Ziff Davis (ZD) Q4 2025 Earnings
Reported Feb 23, 2026 at 3:23 PM ET · SEC Source
Q4 25 EPS
$2.56
MISS 5.13%
Est. $2.70
Q4 25 Revenue
$406.7M
MISS 2.38%
Est. $416.6M
vs S&P Since Q4 25
+88.7%
BEATING MARKET
ZD +97.2% vs S&P +8.5%
Full Year 2025 Results
FY 25 EPS
$6.63
MISS 3.22%
Est. $6.85
FY 25 Revenue
$1.45B
MISS 0.68%
Est. $1.46B
Market Reaction
Did ZD Beat Earnings? Q4 2025 Results
Ziff Davis closed out Q4 2025 with a double miss, reporting adjusted diluted EPS of $2.56 against a consensus estimate of $2.71, a 5.54% shortfall, while revenue of $406.71 million fell 2.39% below the $416.68 million analysts had expected and slippe… Read more Ziff Davis closed out Q4 2025 with a double miss, reporting adjusted diluted EPS of $2.56 against a consensus estimate of $2.71, a 5.54% shortfall, while revenue of $406.71 million fell 2.39% below the $416.68 million analysts had expected and slipped 1.5% from the year-ago period. The headline numbers, however, only tell part of the story: beneath the misses, a strategic transformation is underway that sent shares surging after the company announced a $1.2 billion deal to sell its Connectivity division to Accenture. The quarter itself was weighed down by a $57.99 million pre-tax loss on a business sale and a $19.73 million loss on an equity method investment, which collapsed GAAP net income to just $370,000. Segment performance was sharply uneven, with Technology & Shopping revenue plunging 18.0% while Health & Wellness grew 8.6%. With outside advisors engaged to evaluate further divisional sales, Ziff Davis is withholding its 2026 guidance, signaling that the company's shape could look meaningfully different before the year is out.
Key Takeaways
- • Health & Wellness segment revenue grew 8.6% in Q4 and 11.0% for the full year, driven by advertising and performance marketing growth
- • Connectivity segment revenue grew 11.2% in Q4 and 8.0% for the full year, driven by subscription and licensing growth
- • Free cash flow increased 20.4% in Q4 to $157.8 million driven by strong operating cash flow
- • Subscription and licensing revenues grew 4.0% in Q4 and 2.2% for the full year
- • Advertising and performance marketing revenues declined 4.4% in Q4 but grew 5.9% for the full year
- • Health & Wellness net advertising revenue retention reached 102.3% in Q4 2025
ZD Forward Guidance & Outlook
Ziff Davis has engaged outside advisors to assist in evaluating value-creating opportunities, including the potential sale of entire divisions of the company. As this process is ongoing, the company is deferring its fiscal 2026 guidance.
ZD YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
ZD Revenue by Segment
With YoY comparisons, source: SEC Filings
“In 2025, Ziff Davis grew Revenues, Adjusted EBITDA, and Adjusted diluted EPS, while generating almost $290 million in Free cash flow.”
— Vivek Shah, Q4 2025 Earnings Press Release
ZD Earnings Trends
ZD vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ZD EPS Trend
Earnings per share: estimate vs actual
ZD Revenue Trend
Quarterly revenue: estimate vs actual
ZD Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 MISS FY | $2.70 | $2.56 | -5.13% | $406.7M | -2.38% |
| FY Full Year | $6.85 | $6.63 | -3.22% | $1.45B | -0.68% |
| Q3 25 MISS | $1.79 | $1.76 | -1.40% | $363.7M | -0.74% |
| Q2 25 BEAT | $1.19 | $1.24 | +4.52% | $352.2M | +4.13% |
| Q1 25 MISS | $1.25 | $1.14 | -8.55% | $328.6M | +1.82% |