0001805651-26-000016 | 10-K | XBRL Viewer

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Leases

We lease office facilities under operating lease agreements in the United States which have an initial term of longer than twelve months as of December 31, 2025. As of December 31, 2025, remaining lease terms vary from 10 months to 7 years. For one lease we have the option to extend the lease terms for an additional 5 year period. The renewal options are not considered in the remaining lease term as we are not reasonably certain that we will exercise such options.

The components of lease expense were as follows:


	Year Ended December 31,
	2025		2024		2023
Operating lease cost	$	1,716	$	2,456	$	2,639
Variable lease costs	59		83		100
Total lease costs	$	1,775	$	2,539	$	2,739

Other information related to leases was as follows:


	As of December 31,
	2025		2024		2023
Lease Term and Discount Rate
Weighted average remaining lease term (in years)	6.8		3.0		3.9
Weighted average discount rate	5.5	%	7.1	%	7.0	%

When recording the present value of lease liabilities, a discount rate is required. We have concluded that the rates implicit in the various operating lease agreements are not readily determinable. As a result, we instead used our incremental borrowing rate, which is calculated based on hypothetical borrowings to fund each respective lease over the lease term, as of the lease commencement date, assuming that borrowings are secured by the various leased properties. The incremental borrowing rates are determined based on an assessment of our implied credit rating, using ratings scales from reputable rating agencies that consider a number of qualitative and quantitative factors. Market rates are derived as of the lease commencement dates with reference to companies with the same debt rating that operate in a similar industry.

As of December 31, 2025, maturities of lease liabilities were as follows:


Year Ending December 31:	Operating Leases
2026	$	699
2027	1,065
2028	1,086
2029	1,108
2030	1,130
Thereafter	2,329
Total lease payments	$	7,417
Less: Imputed interest	(1,334)
Total lease liabilities	$	6,083

Supplemental cash flow information related to leases is included in Note 14 – Supplemental Cash Flow Information.

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 ("Demand") with the American Arbitration Association ("AAA"). The Demand includes 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 seeks (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. We have defenses and intend to vigorously defend against the claims brought by Mark Arnold in this matter.

Acquisitions and Disposals - Schedule of Assets and Liabilities of the Disposal Group - Former Legacy Research Brands (Details) - Chaikin Resources $ in Thousands	Oct. 31, 2024 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill	$ 3,517
Customer credit liability	(75)
Deferred revenue, current	(4,806)
Deferred revenue, noncurrent	(2,541)
Net gain on sale	(2,030)
Customer relationships
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Customer relationships	$ 1,875

Acquisitions and Disposals - Schedule of Fair Value of Assets Acquired and Liabilities Assumed - MMP Acquisition (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Jan. 01, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Combination [Line Items]
Goodwill	$ 30,043	$ 30,043		$ 31,038	$ 31,307
Money Map Press, LLC
Business Combination [Line Items]
Goodwill			$ 2,522
Total assets acquired			5,040
Deferred revenue, current			(3,166)
Deferred revenue, noncurrent			(1,167)
Liabilities assumed			(4,333)
Net assets acquired			707
Money Map Press, LLC \| Tradenames
Business Combination [Line Items]
Finite-lived intangibles			283
Money Map Press, LLC \| Customer relationships
Business Combination [Line Items]
Finite-lived intangibles			$ 2,235

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
U.S. Federal Statutory Rate	$ 13,986	$ 20,352	$ 11,781
State and Local Taxes, net of Federal Income Tax Effect	571	527	286
Foreign Tax Effects	0	0	0
Effect of Changes in Tax Laws or Rates Enacted in the Current Period	(5)	(130)	(42)
Effect of Cross-Border Tax Laws	0	0	0
Tax Credits	0	0	0
Change in Valuation Allowances	674	0	0
Income attributable to non-controlling interests	(12,661)	(18,891)	(11,261)
Income attributable to flow-thru partnerships	792	291	(255)
Other	133	194	(90)
Changes in Unrecognized Tax Benefits	0	0	0
Other Adjustments	(932)	910	1,384
Total income tax expense (benefit)	$ 2,558	$ 3,253	$ 1,803
Percent
U.S. Federal Statutory Rate	21.00%	21.00%	21.00%
State and Local Taxes, net of Federal Income Tax Effect	0.86%	0.54%	0.51%
Foreign Tax Effects	0.00%	0.00%	0.00%
Effect of Changes in Tax Laws or Rates Enacted in the Current Period	(0.01%)	(0.13%)	(0.08%)
Effect of Cross-Border Tax Laws	0.00%	0.00%	0.00%
Tax Credits	0.00%	0.00%	0.00%
Change in Valuation Allowances	1.01%	0.00%	0.00%
Income attributable to non-controlling interests	(19.01%)	(19.49%)	(20.07%)
Income attributable to flow-thru partnerships	1.19%	0.30%	(0.45%)
Other	0.20%	0.20%	(0.16%)
Changes in Unrecognized Tax Benefits	0.00%	0.00%	0.00%
Other Adjustments	(1.40%)	0.95%	2.46%
Effective income tax rate	3.84%	3.37%	3.21%

Summary of Significant Accounting Policies - Basis of Consolidation (Narrative) (Details)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Marketwise, LLC
Significant Accounting Policies [Line Items]
Ownership percentage in subsidiary (as a percent)	15.20%	12.40%	11.20%

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Cash Flow Information

Supplemental cash flow disclosures are as follows:


	Year Ended December 31,
	2025		2024		2023
Supplemental Disclosures of Cash Flow Information:
Cash paid for income taxes	$	494	$	331	$	—
Cash paid for interest	10		727		775
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	(1,997)		(1,849)		(2,015)
Operating lease right-of-use assets obtained in exchange for lease obligations	4,814		—		(76)
Operating lease right-of-use assets obtained in exchange for lease obligations from acquisitions	—		—		—

Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Property and equipment included in accounts payable	$	—	$	—	$	—
Capitalized software included in accounts payable	—		—		50


Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents	$	70,140	$	97,876	$	155,174
Restricted cash	—		—		—
Total	$	70,140	$	97,876	$	155,174

Balance Sheet Components - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cloud computing implementation costs capitalized during the period	$ 0	$ 108	$ 71
Capitalized cloud computing implementation costs amortization expense	526	974	939
Depreciation expense	$ 150	$ 231	$ 267

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

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 standalone 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. The Company has no foreign components of income in the years ending December 31, 2025, 2024 and 2023.

The components of income tax expense consisted of the following:


	Year Ended December 31,
	2025		2024		2023
Current income tax expense (benefit):
Federal	$	1,342	$	346	$	—
State	262		35		—
Deferred income tax expense (benefit):
Federal	595		2,380		1,517
State	359		492		286
Total income tax expense (benefit)	$	2,558	$	3,253	$	1,803

A reconciliation of the U.S. statutory income tax rate to the Company's effective income tax rate is as follows:


	Year Ended December 31,
	2025				2024				2023
U.S. Federal Statutory Rate	$	13,986	21.00	%	$	20,352	21.00	%	$	11,781	21.00	%
State and Local Taxes, net of Federal Income Tax Effect (1)	$	571	0.86	%	$	527	0.54	%	$	286	0.51	%
Foreign Tax Effects	$	—	—	%	$	—	—	%	$	—	—	%
Effect of Changes in Tax Laws or Rates Enacted in the Current Period	$	(5)	(0.01)	%	$	(130)	(0.13)	%	$	(42)	(0.08)	%
Effect of Cross-Border Tax Laws	$	—	—	%	$	—	—	%	$	—	—	%
Tax Credits	$	—	—	%	$	—	—	%	$	—	—	%
Change in Valuation Allowances	$	674	1.01	%	$	—	—	%	$	—	—	%
Nontaxable or Nondeductible Items
Income attributable to non-controlling interests	$	(12,661)	(19.01)	%	$	(18,891)	(19.49)	%	$	(11,261)	(20.07)	%
Income attributable to flow-thru partnerships	$	792	1.19	%	$	291	0.30	%	$	(255)	(0.45)	%
Other	$	133	0.20	%	$	194	0.20	%	$	(90)	(0.16)	%
Changes in Unrecognized Tax Benefits	$	—	—	%	$	—	—	%	$	—	—	%
Other Adjustments	$	(932)	(1.40)	%	$	910	0.95	%	$	1,384	2.46	%
Effective income tax rate	$	2,558	3.84	%	$	3,253	3.37	%	$	1,803	3.21	%

(1) State taxes in California, Florida, Illinois and New York made up the majority (greater than 50%) of the tax effect in this category

The Company’s effective tax rate was 3.84%, 3.37%, and 3.21% in 2025, 2024, and 2023 respectively, in comparison to the U.S. statutory rate of 21.00%. Our effective tax rates in 2025, 2024, and 2023 differ from the U.S. federal statutory rate primarily because we generally do not record income taxes for the noncontrolling portion of pre-tax income. Further, the year over year difference includes the effects of the change in income allocation to the noncontrolling interest, partially offsetting the increase in the state tax apportionment.

Details of the Company’s deferred tax assets and liabilities are as follows:


	December 31,
	2025		2024
Deferred tax assets:
Reserves	$	204	$	148
Accrued expenses	413		156
Deferred revenue	5,408		6,227

Stock-based compensation	539		452
Investment in MarketWise, LLC	32,189		30,944
Net operating loss carryforwards	1,090		1,498
Investment in flow-through partnerships	1,808		1,466
Lease liabilities	248		136
Tax Receivable Agreement	3,759		2,652

Charitable contributions	3		20
Intangible assets	154		20
Research and development capitalization	113		139
Total deferred tax assets	$	45,928	$	43,858
Deferred tax liabilities
Deferred expense	$	(2,403)	$	(2,716)

Right-of-use asset	(270)		(103)
Fixed assets	(56)		(24)


Total deferred tax liabilities	(2,729)		(2,843)
Valuation allowance	(32,192)		(30,944)
Net deferred tax assets	$	11,007	$	10,071

We had a federal net operating loss carryforward (“NOL”) of $4,754 and $5,938, which can be carried forward indefinitely as of December 31, 2025 and 2024, respectively. We also had state net operating losses of $2,530 and $0 as of December 31, 2025 and 2024, respectively, with various carryforward periods. As of December 31, 2025 and 2024, it is more likely than not that future operations will generate sufficient taxable income to realize the NOL and therefore, no valuation allowance was recorded on the NOL.

As a result of the Transactions, 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 of $32,192 and $30,944 for the periods ending December 31, 2025 and 2024 respectively, related to the deferred tax asset associated with the Investment in Partnership.

The deferred tax asset is remeasured at the end of the reporting period to reflect the change in relative ownership of MarketWise, LLC held by the Company. The impact of the remeasurement of the noncontrolling interest is reflected in the consolidated statements of stockholders’ deficit.

The Company did not record any penalties or interest related to uncertain tax positions, as management has concluded that no such positions exist, on the consolidated balance sheets as of December 31, 2025 and 2024. The Company does not expect any changes to uncertain tax positions within the next 12 months.

The Company is subject to examination for tax years beginning with the year ended December 31, 2021. The Company had been under IRS examination of MarketWise, LLC for tax year 2020, and received final written confirmation in 2024 that the audit was completed with no changes. The Company is currently under IRS examination of Stansberry China, LLC for tax year 2021, and currently is awaiting responses to the first round of IDR responses. The Company is not currently subject to income tax audits in any state jurisdictions for any tax year.

The One Big Beautiful Bill was enacted on July 4, 2025. The legislation did not have a material impact on the financial statements for the year ended December 31, 2025 and the Company will continue to evaluate the impact of the legislation through subsequent periods.

Tax Receivable Agreement

As part of the Transactions, 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 to be 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 year ended December 31, 2025, Members of MarketWise, LLC exchanged an aggregate of 381,857 common units of MarketWise, LLC (“LLC Units”) together with an equal number of shares of Class B common stock for 381,857 newly-issued shares of Class A common stock. As a result, we have recorded a cumulative liability of $4,260 under the TRA as of December 31, 2025. No payments have been made under the TRA and no significant payments are expected in the next 12 months.

Income taxes paid

Details of the Company’s income taxes paid, net of refunds received, are as follows:


	Year Ended December 31,
	2025		2024		2023
U.S. federal	360		340		—
U.S. state	134		(9)		—
Total income tax expense (benefit)	$	494	$	331	$	—

Income taxes paid, net of refunds, that exceeded 5 percent of total taxes paid, net of refunds, in the following jurisdictions:


	Year Ended December 31,
	2025	2024	2023
U.S. state
California	39	*	—
New Jersey	(26)	(17)	—

*Jurisdiction below the threshold for the period presented

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Income Taxes - Schedule of Income Taxes Paid, Net of Refunds Received (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
U.S. federal	$ 360	$ 340	$ 0
U.S. state	134	(9)	0
Total income tax expense (benefit)	494	331	0
California
Income Tax Paid, by Individual Jurisdiction [Line Items]
U.S. state	39		0
New Jersey
Income Tax Paid, by Individual Jurisdiction [Line Items]
U.S. state	$ (26)	$ (17)	$ 0

Summary of Significant Accounting Policies - Stock-Based Compensation (Narrative) (Details)	12 Months Ended
	Dec. 31, 2025 shares
Common stock – Class A
Significant Accounting Policies [Line Items]
Offering period	6 months
Employee Stock Purchase Plan
Significant Accounting Policies [Line Items]
Common stock reserved for issuance (in shares)	7,157,642
Purchase price of common stock, percent of fair market value	85.00%
2021 Incentive Award Plan
Significant Accounting Policies [Line Items]
Common stock reserved for issuance (in shares)	36,536,852
Maximum number of shares that may be issued (in shares)	32,045,000

Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Supplemental Cash Flow Disclosures

Details of the Company’s income taxes paid, net of refunds received, are as follows:


	Year Ended December 31,
	2025		2024		2023
U.S. federal	360		340		—
U.S. state	134		(9)		—
Total income tax expense (benefit)	$	494	$	331	$	—

Income taxes paid, net of refunds, that exceeded 5 percent of total taxes paid, net of refunds, in the following jurisdictions:


	Year Ended December 31,
	2025	2024	2023
U.S. state
California	39	*	—
New Jersey	(26)	(17)	—

*Jurisdiction below the threshold for the period presented

Supplemental cash flow disclosures are as follows:


	Year Ended December 31,
	2025		2024		2023
Supplemental Disclosures of Cash Flow Information:
Cash paid for income taxes	$	494	$	331	$	—
Cash paid for interest	10		727		775
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	(1,997)		(1,849)		(2,015)
Operating lease right-of-use assets obtained in exchange for lease obligations	4,814		—		(76)
Operating lease right-of-use assets obtained in exchange for lease obligations from acquisitions	—		—		—

Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Property and equipment included in accounts payable	$	—	$	—	$	—
Capitalized software included in accounts payable	—		—		50


Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents	$	70,140	$	97,876	$	155,174
Restricted cash	—		—		—
Total	$	70,140	$	97,876	$	155,174

Goodwill and Intangible Assets, Net - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets, Net [Abstract]
Cost	$ 22,469	$ 21,293
Accumulated Amortization	(19,743)	(17,707)
Finite-lived intangible assets, net	2,726	3,586
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-lived intangible assets	1,087	1,087
Cost	23,556	22,380
Net Book Value	3,813	4,673
Internet domain names
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-lived intangible assets	1,087	1,087
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Cost	12,443	12,443
Accumulated Amortization	(11,754)	(11,087)
Finite-lived intangible assets, net	$ 689	$ 1,356
Weighted-Average Remaining Useful Life (in years)	1 year 2 months 12 days	2 years 1 month 6 days
Tradenames
Finite-Lived Intangible Assets, Net [Abstract]
Cost	$ 3,588	$ 3,588
Accumulated Amortization	(3,227)	(2,921)
Finite-lived intangible assets, net	$ 361	$ 667
Weighted-Average Remaining Useful Life (in years)	3 years 1 month 6 days	3 years 2 months 12 days
Capitalized software development costs
Finite-Lived Intangible Assets, Net [Abstract]
Cost	$ 6,438	$ 5,262
Accumulated Amortization	(4,762)	(3,699)
Finite-lived intangible assets, net	$ 1,676	$ 1,563
Weighted-Average Remaining Useful Life (in years)	1 year 8 months 12 days	2 years 9 months 18 days

Revenue Recognition - Schedule of Contract Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Contract balances
Accounts receivable	$ 5,722	$ 1,876	$ 4,528
Obligations for refunds	1,516	2,647	3,157
Deferred revenue – current	182,282	215,326	284,594
Deferred revenue – non-current	$ 185,754	$ 209,013	$ 304,342

Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	860	695	156
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	801	625	73
SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	59	70	83

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Total net revenue

$ 328,122

$ 408,701

$ 448,182

Operating expenses:

Cost of revenue

^[1]

44,335

50,663

56,802

Sales and marketing

^[1]

130,954

160,707

198,592

General and administrative

^[1]

78,293

90,712

125,176

Research and development

8,814

9,908

8,831

Depreciation and amortization

2,186

2,753

3,821

Impairment losses

380

4,445

2,583

Related party expense

564

525

572

Total operating expenses

265,526

319,713

396,377

Income from operations

62,596

88,988

51,805

Other income (expense), net

1,040

2,085

(611)

Interest income, net

2,963

5,288

4,904

Income before income taxes

66,599

96,361

56,098

Income tax expense

2,558

3,253

1,803

Net income

64,041

93,108

54,295

Net income attributable to noncontrolling interests

58,421

86,049

52,513

Net income attributable to MarketWise, Inc.

$ 5,620

$ 7,059

$ 1,782

Earnings per share – basic (USD per share)

$ 2.41

$ 3.67

$ 1.12

Earnings per share – diluted (USD per share)

$ 2.31

$ 3.58

$ 1.07

Weighted average shares outstanding – basic (in shares)

2,333

1,921

1,585

Weighted average shares outstanding – diluted (in shares)

2,436

1,971

1,665

Nonrelated Party

Total net revenue

$ 325,708

$ 405,357

$ 443,245

Related Party

Total net revenue

$ 2,414

$ 3,344

$ 4,937

[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

Acquisitions and Disposals - MMP Acquisition (Narrative) (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 01, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
Amortization of intangible assets		$ 2,036	$ 2,522	$ 3,554
Money Map Press, LLC
Business Combination [Line Items]
Percentage of interests acquired	100.00%
Fair value of contingent consideration liability related to MMP Acquisition	$ 707
Amortization of intangible assets			$ 393
Money Map Press, LLC \| Tradenames
Business Combination [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (in years)			8 years 8 months 12 days
Money Map Press, LLC \| Customer relationships
Business Combination [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (in years)			6 years 2 months 12 days

- 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.

+ References

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- 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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+ Details

Revenue Recognition

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Disaggregation of revenues

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.


	Year Ended December 31, 2025
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	322,853	$	—	$	—	$	—	$	322,853
Transferred at a point in time	—		45		2,414		2,810		5,269
Total	$	322,853	$	45	$	2,414	$	2,810	$	328,122


	Year Ended December 31, 2024
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	404,504	$	—	$	—	$	—	$	404,504
Transferred at a point in time	—		766		3,344		87		4,197
Total	$	404,504	$	766	$	3,344	$	87	$	408,701


	Year Ended December 31, 2023
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	442,333	$	—	$	—	$	—	$	442,333
Transferred at a point in time	—		732		4,937		180		5,849
Total	$	442,333	$	732	$	4,937	$	180	$	448,182

Revenue recognition by subscription type was as follows:


	Year Ended December 31,
	2025		2024		2023
Membership subscriptions	$	169,391	$	188,905	$	185,354
Term subscriptions	153,462		215,599		256,979
Non-subscription revenue	5,269		4,197		5,849
Total	$	328,122	$	408,701	$	448,182

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 from revenue share arrangements and the sale of print products and events, such as webinars and conferences.

