Wealthfront (NASDAQ: WLTH) hits $365M revenue and okays $100M buyback
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Wealthfront Corporation reported record results for fiscal 2026 and launched a major buyback. Annual revenue reached $365.0 million, up 18%, with fiscal Q4 revenue of $96.1 million, up 16%. Adjusted EBITDA rose to $170.7 million with a strong 47% margin and free cash flow of $151.1 million.
The company swung to a GAAP net loss of $42.1 million for the year and $133.7 million in Q4, driven by one-time IPO-related stock-based compensation expense of $239.0 million. Total platform assets reached a record $94.1 billion, with investment advisory assets of $48.7 billion and cash management assets of $45.4 billion. Cash and cash equivalents were $440.8 million as of January 31, 2026.
Wealthfront’s board approved a share repurchase program authorizing up to $100,000,000.00 of common stock, to be funded from existing cash and cash generated from operations. Q4 included total net deposits of $(0.4) billion, but funded clients grew 17% year-over-year to 1.42 million, and funded accounts grew 16% to 1.84 million.
Positive
- Record top-line and profitability metrics: Fiscal 2026 revenue reached $365.0 million (up 18% year-over-year), while Adjusted EBITDA grew to $170.7 million with a robust 47% margin, demonstrating strong operating leverage.
- Strong cash generation and balance sheet: Free cash flow was $151.1 million for fiscal 2026 with free cash flow conversion of 88%, and cash and cash equivalents were $440.8 million as of January 31, 2026, with no corporate debt disclosed.
- Large, growing asset base: Total platform assets hit a record $94.1 billion, up 17% year-over-year, including $48.7 billion of investment advisory assets (29% growth) and $45.4 billion of cash management assets (7% growth).
- Capital return via buyback: The board authorized a share repurchase program for up to $100,000,000.00 of common stock, to be funded by existing cash and cash from operations, indicating confidence in the company’s financial position.
Negative
- GAAP profitability impacted by IPO-related stock compensation: Fiscal 2026 GAAP net income fell to a loss of $42.1 million from income of $194.4 million in 2025, with Q4 2026 GAAP net loss of $133.7 million, primarily due to one-time IPO-related stock-based compensation expense of $239.0 million.
- Quarterly net outflows despite asset growth: Total net deposits were negative $0.4 billion in Q4 2026, as cash management experienced net outflows of $1.7 billion, partially offsetting $1.3 billion of net deposits into investment advisory products.
Insights
Record growth, strong cash and a sizable buyback offset optics of IPO-driven GAAP loss.
Wealthfront delivered solid operating performance in fiscal 2026. Revenue grew 18% to $365.0 million, while Adjusted EBITDA increased 20% to $170.7 million with a healthy 47% margin. Free cash flow of $151.1 million and corporate cash of $440.8 million underscore a capital-light, cash-generative model.
The headline negative is the shift from GAAP net income of $194.4 million in 2025 to a GAAP net loss of $42.1 million, and a Q4 loss of $133.7 million. Management explicitly attributes this to one-time, IPO-related stock-based compensation of $239.0 million, which inflates reported expenses but does not recur on the same scale.
Strategically, record platform assets of $94.1 billion and 29% growth in investment advisory assets to $48.7 billion hint at deeper client engagement. The newly authorized $100 million share repurchase program, funded from cash and ongoing operations, signals confidence in long-term prospects while still leaving substantial liquidity.
8-K Event Classification
4 items: 2.02, 7.01, 8.01, 9.01
4 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 9, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices) | (Zip Code) | |||||||
(844 ) 995-8437
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
| Securities registered pursuant to Section 12(b) of the Act: | ||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging growth company | |||||
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | |||||
Item 2.02 Results of Operations and Financial Condition.
On March 11, 2026, Wealthfront Corporation (the “Company”) issued a press release announcing its financial results for the fourth fiscal quarter and fiscal full year ended January 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. As previously announced, the Company will host a conference call on March 11, 2026 at 2:00 p.m. PT/5:00 p.m. ET.
Item 7.01 Regulation FD Disclosure.
On March 11, 2026, the Company posted a supplemental information presentation to its website at ir.wealthfront.com, which is attached hereto as Exhibit 99.2.
The information furnished in this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information in this Current Report shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this Current Report, regardless of any general incorporation language in the filing.
The Company announces material information to the public through filings with the Securities and Exchange Commission (the “SEC”), the investor relations page on its website (ir.wealthfront.com), press releases, public conference calls, public webcasts, and its social media accounts on X, Instagram, Facebook, and LinkedIn in order to achieve broad, non-exclusionary distribution of information to the public and for complying with its disclosure obligations under Regulation FD.
The content of the Company’s websites and information that the Company may post on or provide to online and social media channels, including those mentioned above, and information that can be accessed through the Company’s websites or these online and social media channels are not incorporated by reference into this Current Report on Form 8-K or in any other report or document the Company files with the SEC, and any references to the Company’s websites or these online and social media channels are intended to be inactive textual references only.
Item 8.01 Other Events.
On March 9, 2026, the Company's board of directors approved a share repurchase program with authorization to purchase up to $100,000,000.00 of its outstanding common stock.
Repurchases under the program may be made in the open market, in privately negotiated transactions or by other methods, with the amount and timing of repurchases to be determined at the Company’s discretion, depending on market conditions and corporate needs. Open market repurchases will be structured to occur in accordance with applicable federal and state securities laws, including within the pricing and volume conditions of Rule 10b-18 under the Exchange Act. The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its shares under this authorization. This program does not obligate the Company to repurchase any particular dollar amount or number of shares of common stock and may be modified, suspended or terminated at any time at the discretion of its board of directors. The Company expects to fund repurchases with existing cash and cash equivalents and ongoing cash from operations.
Forward-Looking Statements
This Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this Form 8-K that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding the amount, timing and sources of funding for the share repurchase program. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual events or results to differ materially from those expressed or implied by the forward-looking statements, including, but not limited to, risks relating to the fact that common stock repurchases may not be conducted in the timeframe or in the manner the Company expects, or at all, and the important factors discussed under the caption “Risk Factors” in the Company’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2025, filed with the SEC on January 23, 2026, and the Company’s other filings with the SEC. These factors could cause actual results to differ materially from those indicated by the forward-looking statements made in
this Form 8-K. Any such forward-looking statements represent management’s estimates as of the date of this Form 8-K. While the Company may elect to update such forward-looking statements at some point in the future, the Company disclaims any obligation to do so, even if subsequent events cause its views to change.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit Number | Description | |||||||
| 99.1 | Press Release of Wealthfront Corporation dated March 11, 2026 | |||||||
| 99.2 | Supplemental Information Presentation for the fiscal quarter and year ended January 31, 2026 | |||||||
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Wealthfront Corporation | |||||||||||
| Date: | March 11, 2026 | By: | /s/ Alan Imberman | ||||||||
| Name: Alan Imberman | |||||||||||
| Title: Chief Financial Officer | |||||||||||
Wealthfront Reports Fiscal Fourth Quarter and Full Year 2026 Results
Record annual revenue of $365.0 million in the fiscal year ending January 31, 2026,
including a quarterly record of $96.1 million in the fiscal fourth quarter ending January 31, 2026
Total Platform Assets up 17% year-over-year to a record $94.1 billion
Record annual revenue of $365.0 million in the fiscal year ending January 31, 2026,
including a quarterly record of $96.1 million in the fiscal fourth quarter ending January 31, 2026
Total Platform Assets up 17% year-over-year to a record $94.1 billion
Palo Alto, CA - March 11, 2026 - Wealthfront Corporation (Nasdaq: WLTH), a tech-driven financial platform helping digital natives turn their savings into wealth, announced financial results for its fiscal fourth quarter and full year ended January 31, 2026.
***
David Fortunato - CEO, President & Director: “We capped off a milestone year in the fourth quarter as we went public and drove another quarter-end record in Total Platform Assets due in large part to a second consecutive record quarter in net cross account transfers from Cash Management to Investment Advisory. We continued to expand our product suite in our effort to optimize client financial outcomes including with the launch of early access to Wealthfront Home Lending, the initial rollout of the Wealthfront Treasury Money Market Fund, and further enhancements to our core Investment Advisory and Cash Management offerings.”
