0001805651-26-000043 | 10-Q | XBRL Viewer

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Fair Value Measurements - Schedule of Fair Value Measurements Inputs (Details) - Recurring	Mar. 31, 2026
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration receivable	0.250
Profits interests	0.250
Discount for lack of marketability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Profits interests	0.302

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Consolidation The accompanying consolidated financial statements include the accounts of MarketWise, Inc. and its subsidiary, MarketWise, LLC, a variable interest entity (“VIE”) for which MarketWise, Inc. is deemed to be the primary beneficiary. MarketWise, Inc. is a holding company that owns a minority economic interest in MarketWise, LLC but, through its role as the managing member of MarketWise, LLC, controls all of the business and operations of MarketWise, LLC. Therefore, MarketWise, LLC and its subsidiaries are included in the Company’s condensed consolidated financial statements (“financial statements”). As of March 31, 2026, MarketWise, Inc. had a 15.7% ownership interest in MarketWise, LLC. The Company determined that MarketWise, LLC is the primary beneficiary of a VIE, and therefore, the assets, liabilities, and results of operations of that VIE are included in the Company’s condensed consolidated financial statements. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany balances and transactions have been eliminated in consolidation. Unaudited Interim Financial Information The accompanying unaudited financial statements and the related footnote disclosures have been prepared by us in accordance with GAAP for interim financial reporting and as required by Rule 10-01 of Regulation S-X. Accordingly, the unaudited financial statements may not include all of the information and notes required by GAAP for audited financial statements. The year-end December 31, 2025 consolidated balance sheet data included herein was derived from audited financial statements but does not include all disclosures required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited financial statements contain all adjustments, consisting of items of a normal and recurring nature, necessary to present fairly our financial position as of March 31, 2026, the results of operations, comprehensive (loss) income, stockholders’ deficit, and cash flows for the three months ended March 31, 2026 and 2025. The results of operations for the three months ended March 31, 2026 and 2025 are not necessarily indicative of the results to be expected for the full year. The information contained herein should be read in conjunction with the audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC. Management considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated through the date of issuance of these condensed financial statements. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions made in the accompanying financial statements include, but are not limited to, the fair value of common units, estimates of the Tax Receivable Agreement liability, valuation of assets acquired and liabilities assumed in business combinations, useful lives of intangible assets with definite lives, benefit period of deferred contract acquisition costs, determination of standalone selling prices, estimated life of lifetime customers, recoverability of goodwill and long-lived assets, valuation allowances on deferred tax assets, the incremental borrowing rates to calculate lease liabilities and right-of-use (“ROU”) assets and certain accruals. We evaluate our estimates and assumptions on an ongoing basis using historical experience and other factors and adjust those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates. Reverse Stock Split Effective as of April 2, 2025, the Company effected a reverse stock split (the “Reverse Stock Split”) of the Company’s shares of Class A and Class B common stock at a ratio of 1-for-20 as approved by the Company’s Board of Directors (the “Board”) and stockholders. The Reverse Stock Split proportionately decreased the number of shares of common stock authorized under the Company’s Certificate of Incorporation. The number of shares of authorized Class A common stock was reduced from 950,000,000 shares to 47,500,000 shares and the number of shares of authorized Class B common stock was reduced from 300,000,000 shares to 15,000,000 shares. The number of authorized shares of preferred stock remained unchanged. Proportional adjustments were made to (i) the per share exercise price and number of shares issuable upon the exercise of outstanding equity awards, including Sponsor Earnout Shares and Management Earnout Shares (as defined and discussed in our Current Report on Form 8-K filed with the SEC on July 28, 2021); and (ii) the number of shares reserved for issuance pursuant to the Company’s equity incentive plan and employee stock purchase plan. No fractional shares were issued in connection with the Reverse Stock Split. Holders of fractional shares as a result of the Reverse Stock Split were paid in cash, with reference to the closing price of the Company’s common stock on April 2, 2025 (adjusted to give effect to the reverse stock split), without interest. The accompanying unaudited condensed consolidated financial statements and notes to the condensed consolidated financial statements give retroactive effect to the Reverse Stock Split for all periods presented, unless otherwise specified. Noncontrolling Interest Noncontrolling interest represents the Company’s noncontrolling interest in consolidated subsidiaries which are not attributable, directly or indirectly, to the controlling Class A common stock ownership of the Company. Net income for the three months ended March 31, 2026 and 2025 was attributable to consolidated MarketWise, Inc. and its respective noncontrolling interests. As of March 31, 2026, MarketWise, Inc.’s controlling interest in MarketWise, LLC was 15.7% and the noncontrolling interest was 84.3%. For the three months ended March 31, 2026, net income attributable to controlling interests included a $62 tax provision, which is 100% attributable to the controlling interest. As of March 31, 2025, MarketWise, Inc.’s controlling interest in MarketWise, LLC is 14.5% and the noncontrolling interest was 85.5%. For the three months ended March 31, 2025, net income attributable to controlling interests included a $1,038 tax provision, which is 100% attributable to the controlling interest. Accounting Standards Issued But Not Yet Adopted In September 2025, FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments revise the capitalization criteria for internal-use software costs and eliminate stage-based development guidance. The update is effective for fiscal years beginning after December 15, 2027, with early adoption permitted. In November 2024, the FASB issued ASU 2024‑03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220‑40): Disaggregation of Income Statement Expenses. The ASU requires public business entities to provide enhanced disclosures disaggregating certain income statement expense captions by natural expense category. The amendments do not change the recognition, measurement, or presentation of expenses on the face of the income statement, but instead require additional tabular disclosures in the notes to the financial statements. The required disclosures include, as applicable, disaggregation of relevant expense captions into prescribed categories such as employee compensation, depreciation, and amortization. In January 2025, the FASB issued ASU 2025‑01, which clarifies the effective date of ASU 2024‑03 and confirms that public business entities are required to initially adopt the guidance in annual reporting periods beginning after December 15, 2026, with interim reporting beginning in interim periods within annual reporting periods starting after December 15, 2027. Early adoption is permitted. The amendments in ASU 2025‑01 do not change the underlying disclosure requirements in ASU 2024‑03. The Company is currently evaluating the impact of adopting these standards on its disclosures and related processes and controls. Adoption is not expected to have a material impact on the Company’s condensed consolidated financial statements. The Company plans to adopt these standards when they become effective, and have no plans for early adoption. Reclassifications Certain prior period amounts presented within the Condensed Consolidated Statements of Cash Flows have been reclassified to conform with the current period presentation. Specifically, the Company began separately presenting “tax distributions to noncontrolling interests” and “other distributions to noncontrolling interests” during the three months ended March 31, 2026, which were previously combined as “distributions to noncontrolling interests” in the prior year.

Organization	3 Months Ended
Organization	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Description of Business and Basis of Presentation MarketWise, Inc. (“MarketWise,” “the Company,” “we,” “us,” or “our”) is a holding company that has no material assets other than its ownership in MarketWise, LLC, and operates and controls all of the businesses and operations of MarketWise, LLC and its subsidiaries. The Company provides independent investment research for investors around the world. We believe we are a leading content and technology multi-brand platform for self-directed investors. We offer a comprehensive portfolio of high-quality, independent investment research, as well as several software and analytical tools, on a subscription basis. We operate multiple subsidiaries in the United States from our headquarters in Baltimore, Maryland.

Segment Reporting - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended
Segment Reporting - Narrative (Details) $ in Thousands	Jul. 31, 2025 USD ($) reportingUnit	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)
Segment Reporting Information [Line Items]
Number Of Reportable Segments Not Disclosed Flag		reportable segment
Number of reporting units \| reportingUnit	3
Goodwill		$ 30,043	$ 30,043
1729 Research
Segment Reporting Information [Line Items]
Goodwill	$ 14,190
Alta
Segment Reporting Information [Line Items]
Goodwill	$ 13,004

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Balance Sheet Components - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cloud computing implementation capitalized costs	$ 0	$ 0
Capitalized cloud computing implementation costs amortization expense	24,000	242,000
Depreciation expense	$ 39,000	54,000
Impairment loss on leasehold		380,000
Gain on termination of lease		$ 1,646,000

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Contingencies From time to time, we may be involved in disputes or regulatory inquiries, which arise in the ordinary course of business. When we determine that a loss is both probable and reasonably estimable, a liability is recorded and disclosed if the amount is material to us in aggregate. When a material loss contingency is reasonably possible, we do not record a liability, but instead disclose the nature and the amount of the claim and an estimate of the loss or range of loss, if such an estimate can reasonably be made. While it is not feasible to predict or determine the ultimate outcome of these matters, the Company believes that none of its current legal proceedings will have a material adverse effect on its financial position or results of operations and no corresponding liability has been recorded for any periods presented. On November 22, 2024, the Company's former Chief Executive Officer, Mark Arnold ("Claimant"), filed a demand for arbitration with the American Arbitration Association (the "Arbitration"). Claimant’s demand included claims against MarketWise, Inc. and MarketWise, LLC (collectively, the "Respondent") for (i) breach of employment agreement between Claimant and Respondent dated December 1, 2019; (ii) breach of letter agreement between Claimant and Respondent dated November 17, 2022; and (iii) violation of the Maryland Payment and Collection Wage Act. Claimant sought (i) money damages in excess of $9,000,000; (ii) treble damages pursuant to the Maryland Payment and Collection Wage Act; (iii) incidental and consequential damages; (iv) attorneys' fees and costs; and (v) prejudgment interest. The Arbitration was previously disclosed in Item 3, Legal Proceedings, of the Company’s Annual Reports on Form 10‑K for the fiscal years ended December 31, 2024 and December 31, 2025. As of March 31, 2026, Respondent was vigorously defending against the claims in the Arbitration, which remained unresolved at that time. On April 21, 2026, Respondent entered into a Settlement Agreement and Release (the “Settlement Agreement”) with Claimant and JAMA 2021, LLC, Claimant’s entity, resolving all claims, including the Arbitration and underlying claims. Pursuant to the Settlement Agreement, MarketWise, LLC agreed to make a one‑time cash payment to the Claimant to: (i) redeem and cancel all equity interests in MarketWise, LLC and corresponding shares of Class B common stock of MarketWise, Inc. held by Claimant and JAMA 2021, LLC; and (ii) terminate Claimant’s and JAMA 2021, LLC’s rights under that certain Tax Receivables Agreement dated July 21, 2021, by and among the Respondents and the members of Marketwise, LLC (“Tax Receivables Agreement”). The settlement also included general mutual releases and indemnity for certain possible tax implications associated with the claims underlying the Arbitration. In evaluating the potential loss exposure associated with this matter, management considered the nature of the claims asserted and the economic substance of the parties’ positions. Management concluded that the dispute primarily related to the Claimant’s pre‑existing equity interests in MarketWise, LLC and contractual rights under the Tax Receivable Agreement, rather than claims for damages or arbitration‑related remedies. As of March 31, 2026, no damages had been adjudicated, and amounts had not been specified or asserted as compensation for damages. Based on these factors, management determined that the amount attributable solely to the resolution of Arbitration, if any, is expected to be immaterial.