Net revenue by principal geographic areas was as follows:


	Year Ended December 31,
	2025		2024		2023
United States	$	328,122	$	408,701	$	448,091
International	—		—		91
Total	$	328,122	$	408,701	$	448,182

Revenue by location is determined by the billing entity for the customer.

Contract Balances

The timing of revenue recognition, amounts invoiced to customers, cash collections and refunds affects the recognition of accounts receivable, contract assets and deferred revenue. Our current deferred revenue balance is presented within the deferred revenue and other contract liabilities line item in the consolidated balance sheets and 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 December 31,
	2025		2024		2023
Contract balances
Accounts receivable	$	5,722	$	1,876	$	4,528
Obligations for refunds	1,516		2,647		3,157
Deferred revenue – current	182,282		215,326		284,594
Deferred revenue – non-current	185,754		209,013		304,342

We recognized $217,973 and $288,266 of revenue during the years ended December 31, 2025 and 2024, 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 $5,722 and $1,876 as of December 31, 2025 and 2024, respectively, related to the timing of cash settlement with credit card processors.

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, 2023	$	197,618
Royalties and sales commissions – additions	28,609
Revenue share and cost per acquisition fees – additions	52,131
Amortization of capitalized costs	(112,069)
Impairment of capitalized costs	$	(1,389)
Balance at December 31, 2023	$	164,900
Royalties and sales commissions – additions	13,507
Revenue share and cost per acquisition fees – additions	20,505
Amortization of capitalized costs	(97,480)
Impairment of capitalized costs	(2,097)
Balance at December 31, 2024	$	99,335
Royalties and sales commissions – additions	14,255
Revenue share and cost per acquisition fees – additions	27,720
Amortization of capitalized costs	(63,244)

Balance at December 31, 2025	$	78,066

We recognized impairment on capitalized costs associated with contracts with customers during the year ended December 31, 2024, related to the disposal of certain Legacy Research brands as part of the Legacy reorganization. We recognized an impairment of capitalized costs associated with contracts with customers during the year ended December 31, 2023 which was related to the sale of Buttonwood Publishing. See Note 5 – Acquisitions and Disposals. We did not recognize any impairment on capitalized costs associated with contracts with customers for the year ended December 31, 2025.

Remaining Performance Obligations

As of December 31, 2025, the Company had $369,552 of remaining performance obligations presented as deferred revenue in the consolidated balance sheets. We expect to recognize approximately 50% 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

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+ Details

Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

The CODM 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:











	Year Ended December 31,
	2025		2024		2023

Total net revenue for reportable segment (a)	$	357,744	$	427,894	$	465,862
Adjustment to total net revenue for reportable segment (b)	(51,605)		(169,584)		(65,621)
Variable expense (c)	(23,013)		(20,970)		(39,269)
Revenue share expense (c)	(39,615)		(24,873)		(43,325)
Direct marketing (c)	(58,109)		(43,065)		(73,319)
Compensation and outside labor (c)	(77,692)		(87,401)		(100,772)
Other overhead (c)	(25,209)		(33,943)		(26,948)
Corporate allocations (c)	(9,647)		(18,466)		(26,773)
Reportable segment Adjusted Net Profit (Loss)	72,854		29,592		89,835
Reconciliation of Adjusted Net Profit (Loss) to consolidated income before income taxes:
Corporate and all other Adjusted Net Profit (Loss)	(30,929)		(28,118)		(37,958)

Adjustment to total net revenue (b)	56,792		169,789		65,744
Stock-based compensation expense (d)	(11,106)		(12,203)		(23,383)
Deferred contract acquisition costs (e)	(20,554)		(63,121)		(31,526)
Depreciation and amortization (f)(g)	(2,036)		(2,445)		(3,526)

Other (h)	1,578		2,867		(3,088)
Consolidated income before income taxes	$	66,599	$	96,361	$	56,098

(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.

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











	Year Ended December 31,
	2025		2024		2023

Total net revenue for reportable segment	$	357,744	$	427,894	$	465,862
Corporate and all other	(29,622)		(19,193)		(17,680)
Consolidated total net revenue	$	328,122	$	408,701	$	448,182

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 December 31, 2025 and 2024.

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. See also Note 4 – Reorganizations.

- 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

Balance Sheet Components

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Components

Capitalized Implementation Costs

We capitalized cloud computing implementation costs for customer-relationship management, revenue management, and enterprise resource planning systems of $0, $108 and $71 for the years ended December 31, 2025, 2024 and 2023, respectively. The capitalized implementation costs are capitalized within other current assets on the

consolidated balance sheets. Amortization expense related to capitalized cloud computing implementation costs was $526, $974 and $939 for the years ended December 31, 2025, 2024 and 2023, respectively.

Property and Equipment, Net

Property and equipment, net consists of the following:


		As of December 31,
	Estimated Useful Lives	2025		2024
Furniture and fixtures	5 years	$	974	$	960
Computers, software and equipment	3 years	1,809		1,653
Leasehold improvements	Shorter of estimated useful life or remaining term of lease	61		1,271
Construction in progress	N/A	160		—
		3,004		3,884
Less: Accumulated depreciation and amortization		(2,551)		(3,292)
Total property and equipment, net		$	453	$	592

Depreciation and amortization expense for property and equipment was $150, $231 and $267 for the years ended December 31, 2025, 2024 and 2023, respectively.

Accrued Expenses

Accrued expenses consist of the following:


	As of December 31,
	2025		2024
Commission and variable compensation	$	18,656	$	10,523
Payroll and benefits	4,855		5,164

Other accrued expenses	9,710		7,585
Total accrued expenses	$	33,221	$	23,272

Reorganizations (Details) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
Reorganizations (Details) $ in Thousands	Jul. 31, 2025 USD ($) reporting_unit	Dec. 31, 2024 USD ($)	Dec. 31, 2025 USD ($) reporting_unit	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Goodwill		$ 30,043	$ 30,043	$ 30,043	$ 31,038	$ 31,307
Number of reporting units \| reporting_unit	3		6
Alta
Restructuring Cost and Reserve [Line Items]
Goodwill	$ 13,004		$ 1,800
1729 Research
Restructuring Cost and Reserve [Line Items]
Goodwill	$ 14,190		400
Brownstone Research
Restructuring Cost and Reserve [Line Items]
Goodwill			2,800
Legacy Research
Restructuring Cost and Reserve [Line Items]
Goodwill			$ 3,500
Impairment of right-of-use assets		$ 2,100
Legacy Research \| The Reorganization
Restructuring Cost and Reserve [Line Items]
Severance costs				2,300
Impairment of right-of-use assets				$ 2,100

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Revenue Recognition - Schedule of Capitalized Costs Associated with Contracts with Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Capitalized Contract Cost [Roll Forward]
Capitalized costs, beginning balance	$ 99,335	$ 164,900	$ 197,618
Royalties and sales commissions – additions	14,255	13,507	28,609
Revenue share and cost per acquisition fees – additions	27,720	20,505	52,131
Amortization of capitalized costs	(63,244)	(97,480)	(112,069)
Impairment of capitalized costs		(2,097)	(1,389)
Capitalized costs, ending balance	$ 78,066	$ 99,335	$ 164,900

Acquisitions and Disposals (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Assets and Liabilities of the Disposal Group

The following table aggregates the balances of the disposal groups as of the respective sale dates:


Goodwill	$	3,517

Customer relationships	1,875
Customer credit liability	(75)
Deferred revenue, current	(4,806)
Deferred revenue, noncurrent	(2,541)
Net gain on sale	$	(2,030)

Schedule of Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the fair value of assets acquired and liabilities assumed as of the acquisition date:


Goodwill	$	2,522
Tradenames	283
Customer relationships	2,235
Total assets acquired	5,040
Deferred revenue, current	(3,166)
Deferred revenue, noncurrent	(1,167)
Liabilities assumed	(4,333)
Net assets acquired	$	707

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Reserves	$ 204	$ 148
Accrued expenses	413	156
Deferred revenue	5,408	6,227
Stock-based compensation	539	452
Investment in MarketWise, LLC	32,189	30,944
Net operating loss carryforwards	1,090	1,498
Investment in flow-through partnerships	1,808	1,466
Lease liabilities	248	136
Tax Receivable Agreement	3,759	2,652
Charitable contributions	3	20
Intangible assets	154	20
Research and development capitalization	113	139
Total deferred tax assets	45,928	43,858
Deferred tax liabilities
Deferred expense	(2,403)	(2,716)
Right-of-use asset	(270)	(103)
Fixed assets	(56)	(24)
Total deferred tax liabilities	(2,729)	(2,843)
Valuation allowance	(32,192)	(30,944)
Net deferred tax assets	$ 11,007	$ 10,071

Summary of Significant Accounting Policies - Capitalized Software Development Costs (Narrative) (Details)	12 Months Ended
	Dec. 31, 2025
Accounting Policies [Abstract]
Capitalized computer software, amortization period	3 years

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets:
Contingent consideration receivable	$ 83	$ 146
Total assets	66,381	96,215
Liabilities:
Total liabilities	2,611	2,811
Phantom Interests in Net Income
Liabilities:
Profits interests, noncurrent	2,611	2,811
Money market funds
Assets:
Money market funds	66,298	96,069
Level 1
Assets:
Contingent consideration receivable	0	0
Total assets	66,298	96,069
Liabilities:
Total liabilities	0	0
Level 1 \| Phantom Interests in Net Income
Liabilities:
Profits interests, noncurrent	0	0
Level 1 \| Money market funds
Assets:
Money market funds	66,298	96,069
Level 2
Assets:
Contingent consideration receivable	0	0
Total assets	0	0
Liabilities:
Total liabilities	0	0
Level 2 \| Phantom Interests in Net Income
Liabilities:
Profits interests, noncurrent	0	0
Level 2 \| Money market funds
Assets:
Money market funds	0	0
Level 3
Assets:
Contingent consideration receivable	83	146
Total assets	83	146
Liabilities:
Total liabilities	2,611	2,811
Level 3 \| Phantom Interests in Net Income
Liabilities:
Profits interests, noncurrent	2,611	2,811
Level 3 \| Money market funds
Assets:
Money market funds	$ 0	$ 0

Consolidated Statements of Stockholders’ Deficit - USD ($) $ in Thousands	Total	RSUs	Common Stock - Class A	Common Stock - Class B	Total Stockholders’ Deficit Attributable to MarketWise, Inc.	Total Stockholders’ Deficit Attributable to MarketWise, Inc. RSUs	Common Stock Common Stock - Class A	Common Stock Common Stock - Class A RSUs	Common Stock Common Stock - Class B	Preferred Stock	Additional paid-in capital	Additional paid-in capital RSUs	Accumulated Other Comprehensive Income	Accumulated deficit	Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2022							1,451,856		14,554,605
Beginning balance at Dec. 31, 2022	$ (298,383)				$ (21,197)		$ 0		$ 1	$ 0	$ 106,884		$ 44	$ (128,125)	$ (277,186)
Preferred stock, beginning balance (in shares) at Dec. 31, 2022										0
Stockholders' Deficit
Equity-based compensation	22,638				22,638						22,638
Issuance of common stock (in shares)							231,876
Issuance of common stock	679				679						678
Vesting of restricted stock units (in shares)							112,995
Restricted stock units withheld to pay taxes (in shares)							(97,506)	(30,098)
Restricted stock units withheld to pay taxes	(4,988)	$ (1,045)			(4,988)	$ (1,045)					(4,988)	$ (1,045)
Dividends declared	(8,437)				(8,437)						(8,437)
Distributions declared to noncontrolling interests	(55,736)														(55,736)
Issuance per redemption of Class B shares for Class A (in shares)							(150,000)		(150,000)
Issuance per redemption of Class B shares for Class A shares	380				(2,167)						(2,167)				2,547
Remeasurement of deferred taxes due to change in noncontrolling interest	1,633				1,633						1,633
Foreign currency translation adjustments	21				21								21
Net income	54,295				1,782									1,782	52,513
Ending balance (in shares) at Dec. 31, 2023							1,819,123		14,404,605
Ending balance at Dec. 31, 2023	(288,943)				(11,081)		$ 0		$ 1	$ 0	115,196		65	(126,343)	(277,862)
Preferred stock, ending balance (in shares) at Dec. 31, 2023										0
Stockholders' Deficit
Equity-based compensation	10,137				10,137						10,137
Issuance of common stock (in shares)							19,895
Issuance of common stock	301				301						301
Vesting of restricted stock units (in shares)							124,332
Restricted stock units withheld to pay taxes (in shares)								(35,337)
Restricted stock units withheld to pay taxes		(1,368)				(1,368)						(1,368)
Repurchases of stock (in shares)									(360,107)
Repurchases of stock	(10,803)				(10,803)						(10,803)
Dividends declared	(1,997)				(1,997)						(1,997)
Distributions declared to noncontrolling interests	(21,082)														(21,082)
Issuance per redemption of Class B shares for Class A (in shares)							(50,000)		(50,000)
Issuance per redemption of Class B shares for Class A shares	0				(916)						(916)				916
Change in noncontrolling interest	0				(6,591)						(6,591)				6,591
Remeasurement of deferred taxes due to change in noncontrolling interest	2,732				2,732						2,732
Foreign currency translation adjustments	(9)				(9)								(9)
Net income	93,108				7,059									7,059	86,049
Ending balance (in shares) at Dec. 31, 2024			1,978,013	13,994,498			1,978,013		13,994,498
Ending balance at Dec. 31, 2024	$ (217,924)				(12,536)		$ 0		$ 1	$ 0	106,691		56	(119,284)	(205,388)
Preferred stock, ending balance (in shares) at Dec. 31, 2024	0									0
Stockholders' Deficit
Equity-based compensation	$ 11,306				11,306						11,306
Issuance of common stock (in shares)							25,852
Issuance of common stock	$ 418				418						418
Vesting of restricted stock units (in shares)							395,927
Restricted stock units withheld to pay taxes (in shares)								(126,913)
Restricted stock units withheld to pay taxes		$ (2,360)				$ (2,360)						$ (2,360)
Repurchases of stock (in shares)	(209,726)						(209,726)
Repurchases of stock	$ (3,379)				(3,379)						(3,379)
Dividends declared	(5,259)				(5,259)						(5,259)
Reversal of cumulative accrued dividends on Earnout Shares (see Note 11)	1,263				1,263						1,263
Distributions declared to noncontrolling interests	(62,010)														(62,010)
Issuance per redemption of Class B shares for Class A (in shares)				(381,857)			(381,857)		(381,857)
Issuance per redemption of Class B shares for Class A shares	0				(7,034)						(7,034)				7,034
Remeasurement of deferred taxes due to change in noncontrolling interest	299				299						299
Foreign currency translation adjustments	(20)				(20)								(20)
Net income	64,041				5,620									5,620	58,421
Ending balance (in shares) at Dec. 31, 2025			2,445,010	13,612,641			2,445,010		13,612,641
Ending balance at Dec. 31, 2025	$ (213,625)				$ (11,682)		$ 0		$ 1	$ 0	$ 101,945		$ 36	$ (113,664)	$ (201,943)
Preferred stock, ending balance (in shares) at Dec. 31, 2025	0									0

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

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:


	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


	December 31, 2024
	Level 1		Level 2		Level 3		Aggregate Fair Value
Assets:
Money market funds	$	96,069	$	—	$	—	$	96,069
Contingent consideration receivable	—		—		146		146
Total assets	96,069		—		146		96,215
Liabilities:
Profits interests, noncurrent	—		—		2,811		2,811
Total liabilities	$	—	$	—	$	2,811	$	2,811

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 year ended December 31, 2025:


		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, 2024		$	146	$	2,811
Issues		41		—
Total gains (losses) recorded in earnings	Other income (expense), net	1,194		—

Total (gains) losses recorded in earnings	General and administrative expense	—		(200)
Payments received and net settlements		(1,298)		—
Balance at December 31, 2025		$	83	$	2,611

The following table summarizes the change in fair value of the derivative liabilities during the year ended December 31, 2023:





Balance – December 31, 2022	1,281
Change in fair value of derivative instruments	1,779
Settlement of derivative instruments	(3,060)
Balance – December 31, 2023	$	—

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 year ended December 31, 2025:


		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, 2024		$	146	$	2,811
Issues		41		—
Total gains (losses) recorded in earnings	Other income (expense), net	1,194		—

Total (gains) losses recorded in earnings	General and administrative expense	—		(200)
Payments received and net settlements		(1,298)		—
Balance at December 31, 2025		$	83	$	2,611

Schedule of Fair Value Measurements Inputs

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


	As of
	December 31, 2025
Contingent consideration receivable
Discount rate	25.00	%

Profits interests
Discount rate	25.00	%
Discount for lack of marketability	30.70	%

