Wealthfront Corp. (WLTH)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$371.7M

Net income, last twelve months

-$72.2M

Gross margin

89.1%

Net margin

-19.4%

Return on equity

-11.6%

Market value

$1.6B

Cash

$453.3M

Shares outstanding

150.7M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the fiscal second quarter 2027 results, filed 9 September 2026.

• Revenue rose 1% on platform growth. Revenue of $91.9 million rose 1%. Total Platform Assets rose 12% to $99.0 billion, and Total Net Deposits were $1.1 billion in the quarter.
• Net income and EPS declined. GAAP diluted net income was $17.6 million, down from $34.7 million. Diluted EPS was $0.10 against $0.24 in the prior year quarter.
• Diluted EPS fell to $0.10. Diluted EPS was $0.10 compared with $0.24 a year earlier. The company attributed the change to higher stock-based compensation after the IPO.
• Advisory assets outgrew cash assets. Investment Advisory Assets reached $54.1 billion, up 30%. Cash Management Assets were $44.9 billion, down 4% year-over-year.
• Revenue trailed platform asset growth. Revenue growth was lower than platform asset growth because advisory assets grew faster than higher-fee cash management assets.
• Cash management revenue declined. Cash management revenue was $61.8 million against $68.9 million. The annualized cash management fee rate was 0.55%, down from 0.60%.
• Home Lending now live in three states. Home Lending is now live in Colorado, Texas and California, after California went live in early August.
• Custodial Accounts automate tax strategy. Custodial Accounts automate a tax-gain harvesting strategy designed to help children realize up to $1,350 in tax-free growth each year.
• Custodial Accounts extend family offerings. The Custodial Account complements 529 Education Savings Plans and Joint and Trust accounts in the expansion of family wealth management offerings.
• Home Lending automation added. A self-service scenarios tool lets borrowers configure loans and lock rates online. Intake also pre-fills fields from linked accounts.
• Stock compensation rose on IPO awards. SBC expense was $16.4 million versus $1.6 million, mainly from recognising dual-trigger stock awards after the December 2025 IPO.
• GAAP expenses rose to $75.1 million. GAAP expenses were $75.1 million, up from $51.8 million, mainly from higher stock-based compensation and product development expense.
• Adjusted operating expenses up 17%. Adjusted operating expenses of $58.7 million rose 17%, mainly adjusted product development expense from personnel costs and Home Lending headcount.
• Adjusted EBITDA margin fell to 41%. Adjusted EBITDA of $38.1 million declined 15% year-over-year. Adjusted EBITDA margin was 41%, against 49% in the prior year quarter.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2026

Company events

The newest 8-K filings of 8 held.

Every filing

The newest filings with the SEC of 44 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

160 funds held it at 30 Jun 2026: 98 added and 30 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• American Express Co. (AXP): revenue $77.6B, market value $213.5B
• Nu Holdings Ltd. (NU): revenue $15.8B, market value $58.1B
• Strategy Inc. (MSTR): revenue $498.3M, market value $51.2B
• Coinbase Global, Inc. (COIN): revenue $6.3B, market value $42.8B
• Synchrony Financial (SYF): revenue $15.0B, market value $23.4B
• SoFi Technologies, Inc. (SOFI): revenue $4.3B, market value $22.1B
• Circle Internet Group, Inc. (CRCL): revenue $2.9B, market value $22.0B
• Chime Financial, Inc. (CHYM): revenue $2.5B, market value $11.3B
• Iren Ltd. (IREN): revenue $707.0M, market value $10.3B
• Hut 8 Corp. (HUT): revenue $318.0M, market value $8.6B

What the company does

Wealthfront is a technology company founded in 2008 and headquartered in Palo Alto, California. It runs a financial platform for "digital natives," which the filing defines as people born after 1980. Its products cover cash management, investment advisory, borrowing and lending, and financial planning. As of 31 January 2026 the platform served 1.4 million funded clients and held $94.1 billion in platform assets. The company had 391 full-time employees, located across the United States and Canada.

