anteile.
📘 Kurs-Gewinn-Verhältnis (KGV)
📈 Was ist das?
Das KGV zeigt, wie oft der Gewinn pro Aktie im aktuellen Aktienkurs enthalten ist – also wie „teuer“ eine Aktie im Verhältnis zum Gewinn ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KGV gehört zu den bekanntesten Bewertungskennzahlen. Es hilft Anlegern einzuschätzen, ob eine Aktie im Vergleich zu ihrem Gewinn eher günstig oder teuer erscheint.
🧮 Berechnung
📊 KGV (TTM) = bezogen auf den Gewinn der letzten 12 Monate (Trailing Twelve Months):🎯 Was bedeutet das für Anleger?
- Ein niedriges KGV kann auf eine günstige Bewertung hindeuten – oder auf Probleme im Geschäftsmodell.
- Ein hohes KGV kann Wachstumserwartungen widerspiegeln – oder eine überbewertete Aktie.
📘 Kurs-Umsatz-Verhältnis (KUV)
📈 Was ist das?
Das KUV zeigt, wie viel Anleger für 1 € Umsatz eines Unternehmens zahlen – unabhängig vom Gewinn.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KUV ist besonders bei wachstumsstarken oder noch nicht profitablen Unternehmen hilfreich. Es zeigt, wie hoch der Umsatz an der Börse bewertet wird.
🧮 Berechnung
Marktkapitalisierung = 524,17 Mio. $ | Umsatz (TTM) = 849,60 Mio. $
Marktkapitalisierung = 524,17 Mio. $ | Umsatz erwartet = 930,99 Mio. $
🎯 Was bedeutet das für Anleger?
- Ein niedriges KUV kann auf Unterbewertung hindeuten – oder auf schwache Margen.
- Ein hohes KUV kann hohe Erwartungen widerspiegeln – oder übermäßigen Optimismus.
- Besonders sinnvoll bei Wachstumsunternehmen, bei denen der Gewinn oder Free Cashflow (noch) keine Aussagekraft hat.
📘 Unternehmenswert zu Umsatz (EV/Sales)
📈 Was ist das?
EV/Sales zeigt, wie viel Anleger für 1 € Umsatz eines Unternehmens zahlen, wenn man auch Schulden und Cash berücksichtigt – es ist eine kapitalstrukturbereinigte Version des KUV.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Kennzahl eignet sich besonders für den Vergleich von Unternehmen mit unterschiedlicher Verschuldung – sie zeigt, wie teuer ein Unternehmen tatsächlich im Verhältnis zum Umsatz ist.
🧮 Berechnung
Enterprise Value = 482,77 Mio. $ | Umsatz (TTM) = 849,60 Mio. $
Enterprise Value = 482,77 Mio. $ | Umsatz erwartet = 930,99 Mio. $
🎯 Was bedeutet das für Anleger?
- EV/Sales ist neutral gegenüber der Kapitalstruktur und eignet sich gut für Unternehmensvergleiche.
- Ein niedriges Verhältnis kann auf eine günstig bewertete Aktie hindeuten – ein hohes Verhältnis auf hohe Erwartungen oder Überbewertung.
- Besonders nützlich bei wachstumsstarken, noch nicht profitablen Firmen.
📘 Unternehmenswert zu Free Cashflow (EV/FCF)
📈 Was ist das?
EV/FCF zeigt, wie viele Jahre es dauern würde, bis ein Unternehmen seinen Unternehmenswert durch freien Cashflow „zurückverdient”.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Kennzahl hilft, Unternehmen auf Basis ihrer tatsächlichen Cash-Erträge zu bewerten – unabhängig von Bilanzierungsregeln oder buchhalterischem Gewinn.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriges EV/FCF deutet auf eine günstige Bewertung bei starker Cashgenerierung hin.
- Ein hohes EV/FCF kann entweder auf Optimismus oder auf temporär schwachen Cashflow hindeuten.
- Besonders hilfreich bei reifen, profitablen Unternehmen mit stabilen Cashflows.
📘 Kurs-Buchwert-Verhältnis (KBV)
📈 Was ist das?
Das KBV zeigt, wie hoch der Marktwert eines Unternehmens im Verhältnis zu seinem bilanziellen Eigenkapital ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KBV ist besonders bei Substanzwerten (z. B. Banken, Industrie) relevant. Es hilft Anlegern zu erkennen, ob ein Unternehmen unter oder über seinem buchhalterischen Vermögen bewertet ist.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein KBV unter 1 kann auf Unterbewertung oder schwache Rentabilität hindeuten.
- Ein KBV über 1 zeigt, dass der Markt dem Unternehmen Mehrwert über den Buchwert hinaus zuschreibt (z. B. Marken, Patente, Wachstum).
- Das KBV eignet sich besonders gut für Unternehmen mit stabilen, materiellen Vermögenswerten.
📘 Eigenkapitalquote
📈 Was ist das?
Die Eigenkapitalquote zeigt, wie hoch der Anteil des Eigenkapitals an der Bilanzsumme eines Unternehmens ist – also wie stark es sich aus eigenen Mitteln finanziert.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Eine hohe Eigenkapitalquote steht für finanzielle Stabilität, Krisenfestigkeit und gute Bonität. Sie ist besonders relevant bei der Beurteilung der Verschuldung.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Eigenkapitalquote signalisiert finanzielle Stabilität – besonders in Krisenzeiten.
- Ein niedriger Wert kann auf ein höheres Risiko oder eine aggressive Verschuldung hinweisen.
- Wichtig: Die Eigenkapitalquote sollte immer gemeinsam mit der Eigenkapitalrendite betrachtet werden. Nur so lässt sich beurteilen, ob ein Unternehmen nicht nur solide, sondern auch effizient wirtschaftet.
📘 Eigenkapitalrendite (ROE)
📈 Was ist das?
Die Eigenkapitalrendite zeigt, wie effizient ein Unternehmen mit dem Kapital seiner Aktionäre arbeitet – also wie viel Gewinn es pro Euro Eigenkapital erwirtschaftet.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Eigenkapitalrendite ist eine zentrale Rentabilitätskennzahl. Sie hilft Anlegern zu erkennen, ob das Unternehmen eine attraktive Verzinsung auf das eingesetzte Eigenkapital erwirtschaftet.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Eigenkapitalrendite spricht für ein starkes, effizientes Geschäftsmodell.
- Besonders interessant ist sie bei kapitalintensiven Firmen oder solchen mit hoher Eigenkapitalquote.
- Wichtig: Ein sehr hoher ROE kann auch auf hohe Schulden hinweisen – daher sollte sie immer im Kontext mit der Eigenkapitalquote betrachtet werden.
📘 Return on Capital Employed (ROCE)
📈 Was ist das?
ROCE misst die Gesamtrentabilität eines Unternehmens – also wie effizient es das eingesetzte Kapital (Eigen- und Fremdkapital) zur Gewinnerzielung nutzt.
🧮 Wie wird es berechnet?
Das eingesetzte Kapital ist das gesamte betriebsnotwendige Kapital, unabhängig von der Finanzierungsquelle.
🏛️ Wofür ist es wichtig?
ROCE eignet sich besonders gut für den Vergleich unterschiedlich finanzierter Unternehmen. Es zeigt, wie effektiv ein Unternehmen Kapital investiert – unabhängig von der Kapitalstruktur.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher ROCE zeigt, dass ein Unternehmen sein Kapital effizient einsetzt – unabhängig davon, ob es durch Eigen- oder Fremdkapital finanziert ist.
- Je höher der ROCE im Vergleich zu ähnlichen Unternehmen, desto mehr Wert schafft das Unternehmen mit seinem investierten Kapital.
- Besonders wichtig ist der ROCE bei Firmen mit hohen Investitionen – z. B. in Industrie, Energie oder Infrastruktur.
📘 Return on Invested Capital (ROIC)
📈 Was ist das?
ROIC zeigt, wie effizient ein Unternehmen das Kapital investiert, das langfristig im operativen Geschäft gebunden ist – unabhängig davon, ob es aus Eigen- oder Fremdkapital stammt.
🧮 Wie wird es berechnet?
- NOPAT = „Net Operating Profit After Taxes“
- Investiertes Kapital = operatives Vermögen abzüglich nicht-verzinster Schulden
🏛️ Wofür ist es wichtig?
ROIC ist eine der präzisesten Kennzahlen zur Bewertung der Kapitalrendite – besonders im Vergleich zur Eigenkapitalrendite, weil es Verzerrungen durch Schulden vermeidet. Er zeigt, ob ein Unternehmen Mehrwert für alle Kapitalgeber schafft.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher ROIC zeigt, wie gut ein Unternehmen mit dem tatsächlich investierten (betriebsnotwendigen) Kapital wirtschaftet.
- Im Unterschied zu ROCE wird nur Kapital betrachtet, das wirklich zur Finanzierung operativer Aktivitäten dient – und verzinst werden muss.
- Besonders hilfreich, um die Kapitalrendite von Unternehmen mit viel „überschüssigem“ Kapital oder zinsfreien Verbindlichkeiten realistisch zu vergleichen.
📘 Verschuldungsgrad (Leverage Ratio)
📈 Was ist das?
Der Verschuldungsgrad zeigt, wie stark ein Unternehmen durch verzinsliche Schulden (z. B. Kredite und Anleihen) im Verhältnis zum Eigenkapital finanziert ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Kennzahl hilft, das finanzielle Risiko und die Abhängigkeit von Fremdkapital zu beurteilen. Ein hoher Verschuldungsgrad kann die Eigenkapitalrendite steigern – birgt aber auch erhöhte Risiken bei Zinsanstiegen oder Liquiditätsengpässen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriger Verschuldungsgrad steht für finanzielle Stabilität und Unabhängigkeit.