- 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

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We maintain a cybersecurity program, including policies and procedures designed to protect our systems, operations, and the data utilized and entrusted to us, including by us, from anticipated threats or hazards. We utilize a variety of protective measures as a part of our cybersecurity program. These measures include, where appropriate, access controls, patch management, identity verification and endpoint management software, employee cybersecurity awareness training programs, tools to report anomalous activity, and monitoring of data usage, hardware and software. Incident Response and Recovery Planning. We have established and maintain incident response and recovery plans that address our response to a cybersecurity incident, and such plans are evaluated on a regular basis. Third-Party Risk Management. We maintain a risk-based approach to identifying and overseeing cybersecurity risks presented by third parties, including vendors, service providers and other external users of our systems, as well as the systems of third parties that could adversely impact our business in the event of a cybersecurity incident affecting those third-party systems. Education and Awareness. We provide regular training for our employees regarding cybersecurity threats and our security policies to equip our employees with tools to address cybersecurity threats, and to communicate our evolving information security policies, standards, processes and practices. In addition to our internal exercises to test aspects of our cybersecurity program, we periodically engage independent third parties to assess the risks associated with our information technology resources and information assets. Among other matters, these third parties analyze data on the interactions of users of our information technology resources, including our employees, and conduct penetration tests and scanning exercises to assess the performance of our cybersecurity systems and processes. We have not identified any cybersecurity threats that have materially affected or are reasonably likely to materially affect our business strategy, results of operations, cash flows, or financial condition. However, despite our efforts, we cannot eliminate all risks from cybersecurity threats, or provide assurances that we have not experienced undetected cybersecurity incidents.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We maintain a cybersecurity program, including policies and procedures designed to protect our systems, operations, and the data utilized and entrusted to us, including by us, from anticipated threats or hazards. We utilize a variety of protective measures as a part of our cybersecurity program. These measures include, where appropriate, access controls, patch management, identity verification and endpoint management software, employee cybersecurity awareness training programs, tools to report anomalous activity, and monitoring of data usage, hardware and software.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board, in coordination with the Audit Committee, oversees our cybersecurity program, including the management of risks from cybersecurity threats. The Audit Committee receives regular presentations and reports on cybersecurity risks from our Chief Information Officer (“CIO”), which address a wide range of topics including recent developments, vulnerability assessments, third-party and independent reviews, the threat environment, incident response planning, remediation efforts, employee training and awareness (including the results of our annual cybersecurity training), and information security considerations arising with respect to our peers and third parties. On a regular basis, our Audit Committee discusses our approach to cybersecurity risk management with our CIO, including planned initiatives to help the Board evaluate the effectiveness of our cybersecurity program. The Board receives occasional updates from the Audit Committee and CIO on the effectiveness of our cybersecurity program. When appropriate, the Board also receives reports concerning the detection, mitigation and remediation of cybersecurity threats and incidents
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board, in coordination with the Audit Committee, oversees our cybersecurity program, including the management of risks from cybersecurity threats. The Audit Committee receives regular presentations and reports on cybersecurity risks from our Chief Information Officer (“CIO”), which address a wide range of topics including recent developments, vulnerability assessments, third-party and independent reviews, the threat environment, incident response planning, remediation efforts, employee training and awareness (including the results of our annual cybersecurity training), and information security considerations arising with respect to our peers and third parties. On a regular basis, our Audit Committee discusses our approach to cybersecurity risk management with our CIO, including planned initiatives to help the Board evaluate the effectiveness of our cybersecurity program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee receives regular presentations and reports on cybersecurity risks from our Chief Information Officer (“CIO”), which address a wide range of topics including recent developments, vulnerability assessments, third-party and independent reviews, the threat environment, incident response planning, remediation efforts, employee training and awareness (including the results of our annual cybersecurity training), and information security considerations arising with respect to our peers and third parties.
Cybersecurity Risk Role of Management [Text Block]	The Audit Committee receives regular presentations and reports on cybersecurity risks from our Chief Information Officer (“CIO”), which address a wide range of topics including recent developments, vulnerability assessments, third-party and independent reviews, the threat environment, incident response planning, remediation efforts, employee training and awareness (including the results of our annual cybersecurity training), and information security considerations arising with respect to our peers and third parties. On a regular basis, our Audit Committee discusses our approach to cybersecurity risk management with our CIO, including planned initiatives to help the Board evaluate the effectiveness of our cybersecurity program. The Board receives occasional updates from the Audit Committee and CIO on the effectiveness of our cybersecurity program. When appropriate, the Board also receives reports concerning the detection, mitigation and remediation of cybersecurity threats and incidents Our CIO has over 25 years of software engineering experience including over ten years of being responsible for MarketWise’s cybersecurity. In coordination with our executive team, our CIO and our Senior Vice President of IT Operations work collaboratively across the Company to implement a program intended to protect our information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents in accordance with our incident response plan. Our CIO and management monitor the prevention, detection, mitigation and remediation of cybersecurity threats and incidents in real time and report such threats and incidents to the Board.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Board, in coordination with the Audit Committee, oversees our cybersecurity program, including the management of risks from cybersecurity threats. The Audit Committee receives regular presentations and reports on cybersecurity risks from our Chief Information Officer (“CIO”), which address a wide range of topics including recent developments, vulnerability assessments, third-party and independent reviews, the threat environment, incident response planning, remediation efforts, employee training and awareness (including the results of our annual cybersecurity training), and information security considerations arising with respect to our peers and third parties. On a regular basis, our Audit Committee discusses our approach to cybersecurity risk management with our CIO, including planned initiatives to help the Board evaluate the effectiveness of our cybersecurity program.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CIO has over 25 years of software engineering experience including over ten years of being responsible for MarketWise’s cybersecurity.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Audit Committee receives regular presentations and reports on cybersecurity risks from our Chief Information Officer (“CIO”), which address a wide range of topics including recent developments, vulnerability assessments, third-party and independent reviews, the threat environment, incident response planning, remediation efforts, employee training and awareness (including the results of our annual cybersecurity training), and information security considerations arising with respect to our peers and third parties. On a regular basis, our Audit Committee discusses our approach to cybersecurity risk management with our CIO, including planned initiatives to help the Board evaluate the effectiveness of our cybersecurity program.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accounting Policies - Earnout Shares (Narrative) (Details) $ / shares in Units, $ in Millions		1 Months Ended
	Jul. 21, 2021 USD ($) tradingDay $ / shares shares	Jul. 31, 2025 shares
Significant Accounting Policies [Line Items]
Sponsor earn out shares (in shares) \| shares	252,550
Earnout period	4 years
Earnout fair value \| $	$ 26.0
Earnout Shares
Significant Accounting Policies [Line Items]
Shares expired (in shares) \| shares		252,548
Earnout period one
Significant Accounting Policies [Line Items]
Earnout shares percentage released	50.00%
VWAP threshold (USD per share) \| $ / shares	$ 240.00
VWAP trading days threshold \| tradingDay	20
VWAP consecutive trading days threshold \| tradingDay	30
Earnout period two
Significant Accounting Policies [Line Items]
Earnout shares percentage released	50.00%
VWAP threshold (USD per share) \| $ / shares	$ 280.00
VWAP trading days threshold \| tradingDay	20
VWAP consecutive trading days threshold \| tradingDay	30
Sponsor
Significant Accounting Policies [Line Items]
Sponsor earn out shares (in shares) \| shares	152,550
Management members
Significant Accounting Policies [Line Items]
Sponsor earn out shares (in shares) \| shares	100,000

Income Taxes - Narrative (Details) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) $ in Thousands	Dec. 31, 2025 USD ($) shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Effective income tax rate (as percent)	3.84%	3.37%	3.21%
Valuation allowance	$ 32,192	$ 30,944
Tax savings rate (as a percent)	0.85
Tax receivable agreement, percent of calculated tax savings retained (as a percent)	0.15
Related party tax receivable agreement liability, noncurrent	$ 4,260
Common stock – Class A
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Stock issued during period, conversion of units (in shares) \| shares	381,857
Common stock – Class B
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Issuance per redemption of Class B shares for Class A (in shares) \| shares	381,857
MarketWise, LLC Units
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Issuance per redemption of Class B shares for Class A (in shares) \| shares	381,857
Federal
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Operating loss carryforwards	$ 4,754	5,938
State
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Operating loss carryforwards	$ 2,530	$ 0

Goodwill and Intangible Assets, Net - Narrative (Details)	1 Months Ended	12 Months Ended
	Jul. 31, 2025 reporting_unit	Dec. 31, 2025 USD ($) reporting_unit	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Number of reporting units \| reporting_unit	3	6
Goodwill impairment charges		$ 0	$ 0	$ 0
Amortization of intangible assets		2,036,000	2,522,000	3,554,000
Amortization of capitalized software development costs		1,061,000	1,105,000	737,000
Additions to capitalized software development costs		$ 1,176,000	$ 542,000	$ 1,712,000

Amount of impairment loss from 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.

+ References + Details

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

1 Months Ended

12 Months Ended

Jul. 31, 2025

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Net revenue

$ 328,122

$ 408,701

$ 448,182

Cost of revenue

^[1]

44,335

50,663

56,802

Related party expense

564

525

572

Other income (expense), net

1,040

2,085

(611)

Related party receivables

838

547

Operating lease, payments

1,997

1,849

2,015

Operating lease right-of-use assets

6,684

3,182

Total lease liabilities

6,083

Lease termination fee

700

Corporate Functions

Related party expense

102

Net revenue

2,414

3,344

4,937

Trade and other payables

509

338

Improvement allowance

$ 678

Increase in ROU asset due to lease modification

4,814

Increase in operating lease liability due to modification

$ 5,493

Operating lease, payments

1,987

1,744

1,800

Operating lease, expense

1,706

2,396

2,438

Operating lease right-of-use assets

6,684

3,172

Total lease liabilities

6,083

4,335

Related Party | Revenue Share Expenses

Deferred contract acquisition costs capitalized during the period

4,696

3,281

6,578

Cost of revenue

384

326

511

Cost of revenue

554

897

1,845

Trade and other payables

502

354

Other income (expense), net

420

469

$ 737

Related party receivables

$ 176

$ 194

[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

Organization	12 Months Ended
Organization	Dec. 31, 2025
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.

Goodwill and Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in the carrying amounts of goodwill are as follows:


Balance at January 1, 2023	$	31,307
Acquisition of Investor Channel	85
Sale of Buttonwood Publishing	(354)
Balance at December 31, 2023	31,038
Acquisition of MPP	2,522
Disposal of MPP and other Legacy Research Brands	(3,517)
Balance at December 31, 2024	30,043
Balance at December 31, 2025	30,043

The reporting units to which goodwill is allocated that have negative carrying amounts are as follows:


	As of December 31,
	2025		2024
1729 Research	$	—	$	14,190
Alta	—		13,005
Altimetry	866		—
Brownstone Research	2,848		2,848
Chaikin Resources	8,412		—
InvestorPlace	4,923		—
Stansberry Research	4,912		—
TradeSmith	8,082		—

Schedule of Indefinite-Lived Intangible Assets

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


	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


	December 31, 2024
	Cost		Accumulated Amortization		Net Book Value		Weighted-Average Remaining Useful Life (in years)
Finite-lived intangible assets:
Customer relationships	$	12,443	$	(11,087)	$	1,356	2.1
Tradenames	3,588		(2,921)		667		3.2
Capitalized software development costs	5,262		(3,699)		1,563		2.8
Finite-lived intangible assets, net	21,293		(17,707)		3,586

Indefinite-lived intangible assets:

Internet domain names	1,087		—		1,087
Indefinite-lived intangible assets, net	1,087		—		1,087
Intangible assets, net	$	22,380	$	(17,707)	$	4,673

Schedule of Finite-Lived Intangible Assets

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


	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


	December 31, 2024
	Cost		Accumulated Amortization		Net Book Value		Weighted-Average Remaining Useful Life (in years)
Finite-lived intangible assets:
Customer relationships	$	12,443	$	(11,087)	$	1,356	2.1
Tradenames	3,588		(2,921)		667		3.2
Capitalized software development costs	5,262		(3,699)		1,563		2.8
Finite-lived intangible assets, net	21,293		(17,707)		3,586

Indefinite-lived intangible assets:

Internet domain names	1,087		—		1,087
Indefinite-lived intangible assets, net	1,087		—		1,087
Intangible assets, net	$	22,380	$	(17,707)	$	4,673

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

As of December 31, 2025, the total expected future amortization expense for finite-lived intangible assets is as follows:


2026	$	1,839
2027	473
2028	359
2029	53
2030	1
Thereafter	1
Finite-lived intangible assets, net	$	2,726

- 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
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Summary of Significant Accounting Policies - Tax Receivable Agreement Obligation (Details)	12 Months Ended
	Dec. 31, 2025
Accounting Policies [Abstract]
Tax savings rate (as a percent)	0.85

Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract liability, revenue recognized	$ 217,973	$ 288,266
Accounts receivable	5,722	1,876	$ 4,528
Impairment of capitalized costs		$ 2,097	$ 1,389
Remaining performance obligation	$ 369,552
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, percentage	50.00%
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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

During the years ended December 31, 2025, 2024 and 2023 we recorded stock-based compensation related to our 2021 Incentive Award Plan, profits interests, and our ESPP.

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


	Year Ended December 31,
	2025		2024		2023
Cost of revenue	$	3,882	$	2,877	$	2,922
Sales and marketing	2,467		2,814		3,185
General and administrative	4,757		6,511		17,277
Total stock-based compensation expense	$	11,106	$	12,202	$	23,384

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


	Year Ended December 31,
	2025		2024		2023
2021 Incentive Award Plan	$	11,254	$	9,897	$	22,297
Employee Stock Purchase Plan	52		240		341
Profits interests	(200)		2,065		746


Total stock-based compensation expense	$	11,106	$	12,202	$	23,384

2021 Incentive Award Plan

During the year ended December 31, 2025, we granted 207,873 restricted stock units to certain employees, service providers and members of our Board in aggregate under our 2021 Incentive Award Plan.

For employees and service providers, both RSUs and 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 RSUs 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.

The activities of the RSUs and SARs and the related weighted average grant-date fair value of the respective share classes, including granted, vested or exercised and forfeited, from January, 1 2023 to December 31, 2025 are

summarized as follows:


	RSUs			SARs
	Units	Weighted-Average Grant Date Fair Value		Units	Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2023	313,077	$	69.00	87,374	$	81.00
Granted	254,941	36.60		—	—
Vested (RSUs) or Exercised (SARs)	(112,995)	65.60		—	—
Forfeited	(68,010)	53.20		(8,064)	81.00
Outstanding at January 1, 2024	387,013	$	51.40	79,310	$	81.00
Granted	1,166,536	$	21.40	—	$	—
Vested (RSUs) or Exercised (SARs)	(124,333)	$	56.60	—	$	—
Forfeited	(159,333)	$	33.80	(18,345)	$	81.00
Outstanding at January 1, 2025	1,269,883	$	25.60	60,965	$	81.00
Granted	207,873	15.81		—	—
Vested (RSUs) or Exercised (SARs)	(395,927)	30.36		—	—
Forfeited	(65,363)	23.92		(2,757)	81.00

Outstanding at December 31, 2025	1,016,466	$	21.78	58,208	$	81.00
Exercisable at December 31, 2025	—	$	—	58,208	$	81.00

The stock compensation expense related to the RSU and SAR grants was $11,254, $9,897 and $22,297 for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, 58,208 SARs were exercisable and they have a remaining contractual term of 5.7 years. As of December 31, 2025, the outstanding RSUs have a weighted-average remaining contractual term of 2.5 years.

Employee Stock Purchase Plan

The Company recognized $52, $240 and $341 of stock-based compensation expense related to the ESPP during the years ended December 31, 2025, 2024 and 2023, respectively. The Company issued 25,852 shares of Class A common stock for $418 related to employee purchases under the ESPP during the year ended December 31, 2025.

Profits Interests

The Company recognized $(200), $2,065 and $746 of stock-based compensation expense related to the profits interests during the years ended December 31, 2025, 2024 and 2023, respectively.

Commitments and Contingencies - Schedule of Maturities of Lease Liabilities (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2026	$ 699
2027	1,065
2028	1,086
2029	1,108
2030	1,130
Thereafter	2,329
Total lease payments	7,417
Less: Imputed interest	(1,334)
Total lease liabilities	$ 6,083

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 11,106	$ 12,202	$ 23,384
Profits interests
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ (200)	$ 2,065	$ 746
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	207,873	1,166,536	254,941
Exercisable (in shares)	0
Remaining contractual term	2 years 6 months
RSU and SAR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Total stock-based compensation expense	$ 11,254	$ 9,897	$ 22,297
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0	0	0
Exercisable (in shares)	58,208
Remaining contractual term	5 years 8 months 12 days
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 52	$ 240	$ 341
Issued stock (in shares)	25,852
Issued stock	$ 418

Fair Value Measurements - Schedule of Fair Value Measurements Inputs (Details) - Recurring	Dec. 31, 2025
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration receivable	0.2500
Profits interests	0.2500
Discount for lack of marketability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Profits interests	0.3070

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

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:


	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


	December 31, 2024
	Level 1		Level 2		Level 3		Aggregate Fair Value
Assets:
Money market funds	$	96,069	$	—	$	—	$	96,069
Contingent consideration receivable	—		—		146		146
Total assets	96,069		—		146		96,215
Liabilities:
Profits interests, noncurrent	—		—		2,811		2,811
Total liabilities	$	—	$	—	$	2,811	$	2,811

The level 3 assets relate to contingent consideration receivable from a related party associated with the sale of brands disposed as part of the Reorganization and the Buttonwood Publishing sale, and the level 3 liabilities relate to profits interests. See Note 5 – Acquisitions and Disposals and Note 10 – Stock-Based Compensation.

The following table summarizes the changes in fair value of the recurring Level 3 fair value measurements during the year ended December 31, 2025:


		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, 2024		$	146	$	2,811
Issues		41		—
Total gains (losses) recorded in earnings	Other income (expense), net	1,194		—

Total (gains) losses recorded in earnings	General and administrative expense	—		(200)
Payments received and net settlements		(1,298)		—
Balance at December 31, 2025		$	83	$	2,611


	As of
	December 31, 2025
Contingent consideration receivable
Discount rate	25.00	%

Profits interests
Discount rate	25.00	%
Discount for lack of marketability	30.70	%

During the fourth quarter of 2024, the Company determined that impairment indicators were present due to the Legacy reorganization which began in 2024. As a result, the Company recorded an impairment loss on Legacy’s intangible assets totaling $0.3 million, deferred contract acquisition costs totaling $2.1 million, as well as full impairment of the operating lease right-of-use asset totaling $2.1 million.

During the year ended December 31, 2023, the Company determined that impairment indicators were present due to continuing losses with respect to its Buttonwood Publishing business which it had acquired during 2022. As a result, the Company recorded an impairment loss on Buttonwood Publishing’s intangible assets totaling $584. The Company used a with and without method to determine the fair value of the customer relationships and a relief from royalty method to determine the fair value of the tradenames. The key input for these nonrecurring Level 3 fair value measurements was the 22.8% discount rate. Additional impairments were recorded in December 2023, as further described in Note 5 – Acquisitions and Disposals.

During the year ended December 31, 2023, the embedded derivative instruments were settled at fair value. The following table summarizes the change in fair value of the derivative liabilities during the year ended December 31, 2023:





Balance – December 31, 2022	1,281
Change in fair value of derivative instruments	1,779
Settlement of derivative instruments	(3,060)
Balance – December 31, 2023	$	—

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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-Publisher FASB
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-Name Accounting Standards Codification
-Section 50
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-Name Accounting Standards Codification
-Section 50
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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-Topic 940
-SubTopic 820
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-Paragraph 1
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-Publisher FASB
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+ Details

Summary of Significant Accounting Policies - Sales and Marketing (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Advertising expense	$ 38,240	$ 29,970	$ 44,270

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The components of income tax expense consisted of the following:


	Year Ended December 31,
	2025		2024		2023
Current income tax expense (benefit):
Federal	$	1,342	$	346	$	—
State	262		35		—
Deferred income tax expense (benefit):
Federal	595		2,380		1,517
State	359		492		286
Total income tax expense (benefit)	$	2,558	$	3,253	$	1,803

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. statutory income tax rate to the Company's effective income tax rate is as follows:


	Year Ended December 31,
	2025				2024				2023
U.S. Federal Statutory Rate	$	13,986	21.00	%	$	20,352	21.00	%	$	11,781	21.00	%
State and Local Taxes, net of Federal Income Tax Effect (1)	$	571	0.86	%	$	527	0.54	%	$	286	0.51	%
Foreign Tax Effects	$	—	—	%	$	—	—	%	$	—	—	%
Effect of Changes in Tax Laws or Rates Enacted in the Current Period	$	(5)	(0.01)	%	$	(130)	(0.13)	%	$	(42)	(0.08)	%
Effect of Cross-Border Tax Laws	$	—	—	%	$	—	—	%	$	—	—	%
Tax Credits	$	—	—	%	$	—	—	%	$	—	—	%
Change in Valuation Allowances	$	674	1.01	%	$	—	—	%	$	—	—	%
Nontaxable or Nondeductible Items
Income attributable to non-controlling interests	$	(12,661)	(19.01)	%	$	(18,891)	(19.49)	%	$	(11,261)	(20.07)	%
Income attributable to flow-thru partnerships	$	792	1.19	%	$	291	0.30	%	$	(255)	(0.45)	%
Other	$	133	0.20	%	$	194	0.20	%	$	(90)	(0.16)	%
Changes in Unrecognized Tax Benefits	$	—	—	%	$	—	—	%	$	—	—	%
Other Adjustments	$	(932)	(1.40)	%	$	910	0.95	%	$	1,384	2.46	%
Effective income tax rate	$	2,558	3.84	%	$	3,253	3.37	%	$	1,803	3.21	%

(1) State taxes in California, Florida, Illinois and New York made up the majority (greater than 50%) of the tax effect in this category

Schedule of Deferred Tax Assets and Liabilities

Details of the Company’s deferred tax assets and liabilities are as follows:


	December 31,
	2025		2024
Deferred tax assets:
Reserves	$	204	$	148
Accrued expenses	413		156
Deferred revenue	5,408		6,227

Stock-based compensation	539		452
Investment in MarketWise, LLC	32,189		30,944
Net operating loss carryforwards	1,090		1,498
Investment in flow-through partnerships	1,808		1,466
Lease liabilities	248		136
Tax Receivable Agreement	3,759		2,652