Alan Imberman - CFO & Treasurer: “Fiscal 2026 was a banner year in which we drove record Platform Assets, Revenue, and Adjusted EBITDA contributing to strong cash generation that resulted in corporate cash balances ending January above $440 million. Fiscal 2027 is off to a strong start with total net deposit growth in February amidst a dynamic macro-environment. In March, our board of directors authorized a $100 million share repurchase program. Given the multi-decade opportunity to compound wealth with new and existing clients, we view our shares as attractive at current levels.”
***
Fiscal Fourth Quarter and Full Year 2026 Results Summary
| Three Months Ended January 31, | Twelve Months Ended January 31, | ||||||||||||||||||||||||||||||||||
| ($ in thousands, except per share amounts) | 2026 | 2025 | % change | 2026 | 2025 | % change | |||||||||||||||||||||||||||||
| GAAP | |||||||||||||||||||||||||||||||||||
| Total revenue | $ | 96,136 | $ | 82,680 | 16 | % | $ | 364,993 | $ | 308,859 | 18 | % | |||||||||||||||||||||||
| Net income (loss) - diluted | (134,774) | 32,092 | NM | (43,203) | 181,752 | NM | |||||||||||||||||||||||||||||
| Net income margin - diluted (%) | (140)% | 39% | (12)% | 59% | |||||||||||||||||||||||||||||||
| Diluted earnings per common share | $ | (1.31) | $ | 0.23 | NM | $ | (0.76) | $ | 1.31 | NM | |||||||||||||||||||||||||
| Net cash provided by operating activities | 33,306 | 19,915 | 67 | % | 152,189 | 123,150 | 24 | % | |||||||||||||||||||||||||||
| Operating cash flow conversion (%) | NM | 62% | NM | 63% | |||||||||||||||||||||||||||||||
Non-GAAP1 | |||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 44,210 | $ | 36,202 | 22 | % | $ | 170,688 | $ | 142,688 | 20 | % | |||||||||||||||||||||||
| Adjusted EBITDA margin (%) | 46% | 44% | 47% | 46% | |||||||||||||||||||||||||||||||
Free cash flow | 32,998 | 18,969 | 74 | % | 151,051 | 117,307 | 29 | % | |||||||||||||||||||||||||||
| Free cash flow conversion (%) | 75% | 52% | 88% | 82% | |||||||||||||||||||||||||||||||
1 Non-GAAP measure. Wealthfront’s reasons for use of the non-GAAP measure and a detailed reconciliation between the non-GAAP measure and the comparable GAAP amount are included at the end of this document in the section labeled ‘Non-GAAP Reconciliations’.
F4Q26 Financial Highlights
•Quarterly total revenue of $96.1 million increased 16% year-over-year primarily driven by a 17% year-over-year increase in Total Platform Assets to $94.1 billion. This includes Investment Advisory Assets of $48.7 billion, which were up 29% year-over-year and Cash Management Assets of $45.4 billion, which were up 7% year-over-year. Change in Total Platform Assets included Total Net Deposits of $6.7 billion in the year and $(360) million in the quarter.
•Funded Clients of 1.42 million grew 17% year-over-year. Funded Accounts of 1.84 million grew 16% year-over-year.
•GAAP expenses of $310.7 million compared to $51.8 million in the prior year quarter, with the increase due primarily to higher stock-based compensation (SBC) expense primarily tied to one-time, IPO-related SBC expense of $239.0 million. Adjusted operating expenses of $57.1 million increased 15% year-over-year due to higher product development expense, partially offset by lower marketing expense.
•GAAP diluted net income (loss) of $(134.8) million compared to $32.1 million in the prior year quarter with the decline due to higher GAAP expenses primarily tied to one-time, IPO-related SBC expense of $239.0 million. GAAP diluted net income margin was (140)%, compared to 39% in the prior year quarter with the decrease primarily driven by one-time, IPO-related SBC expense.
•GAAP diluted EPS was $(1.31) compared to $0.23 in the prior year quarter driven primarily by one-time, IPO-related SBC expense.
•Adjusted EBITDA1 of $44.2 million grew 22% year-over-year. Adjusted EBITDA margin1 was 46%, compared to 44% for the prior year quarter. We expect Adjusted EBITDA margins to decline sequentially but remain above 40% for the fiscal first quarter 2027.
•Net cash provided by operating activities was $33.3 million and Free cash flow1 was $33.0 million. Free cash flow conversion ratio1 was 75% for the three months ended January 31, 2026 and 88% in the twelve months ended January 31, 2026.
F2026 Financial Highlights
•Annual total revenue of $365.0 million increased 18% year-over-year.
•Annual GAAP expenses of $476.2 million compared to $187.4 million in the prior year with the increase due to higher SBC expense primarily tied to one-time, IPO-related SBC expense of $239.0 million. Annual adjusted operating expenses of $211.1 million increased 19% year-over-year due to higher product development and general & administrative expense, partially offset by lower marketing expense.
•Annual GAAP diluted net income (loss) of $(43.2) million compared to $181.8 million in the prior year due to the one-time impact of IPO-related SBC expense of $239.0 million. Annual GAAP diluted net income margin was (12)%, compared to 59% in the prior year with the decrease primarily driven by the same factors.
1 Non-GAAP measure. Wealthfront’s reasons for use of the non-GAAP measure and a detailed reconciliation between the non-GAAP measure and the comparable GAAP amount are included at the end of this document in the section labeled ‘Non-GAAP Reconciliations’.
•Annual GAAP diluted EPS was $(0.76) down year-over-year compared to $1.31 in the prior year due primarily to the one-time impact of IPO-related SBC expense.
•Annual adjusted EBITDA1 of $170.7 million grew 20% year-over-year. Annual adjusted EBITDA margin1 was 47%, compared to 46% for the twelve months ended January 31, 2025.
F4Q26 Business Highlights
•Generated a second consecutive record quarter of net cross account transfers from Cash Management to Investment Advisory amidst a Cash-to-Invest transition environment. This helped drive annualized organic growth2 in Investment Advisory to 11% in the quarter, with monthly annualized organic growth accelerating throughout the period, ending at 15% in January.
•Increased the base Annual Percentage Yield (APY) on the Wealthfront Cash Account by five basis points to 3.30% effective January 30, 2026, as a result of the effective federal funds rate (EFFR) stabilizing at a higher rate within its target range. This industry-leading APY reflects the company’s ongoing commitment to sharing structural efficiencies and higher yields directly with its clients, further bolstering the value proposition of the Wealthfront Cash Account as the primary home for digital native clients' uninvested cash and savings.
•Launched early access to Wealthfront Home Lending, which is intended to deliver a digitally seamless home mortgage experience with low, transparent rates and no hidden fees. The company began a measured rollout to clients in November, starting in Colorado and having since expanded to Texas and California, with a full rollout in those states as well as early access in additional states expected to come later this year.
•Rolled out the Wealthfront Treasury Money Market Fund (WLTXX), a proprietary fund intended to improve after-tax returns through a low-risk, highly liquid investment vehicle and offered at a competitive 0.25% expense ratio. The fund invests primarily in U.S. Treasury securities, offering clients a Cash Management option whose interest is generally exempt from state and local taxes. The fund was initially released to select clients in December with a full rollout scheduled to be completed in March.
•Took further steps in making the Wealthfront Cash account the best cash account experience for young professional savers including the introduction of a comprehensive transaction search function, real-time debit card notifications for both individual and joint accounts, and increased daily withdrawal limits up to $1 million for qualified clients. The company also bolstered the interoperability of the Cash Management and Investment Advisory accounts, including the introduction of auto dividend sweeps from Investment Advisory accounts to Cash Management accounts.
1 Non-GAAP measure. Wealthfront’s reasons for use of the non-GAAP measure and a detailed reconciliation between the non-GAAP measure and the comparable GAAP amount are included at the end of this document in the section labeled ‘Non-GAAP Reconciliations’.
2 Annualized organic growth is calculated as total net deposits in a given period, multiplied by an annualization factor based on actual day counts in that period, divided by prior period ending assets.
2 Annualized organic growth is calculated as total net deposits in a given period, multiplied by an annualization factor based on actual day counts in that period, divided by prior period ending assets.
Conference Call
Wealthfront’s executive management team will host a live audio webcast beginning at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) today to discuss the quarter and full-year’s financial results and business highlights. The live webcast as well as the earnings press release and earnings presentation can be found at https://ir.wealthfront.com. Following the call, a replay of the webcast will be available on the Wealthfront Investor Relations website.
