Revenue growth remains under pressure with a 25.9% year-over-year decline in 2026Q1, while operating margins have struggled to maintain positive territory, reaching -9.5% in the same period.
| 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 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 2.25B | 2.39B | 3.81B | 4.37B | 5.24B | 3.7B | 2.76B | 2.51B | 2.53B | 3.31B | 1.75B | 3.23B | 3.11B | 3.02B | 2.8B | 2.06B | 1.64B | 1.35B | 1.41B | 1.33B | 1B | 5.02B | 3.91B | 3.82B | 3.03B | 3.43B | 2.96B | 3.37B | 2.76B | 1.26B | 75.1M |
| Revenue Growth % | -20.82% | -37.14% | -12.78% | -16.62% | 41.51% | 33.82% | 10.14% | -0.91% | -23.41% | 89.47% | -45.97% | 3.91% | 2.86% | 7.93% | 36.01% | 25.82% | 21.54% | -4.5% | 5.82% | 33.18% | -80.09% | 28.47% | 2.29% | 26.21% | -11.8% | 15.85% | -12.07% | 22.17% | 118.73% | 1580.16% | - |
| Cost of Goods Sold | 795.51M | 794.3M | 1.06B | 1.34B | 1.93B | 1.3B | 745.37M | 547.66M | 501.15M | 651.01M | 383.57M | 778.16M | 860.2M | 977.4M | 991.7M | 761.2M | 593.8M | 429.8M | 457M | 521.7M | 369.1M | 2.61B | 2.17B | 2.25B | 1.93B | 2.31B | 1.98B | 2B | 1.64B | 645.3M | 21M |
| COGS % of Revenue | - | 33.19% | 27.84% | 30.77% | 36.94% | 35.04% | 26.96% | 21.82% | 19.78% | 19.68% | 21.97% | 24.08% | 27.66% | 32.33% | 35.41% | 36.96% | 36.28% | 31.92% | 32.41% | 39.15% | 36.89% | 51.89% | 55.58% | 58.8% | 63.67% | 67.12% | 66.69% | 59.2% | 59.57% | 51.14% | 27.96% |
| Gross Profit | 1.45B | 1.6B | 2.75B | 3.02B | 3.3B | 2.4B | 2.02B | 1.96B | 2.03B | 2.66B | 1.36B | 2.45B | 2.25B | 2.05B | 1.81B | 1.3B | 1.04B | 916.9M | 953.1M | 810.9M | 631.5M | 2.42B | 1.74B | 1.58B | 1.1B | 1.13B | 987.6M | 1.38B | 1.12B | 616.5M | 54.1M |
| Gross Margin % | 64.57% | 66.81% | 72.16% | 69.23% | 63.06% | 64.96% | 73.04% | 78.18% | 80.22% | 80.32% | 78.03% | 75.92% | 72.34% | 67.67% | 64.59% | 63.04% | 63.72% | 68.08% | 67.59% | 60.85% | 63.11% | 48.11% | 44.42% | 41.2% | 36.33% | 32.88% | 33.31% | 40.8% | 40.43% | 48.86% | 72.04% |
| Gross Profit Growth % | - | -41.8% | -9.09% | -8.47% | 37.37% | 19.03% | 2.9% | -3.42% | -23.5% | 95.03% | -44.47% | 9.05% | 9.96% | 13.07% | 39.36% | 24.47% | 13.75% | -3.8% | 17.54% | 28.41% | -73.87% | 39.14% | 10.29% | 43.13% | -2.54% | 14.34% | -28.22% | 23.29% | 81.01% | 1039.56% | - |
| Operating Expenses | 1.42B | 1.7B | 2.75B | 3.28B | 3.78B | 2.54B | 2.56B | 1.96B | 2B | 2.47B | 1.67B | 2.28B | 1.94B | 1.62B | 1.49B | 1.1B | 1B | 2.02B | 1.23B | 884.2M | 742.8M | 2.09B | 1.58B | 1.44B | 1.14B | 1.27B | 1.34B | 1.11B | 866M | 521.9M | 50.6M |
| OpEx % of Revenue | - | 70.87% | 72.27% | 75.2% | 72.13% | 68.67% | 92.49% | 77.95% | 78.8% | 74.62% | 95.71% | 70.56% | 62.3% | 53.74% | 53.35% | 53.44% | 61.16% | 149.84% | 87.57% | 66.35% | 74.24% | 41.62% | 40.31% | 37.58% | 37.53% | 36.96% | 45.11% | 32.8% | 31.38% | 41.36% | 67.38% |
| Selling, General & Admin | 1.14B | 1.45B | 2.16B | 2.47B | 2.91B | 2.16B | 1.91B | 1.69B | 1.67B | 2.1B | 1.2B | 1.86B | 1.59B | 1.36B | 1.28B | 942.9M | 808.7M | 761.7M | 811.2M | 732.5M | 610M | 1.69B | 1.18B | 976.3M | 676.9M | 723.7M | 665.8M | 688.3M | 555.6M | 347.1M | 33.2M |
