Ziff Davis, Inc. · NASDAQ:ZD
Ziff Davis — Q3 2026 Earnings Presentation
21 slides from Ziff Davis's earnings presentation, Nov 5, 2026
Slide 1: Third Quarter 2026 Results
THIRD QUARTER 2026 RESULTS November 5, 2026 ©2026 Ziff Davis. All rights reserved. www.ziffdavis.com
Slide 2: Safe Harbor for Forward-looking Statements
Safe Harbor for Forward-looking Statements Certain statements in this presentation are “forward-looking statements” within the meaning of this presentation are the property of their respective owners. Any references to third-party trademarks the Private Securities Litigation Reform Act of 1995. Thes
Slide 3: Risk Factors
Risk Factors Some factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements contained in this presentation include, but are not limited to, our ability and intention to: • Sustain growth or profitability, particularly in light of a
Slide 4: Q3 2026 Consolidated Financial Snapshot - Continuing Operations
Q3 2026 Consolidated Financial Snapshot - Continuing Operations (1) Revenues (in millions) (5.6)% $306.5 $289.3 Q3 2025 Q3 2026 Adjusted EBITDA (2) Adjusted diluted EPS (2) (in millions) $1.40 $1.39 $97.8 (16.0)% (0.7)% $82.2 Q3 2025 Q3 2026 Q3 2025 Q3 2026 1. During the second quarter of 2026, the
Slide 5: Revenue by Type - Continuing Operations
Revenue by Type - Continuing Operations (1)(2) Quarterly Revenues (1) (in millions) Advertising and (7.7)% $202 Performance Marketing $186 Q3 2025 Q3 2026 Quarterly Revenues (1) (in millions) Subscription and Licensing $101 (2.7)% $98 Q3 2025 Q3 2026 1. Throughout this presentation, revenues are net
Slide 6: Q3 2026 Technology & Shopping Segment
Q3 2026 Technology & Shopping Segment Quarterly Revenues (in millions) $85.2 ($1.8) $82.0 $2.8 $3.7 Other (3.8)% $84.2 $78.2 Subscription and Licensing Advertising and Performance Marketing Q3 2025 Q3 2026 Quarterly Adjusted EBITDA & Margin (1) (in millions) $27.4 $21.8 (20.4) % 32.2% 26.6% Q3 2025
Slide 7: Q3 2026 Gaming & Entertainment Segment
Q3 2026 Gaming & Entertainment Segment Quarterly Revenues (in millions) $47.6 $46.6 $0.1 $15.7 $15.8 Other (2.1)% Subscription and Licensing $31.9 $30.7 Advertising and Performance Marketing Q3 2025 Q3 2026 Quarterly Adjusted EBITDA & Margin (1) (in millions) $18.7 $15.0 (19.8) 39.2% % 32.2% Q3 2025
Slide 8: Q3 2026 Health & Wellness Segment
Q3 2026 Health & Wellness Segment Quarterly Revenues (in millions) $102.3 $92.5 $3.0 $1.7 $13.7 $13.5 Other Subscription and Licensing (9.5)% $85.6 $77.3 Advertising and Performance Marketing Q3 2025 Q3 2026 Quarterly Adjusted EBITDA & Margin (1) (in millions) $38.0 $32.6 37.2% 35.2% (14.3)% Q3 2025
Slide 9: Q3 2026 Cybersecurity & Martech Segment
Q3 2026 Cybersecurity & Martech Segment Quarterly Revenues (in millions) $71.4 $68.2 $2.3 $2.8 (4.6)% Other $69.1 $65.5 Subscription and Licensing Q3 2025 Q3 2026 Quarterly Adjusted EBITDA & Margin (1) (in millions) $24.1 $22.7 33.7% 33.2% (5.8)% Q3 2025 Q3 2026 1. See "Supplemental Information" for
Slide 10: Ziff Davis Capital Structure
Ziff Davis Capital Structure ($ in millions) September 30, 2026 Cash and Cash Equivalents $ 1,408 Long-term Investments 100 Total Cash, Cash Equivalents, and Long-term Investments $ 1,508 4.625% Senior Notes $ 460 1.75% Convertible Notes (1) 149 3.625% Convertible Notes 263 Total Gross Debt (2) $ 87
Slide 11: Ziff Davis Share Count
Ziff Davis Share Count Ending Shares Outstanding (in millions) 47.3 46.1 42.9 38.4 33.1 2022 YE 2023 YE 2024 YE 2025 YE 2026 YTD (1) 1. Share count as of November 2, 2026. 11