Charitable contributions	3		20
Intangible assets	154		20
Research and development capitalization	113		139
Total deferred tax assets	$	45,928	$	43,858
Deferred tax liabilities
Deferred expense	$	(2,403)	$	(2,716)

Right-of-use asset	(270)		(103)
Fixed assets	(56)		(24)


Total deferred tax liabilities	(2,729)		(2,843)
Valuation allowance	(32,192)		(30,944)
Net deferred tax assets	$	11,007	$	10,071

Schedule of Income Taxes Paid, Net of Refunds Received

Details of the Company’s income taxes paid, net of refunds received, are as follows:


	Year Ended December 31,
	2025		2024		2023
U.S. federal	360		340		—
U.S. state	134		(9)		—
Total income tax expense (benefit)	$	494	$	331	$	—

Income taxes paid, net of refunds, that exceeded 5 percent of total taxes paid, net of refunds, in the following jurisdictions:


	Year Ended December 31,
	2025	2024	2023
U.S. state
California	39	*	—
New Jersey	(26)	(17)	—

*Jurisdiction below the threshold for the period presented

Supplemental cash flow disclosures are as follows:


	Year Ended December 31,
	2025		2024		2023
Supplemental Disclosures of Cash Flow Information:
Cash paid for income taxes	$	494	$	331	$	—
Cash paid for interest	10		727		775
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	(1,997)		(1,849)		(2,015)
Operating lease right-of-use assets obtained in exchange for lease obligations	4,814		—		(76)
Operating lease right-of-use assets obtained in exchange for lease obligations from acquisitions	—		—		—

Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Property and equipment included in accounts payable	$	—	$	—	$	—
Capitalized software included in accounts payable	—		—		50


Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents	$	70,140	$	97,876	$	155,174
Restricted cash	—		—		—
Total	$	70,140	$	97,876	$	155,174

Stockholders’ Equity - Narrative (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) vote $ / shares shares	Dec. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($)	Feb. 28, 2025 USD ($)
Class of Stock [Line Items]
Common stock, number of votes per share \| vote	1
Common stock, conversion ratio	1
Shares repurchased (in shares) \| shares	209,726
Repurchases of stock	$ 3,379	$ 10,803	$ 0
Fees and commissions	$ 6
Number of common units redeemed for each share of class B common stock purchased and cancelled (in shares) \| shares	1
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

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Reconciliation of Reportable Segment Revenues, Profit or Loss and Assets

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











	Year Ended December 31,
	2025		2024		2023

Total net revenue for reportable segment (a)	$	357,744	$	427,894	$	465,862
Adjustment to total net revenue for reportable segment (b)	(51,605)		(169,584)		(65,621)
Variable expense (c)	(23,013)		(20,970)		(39,269)
Revenue share expense (c)	(39,615)		(24,873)		(43,325)
Direct marketing (c)	(58,109)		(43,065)		(73,319)
Compensation and outside labor (c)	(77,692)		(87,401)		(100,772)
Other overhead (c)	(25,209)		(33,943)		(26,948)
Corporate allocations (c)	(9,647)		(18,466)		(26,773)
Reportable segment Adjusted Net Profit (Loss)	72,854		29,592		89,835
Reconciliation of Adjusted Net Profit (Loss) to consolidated income before income taxes:
Corporate and all other Adjusted Net Profit (Loss)	(30,929)		(28,118)		(37,958)

Adjustment to total net revenue (b)	56,792		169,789		65,744
Stock-based compensation expense (d)	(11,106)		(12,203)		(23,383)
Deferred contract acquisition costs (e)	(20,554)		(63,121)		(31,526)
Depreciation and amortization (f)(g)	(2,036)		(2,445)		(3,526)

Other (h)	1,578		2,867		(3,088)
Consolidated income before income taxes	$	66,599	$	96,361	$	56,098

(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

Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated

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











	Year Ended December 31,
	2025		2024		2023

Total net revenue for reportable segment	$	357,744	$	427,894	$	465,862
Corporate and all other	(29,622)		(19,193)		(17,680)
Consolidated total net revenue	$	328,122	$	408,701	$	448,182

Summary of Significant Accounting Policies - Reverse Stock Split (Narrative) (Details)	Apr. 02, 2025 shares	Dec. 31, 2025 shares	Apr. 01, 2025 shares	Dec. 31, 2024 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	950,000,000	47,500,000
Common stock – Class B
Significant Accounting Policies [Line Items]
Conversion ratio	0.05
Common stock, authorized (in shares)	15,000,000	15,000,000	300,000,000	15,000,000

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation The accompanying consolidated financial statements (“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 financial statements. As of December 31, 2025, MarketWise, Inc. had a 15.2% 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 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.
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 derivatives, warrants, 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 membership 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 audited consolidated financial statements and notes to the consolidated financial statements give retroactive effect to the Reverse Stock Split for all periods presented, unless otherwise specified.
Variable Interest Entity	Variable Interest Entity The usual condition for a controlling financial interest is ownership of a majority of the voting interests of an entity. However, a controlling financial interest may also exist through arrangements that do not involve controlling voting interests when an entity is insufficiently capitalized, or when an entity is not controlled through its voting interests, which is referred to as a variable interest entity. We evaluate our ownership, contractual and other interests in entities to determine if we have a variable interest in an entity. These evaluations are complex, involve judgment, and the use of estimates and assumptions based on available historical information, among other factors. If we hold a contractual or ownership interest in an entity and we determine that the entity is a VIE and that we are determined to be the primary beneficiary, we consolidate such entity in our consolidated financial statements. The primary beneficiary of a VIE is the party that meets both of the following criteria: (1) has the power to make decisions that most significantly affect the economic performance of the VIE; and (2) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. Periodically, we determine whether any changes in the interest or relationship with the entity impact the determination of whether we are still the primary beneficiary. If we are not deemed to be the primary beneficiary in a VIE, we account for the investment or other variable interests in a VIE in accordance with applicable GAAP.
Segment Information	Segment Information Operating segments are components of an enterprise that engage in business activities that may generate revenues and expenses for which separate financial information is available and is evaluated regularly by our chief operating decision-maker (“CODM”) in deciding how to allocate resources and assess performance. Our Interim Chief Executive Officer serves as the CODM. Based on the financial information presented to and reviewed by our CODM in assessing our performance and for the purposes of allocating resources, we have determined our operating subsidiaries represent individual operating segments with homogenous and fungible products with similar economic characteristics that meet the criteria for aggregation into a single reportable segment for financial statement purposes. Accordingly, we have a single reportable segment.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all financial instruments purchased with an original maturity of three months or less at the time of purchase to be cash equivalents. Our cash equivalents are composed of money market funds and certificates of deposit.
Accounts Receivable	Accounts Receivable Our accounts receivable primarily consist of receivables from third-party credit card providers and revenue share agreements with external parties, which are both stated at net realizable value.
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash. We maintain deposits in federally insured financial institutions in excess of federally insured limits. We are exposed to credit risk in the event of a default by the financial institutions holding our cash to the extent recorded on the consolidated balance sheets. Management believes we are not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.
Property and Equipment, Net	Property and Equipment, Net Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets. Leasehold improvements are amortized using the straight-line method over the shorter of the related asset’s estimated useful life or the remaining term of the lease. Maintenance and repairs are charged to operations as incurred. Upon sale or retirement of assets, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is reflected in operations.
Business Combinations	Business Combinations We allocate the fair value of purchase consideration to the tangible assets acquired, liabilities assumed, and intangible assets acquired based on their estimated fair values as of the acquisition date. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing assets acquired and liabilities assumed include, but are not limited to, future expected cash flows from acquired customers, trade names, acquired technology and deferred revenue from a market participant perspective, as well as determining useful lives and discount rates. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and as a result, actual results may differ from estimates. During the measurement period, which is up to one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded in earnings.
Goodwill	Goodwill Goodwill represents the excess of the aggregate fair value of the consideration transferred in a business combination over the fair value of the assets acquired, net of liabilities assumed. Goodwill is not amortized but is evaluated for impairment annually, or more frequently if events or changes in circumstances indicate the goodwill may be impaired. Our annual impairment testing date is the first day of the fourth quarter. Events or changes in circumstances which could trigger an impairment review include significant changes in the manner of our use of the acquired assets or the strategy for our overall business, significant negative industry or economic trends, significant underperformance relative to historical or projected future results of operations, a significant adverse change in the business climate, an adverse action or assessment by a regulator, unanticipated competition or a loss of key personnel. We have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, including goodwill. If, after assessing the totality of events or circumstances, we determine it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, then the quantitative goodwill impairment test is not required. However, if we conclude otherwise, then we are required to perform the quantitative goodwill impairment test. The quantitative goodwill impairment test involves comparing the estimated fair value of the reporting unit with its respective carrying amount, including goodwill. If the estimated fair value exceeds the carrying amount, goodwill is considered not to be impaired and no additional steps are necessary. If, however, the estimated fair value of the reporting unit is less than the carrying amount, then an impairment loss is recognized in an amount equal to the excess, limited to the total amount of goodwill allocated to that reporting unit.
Intangible Assets, Net	Intangible Assets, Net Intangible assets, net consists primarily of identifiable intangible assets that are subject to amortization such as developed technology, customer relationships, and trade names resulting from our acquisitions. Intangible assets arising from acquisitions are recorded at fair value on the date of acquisition and amortized over their estimated economic lives on a straight-line basis which approximates the pattern in which the economic benefits of the assets will be consumed. Intangible assets are presented net of accumulated amortization in the consolidated balance sheet.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets are reviewed for indications of possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability is measured by comparison of the carrying amounts to the future undiscounted cash flows attributable to these assets or asset groups. An impairment loss is recognized to the extent an asset group is not recoverable, and the carrying amount exceeds the projected discounted future cash flows arising from these assets.
Revenue Recognition	Revenue Recognition We determine revenue recognition through the following steps: •Identify the contract, or contracts, with a customer; •Identify the performance obligations in the contract; •Determine the transaction price; •Allocate the transaction price to the performance obligations in the contract; and •Recognize revenue when, or as, a performance obligation is satisfied Research and Software-as-a-Service (“SaaS”) Subscriptions We primarily earn revenue from services provided in delivering subscription-based financial research, publications and SaaS offerings to individual customers through our online platforms. Revenues are recognized evenly over the duration of the subscriptions, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Customers are typically billed in advance of the subscriptions. We also offer membership subscriptions where we receive an upfront payment upon entering into the contract and receive a lower amount annually (a “maintenance fee”) thereafter. The right to discounts on future maintenance fee payments is considered a material right which is recognized as revenue when the customer exercises the option or when the option expires. Certain upfront fees on membership subscriptions are paid in installments, generally over a twelve-month period. We recognize revenue related to membership subscriptions over the estimated customer lives, which was five years for each of the years ended December 31, 2025, 2024 and 2023. We have determined the estimated life of membership customers based on historic customer attrition rates. Advertising and Other We earn revenue from the sale of advertising placements on our websites. We also earn revenue from the sale of print products and events, such as webinars and conferences. In addition we recognize revenue that we refer to as “revenue share,” where we earn a fee for each successful sale that third party companies or related parties generate from our customer list. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account for revenue recognition. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. As part of certain marketing campaigns, we may offer a “performance guarantee” such that if we do not meet the guarantee conditions, the customer will receive, for example, an extension to their subscription term for no additional consideration. These offers are considered to be material rights for our customers and we allocate a portion of the transaction price to the material right performance obligation. Revenue associated with the material rights is recognized immediately if we have met the guarantee conditions, or over the extended subscription term if we have not met the guarantee conditions. Our performance obligations are satisfied over time as subscriptions are available to customers or at a point-in-time as products are delivered to customers. Accordingly, revenue from subscription services is recognized over the duration of the subscription. Our advertising performance obligations are satisfied at a point-in-time, and revenue is recognized when impressions are delivered. Revenue from products is recognized at a point-in-time when delivered. Revenue from events is recognized over the duration of the event. In addition, we apply the sales-based or usage-based royalty exception to revenue share, which are sales of functional intellectual property. Revenue is recognized at a point-in-time as fees are earned on successful sales from the customer lists. Contracts with Multiple Performance Obligations Our contracts with customers may include multiple performance obligations if subscription services are sold with other subscriptions, products or events within one contract. For such contracts, we allocate the transaction price to each performance obligation based on its relative standalone selling price. We generally determine standalone selling prices based on the prices charged to customers on a standalone basis. Contract Balances A contract asset is defined as an entity's right to consideration for goods or services that the entity has transferred to a customer but customer payment is contingent on a future event. A contract liability is defined to occur if the customer's payment of consideration precedes the entity's performance and represents the entity's obligation to transfer goods or services to a customer for which the entity has received consideration. Timing of revenue recognition may differ from the timing of invoicing to customers. We record a contract asset when revenue is recognized prior to invoicing, or deferred revenue when revenue is recognized subsequent to invoicing. No contract assets are recorded on our consolidated balance sheets as of December 31, 2025 and 2024. Deferred revenue is primarily comprised of unearned revenue related to subscription services. Subscribers typically pay all or a portion of the subscription fees by credit card prior to the start of the subscriptions. Contract receivables are presented as accounts receivable due to processing time with credit card providers. Subscribers may be able to cancel certain subscriptions for a full or pro-rated refund for a certain period of time, which is usually not more than 90 days after the start of their subscriptions. After the refund period, we have no obligation to refund any of the consideration received. Refund obligations are a significant estimate which we recognize as of each reporting period based on historical trends and record a contract liability for this amount in deferred revenue and other contract liabilities on the consolidated balance sheets. Assets Recognized from Costs to Obtain a Contract with a Customer We capitalize incremental costs that are directly related to the acquisition or renewal of customer contracts, to the extent that the costs are expected to be recovered and if we expect the benefit of these costs to be longer than one year. We have elected to utilize the practical expedient and expense costs to obtain a contract with a customer when the expected benefit period is one year or less. Our capitalizable incremental costs include sales commissions to employees and fees paid to marketing vendors that are generally calculated as a percentage of the customer sale. We also capitalize revenue share fees that are payable to other companies, including related parties, who share their customer lists with us for each successful sale we make to a customer from their list. Capitalized costs are amortized on a straight-line basis over the expected benefit period related directly to those costs, which is approximately four years.
Leases	Leases We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities, and operating lease liabilities, noncurrent in the consolidated balance sheets. We do not have any finance lease agreements. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The operating lease ROU asset includes any lease payments made and excludes payments received for lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that the option will be exercised. Lease expense for lease payments is recognized on a straight-line basis over the lease term. We elected to use the practical expedient for short-term leases, and therefore do not record right-of-use assets or lease liabilities with lease durations of twelve months or less. Rather, the lease payments for short-term leases are recognized on the consolidated statements of operations on a straight-line basis over the lease term. We have also elected the practical expedient on not separating lease components from nonlease components for our office leases. Variable payments, such as common area charges, maintenance, insurance and taxes, are primarily based on the amount of space we occupy. These payments in our leases are not dependent on an index or a rate and are excluded from the measurement of the lease liabilities and recognized in the consolidated statements of operations in the period in which the obligation for those payments is incurred. We remeasure our lease payments when the contingency underlying such variable payments is resolved such that some or all of the remaining payments become fixed.
Cost of Revenue	Cost of Revenue Cost of revenue consists primarily of payroll and payroll-related costs associated with producing and publishing our content, customer service, credit card processing fees, product costs and allocated overhead.
Sales and Marketing	Sales and Marketing Sales and marketing expenses consist primarily of payroll and payroll-related costs, amortization of deferred contract acquisition costs, allocated overhead, agency costs, advertising campaigns, and branding initiatives. Conferences, webinars and other event costs are expensed during the period in which the event takes place. Other sales and marketing and advertising costs are expensed as they are incurred.
Research and Development	Research and Development Research and development expenses consist primarily of payroll and related costs, allocated overhead, technical services, software expenses, and hosting expenses.
General and Administrative	General and Administrative General and administrative expenses consist primarily of payroll and related costs, including severances, associated with our finance, legal, information technology, human resources, executive and administrative personnel, legal fees, corporate insurance, office expenses, professional fees, and travel and entertainment costs.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expenses are included in cost of revenue, sales and marketing, and general and administrative expenses in a manner consistent with the employee’s salary and benefits in the consolidated statements of operations. 2021 Incentive Award Plan On July 21, 2021, the MarketWise, Inc. 2021 Incentive Award Plan (the “2021 Incentive Award Plan”) became effective. As of December 31, 2025, 36,536,852 shares of Class A common stock were reserved for issuance pursuant to the 2021 Incentive Award Plan, and the maximum number of shares that may be issued pursuant to the exercise of incentive stock options granted under the 2021 Incentive Award Plan is 32,045,000, in each case, subject to certain adjustments set forth therein. The 2021 Incentive Award Plan provides for the grant of stock options, including incentive stock options, or ISOs, and nonqualified stock options, or NSOs; restricted stock; restricted stock units, or RSUs; stock appreciation rights, or SARs; and other stock or cash-based awards. Equity-based compensation with service conditions is measured based on the grant date fair value of the awards and recognized as compensation expense over the period during which the recipient is required to perform services in exchange for the award (the requisite service period). We have elected to use a straight-line attribution method for recognizing compensation costs relating to awards that have service conditions only. Forfeitures are recorded as they occur. 2021 ESPP As a result of the Transactions, we adopted the 2021 Employee Stock Purchase Plan (“ESPP”) effective on January 1, 2022. Under the ESPP, the Company authorizes the grant of the right to purchase shares of Class A common stock by employees who qualify under the ESPP. As of December 31, 2025, the Company has reserved for issuance a total of 7,157,642 shares of Class A common stock for the ESPP. The current offering period began on July 1, 2025 and ended on December 31, 2025. The ESPP is implemented through a series of offerings under which eligible employees are granted purchase rights to purchase shares of the Company’s Class A common stock on specified dates during such offerings. Under the ESPP, the Company has determined the offering period to occur in six month intervals, with the purchase occurring as of the last trading day of each offering period. On each purchase date, eligible employees will purchase the shares at a price per share equal to 85% of the lesser of (1) the fair market value of the Company’s Class A common stock on the first trading day of the offering period, or (2) the fair market value of the Company’s Class A common stock on the purchase date, as defined in the ESPP. The fair value of the ESPP is determined using the Monte Carlo model as of the beginning of each offering period and is expensed ratably over the six month offering period. Profits Interests During the year ended December 31, 2025, the Company granted fully vested profits interests in a subsidiary of the Company to an employee. The profits interests are accounted for under ASC 718, Compensation—Stock Compensation, and are classified as liability awards, which requires that the awards be remeasured to fair value at the end of each reporting period until the liability is settled. The profits interests are included within other liabilities on the consolidated balance sheets.
Capitalized Software Development Costs	Capitalized Software Development Costs For internal use software, we capitalize external costs and payroll and payroll-related costs related to employees that developed new or additional software functionality. Costs incurred during the preliminary project and post-implementation stages are expensed as incurred and included in research and development in the consolidated statements of operations. These capitalized costs are amortized using the straight-line method over the software’s expected useful life, which is generally three years.
Capitalized Implementation Costs	Capitalized Implementation Costs We capitalize implementation costs incurred in cloud computing hosting arrangements that are service contracts and amortize such costs using the straight-line method over the term of the related hosting arrangement and any expected renewal periods. These costs include external direct costs for materials and services and payroll and payroll-related costs of employees devoting time to the project. Software maintenance and training costs are expensed in the period in which they are incurred. The capitalized implementation costs are capitalized within other current assets on the consolidated balance sheets.
Fair Value Measurement	Fair Value Measurement Assets and liabilities recorded at fair value on a recurring basis in the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. GAAP establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; Level 3— Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying amount of our financial instruments, including accounts receivable, trade and other payables, accrued expenses and related party receivables and payables, approximate their respective fair values because of their short maturities. We have not elected the fair value option for any financial assets and liabilities for which such an election would have been permitted.
Foreign Currency Translation	Foreign Currency Translation The Company has a subsidiary in Singapore, and its functional currency is the local currency. Gains and losses on transactions denominated in currencies other than the functional currency are included in determining net income (loss) for the period. Assets and liabilities of our foreign subsidiary are translated using the exchange rates in effect at the balance sheet date. Results of operations are translated using weighted average exchange rates. Adjustments arising from the translation of our foreign subsidiary’s functional currency into U.S. dollars are reported as foreign currency translation adjustments in accumulated other comprehensive loss in the consolidated statements of stockholders’ deficit. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in other income, net in the accompanying consolidated statement of operations when realized. Foreign currency transaction activity was immaterial for the years ended December 31, 2025, 2024 and 2023.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) is currently comprised of changes in foreign currency translation adjustments in addition to our Net Income.
Income Taxes	Income Taxes Prior to the Transactions, we were a pass-through entity for income tax purposes. Subsequent to the Transactions, the portion of earnings allocable to MarketWise, Inc. is subject to corporate level tax rates at the federal, state and local levels. The computation of the effective tax rate and provision at each interim period requires the use of certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income that is subject to tax, permanent differences between our GAAP earnings and taxable income, and the likelihood of recovering deferred tax assets existing as of the balance sheet date. The estimates used to compute the provision for income taxes may change throughout the year as new events occur, additional information is obtained or as tax laws and regulations change. Accordingly, the effective tax rate for future interim periods may vary materially. We account for income taxes pursuant to the asset and liability method which requires us to recognize current tax liabilities or receivables for the amount of taxes we estimate are payable or refundable for the current year, deferred tax assets and liabilities for the expected future tax consequences attributable to temporary differences between the financial statement carrying amounts and their respective tax bases of assets and liabilities and the expected benefits of net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period enacted. A valuation allowance is provided when it is more likely than not that a portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income and the reversal of deferred tax liabilities during the period in which related temporary differences become deductible. The benefit of tax positions taken or expected to be taken in our income tax returns is recognized in the financial statements if such positions are more likely than not of being sustained upon examination by taxing authorities. Differences between tax positions taken or expected to be taken in a tax return and the benefit recognized and measured pursuant to the interpretation are referred to as “unrecognized benefits.” A liability is recognized (or amount of net operating loss carryover or amount of tax refundable is reduced) for an unrecognized tax benefit because it represents a potential future obligation to the taxing authority for a tax position that was not recognized. Interest costs and related penalties related to unrecognized tax benefits are required to be calculated, if applicable and are recognized as general and administrative expenses.
Tax Receivable Agreement Obligation	Tax Receivable Agreement Obligation In connection with the Transactions, concurrently with the Closing, we have entered into a Tax Receivable Agreement (“TRA”) with owners of MarketWise, LLC prior to the Transactions (that is, the MarketWise Members). The TRA generally provides for the payment by us to the MarketWise Members of 85% of the cash tax benefits, if any, that we are deemed to realize as a result of tax basis adjustments as a result of sales and exchanges of LLC Units in connection with, or following the Transactions, and certain distributions with respect to units. These tax basis adjustments generated over time may increase (for tax purposes) the depreciation and amortization deductions available to us and, therefore, may reduce the amount of U.S. federal, state and local tax that we would otherwise be required to pay in the future, although the IRS may challenge all or part of the validity of that tax basis, and a court could sustain such challenge. The tax basis adjustments upon sales or exchanges of units for shares of Class A common stock and certain distributions with respect to LLC Units may also decrease gains (or increase losses) on future dispositions of certain assets to the extent tax basis is allocated to those assets. Actual tax benefits realized by us may differ from tax benefits calculated under the Tax Receivable Agreement as a result of the use of certain assumptions in the TRA, including the use of an assumed weighted average state and local income tax rate to calculate tax benefits. The payments that we may make under the TRA are expected to be substantial. We account for the effects of these increases in tax basis and associated payments under the TRA when exchanges occur as follows: a.recognize a contingent liability for the TRA obligation when it is deemed probable and estimable, with a corresponding adjustment to additional paid-in-capital, based on the estimate of the aggregate amount that MarketWise, Inc. will pay; b.record an increase in deferred tax assets for the estimated income tax effects of the increases in tax basis based on enacted federal and state tax rates at the date of the exchange; c.to the extent we estimate that we will not realize the full benefit represented by the deferred tax asset, based on an analysis that will consider, among other things, our expectation of future earnings, we reduce the deferred tax asset with a valuation allowance; and, d.The effects of changes in any of the estimates and subsequent changes in the enacted tax rates after the initial recognition will be included in our net income.
Earnout Shares	Earnout Shares Pursuant to the Transaction Agreement, at the closing of the Transactions, we placed 152,550 shares of MarketWise, Inc. Class A common stock into escrow to be released to the Sponsor if certain conditions are met (“Sponsor Earnout Shares”). In addition, certain management members of the Company have been allocated 100,000 shares of Class A common stock in aggregate, with shares to be placed in escrow, and released at any time during a 4-year period following closing of the Transaction, if certain conditions are met (“Management Member Earnout Shares”). The Sponsor Earnout Shares and Management Member Earnout Shares (together, the “Earnout Shares”) will be released as follows: 1) 50% when the volume weighted average price (the “VWAP) of Class A common stock is greater than or equal to $240.00 for a period of at least 20 trading days within a consecutive 30-trading-day period, or based on the per share equity value in a transaction in which our stockholders sell their shares; and 2) 50% when the volume weighted average price (the “VWAP) of Class A common stock is greater than or equal to $280.00 for a period of at least 20 trading days within a consecutive 30-trading-day period, or based on the per share equity value in a transaction in which our stockholders sell their shares. The Earnout Shares are classified as equity transactions at initial issuance and at settlement when the release conditions are met. Until the shares are issued and released, the Earnout Shares are not included in shares outstanding. The Earnout Shares are not considered stock-based compensation. As of the date of the Transactions, the Earnout Shares had a fair value of $26.0 million for 252,550 shares of Class A common stock. In July 2025, the earnout period expired for all 252,548 previously escrowed Management Member Earnout Shares and Sponsor Earnout Shares.
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 years ended December 31, 2025, 2024 and 2023 was attributable to consolidated MarketWise, Inc. and its respective noncontrolling interests. As of December 31, 2025, MarketWise, Inc.’s controlling interest in MarketWise, LLC was 15.2% and the noncontrolling interest was 84.8%. For the year ended December 31, 2025 net income attributable to controlling interests included a $2,558 tax provision which is 100% attributable to the controlling interest. As of December 31, 2024, MarketWise, Inc.’s controlling interest in MarketWise, LLC was 12.4% and the noncontrolling interest was 87.6%. For the year ended December 31, 2024 net income attributable to controlling interests included a $3,253 tax provision which is 100% attributable to the controlling interest. As of December 31, 2023, MarketWise, Inc.’s controlling interest in MarketWise, LLC was 11.2% and the noncontrolling interest was 88.8%. For the year ended December 31, 2023 net income attributable to controlling interests included a $1,803 tax provision, which is 100% attributable to the controlling interest.
Earnings Per Share	Earnings Per Share Basic net income per share is based on the weighted average number of shares of Class A common stock issued and outstanding after the closing of the Transactions. Diluted net income per share is based on the weighted average number of shares of Class A common stock issued and outstanding and the effect of all dilutive common stock equivalents and potentially dilutive share based compensation awards outstanding during the period after the closing of the Transactions. Class B common stock is not a participating security, therefore it is not included in the earnings per share calculation.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued and Adopted Accounting Pronouncements 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. The Company is currently evaluating the guidance to determine the impact on its financial statements. In November 2024, the FASB issued Accounting Standards Update (“ASU”) 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”) which requires disaggregated disclosure of income statement expenses for public business entities. ASU 2024-03 is effective for the Company for the annual period beginning January 1, 2027, and interim periods beginning on January 1, 2028. The Company is currently evaluating the guidance and expects it to only impact disclosures, with no impact to results of operations, cash flows, or financial condition. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). Under ASU 2023-09, companies must annually (1) disclose specific categories in the rate reconciliation, and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate). ASU 2023-09 improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for the Company on January 1, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. We have adopted and applied the guidance under the ASU for our year ended December 31, 2025, using the retrospective transition method. Note 12 – Income Taxes in the accompanying notes to the consolidated financial statements for further detail. In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures, (“ASU 2023-07”) which is aimed at improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 also requires additional interim disclosures. We adopted ASU 2023-07 effective for the annual period beginning January 1, 2024. The enhanced segment disclosure requirements were applied retrospectively to all prior periods presented in the financial statements, and prior period disclosures were based on the significant segment expense categories identified and disclosed in the period of adoption. The adoption of this guidance resulted in incremental disclosures in the Company’s financial statements. See Note 16 – Segment Reporting.
Reclassifications	Reclassifications Certain prior period amounts presented within the 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 year ended December 31, 2025, which were previously combined as “distributions to noncontrolling interests” in the prior year.