- Ein hoher Wert kann auf erhöhte Risiken hinweisen – insbesondere bei schwankenden Zinsen oder konjunkturellen Schwächen.
- Wichtig: Immer im Kontext zur Branche und Kapitalintensität bewerten.
📘 Umsatz
📈 Was ist das?
Der Umsatz zeigt, wie viel ein Unternehmen insgesamt mit seinen Produkten und Dienstleistungen verdient – also den Bruttoerlös vor Abzug von Kosten.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der Umsatz ist eine der zentralen Kennzahlen zur Einschätzung der Unternehmensgröße, Marktstellung und Wachstumskraft.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein wachsender Umsatz zeigt eine steigende Nachfrage und kann ein guter Frühindikator für Gewinnsteigerungen sein.
- Vergleiche von aktuellem und erwartetem Umsatz geben Hinweise auf das Marktumfeld und Analystenerwartungen.
- Wichtig: Starker Umsatz allein genügt nicht – auch Margen und Profitabilität zählen.
📘 EBITDA
📈 Was ist das?
EBITDA steht für „Earnings Before Interest, Taxes, Depreciation and Amortization“ – also Gewinn vor Zinsen, Steuern und Abschreibungen. Es zeigt das operative Ergebnis eines Unternehmens, bereinigt um bilanztechnische und finanzierungsbedingte Effekte.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
EBITDA ist eine verbreitete Kennzahl zur Beurteilung der operativen Leistungsfähigkeit – insbesondere bei kapitalintensiven Unternehmen oder im internationalen Vergleich.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hohes oder wachsendes EBITDA spricht für starke operative Erträge – unabhängig von Bilanzierung oder Steuerlast.
- EBITDA ist besonders nützlich, um Unternehmen branchenübergreifend zu vergleichen.
- Wichtig: EBITDA ist keine offizielle Gewinnkennzahl – Abschreibungen und Finanzierungskosten werden ausgeklammert.
📘 EBIT
📈 Was ist das?
EBIT steht für „Earnings Before Interest and Taxes“ – also Gewinn vor Zinsen und Steuern. Es zeigt das operative Ergebnis eines Unternehmens nach Abschreibungen, aber vor Finanzierungs- und Steueraufwand.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
EBIT ist eine zentrale Kennzahl zur Beurteilung der Profitabilität aus dem Kerngeschäft – unabhängig von Kapitalstruktur oder Steuersystem.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hohes EBIT deutet auf ein profitables Kerngeschäft hin – vor Zinslasten oder steuerlichen Effekten.
- Es erlaubt objektivere Vergleiche zwischen Unternehmen mit unterschiedlicher Finanzierung.
- Im Vergleich mit EBITDA zeigt EBIT bereits den Einfluss von Abschreibungen auf das operative Ergebnis.
📘 Nettogewinn
📈 Was ist das?
Der Nettogewinn ist der verbleibende Jahresüberschuss (oder -fehlbetrag) eines Unternehmens – nach Abzug aller Kosten, Steuern, Zinsen und Abschreibungen
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der Nettogewinn ist die zentrale Erfolgskennzahl – er zeigt, wie profitabel ein Unternehmen nach allen Kosten tatsächlich arbeitet.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein steigender Nettogewinn zeigt, dass das Unternehmen effizient wirtschaftet – trotz aller Kosten.
- Die Entwicklung des Gewinns beeinflusst z. B. direkt das KGV und weitere Kennzahlen.
- Im Zeitverlauf lässt sich ablesen, wie stabil und profitabel ein Geschäftsmodell wirklich ist.
📘 Free Cashflow (FCF)
📈 Was ist das?
Der Free Cashflow gibt Aufschluss über die echte finanzielle Stärke eines Unternehmens – unabhängig von Bilanzierungsregeln. Er zeigt, wie viel Spielraum für Dividenden, Aktienrückkäufe oder Schuldenabbau besteht.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
FCF reflects a company’s real financial strength – regardless of accounting profits. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Free Cashflow bedeutet, dass ein Unternehmen echte Finanzkraft besitzt – unabhängig vom bilanzierten Gewinn.
- Er ist oft die solideste Grundlage für nachhaltige Dividenden und Aktienrückkäufe.
- Sinkender FCF kann ein Warnsignal sein – auch wenn der Gewinn stabil aussieht.
📘 Umsatzwachstum
📈 Was ist das?
Das Umsatzwachstum zeigt, wie stark sich die Erlöse eines Unternehmens im Vergleich zum Vorjahr verändert haben – tatsächlich (TTM) und auf Prognosebasis (erwartet).
🧮 Wie wird es berechnet?
Erwartet = (Umsatz erwartet ÷ Umsatz Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Ein wachsender Umsatz ist ein zentrales Signal für steigende Nachfrage, Geschäftsausweitung und Marktanteilsgewinne – besonders bei Wachstumsunternehmen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Wachstum ist der Motor langfristiger Wertsteigerung – besonders bei Technologie- und Wachstumsaktien.
- Wichtig ist nicht nur das aktuelle Wachstum, sondern auch dessen Nachhaltigkeit.
- Prognosen zeigen, ob Analysten weiteres Potenzial erwarten – oder eine Verlangsamung.
📘 EBITDA-Wachstum
📈 Was ist das?
Das EBITDA-Wachstum zeigt, wie stark das operative Ergebnis eines Unternehmens vor Zinsen, Steuern und Abschreibungen im Vergleich zum Vorjahr gestiegen oder gesunken ist.
🧮 Wie wird es berechnet?
Erwartet = (erwartetes EBITDA ÷ EBITDA Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Ein steigendes EBITDA ist ein Zeichen für verbesserte operative Ertragskraft – unabhängig von Finanzierungsstruktur oder Abschreibungen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Starkes EBITDA-Wachstum signalisiert operative Effizienz und Skalierung – besonders relevant in Wachstumsphasen.
- EBITDA-Wachstum ist ein Frühindikator für Margen- und Gewinnentwicklung – sollte aber stets im Zusammenhang mit Umsatz und EBIT betrachtet werden.
📘 EBIT Wachstum
📈 Was ist das?
Das EBIT-Wachstum zeigt, wie stark das operative Ergebnis eines Unternehmens (nach Abschreibungen, aber vor Zinsen und Steuern) im Vergleich zum Vorjahr gewachsen ist.
🧮 Wie wird es berechnet?
Erwartet = (erwartetes EBIT ÷ EBIT Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Das EBIT-Wachstum ist ein direkter Indikator für die wirtschaftliche Entwicklung des operativen Geschäfts – unter Berücksichtigung der Kapitalintensität (Abschreibungen).
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Steigendes EBIT signalisiert wachsende operative Rentabilität – auch unter Berücksichtigung von Abschreibungen.
- Das EBIT-Wachstum ist ein wichtiges Maß zur Beurteilung von Geschäftsmodellen mit hohen Investitionskosten.
- Im Zusammenspiel mit Umsatz- und EBITDA-Wachstum ergibt sich ein umfassendes Bild zur operativen Entwicklung.
📘 Nettogewinn-Wachstum
📈 Was ist das?
Das Nettogewinn-Wachstum zeigt, wie stark der Jahresüberschuss eines Unternehmens gegenüber dem Vorjahr gestiegen oder gesunken ist – sowohl tatsächlich (TTM) als auch auf Basis von Prognosen (erwartet).
🧮 Wie wird es berechnet?
Erwartet = (erwarteter Nettogewinn ÷ Nettogewinn Vorjahr − 1) × 100
Der erwartete Wert basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Der Gewinn ist die entscheidende Ergebnisgröße für ein Unternehmen. Ein wachsender Nettogewinn deutet auf steigende Effizienz, stabile Kostenkontrolle und nachhaltige Ertragskraft hin.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Wachsender Nettogewinn stärkt die Bewertung, Dividendenfähigkeit und Kursfantasie.
- Stagnierender oder rückläufiger Gewinn trotz Umsatzwachstum kann auf Margendruck hinweisen.
📘 Free Cashflow-Wachstum
📈 Was ist das?
Das Free-Cashflow-Wachstum zeigt, wie sich der freie Mittelzufluss eines Unternehmens im Vergleich zum Vorjahr verändert hat – also der Betrag, der nach allen operativen Ausgaben und Investitionen übrig bleibt.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Free Cashflow ist der echte, verfügbare Geldzufluss. Wachstum in diesem Bereich ist ein Zeichen für finanzielle Stärke und steigende Flexibilität bei Dividenden, Rückkäufen oder Investitionen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Sinkender Free Cashflow kann auf steigende Investitionen, höhere Kosten oder stagnierende operative Erträge hindeuten.
- Besonders bei Dividendenwerten ist das FCF-Wachstum wichtig – denn Dividenden werden letztlich aus dem verfügbaren Cash gezahlt.
- Ein negativer Trend sollte genauer analysiert werden – er ist nicht zwangsläufig schlecht, aber potenziell ein Warnsignal.
📘 Bruttomarge
📈 Was ist das?
Die Bruttomarge zeigt, wie viel vom Umsatz nach Abzug der direkten Herstellungskosten (Material, Produktion) als Bruttogewinn übrig bleibt – also der „Rohgewinn“ eines Unternehmens.
🧮 Wie wird es berechnet?
Auch: Bruttomarge = Bruttogewinn ÷ Umsatz × 100
🏛️ Wofür ist es wichtig?
Die Bruttomarge gibt Aufschluss über die Profitabilität eines Produkts oder Geschäftsmodells vor Fixkosten, Steuern und Zinsen. Sie zeigt, wie effizient ein Unternehmen produzieren oder einkaufen kann.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Bruttomarge deutet auf starke Preissetzungsmacht und effiziente Herstellung hin.
- Sinkende Bruttomargen können auf Kostensteigerungen oder Preisdruck hindeuten.
- Besonders im Vergleich zu Wettbewerbern liefert die Bruttomarge wertvolle Einblicke in die Geschäftsqualität.
📘 EBITDA-Marge
📈 Was ist das?
Die EBITDA-Marge zeigt, wie viel vom Umsatz als operativer Gewinn vor Zinsen, Steuern und Abschreibungen (EBITDA) übrig bleibt. Sie misst die operative Effizienz – ohne Verzerrungen durch Finanzierung oder Buchwerte.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die EBITDA-Marge hilft zu verstehen, wie viel operativer Gewinn ein Unternehmen aus jedem Euro Umsatz erzielt – unabhängig von Kapitalstruktur oder steuerlichem Umfeld.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe EBITDA-Marge zeigt starke operative Ertragskraft – unabhängig von Bilanzierungseffekten.
- Die Marge ermöglicht gute Vergleiche zwischen Unternehmen und Branchen.
- Ein stabiler oder wachsender Wert kann auf effiziente Kostenkontrolle und Skalierbarkeit hindeuten.
📘 EBIT-Marge
📈 Was ist das?
Die EBIT-Marge zeigt, wie viel Prozent des Umsatzes als operativer Gewinn nach Abschreibungen, aber vor Zinsen und Steuern übrig bleiben.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die EBIT-Marge misst die operative Ertragskraft eines Unternehmens unter Berücksichtigung der Kapitalintensität (z. B. Maschinen, Anlagen). Sie eignet sich gut zum Vergleich von Geschäftsmodellen mit unterschiedlich hohen Abschreibungen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe EBIT-Marge zeigt, dass ein Unternehmen auch nach Abschreibungen effizient arbeitet.
- Sie ist besonders relevant in kapitalintensiven Branchen.
- Langfristig stabile oder steigende Margen sind ein Zeichen wirtschaftlicher Stärke und Preissetzungsmacht.
📘 Nettomarge
📈 Was ist das?
Die Nettomarge zeigt, wie viel vom Umsatz am Ende als „Reingewinn“ übrig bleibt – also nach Abzug aller Kosten, Zinsen, Steuern und Abschreibungen.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Nettomarge gibt an, wie effizient ein Unternehmen über alle Stufen hinweg wirtschaftet. Sie zeigt, wie viel Gewinn tatsächlich je Euro Umsatz übrig bleibt.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Nettomarge zeigt, dass ein Unternehmen nicht nur operativ stark ist, sondern auch seine Finanzierung und Steuerbelastung im Griff hat.
- Vergleiche mit Wettbewerbern geben Einblicke in die wirtschaftliche Qualität.
- Sinkende Nettomargen trotz Umsatzwachstum können ein Warnsignal sein – etwa für steigende Kosten oder sinkende Effizienz.
📘 Free Cashflow Marge
📈 Was ist das?
Die Free-Cashflow-Marge zeigt, wie viel vom Umsatz nach Abzug aller operativen Ausgaben und Investitionen tatsächlich als freier Mittelzufluss übrig bleibt.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Marge misst die echte Liquidität, die ein Unternehmen erwirtschaftet – unabhängig von Bilanzierungsregeln oder Abschreibungen. Sie ist besonders relevant für Dividenden, Rückkäufe und Investitionen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Free-Cashflow-Marge zeigt, dass ein Unternehmen nachhaltig liquide Mittel erwirtschaftet.
- Sie ist ein starkes Signal für finanzielle Stabilität und Ausschüttungspotenzial.
- Wichtig ist der langfristige Trend – sinkende Werte können auf steigende Investitionen oder rückläufige operative Effizienz hindeuten.
📘 Ergebnis je Aktie (EPS)
📈 Was ist das?
Das Ergebnis je Aktie (EPS) zeigt, wie viel Gewinn auf eine einzelne Aktie entfällt – und ist eine der wichtigsten Kennzahlen zur Bewertung von Unternehmen.
🧮 Wie wird es berechnet?
Die verwässerte Aktienanzahl berücksichtigt auch potenzielle neue Aktien, etwa durch Optionen, Wandelanleihen oder andere Umtauschrechte.
🏛️ Wofür ist es wichtig?
EPS bildet die Basis für viele Bewertungskennzahlen wie KGV, PEG oder Payout Ratio. Es macht den Gewinn für Aktionäre vergleichbar – unabhängig von der Unternehmensgröße.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- EPS hilft, die Profitabilität pro Aktie zu erfassen – und ist besonders wichtig im Zeitvergleich oder im Vergleich mit Analystenschätzungen.
- Steigendes EPS kann ein Zeichen für stabiles Wachstum oder Aktienrückkäufe sein.
- Wichtig: Verwende verwässertes EPS für realistische Bewertungen – besonders bei stark aktienbasierten Vergütungssystemen.
📘 Free Cashflow je Aktie (FCF je Aktie)
📈 Was ist das?
Der Free Cashflow je Aktie zeigt, wie viel freier Mittelzufluss einem Unternehmen pro Aktie zur Verfügung steht – nach Investitionen, aber vor Dividenden oder Schuldentilgung.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der FCF je Aktie zeigt, wie viel liquide Mittel pro Aktie tatsächlich im Unternehmen verbleiben – wichtig für Dividenden, Aktienrückkäufe oder Schuldentilgung. Im Gegensatz zum Gewinn ist er schwerer manipulierbar und daher besonders aussagekräftig.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Free Cashflow je Aktie ist ein Zeichen für hohe finanzielle Flexibilität.
- Er zeigt, wie viel Kapital ein Unternehmen effektiv einsetzen oder ausschütten kann.
- Besonders relevant für dividendenstarke Unternehmen oder solche mit starker Kapitalrendite.
📘 Short Interest
📈 Was ist das?
Short Interest zeigt, wie viele Aktien eines Unternehmens aktuell leerverkauft wurden – also von Investoren geliehen und verkauft, in der Erwartung fallender Kurse.
🧮 Wie wird es berechnet?
Der Wert zeigt den Anteil der Aktien, der aktuell auf fallende Kurse spekuliert wird.
🏛️ Wofür ist es wichtig?
Short Interest dient als Stimmungsindikator: Ein hoher Wert deutet auf Skepsis oder negative Erwartungen gegenüber dem Unternehmen hin – kann aber auch zu einem „Short Squeeze“ führen, wenn der Kurs plötzlich steigt.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriger Short Interest deutet auf Vertrauen in das Unternehmen hin.
- Ein hoher Wert kann ein Warnsignal sein – oder eine Chance, wenn sich die Stimmung dreht.
- Besonders spannend in volatilen Märkten oder vor wichtigen Quartalszahlen.
📘 Employees
📈 Was ist das?
Die Mitarbeiteranzahl zeigt, wie viele Personen ein Unternehmen weltweit beschäftigt – ein Indikator für Größe, Struktur und Geschäftsmodell.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft bei der Einschätzung von Skaleneffekten, Effizienz und Personalkosten. Zusammen mit Umsatz und Gewinn lassen sich Kennzahlen wie Produktivität je Mitarbeiter ableiten.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Viele Mitarbeiter bedeuten große operative Komplexität – aber auch hohes Umsatzpotenzial.
- Produktivität je Mitarbeiter ist ein wichtiger Indikator für Effizienz.
- Besonders spannend bei stark wachsenden Tech- oder Industrieunternehmen.
📘 Umsatz je Mitarbeiter
📈 Was ist das?
Der Umsatz je Mitarbeiter zeigt, wie viel Erlös ein Unternehmen durchschnittlich pro Beschäftigtem erwirtschaftet – eine Kennzahl für Effizienz und Produktivität.
🧮 Wie wird es berechnet?
Die Mitarbeiterzahl stammt in der Regel aus dem letzten verfügbaren Jahresbericht.
🏛️ Wofür ist es wichtig?
Diese Kennzahl hilft, Geschäftsmodelle zu vergleichen – insbesondere zwischen arbeitsintensiven und technologiegetriebenen Unternehmen. Ein hoher Wert deutet auf Automatisierung, Effizienz oder hohen Wertschöpfungsanteil hin.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Umsatz je Mitarbeiter spricht für ein skalierbares und margenstarkes Geschäftsmodell.
- Ein niedriger Wert kann auf arbeitsintensive Prozesse oder geringere Wertschöpfung hinweisen.
- Besonders hilfreich beim Vergleich von Tech- vs. Industrieunternehmen.
NerdWallet Aktie Analyse
Analystenmeinungen
12 Analysten haben eine NerdWallet Prognose abgegeben:
Analystenmeinungen
12 Analysten haben eine NerdWallet Prognose abgegeben:
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NerdWallet — Q2 2026 Earnings Call
1. Management Discussion
Thank you. Good day and thank you for standing by. Welcome to the NerdWallet Inc Q2 2026 earnings call. At this time all participants are in a listen only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 1 again. be advised that today's conference is being recorded.
I would now like to hand the conference over to the very first speaker today, Zach Ogle. Zach, please go ahead.
Thank you, Operator. Welcome to the NerdWallet Q2 2026 earnings call. Joining us today are co-founder and CEO Tim Chen and Chief Financial Officer John Lee. Our press release and shareholder letter are available on our Investor Relations website, and a replay of this update will also be available following the conclusion of today's call. We intend to be able to to use our investor relations website as a means of disclosing certain material information and complying with disclosure obligations under SEC Regulation FD from time to time. A reminder, today's call is being webcast live and recorded. Before we begin today's remarks and question and answer session, I would like to remind you that certain statements made during this call may relate to future events and expectations, and as such, constitute forward-looking statements. Actual results and performance may differ from those expressed or implied by these forward-looking statements as a result of various risks and uncertainties, including the risk factors discussed in reports filed or to be filed with the SEC.
