Versant Media Group (VSNT) Q4 FY2025 earnings: revenue $1.6 billion

Versant Media Group, Inc. (VSNT) reported revenue of $1.6 billion for Q4 FY2025, the quarter ended 31 December 2025. Net income was $181 million. The figures are the company's own, from the 10-K it filed with the SEC on 3 March 2026.

Revenue

$1.6 billion

-3.1% on the quarter

Q1 FY2025Q4 FY2025

Operating margin

12.4%

Q1 FY2025Q4 FY2025

Net income

$181 million

+126.2% on the quarter

Q1 FY2025Q4 FY2025

Diluted EPS

n/a

Q1 FY2025Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 new.

Revenue fell 5.3% in 2025: Revenue was $6,688 million against $7,062 million, down 5.3%. Linear distribution and advertising declined, platforms rose 3.9%, and content licensing and other fell 8.5%.
Adjusted EBITDA down 14.5%: Adjusted EBITDA was $2,425 million against $2,837 million, down 14.5%. Standalone Adjusted EBITDA was $2,180 million, down 9.1% from $2,399 million.
MS NOW election-night audience: MS NOW was the most watched network on election night in November 2025. For the full year it generated nearly 8 billion views on TikTok and YouTube and more than 140 million podcast downloads.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	A year earlier	On the quarter
Revenue	1,611	1,663	n/a	-3.1%
Cost of revenue	710	873	n/a	-18.7%
Gross profit	901	790	n/a	+14.1%
Gross margin	55.9%	47.5%	n/a
Selling, general and administrative	435	372	n/a	+16.9%
Operating income	199	164	n/a	+21.3%
Operating margin	12.4%	9.9%	n/a
Interest expense	13.0	0.0	n/a
Pre-tax income	196	124	n/a	+58.1%
Income tax	14.0	45.0	n/a	-68.9%
Effective tax rate	7.1%	36.3%	n/a
Net income	181	80.0	n/a	+126.2%
Net margin	11.2%	4.8%	n/a
Diluted EPS	n/a	$0.56	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	A year earlier	On the quarter
Operating cash flow	476	433	n/a	+9.9%
Capital expenditure	46.0	58.0	n/a	-20.7%
Free cash flow	430	375	n/a	+14.7%
Free cash flow margin	26.7%	22.5%	n/a
Cash from investing	-69.0	-9.0	n/a
Cash from financing	631	-373	n/a
Share-based compensation	8.0	8.0	n/a	0.0%
Buybacks	n/a	0.0	n/a
Dividends paid	n/a	0.0	n/a
Diluted shares, weighted	n/a	144m	n/a
Shares outstanding at period end	144m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	A year earlier	On the quarter
Shareholders' equity	10,292	10,289	n/a	+0.0%
Non-controlling interest	110	n/a	n/a
Debt	983	n/a	n/a
Other liabilities	948	n/a	n/a
Total liabilities and equity	12,333	n/a	n/a
Fixed assets	423	n/a	n/a
Goodwill	7,611	n/a	n/a
Intangible assets	924	n/a	n/a
Investments	214	n/a	n/a
Cash and equivalents	55.0	56.0	n/a	-1.8%
Receivables	1,151	n/a	n/a
Other assets	1,955	n/a	n/a
Total assets	12,333	n/a	n/a

Questions

What was Versant Media Group's revenue in Q4 FY2025?

Versant Media Group (VSNT) reported revenue of $1.6 billion for Q4 FY2025, the quarter ended 31 December 2025.

How much did Versant Media Group earn in Q4 FY2025?

Net income for Q4 FY2025 was $181 million.

When did Versant Media Group report Q4 FY2025 results?

Versant Media Group filed its 10-K for the year that ended with the quarter on 3 March 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 7 quarters

	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,706	1,708	1,663	1,611	1,687	1,644	1,594
Cost of revenue	654	700	873	710	638	650	879
Gross profit	1,052	1,008	790	901	1,049	994	715
Gross margin	62%	59%	48%	56%	62%	60%	45%
SG&A	307	355	372	435	351	369	362
Operating income	499	410	164	199	442	367	110
Operating margin	29%	24%	10%	12%	26%	22%	7%
Interest expense	0.0	0.0	0.0	13.0	52.0	52.0	53.0
Pre-tax income	499	409	124	196	398	323	66.0
Tax rate	26%	26%	36%	7%	28%	35%	29%
Net income	367	302	80.0	181	286	211	47.0
Net margin	22%	18%	5%	11%	17%	13%	3%
Diluted EPS	$2.55	$2.09	$0.56	n/a	$1.99	$1.49	$0.34
Operating cash flow	478	635	433	476	585	382	346
Capital expenditure	21.0	42.0	58.0	46.0	27.0	32.0	44.0
Free cash flow	457	593	375	430	558	350	302
Buybacks	0.0	0.0	0.0	n/a	100	100	100
Dividends paid	n/a	n/a	0.0	n/a	n/a	n/a	53.0
Shares outstanding	n/a	n/a	n/a	144m	141m	139m	137m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 3 March 2026: the filing.