ZIFF DAVIS, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ZIFF DAVIS, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	874	1,118	1,207	1,050	1,159	1,417	1,391	1,364	1,402	1,451
Cost of revenue	147	172	201	187	178	188	185	186	200	207
Gross profit	727	946	1,006	863	980	1,229	1,206	1,178	1,201	1,245
Research and development	38	46	48.4	44.7	57.1	78.9	74.1	68.9	67.4	62
Selling and marketing	207	330	338	328	366	493	491	487	520	543
General and administrative	240	324	375	403	419	457	182	196	203	210
Operating expenses	485	700	762	775	842	1,061
Operating income	243	246	244	88.2	138	167	199	133	114	183
Interest expense	42.7	59.2	63.5	26.1	58.1	79.6	37.1	41.6	35.3	37.6
Other non-operating income	10.2	22	-4.63	-2.31	0.07	1.29	8.44	-9.47	4.97	-5.89
Pre-tax income	211	200	178	54.8	78.3	351	131	75	93.2	80.7
Income tax	59	60.5	44.8	13.8	38.4	-14.2	58	24.1	41.4	25.4
Income from continuing operations				40.9	28.7	401	65.5	41.5	63	47.4
Net income	152	139	129	219	151	497	63.8	41.5	63	47.4
EBITDA	365	408	431	320	367	426	432	370	326	412
EPS, basic	3.15	2.89	2.64	4.52	3.24	10.81	1.36	0.89	1.42	1.16
EPS, diluted	3.13	2.83	2.59	4.39	3.18	10.37	1.36	0.89	1.42	1.15
Shares, basic (weighted)	47.7	47.6	48	47.6	46.3	45.9	47	46.4	44.5	41
Shares, diluted (weighted)	48	48.7	48.9	49	47.1	47.9	47	46.5	44.5	41.1
Dividend per share	1.36	1.52	1.68	0.90	0.00	0.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	124	351	209	576	176	695	653	738	506	574
Short-term investments	0.06			0	0.66	229	58.4	27.1	0
Receivables	200	234	222	262	310	316	305	338	660	623
Other current assets	24.2	35.3	29.2	49.3	52.2	60.3	68.3	88.6	106	82
Total current assets	348	620	460	887	623	1,301	1,084	1,191	1,272	1,370
Property, plant and equipment	68.1	79.8	98.8	128	132	161	178	188	197	162
Lease right-of-use assets			0	126	80.1	55.6	40.6	24.6	26.2	22.3
Goodwill	1,123	1,197	1,380	1,313	1,525	1,531	1,591	1,546	1,580	1,347
Intangible assets	479	453	495	525	697	573	463	325	426	338
Long-term investments	0	57.7	83.8	100	97.5	123	128	141	158	93.2
Other non-current assets	6.45	12.8	11	15.7	15.8	75.7	80.1	70.8	63.4	24.5
Total assets	2,062	2,453	2,561	3,506	3,665	3,770	3,533	3,471	3,704	3,663
Accounts payable	178	170	167	238	198	131	121	123	164	145
Accrued liabilities						54.6	42.2	50.1	55.8	31.3
Deferred revenue	80.4	95.3	128	163	166	186	188	185	200	130
Short-term debt	0	0	0	386	397	54.6	0		0	149
Total current liabilities	454	265	307	833	883	497	432	432	900	1,075
Long-term debt	602	1,002	1,013	1,063	1,182	1,036	999	1,001	864	718
Lease liabilities			0	104	73.6	53.7	34	16.6	21.8	17.8
Other non-current liabilities	3.48	31.4	51.1	10.2	41.4	91.3	69	46.7	47.7	33.1
Total liabilities	1,148	1,433	1,525	2,195	2,454	1,803	1,641	1,578	1,893	1,910
Total debt	602	1,002	1,013	1,448	1,579	1,091	999	1,001	864	867
Paid-in capital	308	326	354	466	456	509	440	472	492	473
Retained earnings	660	723	770	892	809	1,515	1,538	1,492	1,401	1,338
Treasury stock		0	-42.5	0			0
Other comprehensive income	-54.6	-29.1	-46	-46.5	-54.8	-57.2	-85.4	-71.6	-82.5	-57.1
Shareholders' equity	915	1,020	1,036	1,311	1,211	1,968	1,893	1,893	1,811	1,754
Total equity	915	1,020	1,036	1,311	1,211	1,968	1,893	1,893	1,811	1,754
Total liabilities and equity	2,062	2,453	2,561	3,506	3,665	3,770	3,533	3,471	3,704	3,663
Shares outstanding	47.4	47.9	47.5	47.7	44.3	47.4	47.3	46.1	42.8	38.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	152	139	129	219	151	497	63.8	41.5	63	47.4
Depreciation and amortization	122	162	187	232	229	258	233	237	212	229
Stock-based compensation	13.7	22.7	28.1	23.9	24	25.2	26.6	31.9	40.9	44.9
Deferred income tax	-13.8	-21.4	25.1	-7.51	0.31	-21.4	-13	-30	-18.8	3.96
Change in receivables	-30.7	-37.5	4.03	-30.7	-31.6	-18.1	14.9	-35.4	-153	-8.38
Change in payables	6.36	-34.1	-35.2	-0.77	2.18	0.48	-20.2	9.42	171
Cash from operations	282	264	401	413	480	517	336	320	390	407
Capital expenditures	-24.7	-39.6	-56.4	-70.6	-92.6	-114	-106	-109	-107	-119
Acquisitions	-581	-175	-312	-415	-482	-141	-104	-9.49	-218	-67.3
Purchases of investments	-80.9	-0	-0.5	0	0	0	-15	0	0
Sales and maturities of investments	242	0	0	0	0	0.66	0	0
Cash from investing	-449	-158	-407	-505	-586	59.1	-221	-127	-297	-146
Debt issued	0	650	0	550	750	0	0
Debt repaid	0	-255	-2.2	-5.1	-650	-512	-167	0	-135	0
Stock issued	3.57	1.11	1.54	5.27	1.62	2.94	0.15	0	0
Share buybacks	-56.5	-9.85	-47.1	-20.8	-276	-78.3	-78.3	-109	-185	-174
Dividends paid	-65.8	-73.5	-82.6	-43.9	0	0
Cash from financing	41.2	112	-131	457	-235	-113	-141	-115	-321	-170
Exchange rate effect	-6.26	9.24	-4.82	2.18	7.81	-10.3	-16.9	7.06	-3.6
Net change in cash	-132	227	-141	366	-333	452	-42	84.8	-232	101
Free cash flow	258	225	345	342	388	403	230	211	284	288
Interest paid	33.1	35.8	54	55.4	106	54.5	36.2	38.7	28.9	34.6
Income taxes paid	37.4	51.1	37.6	45.9	45	61.2	59.5	64.6	68.7	48.6