We urge you to consider these risk factors and remind you that we undertake no obligation to update the information provided on this call to reflect subsequent events or circumstances. You should be aware that these statements should not be considered a guarantee of future performance. Furthermore, during this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release, except where we are unable, without unreasonable efforts, to calculate certain reconciling items with confidence. With that, I will now turn it over to Tim Chen, our co-founder and CEO.
Thanks, Zach. We reported revenue of $197 million for the second quarter, up 6% year-over-year. Non-GAAP operating income, or NGOI, of $12 million was above the midpoint of our guidance range. We're in the middle of an AI transition that is changing how people get their answers to their money questions, making now an important time to check in on our long-term objectives. We're investing in building owned audiences by vertically integrating in some areas and by improving how we register and re-engage with users and others. While the story is still being written, we are confident because of the assets we have in place. a trusted brand, a large audience, healthy financials, and a strong team on an important mission. The success we are seeing in vertical integration plays across our brokering and advisory business lines is giving us conviction to start investing incremental marketing dollars based on internal rate of return or IRR targets rather than solely on in-quarter profitability. For the full year 2026, we expect to grow this incremental investment five-fold versus 2025.
Despite the longer payback periods associated with these investments, the recurring nature of the relationships produce highly attractive IRRs. We continue to optimize for positive in-quarter profitability for most of our business lines, but in the future we envision extending these IRR-based investments more broadly across our business. In our more traditional marketplace business, we continue to deliver more relevant and personalized offers to consumers while helping financial institutions meet their growth objectives. making it easier for consumers to find the financial products that best meet their needs. Product improvements unlocked significant volume growth in recent quarters, helping to drive the $12 million year-over-year increase in personal loans revenue delivered in the second quarter. Our relentless focus on efficiency is allowing us to stay nimble in this environment and to continue delivering solid profitability. We also continue to generate strong free cash flow, enabling us to fund investments in our owned audience strategy while maintaining a strong bond sheet. And now I will pass it over to John to cover our financial results in more detail.
Thanks, Tim. As Tim mentioned, total revenue in Q2 was $197 million, up $6 percent year-over-year. Consumer revenue was $175 million, up 8 percent year-over-year, driven by personal loans and deposit accounts as consumer demand remained strong and financial institutions expanded budgets. This was partially offset by a decline in consumer credit cards, primarily due to continued organic search headwinds. Our largest auto insurance carrier relationship has stabilized, but not yet returned to the level seen earlier in the year. As we continue to explore ways to grow with that carrier, we remain focused on scaling with other leading auto insurance carriers and expanding our in-house insurance agency, an example of our growth and owned audiences. SMB revenue was 22 million, down 11% year-over-year, driven primarily by organic search revenue declines in SMB products, partially offset by revenue growth and business loan originations. Moving to profitability. Q2 GAAP operating income was $7 million, and NGOI was $12 million at a 6% margin, above the midpoint of our guidance range of 6 to 14 million.
Q2 adjusted EBITDA was 23 million, in line with our guidance range of 19 to 27 million. Turning to cash flow and capital allocation. Our trailing 12-month adjusted free cash flow grew 100% year-over-year to $141 million, a new record. As a reminder, we were not a cash payer of federal corporate taxes during this period and received $9 million of tax refunds. We do not expect to be a federal corporate taxpayer in 2026, but expect to return to normalize corporate taxes in Q2 or Q3 of 2027. During the quarter, we repurchased $23 million of Class A common stock, bringing our repurchases over the last over the past 12 months to 160 million. Our Our Q2 weighted average diluted share count was down 14% year-over-year due to our share repurchase activity.
As of June 30th, we had $62 million of cash and cash equivalents up from $56 million at the end of Q1 with $67 million remaining under our share repurchase authorization. Turning to guidance, we expect to deliver third quarter revenue in the range of $244 to $260 million, up 17% year-over-year at the midpoint. In terms of profitability, we expect non-GAAP operating income in the range of $29 to $37 million. Our Q3 guidance reflects typical seasonality in our business, as well as expected tailwinds from regulatory changes in student loans and the impact of our college finance acquisition in February. As a result, we expect our annual profitability to be more concentrated in the third quarter this year than in prior years. For the full year, we're narrowing our NGO expectation to a range of 90 to 105 million, maintaining the midpoint of our previous guidance. This guidance includes $15 to $20 million NGY impact from customer acquisition spend with payback periods beyond the current year.
At the midpoint, this spend implies an approximately five times increase year-over-year. We expect to continue generating meaningful, adjusted-free cash flow moving forward. From a capital allocation perspective, we'll continue to weigh organic investments, inorganic growth opportunities, and share repurchases against one another to maximize long-term shareholder value. With that, we'll open up for Q&A.
Thank you. As a reminder, to ask a question, you will need to press star 1-1 on your telephone and wait for your name to be announced. To withdraw a question, please press star 1-1. Again, please stand by while we compile the Q&A roster. Our first question comes from the line of Ralph Charcarte from William and Blair. Ralph, your line is now open.
Great. Thanks for taking the question. In the script you talked about stepping up the investment, I think fivefold versus last year with longer payback duration. I guess what's given you the confidence this investments are the right time at this particular scale? Then maybe if you could provide some color on the new, payback duration. I wasn't sure if he said more than one year. Also in the prepared remarks, but any color, you know, how you're thinking about the payback as well. Thank you.
Yes, I'm happy to take that. So with the investments we made in vertical integration, we're beginning to see cohorts of our consumers with high retention and recurring revenue. So tailoring our marketing spend to the stickier audiences on the basis of IRR is a natural extension of our progression here, but we're still keeping a very high bar and tracking cohort performances in detail. And to us, it's really ultimately an LTV to CAC optimization over a longer period of time while using IR and payback period as guardrails. And from an IR target perspective, it's really a capital allocation question for us. We know what our free cash flow yields are today. We have a pretty good sense of what our M&A opportunities are.
And these internal IR investments need to stack well against those opportunities to have capital allocated against it.
Okay, and then just another question, just switching gears maybe to the LLM traffic and some of the FCO headwinds that you called out, maybe just some perspective on, you know, just another quarter with the LL models. How is that traffic converting? You know, are you guys finding new workarounds? Just, you know, any call you can add there as well. Great. Thank you.
Yes, this is Tim. The traffic is converting well. I mean, I think intent is extremely high when someone is coming through an LLM in terms of wanting to transact in a marketplace. It continues to be a pretty small part of our business today, but it's definitely an area of investment and growth for us.
As a reminder, to ask a question, you will need to press star 1-1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1-1 again. Our next question comes from the line of Michael Infante of Morgan Stanley. Michael, your line is now open.
2. Question Answer
Yes, hi guys. Thanks for taking my question. Tim, I just get your thoughts on just the importance of distribution in the future with everything going on from an AI perspective. How much of that value do you think ultimately accrues to distribution? to NerdWallet versus the platforms and anything you can share in terms of, you know, some of the underlying CAC trends that sort of gives you the confidence that you can continue to capture that over time.
I think brand and reach are just an incredible asset. I mean, I think distribution is so important in this future state of the world. A lot is left to be determined. Obviously, the story is being written, but we've already entered a phase where you've got billions of weekly active users across major LLMs. Mass adoption is already taking place, right? And so I think a lot of the impact that we've already seen in terms of our educational content being effective the last three years has played out. I think we're starting to see what the future looks like. The The importance of that trusted brand when you're talking about offering marketplaces and high stakes financial guidance is really front and center.
I just think we're really well positioned there. That does translate into CAC. Brands with higher trust are going to have advantages there. That's where our vertical integration strategy is really banking on. We think our distribution and our trust are going to give us a leg up there.
That's helpful. And then maybe just on, you know, just the SMB business and the quarter are sort of down 11. structural search headwinds sort of continuing, like, how should we be thinking about the path to recovery there? And or like, if this is a business you ultimately, you know, want to continue to own and lean into incrementally relative to just investing more into, you know, the consumer vertical integration. Thanks, guys.
I think about SMB as having two distinct parts. Part of it is the loan business, so that's more of a loan brokering operation with a highly, highly considered purchase on behalf of this small business owner. And then the other piece of the SMB business is more of our traditional business I mean, we're recommending things like everything from credit cards to bank accounts to software. So where we're really seeing headwinds year over year is on the non-loans part of the business and loans is growing year over year. The loans business does have this dynamic of, you know, an owned audience that does come back to us over and over again, over a number of years. So that's the part of the business that we continue to invest on from, you know, a brokering efficiency standpoint. And then in terms of the rest of that business, we really think about expanding our channels and improving our CRM.
So we're investing in both. I'm showing no further questions at this time. I would now like to turn it back to management for closing remarks.
Thanks everyone for your questions today. Looking ahead, we're going to remain focused on building owned audiences through vertical integration, registrations, and data-driven engagement. And with the assets and people we have in place, we're confident that NerdWallet will emerge from the AI transition as the most trusted consumer finance brand and the place people turn to for answers to the most important money questions. I look forward to updating you on our progress next quarter.
Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.
This live transcript is auto-generated without human intervention or review.
[Call has ended.]
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NerdWallet — Q2 2026 Earnings Call
NerdWallet Q2: Umsatz moderat gestiegen, profitabel (NGOI über Guidance‑Mittelpunkt), starke Reinvestitionen in vertikale Integration und Marketing mit längeren Paybacks.