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table depicts the disaggregation of revenue according to customer type and is consistent with how we evaluate our financial performance. We believe this depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.


	Three Months Ended March 31, 2026
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	75,653	$	—	$	—	$	—	$	75,653
Transferred at a point in time	—		12		652		712		1,376
Total	$	75,653	$	12	$	652	$	712	$	77,029

	Three Months Ended March 31, 2025
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	82,932	$	—	$	—	$	—	$	82,932
Transferred at a point in time	—		12		493		70		575
Total	$	82,932	$	12	$	493	$	70	$	83,507

Revenue recognition by subscription type was as follows:


	Three Months Ended March 31,
	2026		2025
Membership subscriptions	$	41,737	$	41,963
Term subscriptions	33,916		40,969
Non-subscription revenue	1,376		575
Total	$	77,029	$	83,507

Schedule of Contract Balances

Accounts receivable, deferred revenue and obligation for refunds are as follows:


	As of
	March 31, 2026		December 31, 2025
Contract balances
Accounts receivable	$	4,600	$	5,722
Obligations for refunds	$	1,469	$	1,516
Deferred revenue – current	$	183,306	$	182,282
Deferred revenue – non-current	$	188,956	$	185,754

Schedule of Capitalized Costs Associated with Contracts with Customers

The following table presents the opening and closing balances of our capitalized costs associated with contracts with customers:


Balance at January 1, 2026	$	78,066
Royalties and sales commissions	4,168
Revenue share and cost per acquisition fees	12,486
Amortization of capitalized costs	(13,381)
Balance at March 31, 2026	$	81,339

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
	2026		2025
Basic earnings per share:
Numerator:
Net income	$	(554)	$	16,841
Less: Net income attributable to noncontrolling interests	19		15,951
Net income attributable to Class A common stockholders	$	(573)	$	890

Denominator:
Weighted average shares outstanding (in thousands)	2,491		2,051

Basic earnings per share	$	(0.23)	$	0.43

Diluted earnings per share:
Numerator:
Net income	$	(554)	$	16,841
Less: Net income attributable to noncontrolling interests	19		15,951
Net income attributable to Class A common stockholders	$	(573)	$	890

Denominator:
Weighted average shares outstanding (in thousands)	2,491		2,160

Diluted earnings per share	$	(0.23)	$	0.41

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows (in thousands):


	Three months ended March 31,
	2026	2025
Shares subject to outstanding RSUs	947	918
Shares subject to outstanding SARs	58	60
Total	1,005	978

Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 479	$ 477
Amortization of capitalized software development costs	268	225
Additions (reductions) to capitalized software development costs	$ 127	$ 195

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

Summary of Significant Accounting Policies - Reverse Stock Split (Narrative) (Details)	Apr. 02, 2025 shares	Mar. 31, 2026 shares	Dec. 31, 2025 shares	Apr. 01, 2025 shares
Common stock – Class A
Significant Accounting Policies [Line Items]
Conversion ratio	0.05
Common stock, authorized (in shares)	47,500,000	47,500,000	47,500,000	950,000,000
Common stock – Class B
Significant Accounting Policies [Line Items]
Conversion ratio	0.05
Common stock, authorized (in shares)	15,000,000	15,000,000	15,000,000	300,000,000

Revenue Recognition - Schedule of Capitalized Costs Associated with Contracts with Customers (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Capitalized Contract Cost [Roll Forward]
Capitalized costs, beginning balance	$ 78,066
Royalties and sales commissions	4,168
Revenue share and cost per acquisition fees	12,486
Amortization of capitalized costs	(13,381)
Capitalized costs, ending balance	$ 81,339

Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Net revenue	$ 77,029	$ 83,507
Membership subscriptions
Disaggregation of Revenue [Line Items]
Net revenue	41,737	41,963
Term subscriptions
Disaggregation of Revenue [Line Items]
Net revenue	33,916	40,969
Non-subscription revenue
Disaggregation of Revenue [Line Items]
Net revenue	1,376	575
Related Party
Disaggregation of Revenue [Line Items]
Net revenue	652	493
Third Party
Disaggregation of Revenue [Line Items]
Net revenue	76,377	83,014
Transferred over time
Disaggregation of Revenue [Line Items]
Net revenue	75,653	82,932
Transferred at a point in time
Disaggregation of Revenue [Line Items]
Net revenue	1,376	575
Subscriptions
Disaggregation of Revenue [Line Items]
Net revenue	75,653	82,932
Subscriptions \| Transferred over time
Disaggregation of Revenue [Line Items]
Net revenue	75,653	82,932
Subscriptions \| Transferred at a point in time
Disaggregation of Revenue [Line Items]
Net revenue	0	0
Advertising
Disaggregation of Revenue [Line Items]
Net revenue	12	12
Advertising \| Transferred over time
Disaggregation of Revenue [Line Items]
Net revenue	0	0
Advertising \| Transferred at a point in time
Disaggregation of Revenue [Line Items]
Net revenue	12	12
Revenue Share \| Related Party
Disaggregation of Revenue [Line Items]
Net revenue	652	493
Revenue Share \| Third Party
Disaggregation of Revenue [Line Items]
Net revenue	712	70
Revenue Share \| Transferred over time \| Related Party
Disaggregation of Revenue [Line Items]
Net revenue	0	0
Revenue Share \| Transferred over time \| Third Party
Disaggregation of Revenue [Line Items]
Net revenue	0	0
Revenue Share \| Transferred at a point in time \| Related Party
Disaggregation of Revenue [Line Items]
Net revenue	652	493
Revenue Share \| Transferred at a point in time \| Third Party
Disaggregation of Revenue [Line Items]
Net revenue	$ 712	$ 70

Summary of Significant Accounting Policies - Noncontrolling Interest (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Significant Accounting Policies [Line Items]
Income tax expense	$ 62	$ 1,038
Marketwise, LLC
Significant Accounting Policies [Line Items]
Ownership percentage in subsidiary	15.70%	14.50%
Noncontrolling interest ownership (as a percent)	84.30%	85.50%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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-SubTopic 10
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Revenue Recognition

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Disaggregation of revenues


	Three Months Ended March 31, 2026
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	75,653	$	—	$	—	$	—	$	75,653
Transferred at a point in time	—		12		652		712		1,376
Total	$	75,653	$	12	$	652	$	712	$	77,029

	Three Months Ended March 31, 2025
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	82,932	$	—	$	—	$	—	$	82,932
Transferred at a point in time	—		12		493		70		575
Total	$	82,932	$	12	$	493	$	70	$	83,507

Revenue recognition by subscription type was as follows:


	Three Months Ended March 31,
	2026		2025
Membership subscriptions	$	41,737	$	41,963
Term subscriptions	33,916		40,969
Non-subscription revenue	1,376		575
Total	$	77,029	$	83,507

Revenue for the Membership and Term subscription types are determined based on the terms of the subscription agreements. Non-subscription revenue consists of revenue from advertising and other revenue.

Contract Balances

The timing of revenue recognition, billings, cash collections and refunds affects the recognition of accounts receivable, contract assets and deferred revenue. Our current deferred revenue balance in the condensed consolidated balance sheets includes an obligation for refunds for contracts where the provision for refund has not lapsed. Accounts receivable, deferred revenue and obligation for refunds are as follows:


	As of
	March 31, 2026		December 31, 2025
Contract balances
Accounts receivable	$	4,600	$	5,722
Obligations for refunds	$	1,469	$	1,516
Deferred revenue – current	$	183,306	$	182,282
Deferred revenue – non-current	$	188,956	$	185,754

We recognized $63,337 and $70,915 of revenue during the three months ended March 31, 2026 and 2025, respectively, that was included within the beginning contract liability balance of the respective periods. The Company has collected all amounts included in deferred revenue other than $4,600 and $5,722 as of March 31, 2026 and December 31, 2025, respectively, related to the timing of cash settlement with our credit card processor.

Assets Recognized from Costs to Obtain a Contract with a Customer

The following table presents the opening and closing balances of our capitalized costs associated with contracts with customers:


Balance at January 1, 2026	$	78,066
Royalties and sales commissions	4,168
Revenue share and cost per acquisition fees	12,486
Amortization of capitalized costs	(13,381)
Balance at March 31, 2026	$	81,339

We did not recognize any impairment on capitalized costs associated with contracts with customers for the three months ended March 31, 2026 and 2025. Amortization of capitalized costs is included within sales and marketing on the condensed consolidated statements of operations.

Remaining Performance Obligations

As of March 31, 2026, the Company had $373,731 of remaining performance obligations presented as deferred revenue in the condensed consolidated balance sheets. We expect to recognize approximately 49% of that amount as revenues over the next twelve months, with the remainder recognized thereafter.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Stockholders’ Equity (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Stock by Class

The table set forth below reflects information about the Company’s equity as of March 31, 2026.


	Authorized	Issued	Outstanding
Common stock - Class A	47,500,000	2,533,780	2,533,780
Common stock - Class B	15,000,000	13,612,641	13,612,641
Preferred stock	100,000,000	—	—
Total	162,500,000	16,146,421	16,146,421

Schedule of Dividends Declared

The dividends on shares of Class A common stock and other distributions on LLC Units declared during the three months ended March 31, 2026, on a split adjusted basis, were as follows:


			Dividends on Class A common stock				Other distributions on LLC Units
Type	Date declared	Date paid	per share		Total		per unit		Total











Special	March 3, 2026	March 31, 2026	$	0.20	$	507	N/A		N/A
Regular	March 3, 2026	March 31, 2026	$	0.25	$	634	$	0.25	$	3,394

Schedule of Other Distributions Declared on LLC Units

The dividends on shares of Class A common stock and other distributions on LLC Units declared during the three months ended March 31, 2026, on a split adjusted basis, were as follows:


			Dividends on Class A common stock				Other distributions on LLC Units
Type	Date declared	Date paid	per share		Total		per unit		Total











Special	March 3, 2026	March 31, 2026	$	0.20	$	507	N/A		N/A
Regular	March 3, 2026	March 31, 2026	$	0.25	$	634	$	0.25	$	3,394

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-Paragraph 1
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+ Details

Goodwill and Intangible Assets, Net - Schedule of Goodwill (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 30,043
Goodwill, ending balance	$ 30,043

- Definition

+ References

+ Details

Fair Value Measurements - Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Profits interests, noncurrent
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 2,611
Total (gains) losses recorded in earnings	(132)
Ending balance	2,479
Contingent consideration receivable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	83
Total gains (losses) recorded in earnings	96
Payments received	(48)
Ending balance	$ 131

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

Included within cost of revenue, sales and marketing, and general and administrative expenses are total stock-based compensation expenses as follows:


	Three months ended March 31,
	2026		2025
Cost of revenue	$	559	$	1,264
Sales and marketing	596		694
General and administrative	1,052		1,183
Total stock based-compensation expense	$	2,207	$	3,141

Total stock-based compensation expense includes expenses related to our 2021 Incentive Award Plan, our ESPP and profits interests, as follows:


	Three months ended March 31,
	2026		2025
2021 Incentive Award Plan	$	2,327	$	3,329
Employee Stock Purchase Plan	12		13
Profits interests	(132)		(201)
Total stock-based compensation expense	$	2,207	$	3,141

Schedule of Activities of RSUs

The activities of the RSUs and SARs and the related weighted average grant-date fair value of the respective share classes are summarized as follows, including granted, exercised and forfeited from January 1, 2026 to March 31, 2026.


