0001625278-26-000014 | 10-K | XBRL Viewer

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Net Income (Loss) Per Basic and Diluted Share - Schedule of Antidilutive Securities Excluded from Computation (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Shares subject to outstanding stock options and RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive restricted stock units and stock options (in shares)	4.8	4.1	8.9
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive restricted stock units and stock options (in shares)	0.1	0.0	0.3

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Accruals and reserves	$ 2.0	$ 1.6
Tax credits	12.7	12.1
Stock-based compensation	3.4	3.9
Capitalized research and development expenses	30.4	55.5
Net operating loss carryforwards	5.5	3.2
Lease liabilities	2.0	1.6
Other	0.4	0.4
Total gross deferred tax assets	56.4	78.3
Deferred tax liabilities:
Prepaid expenses and other	(0.5)	(0.4)
ROU assets	(1.8)	(1.3)
Basis difference for fixed assets and intangibles	(10.3)	(17.1)
Total gross deferred tax liabilities	(12.6)	(18.8)
Valuation allowance for deferred tax assets	(14.4)	(14.1)
Net deferred tax asset	$ 29.4	$ 45.4

Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Deferred revenue recognized	$ 0.0	$ 4.1	$ 0.0
Contract assets	$ 3.5	$ 6.8

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 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	0.0
Accounts payable	(3.6)	6.6	(1.8)
Accrued expenses and other current liabilities	9.8	12.5	(2.4)
Payment of contingent consideration	0.0	0.0	(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)	0.0
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)	0.0
Net cash used in investing activities	(33.3)	(29.7)	(29.5)
Financing Activities:
Payment of contingent consideration	0.0	0.0	(16.9)
Net borrowing (repayment) on warehouse line of credit	4.4	(2.0)	0.0
Proceeds from line of credit	0.0	0.0	7.5
Payments on line of credit	0.0	0.0	(7.5)
Payment of debt issuance costs	0.0	0.0	(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
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	0.0
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	$ 0.0	$ 0.0

Stockholders' Equity - Share Repurchase Program Narrative (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 16, 2025	Sep. 13, 2025	Oct. 29, 2024	Sep. 09, 2024	Oct. 26, 2023	May 02, 2023
Class of Stock [Line Items]
Repurchase of Class A common stock	$ 70.3	$ 80.4	$ 20.0
Payment, tax withholding, share-based payment arrangement	$ 3.5	$ 2.1	$ 1.1
Common Class A
Class of Stock [Line Items]
Stock repurchase program, authorized amount									$ 20.0
Stock repurchase program, additional authorized amount				$ 50.0	$ 50.0	$ 25.0	$ 50.0	$ 30.0
Repurchase of Class A common stock (in shares)	5.8	6.5
Repurchase of Class A common stock	$ 70.3	$ 80.4
Payment, tax withholding, share-based payment arrangement	0.3
Share repurchase program, remaining authorized, amount	$ 55.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Stockholders' Equity - Stock Options Activity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, weighted average grant-date fair value (in dollars per share)	$ 6.14	$ 9.08
Granted (in shares)	2,324,000		0
Aggregate intrinsic value, options exercised in period	$ 0.8	$ 8.0	$ 14.5
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		200,000
Award vesting period		3 years
Stock Options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights percentage		0.00%
Stock Options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights percentage		200.00%
Stock Options \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 11.9
Unrecognized compensation cost, period for recognition	3 years 2 months 12 days

Business Combinations	12 Months Ended
Business Combinations	Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Business Combinations	Business Combinations Business Combinations in 2025—On November 3, 2025, the Company acquired a privately-held financial services company for a purchase consideration of $8.1 million in cash. The fair values of assets acquired and liabilities assumed totaled $0.8 million and $0.4 million, respectively, and the Company recorded $7.7 million of goodwill. Concurrently with the closing of this acquisition, the Company’s Board of Directors granted RSUs with an aggregate grant-date fair value of $5.0 million to the co-founders of the acquired company who were offered employment with the Company. The fair value of these RSUs are excluded from the purchase price of the acquisition and accounted for separately from the business combination. These RSUs are subject to the terms and conditions of the grant agreements covering such RSUs, and will generally vest over three years subject to a one-year cliff and quarterly vesting thereafter, with vesting generally subject to the employees’ continued employment with the Company. The value of these RSUs are generally recognized as stock-based compensation ratably over the respective vesting terms of the RSUs. On June 13, 2025, the Company acquired a privately-held SEC-registered investment adviser for a purchase consideration of $5.0 million in cash. The fair value of assets acquired totaled $2.0 million and was comprised of intangible assets for customer relationships with a three-year estimated useful life, and the Company recorded $3.0 million of goodwill. These acquisitions have been accounted for as business combinations. The goodwill recorded from these acquisitions is primarily attributable to synergies from combining the operations of the Company and the acquirees, as well as the value ascribed to the knowledge and experience of the acquirees’ co-founders and employees, and is tax deductible. The contributions from these acquisitions following their respective closing dates through December 31, 2025 were not material to the Company’s revenue and operating income for 2025. Pro forma results of operations have not been provided to reflect these acquisitions as such results would not have been materially different from the Company’s reported results. Next Door Lending LLC—On October 1, 2024, the Company acquired all outstanding equity interests of Next Door Lending LLC (NDL), a mortgage brokerage, for a purchase consideration of $1.0 million in cash. The acquisition of NDL is intended to allow the Company to provide mortgage shoppers with more hands-on guidance. The acquisition has been accounted for as a business combination. The fair value of assets acquired totaled $7.2 million, and was primarily comprised of $0.7 million of cash and cash equivalents, $4.7 million of mortgage loans held for sale, $1.1 million of contract assets, and $0.4 million for an ROU asset. The fair value of liabilities assumed totaled $7.1 million, and was primarily comprised of $2.1 million of accounts payable and accrued expenses, $4.6 million of short-term borrowings under a warehouse line of credit, and $0.4 million of lease liabilities. The Company recorded $0.9 million of goodwill for this business acquisition. Additionally, under the purchase agreement, certain employees of NDL could earn up to an aggregate of $3.5 million of performance-based cash earnout awards, with the value of such earnout awards to be recognized as compensation expense following the close of the acquisition through 2028, generally subject to the employees’ continued employment with the Company. The value of these cash earnout awards are excluded from the purchase consideration and accounted for separately from the business combination. NDL’s contribution following the closing of the acquisition through December 31, 2024 was not material to the Company’s revenue and operating income for 2024. Pro forma results of operations have not been provided to reflect the NDL acquisition as such results would not have been materially different from the Company’s reported results.

- Definition

The entire disclosure for business combination.

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-URI https://asc.fasb.org/1943274/2147479328/805-10-50-5

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-10/tableOfContent

+ Details

Leases - Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease cost	$ 3.0	$ 2.9	$ 3.4
Sublease income	(0.3)	(0.5)	0.0
Net lease cost	$ 2.7	$ 2.4	$ 3.4

Restructuring Plan

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Restructuring Plan

On July 30, 2024, the Company committed to a restructuring plan, effective August 1, 2024, intended to reduce the Company’s operating expenses and better position the Company to execute its long-term strategic initiatives (the Restructuring Plan). The Restructuring Plan was substantially completed during 2024, and reduced the size of the Company’s workforce by approximately 15% of its full-time employees, as compared to its headcount as of December 31, 2023. The Company incurred a pre-tax restructuring charge of $9.0 million in 2024 in connection with the Restructuring Plan, which primarily consisted of severance payments, stock-based compensation, employee benefits, and related expenses for impacted employees, as well as contract termination costs, and is presented in the consolidated statement of operations as $5.8 million of research and development expenses, $2.0 million of sales and marketing expenses and $1.2 million of general and administrative expenses. The Company incurred pre-tax restructuring charges of $0.5 million in 2025 as it completed the Restructuring Plan.

The changes in the restructuring reserve, which is included in accrued expenses and other current liabilities on the consolidated balance sheet, are as follows:


(in millions)
Year Ended December 31,	2025		2024
Balance as of beginning of year	$	0.6	$	—
Charge	0.5		9.0
Cash payments	(1.1)		(6.9)
Stock-based compensation	—		(1.5)
Balance as of end of year	$	—	$	0.6

Stockholders' Equity - Preferred Stock Narrative (Details) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Equity [Abstract]
Preferred stock, authorized (in shares)	5,000,000.0	5,000,000
Preferred stock, par value (in dollars per shares)	$ 0.0001	$ 0.0001
Preferred stock, outstanding (in shares)	0	0

The Company and its Significant Accounting Policies - Concentrations of Credit Risk Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable \| Customer Concentration Risk \| Customer One
Concentration Risk [Line Items]
Concentration risk (in percent)	16.00%	14.00%
Accounts Receivable \| Customer Concentration Risk \| Customer Two
Concentration Risk [Line Items]
Concentration risk (in percent)	11.00%	13.00%
Revenue Benchmark \| Customer Concentration Risk \| Customer One
Concentration Risk [Line Items]
Concentration risk (in percent)	26.00%	22.00%	13.00%
Revenue Benchmark \| Customer Concentration Risk \| Customer Two
Concentration Risk [Line Items]
Concentration risk (in percent)		11.00%	11.00%
Money Market Funds
Concentration Risk [Line Items]
Cash and cash equivalents—money market funds	$ 67.0	$ 36.8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
-SubTopic 310
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

The Company and its Significant Accounting Policies - Sales and Marketing Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Advertising expense	$ 486.4	$ 370.3	$ 294.7

Significant Consolidated Balance Sheet Components - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Capitalized software development costs	$ 20,400,000	$ 24,300,000	$ 34,000,000.0
Amortization of capitalized software	31,200,000	32,800,000	28,900,000
Depreciation and amortization expense excluding capitalized software	1,600,000	2,200,000	2,300,000
Payments to acquire equity investments without readily determinable value	2,000,000.0
Equity method investment	2,000,000.0
Capitalized software development costs
Property, Plant and Equipment [Line Items]
Loss on disposal of capitalized software development costs	$ 0	$ 0	$ 0

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Assets Measured at Fair Value on a Recurring Basis

The Company’s assets that are measured at fair value on a recurring basis, by level, within the fair value hierarchy are summarized as follows:


(in millions)	Quoted Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Carrying Value
As of December 31, 2025
Assets:
Cash and cash equivalents—money market funds	$	67.0	$	—	$	—	$	67.0
Mortgage loans held for sale	—		7.1		—		7.1
Certificate of deposit	—		2.3		—		2.3
	$	67.0	$	9.4	$	—	$	76.4


(in millions)	Quoted Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Carrying Value
As of December 31, 2024
Assets:
Cash and cash equivalents—money market funds	$	36.8	$	—	$	—	$	36.8
Mortgage loans held for sale	—		2.6		—		2.6
Certificate of deposit	—		2.2		—		2.2
	$	36.8	$	4.8	$	—	$	41.6

Assets Measured at Fair Value on a Non-Recurring Basis

During 2024, the Company made a strategic investment of $8.1 million in equity securities of a privately-held company over which the Company does not exercise significant influence. These equity securities do not have a readily determinable fair value and are accounted for under the measurement alternative. Under the measurement alternative, the carrying value of the security is measured at cost less any impairment. An equity security without a readily determinable fair value is considered impaired when the fair value of the Company’s interest is less than the carrying value. During the three months ended December 31, 2024, the Company became aware of certain developments and circumstances that indicated that there was a decline in the fair value of this investment. As a result, the Company performed an assessment of the equity investment, including a review of the financial condition, operating results and liquidity prospects of the equity issuer. Based on this assessment, the Company concluded that the equity investment was fully impaired as of December 31, 2024, and recorded an impairment loss of $8.1 million during 2024 which is included in other gains (losses), net on both the Company’s consolidated statements of operations and of cash flows.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Income before the provision for (benefit from) income taxes consisted of the following:


(in millions)
Year Ended December 31,	2025		2024		2023
Domestic	$	69.8	$	7.7	$	9.7
Foreign	(1.6)		(2.7)		(3.4)
Total	$	68.2	$	5.0	$	6.3

Schedule of Components of Provision for (Benefit from) Income Tax

The components of the provision for (benefit from) income taxes are as follows:


(in millions)
Year Ended December 31,	2025		2024		2023
Current:
Federal	$	0.6	$	17.8	$	13.8
State	2.9		2.9		4.8
Total	3.5		20.7		18.6
Deferred:
Federal	15.2		(39.5)		—
State	1.1		(6.1)		—
Foreign	(0.3)		(0.5)		(0.5)
Total	16.0		(46.1)		(0.5)
Provision for (benefit from) income taxes	$	19.5	$	(25.4)	$	18.1

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows:


(in millions)
Year Ended December 31,	2025		2024		2023
Tax at federal statutory rate	$	14.3	$	1.1	$	1.3
Permanent items	(0.5)		(0.5)		(0.6)
Foreign rate differential	—		0.6		0.3
Stock-based compensation	2.3		1.3		1.2
Tax credits	(2.1)		(4.7)		(8.0)
Change in U.S. valuation allowance	(0.2)		(26.3)		20.0
Tax contingency and interest	1.1		1.5		1.9
State taxes	4.8		1.7		2.2
Other	(0.2)		(0.1)		(0.2)
Tax at effective tax rate	$	19.5	$	(25.4)	$	18.1

Schedule of Deferred Tax Assets and Liabilities

The Company’s deferred tax assets and liabilities are as follows:


(in millions)
As of December 31,	2025		2024
Deferred tax assets:
Accruals and reserves	$	2.0	$	1.6
Tax credits	12.7		12.1
Stock-based compensation	3.4		3.9
Capitalized research and development expenses	30.4		55.5
Net operating loss carryforwards	5.5		3.2
Lease liabilities	2.0		1.6
Other	0.4		0.4
Total gross deferred tax assets	56.4		78.3
Deferred tax liabilities:
Prepaid expenses and other	(0.5)		(0.4)
ROU assets	(1.8)		(1.3)
Basis difference for fixed assets and intangibles	(10.3)		(17.1)
Total gross deferred tax liabilities	(12.6)		(18.8)
Valuation allowance for deferred tax assets	(14.4)		(14.1)
Net deferred tax asset	$	29.4	$	45.4

Schedule of Unrecognized Tax Benefits

A reconciliation of unrecognized tax benefits, excluding accrued interest and penalties, are as follows:


(in millions)
Year Ended December 31,	2025		2024		2023
Balance as of beginning of year	$	13.6	$	11.9	$	9.9
Increases related to prior year tax positions	—		0.5		0.5
Decreases related to prior year tax positions	—		—		(1.1)
Expiration of statute of limitations	—		(0.1)		(0.4)
Current year increases	0.6		1.3		3.0
Balance as of end of year	$	14.2	$	13.6	$	11.9

The Company and its Significant Accounting Policies - Property, Plant and Software, Net Narrative (Details)	Dec. 31, 2025
Computers and Equipment
Property, Plant and Equipment [Line Items]
Property, equipment and software useful life	3 years
Capitalized software development costs
Property, Plant and Equipment [Line Items]
Property, equipment and software useful life	3 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, equipment and software useful life	5 years

Restructuring Plan - Schedule of Restructuring Reserve Activity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Restructuring Reserve [Roll Forward]
Balance as of beginning of year	$ 0.6	$ 0.0
Charge	0.5	9.0
Cash payments	(1.1)	(6.9)
Stock-based compensation	0.0	(1.5)
Balance as of end of year	$ 0.0	$ 0.6

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Class A Common Stock Available for Future Issuance

The Company had reserved the following shares of Class A common stock for future issuance:


(in thousands)
As of December 31,	2025	2024
Shares outstanding from stock options and RSUs	9,856	7,904
Shares available for future equity award grants	12,444	13,642
Shares available for future ESPP offerings	1,707	1,249
Total shares reserved	24,007	22,795

Schedule of Stock Options Roll Forward

A summary of the Company’s stock option activity for its Plans is as follows:


	Outstanding Stock Options (in thousands)	Weighted- Average Exercise Price	Weighted- Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in millions)
Balance as of December 31, 20241	3,283	$12.40	6.2	$7.1
Granted2	2,324	$10.55
Exercised	(159)	$7.22
Cancelled/forfeited2	(662)	$13.11
Balance as of December 31, 20251	4,786	$11.58	7.2	$13.4
Vested and exercisable as of December 31, 2025	2,555	$12.50	5.5	$6.3

______________

(1)Includes 0.2 million of stock options with both service-based and performance-based conditions.

(2)Includes less than 0.1 million of stock options with both service-based and performance-based conditions.

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The per-share fair value of each stock option was determined on the date of grant using the following weighted-average assumptions:


Year Ended December 31,	2025		2024
Expected volatility	58.0	%	58.1	%
Expected term (in years)	6.0		5.9
Risk-free interest rate	4.1	%	4.2	%

Schedule of Outstanding Nonvested RSUs

A summary of the Company’s outstanding nonvested RSUs for its Plans is as follows:


	Number of Units (in thousands)	Weighted-Average Grant-Date Fair Value
Nonvested as of December 31, 20241	4,621	$	12.57
Granted1	4,355	$	9.94
Vested1	(2,897)	$	11.28
Forfeited	(1,009)	$	12.09
Nonvested as of December 31, 20251	5,070	$	11.13

______________

(1)Includes less than 0.1 million of RSUs with both service-based and performance-based conditions.

Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions

The fair value of purchase rights granted under the ESPP were determined on the date of grant using the following weighted-average assumptions:


Year Ended December 31,	2025		2024
Expected volatility	62.8	%	54.3	%
Expected term (in years)	0.5		0.5
Risk-free interest rate	4.0	%	4.7	%

Schedule of Stock-based Compensation Expense

The Company recognized stock-based compensation under the Plans and ESPP as follows:


(in millions)
Year Ended December 31,	2025		2024		2023
Research and development	$	8.5	$	10.1	$	11.2
Sales and marketing	8.6		10.0		13.8
General and administrative	11.5		16.2		13.8
Total	$	28.6	$	36.3	$	38.8

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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+ Details

Stockholders' Equity - Employee Stock Purchase Plan Narrative (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 28.6	$ 36.3	$ 38.8
Employee Stock \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount from market price	15.00%
Number of shares authorized (in shares)	0.8
Issuance of Class A common stock under Employee Stock Purchase Plan (in shares)	0.3	0.1
Share-based compensation expense	$ 1.0	$ 0.7
Unrecognized compensation cost	$ 0.3
Unrecognized compensation cost, period for recognition	3 months 18 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Business Combinations (Details) - USD ($) $ in Millions				7 Months Ended	12 Months Ended
Business Combinations (Details) - USD ($) $ in Millions	Nov. 03, 2025	Jun. 13, 2025	Oct. 01, 2024	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Asset Acquisition [Line Items]
Goodwill				$ 123.5	$ 123.5	$ 112.4	$ 111.5
Restricted Stock Units (RSUs)
Asset Acquisition [Line Items]
Unrecognized compensation cost				51.8	$ 51.8
Privately-Held Company
Asset Acquisition [Line Items]
Payments to acquire businesses, gross	$ 8.1	$ 5.0
Fair value of assets acquired totaled	0.8	2.0
Fair value of liabilities assumed	0.4
Goodwill	7.7	$ 3.0
Revenue of acquiree since acquisition date				$ 0.0
Privately-Held Company \| Customer Relationships
Asset Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life		3 years
Privately-Held Company \| Restricted Stock Units (RSUs)
Asset Acquisition [Line Items]
Restricted stock awards granted	$ 5.0
Award vesting period					3 years
Award vesting period, cliff					1 year
Next Door Lending LLC
Asset Acquisition [Line Items]
Fair value of assets acquired totaled			$ 7.2
Fair value of liabilities assumed			7.1
Goodwill			0.9
Revenue of acquiree since acquisition date						0.0
Business combination, consideration transferred			1.0
Business combination, recognized asset acquired, cash and cash equivalent			0.7
Mortgage loans held for sale			4.7
Contract assets			1.1
Right of use asset			0.4
Business combination, recognized liability assumed, accounts payable, current			2.1
Short-term borrowings			4.6
Lease liabilites			0.4
Loss before income tax of acquiree since acquisition						$ 0.0
Next Door Lending LLC \| Performance Shares
Asset Acquisition [Line Items]
Unrecognized compensation cost			$ 3.5

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022		75,120
Beginning balance at Dec. 31, 2022	$ 341.7	$ 0.0	$ 427.3	$ (0.9)	$ (84.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A common stock upon exercise of stock options (in shares)		1,584
Issuance of Class A common stock upon exercise of stock options	10.2		10.2
Issuance of Class A common stock pursuant to settlement of restricted stock units (in shares)		2,253
Issuance of Class A common stock pursuant to settlement of restricted stock units	0.0
Class A common stock surrendered for employees’ tax liability upon settlement of restricted stock units (in shares)		(95)
Class A common stock withheld related to net share settlement of restricted stock units	(1.1)		(1.1)
Issuance of Class A common stock under Employee Stock Purchase Plan (in shares)		346
Issuance of Class A common stock under Employee Stock Purchase Plan	3.0		3.0
Repurchase of common stock (in shares)		(2,268)
Repurchase of Class A common stock	(20.0)				(20.0)
Stock-based compensation	44.3		44.3
Other comprehensive income	0.6			0.6
Net (loss) income	(11.8)				(11.8)
Ending balance (in shares) at Dec. 31, 2023		76,940
Ending balance at Dec. 31, 2023	366.9	$ 0.0	483.7	(0.3)	(116.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A common stock upon exercise of stock options (in shares)		968
Issuance of Class A common stock upon exercise of stock options	6.3		6.3
Issuance of Class A common stock pursuant to settlement of restricted stock units (in shares)		2,709
Issuance of Class A common stock pursuant to settlement of restricted stock units	0.0
Class A common stock surrendered for employees’ tax liability upon settlement of restricted stock units (in shares)		(150)
Class A common stock withheld related to net share settlement of restricted stock units	(2.1)		(2.1)
Issuance of Class A common stock under Employee Stock Purchase Plan (in shares)		127
Issuance of Class A common stock under Employee Stock Purchase Plan	1.4		1.4
Repurchase of common stock (in shares)		(6,486)
Repurchase of Class A common stock	(80.4)				(80.4)
Stock-based compensation	41.6		41.6
Other comprehensive income	0.1			0.1
Net (loss) income	$ 30.4				30.4
Ending balance (in shares) at Dec. 31, 2024	74,108	74,108
Ending balance at Dec. 31, 2024	$ 364.2	$ 0.0	530.9	(0.2)	(166.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A common stock upon exercise of stock options (in shares)	159	159
Issuance of Class A common stock upon exercise of stock options	$ 1.1		1.1
Issuance of Class A common stock pursuant to settlement of restricted stock units (in shares)		2,897
Issuance of Class A common stock pursuant to settlement of restricted stock units	0.0
Class A common stock surrendered for employees’ tax liability upon settlement of restricted stock units (in shares)		(324)
Class A common stock withheld related to net share settlement of restricted stock units	(3.5)		(3.5)
Issuance of Class A common stock under Employee Stock Purchase Plan (in shares)		283
Issuance of Class A common stock under Employee Stock Purchase Plan	2.1		2.1
Repurchase of common stock (in shares)		(5,834)
Repurchase of Class A common stock	(70.3)				(70.3)
Stock-based compensation	31.9		31.9
Other comprehensive income	0.3			0.3
Net (loss) income	$ 48.7				48.7
Ending balance (in shares) at Dec. 31, 2025	71,289	71,289
Ending balance at Dec. 31, 2025	$ 374.5	$ 0.0	$ 562.5	$ 0.1	$ (188.1)

Significant Consolidated Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2025

Significant Consolidated Balance Sheet Components [Abstract]

Schedule of Prepaid Expenses

Prepaid expenses and other current assets consisted of the following:


(in millions)
As of December 31,	2025		2024
Prepaid expenses	$	12.2	$	14.6
Mortgage loans held for sale	7.1		2.6
Income taxes receivable	9.9		0.3
Contract assets	3.5		6.8
Certificate of deposit	2.3		2.2
Other current assets	0.4		1.7
Total prepaid expenses and other current assets	$	35.4	$	28.2

Schedule of Other Current Assets

Prepaid expenses and other current assets consisted of the following:


(in millions)
As of December 31,	2025		2024
Prepaid expenses	$	12.2	$	14.6
Mortgage loans held for sale	7.1		2.6
Income taxes receivable	9.9		0.3
Contract assets	3.5		6.8
Certificate of deposit	2.3		2.2
Other current assets	0.4		1.7
Total prepaid expenses and other current assets	$	35.4	$	28.2

Schedule of Property, Equipment and Software

Property, equipment and software, net consisted of the following:


(in millions)
As of December 31,	2025		2024
Capitalized software development costs	$	99.1	$	124.6
Office equipment	3.9		4.2
Furniture and fixtures	0.9		1.4
Leasehold improvements	1.4		2.3
Total property, equipment and software	105.3		132.5
Accumulated depreciation and amortization	(73.5)		(89.5)
Total property, equipment and software—net	$	31.8	$	43.0

Schedule of Accrued Liabilities

Accrued expenses and other current liabilities consisted of the following:


(in millions)
As of December 31,	2025		2024
Unbilled accounts payable	$	46.9	$	33.7
Accrued compensation	6.0		4.8
Income taxes payable	0.5		3.1
Warehouse line of credit	6.9		2.5
Operating lease liabilities	1.9		2.3
Other accrued expenses	3.3		4.8
Total accrued expenses and other current liabilities	$	65.5	$	51.2

Schedule of Other Noncurrent Liabilities

Other liabilities—noncurrent consisted of the following:


(in millions)
As of December 31,	2025		2024
Operating lease liabilities	$	6.1	$	4.1
Unrecognized tax benefit liability	9.6		8.8
Other noncurrent liabilities	—		0.4
Total other liabilities—noncurrent	$	15.7	$	13.3

Net Income (Loss) Per Basic and Diluted Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Net Loss Per Share, Basic and Diluted

The following table provides a reconciliation of the numerators and denominators of the basic and diluted per share computations for net income (loss) attributable to common stockholders:


(in millions, except per share amounts)
Year Ended December 31,	2025		2024		2023
Numerator:
Net income (loss) attributable to common stockholders–basic and diluted	$	48.7	$	30.4	$	(11.8)
Denominator:
Weighted-average shares of common stock–basic	74.3		76.5		76.7
Effect of dilutive RSUs, stock options and ESPP shares	1.6		2.4		—
Weighted-average shares of common stock–diluted	75.9		78.9		76.7
Net income (loss) per share attributable to common stockholders:
Basic	$	0.66	$	0.40	$	(0.15)
Diluted	$	0.64	$	0.38	$	(0.15)

Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share

The following common stock equivalents were excluded from the computation of diluted net income (loss) per share for the periods presented because including them would have been antidilutive:


(in millions)
Year Ended December 31,	2025	2024	2023
Shares subject to outstanding stock options and RSUs	4.8	4.1	8.9
ESPP	0.1	—	0.3

Income Taxes - Income Before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Domestic	$ 69.8	$ 7.7	$ 9.7
Foreign	(1.6)	(2.7)	(3.4)
Income before income taxes	$ 68.2	$ 5.0	$ 6.3

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenue	$ 836.6	$ 687.6	$ 599.4
Costs and Expenses:
Cost of revenue	63.7	63.5	54.0
Research and development	66.7	82.5	80.5
Sales and marketing	584.7	470.6	401.5
General and administrative	56.3	61.6	59.8
Total costs and expenses	771.4	678.2	595.8
Income from Operations	65.2	9.4	3.6
Other income (expense), net:
Interest income	3.2	4.8	3.6
Interest expense	(0.6)	(0.7)	(0.8)
Other gains (losses), net	0.4	(8.5)	(0.1)
Total other income (expense), net	3.0	(4.4)	2.7
Income before income taxes	68.2	5.0	6.3
Income tax provision (benefit)	19.5	(25.4)	18.1
Net Income (Loss)	$ 48.7	$ 30.4	$ (11.8)
Net Income (Loss) per Share Attributable to Common Stockholders
Basic (in dollars per share)	$ 0.66	$ 0.40	$ (0.15)
Diluted (in dollars per share)	$ 0.64	$ 0.38	$ (0.15)
Weighted-average Shares Used in Computing Net Income (Loss) per Share Attributable to Common Stockholders
Basic (in shares)	74.3	76.5	76.7
Diluted (in shares)	75.9	78.9	76.7

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets Measured on Recurring Basis

The Company’s assets that are measured at fair value on a recurring basis, by level, within the fair value hierarchy are summarized as follows:


(in millions)	Quoted Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Carrying Value
As of December 31, 2025
Assets:
Cash and cash equivalents—money market funds	$	67.0	$	—	$	—	$	67.0
Mortgage loans held for sale	—		7.1		—		7.1
Certificate of deposit	—		2.3		—		2.3
	$	67.0	$	9.4	$	—	$	76.4


(in millions)	Quoted Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Carrying Value
As of December 31, 2024
Assets:
Cash and cash equivalents—money market funds	$	36.8	$	—	$	—	$	36.8
Mortgage loans held for sale	—		2.6		—		2.6
Certificate of deposit	—		2.2		—		2.2
	$	36.8	$	4.8	$	—	$	41.6

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Tax at federal statutory rate	$ 14.3	$ 1.1	$ 1.3
Permanent items	(0.5)	(0.5)	(0.6)
Foreign rate differential	0.0	0.6	0.3
Stock-based compensation	2.3	1.3	1.2
Tax credits	(2.1)	(4.7)	(8.0)
Change in U.S. valuation allowance	(0.2)	(26.3)	20.0
Tax contingency and interest	1.1	1.5	1.9
State taxes	4.8	1.7	2.2
Other	(0.2)	(0.1)	(0.2)
Tax at effective tax rate	$ (19.5)	$ 25.4	$ (18.1)

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

Components of operating lease costs are as follows:


(in millions)
Year Ended December 31,	2025		2024		2023
Operating lease cost	$	3.0	$	2.9	$	3.4
Sublease income	(0.3)		(0.5)		—
Net lease cost	$	2.7	$	2.4	$	3.4

Lease term and discount rate are as follows:


As of December 31,	2025		2024
Weighted-average remaining lease term (years)	4.0		3.6
Weighted-average discount rate	6.1	%	5.4	%

In April 2025, the Company commenced an amendment of an operating lease for office space in Arizona, and recorded a $4.0 million ROU asset and $4.0 million of corresponding operating lease liabilities. The amendment expires in 2030. The amendment includes options for extension or early termination of the lease, neither of which options are certain to be exercised by the Company and, accordingly, are excluded from the calculations of ROU assets and lease liabilities recognized.

In December 2023, the Company entered into a sublease agreement for a portion of the Company’s office space in San Francisco. The sublease expired concurrently with the corresponding head lease, but did not relieve the Company of its obligations under the head lease. The Company determined that the sublease arrangement was an operating lease at inception, and recognized sublease income on a straight-line basis over the sublease term as a reduction of rent expense. As a result of the sublease, the Company evaluated the associated head lease ROU asset and sublease-related furniture and fixtures and leasehold improvements for impairment, as the change in circumstances indicated that the carrying amount of such assets may not be recoverable. The Company estimated the fair value of these assets as of the effective date of the sublease agreement using an income approach based on expected future cash flows from the subleased property. The Company recognized impairment charges of $1.6 million related to the sublease which are included in general and administrative expense on the consolidated statements of operations, including a $1.4 million impairment of ROU asset and $0.2 million of loss on disposal of sublease-related furniture and fixtures and leasehold improvements, in 2023.

ROU assets were $7.1 million and $5.3 million as of December 31, 2025 and 2024, respectively.

The maturities of lease liabilities as of December 31, 2025 are as follows:


(in millions)
Years Ending December 31,	Amount
2026	$	2.4
2027	2.3
2028	2.3
2029	1.5
2030	0.5
Total undiscounted cash flows	$	9.0
Less: imputed interest	(1.0)
Present value of lease liabilities	$	8.0
Less: lease liabilities, current	(1.9)
Total lease liabilities, noncurrent	$	6.1

Stockholders' Equity - Common Stock Narrative (Details) shares in Thousands	Dec. 31, 2025 vote $ / shares shares	Dec. 31, 2024 $ / shares shares
Class of Stock [Line Items]
Common stock, authorized (in shares)	296,686	296,686
Common stock, par value (in dollars per shares) \| $ / shares	$ 0.0001	$ 0.0001
Common stock, issued (in shares)	71,289	74,108
Common stock, outstanding (in shares)	71,289	74,108
Common Class A
Class of Stock [Line Items]
Common stock, authorized (in shares)	265,000
Number of votes per share \| vote	1
Common stock, issued (in shares)	39,600	42,400
Common stock, outstanding (in shares)	39,600	42,400
Common Class B
Class of Stock [Line Items]
Common stock, authorized (in shares)	31,700
Number of votes per share \| vote	10
Common stock, issued (in shares)	31,700	31,700
Common stock, outstanding (in shares)	31,700	31,700

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 836.6	$ 687.6	$ 599.4
Insurance
Disaggregation of Revenue [Line Items]
Revenue	280.8	191.6	45.0
Credit cards
Disaggregation of Revenue [Line Items]
Revenue	133.4	176.4	209.7
SMB products
Disaggregation of Revenue [Line Items]
Revenue	100.0	109.8	101.2
Loans
Disaggregation of Revenue [Line Items]
Revenue	133.4	84.5	101.6
Emerging verticals
Disaggregation of Revenue [Line Items]
Revenue	$ 189.0	$ 125.3	$ 141.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

The Company and its Significant Accounting Policies - Stock Based Compensation Narrative (Details)	12 Months Ended
	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Expected dividend yield	0.00%

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 98.3	$ 66.3
Accounts receivable—net	111.0	102.2
Prepaid expenses and other current assets	35.4	28.2
Total current assets	244.7	196.7
Property, equipment and software—net	31.8	43.0
Goodwill	123.5	112.4
Intangible assets—net	21.5	33.3
Deferred Income Tax Assets, Net	29.4	45.6
Right-of-use assets	7.1	5.3
Other assets	3.1	1.3
Total Assets	461.1	437.6
Current liabilities:
Accounts payable	5.4	8.9
Accrued expenses and other current liabilities	65.5	51.2
Total current liabilities	70.9	60.1
Other liabilities—noncurrent	15.7	13.3
Total liabilities	86.6	73.4
Commitments and contingencies (Note 8)
Stockholders’ equity:
Preferred stock—$0.0001 par value per share—5,000 shares authorized; zero shares issued and outstanding	0.0	0.0
Common stock—$0.0001 par value per share—296,686 shares authorized; 71,289 and 74,108 shares issued and outstanding as of December 31, 2025 and 2024	0.0	0.0
Additional paid-in capital	562.5	530.9
Accumulated other comprehensive income (loss)	0.1	(0.2)
Accumulated deficit	(188.1)	(166.5)
Total stockholders’ equity	374.5	364.2
Total Liabilities and Stockholders’ Equity	$ 461.1	$ 437.6

Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Preferred Stock—Under the Company’s amended and restated certificate of incorporation, the Company is authorized to issue 5.0 million shares of preferred stock with a par value of $0.0001 per share. The Company’s Board of Directors may fix the rights, preferences, privileges and restrictions of the preferred stock in one or more series and authorize their issuance. These rights, preferences and privileges could include dividend rights, conversion rights, voting rights, terms of redemption, liquidation preferences, sinking fund terms and the number of shares constituting any series or the designation of such series, any or all of which may be greater than the rights of the Company’s common stock. There were no shares of preferred stock outstanding as of December 31, 2025 or 2024.

