What were the key takeaways from Ziff Davis's earnings call?

What is Ziff Davis's latest dividend and current dividend yield?

What does Ziff Davis do and what are its main business segments?

What factors drove the changes in Ziff Davis's revenue and profit?

What were the key takeaways from Ziff Davis’s earnings call?

What is the revenue and EPS growth rate for Ziff Davis year over year?

Did Ziff Davis beat or miss consensus estimates last quarter?

What is the market's earnings forecast for Ziff Davis next quarter?

- **2025 Financial Resilience**: Despite Tech & Shopping decline, FY2025 revenue grew 3.5% with $290M free cash flow. 
- **Segment Growth Drivers**: Connectivity (+11% Q4), Gaming & Entertainment (IGN Store sales tripled), Health & Wellness (Halo AI tool adoption). 
- **Tech & Shopping Challenges**: Affiliate commerce down 25% YoY, but video licensing (+100% CNET views) offers hope for H2 2026 recovery. 
- **Share Buybacks**: 10%+ share reduction in 2025, with $10.7M new repurchase authorization. 
- **AI Strategy**: Cautious but optimistic on content licensing, awaiting market clarity post-litigation.

**【CEO Summary Section】**
- **Full Year 2025 Performance**: Revenue grew 3.5%, adjusted EBITDA slightly increased, and free cash flow reached $289.9 million. Share buybacks totaled $14 million (60% of free cash flow). 
- **Tech & Shopping Segment Challenges**: Q4 revenue declined 1.5% due to a 18% drop in Tech & Shopping segment, driven by a 25% YoY decline in affiliate commerce commissions. Search traffic loss impacted referral-based revenue, but video and licensing growth (CNET Group views +100% Q4) offset部分损失.
- **Segment Growth Highlights**: 
  - **Gaming & Entertainment**: IGN Store sales tripled, Humble Bundle Storefront had its best quarter in 5 years. 
  - **Health & Wellness**: 8.6% YoY revenue growth, AI-powered Halo tool adoption in pharma campaigns. 
  - **Connectivity**: 11% Q4 revenue growth, new products Speedtest Pulse and Speedtest Certified launched. 
  - **Cybersecurity & Martech**: 2.7% Q4 growth, strong performance in consumer VPN and cloud backup. 
- **2026 Outlook**: Tech & Shopping expected to decline mid-single digits, while other segments project low to mid-single digit growth. AI content licensing discussions ongoing, but execution cautious due to market framework uncertainty.

**【CFO Financial Commentary】**
- **Q4 2025 Results**: Revenue $406.7 million (-1.5% YoY), adjusted EBITDA $163.2 million (-5% YoY). Free cash flow $157.8 million (Q4) and $289.9 million (FY2025). 
- **Share Buybacks**: 1.75M shares repurchased in Q4 ($60.6M), total FY2025 buybacks reduced shares outstanding by 10%. Board authorized additional 10M shares for repurchase. 
- **FY2026 Guidance**: Q1 2026 revenue flat to slightly negative due to Tech & Shopping headwinds, but other segments expected to offset. Adjusted EBITDA margin ~34%, with Q1 margin ~3pts lower YoY.

**【Q&A Key Highlights】**
- **AI & Search Traffic**: CEO emphasized search traffic decline is concentrated in Tech & Shopping, with offset strategies (app traffic, video licensing) expected to improve in H2 2026. 
- **M&A Strategy**: Focus on high-quality, high-value digital media brands with attractive valuations. 
- **Ad Market Trends**: Gaming & Entertainment (+5%), Health & Wellness (+mid-single digits) show resilience, while Tech & Shopping faces affiliate commerce challenges. 
- **AI Licensing**: Deliberate approach to licensing deals, prioritizing fair compensation for content used in AI training and RAG models. Litigation resolution expected to clarify market framework.

Ziff Davis, Inc. (ZD) Q4 2025 Earnings Call Transcript

**Strategic Review Launched**: Engaged advisors to explore transactions amid $503M cash and 34% EBITDA margin. 
**Revenue Growth**: Q3 +3% to $363.7M, driven by cybersecurity (+2%) and health/wellness (+13%). 
**AI Breakthroughs**: AI automates 80% of coupon processing; Halo/Imagine platforms targeting $2B+ markets. 
**Share Buybacks**: $109M spent YTD, 3.6M shares repurchased at 17% discount. 
**M&A Pipeline**: $67M invested in 7 deals, targeting leadership brands with 20%+ returns.