About Wealthfront
Wealthfront is a tech-driven financial platform helping digital natives turn their savings into wealth. Since pioneering the automated investing category in 2011, the company has grown into a leading consumer fintech that helps clients achieve their financial goals with innovative saving, investing, borrowing, and lending products. Wealthfront’s expanding suite of high-quality, low-cost offerings helps digital natives earn more on their savings, borrow at lower rates, and keep more of their returns. To learn more and get started, visit www.wealthfront.com or download the Wealthfront app.
Contacts
Investors: ir@wealthfront.com
Press: press@wealthfront.com
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements contained in this press release other than statements of historical fact, including statements regarding Wealthfront’s future operating results and financial condition, its business strategy and plans, market growth, and its objectives for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” and similar expressions are intended to identify forward-looking statements.
These forward-looking statements are made as of the date they were first issued and are based on information available to Wealthfront together with Wealthfront’s expectations, estimates, forecasts, projections, beliefs, and assumptions as of such date. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Wealthfront’s control. Wealthfront’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors. Further information on potential risks that could affect actual results is included in Wealthfront’s most recent filings with the Securities and Exchange Commission (the “SEC”), including in our most recent Form 10-Q, copies of which may be obtained by visiting Wealthfront’s Investor Relations website at https://ir.wealthfront.com or the SEC's website at https://www.sec.gov. Past performance is not necessarily indicative of future results. Wealthfront undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Forward-looking statements should not be relied upon as representing Wealthfront’s views as of any date subsequent to the date of this press release.
Additional Information
We announce material information to the public through filings with the SEC, the investor relations page on our website (ir.wealthfront.com), press releases, public conference calls, public webcasts, and our social media accounts on X, Instagram, Facebook, and LinkedIn in order to achieve broad, non-exclusionary distribution of information to the public and for complying with our disclosure obligations under Regulation FD.
The content of our websites and information that we may post on or provide to online and social media channels, including those mentioned above, and information that can be accessed through our websites or these online and social media channels are not incorporated by reference into this presentation or in any report or document we file with the SEC, and any references to our websites or these online and social media channels are intended to be inactive textual references only.
Non-GAAP Financial Measures
We collect and analyze operating and financial data to evaluate the health of our business, allocate our resources, and assess our performance. In addition to total revenue, net income (loss) and other results under GAAP, we utilize non-GAAP calculations of adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”). Adjusted EBITDA is defined as net income (loss), excluding: (i) interest expenses, (ii) provision for (benefit from) income taxes, (iii) depreciation and amortization, (iv) stock-based compensation expense, (v) change in fair value of
the convertible note, warrant liabilities, and SAFEs, and (vi) nonrecurring expenses, if any. The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature, or because the amount and timing of these items is unpredictable, are not driven by core results of operations and render comparisons with prior periods and competitors less meaningful. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue. We believe Adjusted EBITDA and Adjusted EBITDA Margin provide useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our business performance. Moreover, we have included Adjusted EBITDA and Adjusted EBITDA Margin in this press release because they are key measurements used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, identify trends affecting our business and perform strategic planning and annual budgeting. Free Cash Flow reflects net cash provided from operating activities, less (i) purchases of property, software, and equipment and (ii) capitalized internally developed software. We believe Free Cash Flow allows investors to evaluate the cash generated from our underlying operations in a manner similar to the method used by management. However, the utility of Free Cash Flow as a measure of our liquidity is limited as it does not represent the total increase or decrease in our cash balance for a given period. Free Cash Flow Conversion reflects 1) Free Cash Flow divided by 2) Adjusted EBITDA. Adjusted Operating Expenses reflect GAAP operating expenses, less (i) stock-based compensation expense and (ii) nonrecurring expenses, if any. The above items are excluded from our Adjusted Operating Expenses because these items are non-cash in nature, or because the amount and timing of these items is unpredictable, are not driven by core results of operations and render comparisons with prior periods and competitors less meaningful. Please refer to the Appendix for a reconciliation of each non-GAAP financial measure presented herein to the most directly comparable financial measure stated in accordance with GAAP.
Key Business Metrics
Platform assets: We define “platform assets” as the total value of financial assets held by clients in their accounts as of a stated date on our platform. Net deposits and changes in value attributable to financial market performance are included in the change in platform assets in any given period. We further break down platform assets into two categories of products: cash management and investment advisory.
Net deposits: We define “net deposits” as the value of all assets clients have placed into products on our platform, net of withdrawals, over a defined period of time. We exclude changes in value attributable to financial market performance from this metric. We view net deposits as an important barometer of our ability to scale and grow organically and accumulate assets onto our platform. We view the relevant metric as net deposits on a platform-wide basis, not by individual product. Although net deposits can vary by product based on the economic environment, total net deposits provides a more comprehensive view of our growth because our platform offers diverse financial products that are designed to perform under a wide range of economic conditions, allowing the business to maintain resilience and increase total platform assets across market cycles and through extraordinary events.
Funded clients: We define “funded clients” as clients with balances greater than zero or that have been greater than zero on at least one occasion during the 45 consecutive calendar days ending as of the measurement date. Funded clients include clients with a zero balance across all accounts as of the measurement date if they had greater than zero balances in at least one account within 45 calendar days prior to the measurement date. Individuals who shared funded joint accounts are each considered to be a separate funded client. The number of funded clients is as of a stated date and reflects our scale and monetization potential.
Funded accounts: We define “funded accounts” as accounts with balances greater than zero or that have been greater than zero on at least one occasion during the 45 consecutive calendar days ending as of the measurement date. Funded accounts include accounts with a zero balance as of the measurement date if they had greater than zero balances within 45 calendar days prior to the measurement date. A shared funded joint account is considered a single funded account. The number of funded accounts is as of a stated date and reflects our scale and monetization potential.
WEALTHFRONT CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
($ in thousands) | January 31, 2026 | January 31, 2025 | |||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 440,805 | $ | 142,860 | |||||||
| Cash segregated and on deposit for regulatory purposes | 10,375 | 9,083 | |||||||||
| Due from clients | 227,413 | 118,518 | |||||||||
| Accounts receivable | 33,127 | 29,127 | |||||||||
| Client-held fractional shares | 514,877 | 28,057 | |||||||||
| Other current assets | 49,187 | 18,805 | |||||||||
| Total current assets | 1,275,784 | 346,450 | |||||||||
