10-Q · May 5, 2026
Angi Inc. reported Q1 2026 results with a revenue of $238.2 million, reflecting a 3% decline year-over-year. The company experienced a diluted EPS loss of $0.22, surpassing estimates but still representing ongoing…
Earnings analysis · 10-Q
ANGI earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
Angi reported Q2 revenue of $248.003 million, down 11% year over year and below the provided $262.059 million consensus estimate. Gross margin was steady at 95%, but operating margin deteriorated to negative 94% from…
Read full summary
Angi reported Q2 revenue of $248.003 million, down 11% year over year and below the provided $262.059 million consensus estimate. Gross margin was steady at 95%, but operating margin deteriorated to negative 94% from positive 6%, principally reflecting a $225.628 million goodwill impairment and a $9.600 million intangible-asset impairment; net loss was $230.667 million, and diluted EPS was not disclosed in the supplied filing text. Core U.S. demand metrics and revenue weakened, while International Adjusted EBITDA rose 25% to $6.771 million and debt was reduced by $100.0 million principal in the first half.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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International EBITDA grew despite flat revenue
International revenue was essentially stable at $32.628 million versus $32.690 million a year ago, while International Adjusted EBITDA increased $1.347 million, or 25%, to $6.771 million.
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Workforce actions materially reduced overhead
Cost actions lowered general and administrative expense by $14.196 million, or 19%, to $59.885 million, and product development expense by $12.693 million, or 54%, to $10.901 million.
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Debt reduction generated extinguishment gain
The company repurchased $100.0 million principal amount of 3.875% senior notes for $91.9 million in cash during the first six months, producing an $8.4 million gain on extinguishment; remaining notes were $400.0 million at June 30.
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Gross margin remained resilient
Gross margin held at 95% on $248.003 million of revenue, unchanged from 95% in the prior-year quarter, as cost of revenue declined $1.473 million, or 11%.
What to watch
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New impairment risk after $235.2M charge
A newly added risk factor follows a $225.6 million U.S. goodwill impairment and $9.6 million trade-name impairment. After the charge, a 100-basis-point increase in the U.S. discount rate would create approximately $35.0 million of additional impairment.
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U.S. demand and monetization weakened
Total revenue fell $30.218 million, or 11%, year over year to $248.003 million. U.S. revenue declined $30.156 million, or 12%, as management cited weaker Pro spend and utilization amid macroeconomic conditions.
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Network channel contraction continued
Network revenue declined $9.054 million, or 34%, to $17.229 million and Network Leads fell 210,000, or 35%, reflecting the continuing consumer-traffic shift after the January 2025 homeowner-choice transition.
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GAAP profitability severely impaired
GAAP operating income swung to a $233.749 million loss from $17.673 million of income, yielding a negative 94% operating margin; the loss included $225.628 million of goodwill impairment.
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Cash generation and liquidity declined
Six-month operating cash flow declined to $9.338 million from $54.008 million, while capital expenditures were $30.677 million; calculated free cash flow was negative $21.339 million. Cash declined to $188.701 million from $303.701 million at year-end.
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Pro activity and Proprietary Leads fell
Average Monthly Active Pros declined 21,000, or 17%, to 106,000, while Proprietary Leads declined 529,000, or 11%, to 4.451 million.
Management's outlook
No quantitative revenue or EPS outlook was provided in the 10-Q. Management expects 2026 capital expenditures to be consistent with 2025 capital expenditures of $59.6 million.
Earlier filings 4
10-K · February 20, 2026
Angi positions itself as a large two-segment home-services marketplace (U.S. and International) connecting consumers and Pros across >500 categories, with 111,000 Average Monthly Active Pros and ~16 million projects in…
10-Q · August 5, 2025
Angi reported Q2 revenue of $278.221M, beating the estimate but down 11.7% versus Q2 2024. Gross margin remained high at ~95.3% and operating income improved year-over-year to $17.673M, driving diluted EPS of $0.23 (up…
10-K · February 28, 2025
Angi describes a marketplace connecting consumers with home professionals across over 500 service categories, reporting approximately 17 million projects in the twelve months ended December 31, 2024 and ~168,000…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.