	RSUs			SARs
	Units	Weighted-Average Grant Date Fair Value		Units	Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2026	1,016,466	$	21.78	58,208	$	81.00
Granted	82,643	14.15		—	—
Vested (RSUs) or Exercised (SARs)	(142,134)	27.94		—	—
Forfeited	(9,524)	23.66		(903)	81.00

Outstanding at March 31, 2026	947,451	$	20.19	57,305	$	81.00
Exercisable at March 31, 2026	—	$	—	57,305	$	81.00

Schedule of Activities of SARs


	RSUs			SARs
	Units	Weighted-Average Grant Date Fair Value		Units	Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2026	1,016,466	$	21.78	58,208	$	81.00
Granted	82,643	14.15		—	—
Vested (RSUs) or Exercised (SARs)	(142,134)	27.94		—	—
Forfeited	(9,524)	23.66		(903)	81.00

Outstanding at March 31, 2026	947,451	$	20.19	57,305	$	81.00
Exercisable at March 31, 2026	—	$	—	57,305	$	81.00

Stockholders’ Equity - Schedule of Dividends and Distributions (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) $ / shares
S 2026 M3 Dividends
Dividends Payable [Line Items]
Dividends (USD per share) \| $ / shares	$ 0.20
Dividends \| $	$ 507
O 2026 M3 Dividends
Dividends Payable [Line Items]
Dividends (USD per share) \| $ / shares	$ 0.25
Dividends \| $	$ 634
Distributions (USD per share) \| $ / shares	$ 0.25
Distributions \| $	$ 3,394

Subsequent Events (Details) - Subsequent Event - Mark P. Arnold and JAMA 2021, LLC $ in Thousands	Apr. 21, 2026 USD ($) shares
Subsequent Event [Line Items]
Amount awarded to other party \| $	$ 12,160
Scenario, Plan
Subsequent Event [Line Items]
Redemption of shares (in shares) \| shares	520,867

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation The accompanying consolidated financial statements include the accounts of MarketWise, Inc. and its subsidiary, MarketWise, LLC, a variable interest entity (“VIE”) for which MarketWise, Inc. is deemed to be the primary beneficiary. MarketWise, Inc. is a holding company that owns a minority economic interest in MarketWise, LLC but, through its role as the managing member of MarketWise, LLC, controls all of the business and operations of MarketWise, LLC. Therefore, MarketWise, LLC and its subsidiaries are included in the Company’s condensed consolidated financial statements (“financial statements”). As of March 31, 2026, MarketWise, Inc. had a 15.7% ownership interest in MarketWise, LLC. The Company determined that MarketWise, LLC is the primary beneficiary of a VIE, and therefore, the assets, liabilities, and results of operations of that VIE are included in the Company’s condensed consolidated financial statements. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany balances and transactions have been eliminated in consolidation.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The accompanying unaudited financial statements and the related footnote disclosures have been prepared by us in accordance with GAAP for interim financial reporting and as required by Rule 10-01 of Regulation S-X. Accordingly, the unaudited financial statements may not include all of the information and notes required by GAAP for audited financial statements. The year-end December 31, 2025 consolidated balance sheet data included herein was derived from audited financial statements but does not include all disclosures required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited financial statements contain all adjustments, consisting of items of a normal and recurring nature, necessary to present fairly our financial position as of March 31, 2026, the results of operations, comprehensive (loss) income, stockholders’ deficit, and cash flows for the three months ended March 31, 2026 and 2025. The results of operations for the three months ended March 31, 2026 and 2025 are not necessarily indicative of the results to be expected for the full year. The information contained herein should be read in conjunction with the audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC. Management considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated through the date of issuance of these condensed financial statements.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions made in the accompanying financial statements include, but are not limited to, the fair value of common units, estimates of the Tax Receivable Agreement liability, valuation of assets acquired and liabilities assumed in business combinations, useful lives of intangible assets with definite lives, benefit period of deferred contract acquisition costs, determination of standalone selling prices, estimated life of lifetime customers, recoverability of goodwill and long-lived assets, valuation allowances on deferred tax assets, the incremental borrowing rates to calculate lease liabilities and right-of-use (“ROU”) assets and certain accruals. We evaluate our estimates and assumptions on an ongoing basis using historical experience and other factors and adjust those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates.
Reverse Stock Split	Reverse Stock Split Effective as of April 2, 2025, the Company effected a reverse stock split (the “Reverse Stock Split”) of the Company’s shares of Class A and Class B common stock at a ratio of 1-for-20 as approved by the Company’s Board of Directors (the “Board”) and stockholders. The Reverse Stock Split proportionately decreased the number of shares of common stock authorized under the Company’s Certificate of Incorporation. The number of shares of authorized Class A common stock was reduced from 950,000,000 shares to 47,500,000 shares and the number of shares of authorized Class B common stock was reduced from 300,000,000 shares to 15,000,000 shares. The number of authorized shares of preferred stock remained unchanged. Proportional adjustments were made to (i) the per share exercise price and number of shares issuable upon the exercise of outstanding equity awards, including Sponsor Earnout Shares and Management Earnout Shares (as defined and discussed in our Current Report on Form 8-K filed with the SEC on July 28, 2021); and (ii) the number of shares reserved for issuance pursuant to the Company’s equity incentive plan and employee stock purchase plan. No fractional shares were issued in connection with the Reverse Stock Split. Holders of fractional shares as a result of the Reverse Stock Split were paid in cash, with reference to the closing price of the Company’s common stock on April 2, 2025 (adjusted to give effect to the reverse stock split), without interest. The accompanying unaudited condensed consolidated financial statements and notes to the condensed consolidated financial statements give retroactive effect to the Reverse Stock Split for all periods presented, unless otherwise specified.
Noncontrolling Interest	Noncontrolling Interest Noncontrolling interest represents the Company’s noncontrolling interest in consolidated subsidiaries which are not attributable, directly or indirectly, to the controlling Class A common stock ownership of the Company. Net income for the three months ended March 31, 2026 and 2025 was attributable to consolidated MarketWise, Inc. and its respective noncontrolling interests. As of March 31, 2026, MarketWise, Inc.’s controlling interest in MarketWise, LLC was 15.7% and the noncontrolling interest was 84.3%. For the three months ended March 31, 2026, net income attributable to controlling interests included a $62 tax provision, which is 100% attributable to the controlling interest. As of March 31, 2025, MarketWise, Inc.’s controlling interest in MarketWise, LLC is 14.5% and the noncontrolling interest was 85.5%. For the three months ended March 31, 2025, net income attributable to controlling interests included a $1,038 tax provision, which is 100% attributable to the controlling interest.
Accounting Standards Issued But Not Yet Adopted	Accounting Standards Issued But Not Yet Adopted In September 2025, FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments revise the capitalization criteria for internal-use software costs and eliminate stage-based development guidance. The update is effective for fiscal years beginning after December 15, 2027, with early adoption permitted. In November 2024, the FASB issued ASU 2024‑03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220‑40): Disaggregation of Income Statement Expenses. The ASU requires public business entities to provide enhanced disclosures disaggregating certain income statement expense captions by natural expense category. The amendments do not change the recognition, measurement, or presentation of expenses on the face of the income statement, but instead require additional tabular disclosures in the notes to the financial statements. The required disclosures include, as applicable, disaggregation of relevant expense captions into prescribed categories such as employee compensation, depreciation, and amortization. In January 2025, the FASB issued ASU 2025‑01, which clarifies the effective date of ASU 2024‑03 and confirms that public business entities are required to initially adopt the guidance in annual reporting periods beginning after December 15, 2026, with interim reporting beginning in interim periods within annual reporting periods starting after December 15, 2027. Early adoption is permitted. The amendments in ASU 2025‑01 do not change the underlying disclosure requirements in ASU 2024‑03. The Company is currently evaluating the impact of adopting these standards on its disclosures and related processes and controls. Adoption is not expected to have a material impact on the Company’s condensed consolidated financial statements. The Company plans to adopt these standards when they become effective, and have no plans for early adoption.
Reclassifications	Reclassifications Certain prior period amounts presented within the Condensed Consolidated Statements of Cash Flows have been reclassified to conform with the current period presentation. Specifically, the Company began separately presenting “tax distributions to noncontrolling interests” and “other distributions to noncontrolling interests” during the three months ended March 31, 2026, which were previously combined as “distributions to noncontrolling interests” in the prior year.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

+ Details

Revenue Recognition - Narrative (Details) - USD ($)	3 Months Ended
Revenue Recognition - Narrative (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Contract liability, revenue recognized	$ 63,337,000	$ 70,915,000
Accounts receivable	4,600,000		$ 5,722,000
Impairment of capitalized costs	0	$ 0
Remaining performance obligation	$ 373,731,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, percentage	49.00%
Remaining performance obligation, timing of satisfaction	12 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Segment Reporting - Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Net revenue	$ 77,029	$ 83,507
Stock-based compensation expense	(2,207)	(3,141)
Depreciation and amortization	(518)	(531)
Other	94	158
(Loss) income before income taxes	(492)	17,879
Operating Segments \| Reportable Segment
Segment Reporting Information [Line Items]
Net revenue	87,546	88,912
Variable expense	(6,537)	(5,684)
Revenue share expense	(13,560)	(8,719)
Direct marketing	(26,313)	(13,288)
Compensation and outside labor	(22,160)	(19,313)
Other overhead	(5,135)	(7,334)
Corporate allocations	(1,233)	(3,921)
Reportable segment and corporate and all other adjusted net profit (loss)	17,324	19,079
Intersegment Eliminations \| Reportable Segment
Segment Reporting Information [Line Items]
Net revenue	4,716	(11,574)
Corporate and all other Adjusted Net Profit (Loss)
Segment Reporting Information [Line Items]
Reportable segment and corporate and all other adjusted net profit (loss)	(13,696)	(3,760)
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment
Segment Reporting Information [Line Items]
Net revenue	(4,336)	12,969
Stock-based compensation expense	(2,208)	(3,141)
Deferred contract acquisition costs	3,212	(8,199)
Depreciation and amortization	(479)	(477)
Other	(309)	1,408
Corporate and all other
Segment Reporting Information [Line Items]
Net revenue	$ (10,517)	$ (5,405)

Balance Sheet Components - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Commission and variable compensation	$ 8,029	$ 18,656
Payroll and benefits	4,023	4,855
Other accrued expenses	10,901	9,710
Total accrued expenses	$ 22,953	$ 33,221

