# ZD earnings call intelligence

LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/ZD) · [Earnings tab](https://www.lopjlb.com/stock/ZD?tab=earnings)

Updated: 2026-08-06T06:17:22

Quarters analyzed: 8

## Cross-quarter narrative

Across seven earnings calls spanning mid‑2024 to early‑2026, Ziff Davis moved from a modest revenue decline and margin pressure in Q2 2024 to its strongest top‑line growth in Q2 2025, driven by robust advertising demand in health, tech and gaming and a series of AI‑enabled product launches. The momentum faded by Q4 2026, where a sharp drop in Tech & Shopping affiliate‑commerce traffic and broader advertising softness pulled revenue modestly lower and re‑ignited margin concerns. Throughout the period the company kept a steady cadence of share repurchases and leveraged a solid balance sheet for acquisitions, notably the pending CNET deal that cleared later in 2024. Cybersecurity and MarTech performance remained volatile, swinging from decline to flat and back to uncertainty. AI initiatives accelerated, but an OpenAI‑related lawsuit introduced licensing risk that persisted into 2026. Management’s tone shifted from cautious reaffirmation in 2024 to confidence in 2025, then back to guarded optimism in 2026 as it pivoted toward asset monetization and cost discipline.

## Latest CallCard · Q1

Ziff Davis Q1 2026 revenue -1.9% YoY, EBITDA margin -2.5pp; pivoting to asset monetization and buybacks; AI-driven product acceleration; H2 growth recovery expected.','tone': {'mgmt': 0.2, 'mgmt_rationale': 'Management highlights strategic pivot to active monetization, strong balance sheet, AI-drive

**Guidance:** vague

**Tone:** mgmt 0 · Q&A pressure 0 · divergence 0

## Quarter one-liners

- **2026 Q1:** Ziff Davis Q1 2026 revenue -1.9% YoY, EBITDA margin -2.5pp; pivoting to asset monetization and buybacks; AI-driven product acceleration; H2 growth recovery expected.','tone': {'mgmt': 0.2, 'mgmt_rationale': 'Management highlights strategic pivot to active monetization, strong balance sheet, AI-drive
- **2025 Q4:** Ziff Davis posted a modest Q4 revenue dip driven by an 18% Tech & Shopping decline, highlighted affiliate‑commerce headwinds, noted growth in video, health, connectivity and AI tools, and deferred formal 2026 guidance while focusing on profitable growth.
- **2025 Q3:** —
- **2025 Q2:** Ziff Davis posted its strongest revenue growth since 2021 with Q2 2025 revenue up ~10% and adjusted EBITDA up ~12%, four of five segments grew, guidance unchanged and the company leans on a strong balance sheet for acquisitions and share buybacks.
- **2025 Q1:** Ziff Davis Q1 2025 revenue and adj EBITDA beat internal estimates; reaffirms full-year guidance (5% revenue growth, 6% adj EBITDA growth); active M&A and share buybacks (4.25M shares last 4 quarters); four of five segments grew, Cybersecurity down 11% on timing; lawsuit vs OpenAI filed.','tone': {'m
- **2024 Q4:** Ziff Davis Q4 revenue grew 5.9% to $413M, EPS up 10.7%, but missed estimates by ~$10M due to Humble Games and Connectivity; 2025 guidance targets 5% revenue growth and 6% EBITDA growth; new five-segment reporting introduced.','tone': {'mgmt': 0.5, 'mgmt_rationale': 'Management acknowledged Q4 miss a
- **2024 Q3:** Ziff Davis Q3 2024: revenue up 3.7%, adj. EBITDA up 9.6%, digital media strong, cybersecurity still declining but sequential improvement, active M&A with CNET close, share buybacks continue.','tone': {'mgmt': 0.5, 'mgmt_rationale': 'Management highlighted best quarter of year, all digital media vert
- **2024 Q2:** Q2 2024 revenue fell 1.6% YoY to $320.8M, EBITDA margin slipped to 30%, management reaffirmed guidance, highlighted pending CNET deal, share buybacks and AI product launches while noting soft tech ad demand.

## Theme arcs

- **Revenue trajectory** (deteriorating): From a 1.6% YoY decline in Q2 2024 to ~10% growth in Q2 2025, then a modest dip in Q4 2026 and a 1.9% YoY decline in Q1 2026.
- **Advertising demand** (deteriorating): Mixed early on, strong health/tech/gaming in 2025, but Tech & Shopping affiliate‑commerce weakness resurfaced in 2026.
- **Margin stability** (deteriorating): EBITDA margin slipped to 30% in 2024, held near 30.6% in 2025, then faced variability and pressure in 2026.
- **AI product focus** (new): Series of AI‑driven launches (Down Detector, IGN chatbot, Halo platform) and emerging licensing litigation.
- **M&A activity** (deteriorating): Active deals (Gamer Network, CNET) in 2024‑2025, later a perceived freeze due to AI‑licensing uncertainty.
- **Share buybacks** (stable): Consistent repurchases each quarter, highlighted in all calls.
- **Cybersecurity segment performance** (deteriorating): Negative or flat revenue in 2024, down 11% in early 2025, and uncertainty about return to growth in 2026.
- **Capital efficiency** (stable): Strong balance sheet used for acquisitions, buybacks, and later asset‑monetization pivot.

## Guidance path

2024 Q2:maintained → 2024 Q3:vague → 2024 Q4:vague → 2025 Q1:vague → 2025 Q2:maintained → 2025 Q3:vague → 2025 Q4:vague → 2026 Q1:vague

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Research context only. Not personalized investment advice.

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