Common Stock—Under the Company’s amended and restated certificate of incorporation, the Company is authorized to issue 296.7 million shares of common stock with a par value of $0.0001 per share, including 265.0 million shares of Class A common stock and 31.7 million shares of Class B common stock.

Holders of all classes of common stock are entitled to dividends when, as and if, declared by the Company’s Board of Directors, subject to the rights of the holders of all classes of stock outstanding having priority rights to dividends. The holder of each share of Class A common stock is entitled to one vote, while the holder of each share of Class B common stock is entitled to 10 votes.

Shares of Class B common stock are convertible, at any time at the option of the holder, into an equal number of shares of Class A common stock and automatically convertible upon Transfer, which is defined as any sale, assignment, transfer, conveyance, hypothecation or other transfer or disposition of such share or any legal or beneficial interest in such share, whether or not for value and whether voluntary or involuntary or by operation of law.

As of December 31, 2025 and 2024, there were 39.6 million and 42.4 million shares of Class A common stock issued and outstanding, respectively. Shares of Class B common stock issued and outstanding were 31.7 million as of both December 31, 2025 and 2024.

Share Repurchase Program—The Company announced on May 2, 2023 that its Board of Directors authorized a plan under which the Company may repurchase up to $20 million of its Class A common stock and, following the Company’s utilization of that share repurchase authorization, the Company announced on October 26, 2023, September 9, 2024, October 29, 2024, September 13, 2025, and December 16, 2025 that its Board of Directors approved additional share repurchase authorizations under which the Company may repurchase up to an additional $30 million, $50 million, $25 million, $50 million, and $50 million, respectively, of its Class A common stock (collectively, the Repurchase Program). Subject to market conditions and other factors, the Repurchase Program is intended to make opportunistic repurchases of the Company’s Class A common stock to reduce the Company’s outstanding share count. Under the Repurchase Program, shares of Class A common stock may be repurchased from time to time in the open market through privately negotiated transactions or otherwise, in accordance with applicable securities laws and other restrictions. The Repurchase Program does not have fixed expiration dates, does not obligate the Company to repurchase any specific dollar amount or number of shares, and may be amended, suspended or discontinued at any time. The amount and timing of any repurchases are at management’s discretion and depend on a variety of factors, including business, economic and market conditions, regulatory requirements, prevailing stock prices and other considerations. Additionally, the Company may, from time to time, enter into Rule 10b5-1 trading plans to facilitate repurchases. Shares repurchased under the Repurchase Program are retired. The Company repurchased 5.8 million shares of Class A common stock for $70.3 million, including costs associated with the repurchases, during 2025, and 6.5 million shares of Class A common stock for $80.4 million during 2024. Additionally, the Company paid $0.3 million of excise taxes during 2025 which related to previous share repurchases. The remaining share repurchase authorization under the Repurchase Program is $55.2 million as of December 31, 2025. See Note 15–Subsequent Events for further discussion.

Common Shares Reserved for Future Issuance

The Company had reserved the following shares of Class A common stock for future issuance:


(in thousands)
As of December 31,	2025	2024
Shares outstanding from stock options and RSUs	9,856	7,904
Shares available for future equity award grants	12,444	13,642
Shares available for future ESPP offerings	1,707	1,249
Total shares reserved	24,007	22,795

Equity Incentive Plans—In October 2021, the Company’s Board of Directors approved the adoption of the 2021 Equity Incentive Plan (the 2021 Plan) and the termination of the predecessor 2012 Equity Incentive Plan (the 2012 Plan). The termination of the 2012 Plan had no impact on the terms of outstanding awards under the 2012 plan.The 2021 Plan had an initial authorization to grant share-based awards for up to 4.1 million shares of Class A common stock, with an amendment approved by stockholders in May 2022 to increase the aggregate number of shares of Class A common stock reserved for issuance thereunder by 8.0 million shares. The number of shares of Class A common stock reserved for issuance under the 2021 Plan will automatically increase on January 1 of each calendar year, ending on and including January 1, 2031, in an amount equal to 5% of the total number of shares of the Company’s capital stock outstanding on December 31 of the prior calendar year, unless the Company’s Board of Directors determines prior to the date of increase that there will be a lesser increase, or no increase.

Additionally, concurrent with the closing of the acquisition of On the Barrelhead, Inc. (OTB) on July 11, 2022, the Compensation Committee of the Company’s Board of Directors granted RSUs under the NerdWallet, Inc. 2022 Inducement Equity Incentive Plan (the Inducement Plan) to employees of OTB who were offered employment with the Company.

The 2021 Plan and the predecessor 2012 Plan, both as amended, along with the Inducement Plan (collectively, the Plans) provide for the grant of incentive and non-statutory stock options, stock appreciation rights, RSUs and restricted stock awards to employees, non-employee directors and consultants of the Company, with such awards subject to vest according to an award-specific schedule as approved by the Board of Directors. Options to purchase Class A common stock granted under the Plans continue to vest until the last day of employment and generally will vest 25% in the first year and monthly thereafter (for a total vesting period of 4 years), and expire 10 years from the date of grant. RSUs granted under the Plans are subject to service-based vesting conditions, which are generally satisfied over 4 years or an award-specific schedule.

The exercise price of incentive stock options granted under the Plans must be at least equal to 100% of the fair market value of the Company’s Class A common stock at the date of grant, as determined by the Board of Directors. The exercise price must not be less than 110% of the fair market value of the Company’s Class A common stock at the date of grant for incentive stock options granted to an employee that owns greater than 10% of the Company stock.

Stock Options—A summary of the Company’s stock option activity for its Plans is as follows:


	Outstanding Stock Options (in thousands)	Weighted- Average Exercise Price	Weighted- Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in millions)
Balance as of December 31, 20241	3,283	$12.40	6.2	$7.1
Granted2	2,324	$10.55
Exercised	(159)	$7.22
Cancelled/forfeited2	(662)	$13.11
Balance as of December 31, 20251	4,786	$11.58	7.2	$13.4
Vested and exercisable as of December 31, 2025	2,555	$12.50	5.5	$6.3

______________

(1)Includes 0.2 million of stock options with both service-based and performance-based conditions.

(2)Includes less than 0.1 million of stock options with both service-based and performance-based conditions.

The weighted-average grant-date fair value of options granted during 2025 and 2024 was $6.14 and $9.08 per share, respectively. There were no options granted during 2023. The aggregate intrinsic value of options exercised was $0.8 million, $8.0 million and $14.5 million during 2025, 2024 and 2023, respectively.

During 2024, the Company granted 0.2 million of target award stock options with both service-based and performance-based conditions to certain employees of the Company. Recipients of these performance-based stock options were eligible to earn between 0% and 200% of their target awards based upon the achievement of (i) a revenue-related growth metric and (ii) a non-GAAP operating income-related metric, both in fiscal year 2024, subject to certification in early 2025 of the attainment of the performance levels. These performance-based stock options are also subject to service-based vesting over a period of 3 years.

Total unrecognized compensation cost related to non-vested stock options granted under the Plans was $11.9 million as of December 31, 2025, with the cost expected to be recognized over a weighted-average period of 3.2 years.

The per-share fair value of each stock option was determined on the date of grant using the following weighted-average assumptions:


Year Ended December 31,	2025		2024
Expected volatility	58.0	%	58.1	%
Expected term (in years)	6.0		5.9
Risk-free interest rate	4.1	%	4.2	%

Restricted Stock Units—A summary of the Company’s outstanding nonvested RSUs for its Plans is as follows:


	Number of Units (in thousands)	Weighted-Average Grant-Date Fair Value
Nonvested as of December 31, 20241	4,621	$	12.57
Granted1	4,355	$	9.94
Vested1	(2,897)	$	11.28
Forfeited	(1,009)	$	12.09
Nonvested as of December 31, 20251	5,070	$	11.13

______________

(1)Includes less than 0.1 million of RSUs with both service-based and performance-based conditions.

During 2024, the Company granted 0.1 million of target award RSUs with both service-based and performance-based conditions to certain employees of the Company. Recipients of these performance-based RSUs were eligible to earn between 0% and 200% of their target awards based upon the achievement of (i) a revenue-related growth metric and (ii) a non-GAAP operating income-related metric, both in fiscal year 2024, subject to certification in early 2025 of the attainment of the performance levels. These performance-based RSUs are also subject to service-based vesting over a period of three years. The total fair value of shares that vested under RSUs was $32.3 million and $37.0 million during 2025 and 2024, respectively.

Unrecognized compensation cost related to RSUs was $51.8 million as of December 31, 2025, with these costs expected to be recognized over a weighted-average period of approximately 2.8 years.

Employee Stock Purchase Plan—The Company sponsors an ESPP which allows eligible employees to buy shares of the Company’s Class A common stock at a 15% discount of the stock’s market value on defined dates. The ESPP included an initial authorization for the issuance of 0.8 million shares of the Company’s Class A common stock under purchase rights granted to eligible employees, with automatic increases in the number of shares reserved for issuance on January 1 of each calendar year, beginning in 2023 and through 2031, subject to terms of the ESPP. There were 0.3 million and 0.1 million shares of the Company’s Class A common stock purchased under the ESPP during 2025 and 2024, respectively. Prior to capitalizing amounts related to software development costs, the Company recognized stock-based compensation related to the ESPP of $1.0 million and $0.7 million during 2025 and 2024, respectively. Unrecognized compensation cost related to the ESPP was $0.3 million as of December 31, 2025, with these costs expected to be recognized over a period of 0.3 years through the end of the respective purchase period. The impact of forfeitures under the ESPP are recognized as forfeitures occur.

The fair value of purchase rights granted under the ESPP were determined on the date of grant using the following weighted-average assumptions:


Year Ended December 31,	2025		2024
Expected volatility	62.8	%	54.3	%
Expected term (in years)	0.5		0.5
Risk-free interest rate	4.0	%	4.7	%

Stock-Based Compensation—The Company recognized stock-based compensation under the Plans and ESPP as follows:


(in millions)
Year Ended December 31,	2025		2024		2023
Research and development	$	8.5	$	10.1	$	11.2
Sales and marketing	8.6		10.0		13.8
General and administrative	11.5		16.2		13.8
Total	$	28.6	$	36.3	$	38.8

In addition, stock-based compensation of $3.3 million, $3.8 million and $5.5 million was capitalized related to software development costs in 2025, 2024 and 2023, respectively.

The Company recognized tax benefits for stock-based compensation arrangements of $7.1 million and $10.9 million in 2025 and 2024, respectively.

- Definition

The entire disclosure for equity.

+ References

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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