| Deferred tax assets, net | 119,749 | 60,194 | |||||||||
| Operating lease right-of-use asset | 8,696 | 11,229 | |||||||||
| Property, software, and equipment, net | 7,755 | 14,723 | |||||||||
| Other noncurrent assets | 3,745 | 2,610 | |||||||||
| Total assets | $ | 1,415,729 | $ | 435,206 | |||||||
| Liabilities, redeemable convertible preferred stock, and stockholders’ equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | 7,299 | 6,467 | |||||||||
| Accrued liabilities | 8,830 | 7,517 | |||||||||
| Due to clients | 30,209 | 9,452 | |||||||||
| Payable to clearing broker | 227,439 | 118,174 | |||||||||
| Current portion of operating lease liabilities | 4,101 | 3,556 | |||||||||
| Fractional shares repurchase obligation | 514,877 | 28,057 | |||||||||
| Total current liabilities | 792,755 | 173,223 | |||||||||
| Operating lease liabilities, net of current portion | 6,292 | 9,796 | |||||||||
| Other noncurrent liabilities | 1,993 | 9,651 | |||||||||
| Total liabilities | $ | 801,040 | $ | 192,670 | |||||||
Commitments and contingencies | |||||||||||
Redeemable convertible preferred stock, $0.0001 par value per share; 0 and 85,490,483 shares authorized as of January 31, 2026 and January 31, 2025, respectively; 0 and 69,914,359 shares issued and outstanding as of January 31, 2026 and January 31, 2025, respectively; aggregate liquidation preference of $0 and $229,543 as of January 31, 2026 and January 31, 2025, respectively | — | 227,198 | |||||||||
| Stockholders’ equity: | |||||||||||
Common stock, $0.0001 par value per share; 214,611,134 shares authorized as of January 31, 2026 and January 31, 2025; 152,118,527 and 41,532,599 shares issued as of January 31, 2026 and January 31, 2025; 150,645,067 and 40,110,106 shares outstanding as of January 31, 2026 and January 31, 2025, respectively | 12 | 4 | |||||||||
Treasury stock, at cost; 1,473,460 and 1,422,493 shares held as of January 31, 2026 and January 31, 2025, respectively | (13,052) | (12,593) | |||||||||
| Additional paid-in capital | 769,730 | 127,862 | |||||||||
| Accumulated deficit | (142,001) | (99,935) | |||||||||
| Total stockholders’ equity | $ | 614,689 | $ | 15,338 | |||||||
| Total liabilities, redeemable convertible preferred stock, and stockholders’ equity | $ | 1,415,729 | $ | 435,206 | |||||||
WEALTHFRONT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
| Three Months Ended January 31, | Twelve Months Ended January 31, | ||||||||||||||||||||||
($ in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Revenue: | |||||||||||||||||||||||
| Cash management | $ | 69,749 | $ | 62,056 | $ | 271,700 | $ | 230,946 | |||||||||||||||
| Investment advisory | 25,803 | 19,632 | 91,899 | 73,045 | |||||||||||||||||||
| Other revenue | 584 | 992 | 1,394 | 4,868 | |||||||||||||||||||
| Total revenue | 96,136 | 82,680 | 364,993 | 308,859 | |||||||||||||||||||
| Costs and operating expenses: | |||||||||||||||||||||||
| Cost of revenue | 9,574 | 8,543 | 38,007 | 30,964 | |||||||||||||||||||
| Product development | 150,056 | 18,085 | 212,437 | 64,515 | |||||||||||||||||||
| General and administrative | 114,984 | 7,841 | 149,128 | 29,092 | |||||||||||||||||||
| Marketing | 20,240 | 14,475 | 51,755 | 52,196 | |||||||||||||||||||
| Operations and support | 15,802 | 2,839 | 24,836 | 10,619 | |||||||||||||||||||
| Total costs and operating expenses | 310,656 | 51,783 | 476,163 | 187,386 | |||||||||||||||||||
| Interest expense | 508 | 253 | 891 | 2,810 | |||||||||||||||||||
| Other income, net | (5,053) | (812) | (10,813) | (20,566) | |||||||||||||||||||
| Income before income taxes | (209,975) | 31,456 | (101,248) | 139,229 | |||||||||||||||||||
| Provision for (benefit from) income taxes | (76,320) | (636) | (59,182) | (55,218) | |||||||||||||||||||
| Net income (loss) | $ | (133,655) | $ | 32,092 | $ | (42,066) | $ | 194,447 | |||||||||||||||
| Net income (loss) attributable to common shareholders: | |||||||||||||||||||||||
| Net income (loss) attributable to common stockholders, basic | $ | (133,655) | $ | 32,092 | $ | (42,066) | $ | 194,447 | |||||||||||||||
| Net income (loss) attributable to common stockholders, dilutive | $ | (134,774) | $ | 32,092 | $ | (43,203) | $ | 181,752 | |||||||||||||||
| Earnings per share (EPS): | |||||||||||||||||||||||
| Basic | $ | (1.30) | $ | 0.82 | $ | (0.74) | $ | 4.99 | |||||||||||||||
| Diluted | $ | (1.31) | $ | 0.23 | $ | (0.76) | $ | 1.31 | |||||||||||||||
| Weighted-average shares outstanding used in computing EPS: | |||||||||||||||||||||||
| Basic | 102,601,387 | 39,108,339 | 56,694,634 | 38,990,556 | |||||||||||||||||||
| Diluted | 102,830,296 | 137,775,723 | 56,937,428 | 138,660,318 | |||||||||||||||||||
Stock-Based Compensation by Type
| Three Months Ended January 31, | Twelve Months Ended January 31, | ||||||||||||||||||||||
($ in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Product development | $ | 124,266 | $ | 1,632 | $ | 127,414 | $ | 7,325 | |||||||||||||||
| General and administrative | 102,992 | 419 | 110,677 | 2,041 | |||||||||||||||||||
| Marketing | 8,242 | 109 | 8,472 | 536 | |||||||||||||||||||
Operations and support | 12,788 | 239 | 13,261 | 1,099 | |||||||||||||||||||
| Stock-based compensation expense, net of amounts capitalized | 248,288 | 2,399 | 259,824 | 11,001 | |||||||||||||||||||
| Capitalized stock-based compensation expense | — | (279) | — | (1,637) | |||||||||||||||||||
| Total stock-based compensation expense | $ | 248,288 | $ | 2,120 | $ | 259,824 | $ | 9,364 | |||||||||||||||
WEALTHFRONT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
| Three Months Ended January 31, | Twelve Months Ended January 31, | ||||||||||||||||||||||
($ in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Operating activities | |||||||||||||||||||||||
| Net income (loss) | $ | (133,655) | $ | 32,092 | $ | (42,066) | $ | 194,447 | |||||||||||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||||||||
| Depreciation and amortization of property, software, and equipment, net | 1,829 | 1,779 | 7,397 | 6,236 | |||||||||||||||||||
| Non-cash lease expense | 859 | 783 | 3,280 | 3,066 | |||||||||||||||||||
| Cash interest paid on convertible note | — | — | — | (904) | |||||||||||||||||||
| Cash interest expense on related-party long-term debt | — | (6,193) | — | (6,193) | |||||||||||||||||||
| Non-cash interest expense on related-party long-term debt | — | 171 | — | 2,272 | |||||||||||||||||||
| Deferred income taxes | (74,049) | (660) | (59,555) | (60,194) | |||||||||||||||||||
| Stock-based compensation expense | 248,288 | 2,120 | 259,824 | 9,364 | |||||||||||||||||||
| Impairment of internally developed software | — | — | 709 | — | |||||||||||||||||||
| Change in fair value of convertible note | — | — | — | (16,927) | |||||||||||||||||||
| Change in fair value of warrant liabilities | (1,494) | 220 | (1,517) | 678 | |||||||||||||||||||
| Change in fair value of simple agreement for future equity | (219) | 374 | 66 | 1,298 | |||||||||||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||||||||||
| Due from clients | (36,343) | (23,210) | (108,895) | (49,052) | |||||||||||||||||||
| Accounts receivable | (1,056) | (1,647) | (4,000) | (8,946) | |||||||||||||||||||
| Other current and noncurrent assets | (18,144) | (5,586) | (31,517) | (9,890) | |||||||||||||||||||
| Accounts payable | (2,294) | 29 | 832 | 3,287 | |||||||||||||||||||
| Accrued liabilities | (3,547) | (3,343) | 1,313 | 2,116 | |||||||||||||||||||
| Due to clients | 17,796 | 823 | 20,757 | 7,127 | |||||||||||||||||||
| Payable to clearing broker | 36,313 | 23,037 | 109,265 | 48,761 | |||||||||||||||||||
| Lease liabilities | (979) | (874) | (3,705) | (3,396) | |||||||||||||||||||
| Net cash provided by operating activities | $ | 33,306 | $ | 19,915 | $ | 152,189 | $ | 123,150 | |||||||||||||||
| Investing activities | |||||||||||||||||||||||
| Purchases of property, software, and equipment | (308) | (31) | (1,138) | (533) | |||||||||||||||||||
| Capitalized internally developed software | — | (915) | — | (5,310) | |||||||||||||||||||
| Net cash used in investing activities | $ | (308) | $ | (946) | $ | (1,138) | $ | (5,843) | |||||||||||||||
| Financing activities | |||||||||||||||||||||||
| Repayment of convertible note | — | — | — | (29,122) | |||||||||||||||||||
| Principal repayment of related-party long-term debt | — | (20,000) | — | (20,000) | |||||||||||||||||||
| Proceeds from draw on credit facility | (200,000) | — | (200,000) | — | |||||||||||||||||||
| Repayment of draw on credit facility | 200,000 | — | 200,000 | — | |||||||||||||||||||
| Taxes paid related to net shares of settlement of equity awards in connection with IPO | (136,855) | — | (136,855) | — | |||||||||||||||||||
| Proceeds from issuance of common stock | 282,222 | — | 282,222 | — | |||||||||||||||||||
| Equity issuance costs | (9,162) | — | (9,162) | — | |||||||||||||||||||
| Proceeds from exercise of stock options, including early exercises | 5,278 | 2,626 | 12,439 | 4,919 | |||||||||||||||||||
| Repurchase of common stock | (194) | (13,555) | (459) | (37,037) | |||||||||||||||||||
WEALTHFRONT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
| Proceeds from issuance of treasury stock | — | 22,694 | — | 22,694 | |||||||||||||||||||
| Net cash provided by (used in) financing activities | $ | 141,290 | $ | (8,235) | $ | 148,186 | $ | (58,546) | |||||||||||||||
| Net increase in cash and cash equivalents, cash segregated and on deposit for regulatory purposes, and restricted cash | 174,288 | $ | 10,734 | 299,237 | 58,761 | ||||||||||||||||||
| Cash and cash equivalents, cash segregated and on deposit for regulatory purposes, and restricted cash at the beginning of the period | 279,502 | 143,819 | 154,553 | 95,792 | |||||||||||||||||||
| Cash and cash equivalents, cash segregated and on deposit for regulatory purposes, and restricted cash at the end of the period | $ | 453,790 | $ | 154,553 | $ | 453,790 | $ | 154,553 | |||||||||||||||
WEALTHFRONT CORPORATION
KEY BUSINESS METRICS
| TOTAL | As of or for the Three Months Ended January 31, | As of or for the Twelve Months Ended January 31, | |||||||||||||||||||||
| (in $ millions unless otherwise noted) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Platform assets | $ | 94,106 | $ | 80,175 | $ | 94,106 | $ | 80,175 | |||||||||||||||
| Cash management | 45,361 | 42,411 | 45,361 | 42,411 | |||||||||||||||||||
| Investment advisory | 48,745 | 37,764 | 48,745 | 37,764 | |||||||||||||||||||
| Net deposits | $ | (360) | $ | 2,667 | $ | 6,659 | $ | 17,714 | |||||||||||||||
| Funded clients (# in thousands) | 1,417 | 1,212 | 1,417 | 1,212 | |||||||||||||||||||
Funded accounts (# in thousands) | 1,843 | 1,584 | 1,843 | 1,584 | |||||||||||||||||||
| CASH MANAGEMENT | As of or for the Three Months Ended January 31, | As of or for the Twelve Months Ended January 31, | |||||||||||||||||||||
| (in $ millions unless otherwise noted) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Cash management assets (off-balance sheet), beginning of the period | $ | 47,011 | $ | 41,400 | $ | 42,411 | $ | 29,361 | |||||||||||||||
| Cash management assets (off-balance sheet), end of the period | 45,360 | 42,411 | 45,360 | 42,411 | |||||||||||||||||||
Average1 | 46,185 | 41,906 | 43,886 | 35,886 | |||||||||||||||||||
| Cash management revenue | $ | 69.7 | $ | 62.1 | $ | 271.7 | $ | 230.9 | |||||||||||||||
Annualized cash management fee rate (in %) 2 | 0.60 | % | 0.59 | % | 0.62 | % | 0.64 | % | |||||||||||||||
| INVESTMENT ADVISORY | As of or for the Three Months Ended January 31, | As of or for the Twelve Months Ended January 31, | |||||||||||||||||||||
| (in $ millions unless otherwise noted) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Investment advisory assets (off-balance sheet), beginning of the period | $ | 45,811 | $ | 35,096 | $ | 37,764 | $ | 28,240 | |||||||||||||||
| Investment advisory assets (off-balance sheet), end of the period | 48,745 | 37,764 | 48,745 | 37,764 | |||||||||||||||||||
Average1 | 47,278 | 36,430 | 43,255 | 33,002 | |||||||||||||||||||
| Investment advisory revenue | $ | 25.8 | $ | 19.6 | $ | 91.9 | $ | 73.0 | |||||||||||||||
Annualized investment advisory fee rate (in %) 2 | 0.22 | % | 0.21 | % | 0.21 | % | 0.22 | % | |||||||||||||||
1 Average balance rows represent the average of the beginning of period and end of period balances.
2 Annualized cash management fee rate and Annualized investment advisory fee rate is calculated by annualizing revenue for the given period and dividing by the simple average asset balance presented.
WEALTHFRONT CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(UNAUDITED)
The following tables present reconciliations of GAAP to non-GAAP measures disclosed within this document.
Adjusted Operating Expenses
| Three Months Ended January 31, | Twelve Months Ended January 31, | ||||||||||||||||||||||
($ in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| GAAP operating expenses | $ | 310,656 | $ | 51,783 | $ | 476,163 | $ | 187,386 | |||||||||||||||
Less: Stock-based compensation expense | 248,288 | 2,120 | 259,824 | 9,364 | |||||||||||||||||||
| Less: Employer payroll taxes on IPO-triggered vesting of equity awards | 5,275 | — | 5,275 | — | |||||||||||||||||||
Adjusted operating expenses | $ | 57,093 | $ | 49,663 | $ | 211,064 | $ | 178,022 | |||||||||||||||
Adjusted EBITDA & Adjusted EBITDA Margin
| Three Months Ended January 31, | Twelve Months Ended January 31, | ||||||||||||||||||||||
($ in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Net income (loss) | $ | (133,655) | $ | 32,092 | $ | (42,066) | $ | 194,447 | |||||||||||||||
Net income margin | (139)% | 39% | (12)% | 63% | |||||||||||||||||||
| Add: | |||||||||||||||||||||||
| Interest expense | 508 | 253 | 891 | 2,810 | |||||||||||||||||||
| Provision for (benefit from) income taxes | (76,320) | (636) | (59,182) | (55,218) | |||||||||||||||||||
| Depreciation and amortization of property, software, and equipment, net | 1,829 | 1,779 | 7,397 | 6,236 | |||||||||||||||||||
| EBITDA (non-GAAP) | (207,638) | 33,488 | (92,960) | 148,275 | |||||||||||||||||||
| Stock-based compensation expense | 248,285 | 2,120 | 259,824 | 9,364 | |||||||||||||||||||
| Change in fair value of convertible note, warrant liabilities, and SAFEs | (1,712) | 594 | (1,450) | (14,951) | |||||||||||||||||||
| Employer payroll taxes on IPO-triggered vesting of equity awards | 5,275 | — | 5,275 | — | |||||||||||||||||||
| Adjusted EBITDA (non-GAAP) | $ | 44,210 | $ | 36,202 | $ | 170,688 | $ | 142,688 | |||||||||||||||
| Adjusted EBITDA Margin (non-GAAP) | 46 | % | 44 | % | 47 | % | 46 | % | |||||||||||||||
Free Cash Flow & Free Cash Flow Conversion
| Three Months Ended January 31, | Twelve Months Ended January 31, | ||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Net cash provided by operating activities | $ | 33,306 | $ | 19,915 | $ | 152,189 | $ | 123,150 | |||||||||||||||
| Divided by: Net income (loss) | (133,655) | 32,092 | (42,066) | 194,447 | |||||||||||||||||||
Operating cash flow conversion | NM | 62 | % | NM | 63 | % | |||||||||||||||||
| Net cash provided by operating activities | $ | 33,306 | $ | 19,915 | $ | 152,189 | $ | 123,150 | |||||||||||||||
| Less: Capital expenditures | (308) | (946) | (1,138) | (5,843) | |||||||||||||||||||
Free cash flow | $ | 32,998 | $ | 18,969 | $ | 151,051 | $ | 117,307 | |||||||||||||||
Divided by: Adjusted EBITDA (non-GAAP) | 44,210 | 36,202 | 170,688 | 142,688 | |||||||||||||||||||
Free cash flow conversion | 75 | % | 52 | % | 88 | % | 82 | % | |||||||||||||||
Earnings Presentation Q4 2026 + FY 2026
Disclaimer Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements that involve substantial risks and uncertainties. All statements contained in this presentation other than statements of historical fact, including statements regarding our future operating results and financial condition, our business strategy and plans, market growth, and our objectives for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are made as of the date they were first issued and are based on information available to Wealthfront together with Wealthfront’s expectations, estimates, forecasts, projections, beliefs, and assumptions as of such date. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Wealthfront’s control. Wealthfront’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors. Further information on potential risks that could affect actual results is included in Wealthfront’s most recent filings with the Securities and Exchange Commission (the “SEC”), including in our most recent Form 10-Q, copies of which may be obtained by visiting Wealthfront’s Investor Relations website at https://ir.wealthfront.com or the SEC's website at https://www.sec.gov. Past performance is not necessarily indicative of future results. Wealthfront undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Forward-looking statements should not be relied upon as representing Wealthfront’s views as of any date subsequent to the date of this presentation. Additional Information We announce material information to the public through filings with the SEC, the investor relations page on our website (ir.wealthfront.com), press releases, public conference calls, public webcasts, and our social media accounts on X, Instagram, Facebook, and LinkedIn in order to achieve broad, non-exclusionary distribution of information to the public and for complying with our disclosure obligations under Regulation FD. The content of our websites and information that we may post on or provide to online and social media channels, including those mentioned above, and information that can be accessed through our websites or these online and social media channels are not incorporated by reference into this presentation or in any report or document we file with the SEC, and any references to our websites or these online and social media channels are intended to be inactive textual references only. Non-GAAP Financial Measures We collect and analyze operating and financial data to evaluate the health of our business, allocate our resources, and assess our performance. In addition to total revenue, net income and other results under GAAP, we utilize non-GAAP calculations of adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”). Adjusted EBITDA is defined as net income, excluding: (i) interest expenses, (ii) provision for (benefit from) income taxes, (iii) depreciation and amortization, (iv) stock-based compensation expense, (v) change in fair value of the convertible note, warrant liabilities, and SAFEs, and (vi) nonrecurring expenses, if any. The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature, or because the amount and timing of these items is unpredictable, are not driven by core results of operations and render comparisons with prior periods and competitors less meaningful. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue. We believe Adjusted EBITDA and Adjusted EBITDA Margin provide useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our business performance. Moreover, we have included Adjusted EBITDA and Adjusted EBITDA Margin in this presentation because they are key measurements used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, identify trends affecting our business and perform strategic planning and annual budgeting. Free Cash Flow reflects net cash provided from operating activities, less (i) purchases of property, software, and equipment and (ii) capitalized internally developed software. We believe Free Cash Flow allows investors to evaluate the cash generated from our underlying operations in a manner similar to the method used by management. However, the utility of Free Cash Flow as a measure of our liquidity is limited as it does not represent the total increase or decrease in our cash balance for a given period. Free Cash Flow Conversion reflects Free Cash Flow divided by Adjusted EBITDA. Adjusted Operating Expenses reflect GAAP expenses, less (i) stock-based compensation expense and (ii) nonrecurring expenses, if any. The above items are excluded from our Adjusted Operating Expenses because these items are non-cash in nature, or because the amount and timing of these items is unpredictable, are not driven by core results of operations and render comparisons with prior periods and competitors less meaningful. Please refer to the Appendix for a reconciliation of each non-GAAP financial measure presented herein to the most directly comparable financial measure stated in accordance with GAAP. 02
Note: Years reflect calendar years. Q4 2026 Business Update Early Access to Wealthfront Home Lending Wealthfront Treasury Money Market Fund (WLTXX) Second Consecutive Record Quarter of Net Cross Account Transfers to Investment Advisory Launched in December 2025 with February-end assets under management over $85 million Highlights the balanced nature of the business and the enhanced breadth of Investment Advisory products available to clients Enhanced Investment Advisory & Cash Management Offerings Introduced auto dividend sweeps from Investment Advisory to Cash Management accounts Launched early access to Wealthfront Home Lending in November 2025 starting in Colorado and having since expanded into Texas and California C2024 Automated Bond Ladders S&P 500 Direct Free Instant Withdrawals Joint Access C2023 Stock Investing Automated Bond Portfolios Wires C2025 Joint Cash Account Shared Views & Checking Features Fully Paid Securities Lending Platform Referrals Fractional Shares for Automated Investing Accounts and Automated Bond Portfolios Nasdaq-100 Direct Home Mortgages Wealthfront Treasury Money Market Fund (WLTXX) 03 Increased withdrawal limits up to $1 million for qualified Cash Management clients Introduced Dividend Reinvestment Plans and added additional stock and ETF tickers within the Stock Investing account Expanded availability of fractional shares into Automated Investing Accounts and Automated Bond Portfolios Increased the base APY on the Wealthfront Cash Account by five basis points to 3.30% effective January 30th due to the effective federal funds rate stabilizing at a higher rate within its target range
$193.8 $277.9 $327.0 $216.7 $308.9 $365.0 89% 90% 90% 0.8 0.9 0.9 1.0 1.0 1.1 1.1 1.2 0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 F2024 F2025 F2026 +18% +18% Total Revenue & Gross Profit (in $ M) Adjusted Operating Expenses (in $ M) Cost of Revenue Gross profit margin Gross profit 04 $123.3 $178.0 $211.1 F2024 F2025 F2026 +19% Adjusted EBITDA margin Adjusted EBITDAAdj. EBITDA (in $ M) & Adj. EBITDA Margin (in %) $103.0 $142.7 $170.7 48% 46% 47% F2024 F2025 F2026 Total Platform Assets (in $ B) Investment Advisory Cash Management $29.4 $42.4 $45.4 $28.2 $37.8 $48.7$57.6 $80.2 $94.1 F2024 F2025 F2026 +29% +17% +7% Note: Fiscal years ended January 31. Growth rates are year-over-year. Please refer to the Appendix for a reconciliation of non-GAAP financial measures to the most directly comparable financial measure stated in accordance with GAAP. +20%
Total Platform Assets (in $ B) • Record month-end Total Platform Assets of $94.1 billion were up 17% year- over-year (YoY). This included trailing twelve- month net deposits of $6.7 billion. • Investment Advisory Assets of $48.7 billion were up 29% YoY. • Cash Management Assets of $45.4 billion were up 7% YoY. Investment Advisory Cash Management 05 $42.4 $43.8 $46.6 $47.0 $45.4 $37.8 $37.1 $41.6 $45.8 $48.7 $80.2 $80.9 $88.2 $92.8 $94.1 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 +17% +29% +7% Note: Fiscal quarters ended January 31, April 30, July 31, and October 31. Growth rates are year-over-year.
$2.7 $1.8 $3.7 $1.6 ($0.4) Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Total Net Deposits (in $ B) • Total net outflows in Q4 2026 were $0.4 billion. Investment Advisory net deposits were $1.3 billion including a second consecutive record quarter of net cross account transfers from Cash Management to Investment Advisory. Cash Management net outflows were $1.7 billion, but as expected, began to normalize in mid-January. • Net outflows from Cash Management were $145 million in February, a significant improvement from the $840 million in net outflows in January. • Since February 16th, Cash Management net deposits have been positive; however, we expect withdrawals due to tax time seasonality to begin later in March and continue up until the April 15th federal tax deadline. • Fiscal Q1 ends April 30th and typically experiences tax time seasonality. 06Note: Fiscal quarters ended January 31, April 30, July 31, and October 31. ($1.31) ($0.4)
Total Funded Accounts & Funded Clients (in 000s) • Funded accounts ended the quarter at roughly 1.84 million, up 16% YoY, with funded clients of roughly 1.42 million, up 17% YoY, reflecting 1.3 funded accounts per funded client. • Q4 2026 was the strongest quarter of new funded Investment Advisory clients added in the year. Ending Total Funded Accounts Ending Total Funded Clients 07 1,212 1,264 1,318 1,378 1,417 1,584 1,648 1,710 1,785 1,843 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 +16% +17% Note: Fiscal quarters ended January 31, April 30, July 31, and October 31. Growth rates are year-over-year.
• Record quarterly revenue of $96.1 million, up 16% YoY, and record quarterly gross profit of $86.6 million, up 17% YoY. • Record quarterly revenue included Cash Management revenue of $69.7 million, up 12% YoY, due to higher average Cash Management balances and a slightly higher fee rate, and Investment Advisory revenue of $25.8 million, up 31% YoY, due primarily to higher average Investment Advisory balances. • Strong gross profit margin of 90% flat YoY. • Adjusted operating expenses were $57.1 million, up 15% YoY, due primarily to higher product development expense, partially offset by lower marketing expense. • Refer to the Appendix for more details on expenses and a reconciliation of non- GAAP financial measures to the most directly comparable financial measure stated in accordance with GAAP. Total Revenue & Gross Profit (in $ M) Adjusted Operating Expenses (in $ M)Cost of Revenue Gross profit margin Gross profit 08 $74.1 $75.8 $81.5 $83.0 $86.6 $82.7 $84.5 $91.1 $93.2 $96.1 90% 90% 89% 89% 90% 0.8 0.85 0.9 0.95 1 1.05 1.1 0 25 50 75 100 125 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 $49.7 $50.0 $50.3 $53.7 $57.1 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 15%17% 16% Note: Fiscal quarters ended January 31, April 30, July 31, and October 31. Growth rates are year-over-year.
