NerdWallet Forecasts 13% Q4 Revenue Decline; Q3 Auto Insurance Revenue Falls $17.4 Million

NerdWallet set its fourth-quarter 2026 revenue outlook at $191 million to $203 million, with the midpoint implying a 13% year-over-year decline; it also expects insurance conditions to remain a factor through year-end.

The company posted $239.6 million in revenue for the three months ending Sept. 30, an 11% increase from a year earlier but below its prior forecast of $244 million to $260 million. Revenue from consumers rose 12% to $214.5 million, while small and midsize business revenue climbed 6% to $25.1 million.

Auto insurance products generated $17.4 million less revenue than in the same quarter a year earlier, a decline NerdWallet tied to lower lead volume. On the third-quarter earnings call, NerdWallet co-founder and CEO Tim Chen said the company’s insurance carrier network was still early in its development, limiting the revenue it could earn from traffic relative to peers. The company was working to expand relationships with insurance carriers and third-party agents. Chen said NerdWallet had been “overly optimistic on partnership timelines.”

The fourth-quarter outlook also included GAAP operating income of $2 million to $8 million, non-GAAP operating income of $9 million to $15 million and adjusted EBITDA of $19 million to $25 million. NerdWallet issued the projections with its third-quarter results Thursday, Nov. 5.