Wealthfront

Q1 FY2027 EarningsQ1 FY27 results missed consensus across the board: revenue of $90.5M vs. $91.8M expected (-1.41%) and GAAP EPS of $0.07 vs. $0.08 mean estimate. While investment advisory revenue grew 32% YoY, cash management revenue—the largest segment—declined 1% as lower interest rates impacted fee yields. Adjusted EBITDA margin compressed to 41% (vs. 45% last year), primarily due to a 67% surge in product development expenses as the company scaled its engineering headcount post-IPO.