VSNT earnings analysis
What we found in VSNT'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
Versant Media Group reported Q1 2026 results with revenues of $1.69 billion, slightly down 1.1% year-over-year, and an EPS of $1.99, a decline of 22.0% compared to the prior year. Despite a revenue surprise that exceeded expectations by 4.2%, the income showed significant pressure from operational costs and lower advertising revenues, compounding the challenges following their separation from Comcast.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Exceeded Estimates
- Reported revenue of $1.69 billion surpassed estimates of $1.62 billion.
- Free Cash Flow Improved
- Operating cash flows rose significantly to $585 million from $478 million year-over-year.
- Platforms Revenue Growth
- Platforms revenue showed a strong increase of 9.5%, rising to $192 million.
- Cash Position Improved
- Total cash and cash equivalents increased to $1.19 billion from $55 million as of December 31, 2025.
- Debt Issued Post-Separation
- The company incurred approximately $3 billion in debt following its separation from Comcast.
- Increased Share Repurchase Program
- Versant repurchased 2.7 million shares for $100 million, with $900 million remaining under the authorized program.
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.
- Decline in Linear Distribution Revenue
- Linear distribution revenues fell to $1.006 billion, down 7.3% year-over-year.
- Decreased Advertising Revenue
- Advertising revenues decreased by 5.2%, leading to a total of $368 million.
- Increased Operational Costs Post-Separation
- Incurred higher selling, general, and administrative expenses of $351 million, up 14.3% from last year.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.99
- Segment
- Linear distribution: $1,006M
- Segment
- Advertising: $368M
- Segment
- Platforms: $192M
- Segment
- Content licensing and other: $121M
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads worse than the one before it.
What came before.
- 10-K · March 3, 2026
- Versant reports scale and stable core businesses (networks + digital platforms) with FY2025 revenue of $6,688,000,000 and EPS of $6.41, while completing a separation from Comcast (Separation effective January 2, 2026)…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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