THRY earnings analysis
What we found in THRY's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.38
- Gross margin
- 62.7%
- Operating margin
- -0.8%
- Segment
- SaaS revenue: $114.480 million (-0.5% year over year from $115.005 million)
- Segment
- Marketing Services revenue: $36.248 million (-62.0% year over year from $95.465 million)
What they said about what is next.
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.
The filing reads worse than the one before it.
What came before.
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing THRY makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever