Revenue: As of FY2026, the actual value is USD 364.99 M, beating the estimate of USD 361.24 M.EPS: As of FY2026, the actual value is USD -0.76, missing the estimate of USD -0.6559.EBIT: As of FY2026, the actual value is USD -110.28 M.<h4>Segment Revenue</h4><ul><li>Cash Management Revenue<ul><li>For the fiscal year ended January 31, 2026, cash management revenue was $271.7 million, representing 75% of total revenue, with average cash management assets of $43,886 million and an annualized fee rate of 0.62%.</li><li>For the fiscal year ended January 31, 2025, it was $230.9 million, representing 74% of total revenue, with average cash management assets of $35,886 million and an annualized fee rate of 0.64%.</li><li>Cash management revenue increased by $40.8 million (18%) year-over-year, primarily due to a 22% increase in average cash management assets, despite a 4% decline in the annualized fee rate.</li></ul></li><li>Investment Advisory Revenue<ul><li>For the fiscal year ended January 31, 2026, investment advisory revenue was $91.9 million, representing 25% of total revenue, with average investment advisory assets of $43,255 million and an annualized fee rate of 0.21%.</li><li>For the fiscal year ended January 31, 2025, it was $73.0 million, representing 24% of total revenue, with average investment advisory assets of $33,002 million and an annualized fee rate of 0.22%.</li><li>Investment advisory revenue increased by $18.9 million (26%) year-over-year, driven by a 31% increase in average investment advisory assets.</li></ul></li><li>Other Revenue<ul><li>For the fiscal year ended January 31, 2026, other revenue was $1.4 million, representing 0% of total revenue.</li><li>For the fiscal year ended January 31, 2025, it was $4.9 million, representing 2% of total revenue.</li><li>Other revenue decreased by - $3.5 million (-71%) year-over-year, primarily due to the discontinuation of a product offering in November 2024.</li></ul></li></ul><h4>Operational Metrics</h4><ul><li>Platform Assets<ul><li>As of January 31, 2026, total platform assets were $94.1 billion, a 17% increase year-over-year, comprising $45,361 million in cash management assets (7% increase) and $48,745 million in investment advisory assets (29% increase).</li><li>As of January 31, 2025, total platform assets were $80.2 billion, with $42,411 million in cash management assets and $37,764 million in investment advisory assets.</li></ul></li><li>Net Deposits<ul><li>Net deposits were $6,659 million for the fiscal year ended January 31, 2026, compared to $17,714 million for the fiscal year ended January 31, 2025.</li><li>This represents a year-over-year decrease of - $11,055 million (-62%), mainly due to lower absolute interest rates and Federal Reserve rate cuts impacting Cash Management net deposits.</li></ul></li><li>Funded Clients<ul><li>As of January 31, 2026, Wealthfront Corporation had 1.417 million funded clients, a 17% increase year-over-year, primarily due to an increase in new cash management clients.</li><li>As of January 31, 2025, there were 1.212 million funded clients.</li></ul></li><li>Net Income (Loss)<ul><li>For the fiscal year ended January 31, 2026, Net Income was - $42,066 thousand, with a net income margin of -12%.</li><li>For the fiscal year ended January 31, 2025, Net Income was $194,447 thousand, with a net income margin of 63%.</li></ul></li><li>Adjusted EBITDA<ul><li>Adjusted EBITDA was $170,689 thousand for the fiscal year ended January 31, 2026, with an Adjusted EBITDA Margin of 47%.</li><li>For the fiscal year ended January 31, 2025, it was $142,688 thousand, with an Adjusted EBITDA Margin of 46%.</li></ul></li><li>Total Costs and Operating Expenses<ul><li>Total costs and operating expenses for the fiscal year ended January 31, 2026, were $476,163 thousand (130% of total revenue), an increase of $288,777 thousand (154%) from fiscal 2025.</li><li>For the fiscal year ended January 31, 2025, these expenses were $187,386 thousand (60% of total revenue).</li></ul></li><li>Cost of Revenue<ul><li>Cost of revenue increased by $7,043 thousand (23%) year-over-year to $38,007 thousand (10% of total revenue) in fiscal 2026, from $30,964 thousand (10% of total revenue) in fiscal 2025, primarily due to increased cash management costs and brokerage platform fees.</li></ul></li><li>Product Development Expense<ul><li>Product development expense increased by $147,922 thousand (229%) year-over-year to $212,437 thousand (58% of total revenue) in fiscal 2026, from $64,515 thousand (21% of total revenue) in fiscal 2025, mainly due to $120.1 million in stock-based compensation from IPO-triggered vesting and $26.3 million in personnel-related expenses.</li></ul></li><li>General and Administrative Expense<ul><li>General and administrative expense increased by $120,036 thousand (413%) year-over-year to $149,128 thousand (41% of total revenue) in fiscal 2026, from $29,092 thousand (9% of total revenue) in fiscal 2025, primarily due to $108.6 million in stock-based compensation from IPO-triggered vesting and $5.3 million in personnel-related expenses.</li></ul></li><li>Marketing Expense<ul><li>Marketing expense decreased by - $441 thousand (-1%) year-over-year to $51,755 thousand (14% of total revenue) in fiscal 2026, from $52,196 thousand (17% of total revenue) in fiscal 2025, with an $8.1 million decrease in advertising and client referral costs partially offset by a $7.9 million increase in stock-based compensation.</li></ul></li><li>Operations and Support Expense<ul><li>Operations and support expense increased by $14,217 thousand (134%) year-over-year to $24,836 thousand (7% of total revenue) in fiscal 2026, from $10,619 thousand (3% of total revenue) in fiscal 2025, mainly due to $12.2 million in stock-based compensation from IPO-triggered vesting and $2.1 million in personnel-related expenses.</li></ul></li><li>Interest Expense<ul><li>Interest expense decreased by - $1,919 thousand (-68%) year-over-year to $891 thousand in fiscal 2026, from $2,810 thousand in fiscal 2025, primarily due to the repayment of the Bridge Loan in November 2024.</li></ul></li><li>Other Expense (Income), Net<ul><li>Other expense (income), net, increased by $9,753 thousand (47%) year-over-year to - $10,813 thousand in fiscal 2026, from - $20,566 thousand in fiscal 2025, primarily due to a $13.5 million increase in fair value changes of convertible note, warrant liabilities, and SAFEs, partially offset by a $3.7 million increase in dividend income.</li></ul></li><li>Provision for (Benefit From) Income Taxes<ul><li>Provision for (benefit from) income taxes was - $59,182 thousand in fiscal 2026, with an effective income tax rate of -58.6%, compared to - $55,218 thousand in fiscal 2025, with an effective income tax rate of -39.7%.</li></ul></li></ul><h4>Cash Flow</h4><ul><li>Cash Flows from Operating Activities<ul><li>Cash flows from operating activities were $152,189 thousand for the fiscal year ended January 31, 2026, up from $123,150 thousand in fiscal 2025.</li></ul></li><li>Cash Flows from Investing Activities<ul><li>Cash flows from investing activities were - $1,138 thousand for the fiscal year ended January 31, 2026, compared to - $5,843 thousand in fiscal 2025.</li></ul></li><li>Cash Flows from Financing Activities<ul><li>Cash flows from financing activities were $148,186 thousand for the fiscal year ended January 31, 2026, compared to - $58,546 thousand in fiscal 2025.</li></ul></li></ul><h4>Unique Metrics</h4><ul><li>Average Platform Assets per Client: Approximately $66,000 as of January 31, 2026.</li><li>New Client Referrals: Over 50% of new clients were referred by existing clients over the past two fiscal years.</li><li>Annual Client Retention Rate: Over 95% for both fiscal 2026 and 2025.</li><li>Cross Product Adoption Rate: As of January 31, 2026, the rate was 61% on an asset basis and 27% on a client basis.</li><li>Employees: Wealthfront Corporation had 391 full-time employees as of January 31, 2026.</li><li>Wealthfront Brokerage LLC Net Capital: As of January 31, 2026, it was $150.3 million, exceeding the minimum requirement by $145.2 million.</li><li>Wealthfront Brokerage LLC Cash Segregated for Regulatory Purposes: As of January 31, 2026, this amounted to $10.4 million.</li></ul><h4>Outlook / Guidance</h4>Wealthfront Corporation anticipates an increase in future operating expenses, particularly general and administrative costs, due to public company expenses and investments in growth and infrastructure. While revenue is expected to continue growing, the rate of growth is projected to slow as the business matures. The company believes its available cash and cash from operations will cover liquidity needs for at least the next 12 months.

Wealthfront | 10-K: FY2026 Revenue Beats Estimate at USD 364.99 M