| SG&A % of Revenue | - | 60.47% | 56.64% | 56.54% | 55.52% | 58.38% | 69.11% | 67.37% | 65.9% | 63.51% | 68.58% | 57.58% | 51.17% | 45.02% | 45.73% | 45.79% | 49.41% | 56.56% | 57.53% | 54.97% | 60.96% | 33.65% | 30.14% | 25.53% | 22.34% | 21.07% | 22.46% | 20.41% | 20.13% | 27.51% | 44.21% |
| Research & Development | 185.5M | 149.52M | 323.69M | 334.49M | 318.03M | 230.81M | 185.34M | 132.64M | 177.3M | 250.88M | 128.76M | 196.62M | 160.5M | 139.8M | 116.5M | 78.8M | 65.1M | 57.8M | 63.8M | 61.2M | 37.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 6.25% | 8.5% | 7.66% | 6.07% | 6.24% | 6.7% | 5.28% | 7% | 7.59% | 7.38% | 6.09% | 5.16% | 4.62% | 4.16% | 3.83% | 3.98% | 4.29% | 4.52% | 4.59% | 3.77% | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 99.37M | 271.4M | 480.07M | 551.46M | 149.85M | 460.81M | 133M | -3.83M | -16.21M | 437.17M | 222.91M | 185.7M | 124M | 97M | 78.8M | 127.3M | 1.2B | 359.8M | 90.5M | 95.1M | 400M | 397.7M | 460.5M | 460.1M | 545.8M | 671.6M | 417.6M | 310.4M | 174.8M | 17.4M |
| Operating Income | 34.19M | -97.1M | -4.23M | -260.76M | -474.77M | -137.07M | -537.66M | 5.73M | 35.84M | 188.47M | -57.8M | 172.89M | 312.1M | 420.9M | 314.9M | 197.8M | 42M | -1.1B | -281.7M | -73.3M | -111.3M | 326.3M | 160.6M | 138.3M | -36.6M | -140.3M | -349.7M | 269.9M | 249.9M | 94.5M | 3.6M |
| Operating Margin % | 1.52% | -4.06% | -0.11% | -5.97% | -9.07% | -3.7% | -19.45% | 0.23% | 1.41% | 5.7% | -3.31% | 5.35% | 10.04% | 13.92% | 11.24% | 9.6% | 2.57% | -81.76% | -19.98% | -5.5% | -11.12% | 6.49% | 4.11% | 3.62% | -1.21% | -4.08% | -11.8% | 8% | 9.05% | 7.49% | 4.79% |
| Operating Income Growth % | - | -2195.44% | 98.38% | 45.08% | -246.38% | 74.51% | -9476.75% | -84% | -80.99% | 426.07% | -133.43% | -44.6% | -25.85% | 33.66% | 59.2% | 370.95% | 103.81% | -290.84% | -284.31% | 34.14% | -134.11% | 103.18% | 16.12% | 477.87% | 73.91% | 59.88% | -229.57% | 8% | 164.44% | 2525% | - |
| EBITDA | 129.34M | 256.93M | 267.17M | 312M | -36.07M | 12.79M | -342M | 135.42M | 185.31M | 304.87M | 36.09M | 375.05M | 431.2M | 539.6M | 403.2M | 276.6M | 133.4M | -882.6M | -170.9M | 22.3M | -16.2M | 638.5M | 472.8M | 475.1M | 217.1M | 276.4M | 70.4M | 1.16B | 974M | 172.2M | 22.3M |
| EBITDA Margin % | 5.76% | 10.74% | 7.02% | 7.15% | -0.69% | 0.35% | -12.37% | 5.4% | 7.32% | 9.22% | 2.07% | 11.61% | 13.87% | 17.85% | 14.4% | 13.43% | 8.15% | -65.54% | -12.12% | 1.67% | -1.62% | 12.71% | 12.09% | 12.43% | 7.17% | 8.05% | 2.37% | 34.51% | 35.29% | 13.65% | 29.69% |
| EBITDA Growth % | -51.14% | -3.83% | -14.37% | 965.05% | -382.06% | 103.74% | -352.55% | -26.92% | -39.22% | 744.67% | -90.38% | -13.02% | -20.09% | 33.83% | 45.77% | 107.35% | 115.11% | -416.44% | -866.37% | 237.65% | -102.54% | 35.05% | -0.48% | 118.84% | -21.45% | 292.61% | -93.95% | 19.46% | 465.62% | 672.2% | - |
| D&A (Non-Cash Add-back) | 95.15M | 354.02M | 271.4M | 572.76M | 438.7M | 149.85M | 195.66M | 129.69M | 149.47M | 116.41M | 93.89M | 202.16M | 119.1M | 118.7M | 88.3M | 78.8M | 91.4M | 218.4M | 110.8M | 95.6M | 95.1M | 312.2M | 312.2M | 336.8M | 253.7M | 416.7M | 420.1M | 893.6M | 724.1M | 77.7M | 18.7M |