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We are subject to U.S. federal and state taxes with respect to our allocable share of any taxable income or loss of MarketWise, LLC, as well as any stand-alone income or loss we generate. MarketWise, LLC is treated as a partnership for U.S. income tax purposes and for most applicable state and local income tax purposes and generally does not pay income taxes in most jurisdictions. Instead, MarketWise, LLC’s taxable income or loss is passed through to its members, including us. Our effective tax rate was (12.7)% and 5.8% for the three months ended March 31, 2026 and 2025, respectively. The main driver of the effective income tax rate for the three months ended March 31, 2026 was the income allocation to the noncontrolling interest. The main driver of the decrease in the effective tax rate from the three months ended March 31, 2025 is the impact of pretax GAAP loss (the denominator) and discrete items related to the change in fair value of contingent consideration. Our effective tax rate for the three months ended March 31, 2026 differs from the U.S. federal statutory rate primarily because we generally do not record income taxes for the noncontrolling portion of pre-tax income. As a result of the reverse capitalization in 2021, we recorded a deferred tax asset resulting from the outside basis difference in our interest in MarketWise, LLC. The company considers both positive and negative evidence when measuring the need for a valuation allowance. A valuation allowance is not required to the extent that, in management’s judgment, positive evidence exists with a magnitude and duration sufficient to result in a conclusion that it is more likely than not (a likelihood of more than 50%) that the Company’s deferred tax assets will be realized. In evaluating the need for a valuation allowance on the deferred tax asset, the company considered positive evidence related to its historic earnings, forecasted income and reversal of temporary differences. Therefore, the Company recorded a valuation allowance in the amount of $32,192 for certain deferred tax assets that are not more likely than not to be realized. As part of the Transactions (as defined and discussed in our Current Report on Form 8-K filed with the SEC on July 28, 2021), we entered into Tax Receivable Agreements (“TRAs”) with certain shareholders. Pursuant to our election under Section 754 of the Code, as amended, and the regulations issued thereunder, we expect to receive a step up in the tax basis of our ownership in MarketWise, LLC as exchanges of the LLC Units (as defined herein) occur. These increases in tax basis may reduce the amount we may otherwise pay to various tax authorities in the future. The TRA liability will represent approximately 85% of the calculated tax savings based on basis adjustments and other carryforward attributes assumed that we anticipate being able to utilize in future years. We will retain the remaining 15% of calculated tax savings. The payments contemplated by the TRA are not conditioned upon any continued ownership interest in MarketWise, LLC. The timing and amount of aggregate payments due pursuant to the TRA may vary based on several factors including the timing and amount of future taxable income, as well as future applicable tax rates. As such, significant inputs and assumptions are used to estimate the future expected payments under the TRA. During the three months ended March 31, 2026, members of Members of MarketWise, LLC did not exchange any common units of MarketWise, LLC (“LLC Units”) together with an equal number of shares of Class B common stock for any newly-issued shares of Class A common stock. As a result of exchanges taking place in prior years, we have recorded a cumulative liability of $4,035 under the TRA as of March 31, 2026. A total of $121 in payments have been made under the TRA and $789 in payments are expected in the next 12 months. As of March 31, 2026, we had no unrecognized tax positions.

- Definition

The entire disclosure for income tax.

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+ Details

Goodwill and Intangible Assets, Net - Schedule of Expected Future Amortization Expense for Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2026	$ 1,112
2027	474
2028	733
2029	53
2030	1
Thereafter	1
Finite-lived intangible assets, net	$ 2,374	$ 2,726

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$ 0	$ (1)
Cash paid for income taxes	(757)	0
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	(276)	(1,114)
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Capitalized software included in accounts payable	0	18
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents	52,669	79,178	$ 70,140
Total cash and cash equivalents	$ 52,669	$ 79,178	$ 70,140	$ 97,876

Stock-Based Compensation - Schedule of Activities of RSUs and SARs (Details)	3 Months Ended
	Mar. 31, 2026 $ / shares shares
RSUs
Units
Outstanding, beginning balance (in shares) \| shares	1,016,466
Granted (in shares) \| shares	82,643
Vested or exercised (in shares) \| shares	(142,134)
Forfeited (in shares) \| shares	(9,524)
Outstanding, ending balance (in shares) \| shares	947,451
Exercisable (in shares) \| shares	0
Weighted-Average Grant Date Fair Value
Outstanding, beginning balance (USD per share) \| $ / shares	$ 21.78
Granted (USD per share) \| $ / shares	14.15
Vested or exercised (USD per share) \| $ / shares	27.94
Forfeited (USD per share) \| $ / shares	23.66
Outstanding, ending balance (USD per share) \| $ / shares	20.19
Exercisable (USD per share) \| $ / shares	$ 0
SARs
Units
Outstanding, beginning balance (in shares) \| shares	58,208
Granted (in shares) \| shares	0
Vested or exercised (in shares) \| shares	0
Forfeited (in shares) \| shares	(903)
Outstanding, ending balance (in shares) \| shares	57,305
Exercisable (in shares) \| shares	57,305
Weighted-Average Grant Date Fair Value
Outstanding, beginning balance (USD per share) \| $ / shares	$ 81.00
Granted (USD per share) \| $ / shares	0
Vested or exercised (USD per share) \| $ / shares	0
Forfeited (USD per share) \| $ / shares	81.00
Outstanding, ending balance (USD per share) \| $ / shares	81.00
Exercisable (USD per share) \| $ / shares	$ 81.00

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2026 USD ($)	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Effective income tax rate	(12.70%)	5.80%
Valuation allowance	$ 32,192,000
Tax savings rate	0.85
Tax receivable agreement, percent of calculated tax savings retained	0.15
Tax receivable agreement	$ 4,035,000
Tax receivables agreements, payments	121,000
Tax receivables agreements, payments in next 12 months	789,000
Unrecognized tax positions	$ 0

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,207	$ 3,141
2021 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	2,327	3,329
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	12	13
Profits interests
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	(132)	(201)
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	559	1,264
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	596	694
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,052	$ 1,183

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
	2026		2025
Basic earnings per share:
Numerator:
Net income	$	(554)	$	16,841
Less: Net income attributable to noncontrolling interests	19		15,951
Net income attributable to Class A common stockholders	$	(573)	$	890

Denominator:
Weighted average shares outstanding (in thousands)	2,491		2,051

Basic earnings per share	$	(0.23)	$	0.43

Diluted earnings per share:
Numerator:
Net income	$	(554)	$	16,841
Less: Net income attributable to noncontrolling interests	19		15,951
Net income attributable to Class A common stockholders	$	(573)	$	890

Denominator:
Weighted average shares outstanding (in thousands)	2,491		2,160

Diluted earnings per share	$	(0.23)	$	0.41

The Company’s potentially dilutive securities and their impact on the computation of diluted earnings per share is as follows:

▪Sponsor and MarketWise Management Member Earnout Shares: the 152,550 Sponsor Earnout Shares and the 99,998 MarketWise Management Member Earnout Shares held in escrow were excluded from the earnings per share computation in the 2025 period since the earnout contingency had not been met. In July 2025, the earnout period for all 252,548 previously escrowed Management Member Earnout Shares and Sponsor Earnout Shares (“EO Shares”) expired. As a result, there was no dilution to other shareholders

related to this arrangement. As a result of the EO Shares expiration, the Company reversed $1,263 in cumulative dividends that had been accrued attributable to the EO Shares during 2025.

▪Restricted stock units: The basic earnings per share calculation includes the impact of vested RSUs. The diluted earnings per share calculation includes the impact of unvested RSUs, where the impact is dilutive, unless the Company has a net loss.

▪Stock appreciation rights: The diluted earnings per share calculation excludes the impact of SARs since the effect was antidilutive.

▪ESPP: The diluted earnings per share calculation includes the impact of dilutive shares and excludes the impact of antidilutive shares under the ESPP as of March 31, 2026 and 2025.

▪For the three months ended March 31, 2026 the Company’s potential dilutive securities, which include , restricted stock units and performance stock units have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common stock outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same for the three months ended March 31, 2026.

Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows (in thousands):


	Three months ended March 31,
	2026	2025
Shares subject to outstanding RSUs	947	918
Shares subject to outstanding SARs	58	60
Total	1,005	978

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	May 05, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-39405
Entity Registrant Name	MarketWise, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-1767914
Entity Address, Address Line One	1125 N. Charles Street
Entity Address, City or Town	Baltimore
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21201
City Area Code	(888)
Local Phone Number	261-2693
Title of 12(b) Security	Class A common stock, $0.0001 par value per share
Trading Symbol	MKTW
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001805651
Current Fiscal Year End Date	--12-31
Common stock – Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,638,780
Common stock – Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,986,774

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 3,391	$ 3,004
Less: Accumulated depreciation and amortization	(2,504)	(2,551)
Total property and equipment, net	$ 887	453
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Property and equipment, gross	$ 951	974
Computers, software and equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Property and equipment, gross	$ 1,836	1,809
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	62	61
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 542	$ 160

Supplemental Cash Flow Information

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Cash Flow Information

Supplemental cash flow disclosures are as follows:


	Three Months Ended March 31,
		2026		2025
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest		$	—	$	(1)
Cash paid for income taxes		(757)		—
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		(276)		(1,114)



Supplemental Disclosures of Non-Cash Investing and Financing Activities:

Capitalized software included in accounts payable		—		18


		As of March 31,
		2026		2025
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents		$	52,669	$	79,178

Total cash and cash equivalents		$	52,669	$	79,178

Commitments and Contingencies (Details)	Nov. 22, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Loss contingency, damages sought, value	$ 9,000,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Goodwill and Intangible Assets, Net - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Finite-lived intangible assets:
Cost	$ 22,596	$ 22,469
Accumulated Amortization	(20,222)	(19,743)
Finite-lived intangible assets, net	2,374	2,726
Indefinite-lived intangible assets:
Indefinite-lived intangible assets, net	1,087	1,087
Cost	23,683	23,556
Net Book Value	3,461	3,813
Internet domain names
Indefinite-lived intangible assets:
Indefinite-lived intangible assets, net	1,087	1,087
Customer relationships
Finite-lived intangible assets:
Cost	12,443	12,443
Accumulated Amortization	(11,908)	(11,754)
Finite-lived intangible assets, net	$ 535	$ 689
Weighted-Average Remaining Useful Life (in years)	10 months 24 days	1 year 2 months 12 days
Tradenames
Finite-lived intangible assets:
Cost	$ 3,588	$ 3,588
Accumulated Amortization	(3,286)	(3,227)
Finite-lived intangible assets, net	$ 302	$ 361
Weighted-Average Remaining Useful Life (in years)	3 years 1 month 6 days	3 years 1 month 6 days
Capitalized software development costs
Finite-lived intangible assets:
Cost	$ 6,565	$ 6,438
Accumulated Amortization	(5,028)	(4,762)
Finite-lived intangible assets, net	$ 1,537	$ 1,676
Weighted-Average Remaining Useful Life (in years)	1 year 6 months	1 year 8 months 12 days

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets:
Contingent consideration receivable	$ 131	$ 83
Total assets	51,607	66,381
Liabilities:
Total liabilities	2,479	2,611
Profits interests, noncurrent
Liabilities:
Profits interests, noncurrent	2,479	2,611
Money market funds
Assets:
Money market funds	51,476	66,298
Level 1
Assets:
Contingent consideration receivable	0	0
Total assets	51,476	66,298
Liabilities:
Total liabilities	0	0
Level 1 \| Profits interests, noncurrent
Liabilities:
Profits interests, noncurrent	0	0
Level 1 \| Money market funds
Assets:
Money market funds	51,476	66,298
Level 2
Assets:
Contingent consideration receivable	0	0
Total assets	0	0
Liabilities:
Total liabilities	0	0
Level 2 \| Profits interests, noncurrent
Liabilities:
Profits interests, noncurrent	0	0
Level 2 \| Money market funds
Assets:
Money market funds	0	0
Level 3
Assets:
Contingent consideration receivable	131	83
Total assets	131	83
Liabilities:
Total liabilities	2,479	2,611
Level 3 \| Profits interests, noncurrent
Liabilities:
Profits interests, noncurrent	2,479	2,611
Level 3 \| Money market funds
Assets:
Money market funds	$ 0	$ 0

Stockholders’ Equity

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Stockholders’ Equity

The Company’s capital stock consists of (i) issued and outstanding Class A common stock with a par value of $0.0001 per share, and (ii) issued and outstanding Class B common stock with a par value of $0.0001 per share.

