Operating margins have deteriorated to -4.0% in 2026Q1, reflecting the company's inability to translate its 95.9% gross margin into consistent bottom-line profitability.
Angi Inc. (ANGI) annual income statement — 17-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Sales/Revenue | 992.55M | 1.03B | 1.19B | 1.36B | 1.76B | 1.62B | 1.47B | 1.33B | 1.13B | 736.39M | 323.33M | 344.13M | 315.01M | 245.64M | 155.8M | 90.04M | 59.04M | 45.6M |
| Revenue Growth % | -8.83% | -13.04% | -12.78% | -22.99% | 8.96% | 10.31% | 10.69% | 17.13% | 53.76% | 127.75% | -6.04% | 9.24% | 28.24% | 57.67% | 73.03% | 52.51% | 29.47% | - |
| Cost of Goods Sold | 104.45M | 94.56M | 57.58M | 62.55M | 337.4M | 274.66M | 173.28M | 46.49M | 55.74M | 34.07M | 40.29M | 56.07M | 52.76M | 40.07M | 27.08M | 16.42M | 12.46M | 11.65M |
| COGS % of Revenue | - | 9.18% | 4.86% | 4.6% | 19.12% | 16.96% | 11.8% | 3.51% | 4.92% | 4.63% | 12.46% | 16.29% | 16.75% | 16.31% | 17.38% | 18.23% | 21.11% | 25.56% |
| Gross Profit | 888.1M | 935.98M | 1.13B | 1.3B | 1.43B | 1.34B | 1.29B | 1.28B | 1.08B | 702.31M | 283.04M | 288.05M | 262.25M | 205.57M | 128.72M | 73.63M | 46.58M | 33.95M |
| Gross Margin % | 89.48% | 90.82% | 95.14% | 95.4% | 80.88% | 83.04% | 88.2% | 96.49% | 95.08% | 95.37% | 87.54% | 83.71% | 83.25% | 83.69% | 82.62% | 81.77% | 78.89% | 74.44% |
| Gross Profit Growth % | - | -16.99% | -13.01% | -9.16% | 6.12% | 3.86% | 1.17% | 18.88% | 53.28% | 148.14% | -1.74% | 9.84% | 27.57% | 59.71% | 74.83% | 58.08% | 37.2% | - |
| Operating Expenses | 1.08B | 857.78M | 1.11B | 1.32B | 1.5B | 1.41B | 1.3B | 1.24B | 1.01B | 850.18M | 286.13M | 274.79M | 272.61M | 236.65M | 179.75M | 117.79M | 69.7M | 42.55M |
| OpEx % of Revenue | - | 83.24% | 93.29% | 97.35% | 85.16% | 87.23% | 88.63% | 93.58% | 89.43% | 115.45% | 88.5% | 79.85% | 86.54% | 96.34% | 115.37% | 130.81% | 118.06% | 93.3% |
| Selling, General & Admin | 781.77M | 770.42M | 921.64M | 1.12B | 1.34B | 1.27B | 1.14B | 1.08B | 864.93M | 764.47M | 230.14M | 238.13M | 238.57M | 210.45M | 162.88M | 108.68M | 63.43M | 37.48M |
| SG&A % of Revenue | - | 74.76% | 77.77% | 82.77% | 75.8% | 78.21% | 77.43% | 81.55% | 76.39% | 103.81% | 71.18% | 69.2% | 75.74% | 85.68% | 104.55% | 120.69% | 107.44% | 82.2% |
| Research & Development | 58.92M | 87.36M | 95.36M | 96.54M | 73.82M | 70.93M | 68.8M | 64.2M | 61.14M | 47.91M | 20.6M | 36.66M | 11.97M | 0 | 0 | 9.11M | 6.27M | 5.06M |
| R&D % of Revenue | - | 8.48% | 8.05% | 7.11% | 4.18% | 4.38% | 4.69% | 4.84% | 5.4% | 6.51% | 6.37% | 10.65% | 3.8% | - | - | 10.12% | 10.62% | 11.1% |
| Other Operating Expenses | 1000K | 0 | 88.65M | 101.56M | 91.3M | 75.12M | 95.52M | 95.4M | 17.86M | 1.97M | 55.99M | 0 | 34.04M | 26.2M | 16.87M | 0 | 0 | 0 |
| Operating Income | -187.77M | 78.19M | 21.89M | -26.5M | -75.62M | -67.92M | -6.37M | 38.65M | 63.91M | -147.87M | -3.09M | 13.26M | -10.36M | -31.08M | -51.03M | -44.16M | -23.13M | -8.6M |
| Operating Margin % | -18.92% | 7.59% | 1.85% | -1.95% | -4.29% | -4.19% | -0.43% | 2.91% | 5.64% | -20.08% | -0.96% | 3.85% | -3.29% | -12.65% | -32.76% | -49.04% | -39.17% | -18.86% |
| Operating Income Growth % | - | 257.3% | 182.59% | 64.96% | -11.34% | -966.54% | -116.48% | -39.53% | 143.22% | -4679.28% | -123.34% | 227.95% | 66.66% | 39.1% | -15.56% | -90.95% | -168.91% | - |
| EBITDA | -125.14M | 125.31M | 110.54M | 75.06M | 15.68M | 7.21M | 89.16M | 134.04M | 150.43M | -110.07M | 8.48M | 19.66M | -4.79M | -27.01M | -48.28M | -42.5M | -21.75M | -7.08M |
| EBITDA Margin % | -12.61% | 12.16% | 9.33% | 5.52% | 0.89% | 0.44% | 6.07% | 10.11% | 13.29% | -14.95% | 2.62% | 5.71% | -1.52% | -11% | -30.99% | -47.2% | -36.84% | -15.53% |