| EBIT | 318.92M | -68.12M | -536.51M | 524.77M | -1.42B | 764.07M | 260.33M | 46.22M | 318.63M | 172.25M | -57.8M | 216.53M | 326.21M | 449.9M | 295.25M | 176.93M | 28.1M | -941.18M | 143.56M | 56.97M | -15.61M | 1.02B | 400.49M | 85.31M | -40.95M | -278.6M | -374.8M | 358.1M | 138M | 30.2M | -13.5M |
| Net Interest Income | -69.02M | -55.96M | -69.39M | -86.52M | -85.25M | -32.91M | -8.99M | 3.25M | -3.93M | -105.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 22.69M | 37.16M | 86.5M | 71.11M | 24.92M | 1.35M | 7.18M | 15.16M | 9.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 65.86M | 93.12M | 155.89M | 157.63M | 110.17M | 34.26M | 16.17M | 11.9M | 13.06M | 105.3M | 109.11M | 73.64M | 56.31M | 33.6M | 6.15M | 5.43M | 5.4M | 5.82M | 32.36M | 61.07M | 60.29M | 77.67M | 87.39M | 92.91M | 44.76M | -69.1M | -66.7M | 41.2M | -103.8M | -26.3M | -8.6M |
| Other Income/Expense | 175.18M | -64.14M | -688.17M | 627.9M | -1.05B | 866.87M | 781.82M | 28.58M | 269.74M | -121.51M | 56.17M | -30M | -42.2M | -4.6M | -25.8M | -26.3M | -19.3M | 154M | 392.9M | 69.2M | 35.4M | 619.9M | 152.5M | -145.9M | -49.1M | -69.2M | 41.6M | 47M | -8.1M | -38M | -8.5M |
| Pretax Income | 209.38M | -161.24M | -692.4M | 367.13M | -1.53B | 729.81M | 244.16M | 34.32M | 305.57M | 66.96M | -277M | 142.89M | 269.9M | 416.3M | 289.1M | 171.5M | 22.7M | -947M | 111.2M | -4.1M | -75.9M | 946.2M | 313.1M | -7.6M | -85.7M | -209.5M | -308.1M | 316.9M | 241.8M | 56.5M | -4.9M |
| Pretax Margin % | 9.32% | -6.74% | -18.19% | 8.41% | -29.15% | 19.73% | 8.83% | 1.37% | 12.06% | 2.02% | -15.87% | 4.42% | 8.68% | 13.77% | 10.32% | 8.33% | 1.39% | -70.32% | 7.89% | -0.31% | -7.59% | 18.83% | 8.01% | -0.2% | -2.83% | -6.1% | -10.39% | 9.4% | 8.76% | 4.48% | -6.52% |
| Income Tax | 168.13M | -43.45M | -159.07M | 108.82M | -331.09M | 138.99M | -45.71M | -47.35M | 13.2M | -291.05M | -89.53M | 29.52M | 35.37M | 134.5M | 119.22M | -4.05M | 32.08M | -1.49M | 37.7M | -138.05M | -125.14M | -391.07M | -179.19M | -70.69M | -5.57M | 9.2M | 43.9M | 103.1M | 98.6M | 41.1M | 1.9M |
| Effective Tax Rate % | 80.3% | 26.95% | 22.97% | 29.64% | 21.69% | 19.04% | -18.72% | -137.98% | 4.32% | -434.68% | 32.32% | 20.66% | 13.11% | 32.31% | 41.24% | -2.36% | 141.32% | 0.16% | 33.9% | 3367.12% | 164.87% | -41.33% | -57.23% | 930.14% | 6.5% | -4.39% | -14.25% | 32.53% | 40.78% | 72.74% | -38.78% |
| Net Income | 40.89M | -104.03M | -539.9M | 265.94M | -1.17B | 597.55M | 269.73M | 22.89M | 246.77M | 304.92M | -182.94M | 119.47M | 414.9M | 285.8M | 159.3M | 174.2M | 99.4M | -978.8M | -156.2M | -144.1M | 187.1M | 869.7M | 164.9M | 167.4M | 1.95B | 383.6M | -148M | -27.6M | 76.9M | 13.1M | -6.5M |
| Net Margin % | 1.82% | -4.35% | -14.18% | 6.09% | -22.35% | 16.15% | 9.76% | 0.91% | 9.74% | 9.22% | -10.48% | 3.7% | 13.34% | 9.45% | 5.69% | 8.46% | 6.07% | -72.68% | -11.08% | -10.81% | 18.7% | 17.31% | 4.22% | 4.38% | 64.47% | 11.17% | -4.99% | -0.82% | 2.79% | 1.04% | -8.66% |