The table set forth below reflects information about the Company’s equity as of March 31, 2026.


	Authorized	Issued	Outstanding
Common stock - Class A	47,500,000	2,533,780	2,533,780
Common stock - Class B	15,000,000	13,612,641	13,612,641
Preferred stock	100,000,000	—	—
Total	162,500,000	16,146,421	16,146,421

Each share of Class A and Class B common stock entitles the holder to one vote per share. Holders of Class A common stock have the right to receive dividends while holders of Class B common stock have the right to receive a proportionate amount of distributions. In the event of liquidation, dissolution or winding up of the affairs of the Company, only holders of Class A common stock have the right to receive liquidation proceeds, while the holders of Class B common stock are entitled to only the par value of their shares. Class B common stock can be issued only to the members of MarketWise, LLC (“MarketWise Members”), their respective successors and permitted transferees. Under the terms of the Third Amended and Restated Limited Liability Company Operating Agreement of MarketWise, LLC (the “MarketWise Operating Agreement”), and subject to certain restrictions set forth therein, the MarketWise Members are entitled to have their LLC Units redeemed or exchanged for shares of our Class A common stock, at our option. If redeemed for cash at the Company’s option, such cash would have to be generated through an offering of shares to the market such that there would not be any situation where there would be a net cash obligation to the Company for such redemption. Shares of our Class B common stock held by any such redeeming or exchanging MarketWise Member will be canceled for no additional consideration on a one-for-one

basis with the redeemed or exchanged LLC Units whenever the MarketWise Members’ LLC Units are so redeemed or exchanged. The MarketWise Members may exercise such redemption rights for as long as their LLC Units remain outstanding. Our Board has discretion to determine the rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred stock.

During the three months ended March 31, 2026, we paid quarterly dividends on shares of our Class A common stock. Our continued declaration and payment of dividends and institution of any other distributions of capital to shareholders will nonetheless be at the discretion of our Board and will depend on many factors, including our earnings, financial condition and results of operations, capital requirements, level of indebtedness, contractual restrictions with respect to payment of dividends, ability to obtain cash or other assets from our subsidiaries, restrictions imposed by applicable law, general business conditions and other factors that our Board may deem relevant. There can be no assurance that we will continue to pay dividends in the future. Therefore, the success of an investment in shares of our Class A common stock may in the future depend only upon any future appreciation in their value. There is no guarantee that shares of our Class A common stock will appreciate or even maintain their value.

The dividends on shares of Class A common stock and other distributions on LLC Units declared during the three months ended March 31, 2026, on a split adjusted basis, were as follows:


			Dividends on Class A common stock				Other distributions on LLC Units
Type	Date declared	Date paid	per share		Total		per unit		Total











Special	March 3, 2026	March 31, 2026	$	0.20	$	507	N/A		N/A
Regular	March 3, 2026	March 31, 2026	$	0.25	$	634	$	0.25	$	3,394

On February 28, 2025, the Company announced that the Board authorized a stock repurchase program of up to $50 million of Class A common stock. Repurchases of Class A common stock may be made from time to time, either through open market transactions (including pre-set trading plans) or through other transactions, at the discretion of the management of the Company and in accordance with the limitations set forth in Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended, and other applicable securities laws. The timing of the repurchases will depend on market conditions and other requirements. Repurchases under the program have been authorized for the next 12 months but the program may be modified, suspended, or terminated at any time. The share repurchase program does not obligate the Company to repurchase any dollar amount or number of shares. During the three months ended March 31, 2026, we repurchased 3,257 shares totaling $57 in the aggregate.

For each share of Class A common stock the Company repurchases under the share repurchase program, MarketWise, LLC, the Company’s direct subsidiary, will redeem one common unit of MarketWise, LLC held by the Company, decreasing the percentage ownership of MarketWise, LLC by the Company and relatively increasing the ownership by the other unit holders of MarketWise, LLC in accordance with the MarketWise Operating Agreement.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
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-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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+ Details

Supplemental Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Supplemental Cash Flow Disclosures

Supplemental cash flow disclosures are as follows:


	Three Months Ended March 31,
		2026		2025
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest		$	—	$	(1)
Cash paid for income taxes		(757)		—
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		(276)		(1,114)



Supplemental Disclosures of Non-Cash Investing and Financing Activities:

Capitalized software included in accounts payable		—		18


		As of March 31,
		2026		2025
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents		$	52,669	$	79,178

Total cash and cash equivalents		$	52,669	$	79,178

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of the dates indicated:


	March 31, 2026
	Level 1		Level 2		Level 3		Aggregate Fair Value
Assets:
Money market funds	$	51,476	$	—	$	—	$	51,476
Contingent consideration receivable	—		—		131		131
Total assets	51,476		—		131		51,607
Liabilities:
Profits interests, noncurrent	—		—		2,479		2,479


Total liabilities	$	—	$	—	$	2,479	$	2,479


	December 31, 2025
	Level 1		Level 2		Level 3		Aggregate Fair Value
Assets:
Money market funds	$	66,298	$	—	$	—	$	66,298
Contingent consideration receivable	—		—		83		83
Total assets	66,298		—		83		66,381
Liabilities:
Profits interests, noncurrent	—		—		2,611		2,611
Total liabilities	$	—	$	—	$	2,611	$	2,611

The level 3 assets relate to contingent consideration receivables primarily from a related party associated with the sale of brands disposed as part of the Legacy Reorganization, the Buttonwood Publishing sale. The level 3 liabilities relate to profits interests, which are presented in other liabilities, noncurrent on the condensed consolidated balance sheets.

The following table summarizes the changes in fair value of the recurring Level 3 fair value measurements during the three months ended March 31, 2026:


		Level 3 Fair Value Measurements
	Income Statement Line Item That Includes The Gains And Losses	Contingent consideration receivable		Profits interests, noncurrent

Balance at December 31, 2025		$	83	$	2,611
Issues		—		—
Total gains (losses) recorded in earnings	General and administrative expense	96		—

Total (gains) losses recorded in earnings	General and administrative expense	—		(132)
Payments received		(48)		—
Balance at March 31, 2026		$	131	$	2,479

The following table provides quantitative information regarding the recurring Level 3 fair value measurements inputs for the contingent consideration receivable and profits interests at their measurement dates:


	As of
	March 31, 2026
Contingent consideration receivable
Discount rate	25.0	%


Profits interests
Discount rate	25.0	%
Discount for lack of marketability	30.2	%

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Segment Reporting - Reconciliation of Reportable Segment Revenues to the Consolidated Totals (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Net revenue	$ 77,029	$ 83,507
Operating Segments \| Reportable Segment
Segment Reporting Information [Line Items]
Net revenue	87,546	88,912
Corporate and all other
Segment Reporting Information [Line Items]
Net revenue	$ (10,517)	$ (5,405)

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,207	$ 3,141
Profits interests
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ (132)	(201)
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	82,643
Exercisable (in shares)	0
RSU and SAR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Total stock-based compensation expense	$ 2,327	3,329
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0
Exercisable (in shares)	57,305
Remaining contractual term	5 years 4 months 24 days
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 12	$ 13
Amount withheld on behalf of employees	$ 59

Earnings Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net income	$ (554)	$ 16,841
Less: Net income attributable to noncontrolling interests	19	15,951
Net income attributable to Class A common stockholders, Basic, Total	(573)	890
Net income attributable to Class A common stockholders, Diluted, Total	$ (573)	$ 890
Denominator:
Weighted average shares outstanding – basic (in shares)	2,491	2,051
Basic earnings per share (USD per share)	$ (0.23)	$ 0.43
Weighted average shares outstanding – diluted (in shares)	2,491	2,160
Diluted earnings per share (USD per share)	$ (0.23)	$ 0.41

Earnings Per Share - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Jul. 31, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)		1,005,000	978,000
Reversal of cumulative accrued dividends on earnout shares				$ 1,263
Earnout Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares expired (in shares)	252,548
Sponsor Earn Out Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)			152,550
Member Earn Out Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)			99,998

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 52,669	$ 70,140
Accounts receivable	4,600	5,722
Prepaid expenses	10,720	10,799
Related party receivables	271	838
Deferred contract acquisition costs	42,766	43,388
Other current assets	808	814
Total current assets	111,834	131,701
Property and equipment, net	887	453
Operating lease right-of-use assets	6,296	6,684
Intangible assets, net	3,461	3,813
Goodwill	30,043	30,043
Deferred contract acquisition costs, noncurrent	38,573	34,678
Deferred tax assets	10,822	11,007
Total assets	201,916	218,379
Current liabilities:
Accrued expenses	22,953	33,221
Deferred revenue and other contract liabilities	184,775	183,798
Operating lease liabilities	728	908
Related party TRA liability, current (Note 10)	789	0
Other current liabilities	12,580	11,900
Total current liabilities	229,143	234,204
Deferred revenue and other contract liabilities, noncurrent	188,956	185,754
Related party TRA liability, noncurrent (Note 10)	3,246	4,260
Other liabilities, noncurrent	2,479	2,611
Operating lease liabilities, noncurrent	4,986	5,175
Total liabilities	428,810	432,004
Stockholders’ deficit:
Preferred stock - par value of $0.0001 per share, 100,000,000 shares authorized; 0 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	0	0
Additional paid-in capital	101,968	101,945
Accumulated other comprehensive income	27	36
Accumulated deficit	(114,237)	(113,664)
Total stockholders’ deficit attributable to MarketWise, Inc.	(12,241)	(11,682)
Noncontrolling interest	(214,653)	(201,943)
Total stockholders’ deficit	(226,894)	(213,625)
Total liabilities and stockholders’ deficit	201,916	218,379
Common stock – Class A
Stockholders’ deficit:
Common stock	0	0
Common stock – Class B
Stockholders’ deficit:
Common stock	1	1
Nonrelated Party
Current liabilities:
Trade and other payables	5,901	3,868
Related Party
Current assets:
Operating lease right-of-use assets	6,295	6,684
Current liabilities:
Trade and other payables	$ 1,417	$ 509

Related Party Transactions (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Dec. 31, 2025

Net revenue

$ 77,029

$ 83,507

Cost of revenue

^[1]

11,147

11,935

Related party expense

273

129

Other income, net

158

Related party receivables

271

$ 838

Operating lease, payments

276

1,114

Operating lease right-of-use assets

6,296

6,684

Lease termination fee

700

Corporate Functions

Related party expense

Net revenue

652

493

Trade and other payables

1,417

509

Operating lease, payments

294

403

Operating lease, expense

276

551

Operating lease right-of-use assets

6,295

6,684

Total lease liabilities

6,258

6,083

Related Party | Revenue Share Expenses

Deferred contract acquisition costs capitalized

3,080

1,061

Cost of revenue

110

Cost of revenue

Trade and other payables

502

Other income, net

111

$ 160

Related party receivables

$ 106

$ 176

[1]	(1) Cost of revenue, sales and marketing, general and administrative, and research and development expenses are exclusive of depreciation and amortization shown as a separate line item

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Total net revenue

$ 77,029

$ 83,507

Operating expenses:

Cost of revenue

^[1]

11,147

11,935

Sales and marketing

^[1]

39,695

34,078

General and administrative

^[1]

24,167

17,328

Research and development

^[1]

2,325

2,346

Depreciation and amortization

518

531

Impairment of intangible assets

380

Related party expense

273

129

Total operating expenses

78,125

66,727

(Loss) income from operations

(1,096)

16,780

Other income, net

158

Interest income, net

510

941

(Loss) income before income taxes

(492)

17,879

Income tax expense

1,038

Net (loss) income

(554)

16,841

Net income attributable to noncontrolling interests

15,951

Net (loss) income attributable to MarketWise, Inc.