**【Management Opening Remarks】**
- CFO Brett Richter announced the engagement of outside advisors to evaluate potential transactions to unlock shareholder value, noting the company's enhanced segment-level reporting and sum-of-the-parts valuation approach. 
- Emphasized the disconnect between current market cap and intrinsic value, with $503.4M in cash and a strong balance sheet supporting strategic flexibility.

**【CEO Commentary】**
- CEO Vivek Shah highlighted Q3 revenue growth of nearly 3% (YoY), driven by cybersecurity/martech and health/wellness segments, despite challenges in tech/shopping due to declining game publishing revenue.
- Launched AI initiatives: Halo (health targeting) and Imagine (gaming cognitive AI), with 80% of coupon processing now automated via AI.
- Discussed strategic review rationale: inbound interest from strategics/private equity, and the potential for competitive dynamics in a sum-of-the-parts valuation environment.

**【CFO Financial Commentary】**
- Q3 2025: Revenues $363.7M (+3% YoY), Adjusted EBITDA $124.1M (-0.5% YoY), Adjusted EPS $1.76 (+7% YoY). 
- Free cash flow $108.2M (+35% YoY), with $109M spent on share buybacks (85% of YTD FCF). 
- Connectivity and cybersecurity/martech segments showed strong pipeline growth, offsetting tech/shopping headwinds.

**【Q&A Highlights】**
- **Valuation Disconnect**: CEO noted 35% of revenue dependent on search, but 17.5% exposure to AIO reviews, with stable query prevalence. 
- **M&A Strategy**: $67.3M invested in 7 YTD acquisitions, focusing on leadership brands with cash-on-cash returns. 
- **AI Licensing**: Joined RSL Collective for content compensation, blocking AI bots to preserve content quality. 
- **Future Growth**: Connectivity and cybersecurity/martech poised for Q4 acceleration with new product launches.

Ziff Davis, Inc. (ZD) Q3 2025 Earnings Call Transcript

- **Revenue & Profit Growth**: Q2 2025 revenue up 10% YoY to $352.2M, adjusted EBITDA up 12% to $107.7M. Adjusted EPS of $1.24 (+5% YoY).
- **Segment Strength**: Health & Wellness (+16%), Connectivity (+14%), Gaming (+8%) lead growth. Cybersecurity & Martech near flat, poised for Q3 recovery.
- **AI & Innovation**: AI chatbots reduce support costs by 50%, AI-driven audience segmentation boosts ad targeting. Speedtest demand and Ekahau expansion drive Connectivity growth.
- **Capital Allocation**: $50M+ in M&A and $170M+ in share buybacks since Q2 2024, with 10%+ shares remaining under repurchase authorization.
- **Guidance**: FY2025 targets >7% revenue growth, ~10% EBITDA growth, and 10%+ EPS growth, with Q4 expected to be the largest revenue quarter.

**【CEO Summary Section】**
- **Revenue Growth**: Q2 2025 revenue reached $352.2M, up 10% YoY, with 4 of 5 segments growing organically. Adjusted EBITDA rose 12% to $107.7M.
- **Segment Highlights**:
  - **Tech & Shopping**: 11% revenue growth driven by CNET and Spiceworks' SaaS launch (20,000+ paying customers).
  - **Gaming & Entertainment**: 8% revenue growth, IGN Live event reached 300M+ fans, with 202M video views (+26% YoY).
  - **Health & Wellness**: 16% revenue growth, PRIME Education's QI offering and Lose It! app AI features boosted engagement.
  - **Connectivity**: 14% revenue growth, Speedtest demand and Ekahau expansion in EMEA/APAC.
  - **Cybersecurity & Martech**: Flat revenue, VPN growth and AI-driven email security launch (VIPRE IES).
- **AI Initiatives**: AI chatbots (50% case deflection), audience segmentation platforms, and SaaS product enhancements across segments.
- **M&A & Capital Allocation**: $50M+ spent on 5 tuck-in acquisitions; $170M+ shares repurchased since Q2 2024, with 10%+ remaining under authorization.

**【CFO Financial Commentary】**
- **Financials**: Q2 2025 adjusted EPS of $1.24 (+5% YoY), free cash flow $26.9M (+7.5% YoY). Trailing 12-month free cash flow $233M (+27% YoY).
- **Balance Sheet**: $457M cash, 0.8x net leverage. Guidance for FY2025: >7% revenue growth, ~10% EBITDA growth, and 10%+ EPS growth.
- **Q3/Q4 Outlook**: Mid-single-digit revenue growth, stronger EBITDA in Q4. Health & Wellness and Connectivity expected to lead growth.

