Versant Media Group (VSNT) FY2025 results: revenue $6.7 billion, down 5.3% on the year
Versant Media Group, Inc. (VSNT) reported revenue of $6.7 billion for fiscal 2025, the year ended 31 December 2025, down 5.3% on the year before. Net income was $930 million, down 31.8%. The figures are the company's own, from the 10-K it filed with the SEC on 3 March 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
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.
- GolfNow record annual rounds: The GolfNow platform powered a record 40 million annual rounds across 9,000 courses worldwide, the company reported.
- Operating income declined: Operating income was $1,272 million against $1,841 million. Depreciation and amortization was $1,010 million against $989 million.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 6,688 | 7,062 | 7,445 | -5.3% | |
| Cost of revenue | 2,937 | 3,064 | 3,154 | -4.1% | |
| Gross profit | 3,751 | 3,998 | 4,291 | -6.2% | |
| Gross margin | 56.1% | 56.6% | 57.6% | ||
| Selling, general and administrative | 1,469 | 1,167 | 1,231 | +25.9% | |
| Operating income | 1,272 | 1,841 | 2,069 | -30.9% | |
| Operating margin | 19.0% | 26.1% | 27.8% | ||
| Interest expense | 13.0 | 0.0 | 0.0 | ||
| Pre-tax income | 1,228 | 1,843 | 2,069 | -33.4% | |
| Income tax | 297 | 478 | 530 | -37.9% | |
| Effective tax rate | 24.2% | 25.9% | 25.6% | ||
| Net income | 930 | 1,363 | 1,539 | -31.8% | |
| Net margin | 13.9% | 19.3% | 20.7% |
$ million except per share.
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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 | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 2,022 | 2,211 | 2,428 | -8.5% | |
| Capital expenditure | 167 | 54.0 | 56.0 | +209.3% | |
| Free cash flow | 1,855 | 2,157 | 2,372 | -14.0% | |
| Free cash flow margin | 27.7% | 30.5% | 31.9% | ||
| Cash from investing | -155 | -71.0 | -60.0 | ||
| Cash from financing | -782 | -2,155 | -2,355 | ||
| Depreciation and amortisation | 1,010 | 989 | 991 | +2.1% | |
| Share-based compensation | 29.0 | 16.0 | 15.0 | +81.2% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 10,292 | 10,797 | 11,677 | -4.7% | |
| Non-controlling interest | 110 | 118 | n/a | -6.8% | |
| Debt | 983 | 0.0 | n/a | ||
| Other liabilities | 948 | 1,134 | n/a | -16.4% | |
| Total liabilities and equity | 12,333 | 12,049 | n/a | +2.4% | |
| Fixed assets | 423 | 143 | n/a | +195.8% | |
| Goodwill | 7,611 | 7,732 | 7,732 | -1.6% | |
| Intangible assets | 924 | 1,869 | n/a | -50.6% | |
| Investments | 214 | 254 | n/a | -15.7% | |
| Cash and equivalents | 55.0 | 8.0 | 23.0 | +587.5% | |
| Receivables | 1,151 | 1,245 | n/a | -7.6% | |
| Other assets | 1,955 | 798 | n/a | +145.0% | |
| Total assets | 12,333 | 12,049 | n/a | +2.4% |
10-K for the year ended 31 December 2025, filed 3 March 2026: the filing.