$ (573)

$ 890

Earnings per share – basic (USD per share)

$ (0.23)

$ 0.43

Earnings per share – diluted (USD per share)

$ (0.23)

$ 0.41

Weighted average shares outstanding – basic (in shares)

2,491

2,051

Weighted average shares outstanding – diluted (in shares)

2,491

2,160

Nonrelated Party

Total net revenue

$ 76,377

$ 83,014

Related Party

Total net revenue

$ 652

$ 493

[1]	(1) Cost of revenue, sales and marketing, general and administrative, and research and development expenses are exclusive of depreciation and amortization shown as a separate line item

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Included within cost of revenue, sales and marketing, and general and administrative expenses are total stock-based compensation expenses as follows:


	Three months ended March 31,
	2026		2025
Cost of revenue	$	559	$	1,264
Sales and marketing	596		694
General and administrative	1,052		1,183
Total stock based-compensation expense	$	2,207	$	3,141

Total stock-based compensation expense includes expenses related to our 2021 Incentive Award Plan, our ESPP and profits interests, as follows:


	Three months ended March 31,
	2026		2025
2021 Incentive Award Plan	$	2,327	$	3,329
Employee Stock Purchase Plan	12		13
Profits interests	(132)		(201)
Total stock-based compensation expense	$	2,207	$	3,141

2021 Incentive Award Plan

During the three months ended March 31, 2026, we granted 82,643 restricted stock units (“RSUs”) to certain employees and service providers in aggregate under our 2021 Incentive Award Plan.

For employees and service providers, both RSUs and stock appreciation rights (“SARs”) are primarily time based and typically vest ratably over four years, as specified in the individual grant notices. The RSUs may entitle the recipients to dividend equivalents if approved by the Plan Administrator, which are subject to the same vesting terms and accumulate during the vesting period. Upon vesting, the RSU holder will be issued the Company’s Class A common stock. The SARs will be settled in the Company’s Class A common stock upon exercise. The shares to be issued upon exercise will have a total market value equal to the SAR value calculated as (x) number of shares underlying SAR, multiplied by (y) any excess of the Company’s share value on the date of exercise over the exercise price set in each individual grant notice.

The fair value of the RSU is the same as the Company’s share price on the date of grant. The fair value of the SARs was determined using a Black-Scholes model.


	RSUs			SARs
	Units	Weighted-Average Grant Date Fair Value		Units	Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2026	1,016,466	$	21.78	58,208	$	81.00
Granted	82,643	14.15		—	—
Vested (RSUs) or Exercised (SARs)	(142,134)	27.94		—	—
Forfeited	(9,524)	23.66		(903)	81.00

Outstanding at March 31, 2026	947,451	$	20.19	57,305	$	81.00
Exercisable at March 31, 2026	—	$	—	57,305	$	81.00

The stock compensation expense related to the RSU and SAR grants was $2,327 and $3,329 for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, 57,305 SARs were exercisable and they have a remaining contractual term of 5.4 years.

Employee Stock Purchase Plan

The Company recognized $12 and $13 of stock-based compensation expense related to the ESPP for the three months ended March 31, 2026 and 2025. As of March 31, 2026, $59 has been withheld on behalf of employees for the June 30, 2026 purchase date.

Profits Interests

The Company recognized $(132) and $(201) of stock-based compensation (benefit) expense related to the profits interests, which are liability classified, for the three months ended March 31, 2026 and 2025, respectively.

Balance Sheet Components

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Components

Capitalized Implementation Costs

The capitalized implementation costs are capitalized within other current assets and other assets on the condensed consolidated balance sheets. There were no capitalized cloud computing costs during the three months

ended March 31, 2026 or 2025. Amortization expense related to capitalized cloud computing implementation costs was $24 and $242 for the three months ended March 31, 2026 and 2025, respectively.

Property and Equipment, Net

Property and equipment, net consists of the following:


		As of
	Estimated Useful Lives	March 31, 2026		December 31, 2025
Furniture and fixtures	5 years	$	951	$	974
Computers, software and equipment	3 years	1,836		1,809
Leasehold improvements	Shorter of estimated useful life or remaining term of lease	62		61
Construction in progress	N/A	542		160
		3,391		3,004
Less: Accumulated depreciation and amortization		(2,504)		(2,551)
Total property and equipment, net		$	887	$	453

Depreciation and amortization expense for property and equipment was $39 and $54 for the three months ended March 31, 2026 and 2025, respectively. During the three months ended March 31, 2025, the Company recorded an impairment loss on leasehold improvement assets totaling $380, and the related lease was terminated for a gain of $1,646, which is included within general and administrative expense.

Accrued Expenses

Accrued expenses consist of the following:


	As of
	March 31, 2026		December 31, 2025
Commission and variable compensation	$	8,029	$	18,656
Payroll and benefits	4,023		4,855

Other accrued expenses	10,901		9,710
Total accrued expenses	$	22,953	$	33,221

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent events have been evaluated through May 7, 2026, which is the date that the financial statements were issued. On April 21, 2026, the Company and MarketWise, LLC (collectively, the “MarketWise Group”) entered into a Settlement Agreement and Release (the “Settlement Agreement”) with Mark P. Arnold, the Company’s former Chief Executive Officer, and JAMA 2021, LLC (together with Mr. Arnold, the “Arnold Parties”). The Settlement Agreement resolves Mr. Arnold’s demand for arbitration (“Arbitration”) that was previously disclosed in Item 3 of the Company’s Annual Reports filed on Form 10-K for the fiscal years ended December 31, 2024 and December 31, 2025. Pursuant to the Settlement Agreement: (i) the MarketWise Group will make a one-time cash payment of $12.16 million to Mr. Arnold (the “Settlement Payment”); (ii) the Arnold Parties will surrender, and MarketWise, LLC will redeem and cancel an aggregate of 520,867 common units of MarketWise, LLC (the “Common Units”), along with the corresponding shares of the Company’s Class B common stock, held by the Arnold Parties; (iii) the Arnold Parties will waive and release their rights, including rights to future payments, under that certain Tax Receivables Agreement dated July 21, 2021 (the “TRA”), by and among the Company, Marketwise, LLC and the members of Marketwise, LLC; (iv) the MarketWise Group and the Arnold Parties agree to mutual general releases resolving all claims, including claims in the Arbitration; and (v) the MarketWise Group agrees to indemnify Mr. Arnold for certain possible tax implications associated with his claims underlying the Arbitration. Based on management’s assessment, the Settlement Payment is expected to be allocated primarily to (i) redemption of the Common Units held by the Arnold Parties, and (ii) termination of the Arnold Parties’ rights under the TRA. These components represent the extinguishment of pre‑existing contractual and ownership interests that existed independently of the litigation and carried substantive economic and financial rights. In evaluating the economic substance of the settlement, management considered the nature of the rights extinguished and concluded that the settlement primarily reflects the negotiated unwinding of pre‑existing equity ownership and contractual rights held by the Arnold Parties, rather than the payment of damages. The portion of the Settlement Payment attributable to the redemption of the Common Units reflects the elimination of the Arnold Parties’ ownership interests in MarketWise, LLC. The portion of the Settlement Payment attributable to the TRA relates to the settlement of a previously recognized contractual obligation to the Arnold Parties and reflects the negotiated resolution of remaining expected payments to the Arnold Parties under that arrangement. The settlement did not involve an adjudication of claims, nor were amounts specified or negotiated as compensation for damages. Accordingly, management does not expect the portion of the Settlement Payment attributable solely to the resolution of litigation, if any, to be material.

Stockholders’ Equity - Schedule of Stock by Class (Details) - shares	Mar. 31, 2026	Dec. 31, 2025	Apr. 02, 2025	Apr. 01, 2025
Class of Stock [Line Items]
Preferred stock, authorized (in shares)	100,000,000	100,000,000
Stock, authorized (in shares)	162,500,000
Preferred stock, issued (in shares)	0	0
Stock, issued (in shares)	16,146,421
Preferred stock, outstanding (in shares)	0	0
Stock, outstanding (in shares)	16,146,421
Common stock – Class A
Class of Stock [Line Items]
Common stock, authorized (in shares)	47,500,000	47,500,000	47,500,000	950,000,000
Common stock, issued (in shares)	2,533,780	2,445,010
Common stock, outstanding (in shares)	2,533,780	2,445,010
Common stock – Class B
Class of Stock [Line Items]
Common stock, authorized (in shares)	15,000,000	15,000,000	15,000,000	300,000,000
Common stock, issued (in shares)	13,612,641	13,612,641
Common stock, outstanding (in shares)	13,612,641	13,612,641

Revenue Recognition - Schedule of Contract Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Contract balances
Accounts receivable	$ 4,600	$ 5,722
Obligations for refunds	1,469	1,516
Deferred revenue – current	183,306	182,282
Deferred revenue – non-current	$ 188,956	$ 185,754

Summary of Significant Accounting Policies - Basis of Consolidation (Narrative) (Details)	Mar. 31, 2026	Mar. 31, 2025
Marketwise, LLC
Significant Accounting Policies [Line Items]
Ownership percentage in subsidiary	15.70%	14.50%

Stockholders’ Equity - Narrative (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) vote $ / shares shares	Mar. 31, 2025 USD ($)	Dec. 31, 2025 $ / shares	Feb. 28, 2025 USD ($)
Class of Stock [Line Items]
Common stock, number of votes per share \| vote	1
Common stock, conversion ratio	1,000
Shares repurchased (in shares) \| shares	3,257
Repurchases of stock \| $	$ 57	$ 0
Common stock – Class A
Class of Stock [Line Items]
Common stock, par value (USD per share) \| $ / shares	$ 0.0001		$ 0.0001
Share repurchase program, amount authorized \| $				$ 50,000
Common stock – Class B
Class of Stock [Line Items]
Common stock, par value (USD per share) \| $ / shares	$ 0.0001		$ 0.0001