📊 Quartal auf einen Blick
- Umsatz: $197 Mio. (+6% YoY)
- Consumer: $175 Mio. (+8% YoY), getrieben von Privatkrediten und Einlagen
- Non‑GAAP Operating Income (NGOI): $12 Mio. (6% Marge), oberhalb Guidance‑Mittelpunkt
- Free Cash Flow: TTM adj. FCF $141 Mio. (+100% YoY)
- Leitlinien: Q3 Umsatz $244–260 Mio.; FY NGOI $90–105 Mio. (Range eingeengt)
🎯 Was das Management sagt
- Vertikale Integration: Aufbau eigener Zielgruppen durch Produktintegration und bessere Registrierung/Re‑Engagement, um wiederkehrende Umsätze zu schaffen
- IRR‑gesteuerte Investitionen: Marketingausgaben sollen fünfmal so hoch ausfallen wie 2025; Entscheidend ist interner Rendite‑(Internal Rate of Return) und längere Payback‑Zeiten
- Marke & AI: Positionierung als vertrauenswürdige Verbrauchermarke soll Vorteil in der Verteilung über Large Language Models (LLM) sichern
🔭 Ausblick & Guidance
- Q3: Umsatz $244–260 Mio. (+17% YoY am Mittelpunkt), NGOI $29–37 Mio.; Profitabilität stärker auf Q3 konzentriert (Saison + Student Loan Tailwind + Übernahme)
- FY: NGOI $90–105 Mio., Guidance‑Mittelpunkt unverändert; beinhaltet $15–20 Mio. Investitionen in Kundenakquise mit Payback nach dem Jahr
❓ Fragen der Analysten
- Investitions‑Returns: Analysten fragten nach Payback‑Dauer und IRR‑Annahmen; Management betont Cohort‑Tracking und LTV‑/CAC‑Optimierung, gab aber keine festen Payback‑Zahlen außer „länger als ein Jahr“ an
- LLM‑Traffic: Conversion von LLM‑gestütztem Traffic werde als hoch bewertet, ist aktuell jedoch noch ein kleiner Kanal
- SMB‑Segment: Rückgang bei SMB (−11% YoY) erklärt durch organische Such‑Headwinds; Management investiert weiter in Kredite/Originations und verbessert CRM sowie Kanäle
⚡ Bottom Line
- Fazit: Solides, profitables Wachstum mit stark positiver Cash‑Generierung; strategische Verschiebung hin zu IRR‑orientierten, langfristigeren Marketing‑Investitionen erhöht Wachstumspotenzial, macht Rendite aber abhängig von Cohort‑Execution und Such/LLM‑Risiken.
NerdWallet — Q1 2026 Earnings Call
1. Management Discussion
Good day, and thank you for standing by. Welcome to the NerdWallet, Inc. First Quarter 2026 Earnings Call. [Operator Instructions] Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Robb Ferris, VP of Finance. Please go ahead.
Thank you, operator. Welcome to the NerdWallet Q1 2026 Earnings Call.
Joining us today are Co-Founder and Chief Executive Officer, Tim Chen; and Chief Financial Officer, John Lee.
Our press release and shareholder letter are available on our Investor Relations website, and a replay of this update will also be available following the conclusion of today's call. We intend to use our Investor Relations website as a means of disclosing certain material information and complying with disclosure obligations under SEC Regulation FD from time to time. As a reminder, today's call is being webcast live and recorded.
Before we begin today's remarks and question-and-answer session, I would like to remind you that certain statements made during this call may relate to future events and expectations and as such, constitute forward-looking statements. Actual results and performance may differ from those expressed or implied by these forward-looking statements as a result of various risks and uncertainties, including the risk factors discussed in reports filed or to be filed with the SEC.
We urge you to consider these risk factors and remind you that we undertake no obligation to update the information provided on this call to reflect subsequent events or circumstances. You should be aware that these statements should not be considered a guarantee of future performance. Furthermore, during this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release, except where we are unable without reasonable efforts to calculate certain reconciling items with confidence.
With that, I will now turn it over to Tim Chen, our Co-Founder and CEO. Tim?
Thanks, Robb. We reported revenue of $222 million for the first quarter, up 6% year-over-year. Within our Consumer vertical, we saw continued year-over-year growth in banking, driven by robust demand for savings accounts. Personal loans revenue was also significantly higher in Q1 year-over-year. These positives were partially offset by a year-over-year decline in credit cards. Within our SMB vertical, we saw year-over-year declines driven by organic search headwinds.
Non-GAAP operating income of $34 million and adjusted EBITDA of $45 million set new Q1 records, driven by strong operating leverage on our fixed cost base and lower other marketing spend. As we look ahead, we are affirming the high end of our full year NGOI guidance range, but taking a more conservative view on the lower end of the range to reflect 2 dynamics that are adding uncertainty to near-term results.
First, in auto insurance, monetization from one of our large partners started running below our expectations, which impacted our Q1 results and is expected to have a greater impact in Q2. While this business can be volatile on a quarter-to-quarter basis, we're encouraged by the strong macro outlook for auto insurance customer acquisition spend. Against this healthy backdrop, we are deepening our technology integrations with several auto insurance carriers and expanding our offering with agent-centric carrier partners through phone-based referrals.
We are also investing to build out our branded agency, NerdWallet Insurance Experts. We believe that these investments will create a more diversified and resilient base from which we'll grow in the future. Second, we've decided to be more aggressive in placing our long-term bets. We believe our brand and distribution moats represent a growing advantage as less powerful brands struggle to reach consumers efficiently while AI simultaneously reduces the cost of offering financial products. This is creating a unique investment window for NerdWallet.
While this environment is increasingly challenging for newer entrants and single product companies, our trusted brand leaves us in a strong position to capitalize on our massive consumer reach and distribution network. Whether we're evaluating corp dev opportunities or building offerings like NerdWallet Insurance Experts, we believe we are in a sweet spot to generate attractive long-term returns on these investments.
And now I will pass it over to John to cover our financial results in more detail.
Thanks, Tim. Before I walk through the results in detail, a quick reminder on the reporting change we discussed last quarter and which took effect today. Beginning this quarter, we're presenting revenue in 2 categories: Consumer and SMB. Consumer combines what we previously reported as insurance, credit cards, loans and emerging verticals. SMB remains unchanged. Prior period amounts have been restated under this new presentation.
Turning to the top line. Total revenue in Q1 was $222 million, up 6% year-over-year. Consumer revenue was $198 million, up 10% year-over-year, driven by banking and personal loans and partially offset by consumer credit cards, primarily due to organic search headwinds. SMB revenue was $25 million, down 15% year-over-year, driven primarily by organic search revenue declines in SMB products, partially offset by revenue growth in loan originations.
Moving to profitability. Q1 GAAP operating income was $27 million compared to $1 million in the prior year quarter. NGOI was $34 million at a 15% margin, up from $9 million at a 4% margin in Q1 2025 and above our guidance range of $28 million to $32 million. The year-over-year improvement was primarily driven by lower other marketing expenses on lower brand spend, partially offset by higher performance marketing spend. Recall that we did not repeat a Super Bowl ad this year, which was the primary cause of the decline in our other marketing spend year-over-year. As we have seen in the past quarters, brand spend tends to fluctuate quarter-over-quarter and is dependent on timing of brand campaigns and market conditions. Q1 adjusted EBITDA was $45 million.
Turning to cash flow and capital allocation. We ended the quarter with $56 million of cash and cash equivalents, down from $98 million at year-end in 2025. During the quarter, we generated $40 million of adjusted free cash flow, offset by $17 million of cash consideration for the College Finance acquisition that closed in February as well as $66 million of share repurchases in the quarter.
Please note that the contributions from the College Finance acquisition were not material to first quarter revenue or operating income. Our trailing 12-month adjusted free cash flow of $131 million was up 125% year-over-year, a testament to the strong cash flow characteristics of our business model. Our diluted weighted average share count was down 9% year-over-year due to our share repurchase activity, and we will continue to evaluate share repurchases alongside other uses of capital. As of March 31, we had $90 million remaining under our share repurchase authorization.
Turning to guidance. We expect to deliver second quarter revenue in the range of $186 million to $202 million, up 4% year-over-year at the midpoint. In terms of profitability, we expect non-GAAP operating income in the range of $6 million to $14 million.
As a reminder, Q2 is typically our seasonally softest quarter, and our guidance reflects this as well as our deliberate increase in vertical integration investments to drive long-term growth. For the full year, we're guiding to an NGOI expectation between $85 million and $110 million. We're reaffirming the upper end of our previously issued guidance range with the expectation that we will continue to grow revenue year-over-year in each of the remaining quarters of 2026, supported by continued performance marketing-led growth in banking, personal loans and other products, resulting in full year revenue growth in the mid- to high single digits year-over-year.
In addition to top line growth, we expect NGOI to be supported by ongoing corporate G&A expense discipline. However, we're reducing the low end of the range, which now reflects planned investments to accelerate our vertical integration strategy and to reflect uncertainty as it relates to monetization with one of our large auto insurance partners. As Tim mentioned, we're increasingly confident that these investments not only have the potential to accelerate our growth and generate attractive returns for our shareholders, but to create a more diversified and resilient NerdWallet over time.
With that, we'll open it up for Q&A.
[Operator Instructions] Your first question comes from the line of Justin Patterson with KeyBanc Capital Markets.
2. Question Answer
This is Miles Jakubiak on for Justin. I wanted to dive deeper in on the acceleration of investments in the vertical integration. Just curious if you could give more context around what you saw or what changed that led you to want to push the pedal on some more investment in these areas? And then any more context you can provide around just where these dollars are going within the vertical integration strategy would be helpful?
Thanks for the question, Miles. Yes. So high level, the cost of launching financial products is decreasing rapidly as everything from software to call centers, to capital markets is getting more efficient. Meanwhile, the cost of distribution is going up. That means now more than ever, distribution is king. And so as a result, a lot of bright entrepreneurs, whether internal to NerdWallet or external are seeing NerdWallet is a great place to build.
So we have a really unique investment window. I mean from the corp dev side, we're seeing a lot of people coming to us who value our distribution, who have built great products. So we're also considering building a lot of things ourselves as well.
[Operator Instructions] The next question comes from the line of Michael Infante with Morgan Stanley.
