MARKETWISE, INC.
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 5, 2026
MKTW$21.47-1.2%Stored close · as of Nov 6, 2026
Contents
Condensed Consolidated Balance Sheets as of September 30, 2026 (unaudited) and December 31, 2025 (audited)
Condensed Consolidated Balance Sheets (Unaudited)
| September 30, 2026 | December 31, 2025 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $27,388 | $70,140 |
| Accounts receivable | 3,101 | 5,722 |
| Prepaid expenses | 9,533 | 10,799 |
| Related party receivables | 230 | 838 |
| Deferred contract acquisition costs, current | 41,767 | 43,388 |
| Other current assets | 913 | 814 |
| Total current assets | 82,932 | 131,701 |
| Property and equipment, net | 1,033 | 453 |
| Operating lease right-of-use assets | 5,903 | 6,684 |
| Intangible assets, net | 4,260 | 3,813 |
| Goodwill | 30,043 | 30,043 |
| Deferred contract acquisition costs, noncurrent | 51,059 | 34,678 |
| Deferred tax assets | 10,193 | 11,007 |
| Total assets | $185,423 | $218,379 |
| Liabilities and stockholders’ deficit | ||
| Current liabilities: | ||
| Trade and other payables | $9,657 | $3,868 |
| Related party payables | 485 | 509 |
| Accrued expenses | 26,931 | 33,221 |
| Deferred revenue and other contract liabilities | 187,034 | 183,798 |
| Operating lease liabilities, current | 759 | 908 |
| Related party TRA liability, current (Note 10) | 577 | — |
| Other current liabilities | 14,182 | 11,900 |
| Total current liabilities | 239,625 | 234,204 |
| Deferred revenue and other contract liabilities, noncurrent | 199,585 | 185,754 |
| Related party TRA liability, noncurrent (Note 10) | 2,547 | 4,260 |
| Other liabilities, noncurrent | 2,255 | 2,611 |
| Operating lease liabilities, noncurrent | 5,081 | 5,175 |
| Total liabilities | 449,093 | 432,004 |
| Stockholders’ deficit: | ||
| Common stock - Class A, par value of $0.0001 per share, 47,500,000 shares authorized; 2,763,856 and 2,445,010 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively | — | — |
| Common stock - Class B, par value of $0.0001 per share, 15,000,000 shares authorized; 12,981,774 and 13,612,641 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively | 1 | 1 |
| Preferred stock - par value of $0.0001 per share, 100,000,000 shares authorized; 0 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively | — | — |
| Additional paid-in capital | 78,807 | 101,945 |
| Accumulated other comprehensive income | 49 | 36 |
| Accumulated deficit | (113,321) | (113,664) |
| Total stockholders’ deficit attributable to MarketWise, Inc. | (34,464) | (11,682) |
| Noncontrolling interest | (229,206) | (201,943) |
Condensed Consolidated Balance Sheets (Unaudited)
| Total stockholders’ deficit | (263,670) | (213,625) |
|---|---|---|
| Total liabilities and stockholders’ deficit | $185,423 | $218,379 |
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Net revenue | $79,847 | $80,835 | $231,514 | $243,158 |
| Related party revenue | 243 | 436 | 1,413 | 1,570 |
| Total net revenue | 80,090 | 81,271 | 232,927 | 244,728 |
| Operating expenses: | ||||
| Cost of revenue (1) | 10,784 | 10,599 | 33,043 | 33,484 |
| Sales and marketing (1) | 32,860 | 31,146 | 115,370 | 96,850 |
| General and administrative (1) | 17,492 | 18,781 | 64,352 | 55,853 |
| Research and development (1) | 2,423 | 2,141 | 7,469 | 6,628 |
| Depreciation and amortization | 535 | 651 | 1,618 | 1,682 |
| Impairment of property and equipment, net | — | — | — | 380 |
| Related party expense | 111 | 133 | 542 | 440 |
| Total operating expenses | 64,205 | 63,451 | 222,394 | 195,317 |
| Income from operations | 15,885 | 17,820 | 10,533 | 49,411 |
| Other (expense) income, net | (88) | 478 | 1,188 | 979 |
| Interest income, net | 241 | 685 | 1,041 | 2,395 |
| Income before income taxes | 16,038 | 18,983 | 12,762 | 52,785 |
| Income tax expense | 979 | 1,068 | 885 | 2,719 |
| Net income | 15,059 | 17,915 | 11,877 | 50,066 |
| Net income attributable to noncontrolling interests | 13,514 | 16,410 | 11,534 | 46,374 |
| Net income attributable to MarketWise, Inc. | $1,545 | $1,505 | $343 | $3,692 |
