Nerdy Inc Financials
This page shows Nerdy Inc (NRDY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Nerdy Inc has an operating margin of -34.6%, meaning the company retains $-35 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -36.9% the prior year.
Nerdy Inc's revenue declined 5.9% year-over-year, from $190.2M to $179.0M. This contraction results in a growth score of 23/100.
Nerdy Inc carries a low D/E ratio of 1.02, meaning only $1.02 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 81/100, indicating a strong balance sheet with room for future borrowing.
Nerdy Inc's current ratio of 2.27 indicates adequate short-term liquidity, earning a score of 42/100. The company can meet its near-term obligations, though with limited headroom.
While Nerdy Inc generated -$18.8M in operating cash flow, capex of $5.4M consumed most of it, leaving -$24.2M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Nerdy Inc generates a -210.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -107.9% the prior year.
Nerdy Inc passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Nerdy Inc generates $0.47 in operating cash flow (-$18.8M OCF vs -$39.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Nerdy Inc generated $179.0M in revenue in fiscal year 2025. This represents a decrease of 5.9% from the prior year.
Nerdy Inc's EBITDA was -$60.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 11.6% from the prior year.
Nerdy Inc reported -$39.9M in net income in fiscal year 2025. This represents an increase of 6.3% from the prior year.
Nerdy Inc earned $-0.33 per diluted share (EPS) in fiscal year 2025. This represents an increase of 13.2% from the prior year.
Cash & Balance Sheet
Nerdy Inc generated -$24.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 7.8% from the prior year.
Nerdy Inc held $47.9M in cash against $19.3M in long-term debt as of fiscal year 2025.
Margins & Returns
Nerdy Inc's gross margin was 58.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 9.5 percentage points from the prior year.
Nerdy Inc's operating margin was -34.6% in fiscal year 2025, reflecting core business profitability. This is up 2.3 percentage points from the prior year.
Nerdy Inc's net profit margin was -22.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.1 percentage points from the prior year.
Nerdy Inc's ROE was -210.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 102.1 percentage points from the prior year.
Capital Allocation
Nerdy Inc invested $5.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 21.8% from the prior year.
NRDY Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $49.1M+32.7% | $37.0M-18.2% | $45.3M-4.9% | $47.6M-0.8% | $48.0M+27.9% | $37.5M-26.4% | $51.0M-5.1% | $53.7M |
| Cost of Revenue | $24.1M+75.5% | $13.7M-21.2% | $17.4M-12.8% | $20.0M+24.5% | $16.1M+44.9% | $11.1M-36.7% | $17.5M+1.7% | $17.2M |
| Gross Profit | $25.0M+7.4% | $23.3M-16.3% | $27.8M+0.8% | $27.6M-13.6% | $31.9M+20.7% | $26.5M-21.0% | $33.5M-8.3% | $36.5M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $24.7M-4.2% | $25.8M-2.8% | $26.6M-6.5% | $28.4M-4.9% | $29.9M-6.3% | $31.9M-4.0% | $33.2M+3.8% | $32.0M |
