Throughout 2025, Ziff Davis highlighted adjusted EBITDA and adjusted diluted EPS as key performance measures in its earnings presentations and calls. On the Q2 2025 earnings call on August 8, 2025, CFO Bret Richter reported adjusted diluted EPS of $1.24, noting that the figure reflected higher adjusted EBITDA and lower diluted shares outstanding. The Company's GAAP results, which included foreign-exchange-related losses and other items excluded from adjusted figures, painted a different picture of the Company's financial health — a gap investors could not easily see from the headline numbers presented each quarter.
When Q4 2025 results were released, reported revenue declined 1.5% year-over-year to $406.7 million and adjusted EPS missed consensus and internal projections. The stock fell double digits in a single session.
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