• Adjusted EBITDA of $44.2 million was up 22% YoY and reflected an adjusted EBITDA margin of 46%, up 2 percentage points YoY. • The strong operating leverage was driven primarily by revenue growth of 16% YoY outpacing the 15% YoY growth in adjusted operating expenses. • GAAP diluted net income (loss) of -$134.8 million was down YoY driven primarily by elevated share-based compensation expense as a result of one-time, dual- trigger equity awards settled in connection with our IPO of $239.0 million. • GAAP diluted earnings per share (EPS) of $(1.31) was down YoY primarily due to the factors noted above. Adjusted EBITDA margin Adjusted EBITDA GAAP Diluted EPS GAAP diluted net income (loss) Adj. EBITDA (in $ M) & Adj. EBITDA Margin (in %) GAAP Diluted Net Income (Loss) (in $M) & GAAP Diluted EPS (in $) 09 $32.1 $25.9 $34.7 $30.9 -$134.8 $0.23 $0.18 $0.24 $0.21 ($1.31) Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 $36.2 $37.9 $44.8 $43.8 $44.2 44% 45% 49% 47% 46% Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 +22% Note: Fiscal quarters ended January 31, April 30, July 31, and October 31. Growth rates are year-over-year. Please refer to the Appendix for a reconciliation of non-GAAP financial measures to the most directly comparable financial measure stated in accordance with GAAP. ($1.31)
Rule of 40 (in Percentage Points) Free Cash Flow ($ M) & Free Cash Flow Conversion (in %) Free cash flow conversion Free cash flow 10 Revenue growth (in ppt) Adjusted EBITDA margin (in ppt) 44 45 49 47 46 37 24 18 16 16 81 69 67 63 62 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 $19.0 $38.3 $38.5 $41.3 $33.0 52% 101% 86% 94% 75% 0% 25% 50% 75% 100% 125% 150% $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 $45.0 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 LTM FCF conversion: 88% Note: Fiscal quarters ended January 31, April 30, July 31, and October 31. Please refer to the Appendix for a reconciliation of non-GAAP financial measures to the most directly comparable financial measure stated in accordance with GAAP. • Q4 is a seasonally lower free cash flow quarter as we pay out 65% of accrued annual cash bonuses to our employees in January. The remaining 35% is paid in July or Q2. • Q4’25 includes interest paid on related-party long-term debt of $6.2 million.
C A P I T A L P R I O R I T I E S Corporate Liquidity (in $ M) Corporate cash & cash equivalents Revolving credit facility (untapped) 11 $142.9 $182.9 $222.7 $266.2 $440.8 $50.0 $50.0 $50.0 $250.0 $250.0 Total available liquidity $192.9 $232.9 $272.7 $516.2 $690.8 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Note: Fiscal quarters ended January 31, April 30, July 31, and October 31. Organic investments M&A with a preference to ‘build’ versus ‘buy’ Share repurchases • No corporate debt • Corporate cash in Q4’26 includes net IPO proceeds raised in December.
Appendix
(in $ thousands excluding EPS and shares) Q4’25 Q1’26 Q2’26 Q3’26 Q4’26 F2024 F2025 F2026 Revenue: Cash management 62,056 64,266 68,873 68,812 69,749 154,800 230,946 271,700 Investment advisory 19,632 19,874 22,040 24,182 25,803 56,095 73,045 91,899 Other revenue 992 374 210 226 584 5,819 4,868 1,394 Total revenue 82,680 84,514 91,123 93,220 96,136 216,714 308,859 364,993 Costs and operating expenses: Cost of revenue 8,543 8,668 9,587 10,178 9,574 22,898 30,964 38,007 Product development 18,085 20,232 21,227 20,922 150,056 57,558 64,515 212,437 General and administrative 7,841 9,867 8,873 15,404 114,984 23,766 29,092 149,128 Marketing 14,475 10,188 9,093 12,234 20,240 21,150 52,196 51,755 Operations and support 2,839 2,925 3,063 3,046 15,802 9,767 10,619 24,836 Total costs and operating expenses 51,783 51,880 51,843 61,784 310,656 135,139 187,386 476,163 Interest expense 253 67 99 217 508 2,000 2,810 891 Other income, net (812) (1,544) (690) (3,526) (5,053) 986 (20,566) (10,813) Income before income taxes 31,456 34,111 39,871 34,745 (209,975) 78,589 139,229 (101,248) Provision for (benefit from) income taxes (636) 8,164 5,130 3,844 (76,320) 1,623 (55,218) (59,182) Net income (loss) 32,092 25,947 34,741 30,901 (133,655) 76,966 194,447 (42,066) Net income (loss) attributable to common shareholders: Net income (loss) attributable to common stockholders, basic 32,092 25,947 34,741 30,901 (133,655) 76,966 194,447 (42,066) Net income (loss) attributable to common stockholders, dilutive 32,092 25,947 34,741 30,901 (134,774) 77,919 181,752 (43,203) Earnings per share (EPS): Basic 0.82 0.64 0.86 0.72 (1.30) 2.06 4.99 (0.74) Diluted 0.23 0.18 0.24 0.21 (1.31) 0.54 1.31 (0.76) Weighted-average shares outstanding used in computing EPS (in shares): Basic 39,108,339 40,271,969 40,497,003 42,872,653 102,601,387 37,297,221 38,990,556 56,694,634 Diluted 137,775,723 142,487,835 141,996,997 142,510,293 102,830,296 143,878,296 138,660,318 56,937,428 Income Statement 13Note: Fiscal quarters ended January 31, April 30, July 31, and October 31. Fiscal years ended January 31.
(in $ thousands unless otherwise noted) Q4’25 Q1’26 Q2’26 Q3’26 Q4’26 F2024 F2025 F2026 Total revenue 82,680 84,514 91,123 93,220 96,136 216,714 308,859 364,993 Less: Cost of revenue 8,543 8,668 9,587 10,178 9,574 22,898 30,964 38,007 Gross profit 74,137 75,846 81,536 83,042 86,562 193,816 277,895 326,986 Gross profit margin (in %) 90% 90% 89% 89% 90% 89% 90% 90% Gross Profit 14Note: Fiscal quarters ended January 31, April 30, July 31, and October 31. Fiscal years ended January 31.
(in $ thousands unless otherwise noted) Q4’25 Q1’26 Q2’26 Q3’26 Q4’26 Net cash provided by operating activities 19,915 38,481 38,924 41,478 33,306 Divided by: Net income 32,092 25,947 34,741 30,901 (133,655) Operating cash flow conversion (in %) 62% 148% 112% 134% NM Net cash provided by operating activities 19,915 38,481 38,924 41,478 33,306 Less: Capital expenditures (946) (211) (421) (198) (308) Free cash flow1 18,969 38,270 38,503 41,280 32,998 Divided by: Adjusted EBITDA (non-GAAP) 36,202 37,904 44,759 43,813 44,210 Free cash flow conversion2 (in %) 52% 101% 86% 94% 75% Free Cash Flow 1 Free cash flow reflects 1) Net cash provided by operating activities less 2) Capital expenditures. 2 Free cash flow conversion equals 1) Free cash flow divided by 2) Adjusted EBITDA. Note: Fiscal quarters ended January 31, April 30, July 31, and October 31. 15
(in $ thousands unless otherwise noted) Q4’25 Q1’26 Q2’26 Q3’26 Q4’26 F2024 F2025 F2026 Product development 1,632 1,251 1,046 850 124,266 8,692 7,325 127,414 General and administrative 419 349 291 7,049 102,992 2,647 2,041 110,677 Marketing 109 91 77 62 8,242 582 536 8,472 Operations and support 239 188 157 127 12,788 1,334 1,099 13,261 Total stock-based compensation expense 2,399 1,879 1,571 8,088 248,288 13,255 11,001 259,824 Capitalized stock-based compensation expense (279) — — — — (1,409) (1,637) — Total stock-based compensation expense, net of amounts capitalized 2,120 1,879 1,571 8,088 248,288 11,846 9,364 259,824 Expense Detail (in $ thousands unless otherwise noted) Q4’25 Q1’26 Q2’26 Q3’26 Q4’26 F2024 F2025 F2026 GAAP operating expenses 51,783 51,880 51,843 61,784 310,656 135,139 187,386 476,163 Less: Stock-based compensation expense 2,120 1,879 1,571 8,088 248,288 11,846 9,364 259,824 Less: Employer payroll taxes on IPO-triggered vesting of equity awards — — — — 5,275 — — 5,275 Adjusted operating expenses 49,663 50,001 50,272 53,696 57,093 123,293 178,022 211,064 16Note: Fiscal quarters ended January 31, April 30, July 31, and October 31. Fiscal years ended January 31.
