ZD earnings analysis
What we found in ZD'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
Ziff Davis reported Q2 revenue of $286.7 million, up from $268 million sequentially but down from $352 million a year earlier, while diluted EPS increased to $1.03 from $0.59 in Q1 2026 and $0.62 in Q2 2025. Liquidity strengthened substantially, with cash and cash-equivalent investments rising to $1,606.1 million, although the company had $867.6 million of fixed-rate debt and faces refinancing risk as maturities approach. The filing provides no quantitative guidance, and the supplied filing extract does not disclose Q2 gross margin, operating margin, free cash flow, or segment revenue.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Sequential Revenue Recovery
- Revenue was $286.7 million, up approximately 7.0% from $268 million in Q1 2026 but down approximately 18.5% from $352 million in Q2 2025.
- EPS Improved Sharply
- Diluted EPS was $1.03, versus $0.59 in Q1 2026 and $0.62 in Q2 2025, representing sequential and year-over-year improvement.
- Cash Balance Increased
- Cash and cash-equivalent investments increased to $1,606.1 million at June 30, 2026 from $573.8 million at December 31, 2025.
- No Revolver Draw
- The company reported $867.6 million of carrying value for fixed-rate debt, with fair value of $844.3 million, and stated it did not draw on its revolving credit agreement during the six months ended June 30, 2026.
- Accelerated Share Repurchases
- The company repurchased 2,627,787 shares during Q2 2026 at an average price of $45.36 per share in April, $42.59 in May, and $47.41 in June; 7,669,154 shares remained available under the program at June 30.
- Controls Remained Effective
- Management concluded that disclosure controls and procedures were effective as of June 30, 2026, and reported no changes in internal control over financial reporting that materially affected or were reasonably likely to materially affect controls.
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.
- Debt Refinancing Risk
- The company has $867.6 million of fixed-rate debt outstanding, including maturities of $149.1 million in 2026, $263.1 million in 2028, and $460.0 million in 2030. Management cautioned that higher interest rates may prevent refinancing on similar or favorable terms.
- Interest-Rate Exposure
- Cash and cash-equivalent investments totaled $1,606.1 million, while fixed-rate debt had a $844.3 million fair value. If the company draws on its variable-rate revolver in the future, it would be exposed to interest-rate changes.
- Foreign Currency Headwinds
- Foreign-exchange losses for continuing operations were $0.9 million in Q2 2026 versus a $2.4 million gain in Q2 2025; cumulative foreign translation adjustments were a $(0.4) million loss in Q2 2026 versus $18.8 million in Q2 2025.
- No Material Risk-Factor Update
- The filing states that there has not been a material change in risk factors since the 2025 Form 10-K. Accordingly, no new or materially changed risk factor was identified in this 10-Q.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.03
What they said about what is next.
The 10-Q does not provide quantitative revenue or EPS guidance; no prior outlook is identified for comparison.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 8, 2026
- Ziff Davis reported disappointing Q1 2026 results, with revenue of $267.6 million and an EPS of $0.73, missing estimates of $276.8 million and $0.79, respectively. The company experienced declines in its Technology &…
- 10-K · February 24, 2026
- Ziff Davis reports modest top-line growth with stable free cash flow but pronounced earnings volatility. Aggregate quarterly revenue for 2025 sums to $1,452 million versus $1,402 million in 2024, free cash flow was…
- 10-Q · August 8, 2024
- Ziff Davis reported Q2 revenue of $320,800,000 (down from $326,016,000 a year ago) and diluted EPS of $0.77 (up from $0.36 a year ago). Operating income declined to $28,569,000 from $38,895,000 year-over-year while net…
- 10-Q · May 9, 2024
- Ziff Davis reported quarterly revenue of $314,485,000 and operating income of $35,861,000 for the three months ended March 31, 2024, up versus the prior year. Net income was $10,627,000 (diluted EPS $0.23) vs. a net…
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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