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $56.51 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	86.1%	Gross profit / revenue.
Operating margin	7.9%	Operating income / revenue.
EBITDA margin	22.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-1.8%	Pre-tax income / revenue.
Net margin	44.7%	Net income / revenue.
FCF margin	22.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	31.2%	Cash from operations / revenue.
Return on equity (ROE)	28.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	16.1%	Net income / average total assets.
Return on invested capital (ROIC)	6.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	4.0%	Research and development expense / revenue.
Stock-based pay / revenue	3.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	9.1%	Capital expenditures / revenue.
D&A / revenue	14.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	3.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	1.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	4.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	61.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-2.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	5.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	26.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-1.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	2.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-24.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-9.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-20.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-19.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-5.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-18.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	4.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	6.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-3.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	1.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	7.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-5.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-3.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-2.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-1.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-0.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-7.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.16x	Current assets / current liabilities.
Quick ratio	2.10x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.67x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.39x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	21.7%	Total debt / total assets.
Liabilities / assets	44.0%	Total liabilities / total assets.
Net debt	-$738.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-2.27x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$1.12B	Current assets - current liabilities.
Goodwill and intangibles / assets	39.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$652.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.36x	Revenue / average total assets.
Fixed asset turnover	8.39x	Revenue / average property, plant and equipment.
Receivables turnover	3.43x	Revenue / average receivables.
Days sales outstanding	106 days	365 x average receivables / revenue.
Days payables	266 days	365 x average accounts payable / cost of revenue.
FCF conversion	49.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	29.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$17.69	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$39.53	Revenue / diluted weighted shares.
FCF per share	$8.71	Free cash flow / diluted weighted shares.
Operating cash flow per share	$12.32	Cash from operations / diluted weighted shares.
Book value per share	$64.00	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$18.67	Tangible book value / shares outstanding.
Cash per share	$45.94	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	87.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.94B	Share price x shares outstanding.
Enterprise value	$1.20B	Market cap + total debt - cash - short-term investments.
P/E	3.01x	Market cap / net income. Only when net income is positive.
P/S	1.35x	Market cap / revenue.
P/B	0.87x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.97x	Market cap / tangible book value, when positive.
P/FCF	6.12x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.32x	Market cap / cash from operations, when positive.
EV/Sales	0.83x	Enterprise value / revenue.
EV/EBIT	10.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	3.69x	Enterprise value / EBITDA, when both are positive.
EV/FCF	3.79x	Enterprise value / free cash flow, when both are positive.
FCF yield	16.3%	Free cash flow / market cap.
Earnings yield	33.2%	Net income / market cap (the inverse of P/E).
Shareholder yield	14.3%	(Dividends paid + share buybacks) / market cap.

What was ZIFF DAVIS, INC.'s revenue in fiscal 2025?

ZIFF DAVIS, INC. reported revenue of $1.45B for fiscal 2025, 3.5% higher than the year before.

Was ZIFF DAVIS, INC. profitable in fiscal 2025?

Yes. Net income was $47.4M, a net margin of 3.3%.

How much free cash flow did ZIFF DAVIS, INC. generate in fiscal 2025?

Cash from operations of $407.1M minus capital expenditures of $119.2M left free cash flow of $287.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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