The Company and its Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP).
Consolidation	The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Certain comparative amounts for prior fiscal years have been reclassified to conform to the financial statement presentation as of and for the year ended December 31, 2025.
Segments	Operating segments are defined as components of an enterprise for which discrete financial information is available that is reviewed regularly by the Chief Operating Decision Maker (CODM) in deciding how to allocate resources and in assessing performance. The Company’s CODM is its Chief Executive Officer, who regularly reviews consolidated net income (loss) as reported on the consolidated statements of operations, along with other financial information presented on a consolidated basis, for purposes of allocating resources and evaluating financial performance, including non-GAAP operating income (loss) and adjusted EBITDA which are key performance indicators to assess operational efficiency and profitability. As a result, the Company has concluded that it has one operating segment. The measure of segment assets is presented as total assets in the consolidated balance sheets. Significantly all of the Company’s revenue in 2025, 2024 and 2023 was from customers located in the United States. Significantly all of the Company’s long-lived assets as of December 31, 2025 and 2024 were located in the United States.
Use of Estimates	The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates and assumptions made by management include determination of stock-based compensation, capitalization of software development costs, valuation of goodwill and intangible assets, determination of associated useful lives of intangible assets and valuation of deferred tax assets. Management bases its estimates on historical experience and also on assumptions that it believes are reasonable.
Concentrations of Credit Risk	Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. While the Company deposits cash and cash equivalents with high credit quality financial institutions, including First Citizens Bank & Trust Company (through its Silicon Valley Bank division), HSBC and JPMorgan Chase Bank, N.A., to lessen the Company’s exposure, such cash deposits may exceed federally insured limits at these financial institutions.
Foreign Currency Transactions	The functional currency of the Company’s foreign subsidiaries is the respective local currency. All assets and liabilities accounts of the Company’s foreign subsidiaries are translated into U.S. dollars using the exchange rate on the balance sheet date. Equity transactions are translated using historical exchange rates. Revenues and expenses are translated at average rates prevailing throughout the period. Translation adjustments are included as a separate component in the consolidated statement of comprehensive income (loss), and in effect of exchange rate changes on cash and cash equivalents in the consolidated statement of cash flows. Transaction gains and losses, including intercompany transactions denominated in a currency other than the functional currency of the entity involved, are included in other gains (losses), net in the consolidated statement of operations and were immaterial for all periods presented.
Cash and Cash Equivalents	Cash and cash equivalents include on demand deposits and money market funds with banks that have remaining maturities at the date of purchase of less than 90 days.
Fair Value Measurements	The Company determines fair value based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as determined by either the principal market or the most advantageous market. Inputs used in the valuation techniques to derive fair values are classified based on a three-level hierarchy. These levels are: Level 1—Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2—Observable inputs other than quoted prices included within Level 1, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and inputs other than quoted prices that are observable or are derived principally from, or corroborated by, observable market data by correlation or other means. Level 3—Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. The Company recognizes transfers among Level 1, Level 2 and Level 3 classifications as of the actual date of the events or change in circumstances that caused the transfers. The carrying values of the Company’s cash and cash equivalents, accounts receivable—net, and accounts payable and other accrued expenses are deemed to approximate fair value due to their short-term and highly liquid nature. The carrying values of the Company’s mortgage loans held for sale and certificate of deposit are deemed to approximate fair value due to their short-term nature.
Trade Accounts Receivable	Trade accounts receivable are recorded at the invoiced amount or amounts due from customers via affiliate relationships at the end of each month. Invoiced amounts do not bear interest. The Company generally does not require collateral or other security in support of accounts receivable. Accounts receivable are past due when they are outstanding longer than the contractual payment terms. The Company determines an allowance for credit losses by considering available information, including the length of time accounts receivable are past due, previous loss history, and reasonable and supportable expectations regarding the specific customer’s ability to pay its financial obligations. If the Company becomes aware of changes in circumstances that are indicative of a customer’s inability to meet its financial obligations, such as in the case of bankruptcy, deterioration in operating results or changes in financial position, estimates of the allowance for credit losses are further adjusted.
Property, Equipment and Software, Net	Property, equipment, and software are stated at cost, less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, which are generally three years for computers and equipment, three years for software, and five years for furniture and fixtures. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful lives of the assets or the term of the related lease. Expenditures for repairs and maintenance are charged to expense as incurred. Upon disposition or retirement, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss, if any, is reflected as operating expenses in the consolidated statement of operations.
Capitalized Software Development Costs	The costs incurred in the preliminary stages of website and software development are expensed as incurred. Once an application has reached the development stage, internal and external costs, if direct and incremental and deemed by management to be significant, are capitalized in property and equipment and amortized on a straight-line basis over their estimated useful lives. Maintenance, training and enhancement costs, including those costs in the post-implementation stages, are typically expensed as incurred, unless such costs relate to substantial upgrades and enhancements to the website or software that result in added functionality, in which case the costs are capitalized and amortized on a straight-line basis over the estimated useful lives. Capitalized development activities placed in service are amortized over the expected useful lives of those releases, currently estimated at one to five years. The estimated useful lives of website and software development activities are reviewed frequently and adjusted as appropriate to reflect upcoming development activities that may include significant upgrades and/or enhancements to the existing functionality. Amortization expense is included within cost of revenue in the consolidated statement of operations.
Business Combinations	The Company recognizes identifiable assets acquired and liabilities assumed at their acquisition date fair value. Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. While the Company uses its best estimates and assumptions as a part of the purchase price allocation process to accurately value assets acquired and liabilities assumed at the acquisition date, its estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill to the extent that the Company identifies adjustments to the preliminary purchase price allocation. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statement of operations.
Goodwill	The Company evaluates goodwill for impairment annually during the fourth quarter, or more frequently when an event occurs or circumstances change that indicate the carrying value may not be recoverable. The Company may elect to utilize a qualitative assessment to evaluate whether it is more likely than not that the fair value of a reporting unit is less than its carrying value and if so, the quantitative test is performed. Under the qualitative assessment, factors that are considered include industry and market considerations, overall financial performance and other relevant events and factors affecting the reporting unit. Under the quantitative test, the Company first compares the carrying value of each reporting unit to its estimated fair value and, if the fair value is determined to be less than the carrying value, an impairment loss would be recognized for the difference.
Intangible Assets	Intangible assets include acquired intangible assets identified through business combinations, which are carried at the estimated fair value recorded upon acquisition less accumulated amortization, and purchased intangible assets, which are carried at cost less accumulated amortization. Intangible assets are amortized on a straight-line basis over their estimated useful lives. Amortization costs for developed technology is included in cost of revenue and amortization for customer relationships, trade names and user base are included in sales and marketing within the consolidated statement of operations. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.
Impairment of Long-Lived Assets	The Company reviews long-lived assets, including property and equipment, capitalized software development costs, intangible assets and right-of-use (ROU) assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability of assets or asset groups to be held and used is measured first by a comparison of the carrying amount of an asset or asset group to future undiscounted net cash flows expected to be generated by the asset or asset group. If such assets or asset group are considered to be impaired, an impairment loss would be recognized based on the excess of the carrying amount of the asset above the fair value of the asset or asset group.
Revenue Recognition	The Company generates substantially all its revenue through fees paid by its financial services partners in the form of either revenue per action, revenue per click, revenue per lead and revenue per funded loan arrangements. For these revenue arrangements, in which a partner pays only when a consumer or SMB satisfies the criteria set forth within the arrangement, revenue is recognized generally when the Company matches the consumer or SMB with the financial services partner. For some of the Company’s arrangements, the transaction price is considered variable and an estimate of the transaction price is recorded when the match occurs. Under revenue recognition guidance, revenue is recognized when performance obligations under the terms of a contract with a financial services partner are satisfied and promised goods and services have transferred to the partner, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Services are generally transferred to the financial services partner at a point in time, and the performance obligation is a series of distinct actions, leads or clicks. For revenue generated from revenue per action or revenue per funded loan arrangements in which fees are earned from financial services partners for approved actions, such as when credit cards are issued to consumers or SMBs or when loans to consumers or SMBs are funded, the Company’s contractual right to fees is not contemporaneous with the satisfaction of the performance obligation to match the consumer or SMB with the financial services partner. As a result, the transaction price is considered variable and an estimate of the constrained transaction price is recorded as revenue when the match occurs, subject to a constraint. Constrained revenue is recognized to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. The Company records a contract asset, which is included within prepaid expenses and other current assets in the consolidated balance sheet, at the end of each reporting period related to the estimated variable consideration on fees for which the Company has satisfied the related performance obligation but are still pending the financial product approval before the Company has a contractual right to payment. Management applies judgment and considers various factors in estimating the constrained revenue, including the Company’s historical approval rates and historical time between when a consumer or SMB request for a financial product is delivered to a financial services partner, and when the consumer or SMB meets the achievement or attainment requirements of the financial services partner. The time between satisfaction of the Company’s performance obligation and when the Company’s right to consideration becomes unconditional is generally less than 90 days, and this short duration between satisfaction of the performance obligation and approval mitigates estimation uncertainty. The Company records a deferred revenue liability, which is included within accrued expenses and other current liabilities in the consolidated balance sheet, for fees received related to unsatisfied performance obligations at the end of each reporting period, with the performance obligations expected to be satisfied in the following reporting period. For revenue generated from revenue per lead or revenue per click in which fees are earned from customers when a consumer or SMB clicks on a tagged link to the customer’s website or lead is delivered to the customer, the Company’s contractual right to fees is contemporaneous with the satisfaction of the performance obligation to match the consumer or SMB with the customer. The Company’s services are generally transferred to the customer at a point in time, when the performance obligation is met, based on reliable indicators of completion. The Company’s payment terms vary by customer and verticals. The term between invoicing and when payment is due is generally 30 days or less. Cost of Revenue—Cost of revenue consists primarily of amortization expense associated with capitalized software development costs and developed technology; credit scoring fees and account linking fees; and third-party data center costs.
Research and Development	Research and development expenses primarily consist of personnel related costs, technology and facility-related expenses and contractor expense for our engineering, product management, data and other personnel engaged in maintaining and enhancing the functionality of our platform. Research and development costs are expensed as incurred.
Sales and Marketing	Sales and marketing expenses include advertising and promotion costs, costs related to brand campaign fees, marketing, business operations team and editorial personnel and related costs, including stock-based compensation. Advertising expense includes performance and brand marketing, as well as certain external organic and other marketing costs, and is expensed as incurred.
Leases	The Company leases real estate facilities and general office equipment under operating leases expiring at various dates through 2030. The Company’s ROU assets and lease liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term, which may include options to extend or terminate the lease when it is reasonably certain the Company will exercise such options. At inception of the lease, the Company is not reasonably certain that any available lease extensions or renewal terms will be exercised. For this purpose, the Company considered lease term and only payments that are fixed and determinable at the time of commencement. As most of the Company’s leases do not provide an implicit rate, the Company used the incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. When determining the incremental borrowing rates, the Company considered information including, but not limited to, the lease term, the Company’s credit rating and interest rates of similar debt instruments with comparable credit ratings. The Company’s lease agreements may contain variable costs such as common area maintenance, insurance, real estate taxes or other costs. Variable lease costs are expensed as incurred in the consolidated statement of operations. Nonlease components that are not fixed are expensed as incurred as variable lease payments. The Company’s lease agreements generally do not contain any residual guarantees or restrictive covenants. Operating leases are included in other assets, accrued expenses and other current liabilities, and other liabilities—noncurrent in the consolidated balance sheets.
Stock-Based Compensation	The Company measures compensation expense for stock-based awards based on the estimated fair value of the awards on the date of grant. RSUs: The fair value of RSUs is estimated based on the fair value of our Class A common stock on the grant date. Stock Options: The fair value of stock options on the date of grant is estimated using the Black-Scholes-Merton option-pricing model. The Black-Scholes-Merton option-pricing model considers several variables and assumptions in estimating the grant date fair value of stock-based awards. These assumptions include: •Fair Value of Class A Common Stock—The fair value of the Company’s Class A common stock is determined on the grant date using the closing price of the Company’s Class A common stock. •Expected Term—The expected term represents the period that the stock-based awards are expected to be outstanding, and is estimated based on the simplified method described in Staff Accounting Bulletin Topic 14, as amended, as the Company does not have sufficient historical experience for determining the expected term of the awards granted. •Expected Volatility—Expected volatility is a measure of the amount by which the stock price is expected to fluctuate. Since the Company does not have sufficient trading history of its Class A common stock, the Company estimates the expected volatility by taking the average historical volatility of a group of comparable publicly-traded companies over a period equal to the expected term of the awards. •Risk-Free Interest Rate—The risk-free interest rate is based on the U.S. Treasury yield curve on the date of grant for zero-coupon U.S. Treasury notes with maturities approximately equal to the expected term of the stock option award. •Dividend Yield—The Company utilizes a dividend yield of zero, as the Company does not currently issue dividends and does not expect to do so in the future. ESPP: The fair value of purchase rights granted under the Company’s ESPP is estimated using the component measurement approach with valuations of the components based on the Company’s stock price on the grant date and/or the Black-Scholes-Merton option-pricing model, as appropriate for the applicable components. The fair value of stock-based awards with only a service condition and that are expected to vest is recognized as compensation expense on a straight-line basis over the requisite service period. The fair value of stock-based awards with performance-conditions is recognized as compensation expense over the requisite service period using the accelerated attribution method based on an assessment of the probability of achieving the requisite performance metrics. The requisite service period of awards is generally the same as the vesting period of the respective awards. The Company recognizes forfeitures as they occur for equity awards with a service condition.
Income Taxes	The Company accounts for income taxes under an asset and liability approach. Deferred income taxes reflect the impact of temporary differences between assets and liabilities recognized for financial reporting purposes and amounts recognized for income tax reporting purposes measured by applying currently enacted tax laws. A valuation allowance is provided when necessary to reduce deferred tax assets to an amount that is more likely than not to be realized. The Company recognizes the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely to be realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records uncertain tax positions in accordance with accounting standards on the basis of a two-step process whereby (1) a determination is made as to whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold the Company recognizes the largest amount of tax benefit that is greater than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company’s policy is to include interest and penalties within its provision for income taxes.
Net Income (Loss) per Basic and Diluted Share	The Company computes earnings per share (EPS) in conformity with the two-class method required for participating securities. The two-class method is an earnings allocation method that determines net income (loss) per share for each class of common stock and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings or losses. The Company considers early exercised stock options to be participating securities. There were no early exercised stock options in 2025, and the impact of early exercised stock options on basic and diluted EPS was immaterial for 2024 and 2023. Basic EPS is computed by dividing net income (loss) available to common stockholders by the weighted average number of common stock outstanding during the period. Diluted EPS is computed by dividing net income (loss) attributable to common stockholders by the number of diluted shares outstanding. Diluted shares equal the total of the basic shares outstanding and all potentially issuable shares, other than antidilutive shares, if any, weighted for the average days outstanding for the period. The dilutive effect of outstanding awards and convertible securities is reflected in diluted EPS by application of the treasury stock method. The rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. See Note 10–Stockholders’ Equity for further discussion. As the liquidation and dividend rights are identical for Class A and Class B common stock, the undistributed earnings are allocated on a proportional basis and the resulting net income (loss) attributable to common stockholders is the same for Class A and Class B common stock on an individual or combined basis.
Comprehensive Income (Loss)	Comprehensive income (loss) is defined as a change in equity resulting from transactions from non-owner sources. Comprehensive income (loss) is comprised of all components of net income (loss) and all components of other comprehensive income (loss) within stockholders’ equity. Other comprehensive income (loss) includes adjustments for foreign currency translation.
Recently Issued Accounting Pronouncements Not Yet Adopted	In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the income tax rate reconciliation and income taxes paid information. The guidance in ASU 2023-09 is effective on an annual basis and will be required to be applied for the year ending December 31, 2026 for EGCs under the JOBS Act accounting election. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The guidance should be applied on a prospective basis, but retrospective application is permitted. In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-09), which requires additional disclosure of certain costs and expenses within the notes to the financial statements. The guidance in ASU 2024-03 is effective for annual reporting periods beginning with the year ending December 31, 2027, and for interim reporting periods beginning in 2028. Early adoption is permitted and the guidance may be applied on a prospective or retrospective basis. Given the disclosure focus of both ASU 2023-09 and ASU 2024-03, the applications of these new standards will not have an effect on the Company’s financial position and results of operations in its consolidated financial statements. In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASU 2025-05), which provides a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606, Revenue From Contracts with Customers. The practical expedient allows an entity to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. The guidance in ASU 2025-05 is effective on an annual and interim basis, and will be required to be applied for the year ending December 31, 2026 for public business entities, with early adoption permitted in an interim or annual reporting period in which financial statements have not yet been issued or made available for issuance. The guidance should be applied on a prospective basis. In September 2025, the FASB issued ASU No. 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06), which amends certain aspects of the accounting for and disclosure of software costs, including eliminating consideration of software project development stages and providing enhanced guidance on how to evaluate whether the probable-to-complete recognition threshold has been met. The guidance in ASU 2025-06 is effective on an annual and interim basis, and will be required to be applied for the year ending December 31, 2028 for public business entities, with early adoption permitted as of the beginning of an annual reporting period. The guidance may be applied on a prospective, retrospective, or modified prospective basis. The Company is currently evaluating the impact of the adoptions of ASU 2025-05 and ASU 2025-06 on the Company’s consolidated financial statements.

Significant Consolidated Balance Sheet Components

12 Months Ended

Dec. 31, 2025

Significant Consolidated Balance Sheet Components [Abstract]

Significant Consolidated Balance Sheet Components

Prepaid expenses and other current assets consisted of the following:


(in millions)
As of December 31,	2025		2024
Prepaid expenses	$	12.2	$	14.6
Mortgage loans held for sale	7.1		2.6
Income taxes receivable	9.9		0.3
Contract assets	3.5		6.8
Certificate of deposit	2.3		2.2
Other current assets	0.4		1.7
Total prepaid expenses and other current assets	$	35.4	$	28.2

Property, equipment and software, net consisted of the following:


(in millions)
As of December 31,	2025		2024
Capitalized software development costs	$	99.1	$	124.6
Office equipment	3.9		4.2
Furniture and fixtures	0.9		1.4
Leasehold improvements	1.4		2.3
Total property, equipment and software	105.3		132.5
Accumulated depreciation and amortization	(73.5)		(89.5)
Total property, equipment and software—net	$	31.8	$	43.0

The Company capitalized $20.4 million, $24.3 million and $34.0 million of software development costs, and recorded amortization expense of $31.2 million, $32.8 million and $28.9 million, during 2025, 2024 and 2023, respectively. No losses on disposal related to software development costs were recorded in 2025, 2024 or 2023.

Depreciation and amortization, exclusive of amortization of capitalized software development costs and intangible assets, was $1.6 million, $2.2 million and $2.3 million in 2025, 2024 and 2023, respectively.

During 2025, the Company made a strategic investment of $2.0 million in equity interests of a limited liability company. These equity interests are accounted for under the equity method of accounting. In applying the equity method of accounting, investments are initially recorded at cost, and subsequently adjusted based on the Company’s proportionate share of the investee’s net income or loss, based on the most recent available financial information from the investee, net of any contributions and distributions received. Equity method investments are periodically reviewed for impairment, and would be considered impaired when the fair value of the Company’s interest is less than the carrying value, with an impairment charge recorded in earnings if such decline in value is determined to be other than temporary. Equity method investments are included in other assets on the Company’s consolidated balance sheet. The carrying value of the Company’s equity method investment was $2.0 million as of December 31, 2025, and there were no related changes in carrying amount or impairment during 2025.

Accrued expenses and other current liabilities consisted of the following:


(in millions)
As of December 31,	2025		2024
Unbilled accounts payable	$	46.9	$	33.7
Accrued compensation	6.0		4.8
Income taxes payable	0.5		3.1
Warehouse line of credit	6.9		2.5
Operating lease liabilities	1.9		2.3
Other accrued expenses	3.3		4.8
Total accrued expenses and other current liabilities	$	65.5	$	51.2

Other liabilities—noncurrent consisted of the following:


(in millions)
As of December 31,	2025		2024
Operating lease liabilities	$	6.1	$	4.1
Unrecognized tax benefit liability	9.6		8.8
Other noncurrent liabilities	—		0.4
Total other liabilities—noncurrent	$	15.7	$	13.3

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Balance as of beginning of year	$ 13.6	$ 11.9	$ 9.9
Increases related to prior year tax positions	0.0	0.5	0.5
Decreases related to prior year tax positions	0.0	0.0	(1.1)
Expiration of statute of limitations	0.0	(0.1)	(0.4)
Current year increases	0.6	1.3	3.0
Balance as of end of year	$ 14.2	$ 13.6	$ 11.9

Employee Benefit Plan	12 Months Ended
Employee Benefit Plan	Dec. 31, 2025
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit Plan The Company sponsors a 401(k) savings plan (the Savings Plan). All employees are eligible to participate in the Savings Plan after meeting certain eligibility requirements. Participants may elect to have a portion of their salary deferred and contributed to the Savings Plan up to the limit allowed by the applicable income tax regulations. The Company’s policy is to match employee contributions up to certain overall limits. The Company made matching contributions of $3.7 million, $4.2 million and $4.8 million during 2025, 2024 and 2023, respectively.

Significant Consolidated Balance Sheet Components - Other Noncurrent Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Significant Consolidated Balance Sheet Components [Abstract]
Operating lease liabilities	$ 6.1	$ 4.1
Unrecognized tax benefit liability	9.6	8.8
Other noncurrent liabilities	0.0	0.4
Total other liabilities—noncurrent	$ 15.7	$ 13.3

Debt	12 Months Ended
Debt	Dec. 31, 2025
Debt Disclosure [Abstract]
Debt	Debt Credit Facility—NerdWallet, Inc. and three of its wholly-owned subsidiaries maintain a credit agreement, entered into on September 26, 2023 and which over time has been amended (as amended, the Credit Agreement) with JPMorgan Chase Bank, National Association. as Administrative Agent, and a syndicate of lenders. The Credit Agreement provides for a $125.0 million senior secured revolving credit facility (the Credit Facility), with the option to increase up to an additional $75.0 million, and is available to be used by the Company and certain of its domestic subsidiaries for general corporate purposes, including acquisitions. The Credit Agreement includes a letter of credit sub-facility in the aggregate amount of $10.0 million and a swingline sub-facility in the aggregate amount of $10.0 million. The Credit Facility is secured by substantially all of the Company’s assets. The Company and each of its material domestic subsidiaries is a guarantor of all of the obligations under the Credit Facility. The Credit Facility matures on September 26, 2028. The Company is charged a commitment fee of between 0.25% and 0.35% of the total facility commitments, depending on the Company’s total net leverage ratio. Borrowings under the Credit Facility bear interest at a floating rate and may be maintained as alternate base rate loans (tied to the prime rate, the federal funds rate plus 0.50%, the overnight bank funding rate plus 0.50%, or the adjusted term secured overnight financing rate (SOFR) for a one-month period plus 1.00%) or as term benchmark loans tied to adjusted term SOFR plus 0.10%, in each case plus a margin of 2.25% to 2.75% depending on the Company’s total net leverage ratio. There was no outstanding balance under the Credit Agreement at December 31, 2025 or 2024. The available amount to borrow under the Credit Facility was $124.5 million and $123.9 million at December 31, 2025 and 2024, respectively, which was equal to the available amount under the agreement of $125.0 million net of letters of credit of $0.5 million and $1.1 million, respectively. The Credit Agreement requires the Company to comply with maximum total net leverage and minimum fixed charge coverage ratios. In addition, the Credit Agreement contains other standard affirmative and negative covenants such as those which (subject to certain thresholds) limit the ability of the Company and its subsidiaries to, among other things, incur debt, incur liens, engage in mergers, consolidations, liquidations or acquisitions, enter into new lines of business not related to the Company’s current lines of business, make certain investments, make distributions on or repurchase its equity securities, engage in transactions with affiliates, or enter into certain hedging obligations. Events of default under the Credit Agreement include, among other things, payment defaults, breaches of representations, warranties or covenants, defaults under material indebtedness, certain events of bankruptcy or insolvency, judgment defaults, certain defaults or events relating to employee benefit plans or a change in control of the Company. The events of default would permit the lenders to terminate commitments and accelerate the maturity of borrowings under the Credit Facility if not cured within applicable grace periods. The Company was in compliance with all covenants as of December 31, 2025 and 2024, respectively. Warehouse Line of Credit—NDL maintains a $15.0 million warehouse line of credit, which may be increased to $18.75 million for up to 90 days subject to certain requirements, to provide NDL short-term funding for mortgage loans originated for sale. Borrowings under the warehouse line of credit bear interest at the interest rate of the underlying mortgage loans held for sale, subject to a 5.25% minimum rate, and are secured by the underlying promissory notes of the mortgage loans held for sale, as well as NDL’s other assets. The warehouse line of credit matures on February 1, 2027. NDL had $6.9 million and $2.5 million outstanding under the warehouse line of credit with a weighted-average interest rate of 6.27% and 6.77% as of December 31, 2025 and 2024, respectively, which is included in accrued expenses and other current liabilities on the consolidated balance sheet. The warehouse line of credit requires NDL to comply with minimum tangible net worth, liquidity and insurance requirements. NDL was in compliance with all covenants as of December 31, 2025 and 2024, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholders' Equity - Equity Incentive Plan Narrative (Details) - shares shares in Millions	1 Months Ended		3 Months Ended	12 Months Ended
	May 31, 2022	Oct. 31, 2021	Dec. 31, 2021	Dec. 31, 2024	Dec. 31, 2025
Common Class A \| 2021 Equity Incentive Plan
Class of Stock [Line Items]
Number of additional shares authorized (in shares)	8.0
Stock Options
Class of Stock [Line Items]
Award vesting period				3 years
Stock Options \| Minimum
Class of Stock [Line Items]
Award vesting rights percentage				0.00%
Stock Options \| Share-Based Payment Arrangement, Employee, Owning Greater Than 10% Of Company Stock \| 2021 Equity Incentive Plan and Inducement Plan
Class of Stock [Line Items]
Percentage of stock owned by single individual (percent)		10.00%
Stock Options \| Common Class A \| 2021 Equity Incentive Plan
Class of Stock [Line Items]
Number of shares authorized (in shares)		4.1
Annual increase in shares authorized (percent)					5.00%
Stock Options \| Common Class A \| Inducement Plan
Class of Stock [Line Items]
Award vesting period		4 years
Award expiration period in years		10 years
Stock Options \| Common Class A \| Minimum \| 2021 Equity Incentive Plan and Inducement Plan
Class of Stock [Line Items]
Purchase price of common stock (percent)			100.00%
Stock Options \| Common Class A \| Share-Based Payment Arrangement, Employee, Owning Greater Than 10% Of Company Stock \| Minimum \| 2021 Equity Incentive Plan and Inducement Plan
Class of Stock [Line Items]
Purchase price of common stock (percent)			110.00%
Stock Options \| Common Class A \| Share-based Payment Arrangement, Tranche One \| Inducement Plan
Class of Stock [Line Items]
Award vesting rights percentage		25.00%
Restricted Stock Units (RSUs) \| Inducement Plan
Class of Stock [Line Items]
Award requisite service period		4 years

Significant Consolidated Balance Sheet Components - Property, Equipment and Software (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total property, equipment and software	$ 105.3	$ 132.5
Accumulated depreciation and amortization	(73.5)	(89.5)
Total property, equipment and software—net	31.8	43.0
Capitalized software development costs
Property, Plant and Equipment [Line Items]
Total property, equipment and software	99.1	124.6
Office equipment
Property, Plant and Equipment [Line Items]
Total property, equipment and software	3.9	4.2
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property, equipment and software	0.9	1.4
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property, equipment and software	$ 1.4	$ 2.3

Commitment and Contingencies	12 Months Ended
Commitment and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments and Other Financial Arrangements—The Company has certain financial commitments and other arrangements including unused letters of credit, commitments under leases, and an outstanding warehouse line of credit. See Note 7–Debt and Note 9–Leases for further discussion. Litigation and Other Legal Matters—The Company is involved from time to time in litigation, claims, and proceedings. Periodically, the Company evaluates the status of each legal matter and assesses potential financial exposure. If the potential loss from any legal proceeding or litigation is considered probable and the amount can be reasonably estimated, the Company accrues a liability for the estimated loss. Significant judgment is required to determine the probability of a loss and whether the amount of the loss is reasonably estimable. The outcome of any proceeding is not determinable in advance. As a result, the assessment of a potential liability and the amount of accruals recorded are based only on the information available at the time. As additional information becomes available, the Company reassesses the potential liability related to the legal proceeding or litigation, and may revise its estimates. Management is not currently aware of any matters that it expects will have a material effect on the financial position, results of operations, or cash flows of the Company. The Company has not accrued any material potential loss as of December 31, 2025 or 2024.

Employee Benefit Plan (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plan (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Matching contributions	$ 3.7	$ 4.2	$ 4.8

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References

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+ Details

The Company and its Significant Accounting Policies - Capitalized Software Development Costs Narrative (Details) - Computer Software, Intangible Asset	Dec. 31, 2025
Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	1 year
Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	5 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Stockholders' Equity - Stock Options Valuation Assumptions (Details) - Stock Options	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	58.00%	58.10%
Expected term (in years)	6 years	5 years 10 months 24 days
Risk-free interest rate	4.10%	4.20%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income before the provision for (benefit from) income taxes consisted of the following:


(in millions)
Year Ended December 31,	2025		2024		2023
Domestic	$	69.8	$	7.7	$	9.7
Foreign	(1.6)		(2.7)		(3.4)
Total	$	68.2	$	5.0	$	6.3

The components of the provision for (benefit from) income taxes are as follows:


(in millions)
Year Ended December 31,	2025		2024		2023
Current:
Federal	$	0.6	$	17.8	$	13.8
State	2.9		2.9		4.8
Total	3.5		20.7		18.6
Deferred:
Federal	15.2		(39.5)		—
State	1.1		(6.1)		—
Foreign	(0.3)		(0.5)		(0.5)
Total	16.0		(46.1)		(0.5)
Provision for (benefit from) income taxes	$	19.5	$	(25.4)	$	18.1

The reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows:


(in millions)
Year Ended December 31,	2025		2024		2023
Tax at federal statutory rate	$	14.3	$	1.1	$	1.3
Permanent items	(0.5)		(0.5)		(0.6)
Foreign rate differential	—		0.6		0.3
Stock-based compensation	2.3		1.3		1.2
Tax credits	(2.1)		(4.7)		(8.0)
Change in U.S. valuation allowance	(0.2)		(26.3)		20.0
Tax contingency and interest	1.1		1.5		1.9
State taxes	4.8		1.7		2.2
Other	(0.2)		(0.1)		(0.2)
Tax at effective tax rate	$	19.5	$	(25.4)	$	18.1

On July 4, 2025, the United States enacted tax reform legislation through An Act to Provide for Reconciliation Pursuant to Title II of H. Con. Res. 14, commonly known as the One Big Beautiful Bill Act. Included in this legislation are provisions that allow for the immediate expensing of domestic U.S. research and development expenses, immediate expensing of certain capital expenditures, and other changes to the U.S. taxation of profits derived from foreign operations. The Company has incorporated the new legislation into its income tax provision, as applicable, and determined that there was no material impact on the Company’s tax provision for 2025.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company’s deferred tax assets and liabilities are as follows:


(in millions)
As of December 31,	2025		2024
Deferred tax assets:
Accruals and reserves	$	2.0	$	1.6
Tax credits	12.7		12.1
Stock-based compensation	3.4		3.9
Capitalized research and development expenses	30.4		55.5
Net operating loss carryforwards	5.5		3.2
Lease liabilities	2.0		1.6
Other	0.4		0.4
Total gross deferred tax assets	56.4		78.3
Deferred tax liabilities:
Prepaid expenses and other	(0.5)		(0.4)
ROU assets	(1.8)		(1.3)
Basis difference for fixed assets and intangibles	(10.3)		(17.1)
Total gross deferred tax liabilities	(12.6)		(18.8)
Valuation allowance for deferred tax assets	(14.4)		(14.1)
Net deferred tax asset	$	29.4	$	45.4

Net deferred tax assets are recorded as a noncurrent asset, and net deferred tax liabilities are recorded in other liabilities—noncurrent, on the Company’s consolidated balance sheet.

The valuation allowance for deferred tax assets increased $0.3 million in 2025, decreased $26.0 million in 2024, and increased $20.8 million in 2023, with changes in the valuation allowance recognized as an income tax provision (benefit) in the consolidated statements of operations.

As of December 31, 2025, the Company has federal net operating loss carryforwards (NOLs) of $8.5 million, substantially all of which can be carried forward indefinitely, state NOLs of $15.5 million, the majority of which, if not utilized, will begin to expire on various dates beginning in 2034, and foreign NOLs of $10.0 million which can be carried forward indefinitely.

As of December 31, 2025, the Company has $0.8 million of federal research and development credit carryforwards, which can be carried forward to 2046, and $20.4 million of California research and development credit carryforwards which can be carried forward indefinitely.

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Utilization of the Company’s federal and state NOLs and tax credit carryforwards, as well as of other temporary differences, is dependent upon the generation of sufficient taxable income in future periods. In the Company’s ongoing assessment of all available evidence, both positive and negative, the Company considers the scheduled reversal of deferred tax liabilities, the Company’s future operating model and the expected impacts on future profitability, and prudent and feasible tax-planning strategies. The Company had previously maintained a valuation allowance against these net U.S. deferred tax assets as of December 31, 2023. During the three months ended December 31, 2024, the Company concluded that it was more likely than not that the Company will be able to fully realize its net U.S. Federal and majority state deferred tax assets, with a significant improvement in the Company’s profitability, coupled with anticipated future earnings, deemed to provide positive evidence to support sufficient taxable income in future periods, and accordingly recorded a valuation allowance release of $27.2 million. The Company continues to maintain a valuation allowance on its California deferred tax assets, which consist primarily of tax credits, as of December 31, 2025. The valuation allowance for deferred tax assets was $14.4 million and $14.1 million as of December 31, 2025 and 2024, respectively. The Company’s judgment regarding the likelihood of realization of these deferred tax assets could change in future periods, which could result in a material impact to the Company’s income tax provision in the period of change.

A reconciliation of unrecognized tax benefits, excluding accrued interest and penalties, are as follows:


(in millions)
Year Ended December 31,	2025		2024		2023
Balance as of beginning of year	$	13.6	$	11.9	$	9.9
Increases related to prior year tax positions	—		0.5		0.5
Decreases related to prior year tax positions	—		—		(1.1)
Expiration of statute of limitations	—		(0.1)		(0.4)
Current year increases	0.6		1.3		3.0
Balance as of end of year	$	14.2	$	13.6	$	11.9

Interest and penalties were $1.1 million for 2025, $0.5 million for 2024, and not material for 2023. As of December 31, 2025, unrecognized tax benefits of $9.8 million, including accrued interest and penalties, would affect the Company’s provision for income taxes if recognized. The Company does not anticipate that its total unrecognized tax benefits will significantly change due to settlement of examination or the expiration of statute of limitations during the next 12 months.

The Company files income tax returns in the U.S. federal and various state jurisdictions. The Company’s tax years for 2015 and forward are subject to examination by U.S. and various state tax authorities due to certain acquired attribute carryforwards.

- Definition

The entire disclosure for income tax.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy NerdWallet, Inc. recognizes the importance of developing, implementing, and maintaining robust cybersecurity measures to safeguard our information systems and protect the confidentiality, integrity, and availability of our data and that of our users. Risk Management We have adopted the National Institute of Standards and Technology - Cybersecurity Framework (NIST-CSF) to guide our risk assessment and management and promote a company-wide cybersecurity risk management culture. Our cybersecurity team works closely with our information technology (IT) department to continuously evaluate and address cybersecurity risks in alignment with our business objectives and operational needs. Engagement of Third Parties We enlist third-party cybersecurity assessors and consultants to evaluate and test both our risk management systems and the third-party risk management systems of our business partners. Through these collaborations, we tap into specialized knowledge and insights, helping us gauge the effectiveness of our cybersecurity strategies and processes. The findings from these assessments guide our decision-making and planning processes, influencing how we set priorities and allocate resources. Overseeing Third-party Risk Before partnering with third-party providers, we conduct a thorough examination of their cybersecurity program, policies, and practices. This includes a review of their SOC 2 reports and any available penetration tests. Additionally, we actively monitor our primary service providers and regularly obtain security control reports from them. We also employ real-time monitoring to detect any suspicious activity promptly. This approach is implemented to minimize risks associated with data breaches or other security incidents that may arise from third-party sources. Risks from Cybersecurity Threats To date, no cybersecurity incident or any risk from cybersecurity threats has materially affected, or has been determined to be reasonably likely to materially affect, us or our operations or financial condition.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have adopted the National Institute of Standards and Technology - Cybersecurity Framework (NIST-CSF) to guide our risk assessment and management and promote a company-wide cybersecurity risk management culture. Our cybersecurity team works closely with our information technology (IT) department to continuously evaluate and address cybersecurity risks in alignment with our business objectives and operational needs.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance The Board of Directors recognizes the critical importance of managing cybersecurity risks and has implemented robust oversight mechanisms designed to ensure effective governance in this area. Audit Committee Oversight The Audit Committee, comprising Board members with diverse experience in risk management, IT, cybersecurity, and finance, is directly responsible for overseeing cybersecurity risks. Our Chief Information Security Officer (CISO) provides comprehensive quarterly presentations to the Audit Committee, covering ongoing cybersecurity initiatives, strategies, and emerging threats. The Committee reports significant matters to the full board, and the CISO also delivers an annual presentation to the Board of Directors. Management’s Vigilance A Security Council, led by the CISO with representatives from our engineering, corporate IT, security, legal, human resources, and internal audit teams, diligently reviews and assesses cybersecurity plans, risks, and incidents on a monthly basis. Any substantial risk incident is escalated to the executive team, disclosure committee, and potentially the full Board, if deemed material. Regular communication between the CISO and the Chief Legal Officer, Chief Financial Officer, and Chief Executive Officer ensures top management is well-informed about NerdWallet's cybersecurity posture and potential risks. Risk Management Leadership The primary responsibility for assessing, monitoring, and managing our cybersecurity risks lies with our highly experienced CISO. With two decades of cybersecurity expertise, including multiple CISO roles, our CISO plays a pivotal role in developing and executing our cybersecurity strategies. His responsibilities include overseeing governance programs, addressing known risks, leading employee security training, and executing the incident response plan in case of a cybersecurity incident.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board of Directors recognizes the critical importance of managing cybersecurity risks and has implemented robust oversight mechanisms designed to ensure effective governance in this area.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee, comprising Board members with diverse experience in risk management, IT, cybersecurity, and finance, is directly responsible for overseeing cybersecurity risks. Our Chief Information Security Officer (CISO) provides comprehensive quarterly presentations to the Audit Committee, covering ongoing cybersecurity initiatives, strategies, and emerging threats. The Committee reports significant matters to the full board, and the CISO also delivers an annual presentation to the Board of Directors.
Cybersecurity Risk Role of Management [Text Block]	Our Chief Information Security Officer (CISO) provides comprehensive quarterly presentations to the Audit Committee, covering ongoing cybersecurity initiatives, strategies, and emerging threats.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	A Security Council, led by the CISO with representatives from our engineering, corporate IT, security, legal, human resources, and internal audit teams
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	With two decades of cybersecurity expertise, including multiple CISO roles, our CISO plays a pivotal role in developing and executing our cybersecurity strategies.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The primary responsibility for assessing, monitoring, and managing our cybersecurity risks lies with our highly experienced CISO. With two decades of cybersecurity expertise, including multiple CISO roles, our CISO plays a pivotal role in developing and executing our cybersecurity strategies. His responsibilities include overseeing governance programs, addressing known risks, leading employee security training, and executing the incident response plan in case of a cybersecurity incident.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Fair Value Measurements - Assets Measured on Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Recurring Basis
Assets:
Mortgage loans held for sale	$ 7.1	$ 2.6
Assets	76.4	41.6
Money Market Funds
Assets:
Cash and cash equivalents—money market funds	67.0	36.8
Money Market Funds \| Recurring Basis
Assets:
Cash and cash equivalents—money market funds	67.0	36.8
Certificate of deposit \| Recurring Basis
Assets:
Cash and cash equivalents—money market funds	2.3	2.2
Quoted Prices in Active Markets (Level 1) \| Recurring Basis
Assets:
Mortgage loans held for sale	0.0	0.0
Assets	67.0	36.8
Quoted Prices in Active Markets (Level 1) \| Money Market Funds \| Recurring Basis
Assets:
Cash and cash equivalents—money market funds	67.0	36.8
Quoted Prices in Active Markets (Level 1) \| Certificate of deposit \| Recurring Basis
Assets:
Cash and cash equivalents—money market funds	0.0	0.0
Other Observable Inputs (Level 2) \| Recurring Basis
Assets:
Mortgage loans held for sale	7.1	2.6
Assets	9.4	4.8
Other Observable Inputs (Level 2) \| Money Market Funds \| Recurring Basis
Assets:
Cash and cash equivalents—money market funds	0.0	0.0
Other Observable Inputs (Level 2) \| Certificate of deposit \| Recurring Basis
Assets:
Cash and cash equivalents—money market funds	2.3	2.2
Significant Unobservable Inputs (Level 3) \| Recurring Basis
Assets:
Mortgage loans held for sale	0.0	0.0
Assets	0.0	0.0
Significant Unobservable Inputs (Level 3) \| Money Market Funds \| Recurring Basis
Assets:
Cash and cash equivalents—money market funds	0.0	0.0
Significant Unobservable Inputs (Level 3) \| Certificate of deposit \| Recurring Basis
Assets:
Cash and cash equivalents—money market funds	$ 0.0	$ 0.0