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Goodwill and Intangible Assets, Net

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

Goodwill

The carrying amounts of goodwill are as follows:


Balance at January 1, 2026	$	30,043

Balance at March 31, 2026	$	30,043

Intangible assets, net

Intangible assets, net consisted of the following as of the dates indicated:


	March 31, 2026
	Cost		Accumulated Amortization		Net Book Value		Weighted-Average Remaining Useful Life (in years)
Finite-lived intangible assets:
Customer relationships	$	12,443	$	(11,908)	$	535	0.9
Tradenames	3,588		(3,286)		302		3.1
Capitalized software development costs	6,565		(5,028)		1,537		1.5
Finite-lived intangible assets, net	22,596		(20,222)		2,374

Indefinite-lived intangible assets:

Internet domain names	1,087		—		1,087
Indefinite-lived intangible assets, net	1,087		—		1,087
Intangible assets, net	$	23,683	$	(20,222)	$	3,461


	December 31, 2025
	Cost		Accumulated Amortization		Net Book Value		Weighted-Average Remaining Useful Life (in years)
Finite-lived intangible assets:
Customer relationships	$	12,443	$	(11,754)	$	689	1.2
Tradenames	3,588		(3,227)		361		3.1
Capitalized software development costs	6,438		(4,762)		1,676		1.7
Finite-lived intangible assets, net	22,469		(19,743)		2,726

Indefinite-lived intangible assets:

Internet domain names	1,087		—		1,087
Indefinite-lived intangible assets, net	1,087		—		1,087
Intangible assets, net	$	23,556	$	(19,743)	$	3,813

We recorded amortization expense related to finite-lived intangible assets of $479 and $477 for the three months ended March 31, 2026 and 2025, respectively, within depreciation and amortization in the accompanying condensed consolidated statement of operations. These amounts include amortization of capitalized software development costs of $268 and $225 for the three months ended March 31, 2026 and 2025, respectively.

We recorded additions to capitalized software development costs of $127 and $195 for the three months ended March 31, 2026 and 2025, respectively.

As of March 31, 2026, the total expected future amortization expense for finite-lived intangible assets is as follows:


Remainder of 2026	$	1,112
2027	474
2028	733
2029	53
2030	1
Thereafter	1
Finite-lived intangible assets, net	$	2,374

Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net (loss) income	$ (554)	$ 16,841
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	518	531
Impairment of property and equipment, net	0	380
Stock-based compensation	2,207	3,141
Change in fair value of contingent consideration	(96)	(1,226)
Deferred taxes	63	1,038
Unrealized gains on foreign currency	(5)	(1)
Other gains	0	(1,646)
Noncash lease expense	295	2,139
Changes in operating assets and liabilities:
Accounts receivable	1,122	(6,913)
Related party receivables and payables	1,571	383
Prepaid expenses	79	(111)
Other current assets and other assets	6	253
Deferred contract acquisition costs	(3,273)	8,199
Trade and other payables	2,038	(733)
Accrued expenses	(10,268)	(4,815)
Deferred revenue	4,179	(11,883)
Operating lease liabilities	(276)	(2,685)
Other current and long-term liabilities	319	(1,159)
Net cash (used in) provided by operating activities	(2,075)	1,733
Cash flows from investing activities:
Purchases of property and equipment	(473)	(45)
Capitalized software development costs	(127)	(177)
Net cash used in investing activities	(600)	(222)
Cash flows from financing activities:
Repurchases of stock	(57)	0
Restricted stock units withheld to pay taxes	(859)	(583)
Dividends paid to Class A shareholders	(1,142)	(1,986)
Tax distributions to noncontrolling interests	(9,335)	(13,502)
Other distributions to noncontrolling interests	(3,394)	(4,138)
Net cash used in financing activities	(14,787)	(20,209)
Effect of exchange rate changes on cash	(9)	0
Net decrease in cash, cash equivalents and restricted cash	(17,471)	(18,698)
Cash, cash equivalents and restricted cash — beginning of period	70,140	97,876
Cash, cash equivalents and restricted cash — end of period	$ 52,669	$ 79,178

Condensed Consolidated Statement of Stockholders’ Deficit (Unaudited) - USD ($) $ in Thousands	Total	Common Stock - Class A	Common Stock - Class B	Total Stockholders’ Deficit Attributable to MarketWise, Inc.	Common Stock Common Stock - Class A	Common Stock Common Stock - Class B	Additional paid-in capital	Accumulated Other Comprehensive Income	Accumulated deficit	Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2024					1,978,013	13,994,498
Beginning balance at Dec. 31, 2024	$ (217,924)			$ (12,536)	$ 0	$ 1	$ 106,691	$ 56	$ (119,284)	$ (205,388)
Stockholders' Deficit
Equity-based compensation	3,342			3,342			3,342
Vesting of restricted stock units (in shares)					119,314
Restricted stock units withheld to pay taxes (in shares)					(38,958)
Restricted stock units withheld to pay taxes	(583)			(583)			(583)
Cash dividends declared to Class A shareholders	(1,955)			(1,955)			(1,955)
Distributions to noncontrolling interests	(17,640)									(17,640)
Issuance per redemption of Class B shares for Class A (in shares)					261,634	(261,634)
Issuance per redemption of Class B shares for Class A	0			(5,152)			(5,152)			5,152
Foreign currency translation adjustments	0
Remeasurement of deferred taxes due to change in noncontrolling interest	188			188			188
Net income	16,841			890					890	15,951
Ending balance (in shares) at Mar. 31, 2025					2,320,003	13,732,864
Ending balance at Mar. 31, 2025	(217,731)			(15,806)	$ 0	$ 1	102,531	56	(118,394)	(201,925)
Beginning balance (in shares) at Dec. 31, 2025		2,445,010	13,612,641		2,445,010	13,612,641
Beginning balance at Dec. 31, 2025	(213,625)			(11,682)	$ 0	$ 1	101,945	36	(113,664)	(201,943)
Stockholders' Deficit
Equity-based compensation	2,339			2,339			2,339
Vesting of restricted stock units (in shares)					142,134
Restricted stock units withheld to pay taxes (in shares)					(50,107)
Restricted stock units withheld to pay taxes	$ (859)			(859)			(859)
Repurchases of Class A shares (in shares)	(3,257)				(3,257)
Repurchase of Class A shares	$ (57)			(57)			(57)
Cash dividends declared to Class A shareholders	(1,381)			(1,381)			(1,381)
Distributions to noncontrolling interests	(12,729)									(12,729)
Foreign currency translation adjustments	(9)			(9)				(9)
Remeasurement of deferred taxes due to change in noncontrolling interest	(19)			(19)			(19)
Net income	(554)			(573)					(573)	19
Ending balance (in shares) at Mar. 31, 2026		2,533,780	13,612,641		2,533,780	13,612,641
Ending balance at Mar. 31, 2026	$ (226,894)			$ (12,241)	$ 0	$ 1	$ 101,968	$ 27	$ (114,237)	$ (214,653)

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Preferred stock, par value (USD per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	100,000,000	100,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock – Class A
Common stock, par value (USD per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	47,500,000	47,500,000
Common stock, issued (in shares)	2,533,780	2,445,010
Common stock, outstanding (in shares)	2,533,780	2,445,010
Common stock – Class B
Common stock, par value (USD per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	15,000,000	15,000,000
Common stock, issued (in shares)	13,612,641	13,612,641
Common stock, outstanding (in shares)	13,612,641	13,612,641

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consists of the following:


		As of
	Estimated Useful Lives	March 31, 2026		December 31, 2025
Furniture and fixtures	5 years	$	951	$	974
Computers, software and equipment	3 years	1,836		1,809
Leasehold improvements	Shorter of estimated useful life or remaining term of lease	62		61
Construction in progress	N/A	542		160
		3,391		3,004
Less: Accumulated depreciation and amortization		(2,504)		(2,551)
Total property and equipment, net		$	887	$	453

Schedule of Accrued Expenses

Accrued expenses consist of the following:


	As of
	March 31, 2026		December 31, 2025
Commission and variable compensation	$	8,029	$	18,656
Payroll and benefits	4,023		4,855

Other accrued expenses	10,901		9,710
Total accrued expenses	$	22,953	$	33,221

Goodwill and Intangible Assets, Net (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The carrying amounts of goodwill are as follows:


Balance at January 1, 2026	$	30,043

Balance at March 31, 2026	$	30,043

Schedule of Indefinite-Lived Intangible Assets

Intangible assets, net consisted of the following as of the dates indicated:


	March 31, 2026
	Cost		Accumulated Amortization		Net Book Value		Weighted-Average Remaining Useful Life (in years)
Finite-lived intangible assets:
Customer relationships	$	12,443	$	(11,908)	$	535	0.9
Tradenames	3,588		(3,286)		302		3.1
Capitalized software development costs	6,565		(5,028)		1,537		1.5
Finite-lived intangible assets, net	22,596		(20,222)		2,374

Indefinite-lived intangible assets:

Internet domain names	1,087		—		1,087
Indefinite-lived intangible assets, net	1,087		—		1,087
Intangible assets, net	$	23,683	$	(20,222)	$	3,461


	December 31, 2025
	Cost		Accumulated Amortization		Net Book Value		Weighted-Average Remaining Useful Life (in years)
Finite-lived intangible assets:
Customer relationships	$	12,443	$	(11,754)	$	689	1.2
Tradenames	3,588		(3,227)		361		3.1
Capitalized software development costs	6,438		(4,762)		1,676		1.7
Finite-lived intangible assets, net	22,469		(19,743)		2,726

Indefinite-lived intangible assets:

Internet domain names	1,087		—		1,087
Indefinite-lived intangible assets, net	1,087		—		1,087
Intangible assets, net	$	23,556	$	(19,743)	$	3,813

Schedule of Finite-Lived Intangible Assets

Intangible assets, net consisted of the following as of the dates indicated:


	March 31, 2026
	Cost		Accumulated Amortization		Net Book Value		Weighted-Average Remaining Useful Life (in years)
Finite-lived intangible assets:
Customer relationships	$	12,443	$	(11,908)	$	535	0.9
Tradenames	3,588		(3,286)		302		3.1
Capitalized software development costs	6,565		(5,028)		1,537		1.5
Finite-lived intangible assets, net	22,596		(20,222)		2,374

Indefinite-lived intangible assets:

Internet domain names	1,087		—		1,087
Indefinite-lived intangible assets, net	1,087		—		1,087
Intangible assets, net	$	23,683	$	(20,222)	$	3,461


	December 31, 2025
	Cost		Accumulated Amortization		Net Book Value		Weighted-Average Remaining Useful Life (in years)
Finite-lived intangible assets:
Customer relationships	$	12,443	$	(11,754)	$	689	1.2
Tradenames	3,588		(3,227)		361		3.1
Capitalized software development costs	6,438		(4,762)		1,676		1.7
Finite-lived intangible assets, net	22,469		(19,743)		2,726