| Operating Income | -$13.9M+27.1% | -$19.1M-55.3% | -$12.3M+25.9% | -$16.6M-1.7% | -$16.3M+36.6% | -$25.7M-68.9% | -$15.2M-18.5% | -$12.9M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $886K |
| Income Tax | $22K-37.1% | $35K-52.7% | $74K+164.3% | $28K+12.0% | $25K-13.8% | $29K-23.7% | $38K+65.2% | $23K |
| Net Income | -$9.2M+24.8% | -$12.3M-55.6% | -$7.9M+24.8% | -$10.5M-3.4% | -$10.1M+36.2% | -$15.9M-74.9% | -$9.1M-22.1% | -$7.4M |
| EPS (Diluted) | N/A | $-0.10-42.9% | $-0.07+22.2% | $-0.09 | N/A | $-0.14-75.0% | $-0.08-14.3% | $-0.07 |
NRDY Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $76.2M+8.2% | $70.4M-4.4% | $73.7M-11.3% | $83.0M-10.2% | $92.5M-13.3% | $106.8M-4.1% | $111.3M-8.3% | $121.3M |
| Current Assets | $58.2M+30.8% | $44.5M-6.6% | $47.6M-15.0% | $56.1M-13.4% | $64.7M-17.1% | $78.1M-5.2% | $82.4M-10.5% | $92.0M |
| Cash & Equivalents | $47.9M+46.4% | $32.7M-10.9% | $36.7M-18.3% | $44.9M-14.5% | $52.5M-19.2% | $65.0M-6.9% | $69.8M-9.3% | $77.0M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $5.6M-13.2% | $6.5M+2.2% | $6.4M+0.1% | $6.4M-13.4% | $7.3M-1.2% | $7.4M+2.5% | $7.2M-24.8% | $9.6M |
| Goodwill | $5.7M0.0% | $5.7M0.0% | $5.7M0.0% | $5.7M0.0% | $5.7M0.0% | $5.7M0.0% | $5.7M0.0% | $5.7M |
| Total Liabilities | $47.2M+41.6% | $33.4M-20.3% | $41.9M-14.0% | $48.7M-8.2% | $53.0M-16.4% | $63.4M+7.2% | $59.2M-13.7% | $68.5M |
| Current Liabilities | $25.6M-17.4% | $31.0M+38.4% | $22.4M-18.1% | $27.4M-3.4% | $28.3M-21.0% | $35.8M+39.5% | $25.7M-22.2% | $33.0M |
| Long-Term Debt | $19.3M | N/A | N/A | N/A | $0 | N/A | N/A | N/A |
| Total Equity | $19.0M-21.7% | $24.3M-23.7% | $31.8M-7.4% | $34.4M-12.9% | $39.5M-8.9% | $43.3M-17.0% | $52.2M-1.2% | $52.8M |
| Retained Earnings | -$597.8M-1.6% | -$588.5M-2.1% | -$576.3M-1.4% | -$568.4M-1.9% | -$557.9M-1.9% | -$547.7M-3.0% | -$531.8M-1.7% | -$522.7M |
NRDY Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.9M-21.0% | -$2.4M+65.6% | -$7.0M-9.3% | -$6.4M+43.0% | -$11.3M-270.6% | -$3.1M+45.4% | -$5.6M-228.4% | $4.4M |
| Capital Expenditures | $1.3M-23.2% | $1.7M+48.4% | $1.2M-1.4% | $1.2M+1.0% | $1.2M-40.2% | $1.9M+26.8% | $1.5M-30.9% | $2.2M |
| Free Cash Flow | -$4.3M-2.7% | -$4.1M+49.5% | -$8.2M-7.7% | -$7.6M+38.9% | -$12.5M-149.7% | -$5.0M+29.8% | -$7.1M-434.1% | $2.1M |
| Investing Cash Flow | -$1.3M+23.2% | -$1.7M-48.4% | -$1.2M+1.4% | -$1.2M-1.0% | -$1.2M+40.2% | -$1.9M-26.8% | -$1.5M+30.9% | -$2.2M |
| Financing Cash Flow | $19.5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
NRDY Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 51.0%-12.0pp | 62.9%+1.4pp | 61.5%+3.5pp | 58.0%-8.5pp | 66.5%-3.9pp | 70.5%+4.8pp | 65.7%-2.3pp | 68.0% |
| Operating Margin | -28.3%+23.2pp | -51.5%-24.4pp | -27.2%+7.7pp | -34.8%-0.9pp | -34.0%+34.6pp | -68.5%-38.7pp | -29.9%-6.0pp | -23.9% |
| Net Margin | -18.8%+14.4pp | -33.2%-15.7pp | -17.4%+4.6pp | -22.1%-0.9pp | -21.1%+21.2pp | -42.4%-24.5pp | -17.8%-4.0pp | -13.9% |
| Return on Equity | -48.6%+2.0pp | -50.6%-25.8pp | -24.8%+5.7pp | -30.5%-4.8pp | -25.7%+11.0pp | -36.7%-19.3pp | -17.4%-3.3pp | -14.1% |
| Return on Assets | -12.1%+5.3pp | -17.4%-6.7pp | -10.7%+1.9pp | -12.6%-1.7pp | -11.0%+3.9pp | -14.9%-6.7pp | -8.2%-2.0pp | -6.1% |
