Ziff Davis (ZD) FY2025 results: revenue $1.5 billion, up 3.5% on the year
Ziff Davis, Inc. (ZD) reported revenue of $1.5 billion for fiscal 2025, the year ended 31 December 2025, up 3.5% on the year before. Net income was $47 million, down 24.9%, and diluted earnings per share $1.15. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.
Revenue
$1.5 billion
+3.5% on the year
FY2018FY2025
Operating margin
12.6%
8.1% a year earlier
FY2018FY2025
Net income
$47 million
-24.9% on the year
FY2018FY2025
Diluted EPS
$1.15
-19.0% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Full-year revenue grew 3.5%: Full-year 2025 revenues rose 3.5% to $1.45 billion from $1.40 billion in 2024.
Fourth-quarter revenue declined 1.5%: Q4 2025 revenues were $406.7 million, down from $412.8 million in Q4 2024.
Fourth-quarter net income declined: Q4 2025 net income was $0.4 million, against $64.1 million in Q4 2024, with non-operating items in the quarter.
Free cash flow rose 1.5%: Full-year free cash flow was $287.9 million, up 1.5% from $283.7 million in 2024.
Share repurchases totaled $173.8 million: Share repurchases totaled $173.8 million in 2025, alongside about $68.7 million for current and prior year acquisitions.
$ million except per share. Read moreFree 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
407
390
320
+4.3%
Capital expenditure
119
107
109
+11.8%
Free cash flow
288
284
211
+1.5%
Free cash flow margin
19.8%
20.2%
15.5%
Cash from investing
-146
-297
-127
Cash from financing
-170
-321
-115
Depreciation and amortisation
229
212
237
+7.9%
Share-based compensation
44.9
40.9
31.9
+9.8%
Buybacks
174
185
109
-6.2%
Diluted shares, weighted
41m
45m
46m
-7.7%
Shares outstanding at period end
38m
43m
46m
-10.4%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,754
1,811
1,893
-3.2%
Debt
866
864
1,001
+0.3%
Operating lease liabilities
17.8
21.8
16.6
-18.4%
Other liabilities
1,025
1,007
560
+1.8%
Total liabilities and equity
3,663
3,704
3,471
-1.1%
Fixed assets
213
197
188
+8.1%
Goodwill
1,608
1,580
1,546
+1.7%
Intangible assets
338
426
325
-20.6%
Investments
93.2
158
168
-41.1%
Cash and equivalents
607
506
738
+20.0%
Receivables
667
660
338
+1.1%
Other assets
137
177
168
-22.5%
Total assets
3,663
3,704
3,471
-1.1%
10-K for the year ended 31 December 2025, filed 24 February 2026: the filing.