NERDWALLET, INC.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
NRDS$7.42-5.1%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| (in millions) | |||
|---|---|---|---|
| Year Ended December 31, | 2025 | 2024 | 2023 |
| Operating Activities: | |||
| Net income (loss) | $48.7 | $30.4 | $(11.8) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization | 46.4 | 48.4 | 48.2 |
| Stock-based compensation | 28.6 | 37.7 | 38.8 |
| Deferred taxes | 16.0 | (46.1) | (0.5) |
| Non-cash lease costs | 2.2 | 2.2 | 2.8 |
| Other losses, net | 1.8 | 8.6 | 2.9 |
| Changes in operating assets and liabilities, net of business combinations: | |||
| Accounts receivable | (9.4) | (27.0) | 10.7 |
| Prepaid expenses and other assets | (2.5) | (1.8) | (4.4) |
| Mortgage loans held for sale | (4.5) | 2.1 | — |
| Accounts payable | (3.6) | 6.6 | (1.8) |
| Accrued expenses and other current liabilities | 9.8 | 12.5 | (2.4) |
| Payment of contingent consideration | — | — | (14.0) |
| Operating lease liabilities | (2.5) | (3.4) | (3.1) |
| Other liabilities | 0.6 | 1.6 | 6.7 |
| Net cash provided by operating activities | 131.6 | 71.8 | 72.1 |
| Investing Activities: | |||
| Purchases of investments | (2.0) | (8.1) | — |
| Capitalized software development costs | (16.9) | (20.7) | (28.8) |
| Purchases of property and equipment | (1.3) | (0.6) | (0.7) |
| Business combinations | (13.1) | (0.3) | — |
| Net cash used in investing activities | (33.3) | (29.7) | (29.5) |
| Financing Activities: | |||
| Payment of contingent consideration | — | — | (16.9) |
| Net borrowing (repayment) on warehouse line of credit | 4.4 | (2.0) | — |
| Proceeds from line of credit | — | — | 7.5 |
| Payments on line of credit | — | — | (7.5) |
| Payment of debt issuance costs | — | — | (1.4) |
| Proceeds from exercises of stock options | 1.1 | 6.3 | 10.2 |
| Tax payments related to net-share settlements on restricted stock units | (3.5) | (2.1) | (1.1) |
| Issuances of Class A common stock under Employee Stock Purchase Plan | 2.1 | 1.4 | 3.0 |
| Repurchases of Class A common stock | (70.2) | (80.1) | (20.0) |
| Net cash used in financing activities | (66.1) | (76.5) | (26.2) |
| Effect of exchange rate changes on cash and cash equivalents | (0.2) | 0.3 | 0.1 |
| Net increase (decrease) in cash and cash equivalents | 32.0 | (34.1) | 16.5 |
| Cash and Cash Equivalents: | |||
| Beginning of year | 66.3 | 100.4 | 83.9 |
| End of year | $98.3 | $66.3 | $100.4 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
| (in millions) | |||
|---|---|---|---|
| Year Ended December 31, | 2025 | 2024 | 2023 |
| Supplemental Disclosures of Non-Cash Investing and Financing Activities: | |||
| Capitalized software development costs recorded in accounts payable and accrued expenses and other current liabilities | $0.6 | $0.4 | $0.5 |
| Repurchases of Class A common stock recorded in accrued expenses and other current liabilities | 0.4 | 0.3 | — |
| Supplemental Disclosures of Cash Flow Information: | |||
| Income tax payments | $15.1 | $16.0 | $13.5 |
| Cash paid for interest | 0.3 | 0.3 | 0.3 |
| Supplemental Cash Flow Disclosure Related to Operating Leases: | |||
| Cash paid for amounts included in the measurement of lease liabilities | $3.0 | $3.9 | $3.7 |
| Lease liabilities arising from obtaining right-of-use assets | 4.1 | — | — |
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