Leases - Payments of Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Apr. 30, 2025	Dec. 31, 2024
Leases [Abstract]
2026	$ 2.4
2027	2.3
2028	2.3
2029	1.5
2030	0.5
Total undiscounted cash flows	9.0
Less: imputed interest	$ (1.0)
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities, Other liabilities—noncurrent	Accrued expenses and other current liabilities, Other liabilities—noncurrent	Accrued expenses and other current liabilities, Other liabilities—noncurrent
Present value of lease liabilities	$ 8.0	$ 4.0
Less: lease liabilities, current	(1.9)		$ (2.3)
Operating lease liabilities	$ 6.1		$ 4.1
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities		Accrued expenses and other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities—noncurrent		Other liabilities—noncurrent

Leases - Lease Term and Discount Rate (Details)	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Weighted-average remaining lease term (years)	4 years	3 years 7 months 6 days
Weighted-average discount rate	6.10%	5.40%

Stockholders' Equity - Common Shares Reserved for Future Issuance (Details) - shares shares in Thousands	Dec. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Total shares reserved (in shares)	24,007	22,795
Common Class A
Class of Stock [Line Items]
Shares outstanding from stock options and RSUs (in shares)	9,856	7,904
Shares available for future equity award grants (in shares)	12,444	13,642
Shares available for future ESPP offerings (in shares)	1,707	1,249

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment charge	$ 0	$ 0	$ 0
Amortization expense	13,900,000	13,700,000	17,300,000
Impairment of intangible assets	$ 0	$ 0	$ 0

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
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-Topic 230
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

The Company and its Significant Accounting Policies - Schedule of Segment Reporting (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenue	$ 836.6	$ 687.6	$ 599.4
Depreciation and amortization	46.4	48.4	48.2
Total costs and expenses	771.4	678.2	595.8
Income from Operations	65.2	9.4	3.6
Reportable Segment
Segment Reporting Information [Line Items]
Revenue	836.6	687.6	599.4
Performance marketing	416.9	297.4	206.5
Brand marketing	65.1	68.6	84.4
Personnel-related expenses	168.1	178.2	190.0
Share-based compensation expense	31.9	40.1	44.3
Capitalized internally developed software costs	(20.4)	(24.0)	(32.4)
Depreciation and amortization	46.4	48.4	48.2
Other segment costs and expenses	63.4	69.5	54.8
Total costs and expenses	771.4	678.2	595.8
Income from Operations	$ 65.2	$ 9.4	$ 3.6

Leases - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Apr. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Lease liabilities arising from obtaining right-of-use assets	$ 4.0	$ 4.1	$ 0.0	$ 0.0
Corresponding operating lease liability recorded	$ 4.0	$ 8.0
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities, Other liabilities—noncurrent	Accrued expenses and other current liabilities, Other liabilities—noncurrent	Accrued expenses and other current liabilities, Other liabilities—noncurrent
Sublease impairment loss				1.6
Lease right of use asset impairment loss				1.4
Loss on disposal of sublease-related assets				$ 0.2
Right-of-use assets		$ 7.1	$ 5.3

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Valuation allowance increase (decrease)	$ (27.2)	$ 0.3	$ (26.0)	$ 20.8
Federal net operating loss carryforwards		8.5
State net operating loss carryforwards		15.5
Foreign net operating loss carryforwards		10.0
Valuation allowance for deferred tax assets	14.1	14.4	14.1
Interest and penalties	$ 0.5	1.1	$ 0.5	$ 0.0
Unrecognized tax benefits that would impact effective tax rate, including interest and penalties		9.8
Research Tax Credit Carryforward
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Federal research and development credit carryforwards		0.8
Research Tax Credit Carryforward \| CALIFORNIA
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Federal research and development credit carryforwards		$ 20.4

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Auditor Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	San Jose, California
Auditor Firm ID	34

Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following presents a disaggregation of the Company’s revenue based on product category:


(in millions)
Year Ended December 31,	2025		2024		2023
Insurance	$	280.8	$	191.6	$	45.0
Credit cards	133.4		176.4		209.7
SMB products	100.0		109.8		101.2
Loans	133.4		84.5		101.6
Emerging verticals	189.0		125.3		141.9
Total revenue	$	836.6	$	687.6	$	599.4

Revenue

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

The following presents a disaggregation of the Company’s revenue based on product category:


(in millions)
Year Ended December 31,	2025		2024		2023
Insurance	$	280.8	$	191.6	$	45.0
Credit cards	133.4		176.4		209.7
SMB products	100.0		109.8		101.2
Loans	133.4		84.5		101.6
Emerging verticals	189.0		125.3		141.9
Total revenue	$	836.6	$	687.6	$	599.4

During 2024, the Company recognized $4.1 million of revenue that was deferred as of December 31, 2023, all of which was recognized during the three months ended March 31, 2024. There was no deferred revenue balance as of December 31, 2025, and revenue recognized during 2025 and 2023 which was deferred as of the prior year end was immaterial.

The contract assets recorded within prepaid expenses and other current assets on the consolidated balance sheet related to estimated variable consideration were $3.5 million and $6.8 million as of December 31, 2025 and 2024, respectively. Revenue recognized during the year from performance obligations satisfied, or partially satisfied, in the previous year was immaterial for 2025, 2024 and 2023.

Insurance revenue is primarily generated through revenue per click arrangements. Credit cards revenue is primarily generated through revenue per action arrangements. SMB products revenue is primarily generated through revenue per funded loan, revenue per action and revenue per lead arrangements. Loans revenue is primarily generated through revenue per funded loan and revenue per lead arrangements. Emerging verticals revenue is primarily generated through revenue per click, revenue per action and revenue per lead arrangements.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Stockholders' Equity - Restricted Stock Unit Activity Narrative (Details) - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Restricted Stock Units (RSUs), Service-Based and Performance-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	100
Award vesting period	3 years
Fair value of shares vested under RSUs during period	$ 32.3	$ 37.0
Restricted Stock Units (RSUs), Service-Based and Performance-Based \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights percentage	0.00%
Restricted Stock Units (RSUs), Service-Based and Performance-Based \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights percentage	200.00%
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	4,355
Unrecognized compensation cost	$ 51.8
Unrecognized compensation cost, period for recognition	2 years 9 months 18 days

Net Income (Loss) Per Basic and Diluted Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Income (Loss) Per Basic and Diluted Share

The Company computes EPS in conformity with the two-class method required for participating securities. The following table provides a reconciliation of the numerators and denominators of the basic and diluted per share computations for net income (loss) attributable to common stockholders:


(in millions, except per share amounts)
Year Ended December 31,	2025		2024		2023
Numerator:
Net income (loss) attributable to common stockholders–basic and diluted	$	48.7	$	30.4	$	(11.8)
Denominator:
Weighted-average shares of common stock–basic	74.3		76.5		76.7
Effect of dilutive RSUs, stock options and ESPP shares	1.6		2.4		—
Weighted-average shares of common stock–diluted	75.9		78.9		76.7
Net income (loss) per share attributable to common stockholders:
Basic	$	0.66	$	0.40	$	(0.15)
Diluted	$	0.64	$	0.38	$	(0.15)

The following common stock equivalents were excluded from the computation of diluted net income (loss) per share for the periods presented because including them would have been antidilutive:


(in millions)
Year Ended December 31,	2025	2024	2023
Shares subject to outstanding stock options and RSUs	4.8	4.1	8.9
ESPP	0.1	—	0.3

The Company and its Significant Accounting Policies - Segments Narrative (Details)	12 Months Ended
	Dec. 31, 2025 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1
Number of reportable segments	1

Significant Consolidated Balance Sheet Components - Prepaid Expense and Other Current Assets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Significant Consolidated Balance Sheet Components [Abstract]
Prepaid expenses	$ 12.2	$ 14.6
Mortgage loans held for sale	7.1	2.6
Income taxes receivable	9.9	0.3
Contract assets	3.5	6.8
Certificate of deposit	2.3	2.2
Other current assets	0.4	1.7
Total prepaid expenses and other current assets	$ 35.4	$ 28.2

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Components of Lease Costs

Components of operating lease costs are as follows:


(in millions)
Year Ended December 31,	2025		2024		2023
Operating lease cost	$	3.0	$	2.9	$	3.4
Sublease income	(0.3)		(0.5)		—
Net lease cost	$	2.7	$	2.4	$	3.4

Lease term and discount rate are as follows:


As of December 31,	2025		2024
Weighted-average remaining lease term (years)	4.0		3.6
Weighted-average discount rate	6.1	%	5.4	%

Schedule of Payments of Lease Liabilities

The maturities of lease liabilities as of December 31, 2025 are as follows:


(in millions)
Years Ending December 31,	Amount
2026	$	2.4
2027	2.3
2028	2.3
2029	1.5
2030	0.5
Total undiscounted cash flows	$	9.0
Less: imputed interest	(1.0)
Present value of lease liabilities	$	8.0
Less: lease liabilities, current	(1.9)
Total lease liabilities, noncurrent	$	6.1

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The balance of goodwill, net is as follows:


(in millions)
Year Ended December 31,	2025		2024
Balance as of beginning of year	$	112.4	$	111.5
Acquisitions	10.7		0.9
Foreign currency translation adjustment	0.4		—
Balance as of end of year	$	123.5	$	112.4

No impairment charges have been recorded for goodwill in 2025, 2024 or 2023.

Intangible assets with finite lives related to the following:


(dollars in millions)	Weighted-Average Remaining Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
As of December 31, 2025
Technology	1.5	$	55.5	$	(40.7)	$	14.8
User base	1.8	19.4		(14.3)		5.1
Customer relationships	2.5	14.2		(12.6)		1.6
Trade names		0.4		(0.4)		—
Total		$	89.5	$	(68.0)	$	21.5


(dollars in millions)	Weighted-Average Remaining Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
As of December 31, 2024
Technology	2.5	$	55.5	$	(30.9)	$	24.6
User base	2.8	19.4		(11.6)		7.8
Customer relationships	0.8	12.2		(11.3)		0.9
Trade names		0.4		(0.4)		—
Total		$	87.5	$	(54.2)	$	33.3

Amortization expense related to finite-lived intangible assets was $13.9 million, $13.7 million and $17.3 million in 2025, 2024 and 2023, respectively.

Estimated future amortization expense as of December 31, 2025 is as follows:


(in millions)
Years Ending December 31,	Amortization
2026	$	13.3
2027	7.9
2028	0.3
Total	$	21.5

No impairment charges have been recorded for intangible assets in 2025, 2024 or 2023.

Goodwill and Intangible Assets - Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 89.5	$ 87.5
Accumulated Amortization	(68.0)	(54.2)
Net Carrying Amount	$ 21.5	$ 33.3
Technology
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Useful Life (in years)	1 year 6 months	2 years 6 months
Gross Carrying Amount	$ 55.5	$ 55.5
Accumulated Amortization	(40.7)	(30.9)
Net Carrying Amount	$ 14.8	$ 24.6
User base
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Useful Life (in years)	1 year 9 months 18 days	2 years 9 months 18 days
Gross Carrying Amount	$ 19.4	$ 19.4
Accumulated Amortization	(14.3)	(11.6)
Net Carrying Amount	$ 5.1	$ 7.8
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Useful Life (in years)	2 years 6 months	9 months 18 days
Gross Carrying Amount	$ 14.2	$ 12.2
Accumulated Amortization	(12.6)	(11.3)
Net Carrying Amount	1.6	0.9
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	0.4	0.4
Accumulated Amortization	(0.4)	(0.4)
Net Carrying Amount	$ 0.0	$ 0.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

The Company and its Significant Accounting Policies - Schedule of Sales and Marketing Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales and marketing	$ 584.7	$ 470.6	$ 401.5
Performance marketing
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales and marketing	416.9	297.4	206.5
Brand marketing
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales and marketing	65.1	68.6	84.4
Organic and other marketing
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales and marketing	$ 102.7	$ 104.6	$ 110.6

Stockholders' Equity - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Outstanding Stock Options (in thousands)
Beginning of period (in shares)	3,283,000
Granted (in shares)	2,324,000		0
Exercised (in shares)	(159,000)
Cancelled/forfeited (in shares)	(662,000)
End of period (in shares)	4,786,000	3,283,000
Vested and exercisable (in shares)	2,555,000
Weighted- Average Exercise Price
Beginning of period (in dollars per share)	$ 12.40
Granted (in dollars per share)	10.55
Exercised (in dollars per share)	7.22
Cancelled/forfeited (in dollars per share)	13.11
End of period (in dollars per share)	11.58	$ 12.40
Vested and exercisable (in dollars per share)	$ 12.50
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Weighted-Average Remaining Contractual Life (in years)	7 years 2 months 12 days	6 years 2 months 12 days
Weighted-Average Remaining Contractual Life, Vested and exercisable (in years)	5 years 6 months
Aggregate intrinsic value, outstanding	$ 13.4	$ 7.1
Aggregate intrinsic value, Vested and exercisable	$ 6.3
Outstanding (in shares)	4,786,000	3,283,000
Stock Options with both Service-Based and Performance-Based Conditions
Outstanding Stock Options (in thousands)
Beginning of period (in shares)	200,000
Granted (in shares)	100,000
Cancelled/forfeited (in shares)	(100,000)
End of period (in shares)		200,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Outstanding (in shares)		200,000

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per shares)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	5,000,000.0	5,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per shares)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	296,686,000	296,686,000
Common stock, issued (in shares)	71,289,000	74,108,000
Common stock, outstanding (in shares)	71,289,000	74,108,000

Subsequent Events (Details) - USD ($) shares in Millions, $ in Millions		2 Months Ended	12 Months Ended
	Feb. 20, 2026	Feb. 23, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 16, 2025	Sep. 13, 2025	Oct. 29, 2024	Sep. 09, 2024	Oct. 26, 2023
Subsequent Event [Line Items]
Repurchase of common stock			$ 70.3	$ 80.4	$ 20.0
Common Class A
Subsequent Event [Line Items]
Stock repurchase program, additional authorized amount						$ 50.0	$ 50.0	$ 25.0	$ 50.0	$ 30.0
Repurchase of Class A common stock (in shares)			5.8	6.5
Repurchase of common stock			$ 70.3	$ 80.4
Share repurchase program, remaining authorized, amount			$ 55.2
Subsequent Event \| Common Class A
Subsequent Event [Line Items]
Stock repurchase program, additional authorized amount	$ 100.0
Repurchase of Class A common stock (in shares)		4.5
Repurchase of common stock		$ 50.6
Share repurchase program, remaining authorized, amount		$ 104.7
Subsequent Event \| Restricted Stock Units (RSUs)
Subsequent Event [Line Items]
Aggregate target grant-date fair value amount	$ 3.3
Subsequent Event \| College Finance Company, LLC
Subsequent Event [Line Items]
Business combination, voting equity interest acquired, percentage	100.00%
Payments to acquire businesses, gross	$ 18.8
Business combination, contingent consideration	$ 1.5

Income Taxes - Provision For (Benefit From) Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current:
Federal	$ 0.6	$ 17.8	$ 13.8
State	2.9	2.9	4.8
Total	3.5	20.7	18.6
Deferred:
Federal	15.2	(39.5)	0.0
State	1.1	(6.1)	0.0
Foreign	(0.3)	(0.5)	(0.5)
Total	16.0	(46.1)	(0.5)
Provision for (benefit from) income taxes	$ 19.5	$ (25.4)	$ 18.1

Goodwill and Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 13.3
2027	7.9
2028	0.3
Net Carrying Amount	$ 21.5	$ 33.3

Stockholders' Equity - ESPP Valuation Assumptions (Details) - Employee Stock - Common Class A	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	62.80%	54.30%
Expected term (in years)	6 months	6 months
Risk-free interest rate	4.00%	4.70%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

The Company and its Significant Accounting Policies - Revenue Recognition Narrative (Details)	12 Months Ended
	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Maximum payment term period, in general	30 days

The Company and its Significant Accounting Policies - Trade Accounts Receivable Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Allowance for credit losses	$ 1,700,000	$ 500,000
Off-balance-sheet credit	$ 0

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Payments to acquire equity investments without readily determinable value	$ 2.0	$ 8.1	$ 0.0
Nonrecurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment loss on equity investment without readily determinable value		8.1
Equity Security without Readily Determinable Fair Value \| Nonrecurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Payments to acquire equity investments without readily determinable value		$ 8.1

Restructuring Plan (Tables)

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve Activity

The changes in the restructuring reserve, which is included in accrued expenses and other current liabilities on the consolidated balance sheet, are as follows:


(in millions)
Year Ended December 31,	2025		2024
Balance as of beginning of year	$	0.6	$	—
Charge	0.5		9.0
Cash payments	(1.1)		(6.9)
Stock-based compensation	—		(1.5)
Balance as of end of year	$	—	$	0.6

Net Income (Loss) Per Basic and Diluted Share - Reconciliation of Based and Diluted Per Share Amounts (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net income (loss) attributable to common stockholders–basic	$ 48.7	$ 30.4	$ (11.8)
Net income (loss) attributable to common stockholders– diluted	$ 48.7	$ 30.4	$ (11.8)
Denominator:
Weighted-average shares of common stock – basic (in shares)	74.3	76.5	76.7
Effect of dilutive RSUs, stock options and ESPP shares (in shares)	1.6	2.4	0.0
Weighted-average shares of common stock – diluted (in shares)	75.9	78.9	76.7
Net income (loss) per share attributable to common stockholders:
Basic (in dollars per share)	$ 0.66	$ 0.40	$ (0.15)
Diluted (in dollars per share)	$ 0.64	$ 0.38	$ (0.15)

The Company and its Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Segment Reporting Information, by Segment

Components of segment costs and expenses, along with a reconciliation to income (loss) from operations, are as follows:


(in millions)
Year Ended December 31,	2025		2024		2023
Revenue	$	836.6	$	687.6	$	599.4

Costs and Expenses:
Performance marketing	416.9		297.4		206.5
Brand marketing	65.1		68.6		84.4
Personnel-related expenses1	168.1		178.2		190.0
Stock-based compensation1	31.9		40.1		44.3
Capitalized internally developed software costs	(20.4)		(24.0)		(32.4)
Depreciation and amortization	46.4		48.4		48.2
Other segment costs and expenses2	63.4		69.5		54.8
Total costs and expenses	771.4		678.2		595.8
Income from Operations	$	65.2	$	9.4	$	3.6

(1) Gross of capitalized internally developed software costs.

(2) Primarily includes cost of revenue and non-personnel-related operating expenses (each excluding depreciation and amortization), restructuring charges, and acquisition-related retention and expenses

Schedule of Sales and Marketing Expense

Components of sales and marketing expenses are as follows:


(in millions)
Year Ended December 31,	2025		2024		2023
Performance marketing	$	416.9	$	297.4	$	206.5
Brand marketing	65.1		68.6		84.4
Organic and other marketing	102.7		104.6		110.6
Total sales and marketing	$	584.7	$	470.6	$	401.5

Stockholders' Equity - Restricted Stock Unit Activity (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Restricted Stock Units (RSUs)
Number of Units (in thousands)
Beginning of period, nonvested (in shares)	4,621
Granted (in shares)	4,355
Vested (in shares)	(2,897)
Forfeited (shares)	(1,009)
End of period, nonvested (in shares)	5,070
Weighted-Average Grant-Date Fair Value
Beginning of period, nonvested weighted average grant date fair value (in dollars per share) \| $ / shares	$ 12.57
Granted (in dollars per share) \| $ / shares	9.94
Vested (in dollars per share) \| $ / shares	11.28
Forfeited (in dollars per share) \| $ / shares	12.09
End of period, nonvested weighted average grant date fair value (in dollars per share) \| $ / shares	$ 11.13
Restricted Stock Units (RSUs), Service-Based and Performance-Based
Number of Units (in thousands)
Granted (in shares)	100

Stockholders' Equity - Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 28.6	$ 36.3	$ 38.8
Share-based compensation capitalized	3.3	3.8	5.5
Income tax benefit	7.1	10.9
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	8.5	10.1	11.2
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	8.6	10.0	13.8
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 11.5	$ 16.2	$ 13.8

Debt (Details)		12 Months Ended
Debt (Details)	Sep. 26, 2023 USD ($) subsidiary	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Line of Credit Facility [Line Items]
Warehouse line of credit		$ 6,900,000	$ 2,500,000
Revolving Credit Facility \| Credit Agreement
Line of Credit Facility [Line Items]
Number of wholly-owned subsidiaries, debt counterparties \| subsidiary	3
Revolving Credit Facility \| Credit Agreement \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 125,000,000.0	125,000,000.0
Line of credit amount outstanding		0	0
Remaining borrowing capacity		124,500,000	123,900,000
Revolving Credit Facility \| Credit Agreement \| Line of Credit \| Minimum
Line of Credit Facility [Line Items]
Unused capacity commitment fee percentage	0.25%
Revolving Credit Facility \| Credit Agreement \| Line of Credit \| Maximum
Line of Credit Facility [Line Items]
Unused capacity commitment fee percentage	0.35%
Revolving Credit Facility \| Credit Agreement, Alternative Base Rate Loans \| Line of Credit \| Fed Funds Effective Rate Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	0.50%
Revolving Credit Facility \| Credit Agreement, Alternative Base Rate Loans \| Line of Credit \| Secured Overnight Financing Rate Reference Rate Plus
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	0.50%
Revolving Credit Facility \| Credit Agreement, Alternative Base Rate Loans \| Line of Credit \| Secured Overnight Financing Rate With 1-month Interest Periods
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	1.00%
Revolving Credit Facility \| Credit Agreement Term Benchmark Loans \| Line of Credit \| Secured Overnight Financing Rate SOFR
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	0.10%
Revolving Credit Facility \| Credit Agreement Term Benchmark Loans \| Line of Credit \| Margin Percentage \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	2.25%
Revolving Credit Facility \| Credit Agreement Term Benchmark Loans \| Line of Credit \| Margin Percentage \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	2.75%
Revolving Credit Facility \| Warehouse Line Of Credit \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity		15,000,000.0
Warehouse line of credit		$ 6,900,000	$ 2,500,000
Weighted-average interest rate		6.27%	6.77%
Revolving Credit Facility \| Warehouse Line Of Credit \| Line of Credit \| Minimum
Line of Credit Facility [Line Items]
Interest rate percentage		5.25%
Letter of Credit \| Credit Agreement \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 10,000,000.0
Line of credit facility, accordion feature, increase limit	75,000,000.0
Line of credit amount outstanding		$ 500,000	$ 1,100,000
Letter of Credit \| Warehouse Line Of Credit \| Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, accordion feature, increase limit		$ 18,750,000
Debt instrument, term		90 days
Bridge Loan \| Credit Agreement \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 10,000,000.0

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 48.7	$ 30.4	$ (11.8)
Other Comprehensive Income:
Change in foreign currency translation	0.3	0.1	0.6
Comprehensive Income (Loss)	$ 49.0	$ 30.5	$ (11.2)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Restructuring Plan - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, number of positions eliminated, period percent		15.00%
Charge	$ 0.5	$ 9.0
Research and development
Restructuring Cost and Reserve [Line Items]
Charge		$ 5.8
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]		Research and development
Sales and marketing
Restructuring Cost and Reserve [Line Items]
Charge		$ 2.0
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]		Sales and marketing
General and administrative
Restructuring Cost and Reserve [Line Items]
Charge		$ 1.2
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]		General and administrative

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Significant Consolidated Balance Sheet Components - Accrued and Current Other Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Significant Consolidated Balance Sheet Components [Abstract]
Unbilled accounts payable	$ 46.9	$ 33.7
Accrued compensation	6.0	4.8
Income taxes payable	0.5	3.1
Warehouse line of credit	6.9	2.5
Operating lease liabilities	1.9	2.3
Other accrued expenses	3.3	4.8
Total accrued expenses and other current liabilities	$ 65.5	$ 51.2

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The balance of goodwill, net is as follows:


(in millions)
Year Ended December 31,	2025		2024
Balance as of beginning of year	$	112.4	$	111.5
Acquisitions	10.7		0.9
Foreign currency translation adjustment	0.4		—
Balance as of end of year	$	123.5	$	112.4

Schedule of Finite-Lived Intangible Assets

Intangible assets with finite lives related to the following:


(dollars in millions)	Weighted-Average Remaining Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
As of December 31, 2025
Technology	1.5	$	55.5	$	(40.7)	$	14.8
User base	1.8	19.4		(14.3)		5.1
Customer relationships	2.5	14.2		(12.6)		1.6
Trade names		0.4		(0.4)		—
Total		$	89.5	$	(68.0)	$	21.5


(dollars in millions)	Weighted-Average Remaining Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
As of December 31, 2024
Technology	2.5	$	55.5	$	(30.9)	$	24.6
User base	2.8	19.4		(11.6)		7.8
Customer relationships	0.8	12.2		(11.3)		0.9
Trade names		0.4		(0.4)		—
Total		$	87.5	$	(54.2)	$	33.3

Schedule of Future Amortization Expense

Estimated future amortization expense as of December 31, 2025 is as follows:


(in millions)
Years Ending December 31,	Amortization
2026	$	13.3
2027	7.9
2028	0.3
Total	$	21.5

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Roll Forward]
Balance as of beginning of year	$ 112.4	$ 111.5
Acquisitions	10.7	0.9
Foreign currency translation adjustment	0.4	0.0
Balance as of end of year	$ 123.5	$ 112.4

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2025	Feb. 23, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-40994
Entity Registrant Name	NerdWallet, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-4180440
Entity Address, Address Line One	19 S. B Street
Entity Address, Address Line Two	Suite 9
Entity Address, City or Town	San Mateo
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94401
City Area Code	415
Local Phone Number	549-8913
Title of 12(b) Security	Class A common stock, $.0001 par value
Trading Symbol	NRDS
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 349
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for its 2026 Annual Meeting of Stockholders (the “Proxy Statement”), to be filed within 120 days of the registrant’s fiscal year ended December 31, 2025, are incorporated by reference in Part III of this Annual Report on Form 10-K. Except with respect to information specifically incorporated by reference in this Annual Report on Form 10-K, the Proxy Statement is not deemed to be filed as part of this Annual Report on Form 10-K.
Amendment Flag	false
Central Index Key	0001625278
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2025
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		35,100,146
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		31,685,652

The Company and its Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The Company and its Significant Accounting Policies

Organization—NerdWallet, Inc., a Delaware corporation, was formed on December 29, 2011. NerdWallet, Inc. and its subsidiaries (collectively, the Company) provide trusted guidance about finance through its platform, which connects consumers and small and mid-sized businesses (SMBs) with providers of financial products.

Basis of Consolidation and Presentation—The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Certain comparative amounts for prior fiscal years have been reclassified to conform to the financial statement presentation as of and for the year ended December 31, 2025.

Segments—Operating segments are defined as components of an enterprise for which discrete financial information is available that is reviewed regularly by the Chief Operating Decision Maker (CODM) in deciding how to allocate resources and in assessing performance. The Company’s CODM is its Chief Executive Officer, who regularly reviews consolidated net income (loss) as reported on the consolidated statements of operations, along with other financial information presented on a consolidated basis, for purposes of allocating resources and evaluating financial performance, including non-GAAP operating income (loss) and adjusted EBITDA which are key performance indicators to assess operational efficiency and profitability. As a result, the Company has concluded that it has one operating segment. The measure of segment assets is presented as total assets in the consolidated balance sheets. Significantly all of the Company’s revenue in 2025, 2024 and 2023 was from customers located in the United States. Significantly all of the Company’s long-lived assets as of December 31, 2025 and 2024 were located in the United States.

Components of segment costs and expenses, along with a reconciliation to income (loss) from operations, are as follows:


(in millions)
Year Ended December 31,	2025		2024		2023
Revenue	$	836.6	$	687.6	$	599.4

Costs and Expenses:
Performance marketing	416.9		297.4		206.5
Brand marketing	65.1		68.6		84.4
Personnel-related expenses1	168.1		178.2		190.0
Stock-based compensation1	31.9		40.1		44.3
Capitalized internally developed software costs	(20.4)		(24.0)		(32.4)
Depreciation and amortization	46.4		48.4		48.2
Other segment costs and expenses2	63.4		69.5		54.8
Total costs and expenses	771.4		678.2		595.8
Income from Operations	$	65.2	$	9.4	$	3.6

(1) Gross of capitalized internally developed software costs.

Other segment items included in consolidated net income (loss) are presented in the consolidated statements of operations, and comprised of other income (expense), net, and income tax provision (benefit).

Use of Estimates—The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates and assumptions made by management include determination of stock-based compensation, capitalization of software development costs, valuation of goodwill and intangible assets, determination of associated useful lives of intangible assets and valuation of deferred tax assets. Management bases its estimates on historical experience and also on assumptions that it believes are reasonable.

Concentrations of Credit Risk—Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. While the Company deposits cash and cash equivalents with high credit quality financial institutions, including First Citizens Bank & Trust Company (through its Silicon Valley Bank division), HSBC and JPMorgan Chase Bank, N.A., to lessen the Company’s exposure, such cash deposits may exceed federally insured limits at these financial institutions. To mitigate the risk associated with deposits exceeding federally insured limits, the Company manages exposure by utilizing deposit accounts which include sweep features to third-party money market funds, with total money market funds of $67.0 million and $36.8 million as of December 31, 2025 and 2024, respectively. Based on these facts, collectability of bank balances appears to be adequately assured.

The Company had two customers which accounted for 16% and 11% of total accounts receivable as of December 31, 2025, and two customers which accounted for 14% and 13% of total accounts receivable as of December 31, 2024. The Company had one customer which accounted for 26% of revenue in 2025, two customers which accounted for 22% and 11% of revenue in 2024, and two customers which accounted for 13% and 11% of revenue in 2023. The Company’s customers are considered to be financial services providers (e.g., banks, credit card issuers, lenders, insurers, investment brokers and other entities) that seek to reach and receive leads, matches and referrals to the Company’s substantial audience of consumers and SMBs in exchange for agreed-upon fees.

Foreign Currency Transactions—The functional currency of the Company’s foreign subsidiaries is the respective local currency. All assets and liabilities accounts of the Company’s foreign subsidiaries are translated into U.S. dollars using the exchange rate on the balance sheet date. Equity transactions are translated using historical exchange rates. Revenues and expenses are translated at average rates prevailing throughout the period. Translation adjustments are included as a separate component in the consolidated statement of comprehensive income (loss), and in effect of exchange rate changes on cash and cash equivalents in the consolidated statement of cash flows. Transaction gains and losses, including intercompany transactions denominated in a currency other than the functional currency of the entity involved, are included in other gains (losses), net in the consolidated statement of operations and were immaterial for all periods presented.

Cash and Cash Equivalents—Cash and cash equivalents include on demand deposits and money market funds with banks that have remaining maturities at the date of purchase of less than 90 days.

Fair Value Measurements—The Company determines fair value based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as determined by either the principal market or the most advantageous market. Inputs used in the valuation techniques to derive fair values are classified based on a three-level hierarchy. These levels are:

Level 1—Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.

Level 2—Observable inputs other than quoted prices included within Level 1, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and inputs other than quoted prices that are observable or are derived principally from, or corroborated by, observable market data by correlation or other means.

Level 3—Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.

The Company recognizes transfers among Level 1, Level 2 and Level 3 classifications as of the actual date of the events or change in circumstances that caused the transfers.