Stockholders’ Equity - Schedule of Dividends and Distributions (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares
S 2025 M1 Dividends
Dividends Payable [Line Items]
Dividends (USD per share) \| $ / shares	$ 0.60
Dividends \| $	$ 1,249
O 2025 M2 Dividends
Dividends Payable [Line Items]
Dividends (USD per share) \| $ / shares	$ 0.20
Dividends \| $	$ 722
Distributions (USD per share) \| $ / shares	$ 0.20
Distributions \| $	$ 2,766
O 2025 M5 Dividend
Dividends Payable [Line Items]
Dividends (USD per share) \| $ / shares	$ 0.20
Dividends \| $	$ 473
Distributions (USD per share) \| $ / shares	$ 0.20
Distributions \| $	$ 2,728
S 2025 M5 Dividends
Dividends Payable [Line Items]
Dividends (USD per share) \| $ / shares	$ 0.10
Dividends \| $	$ 237
O 2025 M7 Dividends
Dividends Payable [Line Items]
Dividends (USD per share) \| $ / shares	$ 0.20
Dividends \| $	$ 501
Distributions (USD per share) \| $ / shares	$ 0.20
Distributions \| $	$ 2,723
S 2025 M7 Dividends
Dividends Payable [Line Items]
Dividends (USD per share) \| $ / shares	$ 0.20
Dividends \| $	$ 501
O 2025 M10 Dividends
Dividends Payable [Line Items]
Dividends (USD per share) \| $ / shares	$ 0.20
Dividends \| $	$ 487
Distributions (USD per share) \| $ / shares	$ 0.20
Distributions \| $	$ 2,723
S 2025 M10 Dividends
Dividends Payable [Line Items]
Dividends (USD per share) \| $ / shares	$ 0.20
Dividends \| $	$ 487

Commitments and Contingencies - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 1,716	$ 2,456	$ 2,639
Variable lease costs	59	83	100
Total lease costs	$ 1,775	$ 2,539	$ 2,739

Stockholders’ Equity - Schedule of Stock by Class (Details) - shares	Dec. 31, 2025	Apr. 02, 2025	Apr. 01, 2025	Dec. 31, 2024
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)	16,057,651
Preferred stock, outstanding (in shares)	0			0
Stock, outstanding (in shares)	16,057,651
Common stock – Class A
Class of Stock [Line Items]
Common stock, authorized (in shares)	47,500,000	47,500,000	950,000,000	47,500,000
Common stock, issued (in shares)	2,445,010			1,978,013
Common stock, outstanding (in shares)	2,445,010			1,978,013
Common stock – Class B
Class of Stock [Line Items]
Common stock, authorized (in shares)	15,000,000	15,000,000	300,000,000	15,000,000
Common stock, issued (in shares)	13,612,641			13,994,498
Common stock, outstanding (in shares)	13,612,641			13,994,498

Stockholders’ Equity

12 Months Ended

Dec. 31, 2025

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 December 31, 2025.


	Authorized	Issued	Outstanding
Class A common stock	47,500,000	2,445,010	2,445,010
Class B common stock	15,000,000	13,612,641	13,612,641
Preferred stock	100,000,000	—	—
Total	162,500,000	16,057,651	16,057,651

Each share of Class A and Class B common stock entitles the holder 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 members of MarketWise, LLC, 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 year ended December 31, 2025, 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 year ended December 31, 2025, on a split adjusted basis, were as follows:


			Dividends				Distributions
Type	Date declared	Date paid	per share		Total		per unit		Total




Special	January 15, 2025	February 26, 2025	$	0.60	$	1,249	N/A		N/A
Regular	February 27, 2025	March 31, 2025	$	0.20	$	722	$	0.20	$	2,766
Regular	May 1, 2025	June 25, 2025	$	0.20	$	473	$	0.20	$	2,728
Special	May 1, 2025	June 25, 2025	$	0.10	$	237	N/A		N/A
Regular	July 31, 2025	September 25, 2025	$	0.20	$	501	$	0.20	$	2,723
Special	July 31, 2025	September 25, 2025	$	0.20	$	501	N/A		N/A
Regular	October 30, 2025	December 24, 2025	$	0.20	$	487	$	0.20	$	2,723
Special	October 30, 2025	December 24, 2025	$	0.20	$	487	N/A		N/A

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 a period of one year 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 year ended December 31, 2025, we repurchased 209,726 shares totaling $3,379 in the aggregate, including fees and commissions of $6.

On October 29, 2025, the Company announced that it had received a proposal from Monument & Cathedral Holdings, LLC (collectively with its affiliates, “M&C”) to acquire all of the outstanding equity interests of the Company and MarketWise, LLC that are not owned by M&C. In connection with the Proposal, the Company suspended repurchases under its stock repurchase program effective October 30, 2025. The Company confirmed publicly on February 18, 2026 that M&C had withdrawn its Proposal. The stock repurchase program remains authorized and the Company plans to resume repurchases after filing this annual report.

For each share of Class A common stock the Company repurchased under the share repurchase program, MarketWise, LLC, the Company’s direct subsidiary, redeemed one LLC Unit held by the Company, decreasing the

percentage ownership of MarketWise, LLC by the Company and relatively increasing the ownership by the other unitholders.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-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
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-Paragraph 13
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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 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Reporting - Narrative (Details) - reporting_unit	1 Months Ended	12 Months Ended
	Jul. 31, 2025	Dec. 31, 2025
Segment Reporting [Abstract]
Number of reporting units	3	6

Earnings Per Share - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended	12 Months Ended
	Jul. 31, 2025	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)			860,000	695,000	156,000
Reversal of cumulative accrued dividends on Earnout Shares		$ 1,263	$ 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

Summary of Significant Accounting Policies - Segment Information (Details)	12 Months Ended
	Dec. 31, 2025 segment
Accounting Policies [Abstract]
Number of reportable segments	1

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 3,004	$ 3,884
Less: Accumulated depreciation and amortization	(2,551)	(3,292)
Total property and equipment, net	$ 453	592
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Property and equipment, gross	$ 974	960
Computers, software and equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Property and equipment, gross	$ 1,809	1,653
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	61	1,271
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 160	$ 0

Acquisitions and Disposals - Disposal of certain former Legacy Research brands (Narrative) (Details) $ in Millions	1 Months Ended
	Oct. 31, 2024 brand	Dec. 31, 2024 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Additional number of brands disposed of \| brand	2
Money Map Press, LLC \| Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Subscription fulfillment obligation \| $		$ 1.5

Goodwill and Intangible Assets, Net

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

Goodwill

The changes in the carrying amounts of goodwill are as follows:


Balance at January 1, 2023	$	31,307
Acquisition of Investor Channel	85
Sale of Buttonwood Publishing	(354)
Balance at December 31, 2023	31,038
Acquisition of MPP	2,522
Disposal of MPP and other Legacy Research Brands	(3,517)
Balance at December 31, 2024	30,043
Balance at December 31, 2025	30,043

As of December 31, 2025, the Company has six reporting units with goodwill. The reporting units to which goodwill is allocated that have negative carrying amounts are as follows:


	As of December 31,
	2025		2024
1729 Research	$	—	$	14,190
Alta	—		13,005
Altimetry	866		—
Brownstone Research	2,848		2,848
Chaikin Resources	8,412		—
InvestorPlace	4,923		—
Stansberry Research	4,912		—
TradeSmith	8,082		—

No goodwill impairment charges have been recorded during the years ended December 31, 2025, 2024 and 2023.

Intangible assets, net

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


	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


	December 31, 2024
	Cost		Accumulated Amortization		Net Book Value		Weighted-Average Remaining Useful Life (in years)
Finite-lived intangible assets:
Customer relationships	$	12,443	$	(11,087)	$	1,356	2.1
Tradenames	3,588		(2,921)		667		3.2
Capitalized software development costs	5,262		(3,699)		1,563		2.8
Finite-lived intangible assets, net	21,293		(17,707)		3,586

Indefinite-lived intangible assets:

Internet domain names	1,087		—		1,087
Indefinite-lived intangible assets, net	1,087		—		1,087
Intangible assets, net	$	22,380	$	(17,707)	$	4,673

We recorded amortization expense related to finite-lived intangible assets of $2,036, $2,522 and $3,554 for the years ended December 31, 2025, 2024 and 2023, respectively, within depreciation and amortization in the accompanying consolidated statement of operations. These amounts include amortization of capitalized software development costs of $1,061, $1,105 and $737 for the years ended December 31, 2025, 2024 and 2023, respectively.

We recorded additions to capitalized software development costs of $1,176, $542 and $1,712 for the years ended December 31, 2025, 2024 and 2023, respectively.