**【Q&A Highlights】**
- **Ad Market Trends**: 15.5% growth in advertising, driven by Health & Wellness (42% of ad revenue) and Gaming. Non-SEO, direct traffic models (35% O&O) mitigate search engine volatility.
- **AI & LLM Strategy**: Blocking AI bots at CDN level to protect IP; exploring partnerships for fair compensation. AI-driven audience segmentation platform (e.g., Halo in Health) shows early traction.
- **Segment Performance**: Connectivity's Speedtest Intelligence growth offset Ekahau's slower adoption. Health & Wellness expanded advertiser base with theSkimm and Lose It! ad sales.
- **Margin Dynamics**: Short-term lumpiness in segment margins due to small-scale investments; long-term target of mid-30s EBITDA margin maintained.

Ziff Davis (ZD)-7 Aug 25-2025 Q2 Earnings call transcript

- **Q1 Strong Start**: Revenue +4.5% YoY to $328.6M, with four of five segments growing organically.
- **Tech & Shopping Lead**: CNET margin expansion drives 18% revenue growth, B2B simplification cuts losses.
- **Connectivity Rebound**: Subscription/licensing +7%, Ekahau poised for Wi-Fi 7-driven recovery.
- **Active Capital Allocation**: $39M M&A, $35M share buybacks in Q1; 10% reduction in outstanding shares over four quarters.
- **Legal Defense Focus**: OpenAI lawsuit to establish fair compensation for journalism IP, with broader industry implications.


**【CEO Opening Remarks】**
- Q1 2025 revenue exceeded internal estimates, with 4.5% YoY growth to $328.6M. Adjusted EBITDA of $100.2M aligns with prior-year levels.
- Five segments: four grew (Tech & Shopping +18%, Health & Wellness +7%, Connectivity +5%, Gaming & Entertainment +4%), while Cybersecurity & Martech declined 11% due to prior-year timing benefits.
- Q2 2025 expected to show accelerating growth, reaffirming full-year guidance of 5% revenue and 6% EBITDA growth.
- Active M&A: three acquisitions in Q1, one in early Q2, and another signed last week. Share buybacks reduced outstanding shares by 10% over four quarters.

**【Segment Highlights】**
- **Tech & Shopping**: CNET's margin expansion and B2B simplification drove 44% EBITDA growth. CES 2025 showcased CNET Group's leadership with Best of CES Awards.
- **Gaming & Entertainment**: Subscription business now 15% of segment revenue. Nintendo Switch 2 launch expected to boost video game ad market in Q2.
- **Health & Wellness**: 12% EBITDA growth, with pharma ad upfronts indicating strong 2025 outlook.
- **Connectivity**: Subscription/licensing +7% growth (Speedtest, Downdetector). Margins >50%, poised for re-acceleration with Wi-Fi 7 adoption.
- **Cybersecurity & Martech**: VPN business stabilized, with organic growth expected post-Q2.

**【CFO Financial Summary】**
- Q1 2025 adjusted EPS of $1.14, impacted by higher interest expense and FX losses. Free cash flow use of $5M due to TDS working capital and severance costs.
- Balance sheet: $431M cash, $167M long-term investments. Q1 deployed $39M in M&A and $35M in share buybacks.
- 2025 guidance: $523M midpoint of adjusted EBITDA, up 7% YoY. Q2 EBITDA margin expected similar to prior-year, with integration costs for new acquisitions.

**【Key Q&A Takeaways】**
- **Ad Market Trends**: Q1 ad revenue +12.3%, driven by Tech & Shopping (+18%), Gaming (+7%), and Health (+12%). Nintendo Switch 2 and pharma ad upfronts support Q2 growth.
- **Connectivity Growth**: Wi-Fi 7 adoption to boost Ekahau demand. Core Speedtest/Downdetector businesses +7% organically.
- **M&A Strategy**: Undervalued shares and digital media peers driving active acquisition pipeline. Q1 2025 M&A spend of $39M, with more deals expected.
- **OpenAI Litigation**: Copyright defense necessary for journalism sustainability. Lawsuit aims to establish fair compensation framework for content use.
- **Tariff Risks**: Minimal direct impact, but indirect effects on advertiser budgets monitored. Health & Wellness and Gaming less exposed due to digital nature.