What it sells

The Cash Account is a brokerage account offered by Wealthfront Brokerage LLC. It sweeps client deposits to multiple FDIC-insured program banks, with pass-through FDIC insurance of up to $8 million for individual accounts and $16 million for joint accounts. It includes debit cards, direct deposit, bill payment, mobile check deposit and access to over 19,000 free ATMs. Clients can also use the Wealthfront Treasury Money Market Fund (ticker WLTXX), managed by Wealthfront Strategies LLC, which has an expense ratio of 0.25%.

Wealthfront Advisers LLC offers the investment products. These include globally diversified portfolios of index-based ETFs with tax-loss harvesting, S&P 500 Direct, Nasdaq-100 Direct, a US Treasury bond ladder, a bond ETF portfolio and a Stock Investing product.

Clients with a minimum account balance of $25,000 can borrow against up to 30% of eligible securities through a Portfolio Line of Credit. A Fully Paid Securities Lending program lets clients lend securities they own and receive 50% of the net interest revenue from the loans. Home Lending opened to early access on 19 November 2025 and to general availability in Colorado on 6 April 2026. Financial planning software is free, and the company does not earn revenue from it.

How it makes money

Cash management and investment advisory are the two main sources of revenue, and cash management is the larger. Each program bank pays a gross amount on program deposits. Part of that goes to the client as interest, and Wealthfront keeps the remainder as its fee. The filing states that Wealthfront is not a bank and that banking services come from third-party banking partners. R&T Deposit Solutions administers the sweep program, Green Dot Bank provides the debit card and ATM access, and UMB Bank provides certain ACH capabilities.

Investment advisory fees are a percentage of the market value of client assets, less fee waivers. The fee is 0.25% for the most popular product, the multi-asset ETF portfolio. Investment advisory made up about 25% of total revenue.

The Portfolio Line of Credit earns the interest clients pay, less the interest charged by RBC Clearing & Custody. Securities-based borrowing and lending and Home Lending revenue were both immaterial. Home Lending is structured as a non-delegated lender that funds loans with a warehouse line of credit. It earns money by selling loans to a takeout investor and from origination fees.

Who it buys from it

Clients are mainly digital-native high earners who prioritise saving. The filing says new clients typically fund a first account with $10,000 to $30,000 in their first 30 days. Average platform assets per client were approximately $66,000, and more than 17% of clients had recurring or direct deposits. Annual client retention was over 95%, and over 50% of new clients were referred by existing clients over the past two fiscal years. The cross product adoption rate between cash management and investment advisory was 61% on an asset basis and 27% on a client basis.

How the platform is built

The company runs a proprietary omnibus brokerage platform that connects investing and cash management. It also operates its own data aggregation and analytics systems. Wealthfront says it prefers building to buying or partnering, and that it only offers services it can fully automate. Nearly half of its employees are software engineers, and it operates without salespeople or financial advisors. Product Specialists handle client support, and many hold CFP or CFA credentials. The company offers free instant withdrawals through the RTP Network and FedNow, including weekends and holidays.

How it competes

The filing names inertia as its primary competition. Clients must see enough value to move assets away from a current provider. Competitors named are incumbent financial institutions, investment platforms, brokerage platforms, FinTech firms and traditional financial advisors. The company lists these factors in its competitive position: client trust, a focus on digital natives, ease of use, product range, automation, engineering talent, cost and brand recognition. It also relies on referrals, saying it relies almost exclusively on organic growth.

Regulation and intellectual property

Wealthfront Advisers LLC and Wealthfront Strategies LLC are registered with the SEC as investment advisers and owe fiduciary duties to their clients. Wealthfront Brokerage LLC is the company's one broker-dealer. It is registered with the SEC, is a FINRA member, and is licensed in all 50 states, the District of Columbia, Guam, Puerto Rico and the U.S. Virgin Islands. RBC Clearing & Custody handles clearing and margin credit for it. The broker-dealer is subject to net capital rules, customer reserve requirements, anti-money laundering rules and OFAC sanctions requirements.

As of 31 January 2026 the company held one registered United States trademark for the Wealthfront word mark and five issued United States patents.

*From Wealthfront's annual report on Form 10-K for the year ended 31 January 2026. [The filing](https://www.sec.gov/Archives/edgar/data/1524566/000162828026027232/wlth-20260131.htm)*

From the company's 10-K.