Indefinite-lived intangible assets:

Internet domain names	1,087		—		1,087
Indefinite-lived intangible assets, net	1,087		—		1,087
Intangible assets, net	$	23,556	$	(19,743)	$	3,813

Schedule of Expected Future Amortization Expense for Finite-Lived Intangible Assets

As of March 31, 2026, the total expected future amortization expense for finite-lived intangible assets is as follows:


Remainder of 2026	$	1,112
2027	474
2028	733
2029	53
2030	1
Thereafter	1
Finite-lived intangible assets, net	$	2,374

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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+ Details

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2026
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions We have certain revenue share agreements with related parties. Accordingly, we recognized revenue from related parties of $652 and $493 for the three months ended March 31, 2026 and 2025, respectively. We also incurred revenue share expenses paid to related parties of $3,080 and $1,061 which were capitalized as contract origination costs for the three months ended March 31, 2026 and 2025, respectively. A related party provided call center support and other services to the Company for which we recorded an expense within cost of revenue of $88 and $110 for the three months ended March 31, 2026 and 2025. A related party provided marketing and copywriting services to the Company for which we recorded an expense within cost of revenue of $40 and $90 for the three months ended March 31, 2026 and 2025. A related party also provided certain corporate functions to MarketWise and the costs of these services are charged to MarketWise. We recorded $25 and $24 for the three months ended March 31, 2026 and 2025, respectively, within related party expense in the accompanying condensed consolidated statement of operations. We held balances of $2 and $502 as of March 31, 2026 and December 31, 2025 of related party payables related to revenue share expenses, call center support, and the services noted above. The balances with this related party are presented net and are included in related party payables in the condensed consolidated balance sheet. We earned fees and provided certain accounting and marketing services to companies owned by certain of MarketWise’s Class B stockholders. As a result, we recognized $111 and $160 in other income, net for the three months ended March 31, 2026 and 2025, respectively. Related party receivables related to these services were $106 and $176 as of March 31, 2026 and December 31, 2025, respectively. We lease offices from related parties. Lease payments made to related parties were $294 and $403 for the three months ended March 31, 2026 and 2025, respectively. Related party rent expense of $276 and $551 were recognized in general and administrative expenses for the three months ended March 31, 2026 and 2025, respectively. At March 31, 2026 and December 31, 2025, ROU assets of $6,295 and $6,684 and lease liabilities of $6,258 and $6,083 are associated with leases with related parties. Additionally, we paid $700 in lease termination fees related to our former Legacy Research lease during the three months ended March 31, 2025 For more information, see Note 6 – Balance Sheet Components.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of the dates indicated:


	March 31, 2026
	Level 1		Level 2		Level 3		Aggregate Fair Value
Assets:
Money market funds	$	51,476	$	—	$	—	$	51,476
Contingent consideration receivable	—		—		131		131
Total assets	51,476		—		131		51,607
Liabilities:
Profits interests, noncurrent	—		—		2,479		2,479


Total liabilities	$	—	$	—	$	2,479	$	2,479


	December 31, 2025
	Level 1		Level 2		Level 3		Aggregate Fair Value
Assets:
Money market funds	$	66,298	$	—	$	—	$	66,298
Contingent consideration receivable	—		—		83		83
Total assets	66,298		—		83		66,381
Liabilities:
Profits interests, noncurrent	—		—		2,611		2,611
Total liabilities	$	—	$	—	$	2,611	$	2,611

Schedule of Changes in Fair Value of Liabilities

The following table summarizes the changes in fair value of the recurring Level 3 fair value measurements during the three months ended March 31, 2026:


		Level 3 Fair Value Measurements
	Income Statement Line Item That Includes The Gains And Losses	Contingent consideration receivable		Profits interests, noncurrent

Balance at December 31, 2025		$	83	$	2,611
Issues		—		—
Total gains (losses) recorded in earnings	General and administrative expense	96		—

Total (gains) losses recorded in earnings	General and administrative expense	—		(132)
Payments received		(48)		—
Balance at March 31, 2026		$	131	$	2,479

Schedule of Changes in Fair Value of Assets

The following table summarizes the changes in fair value of the recurring Level 3 fair value measurements during the three months ended March 31, 2026:


		Level 3 Fair Value Measurements
	Income Statement Line Item That Includes The Gains And Losses	Contingent consideration receivable		Profits interests, noncurrent

Balance at December 31, 2025		$	83	$	2,611
Issues		—		—
Total gains (losses) recorded in earnings	General and administrative expense	96		—

Total (gains) losses recorded in earnings	General and administrative expense	—		(132)
Payments received		(48)		—
Balance at March 31, 2026		$	131	$	2,479

Schedule of Fair Value Measurements Inputs


	As of
	March 31, 2026
Contingent consideration receivable
Discount rate	25.0	%


Profits interests
Discount rate	25.0	%
Discount for lack of marketability	30.2	%

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (554)	$ 16,841
Other comprehensive (loss) income:
Cumulative translation adjustment	(9)	0
Total comprehensive (loss) income	$ (563)	$ 16,841

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Reconciliation of Adjusted Basis Net Profit (Loss)

The reconciliation of reportable segment Adjusted Basis Net Profit (Loss) to the consolidated totals are as follows:


	Three months ended March 31,
	2026		2025
Total net revenue for reportable segment (a)	$	87,546	$	88,912
Adjustment to total net revenue for reportable segment (b)	4,716		(11,574)
Variable expense (c)	(6,537)		(5,684)
Revenue share expense (c)	(13,560)		(8,719)
Direct marketing (c)	(26,313)		(13,288)
Compensation and outside labor (c)	(22,160)		(19,313)
Other overhead (c)	(5,135)		(7,334)
Corporate allocations (c)	(1,233)		(3,921)
Reportable segment Adjusted Net Profit (Loss)	17,324		19,079
Reconciliation of Adjusted Net Profit (Loss) to consolidated income before income taxes:
Corporate and all other Adjusted Net Profit (Loss)	(13,696)		(3,760)
Adjustment to total net revenue (b)	(4,336)		12,969
Stock-based compensation expense (d)	(2,208)		(3,141)
Deferred contract acquisition costs (e)	3,212		(8,199)
Depreciation and amortization (f)(g)	(479)		(477)






Other (h)	(309)		1,408
Consolidated (loss) income before income taxes	$	(492)	$	17,879

(a)total net revenue for reportable segment is in accordance with GAAP

(b)subscription revenue, revenue share and other income are generally recognized on a cash basis under Adjusted Basis, rather than deferred and recognized over the subscription term or when earned in accordance with ASC 606

(c)amounts represent Adjusted Basis

(d)amounts represent stock-based compensation expense

(e)costs to obtain a contract are expensed under Adjusted Basis, rather than capitalized as deferred contract acquisition costs and subsequently amortized in accordance with ASC 340

(f)certain operating leases are recognized on a cash basis under Adjusted Basis, rather than initially recognizing right-of-use assets and lease liabilities, which are subsequently amortized over the lease term in accordance with ASC 842

(g)certain intangible assets arising from business combinations are not recognized upon acquisition and subsequently amortized in accordance with ASC 805 under Adjusted Basis

(h)other line includes various items that are recognized differently under Adjusted Basis, software development and implementation related costs, including implementation costs of cloud computing arrangements, employee benefit related items, gain on lease termination, change in fair value of contingent consideration, and certain tax related items.

Schedule of Reconciliation of Reportable Segment Revenues

The reconciliation of reportable segment revenues to the consolidated totals are as follows:











	Three months ended March 31,
	2026		2025
Total net revenue for reportable segment	$	87,546	$	88,912
Corporate and all other	(10,517)		(5,405)
Consolidated total net revenue	$	77,029	$	83,507

Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,005	978
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	947	918
SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	58	60

Segment Reporting

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Reporting

The Chief Operating Decision Maker (“CODM”), which is the Company’s Chief Executive Officer, monitors financial results for internal purposes that are not prepared in accordance with GAAP (“Adjusted Basis”) because these results more closely align to how the business generates and uses cash.

The CODM uses Adjusted Net Profit (Loss) as the key performance measure for evaluating segment income or loss on a monthly basis when assessing segment performance and when making decisions about how to allocate operating resources, such as marketing spend and determining variable compensation for certain employees.

The primary components of the “Corporate and all other” line in the following tables include certain corporate overhead charges, expenses that have not been allocated to the reportable segment, including corporate functions, taxes, and activity related to components that is below quantitative threshold for separate disclosure.

The reconciliation of reportable segment Adjusted Basis Net Profit (Loss) to the consolidated totals are as follows:


	Three months ended March 31,
	2026		2025
Total net revenue for reportable segment (a)	$	87,546	$	88,912
Adjustment to total net revenue for reportable segment (b)	4,716		(11,574)
Variable expense (c)	(6,537)		(5,684)
Revenue share expense (c)	(13,560)		(8,719)
Direct marketing (c)	(26,313)		(13,288)
Compensation and outside labor (c)	(22,160)		(19,313)
Other overhead (c)	(5,135)		(7,334)
Corporate allocations (c)	(1,233)		(3,921)
Reportable segment Adjusted Net Profit (Loss)	17,324		19,079
Reconciliation of Adjusted Net Profit (Loss) to consolidated income before income taxes:
Corporate and all other Adjusted Net Profit (Loss)	(13,696)		(3,760)
Adjustment to total net revenue (b)	(4,336)		12,969
Stock-based compensation expense (d)	(2,208)		(3,141)
Deferred contract acquisition costs (e)	3,212		(8,199)
Depreciation and amortization (f)(g)	(479)		(477)






Other (h)	(309)		1,408
Consolidated (loss) income before income taxes	$	(492)	$	17,879

(a)total net revenue for reportable segment is in accordance with GAAP

(c)amounts represent Adjusted Basis

(d)amounts represent stock-based compensation expense

(e)costs to obtain a contract are expensed under Adjusted Basis, rather than capitalized as deferred contract acquisition costs and subsequently amortized in accordance with ASC 340

(g)certain intangible assets arising from business combinations are not recognized upon acquisition and subsequently amortized in accordance with ASC 805 under Adjusted Basis

The reconciliation of reportable segment revenues to the consolidated totals are as follows:











	Three months ended March 31,
	2026		2025
Total net revenue for reportable segment	$	87,546	$	88,912
Corporate and all other	(10,517)		(5,405)
Consolidated total net revenue	$	77,029	$	83,507

The CODM does not use segment assets to evaluate segment performance or allocate resources. Therefore, we do not disclose segment assets. Long-lived assets were located in the United States as of March 31, 2026 and 2025.

In July 2025, we reorganized our reporting structure by eliminating our 1729 Research and Alta operating subsidiaries, which were also two of our three reporting units. Accordingly, assets and liabilities were reassigned to the operating subsidiary level, including 1729 Research and Alta goodwill of $14,190 and $13,004, respectively, which was determined using a relative fair value approach. Significant assumptions of the valuation included, but were not limited to, prospective financial information, growth rates, discount rates, and inflation factors.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details