Ziff Davis, Inc. (ZD) Q1 2025 Earnings Call Transcript

- **Q4 2024 Results**: 5.9% revenue growth to $412.8M, adjusted EPS up 10.7% to $2.58, despite $10M shortfall in Humble Games and Connectivity.
- **2025 Outlook**: 5% revenue growth (midpoint), 6% EBITDA growth, with five new segments (Tech & Shopping, Gaming, Health, Connectivity, Cybersecurity).
- **AI Momentum**: CNET's AI features highlighted in CNN, Health eCareers' AI job matching sees 18% engagement growth, 30% job app uplift.
- **Capital Allocation**: $225M M&A in 2024, $185M buybacks, 2025 pipeline active with focus on Gen AI and digital media.
- **Segment Growth**: Tech & Shopping to be top performer in 2025, Connectivity reorganized for long-term growth, Cybersecurity & MarTech to return to growth in H2 2025.


**【CEO Opening Remarks】**
- Q4 2024 revenue grew 5.9% YoY to $412.8M, with adjusted EPS up 10.7% to $2.58, despite missing internal estimates by $10M due to underperformance in Humble Games and Connectivity.
- 2025 outlook: 5% revenue growth (midpoint) and 6% adjusted EBITDA growth, driven by five new reportable segments (Tech & Shopping, Gaming & Entertainment, Health & Wellness, Connectivity, Cybersecurity & MarTech).
- AI initiatives: CNET's voice/photo logging features highlighted in CNN, Health eCareers' AI job matching sees 18% engagement growth, and 30% job app uplift.
- Business model diversification: 35% of revenue from non-search ads, 40% of visits via search, and limited AI impact on CTRs (12% of top queries include AI overviews).

**【CFO Financial Review】**
- FY2024 revenue: $1.4B (+2.8% YoY), adjusted EBITDA: $493.5M (+2.3%), free cash flow: $283M (+57% of EBITDA).
- Q4 2024: $412.8M revenue (+5.9%), adjusted EBITDA $171.8M (+2.5%), margin 41.6%.
- Key drivers: 10.6% ad growth (Tech & Shopping, Gaming), 1% sub/licensing growth (Humble Bundle, Lose IT!), and 35% EBITDA margin in Cybersecurity & MarTech.
- 2025 guidance: Revenue +2.9% to +7.2%, EBITDA +0.3% to +9.8%, EPS +0.3% to +10%.

**【Q&A Highlights】**
- **AI & Ad Impact**: 12% of top queries include AI overviews, no material CTR impact; 35% revenue from non-search ads, 40% visits via search.
- **Capital Allocation**: $225M spent on M&A in 2024, $185M share buybacks, $6.2M remaining under repurchase program. 2025 M&A pipeline active, with focus on Gen AI and digital media opportunities.
- **Health & Wellness**: 2025 growth expected post-2024 flatness, driven by pharma upfront strength and Lose IT! expansion. DTC ad regulation risks seen as low.
- **Connectivity**: 2024 reorganization for long-term growth, Q4 underperformance due to delayed deals. 2025 outlook: stronger sub/licensing growth, deprioritizing non-core ad revenue.
- **Cybersecurity & MarTech**: 2024 decline of 3% (vs. 7% in 2023), 2025H2 growth expected via email and cybersecurity products.


Actual											1.2169	1.4864	1.7558	2.7033	1.8949	2.0948	2.34	2.17	1.23	1.58	1.58	2.26	1.1	1.27	1.5	2.33	1.27	1.18	1.64	2.58	1.14	1.24	1.76	2.56
Forecast											1.2108	1.2652	1.5319	2.4315	1.4334	1.7835	1.9818	2.0704	1.2143	1.4143	1.5288	2.3531	1.0571	1.2141	1.5312	2.2724	1.1493	1.261	1.5075	2.6329	1.2461	1.1869	1.7856	2.6985
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+0.50%	+17.48%	+14.62%	+11.18%	+32.20%	+17.45%	+18.07%	+4.81%	+1.29%	+11.72%	+3.35%	-3.96%	+4.06%	+4.60%	-2.04%	+2.53%	+10.50%	-6.42%	+8.79%	-2.01%	-8.51%	+4.47%	-1.43%	-5.13%

ZD

ZD fundamentals

ZD Q4 2025 Earnings

Earnings Call

You can ask Aime

ZD

ZD fundamentals

ZD Q4 2025 Earnings

Earnings Call

ZD Earnings Call Summary for Q4/20258:30 AM on Feb 24, 2026

ZD Earnings Call Summary for Q3/20258:30 AM on Nov 7, 2025

ZD Earnings Call Summary for Q2/20258:30 AM on Aug 7, 2025

ZD Earnings Call Summary for Q1/20258:30 AM on May 9, 2025

ZD Earnings Call Summary for Q4/20248:30 AM on Feb 25, 2025

You can ask Aime