Slide 12: Supplemental Information
SUPPLEMENTAL INFORMATION
Slide 13: Non-GAAP Financial Measures
Non-GAAP Financial Measures The below non-GAAP financial measures are not measures presented in accordance with GAAP, and our use of these terms may vary from that of other companies, limiting their usefulness for comparison purposes. These non-GAAP financial measures are not based on any comprehens
Slide 14: Quarterly Results from Continuing Operations
Quarterly Results from Continuing Operations Q3 2026 Q2 2026 Q1 2026 FY 2025 (1) Q4 2025 (1) Q3 2025 (1) Q2 2025 (1) Q1 2025 (1) $ in 000's, except per share amounts Revenues $ 289,326 $ 286,738 $ 267,641 $ 1,220,535 $ 346,384 $ 306,532 $ 294,803 $ 272,816 Adjusted EBITDA $ 82,220 $ 76,844 $ 63,357
Slide 15: Non-GAAP reconciliation: Adjusted EBITDA
Non-GAAP reconciliation: Adjusted EBITDA $ in 000's Ziff Davis Three months ended September 30, December 31, September 30, 2026 June 30, 2026 March 31, 2026 2025 2025 June 30, 2025 Net (loss) income from continuing operations $ (28,692) $ (52,153) $ (775) $ (17,962) $ (15,957) $ 14,308 Interest (inc
Slide 16: Non-GAAP reconciliation: Adjusted Net Income and Adjusted Diluted EPS
Non-GAAP reconciliation: Adjusted Net Income and Adjusted Diluted EPS $ in 000's, except per share amounts Ziff Davis Three months ended September Per diluted June 30, Per diluted March 31, Per diluted December Per diluted September Per diluted June 30, Per diluted 30, 2026 share (1) 2026 share (1)
Slide 17: Non-GAAP reconciliation: Adjusted EBITDA by Segment
Non-GAAP reconciliation: Adjusted EBITDA by Segment Technology & Gaming & Health & Cybersecurity & Corporate Total Shopping Entertainment Wellness Martech Q3 2026 $ in 000's Revenues $ 81,980 $ 46,599 $ 92,545 $ 68,202 $ — $ 289,326 Operating (loss) income $ (38,798) $ 11,057 $ 17,312 $ 4,081 $ (27,
Slide 18: Q3 2026 and Q3 2025 Reconciliation of GAAP to Non-GAAP Financial Measures
Q3 2026 and Q3 2025 Reconciliation of GAAP to Non-GAAP Financial Measures Provision for (Income) loss from Transaction, Long-lived asset Share-based Goodwill Adjusted non- GAAP amount Interest, net credit losses on equity method Amortization integration, and impairments and compensation impairment G
Slide 19: Non-GAAP reconciliation: Free Cash Flow from Continuing and Discontinued Operations
Non-GAAP reconciliation: Free Cash Flow from Continuing and Discontinued Operations $ in 000's Ziff Davis Three months ended September 30, Nine months ended September 30, 2026 2025 2026 2025 Net cash (used in) provided by operating activities from continuing and discontinued operations $ (77,099) $
Slide 20: Key Operating Metrics by Segment - Advertising and Performance Marketing
Key Operating Metrics by Segment - Advertising and Performance Marketing 2025 2026 Q3 Q3 Technology & Shopping Net advertising and performance marketing revenue retention (1) 94.0% 87.0% Customers (2) 634 717 Quarterly revenue per customer (3) $132,849 $109,111 Gaming & Entertainment Net advertising
Slide 21: Key Operating Metrics by Segment - Subscription and Licensing
Key Operating Metrics by Segment - Subscription and Licensing 2025 2026 Q3 Q3 Gaming & Entertainment Customers (1)(2) 514,000 483,000 Average quarterly revenue per customer (2)(3) $30.49 $32.66 Health & Wellness Customers (1)(2) 1,902,000 1,480,000 Average quarterly revenue per customer (2)(3) $7.17