As of December 31, 2025, the total expected future amortization expense for finite-lived intangible assets is as follows:


2026	$	1,839
2027	473
2028	359
2029	53
2030	1
Thereafter	1
Finite-lived intangible assets, net	$	2,726

Fair Value Measurements - Schedule of Changes in Fair Value of Derivative Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 0	$ 1,281
Fair Value Recurring Basis Unobservable Input Reconciliation Liability Gain Loss Statement Of Income Extensible List Not Disclosed Flag	Change in fair value of derivative instruments
Settlement of derivative instruments		(3,060)
Ending balance		0
Other Contract
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in fair value of derivative instruments		$ 1,779

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Components of Lease Expense and Other Information Related to Leases

The components of lease expense were as follows:


	Year Ended December 31,
	2025		2024		2023
Operating lease cost	$	1,716	$	2,456	$	2,639
Variable lease costs	59		83		100
Total lease costs	$	1,775	$	2,539	$	2,739

Other information related to leases was as follows:


	As of December 31,
	2025		2024		2023
Lease Term and Discount Rate
Weighted average remaining lease term (in years)	6.8		3.0		3.9
Weighted average discount rate	5.5	%	7.1	%	7.0	%

Schedule of Maturities of Lease Liabilities

As of December 31, 2025, maturities of lease liabilities were as follows:


Year Ending December 31:	Operating Leases
2026	$	699
2027	1,065
2028	1,086
2029	1,108
2030	1,130
Thereafter	2,329
Total lease payments	$	7,417
Less: Imputed interest	(1,334)
Total lease liabilities	$	6,083

Earnings Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net income	$ 64,041	$ 93,108	$ 54,295
Less: Net income attributable to noncontrolling interests	58,421	86,049	52,513
Net income attributable to Class A common stockholders, Basic, Total	5,620	7,059	1,782
Net income attributable to Class A common stockholders, Diluted, Total	$ 5,620	$ 7,059	$ 1,782
Denominator:
Weighted average shares outstanding – basic (in shares)	2,333	1,921	1,585
Basic earnings per share (USD per share)	$ 2.41	$ 3.67	$ 1.12
Weighted average shares outstanding – diluted (in shares)	2,436	1,971	1,665
Diluted earnings per share (USD per share)	$ 2.31	$ 3.58	$ 1.07

Reorganizations	12 Months Ended
Reorganizations	Dec. 31, 2025
Reorganizations [Abstract]
Reorganizations	Reorganizations Legacy Reorganization On February 8, 2024, the Company reported that its board of directors (“Board”) had committed to a strategic realignment and reorganization (the “Reorganization”) to wind-down the operations of its Legacy Research Group business (“Legacy Research”) in response to misconduct discovered at Legacy Research where certain managers violated the Company’s policies. Following the commitment to the Reorganization, Legacy Research continued to serve existing subscribers and fulfill existing subscriptions, but began to significantly curtail business activities including any marketing efforts to acquire new subscribers. During second quarter 2024, we began the process of offering certain Legacy Research subscribers similar products published by other MarketWise brands, consistent with past Company practice when we cease a publication. We continued this process through the third quarter 2024. In October 2024, we completed our Reorganization and operational transition plans with respect to substantially all of the Legacy Research brands, which resulted in the transfer of the related assets and related fulfillment obligations to other businesses within MarketWise for fair consideration. We also entered into agreements in October 2024 to sell certain Legacy Research brands that had immaterial year-to-date September 2024 Billings, one of which was to a related party. See also Note 5 – Acquisitions and Disposals. The completion of the Reorganization resulted in a change in the Company’s internal reporting structure whereby the operations of substantially all the former Legacy brands were merged into its Alta reporting unit, certain other brands were merged into its 1729 Research and Brownstone Research reporting units, and certain brands were sold. Legacy Research ceased to be an operating segment as a result of these transactions. Accordingly, assets and liabilities were reassigned to Alta, 1729 Research, Brownstone Research, and the respective sold brands, including goodwill of $1.8 million, $0.4 million, $2.8 million, and $3.5 million, respectively, which was determined using a relative fair value approach. Significant assumptions of the valuation included, but were not limited to, prospective financial information and growth rates. Separation costs incurred in the year ended December 31, 2024 totaled approximately $2.3 million within general and administrative expenses. Legacy Research has leased office space and the current lease end date for this property is December 2028. The Company evaluated alternatives for this property and believes it is unlikely the space will be subleased. As such, the Company recorded a full impairment of the operating lease right-of-use asset as of December 31, 2024, totaling $2.1 million. 2025 Reorganization 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. See also Note 6 – Goodwill and Intangible Assets, Net. Significant assumptions of the valuation included, but were not limited to, prospective financial information, growth rates, discount rates, and inflation factors.

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 64,041	$ 93,108	$ 54,295
Other comprehensive (loss) income
Cumulative translation adjustment	(20)	(9)	21
Total comprehensive income	$ 64,021	$ 93,099	$ 54,316

- 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.

+ References

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+ Details

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Preferred stock, par value (USD per share)	$ 0.0001	$ 0.0001
Preference shares, authorized (in shares)	100,000,000	100,000,000
Preference shares, 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)	2,445,010	1,978,013
Common stock, outstanding (in shares)	2,445,010	1,978,013
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	13,994,498
Common stock, outstanding (in shares)	13,612,641	13,994,498

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consists of the following:


		As of December 31,
	Estimated Useful Lives	2025		2024
Furniture and fixtures	5 years	$	974	$	960
Computers, software and equipment	3 years	1,809		1,653
Leasehold improvements	Shorter of estimated useful life or remaining term of lease	61		1,271
Construction in progress	N/A	160		—
		3,004		3,884
Less: Accumulated depreciation and amortization		(2,551)		(3,292)
Total property and equipment, net		$	453	$	592

Schedule of Accrued Expenses

Accrued expenses consist of the following:


	As of December 31,
	2025		2024
Commission and variable compensation	$	18,656	$	10,523
Payroll and benefits	4,855		5,164

Other accrued expenses	9,710		7,585
Total accrued expenses	$	33,221	$	23,272

Commitments and Contingencies - Schedule of Other Information Related to Leases (Details)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Weighted average remaining lease term (in years)	6 years 9 months 18 days	3 years	3 years 10 months 24 days
Weighted average discount rate (percent)	5.50%	7.10%	7.00%

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2025

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 respective periods:


	Year Ended December 31,
	2025		2024		2023
Basic earnings per share:
Numerator:
Net income	$	64,041	$	93,108	$	54,295
Less: Net income attributable to noncontrolling interests	58,421		86,049		52,513
Net income attributable to Class A common stockholders	$	5,620	$	7,059	$	1,782

Denominator:
Weighted average shares outstanding (in thousands)	2,333		1,921		1,585

Basic earnings per share	$	2.41	$	3.67	$	1.12

Diluted earnings per share:
Numerator:
Net income	$	64,041	$	93,108	$	54,295
Less: Net income attributable to noncontrolling interests	58,421		86,049		52,513
Net income attributable to Class A common stockholders	$	5,620	$	7,059	$	1,782

Denominator:
Weighted average shares outstanding (in thousands)	2,436		1,971		1,665

Diluted earnings per share	$	2.31	$	3.58	$	1.07

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):


	Year Ended December 31,
(In thousands)	2025	2024	2023
Shares subject to outstanding RSUs	801	625	73
Shares subject to outstanding SARs	59	70	83
Total	860	695	156

Summary of Significant Accounting Policies - Accounts Receivable (Narrative) (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Accounts receivable, allowance for credit loss	$ 0	$ 0

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 70,140	$ 97,876
Accounts receivable	5,722	1,876
Prepaid expenses	10,799	10,051
Related party receivables	838	547
Deferred contract acquisition costs	43,388	57,214
Other current assets	814	1,269
Total current assets	131,701	168,833
Property and equipment, net	453	592
Operating lease right-of-use assets	6,684	3,182
Intangible assets, net	3,813	4,673
Goodwill	30,043	30,043
Deferred contract acquisition costs, noncurrent	34,678	42,121
Deferred tax assets	11,007	10,071
Total assets	218,379	259,515
Current liabilities:
Accrued expenses	33,221	23,272
Deferred revenue and other contract liabilities	183,798	217,973
Operating lease liabilities	908	1,629
Other current liabilities	11,900	12,985
Total current liabilities	234,204	260,208
Deferred revenue and other contract liabilities, noncurrent	185,754	209,013
Other liabilities, noncurrent	2,611	2,811
Related party tax receivable agreement liability, noncurrent	4,260
Operating lease liabilities, noncurrent	5,175	2,738
Total liabilities	432,004	477,439
Commitments and Contingencies (Note 9)	0	0
Stockholders’ deficit:
Preferred stock, par value of $0.0001 per share, 100,000,000 shares authorized; 0 shares issued and outstanding at December 31, 2025 and 2024, respectively	0	0
Additional paid-in capital	101,945	106,691
Accumulated other comprehensive income	36	56
Accumulated deficit	(113,664)	(119,284)
Total stockholders’ deficit attributable to MarketWise, Inc.	(11,682)	(12,536)
Noncontrolling interest	(201,943)	(205,388)
Total stockholders’ deficit	(213,625)	(217,924)
Total liabilities and stockholders’ deficit	218,379	259,515
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	3,868	4,011
Related Party
Current assets:
Operating lease right-of-use assets	6,684	3,172
Current liabilities:
Trade and other payables	509	338
Related party tax receivable agreement liability, noncurrent	$ 4,260	$ 2,669

Commitments and Contingencies - Narrative (Details) - USD ($)	Nov. 22, 2024	Dec. 31, 2025
Lessee, Lease, Description [Line Items]
Loss contingency, damages sought, value	$ 9,000,000
One Lease, Term One
Lessee, Lease, Description [Line Items]
Lessee, operating lease, renewal term		5 years
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract		10 months
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract		7 years

COVER - USD ($) $ in Millions	12 Months Ended
COVER - USD ($) $ in Millions	Dec. 31, 2025	Mar. 02, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2025
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 45.4
Amendment Flag	false
Entity Central Index Key	0001805651
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Common stock – Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,448,135
Common stock – Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		13,612,641

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2025
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 $2,414, $3,344 and $4,937 for the years ended December 31, 2025, 2024 and 2023, respectively. We incurred costs related to revenue share agreements with related parties which are capitalized within deferred contract acquisition costs. We capitalized $4,696, $3,281 and $6,578 for the years ended December 31, 2025, 2024 and 2023, respectively. Additionally, a related party provided call center support and other services to the Company for which we recorded an expense within cost of revenue of $384, $326 and $511 for the years ended December 31, 2025, 2024 and 2023, respectively. A related party provided marketing and copywriting services to the Company for which we recorded an expense within cost of revenue of $554, $897 and $1,845 for the years ended December 31, 2025, 2024 and 2023, respectively. A related party also provided certain corporate functions to the Company and the costs of these services are recorded within related party expense in the accompanying consolidated statement of operations. We recorded $89, $94 and $102 for the years ended December 31, 2025, 2024 and 2023, respectively. We held balances of $502 and $354 as of December 31, 2025 and December 31, 2024 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 consolidated balance sheet. We earned fees and provided certain accounting and marketing services to companies owned by certain Class B unitholders. As a result, we recognized $420, $469 and $737 in other income, net for the years ended December 31, 2025, 2024 and 2023, respectively. Related party receivables related to these services were $176 and $194 as of December 31, 2025 and 2024, respectively. We lease offices from related parties. In July 2025, we executed an amendment to a headquarters lease to extend the lease end date from 2026 to 2032. The amendment was accounted for as a modification, which increased the ROU asset (net of an improvement allowance of $678) and lease liability by $4,814 and $5,493, respectively. We lease offices from related parties. Lease payments made to related parties were $1,987, $1,744 and $1,800 for the years ended December 31, 2025, 2024 and 2023, respectively, and rent expense of $1,706, $2,396 and $2,438 were recognized in general and administrative expenses for the years ended December 31, 2025, 2024 and 2023, respectively, related to leases with related parties. At December 31, 2025 and 2024, respectively, ROU assets of $6,684 and $3,172 and lease liabilities of $6,083 and $4,335 are associated with leases with related parties. Additionally, we paid $700 in lease termination fees related to our former Legacy Research lease during the year ended December 31, 2025. For more information, see Note 8 – 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
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+ Details

Segment Reporting - Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net revenue	$ 328,122	$ 408,701	$ 448,182
Stock-based compensation expense	(11,106)	(12,202)	(23,384)
Depreciation and amortization	(2,186)	(2,753)	(3,821)
Other income (expense), net	1,040	2,085	(611)
Income before income taxes	66,599	96,361	56,098
Operating Segments \| Reportable Segment
Segment Reporting Information [Line Items]
Net revenue	357,744	427,894	465,862
Variable expense	(23,013)	(20,970)	(39,269)
Revenue share expense	(39,615)	(24,873)	(43,325)
Direct marketing	(58,109)	(43,065)	(73,319)
Compensation and outside labor	(77,692)	(87,401)	(100,772)
Other overhead	(25,209)	(33,943)	(26,948)
Corporate allocations	(9,647)	(18,466)	(26,773)
Reportable segment and corporate and all other adjusted net profit (loss)	72,854	29,592	89,835
Corporate and all other
Segment Reporting Information [Line Items]
Net revenue	(29,622)	(19,193)	(17,680)
Intersegment Eliminations \| Reportable Segment
Segment Reporting Information [Line Items]
Net revenue	(51,605)	(169,584)	(65,621)
Corporate and all other Adjusted Net Profit (Loss)
Segment Reporting Information [Line Items]
Reportable segment and corporate and all other adjusted net profit (loss)	(30,929)	(28,118)	(37,958)
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment
Segment Reporting Information [Line Items]
Net revenue	56,792	169,789	65,744
Stock-based compensation expense	(11,106)	(12,203)	(23,383)
Deferred contract acquisition costs	(20,554)	(63,121)	(31,526)
Depreciation and amortization	(2,036)	(2,445)	(3,526)
Other income (expense), net	$ 1,578	$ 2,867	$ (3,088)

Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Net revenue	$ 328,122	$ 408,701	$ 448,182
United States
Disaggregation of Revenue [Line Items]
Net revenue	328,122	408,701	448,091
International
Disaggregation of Revenue [Line Items]
Net revenue	0	0	91
Membership subscriptions
Disaggregation of Revenue [Line Items]
Net revenue	169,391	188,905	185,354
Term subscriptions
Disaggregation of Revenue [Line Items]
Net revenue	153,462	215,599	256,979
Non-subscription revenue
Disaggregation of Revenue [Line Items]
Net revenue	5,269	4,197	5,849
Related Party
Disaggregation of Revenue [Line Items]
Net revenue	2,414	3,344	4,937
Nonrelated Party
Disaggregation of Revenue [Line Items]
Net revenue	325,708	405,357	443,245
Transferred over time
Disaggregation of Revenue [Line Items]
Net revenue	322,853	404,504	442,333
Transferred at a point in time
Disaggregation of Revenue [Line Items]
Net revenue	5,269	4,197	5,849
Subscriptions
Disaggregation of Revenue [Line Items]
Net revenue	322,853	404,504	442,333
Subscriptions \| Transferred over time
Disaggregation of Revenue [Line Items]
Net revenue	322,853	404,504	442,333
Subscriptions \| Transferred at a point in time
Disaggregation of Revenue [Line Items]
Net revenue	0	0	0
Advertising
Disaggregation of Revenue [Line Items]
Net revenue	45	766	732
Advertising \| Transferred over time
Disaggregation of Revenue [Line Items]
Net revenue	0	0	0
Advertising \| Transferred at a point in time
Disaggregation of Revenue [Line Items]
Net revenue	45	766	732
Revenue Share \| Related Party
Disaggregation of Revenue [Line Items]
Net revenue	2,414	3,344	4,937
Revenue Share \| Nonrelated Party
Disaggregation of Revenue [Line Items]
Net revenue	2,810	87	180
Revenue Share \| Transferred over time \| Related Party
Disaggregation of Revenue [Line Items]
Net revenue	0	0	0
Revenue Share \| Transferred over time \| Nonrelated Party
Disaggregation of Revenue [Line Items]
Net revenue	0	0	0
Revenue Share \| Transferred at a point in time \| Related Party
Disaggregation of Revenue [Line Items]
Net revenue	2,414	3,344	4,937
Revenue Share \| Transferred at a point in time \| Nonrelated Party
Disaggregation of Revenue [Line Items]
Net revenue	$ 2,810	$ 87	$ 180

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	248
Auditor Name	Grant Thornton LLP
Auditor Location	Arlington, Virginia

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplemental Disclosures of Cash Flow Information:
Cash paid for income taxes	$ 494	$ 331	$ 0
Cash paid for interest	10	727	775
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	(1,997)	(1,849)	(2,015)
Operating lease right-of-use assets obtained in exchange for lease obligations	4,814	0
Operating lease right-of-use assets obtained in exchange for lease obligations			(76)
Operating lease right-of-use assets obtained in exchange for lease obligations from acquisitions	0	0	0
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Property and equipment included in accounts payable	0	0	0
Capitalized software included in accounts payable	0	0	50
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents	70,140	97,876	155,174
Restricted cash	0	0	0
Total cash and cash equivalents	$ 70,140	$ 97,876	$ 155,174	$ 158,575

Fair Value Measurements - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value, Nonrecurring \| Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Intangible asset, measurement input		0.228
Chaikin Resources
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment losses
Impairment of intangible assets	$ 300
Deferred costs	2,100
Impairment of right-of-use assets	$ 2,100
Buttonwood Publishing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment and other charges		$ 584

Earnings Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share for the respective periods:


	Year Ended December 31,
	2025		2024		2023
Basic earnings per share:
Numerator:
Net income	$	64,041	$	93,108	$	54,295
Less: Net income attributable to noncontrolling interests	58,421		86,049		52,513
Net income attributable to Class A common stockholders	$	5,620	$	7,059	$	1,782

Denominator:
Weighted average shares outstanding (in thousands)	2,333		1,921		1,585

Basic earnings per share	$	2.41	$	3.67	$	1.12

Diluted earnings per share:
Numerator:
Net income	$	64,041	$	93,108	$	54,295
Less: Net income attributable to noncontrolling interests	58,421		86,049		52,513
Net income attributable to Class A common stockholders	$	5,620	$	7,059	$	1,782

Denominator:
Weighted average shares outstanding (in thousands)	2,436		1,971		1,665

Diluted earnings per share	$	2.31	$	3.58	$	1.07

The Company’s potentially dilutive securities and their impact on the computation of dilutive earnings per share are 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 2024 periods 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 the earnout period.

•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 basic earnings per share calculation includes the impact of the shares that were issued under the ESPP as of December 31, 2025.