| Current Ratio | 2.27+0.8 | 1.43-0.7 | 2.13+0.1 | 2.05-0.2 | 2.28+0.1 | 2.18-1.0 | 3.21+0.4 | 2.78 |
| Debt-to-Equity | 1.02-0.4 | 1.37+0.1 | 1.32-0.1 | 1.42+1.4 | 0.00-1.5 | 1.46+0.3 | 1.13-0.2 | 1.30 |
| FCF Margin | -8.7%+2.5pp | -11.2%+6.9pp | -18.1%-2.1pp | -16.0%+10.0pp | -26.0%-12.7pp | -13.3%+0.6pp | -14.0%-17.9pp | 4.0% |
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Frequently Asked Questions
What is Nerdy Inc's annual revenue?
Nerdy Inc (NRDY) reported $179.0M in total revenue for fiscal year 2025. This represents a -5.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Nerdy Inc's revenue growing?
Nerdy Inc (NRDY) revenue declined by 5.9% year-over-year, from $190.2M to $179.0M in fiscal year 2025.
Is Nerdy Inc profitable?
No, Nerdy Inc (NRDY) reported a net income of -$39.9M in fiscal year 2025, with a net profit margin of -22.3%.
What is Nerdy Inc's EBITDA?
Nerdy Inc (NRDY) had EBITDA of -$60.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Nerdy Inc have?
As of fiscal year 2025, Nerdy Inc (NRDY) had $47.9M in cash and equivalents against $19.3M in long-term debt.
What is Nerdy Inc's gross margin?
Nerdy Inc (NRDY) had a gross margin of 58.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Nerdy Inc's operating margin?
Nerdy Inc (NRDY) had an operating margin of -34.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Nerdy Inc's net profit margin?
Nerdy Inc (NRDY) had a net profit margin of -22.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Nerdy Inc's return on equity (ROE)?
Nerdy Inc (NRDY) has a return on equity of -210.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Nerdy Inc's free cash flow?
Nerdy Inc (NRDY) generated -$24.2M in free cash flow during fiscal year 2025. This represents a -7.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Nerdy Inc's operating cash flow?
Nerdy Inc (NRDY) generated -$18.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Nerdy Inc's total assets?
Nerdy Inc (NRDY) had $76.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Nerdy Inc's capital expenditures?
Nerdy Inc (NRDY) invested $5.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Nerdy Inc's current ratio?
Nerdy Inc (NRDY) had a current ratio of 2.27 as of fiscal year 2025, which is generally considered healthy.
What is Nerdy Inc's debt-to-equity ratio?
Nerdy Inc (NRDY) had a debt-to-equity ratio of 1.02 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Nerdy Inc's return on assets (ROA)?
Nerdy Inc (NRDY) had a return on assets of -52.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Nerdy Inc's cash runway?
Based on fiscal year 2025 data, Nerdy Inc (NRDY) had $47.9M in cash against an annual operating cash burn of $18.8M. This gives an estimated cash runway of approximately 30 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Nerdy Inc's Piotroski F-Score?
Nerdy Inc (NRDY) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Nerdy Inc's earnings high quality?
Nerdy Inc (NRDY) has an earnings quality ratio of 0.47x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Nerdy Inc?
Nerdy Inc (NRDY) scores 24 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.