| Earnings per share – basic | $0.55 | $0.60 | $0.13 | $1.61 |
| Earnings per share – diluted | $0.53 | $0.58 | $0.12 | $1.54 |
| Weighted average shares outstanding – basic | 2,794 | 2,489 | 2,634 | 2,300 |
| Weighted average shares outstanding – diluted | 2,935 | 2,598 | 2,793 | 2,401 |
(1) Cost of revenue, sales and marketing, general and administrative, and research and development expenses are exclusive of depreciation and amortization shown as a separate line item
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
(In thousands)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Net income | $15,059 | $17,915 | $11,877 | $50,066 |
| Other comprehensive income (loss): | ||||
| Cumulative translation adjustment | 29 | (34) | 13 | (34) |
| Total comprehensive income | $15,088 | $17,881 | $11,890 | $50,032 |
| Common Stock - Class A · Common Stock - Class B · Additional paid-in capital · Accumulated Other Comprehensive Income · Accumulated deficit · Total Stockholders’ Deficit Attributable to MarketWise, Inc. · Noncontrolling Interest · Total Stockholders’ Deficit | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Shares · Amount · Shares · Amount | ||||||||||
| Balance at July 1, 2026 | 2,666,908 | — | 12,986,774 | 1 | 81,395 | 20 | (114,866) | (33,450) | (233,820) | (267,270) |
| Equity-based compensation | — | — | — | — | 1,952 | — | — | 1,952 | — | 1,952 |
| Issuance of common stock | — | — | — | — | — | — | — | — | — | — |
| Vesting of restricted stock units | 228,762 | — | — | — | — | — | — | — | — | — |
| Restricted stock units withheld to pay taxes | (76,163) | — | — | — | (1,566) | — | — | (1,566) | — | (1,566) |
| Repurchase of Class A shares | (60,651) | — | — | — | (1,172) | — | — | (1,172) | — | (1,172) |
| Repurchase of Class B shares | — | — | — | — | — | — | — | — | — | — |
| Change in noncontrolling interest | — | — | — | — | — | — | — | — | — | — |
| Cash dividends declared to Class A shareholders | — | — | — | — | (1,617) | — | — | (1,617) | — | (1,617) |
| Distributions to noncontrolling interests | — | — | — | — | — | — | — | — | (8,989) | (8,989) |
| Issuance per redemption of Class B shares for Class A | 5,000 | — | (5,000) | — | (89) | — | — | (89) | 89 | — |
| Foreign currency translation adjustments | — | — | — | — | — | 29 | — | 29 | — | 29 |
| Remeasurement of deferred taxes due to change in noncontrolling interest | — | — | — | — | (96) | — | — | (96) | — | (96) |
| Net income | — | — | — | — | — | — | 1,545 | 1,545 | 13,514 | 15,059 |
| Balance at September 30, 2026 | 2,763,856 | $— | 12,981,774 | $1 | $78,807 | $49 | $(113,321) | $(34,464) | $(229,206) | $(263,670) |
| Common Stock - Class A · Common Stock - Class B · Additional paid-in capital · Accumulated Other Comprehensive Income · Accumulated deficit · Total Stockholders’ Deficit Attributable to MarketWise, Inc. · Noncontrolling Interest · Total Stockholders’ Deficit | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares · Amount · Shares · Amount | |||||||||||
| Balance at July 1, 2025 | 2,357,128 | — | 13,612,641 | 1 | 101,281 | 56 | (117,097) | (15,759) | (211,259) | (227,018) | |
| Equity-based compensation | — | — | — | — | 2,300 | — | — | 2,300 | — | 2,300 | |
| Issuance of common stock | — | — | — | — | — | — | — | — | — | — | |
| Vesting of restricted stock units | 226,363 | — | — | — | — | — | — | — | — | — | |
| Restricted stock units withheld to pay taxes | (74,798) | — | — | — | (1,556) | — | — | (1,556) | — | (1,556) | |
| Repurchase of Class A shares | (57,224) | — | — | — | (1,050) | — | — | (1,050) | — | (1,050) | |
| Cash dividends declared to Class A shareholders | — | — | — | — | (1,186) | — | — | (1,186) | — | (1,186) | |
| Reversal of cumulative dividends on Earnout Shares | — | — | — | — | 1,263 | — | — | 1,263 | — | 1,263 | |
| Distributions to noncontrolling interests | — | — | — | — | — | — | — | — | (16,585) | (16,585) | |
| Issuance per redemption of Class B shares for Class A | — | — | — | — | — | — | — | — | — | ||
| Foreign currency translation adjustments | — | — | — | — | — | (34) | — | (34) | — | (34) | |