Yes. Two ones for me. I'll ask them both at the same time. Are you able to parse how much of the full year low-end NGOI reduction is driven by the monetization dynamics versus the incremental investment? And then, Tim, just on the incremental investment, you obviously gave some commentary there. I mean, we're in, obviously, the middle of a pretty significant sort of structural profitability change in the business with the mix shift towards performance marketing. Can you just sort of walk us through the work that you guys have done internally to get comfortable with the returns that you intend to deliver here?
Thank you for the question. So just -- on the NGOI full year guidance question, so we are reaffirming the upper end of our issued -- previously issued guidance range with the expectation that we'll continue to grow revenue year-over-year each in the remaining quarters. So in terms of the low end of the range, we assume that at the low end of the range that we're not able to offset the insurance weakness for the entire year, and we continue to invest further into our vertical investment strategy, whereas the high end of the range represents that we are able to offset the insurance weakness in the second half of the year while we identify fewer investment opportunities in our vertical investment strategy.
Yes. I'll take the second part of that. But maybe first, I'll give a little more color on the insurance as well. So I mean, one of our large carriers pulled back in March, and we have a lot of concentration towards a few carriers currently and a few channels, right? So taking a step back, even after growing our insurance business several fold over the past few years, we're still a relatively new player in this market and have a pretty high concentration. So we're really investing in growing additional carriers, but we're also starting to sell directly to agents, and that's a new business for us.
And that rounds out our core quick offerings with calls and leads and enables us to open up additional channels. In terms of the IRR analysis, we have -- we obviously want to exceed our cost of capital when we're doing things like vertical integration. And our cost of capital is pretty high, right? Like if you look at our free cash flow yield versus our market cap and our growth rate, that's a pretty high hurdle to get over. So I think what's kind of unique for us is we have that big top of funnel. When we're looking at things from a corp dev perspective, we can do commercial testing with partners and get a pretty good sense of how that's going to shake out. And when we're building internally, yes, with all the new tools and infrastructure that's available now, you can build pretty incredible stuff with pretty small teams. So both of those are affecting the cost side of the IRR calculation.
[Operator Instructions] Our next question comes from Ralph Schackart with William Blair.
Just maybe piggybacking off that last question on insurance. Can you maybe just give us a sense or a better understanding of the investment needed in terms of the dollars and/or the duration of this investment? Is this going to be a multi-quarter cycle or something that you think could be, I guess, sort of quickly built to add that additional carrier capacity?
And then maybe just an update on the LLM traffic, maybe what you've observed or learned since the last call. Any sense potentially how cannibalistic this is or kind of maybe how that traffic is shaking out?
On the insurance build-out, we're definitely talking multi-quarters, right? I mean we're talking about standing up a system where we're routing calls to agents at both independent agents as well as captive agents. So that just takes time. We got to build that out from both a operational side as well as a BD side and demonstrate our value and kind of follow the playbook over time.
So I'd expect more of a slower ramp there. We're going to try to do it efficiently, but that is an incremental investment. And then in terms of LLM traffic, pretty much the same story as last quarter. I mean we're pretty dominant when it comes to LLM share in financial services or money questions based on all the third-party data we've seen. So we do see people coming through. We see high conversion rates. It's just a very small piece of our overall pie right now from a revenue perspective.
I'm showing no further questions at this time. So I will now turn it back to management for closing remarks.
All right. Thanks, everyone, for your questions today. The quarter -- this quarter, we made meaningful progress against our strategic pillars. I'm proud of what the Nerds delivered and remain confident in where we're headed. And so our focus is clear, making NerdWallet the first place consumers turn to shop for financial products. Thank you.
Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.
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NerdWallet — Q4 2025 Earnings Call
1. Management Discussion
Good day, and thank you for standing by. Welcome to the NerdWallet Q4 2025 Earnings Call [Operator Instructions] Please be about that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Rob Farris, VP of Finance. Please go ahead. .
Thank you, operator. Welcome to the NerdWallet Q4 and Full Year 2025 Earnings Call. Joining us today are Co-Founder and Chief Executive Officer, Tim Chen; and Chief Financial Officer, John Lee. Our press release and shareholder letter are available on our Investor Relations website -- and a replay of this update will also be available following the conclusion of today's call. We intend to use our Investor Relations website as a means of disclosing certain material information and complying with disclosure obligations under SEC Regulation FD from time to time.
As a reminder, today's call is being webcast live and recorded. Before we begin today's remarks and question-and-answer session, I would like to remind you that certain statements made during this call may relate to future events and expectations and, as such, constitute forward-looking statements. Actual results and performance may differ from those expressed or implied by these forward-looking statements as a result of various risks and uncertainties, including the risk factors discussed in reports filed or to be filed with the SEC.
We urge you to consider these risk factors and remind you that we undertake no obligation to update the information provided on this call to reflect subsequent events or circumstances. You should be aware that these statements should not be considered a guarantee of future performance. Furthermore, during this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release, except where we are unable, about reasonable efforts to calculate certain reconciling items with confidence. With that, I will now turn it over to Tim Chen, our Co-Founder and CEO. Tim?
Thanks, Rob. This quarter, we exceeded our guidance for revenue and non-GAAP operating income. In a moment, John will talk through our results in more detail, and you can also find more information in the earnings release and shareholder letter posted on our Investor Relations website. In 2025, we faced headwinds as consumers increasingly turn to AI Uber views and LOMs over traditional search, resulting in steep organic search declines. In spite of this, we delivered year-over-year revenue growth of 22% for the full year and 23% for the fourth quarter as growth in performance marketing, direct and nonsearch referral channels more than offset the decline in organic search.
Turning to our financial performance. We delivered fourth quarter revenue of $225 million, up 23% year-over-year and non-GAAP operating income of $25 million, up 47% year-over-year. Revenue growth was driven primarily by personal loans, banking and insurance, partially offset by credit cards and SMB products. For the full year, we reported revenue of $837 million, up 22% year-over-year and non-GAAP operating income of $96 million, up over 100% year-over-year.
Looking ahead, in the near term, we anticipate continued growth in performance marketing, while we expect organic search to remain under pressure. We are keeping the long term in focus by continuing to invest in building deeper relationships with consumers and SMBs across an increasing number of financial decisions. And now I will pass it over to John to cover our financial results in more detail.
Thanks, Tim. As Tim mentioned, our fourth quarter results exceeded our revenue and non-GAAP operating income guidance due to continued momentum in performance marketing. We remain focused on creating long-term shareholder value by delivering sustainable growth, strong free cash flow generation and disciplined capital allocation. With Q4 growth ahead of expectations, trailing 12 months adjusted free cash flow increasing to $118 million and Q4 share repurchases of $51 million, we made progress on each of these objectives during the quarter. Total revenue in Q4 was $225 million, up 23% year-over-year exceeding our guidance range. This was driven by a 28% revenue growth in our consumer verticals, partially offset by a 12% revenue decline in our SMB vertical.
Within Consumer, insurance revenues increased 13% year-over-year, driven by robust auto carrier demand. Lending revenue increased 141% year-over-year, driven by a 264% growth in personal loans and double-digit growth in mortgages and other loans. Emerging Verticals revenue grew 57% year-over-year, driven by banking as we leveraged conversion data provided by our partners to gain share in a healthy demand environment. Looking forward, we are cautious on the outlook for our banking business as lower interest rates could reduce demand for high-yield savings accounts as the year progresses.
Credit card and SMB revenues declined 24% and 12% year-over-year, respectively, driven by organic search headwinds. For the full year, total revenue was $837 million, up 22% versus 2024. Revenue from our consumer verticals grew 27% to $737 million while revenue from our SMB vertical decreased 9% to $100 million, primarily driven by organic search headwinds. Moving on to profitability. Q4 non-GAAP operating income or NGOI was $25 million, which was above our guidance range. The beat was primarily driven by revenue outperformance, partially offset by margin pressure from declining organic search revenue.
Q4 GAAP operating income was $19 million, and brand marketing expense was $11 million during the fourth quarter, consistent with prior year levels. Full year 2025 and July was $96 million at an 11% margin compared to 2024 NGOI of $48 million at a 7% margin. NGOI margin expansion for the full year was driven by expense discipline, partially offset by a 40% increase in Perforce marketing investments. Full year 2025 GAAP operating income was $65 million.
Over the last 4 quarters, we generated $118 million of adjusted free cash flow and ended the year with a cash balance of $98 million. Please refer to today's earnings press release for a full reconciliation of our GAAP to non-GAAP measures. In terms of capital allocation, during Q4, we completed $51 million of share repurchases and reflecting our confidence in NerdWallet's long-term prospects. Looking ahead, we will continue to focus on creating long-term shareholder value through disciplined capital allocation, including both opportunistic share repurchases and and bolt-on acquisitions to accelerate our strategic initiatives.
Before moving to guidance, I want to highlight the change we're making to our financial reporting beginning in Q1 2026. Moving forward, we will simplify our revenue reporting from 5 categories to 2: consumer and SMB. Consumer will combine what we currently report as insurance, credit cards, loans and emerging verticals. SMB will continue to be reported as it is today. Our consumers and SMBs often engage with us across multiple product categories, and we believe this presentation will better reflect that reality.
We have provided historical data restated under the new revenue categories to facilitate comparisons. Turning to guidance. We expect to deliver first quarter revenue in the range of $224 million to $232 million, up 9% year-over-year at the midpoint. In terms of profitability, we expect non-GAAP operating income in the range of $20 million to $32 million. .
Our first quarter guidance assumes similar trends to those we saw in the fourth quarter, namely revenue growth driven by an increase in performance marketing revenue outweighing organic revenue headwinds. We expect that margin compression caused by this ongoing revenue mix shift will be offset by year-over-year declines in brand marketing spend. Recall that in the first quarter of 2025, our brand spend included a Super Bowl ad an investment we did not repeat in 2026.
