MarketWise reported higher billings and operating cash flow for the third quarter, alongside $80.1 million in revenue and $15.1 million in net income. The financial-research subscription company also reaffirmed its 2026 billings and cash-flow targets and maintained its annual dividend target of $1.80 per Class A share.
Management said it increased marketing investment in the first half of the year to attract subscribers, then moderated customer acquisition in the third quarter as it shifted toward monetization and cash generation.
Key details
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Billings rose 27% year over year to $80.7 million. MarketWise defines billings as amounts invoiced to customers during the period. Because subscription revenue is recognized over the subscription term, billings can provide a more current indication of customer demand than reported revenue.
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Third-quarter net revenue was $80.1 million, and net income was $15.1 million. The reported quarterly results are unaudited.
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Cash flow from operating activities was $7.8 million, up $5.6 million, or 261.5%, from the year-earlier quarter. For the first nine months of 2026, it increased $6.4 million, or 30%, compared with the same period in 2025.
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The company reaffirmed its full-year 2026 targets: billings of approximately $330 million—about $59 million, or 22%, above 2025—and cash flow from operating activities of $50 million.
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Paid subscribers totaled 389,000 at September 30. That was down from 400,000 at the end of June but up from 379,000 a year earlier. The company also had 2.0 million active free subscribers.
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MarketWise ended September with $27.4 million in cash and no debt outstanding.
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The company paid $0.45 per Class A share in dividends during the quarter and maintained its full-year dividend target of $1.80 per share.
What changes—and what does not
MarketWise’s subscriber count fell from the prior quarter, even as it remained above the year-earlier level. Management attributed the quarter’s billings growth to customer acquisition earlier in the year, improved retention and stronger conversion to higher-priced products. It said it moderated acquisition spending in the third quarter after investing more heavily in the first half.
The company’s stated plan is to balance growth investment against monetization and cash generation. It made no change to its 2026 billings, operating-cash-flow or dividend targets.