Ziff Davis (ZD) FY2024 results: revenue $1.4 billion, up 2.8% on the year

Ziff Davis, Inc. (ZD) reported revenue of $1.4 billion for fiscal 2024, the year ended 31 December 2024, up 2.8% on the year before. Net income was $63 million, up 51.9%, and diluted earnings per share $1.42. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2025.

Revenue

$1.4 billion

+2.8% on the year

FY2017FY2024

Operating margin

8.1%

9.7% a year earlier

FY2017FY2024

Net income

$63 million

+51.9% on the year

FY2017FY2024

Diluted EPS

$1.42

+59.6% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	1,402	1,364	1,391	+2.8%
Cost of revenue	200	186	185	+7.9%
Gross profit	1,201	1,178	1,206	+2.0%
Gross margin	85.7%	86.4%	86.7%
Research and development	67.4	68.9	74.1	-2.2%
Operating income	114	133	199	-14.3%
Operating margin	8.1%	9.7%	14.3%
Interest expense	35.3	41.6	37.1	-15.1%
Pre-tax income	93.2	75.0	131	+24.3%
Income tax	41.4	24.1	58.0	+71.4%
Effective tax rate	44.4%	32.2%	44.2%
Net income	63.0	41.5	63.8	+51.9%
Net margin	4.5%	3.0%	4.6%
Diluted EPS	$1.42	$0.89	$1.36	+59.6%

$ million except per share.

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	FY2024	FY2023	FY2022	On the year
Operating cash flow	390	320	336	+22.0%
Capital expenditure	107	109	106	-1.9%
Free cash flow	284	211	230	+34.3%
Free cash flow margin	20.2%	15.5%	16.6%
Cash from investing	-297	-127	-221
Cash from financing	-321	-115	-141
Depreciation and amortisation	212	237	233	-10.6%
Share-based compensation	40.9	31.9	26.6	+28.2%
Buybacks	185	109	78.3	+70.6%
Diluted shares, weighted	45m	46m	47m	-4.2%
Shares outstanding at period end	43m	46m	47m	-7.0%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	1,811	1,893	1,893	-4.3%
Debt	864	1,001	999	-13.7%
Operating lease liabilities	21.8	16.6	34.0	+31.1%
Other liabilities	1,007	560	608	+79.9%
Total liabilities and equity	3,704	3,471	3,533	+6.7%
Fixed assets	197	188	178	+4.8%
Goodwill	1,580	1,546	1,591	+2.2%
Intangible assets	426	325	463	+30.8%
Investments	158	168	186	-5.8%
Cash and equivalents	506	738	653	-31.4%
Receivables	660	338	305	+95.5%
Other assets	177	168	157	+5.2%
Total assets	3,704	3,471	3,533	+6.7%

10-K for the year ended 31 December 2024, filed 25 February 2025: the filing.