| EBITDA Growth % | -215.49% | 13.37% | 47.26% | 378.82% | 117.59% | -91.92% | -33.49% | -10.89% | 236.67% | -1398.27% | -56.88% | 510.78% | 82.28% | 44.05% | -13.6% | -95.42% | -207.05% | - |
| D&A (Non-Cash Add-back) | 62.63M | 47.12M | 88.65M | 101.56M | 91.3M | 75.12M | 95.52M | 95.4M | 86.52M | 37.8M | 11.57M | 6.4M | 5.58M | 4.07M | 2.75M | 1.66M | 1.38M | 1.52M |
| EBIT | -213.25M | 83M | 40.25M | -8.07M | -74.45M | -70.43M | -5.15M | 45.14M | 81.65M | -145.9M | 23.36M | 13.26M | -10.82M | -31.08M | -51.03M | -45.99M | -23.13M | -8.6M |
| Net Interest Income | -2.15M | -4.72M | -587K | -2.99M | -15.58M | -23.25M | -12.45M | -3.52M | -11.62M | -7.74M | -894K | -272K | -1.2M | -1.87M | -1.86M | -3M | -3.97M | -3.38M |
| Interest Income | 18.37M | 15.74M | 19.58M | 17.15M | 4.53M | 238K | 1.73M | 7.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 20.51M | 20.47M | 20.17M | 20.14M | 20.11M | 23.48M | 14.18M | 11.49M | 11.62M | 7.74M | 894K | 272K | 1.2M | 1.87M | 1.86M | 3M | 3.97M | 3.38M |
| Other Income/Expense | -28.21M | -15.67M | -1.81M | -1.71M | -18.94M | -26M | -12.96M | -5M | 6.12M | -5.76M | -1.59M | -670K | -3.44M | -1.87M | -1.86M | -4.83M | -3.97M | -3.38M |
| Pretax Income | -215.98M | 62.53M | 20.08M | -28.21M | -94.56M | -93.91M | -19.33M | 33.65M | 70.02M | -153.63M | -7.81M | 10.29M | -12.02M | -32.95M | -52.89M | -48.99M | -27.09M | -11.98M |
| Pretax Margin % | -21.76% | 6.07% | 1.69% | -2.08% | -5.36% | -5.8% | -1.32% | 2.54% | 6.18% | -20.86% | -2.42% | 2.99% | -3.82% | -13.41% | -33.95% | -54.41% | -45.89% | -26.27% |
| Income Tax | 5.83M | 18.7M | -16.77M | 1.84M | -5.39M | -29.89M | -15.17M | -1.67M | -7.48M | -49.11M | 43K | 44K | 51K | 40K | 5K | 43K | 154K | 0 |
| Effective Tax Rate % | -2.7% | 29.9% | -83.53% | -6.52% | 5.7% | 31.83% | 78.48% | -4.96% | -10.69% | 31.96% | -0.55% | 0.43% | -0.42% | -0.12% | -0.01% | -0.09% | -0.57% | 0% |
| Net Income | -221.82M | 43.83M | 36M | -40.94M | -128.45M | -71.38M | -6.28M | 34.83M | 77.32M | -103.12M | -7.86M | 10.24M | -12.07M | -32.99M | -52.89M | -49.04M | -27.25M | -11.98M |
| Net Margin % | -22.35% | 4.25% | 3.04% | -3.01% | -7.28% | -4.41% | -0.43% | 2.63% | 6.83% | -14% | -2.43% | 2.98% | -3.83% | -13.43% | -33.95% | -54.46% | -46.15% | -26.27% |
| Net Income Growth % | -470.45% | 21.74% | 187.94% | 68.13% | -79.96% | -1036.05% | -118.04% | -54.95% | 174.98% | -1212.43% | -176.71% | 184.84% | 63.4% | 37.63% | -7.87% | -79.98% | -127.41% | - |
| Net Income (Continuing) | -221.82M | 43.83M | 36.85M | -30.05M | -89.17M | -64.02M | -4.16M | 35.31M | 77.51M | -104.53M | 10.63M | -4M | -12.07M | -32.99M | -52.89M | -49.04M | -27.25M | -11.98M |
| Discontinued Operations | 0 | 0 | 0 | -10.26M | -38.81M | -6.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 3.74M | 2.99M | 10.91M | 36.93M | 35.93M | 27.21M | 31.05M | 23.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -5.48 | 0.94 | 0.71 | -0.79 | -0.26 | -0.13 | -0.01 | 0.07 | 0.15 | -0.24 | -0.13 | 0.17 | -0.21 | -0.57 | -0.92 | -1.60 | -1.00 | -0.44 |
| EPS Growth % | -555.07% | 32.39% | 189.87% | -203.85% | -100% | -1200% | -114.29% | -53.33% | 162.5% | -84.62% | -176.47% | 180.95% | 63.16% | 38.04% | 42.5% | -60% | -127.27% | - |
| EPS (Basic) | - | 0.94 | 0.72 | -0.79 | -0.26 | -0.13 | -0.01 | 0.07 | 0.15 | -0.24 | -0.13 | 0.18 | -0.21 | -0.57 | -0.92 | -1.60 | -1.00 | -0.44 |
| Diluted Shares Outstanding | 40.46M | 46.63M | 50.67M | 50.59M | 495M | 543.46M | 628.3M | 497.56M | 51.55M | 43.06M | 5.89M | 5.88M | 5.85M | 5.82M | 5.75M | 3.07M | 2.71M | 2.71M |