| Net Income Growth % | 105.1% | 80.73% | -303.01% | 122.73% | -295.83% | 121.54% | 1078.1% | -90.72% | -19.07% | 266.68% | -253.12% | -71.2% | 45.17% | 79.41% | -8.55% | 75.25% | 110.16% | -526.63% | -8.4% | -177.02% | -78.49% | 427.41% | -1.49% | -91.43% | 409.15% | 359.19% | -436.23% | -135.89% | 487.02% | 301.54% | - |
| Net Income (Continuing) | 41.24M | -117.78M | -533.33M | 258.32M | -1.2B | 590.82M | 289.87M | 81.67M | 292.37M | 358.01M | -187.47M | 119.47M | 414.9M | 285.8M | 159.3M | 174.2M | 99.4M | -978.8M | -156.2M | -144.1M | 187.1M | 869.7M | 164.9M | 167.4M | 1.95B | 383.6M | -148M | -27.6M | 76.9M | 13.1M | -6.5M |
| Discontinued Operations | -26K | 15.31M | 0 | 0 | 2.69M | -1.83M | -21.28M | -49.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 12.24M | 55.2M | 726.49M | 710.52M | 668.15M | 592.48M | 785.35M | 513.94M | 774.36M | 293.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.53 | -1.33 | -6.49 | 2.97 | -13.55 | 6.33 | 2.97 | 0.27 | 2.90 | 0.42 | -2.26 | 1.45 | 4.65 | 3.37 | 1.69 | 1.87 | 1.05 | -6.97 | -1.11 | -1.03 | 1.33 | 6.19 | 1.17 | 1.19 | 20.89 | 4.10 | -1.65 | -0.30 | 0.52 | 0.23 | -0.60 |
| EPS Growth % | 103.93% | 79.51% | -318.52% | 121.92% | -314.06% | 113.13% | 1000% | -90.69% | 590.48% | 118.58% | -255.86% | -68.82% | 37.98% | 99.41% | -9.63% | 78.1% | 115.06% | -527.93% | -7.77% | -177.44% | -78.51% | 429.06% | -1.68% | -94.3% | 409.51% | 348.48% | -450% | -157.69% | 126.09% | 138.33% | - |
| EPS (Basic) | - | -1.30 | -6.49 | 3.07 | -13.55 | 6.72 | 3.16 | 0.27 | 2.90 | 0.42 | -2.26 | 1.45 | 4.65 | 3.37 | 1.69 | 1.87 | 1.05 | -6.97 | -1.11 | -1.03 | 1.33 | 6.19 | 1.17 | 1.19 | 20.89 | 4.10 | -1.65 | -0.30 | 0.52 | 0.23 | -0.60 |
| Diluted Shares Outstanding | 77.58M | 77.58M | 83.19M | 86.46M | 86.36M | 94.71M | 90.95M | 85.13M | 85.13M | 88.4M | 80.8M | 82.5M | 89.15M | 84.75M | 94.35M | 93.2M | 95.1M | 140.39M | 140.39M | 140.39M | 140.39M | 140.39M | 162.24M | 140.39M | 93.5M | 93.5M | 89.9M | 92M | 148.5M | 56.1M | 10.8M |
| Basic Shares Outstanding | 77.58M | 77.58M | 83.19M | 86.63M | 86.36M | 89.25M | 85.36M | 85.13M | 85.13M | 88.4M | 80.8M | 82.5M | 89.15M | 84.75M | 94.35M | 93.2M | 95.1M | 140.39M | 140.39M | 140.39M | 140.39M | 140.39M | 162.24M | 140.39M | 93.5M | 93.5M | 89.9M | 92M | 148.5M | 56.1M | 10.8M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Search traffic dependency
According to recent financial disclosures, IAC's revenue has experienced a sustained period of contraction, with the most recent quarter reporting $422.9 million, representing a 25.9% year-over-year decline that underscores the ongoing challenges in stabilizing the company's diverse digital and marketplace business units.
The consistent top-line erosion suggests that the company is struggling to offset the structural decline in legacy search and publishing assets. Investors should monitor whether this trend reflects a deliberate shedding of non-core operations or an inability to capture new growth in an increasingly competitive digital landscape.