Looking at the full year, we're expecting non-GAAP operating income to land between $95 million and $110 million. We anticipate the first quarter and the third quarter will be our strongest quarters just like we've seen in the past years. For the rest of the year, we're modeling somewhat softer results compared to our first quarter guidance. This factors in the ongoing headwinds we're facing in organic search, along with our expectation that the recent surge we've enjoyed in banking, both in the fourth quarter and so far in the first quarter, will start to cool off as short-term interest rates drop further. With that, we'll open up for Q&A.
[Operator Instructions] Our first question comes from Michael Infante from Morgan Stanley.
2. Question Answer
I'd be curious on the LOM based referral traffic in terms of what you guys can see whether or not it's actually incremental to the business or if you're seeing some level of cannibalization relative to existing organic searches? .
Yes, I'll take that one. So we're definitely seeing what we believe is incremental People, I think, are searching more both on traditional search engines as well as LOMs. We see that in the industry data and then in terms of what we're seeing on our side, the conversion rates on that LOM referral traffic are much higher and growing rapidly. So we do believe it think of. .
Okay. That's helpful. And then is there a way to sort of help quantify how much of a drag the sort of persistence of these organic traffic headwinds are as it relates to the '26 profitability outlook? I'm just trying to understand how we should think about any potential continuation of this performance marketing intensity and if you view that as a form of medium-term headwind to margins. .
Yes, I'll take that. So I believe your question is how should we think about SEO headwinds. Is that right?
Yes, that's fair. .
Yes. So just first of all, we're not solving for a margin percentage. We're focused on adding NGOI dollars as we discussed. So given the mix get changes in Perforce marketing and organic revenue tends to be not as correlated to July and free cash flow and focusing on margin percentage targets would be limiting for our flexibility as we need to make the right economic decisions for our shareholders.
And so what -- it is true that what you have seen is correct, where we are experiencing a decline in organic revenue. But we have been, at least from a revenue perspective, more than offsetting that with our performance marketing revenue. And in order to -- and what I would guide to is, I think you could really take a look at our performance marketing spend trend over the last couple of years.
And I think that will give you a pretty good sense of how to think about our revenue growth from a performance marketing standpoint in the outer years. But at the moment, we're not guiding specifically to revenue channels.
Our next question comes from Jed Kelly from Oppenheimer.
Great. Just given the current landscape, you've got a strong brand and broad distribution with a lot of our financial service partners, how can you -- can you give us an update just on how you're thinking about vertical integration and how that strategy is going to create a more stickier relationship with the consumer?
Yes, it's a good question. Typically, we're caring like you said, our brand and reach with better consumer experiences, sticker consumer experiences. And yes, we're pretty happy with the way that's playing out. Typically, you go from a transactional relationship into a relationship with better unit economics and a lot more a lot closer relationship in terms of understanding what the customer needs.
So we continue to see opportunities there. We are quite often the preferred acquirer when we get into corp dev conversations. So we continue to look forward to just being prudent, but opportunistic on vertical integration.
And my guess would be a lot of these large LLM similar to like Google and search are going to go out and create a ton of relationships, right, direct relationships with banks and financial services partners. So shouldn't you guys an aggregator or marketplace or be -- is there a way to be positioned well? And have you thought about data sharing and other stuff with some of these emerging LLMs.
Yes. It's a good question. I mean I think if you think about the scenario where you're trying to do some form of Agentic shopping or LLMs or trying to get more integrated. There's kind of 2 obstacles you really need to think about -- so the first is regulatory. For example, you can't get an insurance quote from someone without an entrance license. And so if you look across, for example, credit, insurance, mortgages and investing, the required licensing fusions need deterministic and compliant outputs, not probabilistic answers.
Does that isn't optional for any intermediary, whether it's us or some kind of Agentic solution? And second, the financial institutions need to buy in and participate. So for example, An insurance company can easily refuse a quote an AI agent that are shopping around by inserting a multifactor authentication step, right? The 2 study marketplaces really only work if lenders and insurers want to participate they bear real cost to quote and service demand.
And if agent-driven traffic hurts their margins or compliance posture, they can simply block it. So I do think there will be changes in terms of how consumers engage. But in financial services, usefulness at scale requires both the licensing piece, the compliance infrastructure and the institutional buy-in, not just Agentic. So we think we're pretty well positioned to make do with all that.
Our next question comes from Justin Patterson from KeyBanc .
Great. Could you talk a little bit more about how AI is being leveraged internally to improve just both products as well as just the underlying content? And then I'll have a follow-up after that.
Yes, sure. I mean we're leveraging AI pretty broadly. So I think you mentioned there's 2 dimensions. There's the -- first, the internal operations. We're thinking hard about how we can use it to augment our existing workforce and the born efficiency we can drive there, the more value you can deliver for consumers. So whether that's across coding or back office or empowering our sales people to be more useful for customers, that's a big initiative.
And then in terms of the consumer-facing side, yes, it definitely opens up more nondeterministic product flows. Like I mentioned earlier, though, we really have to be careful about compliance there and auditability. And -- but we do think we can provide a lot more service per agent or adviser as well as some fully digital solutions in the future, and we're working hard on that.
Got it. And then for the last question, you've got a really successful vertical integration strategy for the past few years. As you look at just your vertical coverage today, are there any other areas where you see opportunities to be -- go out in the market and just augment some of the services you offer today?
Yes, we do. There's a lot of different corners in a lot of different verticals. So we have a pretty nascent effort in terms of NerdWallet insurance experts. So that's area of focus for us. I think can improve the user experience to improve the economics of the insurance marketplace as well, but there's others as well. .
[Operator Instructions] Our next question comes from Justin Whitney from William Blair.
It's Ralph Schackart, actually. Just a quick question traffic sources. So you've been in the performance channel now for a while. Just kind of curious if you could maybe take a step back and sort of frame what's working for you here, what strategies and channels are really starting to contribute to the overall platform? And then as you have worked with these channels for a while, can you help us think through the efficiencies you might be finding? Obviously, there's a different profitability profile between performance and organic. But just maybe speak to the efficiencies that you're finding and/or working on. .
Yes. I'll take that. I mean performance marketing has been working pretty well for us. We think our brand is a halo across all of our performance marketing efforts. We think the what we know about the consumer and our data infrastructure is a big part of enabling that as well. And then we also think our vertical by vertical expertise is also factor that helps, especially across channels like meta or CRM in terms of driving improvements, in terms of efficiencies, over time, we find that being a one-stop shop across many different products has advantages.
So we're thinking hard about how to use the various parts of our business to strengthen every other part of our business with internal cross merchandising. And so yes, those things all start to work together well over time. I think it's a big factor behind our success.
I am showing no more questions at this time. I would now like to turn it back over to management for closing remarks.
All right. Thank you all for your questions today. As always, I'd like to give a huge thank you to the NerdWallet for their continued hard work over 2025. I'm looking forward to sharing our results in Q1 with you in a few months. Thank you. .
Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.
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NerdWallet — Q3 2025 Earnings Call
1. Management Discussion
Good day, and thank you for standing by. Welcome to the NerdWallet, Inc. Q3 2025 Earnings Call. [Operator Instructions] Please be advised that today's conference call is being recorded. I would like to hand over the conference call to our first speaker, Mr. Robb Ferris, Vice President for Finance. Please go ahead.
Thank you, operator. Welcome to the NerdWallet Q3 2025 Earnings Call. Joining us today are Co-Founder and Chief Executive Officer, Tim Chen; and Chief Financial Officer, Jun Lee. Our press release and shareholder letter are available on our Investor Relations website and a replay of this update will also be available following the conclusion of today's call. We intend to use our Investor Relations website as a means of disclosing certain material information and complying with disclosure obligations under SEC Regulation FD from time to time.
As a reminder, today's call is being webcast live and recorded. Before we begin today's remarks and question-and-answer session, I would like to remind you that certain statements made during this call may relate to future events and expectations and as such, constitute forward-looking statements. Actual results and performance may differ from those expressed or implied by these forward-looking statements as a result of various risks and uncertainties, including the risk factors discussed in reports filed or to be filed with the SEC. We urge you to consider these risk factors and remind you that we undertake no obligation to update the information provided on this call to reflect subsequent events or circumstances. You should be aware that these statements should not be considered a guarantee of future performance.
Furthermore, during this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release, except where we are unable without reasonable efforts to calculate certain reconciling items with confidence. With that, I will now turn it over to Tim Chen, our Co-Founder and CEO. Tim?
Thanks, Robb. This quarter, we exceeded our guidance for revenue and non-GAAP operating income. In a moment, Jun will talk through our results in more detail and you can also find more information in the earnings release and shareholder letter posted on our Investor Relations website. In the meantime, I want to highlight that these results are a testament to 2 longer-term initiatives, extending our reach with consumers and improving operational efficiency.
The first longer-term initiative is our effort to build on our key competitive advantage, our trusted brand and distribution. While our mission has always been to provide financial guidance to all consumers, our product offering has historically been geared toward the prime market. Over the past 12 months, we've undertaken efforts to expand our shopping experiences by offering more products to below prime consumers, broadening our appeal. This has allowed us to scale our performance marketing capabilities, which have in turn offset headwinds in organic search. Beyond performance marketing, we are seeing momentum with referrals from large language models or LLMs, where our trusted brand has made us the most cited source in our competitive set. Although our traffic from LLMs is currently small, these consumers appear to convert at a much higher rate than traditional organic traffic. So we will continue to invest in growing this channel.