(in $ thousands unless otherwise noted) Q4’26 + F2026 Product development 2,879 General and administrative 1,903 Marketing 156 Operations and support 337 Employer payroll taxes on IPO-triggered vesting of equity awards 5,275 Expense Detail 17Note: Fiscal quarters ended January 31, April 30, July 31, and October 31. Fiscal years ended January 31.
(in $ thousands unless otherwise noted) Q4’25 Q1’26 Q2’26 Q3’26 Q4’26 F2024 F2025 F2026 Net income 32,092 25,947 34,741 30,901 (133,655) 76,966 194,447 (42,066) Net income margin (in %) 39% 31% 38% 33% (140)% 36% 63% (12)% Add: Interest expense 253 67 99 217 508 2,000 2,810 891 Provision for (benefit from) income taxes (636) 8,164 5,130 3,844 (76,320) 1,623 (55,218) (59,182) Depreciation and amortization of property, software, and equipment, net 1,779 1,847 1,859 1,860 1,829 6,037 6,236 7,397 EBITDA (non-GAAP) 33,488 36,025 41,829 36,822 (207,638) 86,626 148,275 (92,960) Stock-based compensation expense 2,120 1,879 1,571 8,088 248,285 11,846 9,364 259,824 Change in fair value of convertible note, warrant liabilities, and SAFEs 594 — 1,359 (1,097) (1,712) 4,490 (14,951) (1,450) Employer payroll taxes on IPO-triggered vesting of equity awards — — — — 5,275 — — 5,275 Adjusted EBITDA (non-GAAP) 36,202 37,904 44,759 43,813 44,210 102,962 142,688 170,688 Adjusted EBITDA Margin (non-GAAP) [in %] 44% 45% 49% 47% 46% 48% 46% 47% Adjusted EBITDA 18Note: Fiscal quarters ended January 31, April 30, July 31, and October 31. Fiscal years ended January 31.
(in $ millions unless otherwise noted) Q4’25 Q1’26 Q2’26 Q3’26 Q4’26 F2024 F2025 F2026 Platform assets $ 80,175 80,858 88,175 92,821 94,106 57,601 80,175 94,106 Cash management 42,411 43,774 46,579 47,011 45,360 29,361 42,411 45,360 Investment advisory 37,764 37,085 41,596 45,810 48,745 28,240 37,764 48,745 Net deposits 2,667 1,790 3,662 1,568 -360 20,858 17,714 6,659 Funded accounts (in # thousands) 1,584 1,648 1,710 1,785 1,843 1,136 1,584 1,843 Funded clients (# in thousands) 1,212 1,264 1,318 1,378 1,417 854 1,212 1,417 Key Business Metrics (1 of 2) 19Note: Fiscal quarters ended January 31, April 30, July 31, and October 31. Fiscal years ended January 31.
(in $ millions unless otherwise noted) Q4’25 Q1’26 Q2’26 Q3’26 Q4’26 Cash management assets (off-balance sheet), beginning of the period $ 41,400 42,411 43,774 46,579 47,011 Cash management assets (off-balance sheet), end of the period 42,411 43,774 46,579 47,011 45,360 Average1 41,906 43,093 45,177 46,795 46,186 Cash management revenue $ 62.1 64.3 68.9 68.8 69.7 Annualized cash management fee rate (in %) 2 0.59% 0.61% 0.60% 0.58% 0.60% Investment advisory assets (off-balance sheet), beginning of the period $ 35,096 37,764 37,085 41,596 45,811 Investment advisory assets (off-balance sheet), end of the period 37,764 37,085 41,596 45,810 48,745 Average1 36,430 37,424 39,340 43,704 47,278 Investment advisory revenue $ 19.6 19.9 22.0 24.2 25.8 Annualized investment advisory fee rate (in %) 2 0.21% 0.22% 0.22% 0.22% 0.22% Key Business Metrics (2 of 2) 1 Average balance rows represent the average of the beginning of period and end of period balances. 2 Annualized cash management fee rate and Annualized investment advisory fee rate is calculated by annualizing revenue for the given period and dividing by the applicable average asset balance. Note: Fiscal quarters ended January 31, April 30, July 31, and October 31. 20
Definitions Key Business Metrics Platform assets: We define “platform assets” as the total value of financial assets held by clients in their accounts as of a stated date on our platform. Net deposits and changes in value attributable to financial market performance are included in the change in platform assets in any given period. We further break down platform assets into two categories of products: cash management and investment advisory. Net deposits: We define “net deposits” as the value of all assets clients have placed into products on our platform, net of withdrawals, over a defined period of time. We exclude changes in value attributable to financial market performance from this metric. We view net deposits as an important barometer of our ability to scale and grow organically and accumulate assets onto our platform. We view the relevant metric as net deposits on a platform-wide basis, not by individual product. Although net deposits can vary by product based on the economic environment, total net deposits provides a more comprehensive view of our growth because our platform offers diverse financial products that are designed to perform under a wide range of economic conditions, allowing the business to maintain resilience and increase total platform assets across market cycles and through extraordinary events. Funded clients: We define “funded clients” as clients with balances greater than zero or that have been greater than zero on at least one occasion during the 45 consecutive calendar days ending as of the measurement date. Funded clients include clients with a zero balance across all accounts as of the measurement date if they had greater than zero balances in at least one account within 45 calendar days prior to the measurement date. Individuals who shared funded joint accounts are each considered to be a separate funded client. The number of funded clients is as of a stated date and reflects our scale and monetization potential. Funded accounts: We define “funded accounts” as accounts with balances greater than zero or that have been greater than zero on at least one occasion during the 45 consecutive calendar days ending as of the measurement date. Funded accounts include accounts with a zero balance as of the measurement date if they had greater than zero balances within 45 calendar days prior to the measurement date. A shared funded joint account is considered a single funded account. The number of funded accounts is as of a stated date and reflects our scale and monetization potential. 21
FAQ
How did Wealthfront (WLTH) perform financially in fiscal year 2026?
Wealthfront reported strong fiscal 2026 results, with revenue of $365.0 million, up 18% year-over-year. Adjusted EBITDA climbed to $170.7 million with a 47% margin, supported by record platform assets and solid free cash flow of $151.1 million.
Why did Wealthfront (WLTH) report a GAAP net loss in 2026 despite growth?
The company posted a GAAP net loss of $42.1 million for 2026, mainly due to one-time IPO-related stock-based compensation expense of $239.0 million. Excluding this, non-GAAP measures such as Adjusted EBITDA and free cash flow showed strong underlying profitability.
How large are Wealthfront’s platform assets and how fast are they growing?
Total platform assets reached a record $94.1 billion as of January 31, 2026, up 17% year-over-year. This includes $48.7 billion of investment advisory assets, which grew 29%, and $45.4 billion of cash management assets, which increased 7% over the same period.
What were Wealthfront’s Q4 2026 revenue and profitability metrics?
Fiscal Q4 2026 revenue was a record $96.1 million, up 16% year-over-year, with gross profit of $86.6 million and a 90% gross margin. Adjusted EBITDA reached $44.2 million and a 46% margin, while GAAP net loss was $133.7 million due to IPO-related stock compensation.
How is Wealthfront (WLTH) performing in terms of clients and accounts?
Funded clients totaled about 1.42 million at the end of Q4 2026, up 17% year-over-year. Funded accounts reached approximately 1.84 million, up 16%, reflecting about 1.3 funded accounts per funded client and continued client base expansion.
What is Wealthfront’s liquidity position following its IPO and 2026 results?
Wealthfront reported cash and cash equivalents of $440.8 million as of January 31, 2026, alongside an undrawn revolving credit facility of $250.0 million. Total available liquidity of about $690.8 million supports operations, growth initiatives, and the new $100 million repurchase authorization.