| Remeasurement of deferred taxes due to change in noncontrolling interest | — | — | — | — | — | — | — | — | — | — | |
| Net income | — | — | — | — | — | — | 1,505 | 1,505 | 16,410 | 17,915 | |
| Balance at September 30, 2025 | 2,451,469 | $— | 13,612,641 | $1 | $101,052 | $22 | $(115,592) | $(14,517) | $(211,434) | $(225,951) | |
| Common Stock - Class A · Common Stock - Class B · Additional paid-in capital · Accumulated Other Comprehensive Income · Accumulated deficit · Total Stockholders’ Deficit Attributable to MarketWise, Inc. · Noncontrolling Interest · Total Stockholders’ Deficit | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Shares · Amount · Shares · Amount | ||||||||||
| Balance at January 1, 2026 | 2,445,010 | — | 13,612,641 | 1 | 101,945 | 36 | (113,664) | (11,682) | (201,943) | (213,625) |
| Equity-based compensation | — | — | — | — | 6,553 | — | — | 6,553 | — | 6,553 |
| Issuance of common stock | 11,189 | — | — | — | 143 | — | — | 143 | — | 143 |
| Vesting of restricted stock units | 405,912 | — | — | — | — | — | — | — | — | — |
| Restricted stock units withheld to pay taxes | (126,293) | — | — | — | (2,425) | — | — | (2,425) | — | (2,425) |
| Repurchase of Class A shares | (81,962) | — | — | — | (1,542) | — | — | (1,542) | — | (1,542) |
| Repurchase of Class B shares | — | — | (520,867) | — | (11,342) | — | — | (11,342) | — | (11,342) |
| Change in noncontrolling interest | — | — | — | — | (8,711) | — | — | (8,711) | 8,711 | — |
| Cash dividends declared to Class A shareholders | — | — | — | — | (4,422) | — | — | (4,422) | — | (4,422) |
| Distributions to noncontrolling interest | — | — | — | — | — | — | — | — | (49,351) | (49,351) |
| Issuance per redemption of Class B shares for Class A | 110,000 | — | (110,000) | — | (1,843) | — | — | (1,843) | 1,843 | — |
| Foreign currency translation adjustments | — | — | — | — | — | 13 | — | 13 | — | 13 |
| Remeasurement of deferred taxes due to change in noncontrolling interest | — | — | — | — | 451 | — | — | 451 | — | 451 |
| Net income | — | — | — | — | — | — | 343 | 343 | 11,534 | 11,877 |
| Balance at September 30, 2026 | 2,763,856 | $— | 12,981,774 | $1 | $78,807 | $49 | $(113,321) | $(34,464) | $(229,206) | $(263,670) |
| Common Stock - Class A · Common Stock - Class B · Additional paid-in capital · Accumulated Other Comprehensive Income · Accumulated deficit · Total Stockholders’ Deficit Attributable to MarketWise, Inc. · Noncontrolling Interest · Total Stockholders’ Deficit | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Shares · Amount · Shares · Amount | ||||||||||
| Balance at January 1, 2025 | 1,978,013 | $— | 13,994,498 | $1 | $106,691 | $56 | $(119,284) | $(12,536) | $(205,388) | $(217,924) |
| Equity-based compensation | — | — | — | — | 8,710 | — | — | 8,710 | — | 8,710 |
| Issuance of common stock | 15,249 | — | — | — | 283 | — | — | 283 | — | 283 |
| Vesting of restricted stock units | 365,010 | — | — | — | — | — | — | — | — | — |
| Restricted stock units withheld to pay taxes | (113,763) | — | — | — | (2,139) | — | — | (2,139) | — | (2,139) |
| Repurchase of Class A shares | (174,897) | — | — | — | (2,901) | — | — | (2,901) | — | (2,901) |
| Cash dividends declared to Class A shareholders | — | — | — | — | (4,101) | — | — | (4,101) | — | (4,101) |
| Reversal of cumulative dividends on Earnout Shares | — | — | — | — | 1,263 | — | — | 1,263 | — | 1,263 |
| Distributions to noncontrolling interests | — | — | — | — | — | — | — | — | (59,454) | (59,454) |
| Issuance per redemption of Class B shares for Class A | 381,857 | — | (381,857) | — | (7,034) | — | — | (7,034) | 7,034 | — |
| Foreign currency translation adjustments | — | — | — | — | — | (34) | — | (34) | — | (34) |
| Remeasurement of deferred taxes due to change in noncontrolling interest | — | — | — | — | 280 | — | — | 280 | — | 280 |
| Net income | — | — | — | — | — | — | 3,692 | 3,692 | 46,374 | 50,066 |
| Balance at September 30, 2025 | 2,451,469 | $— | 13,612,641 | $1 | $101,052 | $22 | $(115,592) | $(14,517) | $(211,434) | $(225,951) |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.