Skip to content
Optionomics Free · No account needed

Earnings analysis · 10-Q

THRY earnings analysis

Filed August 4, 2026 · Our reading of the company's report

The latest report

Thryv's Q2 revenue was $150.728 million, down 28.4% year over year and down from $167.684 million in Q1, as a 62.0% Marketing Services contraction outweighed essentially flat SaaS revenue. Gross margin fell to 62.7%…

Read full summary

Thryv's Q2 revenue was $150.728 million, down 28.4% year over year and down from $167.684 million in Q1, as a 62.0% Marketing Services contraction outweighed essentially flat SaaS revenue. Gross margin fell to 62.7% from 69.7% and the company recorded a $16.660 million net loss, or diluted EPS of $(0.38), versus $13.931 million of net income a year earlier. Offsetting factors include $27.354 million of first-half operating cash flow, lower debt of $243.7 million, and SaaS ARPU growth of 12% to $394, but deteriorating SaaS NRR and client counts remain material concerns.

Read the original on SEC.gov

Gross and operating margin

How much of each revenue dollar the business keeps.

68% Gross margin Operating margin Nov 2022 Aug 2026

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.

Of every $100 of revenue Cost of sales $37 Operating expenses $64 Left as operating profit $-1

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.

SaaS revenue 76.0% Marketing Services revenue 24.0%

Shares of the segments disclosed in this filing, largest first.

How we read each report

Our analysis across the last few reports.

Read as bullish Read as bearish Nov 2022 Aug 2026

Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.

Reported figures

Earnings per share
$-0.38

What stood out

  • SaaS ARPU rose 12% to $394

    SaaS monthly ARPU increased $42, or 12%, year over year to $394, supported by additional product sales to existing clients, higher spend from new clients, and Q2 2026 price increases.

  • Operating cash flow improved

    Six-month operating cash flow increased $8.279 million to $27.354 million. The improvement included a $7.3 million favorable year-over-year change in cash taxes and a $3.0 million reduction in cash interest paid.

  • Debt and interest burden declined

    The company reduced recorded debt to $243.7 million at June 30, 2026, including $236.3 million under the term loan and $14.1 million under the ABL facility; ABL excess availability was $23.0 million.

  • First-half SaaS revenue grew 2.2%

    For the first six months, SaaS revenue grew $5.084 million, or 2.2%, to $231.218 million. New sales and client expansion contributed $11.3 million, while 2026 marketing-services conversions contributed $4.5 million.

What to watch

  • Revenue decline remains severe

    Q2 revenue fell $59.742 million, or 28.4%, year over year to $150.728 million and declined from $167.684 million in Q1 2026. Marketing Services revenue dropped $59.217 million, or 62.0%, to $36.248 million.

  • Margins and earnings deteriorated

    GAAP gross margin contracted 700 basis points year over year to 62.7%, while operating margin moved to negative 0.8% from positive 14.0%. Net loss was $16.660 million versus $13.931 million of net income a year earlier.

  • SaaS retention and revenue softened

    SaaS revenue declined $0.525 million, or 0.5%, to $114.480 million, and seasoned SaaS net revenue retention fell to 90% from 102%. Management attributes the NRR decline to downgrades and cancellations outpacing upsells and conversions.

  • No risk-factor update; client base shrank

    The filing reports no material changes to risk factors from the 2025 Form 10-K and Q1 2026 10-Q. Nonetheless, total clients fell 46,000, or 18%, year over year to 215,000, including a 10% decline in SaaS clients to 95,000.

Management's outlook

The 10-Q does not provide quantitative revenue or EPS guidance. Management expects total 2026 capital expenditures of approximately $18.0 million and states available liquidity should meet requirements for at least the next 12 months.

Earlier filings 4

10-Q · April 30, 2026

Thryv Holdings, Inc. reported a consolidated revenue of $167.7 million for Q1 2026, reflecting a 7.5% decline year-over-year, while diluted EPS was $0.10, surpassing expectations. The SaaS segment demonstrated growth,…

10-K · February 26, 2026

Thryv’s 10-K reiterates a multi-year strategic pivot from legacy Marketing Services to a unified, AI‑enabled SaaS platform (Thryv Platform) with the company serving approximately 230,000 SMB clients as of December 31,…

10-Q · October 30, 2025

Thryv reported Q3 (ended September 30, 2025) revenue of $201.6M, up $21.7M versus Q3 2024 and delivering positive operating income of $20.0M after a prior-year operating loss. Diluted EPS was $0.13, a material…

10-Q · May 1, 2025

Thryv reported revenue of $181.4M for Q1 2025, down from $233.6M in Q1 2024, while gross margin remained stable at 65.8%. The company swung to an operating loss of $(3.0)M (operating margin -1.7%) versus operating…

This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.