The carrying values of the Company’s cash and cash equivalents, accounts receivable—net, and accounts payable and other accrued expenses are deemed to approximate fair value due to their short-term and highly liquid nature. The carrying values of the Company’s mortgage loans held for sale and certificate of deposit are deemed to approximate fair value due to their short-term nature.

Trade Accounts Receivable—Trade accounts receivable are recorded at the invoiced amount or amounts due from customers via affiliate relationships at the end of each month. Invoiced amounts do not bear interest. The Company generally does not require collateral or other security in support of accounts receivable. Accounts receivable are past due when they are outstanding longer than the contractual payment terms. The Company determines an allowance for credit losses by considering available information, including the length of time accounts receivable are past due, previous loss history, and reasonable and supportable expectations regarding the specific customer’s ability to pay its financial obligations. If the Company becomes aware of changes in circumstances that are indicative of a customer’s inability to meet its financial obligations, such as in the case of bankruptcy, deterioration in operating results or changes in financial position, estimates of the allowance for credit losses are further adjusted. The allowance for credit losses was $1.7 million and $0.5 million as of December 31, 2025 and 2024, respectively. The Company does not have any off-balance-sheet credit exposure related to its customers.

Property, Equipment, and Software, Net—Property, equipment, and software are stated at cost, less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, which are generally three years for computers and equipment, three years for software, and five years for furniture and fixtures. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful lives of the assets or the term of the related lease. Expenditures for repairs and maintenance are charged to expense as incurred. Upon disposition or retirement, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss, if any, is reflected as operating expenses in the consolidated statement of operations.

Capitalized Software Development Costs—The costs incurred in the preliminary stages of website and software development are expensed as incurred. Once an application has reached the development stage, internal and external costs, if direct and incremental and deemed by management to be significant, are capitalized in property and equipment and amortized on a straight-line basis over their estimated useful lives. Maintenance, training and enhancement costs, including those costs in the post-implementation stages, are typically expensed as incurred, unless such costs relate to substantial upgrades and enhancements to the website or software that result in added functionality, in which case the costs are capitalized and amortized on a straight-line basis over the estimated useful lives.

Capitalized development activities placed in service are amortized over the expected useful lives of those releases, currently estimated at one to five years. The estimated useful lives of website and software development activities are reviewed frequently and adjusted as appropriate to reflect upcoming development activities that may include significant upgrades and/or enhancements to the existing functionality.

Amortization expense is included within cost of revenue in the consolidated statement of operations.

Business Combinations—The Company recognizes identifiable assets acquired and liabilities assumed at their acquisition date fair value. Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. While the Company uses its best estimates and assumptions as a part of the purchase price allocation process to accurately value assets acquired and liabilities assumed at the acquisition date, its estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill to the extent that the Company identifies adjustments to the preliminary purchase price allocation. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statement of operations. As of December 31, 2025, the Company has not recorded material measurement period adjustments in connection with its business combinations.

Goodwill—The Company evaluates goodwill for impairment annually during the fourth quarter, or more frequently when an event occurs or circumstances change that indicate the carrying value may not be recoverable. The Company may elect to utilize a qualitative assessment to evaluate whether it is more likely than not that the fair value of a reporting unit is less than its carrying value and if so, the quantitative test is performed. Under the qualitative assessment, factors that are considered include industry and market considerations, overall financial performance and other relevant events and factors affecting the reporting unit. Under the quantitative test, the Company first compares the carrying value of each reporting unit to its estimated fair value and, if the fair value is determined to be less than the carrying value, an impairment loss would be recognized for the difference.

Intangible Assets—Intangible assets include acquired intangible assets identified through business combinations, which are carried at the estimated fair value recorded upon acquisition less accumulated amortization, and purchased intangible assets, which are carried at cost less accumulated amortization. Intangible assets are amortized on a straight-line basis over their estimated useful lives. Amortization costs for developed technology is included in cost of revenue and amortization for customer relationships, trade names and user base are included in sales and marketing within the consolidated statement of operations. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.

Impairment of Long-Lived Assets—The Company reviews long-lived assets, including property and equipment, capitalized software development costs, intangible assets and right-of-use (ROU) assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability of assets or asset groups to be held and used is measured first by a comparison of the carrying amount of an asset or asset group to future undiscounted net cash flows expected to be generated by the asset or asset group. If such assets or asset group are considered to be impaired, an impairment loss would be recognized based on the excess of the carrying amount of the asset above the fair value of the asset or asset group.

Revenue Recognition—The Company generates substantially all its revenue through fees paid by its financial services partners in the form of either revenue per action, revenue per click, revenue per lead and revenue per funded loan arrangements. For these revenue arrangements, in which a partner pays only when a consumer or SMB satisfies the criteria set forth within the arrangement, revenue is recognized generally when the Company matches the consumer or SMB with the financial services partner. For some of the Company’s arrangements, the transaction price is considered variable and an estimate of the transaction price is recorded when the match occurs.

Under revenue recognition guidance, revenue is recognized when performance obligations under the terms of a contract with a financial services partner are satisfied and promised goods and services have transferred to the partner, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Services are generally transferred to the financial services partner at a point in time, and the performance obligation is a series of distinct actions, leads or clicks.

For revenue generated from revenue per action or revenue per funded loan arrangements in which fees are earned from financial services partners for approved actions, such as when credit cards are issued to consumers or SMBs or when loans to consumers or SMBs are funded, the Company’s contractual right to fees is not contemporaneous with the satisfaction of the performance obligation to match the consumer or SMB with the financial services partner. As a result, the transaction price is considered variable and an estimate of the constrained transaction price is recorded as revenue when the match occurs, subject to a constraint. Constrained revenue is recognized to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. The Company records a contract asset, which is included within prepaid expenses and other current assets in the consolidated balance sheet, at the end of each reporting period related to the estimated variable consideration on fees for which the Company has satisfied the related performance obligation but are still pending the financial product approval before the Company has a contractual right to payment. Management applies judgment and considers various factors in estimating the constrained revenue, including the Company’s historical approval rates and historical time between when a consumer or SMB request for a financial product is delivered to a financial services partner, and when the consumer or SMB meets the achievement or attainment requirements of the financial services partner. The time between satisfaction of the Company’s performance obligation and when the Company’s right to consideration becomes unconditional is generally less than 90 days, and this short duration between satisfaction of the performance obligation and approval mitigates estimation uncertainty. The Company records a deferred revenue liability, which is included within accrued expenses and other current liabilities in the consolidated balance sheet, for fees received related to unsatisfied performance obligations at the end of each reporting period, with the performance obligations expected to be satisfied in the following reporting period.

For revenue generated from revenue per lead or revenue per click in which fees are earned from customers when a consumer or SMB clicks on a tagged link to the customer’s website or lead is delivered to the customer, the Company’s contractual right to fees is contemporaneous with the satisfaction of the performance obligation to match the consumer or SMB with the customer. The Company’s services are generally transferred to the customer at a point in time, when the performance obligation is met, based on reliable indicators of completion.

The Company’s payment terms vary by customer and verticals. The term between invoicing and when payment is due is generally 30 days or less.

Cost of Revenue—Cost of revenue consists primarily of amortization expense associated with capitalized software development costs and developed technology; credit scoring fees and account linking fees; and third-party data center costs.

Research and Development—Research and development expenses primarily consist of personnel related costs, technology and facility-related expenses and contractor expense for our engineering, product management, data and other personnel engaged in maintaining and enhancing the functionality of our platform. Research and development costs are expensed as incurred.

Sales and Marketing—Sales and marketing expenses include advertising and promotion costs, costs related to brand campaign fees, marketing, business operations team and editorial personnel and related costs, including stock-based compensation.

Components of sales and marketing expenses are as follows:


(in millions)
Year Ended December 31,	2025		2024		2023
Performance marketing	$	416.9	$	297.4	$	206.5
Brand marketing	65.1		68.6		84.4
Organic and other marketing	102.7		104.6		110.6
Total sales and marketing	$	584.7	$	470.6	$	401.5

Advertising expense includes performance and brand marketing, as well as certain external organic and other marketing costs, and is expensed as incurred. Advertising expense totaled $486.4 million, $370.3 million, and $294.7 million for 2025, 2024 and 2023, respectively.

Leases—The Company leases real estate facilities and general office equipment under operating leases expiring at various dates through 2030.

The Company’s ROU assets and lease liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term, which may include options to extend or terminate the lease when it is reasonably certain the Company will exercise such options. At inception of the lease, the Company is not reasonably certain that any available lease extensions or renewal terms will be exercised. For this purpose, the Company considered lease term and only payments that are fixed and determinable at the time of commencement. As most of the Company’s leases do not provide an implicit rate, the Company used the incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. When determining the incremental borrowing rates, the Company considered information including, but not limited to, the lease term, the Company’s credit rating and interest rates of similar debt instruments with comparable credit ratings. The Company’s lease agreements may contain variable costs such as common area maintenance, insurance, real estate taxes or other costs. Variable lease costs are expensed as incurred in the consolidated statement of operations.

Nonlease components that are not fixed are expensed as incurred as variable lease payments. The Company’s lease agreements generally do not contain any residual guarantees or restrictive covenants.

Operating leases are included in other assets, accrued expenses and other current liabilities, and other liabilities—noncurrent in the consolidated balance sheets.

Stock-Based Compensation—The Company has granted stock-based awards, including restricted stock units (RSUs), stock options and purchase rights granted under our employee stock purchase plan (ESPP), to employees, directors and non-employees. The Company measures compensation expense for stock-based awards based on the estimated fair value of the awards on the date of grant.

RSUs: The fair value of RSUs is estimated based on the fair value of our Class A common stock on the grant date.

Stock Options: The fair value of stock options on the date of grant is estimated using the Black-Scholes-Merton option-pricing model. The Black-Scholes-Merton option-pricing model considers several variables and assumptions in estimating the grant date fair value of stock-based awards. These assumptions include:

•Fair Value of Class A Common Stock—The fair value of the Company’s Class A common stock is determined on the grant date using the closing price of the Company’s Class A common stock.

•Expected Term—The expected term represents the period that the stock-based awards are expected to be outstanding, and is estimated based on the simplified method described in Staff Accounting Bulletin Topic 14, as amended, as the Company does not have sufficient historical experience for determining the expected term of the awards granted.

•Expected Volatility—Expected volatility is a measure of the amount by which the stock price is expected to fluctuate. Since the Company does not have sufficient trading history of its Class A common stock, the Company estimates the expected volatility by taking the average historical volatility of a group of comparable publicly-traded companies over a period equal to the expected term of the awards.

•Risk-Free Interest Rate—The risk-free interest rate is based on the U.S. Treasury yield curve on the date of grant for zero-coupon U.S. Treasury notes with maturities approximately equal to the expected term of the stock option award.

•Dividend Yield—The Company utilizes a dividend yield of zero, as the Company does not currently issue dividends and does not expect to do so in the future.

ESPP: The fair value of purchase rights granted under the Company’s ESPP is estimated using the component measurement approach with valuations of the components based on the Company’s stock price on the grant date and/or the Black-Scholes-Merton option-pricing model, as appropriate for the applicable components.

The fair value of stock-based awards with only a service condition and that are expected to vest is recognized as compensation expense on a straight-line basis over the requisite service period. The fair value of stock-based awards with performance-conditions is recognized as compensation expense over the requisite service period using the accelerated attribution method based on an assessment of the probability of achieving the requisite performance metrics. The requisite service period of awards is generally the same as the vesting period of the respective awards. The Company recognizes forfeitures as they occur for equity awards with a service condition.

Income Taxes—The Company accounts for income taxes under an asset and liability approach. Deferred income taxes reflect the impact of temporary differences between assets and liabilities recognized for financial reporting purposes and amounts recognized for income tax reporting purposes measured by applying currently enacted tax laws. A valuation allowance is provided when necessary to reduce deferred tax assets to an amount that is more likely than not to be realized.

The Company recognizes the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely to be realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.

The Company records uncertain tax positions in accordance with accounting standards on the basis of a two-step process whereby (1) a determination is made as to whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold the Company recognizes the largest amount of tax benefit that is greater than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company’s policy is to include interest and penalties within its provision for income taxes.

Net Income (Loss) per Basic and Diluted Share—The Company computes earnings per share (EPS) in conformity with the two-class method required for participating securities. The two-class method is an earnings allocation method that determines net income (loss) per share for each class of common stock and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings or losses. The Company considers early exercised stock options to be participating securities. There were no early exercised stock options in 2025, and the impact of early exercised stock options on basic and diluted EPS was immaterial for 2024 and 2023.

Basic EPS is computed by dividing net income (loss) available to common stockholders by the weighted average number of common stock outstanding during the period. Diluted EPS is computed by dividing net income (loss) attributable to common stockholders by the number of diluted shares outstanding. Diluted shares equal the total of the basic shares outstanding and all potentially issuable shares, other than antidilutive shares, if any, weighted for the average days outstanding for the period. The dilutive effect of outstanding awards and convertible securities is reflected in diluted EPS by application of the treasury stock method.

The rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. See Note 10–Stockholders’ Equity for further discussion. As the liquidation and dividend rights are identical for Class A and Class B common stock, the undistributed earnings are allocated on a proportional basis and the resulting net income (loss) attributable to common stockholders is the same for Class A and Class B common stock on an individual or combined basis.

Comprehensive Income (Loss)—Comprehensive income (loss) is defined as a change in equity resulting from transactions from non-owner sources. Comprehensive income (loss) is comprised of all components of net income (loss) and all components of other comprehensive income (loss) within stockholders’ equity. Other comprehensive income (loss) includes adjustments for foreign currency translation.

JOBS Act Accounting Election—The Company qualifies as an “emerging growth company” (EGC) as defined in the JOBS Act until December 31, 2026, and, as such, the Company may elect to delay adopting new or revised accounting standards until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date the Company (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, the Company’s financial condition and results of operations within its consolidated financial statements may not be comparable to those of other companies that have adopted new or revised accounting standards at an earlier date.

Recently Issued Accounting Pronouncements Not Yet Adopted—In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the income tax rate reconciliation and income taxes paid information. The guidance in ASU 2023-09 is effective on an annual basis and will be required to be applied for the year ending December 31, 2026 for EGCs under the JOBS Act accounting election. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The guidance should be applied on a prospective basis, but retrospective application is permitted.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-09), which requires additional disclosure of certain costs and expenses within the notes to the financial statements. The guidance in ASU 2024-03 is effective for annual reporting periods beginning with the year ending December 31, 2027, and for interim reporting periods beginning in 2028. Early adoption is permitted and the guidance may be applied on a prospective or retrospective basis.

Given the disclosure focus of both ASU 2023-09 and ASU 2024-03, the applications of these new standards will not have an effect on the Company’s financial position and results of operations in its consolidated financial statements.

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASU 2025-05), which provides a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606, Revenue From Contracts with Customers. The practical expedient allows an entity to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. The guidance in ASU 2025-05 is effective on an annual and interim basis, and will be required to be applied for the year ending December 31, 2026 for public business entities, with early adoption permitted in an interim or annual reporting period in which financial statements have not yet been issued or made available for issuance. The guidance should be applied on a prospective basis.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06), which amends certain aspects of the accounting for and disclosure of software costs, including eliminating consideration of software project development stages and providing enhanced guidance on how to evaluate whether the probable-to-complete recognition threshold has been met. The guidance in ASU 2025-06 is effective on an annual and interim basis, and will be required to be applied for the year ending December 31, 2028 for public business entities, with early adoption permitted as of the beginning of an annual reporting period. The guidance may be applied on a prospective, retrospective, or modified prospective basis.

The Company is currently evaluating the impact of the adoptions of ASU 2025-05 and ASU 2025-06 on the Company’s consolidated financial statements.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Acquisition of College Finance Company, LLC—On February 20, 2026, the Company entered into a Membership Interest Purchase Agreement with inspHIRE IO Corp., d/b/a Candidly (the Seller), pursuant to which the Company agreed to acquire 100% of the outstanding membership interests of College Finance Company, LLC. The aggregate purchase price consisted of $18.8 million in cash, subject to customary adjustments for cash and cash equivalents, indebtedness, transaction expenses and working capital. Out of the purchase price, a cash amount of $1.5 million was placed into escrow to secure potential post-closing indemnification rights. Additionally, under the Membership Interest Purchase Agreement, RSU awards with an aggregate grant-date fair value of approximately $3.3 million were granted to certain continuing key employees of College Finance Company, LLC with the value of such RSU awards to be recognized as compensation expense following the close of the acquisition through 2029, generally subject to the employees’ continued employment with the Company. The value of these RSU awards is excluded from the purchase consideration and accounted for separately from the business combination. Given the recent timing of the closing of this acquisition, the Company is in the process of evaluating the purchase price allocation for this acquisition. Repurchase Program—On February 20, 2026, the Company’s Board of Directors approved an increase in the share repurchase authorization under which the Company may repurchase up to an additional $100.0 million of its Class A common stock under the Repurchase Program. Between January 1, 2026 and February 23, 2026, the Company repurchased 4.5 million shares of Class A common stock for $50.6 million, including costs associated with the repurchases. The remaining share repurchase authorization under the Repurchase Program is $104.7 million as of February 23, 2026.