As reported in quarterly filings, IAC's gross margin has fluctuated significantly, reaching 62.2% in 2026Q1, which highlights the inherent difficulty in maintaining profitability across a portfolio that blends high-margin digital content with lower-margin service-based marketplace operations and legacy print publishing costs.
The variability in gross margins appears to be driven by shifting revenue mixes and the integration of disparate business models. This lack of margin consistency suggests that the company's core segments may lack the pricing power necessary to insulate themselves from rising operational costs.
Based on the provided income statements, IAC's operating income has frequently dipped into negative territory, including a -9.5% operating margin in 2026Q1, indicating that the company has yet to achieve the necessary scale to leverage its fixed cost base effectively.
The inability to consistently scale operating income relative to gross profit suggests that SG&A expenses remain disproportionately high. This may indicate that the company is trapped in a cycle of heavy reinvestment to maintain marketplace liquidity, which continues to weigh on overall profitability.
Analysis of the company's net income history reveals extreme volatility, with figures swinging from a $211.5 million profit in 2025Q2 to a $216.8 million loss in 2025Q1, largely driven by non-operating items and the complex nature of IAC's corporate structure.
The erratic nature of net income suggests that investors should focus on core operating metrics rather than bottom-line results, which are frequently distorted by one-time charges and divestitures. This lack of earnings predictability warrants further investigation into the sustainability of the company's current business model.
While management emphasizes the strength of its intent-capture ecosystem, the persistent negative operating margins and revenue declines suggest that the core Angi marketplace may be facing structural headwinds that could limit future growth potential and long-term value creation for shareholders.
Short-term observers may argue that the company's reliance on paid traffic and the high cost of customer acquisition in the home services sector are unsustainable. The ongoing failure to achieve consistent profitability in these segments raises questions about the long-term viability of the current investment strategy.
Quick answers to the most common questions about buying IAC stock.
For fiscal year 2025, IAC InterActive Corp. (IAC) reported total revenue of $2.39B. This represents a 3086.7% increase compared to $75.1M in 1996.
IAC InterActive Corp. (IAC) reported a net loss of $104.0M for the fiscal year ending 2025.
IAC InterActive Corp. (IAC) reported an operating income of $-97.1M, resulting in an operating profit margin of -4.1%. This margin reflects the operational efficiency of the business before interest and taxes.
IAC InterActive Corp. (IAC) generated $1.60B in gross profit for the year, representing a gross profit margin of 66.8%. This demonstrates the company's core pricing power and production efficiency.