| Basic Shares Outstanding | 40.46M | 46.63M | 50M | 50.59M | 495M | 543.46M | 628.3M | 497.56M | 51.55M | 42.97M | 5.89M | 5.85M | 5.85M | 5.82M | 5.75M | 3.07M | 2.71M | 2.71M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying ANGI stock.
For fiscal year 2025, Angi Inc. (ANGI) reported total revenue of $1.03B. This represents a 2159.9% increase compared to $45.6M in 2009.
Angi Inc. (ANGI) is profitable, generating $43.8M in net income for the fiscal year ending 2025 with a net profit margin of 4.3%.
Angi Inc. (ANGI) reported an operating income of $78.2M, resulting in an operating profit margin of 7.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Angi Inc. (ANGI) generated $936.0M in gross profit for the year, representing a gross profit margin of 90.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Marketplace demand and SEO
Metrics are mathematically derived from official filings.
Persistent Revenue Contraction Trends
As reported in recent financial filings, Angi's revenue has faced consistent downward pressure, culminating in a 3.2% year-over-year decline in 2026Q1, which underscores the ongoing difficulty in stabilizing the top-line performance amidst a challenging macroeconomic environment for home improvement services and shifting consumer search behaviors.
The persistent negative growth trajectory suggests that the company is struggling to offset the loss of legacy traffic with new, organic acquisition channels. This trend warrants concern as it indicates that the core marketplace may be losing relevance or market share to more agile, search-integrated competitors.
Structural Margin Volatility Risks
Based on the provided income statement data, Angi maintains a high gross margin profile typically exceeding 94%, yet operating margins remain thin and volatile, dropping to -4.0% in 2026Q1, which highlights the company's sensitivity to fluctuations in marketing efficiency and fixed cost absorption.
While the gross margin remains robust due to the digital nature of the lead-generation model, the inability to maintain positive operating margins suggests that the cost of acquiring customers is rising faster than the platform's ability to monetize them. Investors should monitor whether this margin compression is a temporary byproduct of strategic pivots or a permanent structural shift.
Fixed Cost Burden Pressures
According to historical income statement figures, SG&A expenses continue to represent a significant portion of revenue, often exceeding 80% of total sales, which limits the company's ability to achieve meaningful operating leverage even when gross profit margins remain at their historical highs of approximately 95%.
The high concentration of SG&A expenses suggests that the business model remains heavily reliant on aggressive outbound sales and paid marketing to sustain its marketplace volume. This cost structure appears to lack the scalability required to drive significant bottom-line growth, as any reduction in marketing spend seems to correlate directly with top-line contraction.
Marketplace Relevance and Sustainability
Analysis of the company's recent performance, including the 13.04% year-over-year revenue decline noted in recent periods, suggests that the core marketplace model may be facing a structural decline in utility, potentially exacerbated by the increasing dominance of search engine-integrated local service advertising platforms.
Short-term observers may argue that the company's pivot toward a 'pre-priced' services model has failed to provide the expected high-margin scalability, leaving the firm vulnerable to both cyclical downturns and competitive encroachment. The persistent reliance on paid traffic acquisition suggests that the brand's organic moat may be thinner than previously assumed.