The second longer-term initiative shaping our results this quarter is our focus on operational efficiency, which has allowed us to get more miles per gallon and deliver margin expansion. We're still at an early stage in our journey and have only scratched the surface of our addressable market. The big opportunity we're pursuing is to use our trust and distribution advantages to convert our traffic into a loyal owned audience that we can reengage directly with personalized nudges when there's an opportunity to make a smart money move. We will do this by making it a no-brainer to come to NerdWallet for all your money needs, enhancing our guidance through our land and expand, vertical integration and registration and data-driven engagement strategies.
And now I will pass it over to Jun to cover our financial results in more detail.
Thanks, Tim. As Tim mentioned, our third quarter results exceeded our guidance on all metrics. As we have discussed over the past couple of quarters, I believe the key drivers of long-term shareholder value creation are sustainable growth, strong free cash flow generation and disciplined capital allocation. With growth ahead of expectations, trailing 12-month adjusted free cash flow increasing and sizable share repurchases in the quarter, our focus is beginning to pay off.
Total revenue in the third quarter was $215 million, up 12% year-over-year, exceeding our guidance range of $189 million to $197 million. Revenue outperformance was primarily driven by banking, up 96% year-over-year and personal loans up 91% year-over-year. Our insurance business was up 3% year-over-year, a bit better than expected. However, our SMB product and credit cards verticals declined year-over-year, driven by organic search headwinds. We delivered third quarter non-GAAP operating income of $41 million, above our $23 million to $27 million guidance range. Notably, we underspent on brand marketing versus our target by $8 million as we reevaluated our brand strategy during the quarter.
In Q4, we expect to return to more typical levels of brand spend. Excluding this onetime brand spend benefit, our NGOI performance was driven by revenue outperformance, improved efficiency in performance marketing and conservative expense management. GAAP operating income for the third quarter was $34 million. Over the last 4 quarters, we generated over $85 million of adjusted free cash flow and ended Q3 with a cash balance of $121 million. Please refer to today's earnings press release for a full reconciliation of our GAAP to non-GAAP measures.
In terms of capital allocation, during the quarter, we completed $19 million of share repurchases, reflecting our confidence in NerdWallet's long-term prospects on our belief that these repurchases were an attractive use of our capital, especially at prevailing share prices. Looking ahead, we'll continue to focus on creating long-term shareholder value through disciplined capital allocation, including both opportunistic share repurchases and bolt-on acquisitions to accelerate our vertical integration strategy. Going forward, we expect less margin expansion year-over-year due to organic search headwinds, a lower prior expense base as we fully lap our Q3 2024 reduction in force and planned investments in the business.
In Q4, we expect to deliver revenue in the range of $207 million to $215 million, which at the midpoint will be up 15% versus prior year. We expect continued strength in banking and personal loans, offset by continued degradation in credit cards and SMB. In terms of profitability, we expect Q4 non-GAAP operating income results in the range of $20 million to $24 million. This assumes continued benefits from the improvements we've made to our shopping funnels and operational efficiency and that we continue to deploy performance marketing spend to take advantage of verticals with opportunities for profitable growth. We expect to generate full year 2025 non-GAAP operating income of $91 million to $95 million, an increase of $18 million at the midpoint compared to our previous guidance.
With that, we'll open up for questions. Operator?
[Operator Instructions] our first question comes from the line of Justin Patterson from KeyBanc. Just want to check if you're able to listen in.
2. Question Answer
Sorry, can you hear me now?
Yes. We hear you very well. Please go ahead.
Perfect. Sorry about that. I wanted to dive into LLM traffic a little bit more. I realize it's pretty small today, but very interesting that's converting at stronger rates. So I would love to hear about just some of the investments you're making to really grow that channel more and continue conversion.
Yes. Thanks for the question, Justin. I think there are a lot of similar characteristics with organic search that drive LLMs, some slight differences in terms of how they pick up certain context but it all comes down to the trust around the content that we provide. So I think a lot of those investments are actually quite similar to what we've been very strong in historically.
Our next question comes from the line of Ross Sandler from Barclays.
Tim, just following up on that last one. Has the growth in LLM traffic been a function of like the overall usage that you see out there for like ChatGPT and Gemini, which is kind of like adding hundreds of millions of users every few months? Or is there like something new that's going on whereby those products might be surfacing links or citations? Just any additional color on like what's happening today versus maybe a year ago? And then the second question is, so it looks like banking was the strong category this quarter. Can you just unpack that a little bit? Is that deposit? Is that other products? And what's kind of driving that uptick in demand from banking?
Yes. Thanks, Ross. On the first question, I'd say the primary driver to think about is actually AI overviews within Google Search. So because search is becoming more useful, people are searching a lot more. And so we are seeing traffic come through from AI overviews. ChatGPT and Gemini are also driving an increase there. So those are kind of the 2 major drivers in terms of the LLM traffic. When people come through that way, they're really high intent typically, they're really held in on finding something in a marketplace, for example. So I think that's what's driving some of the higher transaction rates there.
And then on the banking one, we continue to see a lot of strength there, both in terms of consumer demand as well as partner demand even as rates have come in a little bit. So that and we continue to work on improving our product funnels to better match users with the right intent. So nothing beyond that.
Our next question comes from the line of Ralph Schackart from William Blair.
You talked briefly about reevaluating the process or looking at brand spend. I think you maybe underspent by $8 million or so in the quarter. It sounds like you're going to probably pick that back up next quarter. But the question is, I guess, why did you go through the reevaluation process? And what did you learn after going through that process?
Yes, I'll take that one. Brand is our biggest asset, right? And you'll note that the brand spend was down significantly because, as you mentioned, we underspent by $8 million in Q3. We were really just reevaluating our brand creative strategy during the quarter. Really excited about some things to come in Q4. I won't spoil it for you, but we're always trying to figure out how to make things more impactful. So in Q4, we do expect to return to more typical levels of brand spend. Last year's Q4 '24 spend is a pretty good proxy.
Great. And just on the content side of the business, obviously, it's been more focused on sort of the higher-end consumer. Now that you're looking at below prime consumers, maybe talk about sort of there have to be a major shift in content strategy? Is it pretty easy to do? And will you have sort of the products available as well in the marketplace to sort of meet those needs of the below prime consumers?
Yes. So the way I describe it is we've always had content and products for all consumers, including low prime. It's really just historically, our monetization has skewed very heavily towards Prime because of the products that appeared in our marketplace. So it's really not a new strategy. It's really about filling out our panel with lenders and service providers to round out that marketplace. And what we're seeing is the second order impact there is it's making more competitive, making us more competitive in channels like performance marketing. And from a consumer perspective, honestly, we're just better serving unmet needs that we weren't serving before. So we feel good about that, too.
Thank you. I am not showing any further questions at this time. This concludes our Q&A. I would like to turn it back to Tim Chen, CEO and Co-Founder for NerdWallet.
All right. Thanks all for your questions today. As always, I'd like to thank the Nerds for their continued hard work over Q3, and I'm looking forward to sharing our Q4 results with you in a few months.
Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Thank you.
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Finanzdaten von NerdWallet
Umsatz
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Umsatz (TTM) einfach erklärtDirekte Kosten
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Bruttoertrag
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Brutto Marge einfach erklärtVertriebs- und Verwaltungskosten
Die Vertriebs- & Verwaltungskosten (engl. Selling, General & Administrative expenses, kurz SG&A) beinhalten alle Aufwände für Marketing und den Verkauf sowie die allgemeine Verwaltung des Unternehmens.
Forschungs- und Entwicklungskosten
Die Forschungs- und Entwicklungskosten (engl. research & development costs, kurz R&D) geben Auskunft darüber, wie viel das Unternehmen in die Forschung und die Entwicklung seiner Produkte investiert. Vor allem prozentual vom Umsatz und im Vergleich zu direkten Wettbewerbern sind die Kosten interessant.
EBITDA
Das EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) ist der Gewinn des Unternehmens vor Zinsen, Steuern und Abschreibungen. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von der EBITDA-Marge.
Abschreibungen
Abschreibungen stellen Wertminderungen von Vermögensgegenständen des Unternehmens dar (z.B. durch Abnutzung von Maschinen).
EBIT (Operatives Ergebnis)
Das EBIT (engl. Earnings Before Interest and Taxes) ist der Gewinn des Unternehmens vor Zinsen und Steuern, das auch als operatives Ergebnis bezeichnet wird. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von
der EBIT-Marge.
Nettogewinn
Der Nettogewinn stellt den Gewinn oder Verlust nach Abzug aller Kosten dar.
Nettogewinn einfach erklärtaktien.guide Premium
| Mär '26 |
+/-
%
|
||
| Umsatz | 850 850 |
16 %
16 %
100 %
|
|
| - Direkte Kosten | 59 59 |
12 %
12 %
7 %
|
|
| Bruttoertrag | 791 791 |
18 %
18 %
93 %
|
|
| - Vertriebs- und Verwaltungskosten | 632 632 |
9 %
9 %
74 %
|
|
| - Forschungs- und Entwicklungskosten | 67 67 |
15 %
15 %
8 %
|
|
| EBITDA | 135 135 |
185 %
185 %
16 %
|
|
| - Abschreibungen | 44 44 |
11 %
11 %
5 %
|
|
| EBIT (Operatives Ergebnis) EBIT | 92 92 |
5.494 %
5.494 %
11 %
|
|
| Nettogewinn | 69 69 |
134 %
134 %
8 %
|
|
Angaben in Millionen USD.
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Firmenprofil
NerdWallet beschäftigt sich mit der Bereitstellung von finanzieller Bildung und Befähigung durch Online-Tools. Das Unternehmen wurde 2009 von Tim Chen und Jacob Gibson gegründet und hat seinen Hauptsitz in San Francisco, CA.
aktien.guide Premium
| Hauptsitz | USA |
| CEO | Mr. Chen |
| Mitarbeiter | 650 |
| Gegründet | 2009 |
| Webseite | www.nerdwallet.com |