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


	Year Ended December 31,
(In thousands)	2025	2024	2023
Shares subject to outstanding RSUs	801	625	73
Shares subject to outstanding SARs	59	70	83
Total	860	695	156

Summary of Significant Accounting Policies - Noncontrolling Interest (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Significant Accounting Policies [Line Items]
Income tax expense	$ 2,558	$ 3,253	$ 1,803
Marketwise, LLC
Significant Accounting Policies [Line Items]
Ownership percentage in subsidiary (as a percent)	15.20%	12.40%	11.20%
Noncontrolling interest ownership (as a percent)	84.80%	87.60%	88.80%

- Definition

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

+ References

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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 64,041	$ 93,108	$ 54,295
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	2,186	2,753	3,821
Impairment and other charges	380	4,445	2,583
Stock-based compensation	11,106	12,202	23,384
Change in fair value of contingent consideration	(1,194)	507	0
Change in fair value of derivative liabilities – other	0	0	1,779
Deferred taxes	954	2,872	1,803
Unrealized (gains) losses on foreign currency	(20)	(18)	23
Other gains	(2,250)	0	0
Noncash lease expense	3,172	2,053	2,135
(Gain) loss on sale of business	0	(2,030)	1,583
Changes in operating assets and liabilities:
Accounts receivable	(3,805)	2,652	(488)
Related party receivables and payables	1,074	2,622	(2,284)
Prepaid expenses	(748)	(746)	2,420
Other current assets and other assets	455	1,190	1,533
Deferred contract acquisition costs	20,490	63,468	31,329
Trade and other payables	(123)	3,470	(200)
Accrued expenses	9,949	(31,769)	9,065
Deferred revenue	(56,092)	(162,093)	(67,092)
Derivative liabilities	0	0	(3,060)
Operating lease liabilities	(3,312)	(1,446)	(1,501)
Other current and long-term liabilities	(305)	(15,390)	1,300
Net cash provided by (used in) operating activities	45,958	(22,150)	62,428
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired	0	0	(170)
Purchases of property and equipment	(391)	(133)	(65)
Capitalized software development costs	(1,176)	(548)	(1,662)
Net cash used in investing activities	(1,567)	(681)	(1,897)
Cash flows from financing activities:
Proceeds from issuance of common stock	418	301	678
Shares and restricted stock units withheld to pay taxes	(2,360)	(1,368)	(6,032)
Repurchases of stock	(3,379)	(10,803)	0
Dividends paid	(4,776)	(1,506)	(5,744)
Tax distributions to noncontrolling interests	(49,838)	(9,564)	(3,353)
Other distributions to noncontrolling interests	(12,172)	(11,518)	(49,502)
Net cash used in financing activities	(72,107)	(34,458)	(63,953)
Effect of exchange rate changes on cash	(20)	(9)	21
Net decrease in cash, cash equivalents and restricted cash	(27,736)	(57,298)	(3,401)
Cash, cash equivalents and restricted cash — beginning of period	97,876	155,174	158,575
Cash, cash equivalents and restricted cash — end of period	$ 70,140	$ 97,876	$ 155,174

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Consolidation The accompanying consolidated financial statements (“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 financial statements. As of December 31, 2025, MarketWise, Inc. had a 15.2% 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 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. 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 derivatives, warrants, 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 membership 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. Emerging Growth Company We were an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and took advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act of 1934, as amended) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. We elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, we, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of our audited financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. our Emerging Growth Company status expired on December 31, 2025. 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 audited consolidated financial statements and notes to the consolidated financial statements give retroactive effect to the Reverse Stock Split for all periods presented, unless otherwise specified. Variable Interest Entity The usual condition for a controlling financial interest is ownership of a majority of the voting interests of an entity. However, a controlling financial interest may also exist through arrangements that do not involve controlling voting interests when an entity is insufficiently capitalized, or when an entity is not controlled through its voting interests, which is referred to as a variable interest entity. We evaluate our ownership, contractual and other interests in entities to determine if we have a variable interest in an entity. These evaluations are complex, involve judgment, and the use of estimates and assumptions based on available historical information, among other factors. If we hold a contractual or ownership interest in an entity and we determine that the entity is a VIE and that we are determined to be the primary beneficiary, we consolidate such entity in our consolidated financial statements. The primary beneficiary of a VIE is the party that meets both of the following criteria: (1) has the power to make decisions that most significantly affect the economic performance of the VIE; and (2) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. Periodically, we determine whether any changes in the interest or relationship with the entity impact the determination of whether we are still the primary beneficiary. If we are not deemed to be the primary beneficiary in a VIE, we account for the investment or other variable interests in a VIE in accordance with applicable GAAP. Segment Information Operating segments are components of an enterprise that engage in business activities that may generate revenues and expenses for which separate financial information is available and is evaluated regularly by our chief operating decision-maker (“CODM”) in deciding how to allocate resources and assess performance. Our Interim Chief Executive Officer serves as the CODM. Based on the financial information presented to and reviewed by our CODM in assessing our performance and for the purposes of allocating resources, we have determined our operating subsidiaries represent individual operating segments with homogenous and fungible products with similar economic characteristics that meet the criteria for aggregation into a single reportable segment for financial statement purposes. Accordingly, we have a single reportable segment. Cash and Cash Equivalents We consider all financial instruments purchased with an original maturity of three months or less at the time of purchase to be cash equivalents. Our cash equivalents are composed of money market funds and certificates of deposit. Accounts Receivable Our accounts receivable primarily consist of receivables from third-party credit card providers and revenue share agreements with external parties, which are both stated at net realizable value. We did not record an allowance for credit losses for the years ended December 31, 2025 and 2024. Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash. We maintain deposits in federally insured financial institutions in excess of federally insured limits. We are exposed to credit risk in the event of a default by the financial institutions holding our cash to the extent recorded on the consolidated balance sheets. Management believes we are not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. No individual customer accounted for more than 10% of revenue for the years ended December 31, 2025, 2024 and 2023. Property and Equipment, Net Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets. Leasehold improvements are amortized using the straight-line method over the shorter of the related asset’s estimated useful life or the remaining term of the lease. Maintenance and repairs are charged to operations as incurred. Upon sale or retirement of assets, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is reflected in operations. Business Combinations We allocate the fair value of purchase consideration to the tangible assets acquired, liabilities assumed, and intangible assets acquired based on their estimated fair values as of the acquisition date. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing assets acquired and liabilities assumed include, but are not limited to, future expected cash flows from acquired customers, trade names, acquired technology and deferred revenue from a market participant perspective, as well as determining useful lives and discount rates. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and as a result, actual results may differ from estimates. During the measurement period, which is up to one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded in earnings. Goodwill and Intangible Assets Goodwill Goodwill represents the excess of the aggregate fair value of the consideration transferred in a business combination over the fair value of the assets acquired, net of liabilities assumed. Goodwill is not amortized but is evaluated for impairment annually, or more frequently if events or changes in circumstances indicate the goodwill may be impaired. Our annual impairment testing date is the first day of the fourth quarter. Events or changes in circumstances which could trigger an impairment review include significant changes in the manner of our use of the acquired assets or the strategy for our overall business, significant negative industry or economic trends, significant underperformance relative to historical or projected future results of operations, a significant adverse change in the business climate, an adverse action or assessment by a regulator, unanticipated competition or a loss of key personnel. We have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, including goodwill. If, after assessing the totality of events or circumstances, we determine it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, then the quantitative goodwill impairment test is not required. However, if we conclude otherwise, then we are required to perform the quantitative goodwill impairment test. The quantitative goodwill impairment test involves comparing the estimated fair value of the reporting unit with its respective carrying amount, including goodwill. If the estimated fair value exceeds the carrying amount, goodwill is considered not to be impaired and no additional steps are necessary. If, however, the estimated fair value of the reporting unit is less than the carrying amount, then an impairment loss is recognized in an amount equal to the excess, limited to the total amount of goodwill allocated to that reporting unit. Intangible Assets, Net Intangible assets, net consists primarily of identifiable intangible assets that are subject to amortization such as developed technology, customer relationships, and trade names resulting from our acquisitions. Intangible assets arising from acquisitions are recorded at fair value on the date of acquisition and amortized over their estimated economic lives on a straight-line basis which approximates the pattern in which the economic benefits of the assets will be consumed. Intangible assets are presented net of accumulated amortization in the consolidated balance sheet. Impairment of Long-Lived Assets Long-lived assets are reviewed for indications of possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability is measured by comparison of the carrying amounts to the future undiscounted cash flows attributable to these assets or asset groups. An impairment loss is recognized to the extent an asset group is not recoverable, and the carrying amount exceeds the projected discounted future cash flows arising from these assets. Revenue Recognition We determine revenue recognition through the following steps: •Identify the contract, or contracts, with a customer; •Identify the performance obligations in the contract; •Determine the transaction price; •Allocate the transaction price to the performance obligations in the contract; and •Recognize revenue when, or as, a performance obligation is satisfied Research and Software-as-a-Service (“SaaS”) Subscriptions We primarily earn revenue from services provided in delivering subscription-based financial research, publications and SaaS offerings to individual customers through our online platforms. Revenues are recognized evenly over the duration of the subscriptions, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Customers are typically billed in advance of the subscriptions. We also offer membership subscriptions where we receive an upfront payment upon entering into the contract and receive a lower amount annually (a “maintenance fee”) thereafter. The right to discounts on future maintenance fee payments is considered a material right which is recognized as revenue when the customer exercises the option or when the option expires. Certain upfront fees on membership subscriptions are paid in installments, generally over a twelve-month period. We recognize revenue related to membership subscriptions over the estimated customer lives, which was five years for each of the years ended December 31, 2025, 2024 and 2023. We have determined the estimated life of membership customers based on historic customer attrition rates. Advertising and Other We earn revenue from the sale of advertising placements on our websites. We also earn revenue from the sale of print products and events, such as webinars and conferences. In addition we recognize revenue that we refer to as “revenue share,” where we earn a fee for each successful sale that third party companies or related parties generate from our customer list. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account for revenue recognition. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. As part of certain marketing campaigns, we may offer a “performance guarantee” such that if we do not meet the guarantee conditions, the customer will receive, for example, an extension to their subscription term for no additional consideration. These offers are considered to be material rights for our customers and we allocate a portion of the transaction price to the material right performance obligation. Revenue associated with the material rights is recognized immediately if we have met the guarantee conditions, or over the extended subscription term if we have not met the guarantee conditions. Our performance obligations are satisfied over time as subscriptions are available to customers or at a point-in-time as products are delivered to customers. Accordingly, revenue from subscription services is recognized over the duration of the subscription. Our advertising performance obligations are satisfied at a point-in-time, and revenue is recognized when impressions are delivered. Revenue from products is recognized at a point-in-time when delivered. Revenue from events is recognized over the duration of the event. In addition, we apply the sales-based or usage-based royalty exception to revenue share, which are sales of functional intellectual property. Revenue is recognized at a point-in-time as fees are earned on successful sales from the customer lists. Contracts with Multiple Performance Obligations Our contracts with customers may include multiple performance obligations if subscription services are sold with other subscriptions, products or events within one contract. For such contracts, we allocate the transaction price to each performance obligation based on its relative standalone selling price. We generally determine standalone selling prices based on the prices charged to customers on a standalone basis. Contract Balances A contract asset is defined as an entity's right to consideration for goods or services that the entity has transferred to a customer but customer payment is contingent on a future event. A contract liability is defined to occur if the customer's payment of consideration precedes the entity's performance and represents the entity's obligation to transfer goods or services to a customer for which the entity has received consideration. Timing of revenue recognition may differ from the timing of invoicing to customers. We record a contract asset when revenue is recognized prior to invoicing, or deferred revenue when revenue is recognized subsequent to invoicing. No contract assets are recorded on our consolidated balance sheets as of December 31, 2025 and 2024. Deferred revenue is primarily comprised of unearned revenue related to subscription services. Subscribers typically pay all or a portion of the subscription fees by credit card prior to the start of the subscriptions. Contract receivables are presented as accounts receivable due to processing time with credit card providers. Subscribers may be able to cancel certain subscriptions for a full or pro-rated refund for a certain period of time, which is usually not more than 90 days after the start of their subscriptions. After the refund period, we have no obligation to refund any of the consideration received. Refund obligations are a significant estimate which we recognize as of each reporting period based on historical trends and record a contract liability for this amount in deferred revenue and other contract liabilities on the consolidated balance sheets. Assets Recognized from Costs to Obtain a Contract with a Customer We capitalize incremental costs that are directly related to the acquisition or renewal of customer contracts, to the extent that the costs are expected to be recovered and if we expect the benefit of these costs to be longer than one year. We have elected to utilize the practical expedient and expense costs to obtain a contract with a customer when the expected benefit period is one year or less. Our capitalizable incremental costs include sales commissions to employees and fees paid to marketing vendors that are generally calculated as a percentage of the customer sale. We also capitalize revenue share fees that are payable to other companies, including related parties, who share their customer lists with us for each successful sale we make to a customer from their list. Capitalized costs are amortized on a straight-line basis over the expected benefit period related directly to those costs, which is approximately four years. Leases We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities, and operating lease liabilities, noncurrent in the consolidated balance sheets. We do not have any finance lease agreements. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The operating lease ROU asset includes any lease payments made and excludes payments received for lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that the option will be exercised. Lease expense for lease payments is recognized on a straight-line basis over the lease term. We elected to use the practical expedient for short-term leases, and therefore do not record right-of-use assets or lease liabilities with lease durations of twelve months or less. Rather, the lease payments for short-term leases are recognized on the consolidated statements of operations on a straight-line basis over the lease term. We have also elected the practical expedient on not separating lease components from nonlease components for our office leases. Variable payments, such as common area charges, maintenance, insurance and taxes, are primarily based on the amount of space we occupy. These payments in our leases are not dependent on an index or a rate and are excluded from the measurement of the lease liabilities and recognized in the consolidated statements of operations in the period in which the obligation for those payments is incurred. We remeasure our lease payments when the contingency underlying such variable payments is resolved such that some or all of the remaining payments become fixed. Cost of Revenue Cost of revenue consists primarily of payroll and payroll-related costs associated with producing and publishing our content, customer service, credit card processing fees, product costs and allocated overhead. Sales and Marketing Sales and marketing expenses consist primarily of payroll and payroll-related costs, amortization of deferred contract acquisition costs, allocated overhead, agency costs, advertising campaigns, and branding initiatives. Conferences, webinars and other event costs are expensed during the period in which the event takes place. Other sales and marketing and advertising costs are expensed as they are incurred. Advertising expense was $38,240, $29,970 and $44,270 for the years ended December 31, 2025, 2024 and 2023, respectively. Research and Development Research and development expenses consist primarily of payroll and related costs, allocated overhead, technical services, software expenses, and hosting expenses. General and Administrative General and administrative expenses consist primarily of payroll and related costs, including severances, associated with our finance, legal, information technology, human resources, executive and administrative personnel, legal fees, corporate insurance, office expenses, professional fees, and travel and entertainment costs. Stock-Based Compensation Stock-based compensation expenses are included in cost of revenue, sales and marketing, and general and administrative expenses in a manner consistent with the employee’s salary and benefits in the consolidated statements of operations. 2021 Incentive Award Plan On July 21, 2021, the MarketWise, Inc. 2021 Incentive Award Plan (the “2021 Incentive Award Plan”) became effective. As of December 31, 2025, 36,536,852 shares of Class A common stock were reserved for issuance pursuant to the 2021 Incentive Award Plan, and the maximum number of shares that may be issued pursuant to the exercise of incentive stock options granted under the 2021 Incentive Award Plan is 32,045,000, in each case, subject to certain adjustments set forth therein. The 2021 Incentive Award Plan provides for the grant of stock options, including incentive stock options, or ISOs, and nonqualified stock options, or NSOs; restricted stock; restricted stock units, or RSUs; stock appreciation rights, or SARs; and other stock or cash-based awards. Equity-based compensation with service conditions is measured based on the grant date fair value of the awards and recognized as compensation expense over the period during which the recipient is required to perform services in exchange for the award (the requisite service period). We have elected to use a straight-line attribution method for recognizing compensation costs relating to awards that have service conditions only. Forfeitures are recorded as they occur. 2021 ESPP As a result of the Transactions, we adopted the 2021 Employee Stock Purchase Plan (“ESPP”) effective on January 1, 2022. Under the ESPP, the Company authorizes the grant of the right to purchase shares of Class A common stock by employees who qualify under the ESPP. As of December 31, 2025, the Company has reserved for issuance a total of 7,157,642 shares of Class A common stock for the ESPP. The current offering period began on July 1, 2025 and ended on December 31, 2025. The ESPP is implemented through a series of offerings under which eligible employees are granted purchase rights to purchase shares of the Company’s Class A common stock on specified dates during such offerings. Under the ESPP, the Company has determined the offering period to occur in six month intervals, with the purchase occurring as of the last trading day of each offering period. On each purchase date, eligible employees will purchase the shares at a price per share equal to 85% of the lesser of (1) the fair market value of the Company’s Class A common stock on the first trading day of the offering period, or (2) the fair market value of the Company’s Class A common stock on the purchase date, as defined in the ESPP. The fair value of the ESPP is determined using the Monte Carlo model as of the beginning of each offering period and is expensed ratably over the six month offering period. Profits Interests During the year ended December 31, 2025, the Company granted fully vested profits interests in a subsidiary of the Company to an employee. The profits interests are accounted for under ASC 718, Compensation—Stock Compensation, and are classified as liability awards, which requires that the awards be remeasured to fair value at the end of each reporting period until the liability is settled. The profits interests are included within other liabilities on the consolidated balance sheets. Capitalized Software Development Costs For internal use software, we capitalize external costs and payroll and payroll-related costs related to employees that developed new or additional software functionality. Costs incurred during the preliminary project and post-implementation stages are expensed as incurred and included in research and development in the consolidated statements of operations. These capitalized costs are amortized using the straight-line method over the software’s expected useful life, which is generally three years. Capitalized Implementation Costs We capitalize implementation costs incurred in cloud computing hosting arrangements that are service contracts and amortize such costs using the straight-line method over the term of the related hosting arrangement and any expected renewal periods. These costs include external direct costs for materials and services and payroll and payroll-related costs of employees devoting time to the project. Software maintenance and training costs are expensed in the period in which they are incurred. The capitalized implementation costs are capitalized within other current assets on the consolidated balance sheets. Fair Value Measurement Assets and liabilities recorded at fair value on a recurring basis in the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. GAAP establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; Level 3— Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying amount of our financial instruments, including accounts receivable, trade and other payables, accrued expenses and related party receivables and payables, approximate their respective fair values because of their short maturities. We have not elected the fair value option for any financial assets and liabilities for which such an election would have been permitted. Foreign Currency Translation The Company has a subsidiary in Singapore, and its functional currency is the local currency. Gains and losses on transactions denominated in currencies other than the functional currency are included in determining net income (loss) for the period. Assets and liabilities of our foreign subsidiary are translated using the exchange rates in effect at the balance sheet date. Results of operations are translated using weighted average exchange rates. Adjustments arising from the translation of our foreign subsidiary’s functional currency into U.S. dollars are reported as foreign currency translation adjustments in accumulated other comprehensive loss in the consolidated statements of stockholders’ deficit. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in other income, net in the accompanying consolidated statement of operations when realized. Foreign currency transaction activity was immaterial for the years ended December 31, 2025, 2024 and 2023. Comprehensive Income (Loss) Comprehensive income (loss) is currently comprised of changes in foreign currency translation adjustments in addition to our Net Income. Income Taxes Prior to the Transactions, we were a pass-through entity for income tax purposes. Subsequent to the Transactions, the portion of earnings allocable to MarketWise, Inc. is subject to corporate level tax rates at the federal, state and local levels. The computation of the effective tax rate and provision at each interim period requires the use of certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income that is subject to tax, permanent differences between our GAAP earnings and taxable income, and the likelihood of recovering deferred tax assets existing as of the balance sheet date. The estimates used to compute the provision for income taxes may change throughout the year as new events occur, additional information is obtained or as tax laws and regulations change. Accordingly, the effective tax rate for future interim periods may vary materially. We account for income taxes pursuant to the asset and liability method which requires us to recognize current tax liabilities or receivables for the amount of taxes we estimate are payable or refundable for the current year, deferred tax assets and liabilities for the expected future tax consequences attributable to temporary differences between the financial statement carrying amounts and their respective tax bases of assets and liabilities and the expected benefits of net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period enacted. A valuation allowance is provided when it is more likely than not that a portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income and the reversal of deferred tax liabilities during the period in which related temporary differences become deductible. The benefit of tax positions taken or expected to be taken in our income tax returns is recognized in the financial statements if such positions are more likely than not of being sustained upon examination by taxing authorities. Differences between tax positions taken or expected to be taken in a tax return and the benefit recognized and measured pursuant to the interpretation are referred to as “unrecognized benefits.” A liability is recognized (or amount of net operating loss carryover or amount of tax refundable is reduced) for an unrecognized tax benefit because it represents a potential future obligation to the taxing authority for a tax position that was not recognized. Interest costs and related penalties related to unrecognized tax benefits are required to be calculated, if applicable and are recognized as general and administrative expenses. Tax Receivable Agreement Obligation In connection with the Transactions, concurrently with the Closing, we have entered into a Tax Receivable Agreement (“TRA”) with owners of MarketWise, LLC prior to the Transactions (that is, the MarketWise Members). The TRA generally provides for the payment by us to the MarketWise Members of 85% of the cash tax benefits, if any, that we are deemed to realize as a result of tax basis adjustments as a result of sales and exchanges of LLC Units in connection with, or following the Transactions, and certain distributions with respect to units. These tax basis adjustments generated over time may increase (for tax purposes) the depreciation and amortization deductions available to us and, therefore, may reduce the amount of U.S. federal, state and local tax that we would otherwise be required to pay in the future, although the IRS may challenge all or part of the validity of that tax basis, and a court could sustain such challenge. The tax basis adjustments upon sales or exchanges of units for shares of Class A common stock and certain distributions with respect to LLC Units may also decrease gains (or increase losses) on future dispositions of certain assets to the extent tax basis is allocated to those assets. Actual tax benefits realized by us may differ from tax benefits calculated under the Tax Receivable Agreement as a result of the use of certain assumptions in the TRA, including the use of an assumed weighted average state and local income tax rate to calculate tax benefits. The payments that we may make under the TRA are expected to be substantial. We account for the effects of these increases in tax basis and associated payments under the TRA when exchanges occur as follows: a.recognize a contingent liability for the TRA obligation when it is deemed probable and estimable, with a corresponding adjustment to additional paid-in-capital, based on the estimate of the aggregate amount that MarketWise, Inc. will pay; b.record an increase in deferred tax assets for the estimated income tax effects of the increases in tax basis based on enacted federal and state tax rates at the date of the exchange; c.to the extent we estimate that we will not realize the full benefit represented by the deferred tax asset, based on an analysis that will consider, among other things, our expectation of future earnings, we reduce the deferred tax asset with a valuation allowance; and, d.The effects of changes in any of the estimates and subsequent changes in the enacted tax rates after the initial recognition will be included in our net income. Earnout Shares Pursuant to the Transaction Agreement, at the closing of the Transactions, we placed 152,550 shares of MarketWise, Inc. Class A common stock into escrow to be released to the Sponsor if certain conditions are met (“Sponsor Earnout Shares”). In addition, certain management members of the Company have been allocated 100,000 shares of Class A common stock in aggregate, with shares to be placed in escrow, and released at any time during a 4-year period following closing of the Transaction, if certain conditions are met (“Management Member Earnout Shares”). The Sponsor Earnout Shares and Management Member Earnout Shares (together, the “Earnout Shares”) will be released as follows: 1) 50% when the volume weighted average price (the “VWAP) of Class A common stock is greater than or equal to $240.00 for a period of at least 20 trading days within a consecutive 30-trading-day period, or based on the per share equity value in a transaction in which our stockholders sell their shares; and 2) 50% when the volume weighted average price (the “VWAP) of Class A common stock is greater than or equal to $280.00 for a period of at least 20 trading days within a consecutive 30-trading-day period, or based on the per share equity value in a transaction in which our stockholders sell their shares. The Earnout Shares are classified as equity transactions at initial issuance and at settlement when the release conditions are met. Until the shares are issued and released, the Earnout Shares are not included in shares outstanding. The Earnout Shares are not considered stock-based compensation. As of the date of the Transactions, the Earnout Shares had a fair value of $26.0 million for 252,550 shares of Class A common stock. In July 2025, the earnout period expired for all 252,548 previously escrowed Management Member Earnout Shares and Sponsor Earnout Shares. 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 years ended December 31, 2025, 2024 and 2023 was attributable to consolidated MarketWise, Inc. and its respective noncontrolling interests. As of December 31, 2025, MarketWise, Inc.’s controlling interest in MarketWise, LLC was 15.2% and the noncontrolling interest was 84.8%. For the year ended December 31, 2025 net income attributable to controlling interests included a $2,558 tax provision which is 100% attributable to the controlling interest. As of December 31, 2024, MarketWise, Inc.’s controlling interest in MarketWise, LLC was 12.4% and the noncontrolling interest was 87.6%. For the year ended December 31, 2024 net income attributable to controlling interests included a $3,253 tax provision which is 100% attributable to the controlling interest. As of December 31, 2023, MarketWise, Inc.’s controlling interest in MarketWise, LLC was 11.2% and the noncontrolling interest was 88.8%. For the year ended December 31, 2023 net income attributable to controlling interests included a $1,803 tax provision, which is 100% attributable to the controlling interest. Earnings Per Share Basic net income per share is based on the weighted average number of shares of Class A common stock issued and outstanding after the closing of the Transactions. Diluted net income per share is based on the weighted average number of shares of Class A common stock issued and outstanding and the effect of all dilutive common stock equivalents and potentially dilutive share based compensation awards outstanding during the period after the closing of the Transactions. Class B common stock is not a participating security, therefore it is not included in the earnings per share calculation. Recently Issued and Adopted Accounting Pronouncements 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. The Company is currently evaluating the guidance to determine the impact on its financial statements. In November 2024, the FASB issued Accounting Standards Update (“ASU”) 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”) which requires disaggregated disclosure of income statement expenses for public business entities. ASU 2024-03 is effective for the Company for the annual period beginning January 1, 2027, and interim periods beginning on January 1, 2028. The Company is currently evaluating the guidance and expects it to only impact disclosures, with no impact to results of operations, cash flows, or financial condition. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). Under ASU 2023-09, companies must annually (1) disclose specific categories in the rate reconciliation, and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate). ASU 2023-09 improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for the Company on January 1, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. We have adopted and applied the guidance under the ASU for our year ended December 31, 2025, using the retrospective transition method. Note 12 – Income Taxes in the accompanying notes to the consolidated financial statements for further detail. In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures, (“ASU 2023-07”) which is aimed at improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 also requires additional interim disclosures. We adopted ASU 2023-07 effective for the annual period beginning January 1, 2024. The enhanced segment disclosure requirements were applied retrospectively to all prior periods presented in the financial statements, and prior period disclosures were based on the significant segment expense categories identified and disclosed in the period of adoption. The adoption of this guidance resulted in incremental disclosures in the Company’s financial statements. See Note 16 – Segment Reporting. Reclassifications Certain prior period amounts presented within the 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 year ended December 31, 2025, which were previously combined as “distributions to noncontrolling interests” in the prior year.

Acquisitions and Disposals

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisitions and Disposals

Disposal of certain former Legacy Research brands

In October 2024, we entered into an agreement to sell certain assets and liabilities that we had previously acquired as part of the MMP Acquisition (“MMP Business”) to a related party. The consideration of the acquisition

did not require any upfront consideration. As defined in the sale agreement, the buyer will assume the subscription fulfillment obligation, which was $1.5 million as of the December 31, 2024 disposal date.

In addition, in October 2024, the Company disposed of two other brands as part of the Reorganization. Goodwill was allocated to the disposed brands using a relative fair value allocation methodology. The net gain on disposal is recognized within other income (expense) on the consolidated statement of operations.

The following table aggregates the balances of the disposal groups as of the respective sale dates:


Goodwill	$	3,517

Customer relationships	1,875
Customer credit liability	(75)
Deferred revenue, current	(4,806)
Deferred revenue, noncurrent	(2,541)
Net gain on sale	$	(2,030)

MMP Acquisition

On January 1, 2024, we acquired 100% ownership of certain assets and liabilities from Money Map Press, LLC (“MMP Acquisition”), a provider of financial newsletters, which is a related party. The transaction consideration did not include any upfront consideration and the Company was to pay contingent consideration based on the level of subscription sales it achieves from certain customers beginning from the sale date through January 1, 2026, as defined in the sale agreement. The fair value of the contingent consideration was estimated to be $707. The MMP Acquisition was accounted for using the acquisition method of accounting for business combinations. The following table summarizes the fair value of assets acquired and liabilities assumed as of the acquisition date:


Goodwill	$	2,522
Tradenames	283
Customer relationships	2,235
Total assets acquired	5,040
Deferred revenue, current	(3,166)
Deferred revenue, noncurrent	(1,167)
Liabilities assumed	(4,333)
Net assets acquired	$	707

The excess purchase consideration over the fair values of assets acquired and liabilities assumed was recorded as goodwill. The acquired intangible assets related to the MMP Acquisition are amortized over their estimated useful lives. Accordingly, the tradenames are amortized over 8.7 years and customer relationships are amortized over 6.2 years. Amortization for the acquired intangible assets was $393 for the year ended December 31, 2024.

- Definition

The entire disclosure for business combination.

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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	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 1,839
2027	473
2028	359
2029	53
2030	1
Thereafter	1
Finite-lived intangible assets, net	$ 2,726	$ 3,586

Goodwill and Intangible Assets, Net - Schedule of Goodwill Allocation (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
1729 Research
Goodwill [Line Items]
Amount of allocated goodwill to reporting unit	$ 0	$ 14,190
Alta
Goodwill [Line Items]
Amount of allocated goodwill to reporting unit	0	13,005
Altimetry
Goodwill [Line Items]
Amount of allocated goodwill to reporting unit	866	0
Brownstone Research
Goodwill [Line Items]
Amount of allocated goodwill to reporting unit	2,848	2,848
Chaikin Resources
Goodwill [Line Items]
Amount of allocated goodwill to reporting unit	8,412	0
InvestorPlace
Goodwill [Line Items]
Amount of allocated goodwill to reporting unit	4,923	0
Stansberry Research
Goodwill [Line Items]
Amount of allocated goodwill to reporting unit	4,912	0
TradeSmith
Goodwill [Line Items]
Amount of allocated goodwill to reporting unit	$ 8,082	$ 0

Summary of Significant Accounting Policies - Revenue Recognition (Narrative) (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Significant Accounting Policies [Line Items]
Membership subscription fee installments, period	12 months
Capitalized contract cost, amortization period	4 years
Customer relationships
Significant Accounting Policies [Line Items]
Useful life	5 years	5 years	5 years

Stockholders’ Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Stock by Class


	Authorized	Issued	Outstanding
Class A common stock	47,500,000	2,445,010	2,445,010
Class B common stock	15,000,000	13,612,641	13,612,641
Preferred stock	100,000,000	—	—
Total	162,500,000	16,057,651	16,057,651

Schedule of Dividends Declared

The dividends on shares of Class A common stock and other distributions on LLC Units declared during the year ended December 31, 2025, on a split adjusted basis, were as follows:


			Dividends				Distributions
Type	Date declared	Date paid	per share		Total		per unit		Total




Special	January 15, 2025	February 26, 2025	$	0.60	$	1,249	N/A		N/A
Regular	February 27, 2025	March 31, 2025	$	0.20	$	722	$	0.20	$	2,766
Regular	May 1, 2025	June 25, 2025	$	0.20	$	473	$	0.20	$	2,728
Special	May 1, 2025	June 25, 2025	$	0.10	$	237	N/A		N/A
Regular	July 31, 2025	September 25, 2025	$	0.20	$	501	$	0.20	$	2,723
Special	July 31, 2025	September 25, 2025	$	0.20	$	501	N/A		N/A
Regular	October 30, 2025	December 24, 2025	$	0.20	$	487	$	0.20	$	2,723
Special	October 30, 2025	December 24, 2025	$	0.20	$	487	N/A		N/A

Schedule of Distributions Made to Limited Liability Company (LLC) Member, by Distribution

The dividends on shares of Class A common stock and other distributions on LLC Units declared during the year ended December 31, 2025, on a split adjusted basis, were as follows:


			Dividends				Distributions
Type	Date declared	Date paid	per share		Total		per unit		Total




Special	January 15, 2025	February 26, 2025	$	0.60	$	1,249	N/A		N/A
Regular	February 27, 2025	March 31, 2025	$	0.20	$	722	$	0.20	$	2,766
Regular	May 1, 2025	June 25, 2025	$	0.20	$	473	$	0.20	$	2,728
Special	May 1, 2025	June 25, 2025	$	0.10	$	237	N/A		N/A
Regular	July 31, 2025	September 25, 2025	$	0.20	$	501	$	0.20	$	2,723
Special	July 31, 2025	September 25, 2025	$	0.20	$	501	N/A		N/A
Regular	October 30, 2025	December 24, 2025	$	0.20	$	487	$	0.20	$	2,723
Special	October 30, 2025	December 24, 2025	$	0.20	$	487	N/A		N/A

- 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.

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+ Details

Goodwill and Intangible Assets, Net - Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 31,038	$ 31,307
Goodwill sales	(3,517)
Goodwill, ending balance	30,043	31,038
Buttonwood Publishing
Goodwill [Roll Forward]
Goodwill sales		(354)
Investor Channel
Goodwill [Roll Forward]
Goodwill acquisition		$ 85
Money Map Press, LLC
Goodwill [Roll Forward]
Goodwill acquisition	$ 2,522

- 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

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsSubsequent events have been evaluated through March 5, 2026, which is the date that the financial statements were issued.

Stock-Based Compensation - Schedule of Activities of RSUs and SARs (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
RSUs
Units
Outstanding, beginning balance (in shares)	1,269,883	387,013	313,077
Granted (in shares)	207,873	1,166,536	254,941
Vested or exercised (in shares)	(395,927)	(124,333)	(112,995)
Forfeited (in shares)	(65,363)	(159,333)	(68,010)
Outstanding, ending balance (in shares)	1,016,466	1,269,883	387,013
Exercisable (in shares)	0
Weighted-Average Grant Date Fair Value
Outstanding, beginning balance (USD per share)	$ 25.60	$ 51.40	$ 69.00
Granted (USD per share)	15.81	21.40	36.60
Vested or exercised (USD per share)	30.36	56.60	65.60
Forfeited (USD per share)	23.92	33.80	53.20
Outstanding, ending balance (USD per share)	21.78	$ 25.60	$ 51.40
Exercisable (USD per share)	$ 0
SARs
Units
Outstanding, beginning balance (in shares)	60,965	79,310	87,374
Granted (in shares)	0	0	0
Vested or exercised (in shares)	0	0	0
Forfeited (in shares)	(2,757)	(18,345)	(8,064)
Outstanding, ending balance (in shares)	58,208	60,965	79,310
Exercisable (in shares)	58,208
Weighted-Average Grant Date Fair Value
Outstanding, beginning balance (USD per share)	$ 81.00	$ 81.00	$ 81.00
Granted (USD per share)	0	0	0
Vested or exercised (USD per share)	0	0	0
Forfeited (USD per share)	81.00	81.00	81.00
Outstanding, ending balance (USD per share)	81.00	$ 81.00	$ 81.00
Exercisable (USD per share)	$ 81.00

Balance Sheet Components - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Commission and variable compensation	$ 18,656	$ 10,523
Payroll and benefits	4,855	5,164
Other accrued expenses	9,710	7,585
Total accrued expenses	$ 33,221	$ 23,272

Income Taxes - Schedule of Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current income tax expense (benefit):
Federal	$ 1,342	$ 346	$ 0
State	262	35	0
Deferred income tax expense (benefit):
Federal	595	2,380	1,517
State	359	492	286
Total income tax expense (benefit)	$ 2,558	$ 3,253	$ 1,803

- Definition

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

+ References

+ Details

Fair Value Measurements - Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		$ 1,281
Ending balance		$ 0
Profits interests, noncurrent
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 2,811
Total (gains) losses recorded in earnings	(200)
Ending balance	2,611
Contingent consideration receivable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	146
Issues	41
Total gains (losses) recorded in earnings	$ 1,194
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other income (expense), net
Payments received	$ (1,298)
Ending balance	$ 83

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
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

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

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 stock-based compensation expenses as follows:


	Year Ended December 31,
	2025		2024		2023
Cost of revenue	$	3,882	$	2,877	$	2,922
Sales and marketing	2,467		2,814		3,185
General and administrative	4,757		6,511		17,277
Total stock-based compensation expense	$	11,106	$	12,202	$	23,384

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


	Year Ended December 31,
	2025		2024		2023
2021 Incentive Award Plan	$	11,254	$	9,897	$	22,297
Employee Stock Purchase Plan	52		240		341
Profits interests	(200)		2,065		746


Total stock-based compensation expense	$	11,106	$	12,202	$	23,384

Schedule of Activities of RSUs

summarized as follows:


	RSUs			SARs
	Units	Weighted-Average Grant Date Fair Value		Units	Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2023	313,077	$	69.00	87,374	$	81.00
Granted	254,941	36.60		—	—
Vested (RSUs) or Exercised (SARs)	(112,995)	65.60		—	—
Forfeited	(68,010)	53.20		(8,064)	81.00
Outstanding at January 1, 2024	387,013	$	51.40	79,310	$	81.00
Granted	1,166,536	$	21.40	—	$	—
Vested (RSUs) or Exercised (SARs)	(124,333)	$	56.60	—	$	—
Forfeited	(159,333)	$	33.80	(18,345)	$	81.00
Outstanding at January 1, 2025	1,269,883	$	25.60	60,965	$	81.00
Granted	207,873	15.81		—	—
Vested (RSUs) or Exercised (SARs)	(395,927)	30.36		—	—
Forfeited	(65,363)	23.92		(2,757)	81.00

Outstanding at December 31, 2025	1,016,466	$	21.78	58,208	$	81.00
Exercisable at December 31, 2025	—	$	—	58,208	$	81.00

Schedule of Activities of SARs

summarized as follows:


	RSUs			SARs
	Units	Weighted-Average Grant Date Fair Value		Units	Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2023	313,077	$	69.00	87,374	$	81.00
Granted	254,941	36.60		—	—
Vested (RSUs) or Exercised (SARs)	(112,995)	65.60		—	—
Forfeited	(68,010)	53.20		(8,064)	81.00
Outstanding at January 1, 2024	387,013	$	51.40	79,310	$	81.00
Granted	1,166,536	$	21.40	—	$	—
Vested (RSUs) or Exercised (SARs)	(124,333)	$	56.60	—	$	—
Forfeited	(159,333)	$	33.80	(18,345)	$	81.00
Outstanding at January 1, 2025	1,269,883	$	25.60	60,965	$	81.00
Granted	207,873	15.81		—	—
Vested (RSUs) or Exercised (SARs)	(395,927)	30.36		—	—
Forfeited	(65,363)	23.92		(2,757)	81.00

Outstanding at December 31, 2025	1,016,466	$	21.78	58,208	$	81.00
Exercisable at December 31, 2025	—	$	—	58,208	$	81.00

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 11,106	$ 12,202	$ 23,384
2021 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	11,254	9,897	22,297
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	52	240	341
Profits interests
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	(200)	2,065	746
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	3,882	2,877	2,922
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	2,467	2,814	3,185
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 4,757	$ 6,511	$ 17,277

- 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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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue


	Year Ended December 31, 2025
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	322,853	$	—	$	—	$	—	$	322,853
Transferred at a point in time	—		45		2,414		2,810		5,269
Total	$	322,853	$	45	$	2,414	$	2,810	$	328,122


	Year Ended December 31, 2024
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	404,504	$	—	$	—	$	—	$	404,504
Transferred at a point in time	—		766		3,344		87		4,197
Total	$	404,504	$	766	$	3,344	$	87	$	408,701


	Year Ended December 31, 2023
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	442,333	$	—	$	—	$	—	$	442,333
Transferred at a point in time	—		732		4,937		180		5,849
Total	$	442,333	$	732	$	4,937	$	180	$	448,182

Revenue recognition by subscription type was as follows:


	Year Ended December 31,
	2025		2024		2023
Membership subscriptions	$	169,391	$	188,905	$	185,354
Term subscriptions	153,462		215,599		256,979
Non-subscription revenue	5,269		4,197		5,849
Total	$	328,122	$	408,701	$	448,182

Net revenue by principal geographic areas was as follows:


	Year Ended December 31,
	2025		2024		2023
United States	$	328,122	$	408,701	$	448,091
International	—		—		91
Total	$	328,122	$	408,701	$	448,182

Schedule of Contract Balances

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


	As of December 31,
	2025		2024		2023
Contract balances
Accounts receivable	$	5,722	$	1,876	$	4,528
Obligations for refunds	1,516		2,647		3,157
Deferred revenue – current	182,282		215,326		284,594
Deferred revenue – non-current	185,754		209,013		304,342

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, 2023	$	197,618
Royalties and sales commissions – additions	28,609
Revenue share and cost per acquisition fees – additions	52,131
Amortization of capitalized costs	(112,069)
Impairment of capitalized costs	$	(1,389)
Balance at December 31, 2023	$	164,900
Royalties and sales commissions – additions	13,507
Revenue share and cost per acquisition fees – additions	20,505
Amortization of capitalized costs	(97,480)
Impairment of capitalized costs	(2,097)
Balance at December 31, 2024	$	99,335
Royalties and sales commissions – additions	14,255
Revenue share and cost per acquisition fees – additions	27,720
Amortization of capitalized costs	(63,244)

Balance at December 31, 2025	$	78,066