Revenue growth remains highly volatile, swinging from a 10.9% increase in 2026Q1 to a 10.3% contraction in 2025Q4, while SG&A expenses frequently exceed 40% of revenue, constraining overall profitability.
| 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 |
|---|
| Sales/Revenue | 373.29M | 364.78M | 365.48M | 331.99M | 335.25M | 341.94M | 211.92M | 325.76M | 276.87M | 210.93M | 125.86M | 75.83M | 63.12M | 43.31M | 25.31M | 20.34M |
| Revenue Growth % | 1.06% | -0.19% | 10.09% | -0.97% | -1.96% | 61.36% | -34.95% | 17.66% | 31.27% | 67.59% | 65.98% | 20.13% | 45.73% | 71.13% | 24.43% | - |
| Cost of Goods Sold | 60.21M | 54.98M | 61.02M | 62.27M | 60.74M | 71.65M | 59.81M | 187.25M | 165.44M | 130.35M | 79.88M | 54.72M | 44.09M | 29.19M | 18.22M | 13.65M |
| COGS % of Revenue | - | 15.07% | 16.7% | 18.76% | 18.12% | 20.95% | 28.22% | 57.48% | 59.75% | 61.8% | 63.47% | 72.16% | 69.85% | 67.39% | 72% | 67.1% |
| Gross Profit | 313.08M | 309.8M | 304.46M | 269.72M | 274.5M | 270.29M | 152.11M | 138.51M | 111.43M | 80.58M | 45.98M | 21.11M | 19.03M | 14.13M | 7.09M | 6.69M |
| Gross Margin % | 83.87% | 84.93% | 83.3% | 81.24% | 81.88% | 79.05% | 71.78% | 42.52% | 40.25% | 38.2% | 36.53% | 27.84% | 30.15% | 32.61% | 28% | 32.9% |
| Gross Profit Growth % | - | 1.76% | 12.88% | -1.74% | 1.56% | 77.69% | 9.82% | 24.3% | 38.3% | 75.24% | 117.79% | 10.92% | 34.74% | 99.32% | 5.89% | - |
| Operating Expenses | 288.94M | 277.35M | 263.64M | 286.53M | 223.74M | 195.83M | 158.14M | 134.61M | 84.74M | 62.95M | 26.25M | 18.19M | 10.47M | 5.7M | 3.29M | 2.87M |
| OpEx % of Revenue | - | 76.03% | 72.13% | 86.31% | 66.74% | 57.27% | 74.62% | 41.32% | 30.6% | 29.84% | 20.85% | 23.99% | 16.59% | 13.15% | 13.02% | 14.11% |
| Selling, General & Admin | 172.13M | 163.87M | 151.95M | 152.46M | 155.11M | 132.9M | 74.8M | 54.64M | 46.98M | 33.4M | 16.23M | 10.69M | 6.25M | 3.75M | 2.19M | 2M |
| SG&A % of Revenue | - | 44.92% | 41.58% | 45.92% | 46.27% | 38.87% | 35.3% | 16.77% | 16.97% | 15.83% | 12.9% | 14.1% | 9.9% | 8.65% | 8.67% | 9.85% |
| Research & Development | 60.35M | 58.06M | 49.99M | 49.68M | 33.66M | 18.42M | 13.26M | 22.28M | 20.19M | 8.35M | 2.62M | 4.09M | 2M | 795K | 376K | 286K |
| R&D % of Revenue | - | 15.92% | 13.68% | 14.97% | 10.04% | 5.39% | 6.26% | 6.84% | 7.29% | 3.96% | 2.08% | 5.4% | 3.17% | 1.84% | 1.49% | 1.41% |
| Other Operating Expenses | 4M | 55.42M | 61.7M | 84.39M | 34.97M | 44.51M | 70.08M | 63.81M | 17.57M | 12.55M | 3.89M | 3.41M | 2.22M | 1.16M | 724K | 581K |
| Operating Income | 24.14M | 32.45M | 40.82M | -16.8M | 50.76M | 74.46M | -6.03M | 3.9M | 26.7M | 17.63M | 19.73M | 2.92M | 8.56M | 8.43M | 3.79M | 3.82M |
| Operating Margin % | 6.47% | 8.9% | 11.17% | -5.06% | 15.14% | 21.78% | -2.84% | 1.2% | 9.64% | 8.36% | 15.68% | 3.85% | 13.57% | 19.46% | 14.98% | 18.79% |
| Operating Income Growth % | - | -20.51% | 342.91% | -133.1% | -31.83% | 1335.88% | -254.37% | -85.38% | 51.45% | -10.67% | 575.09% | -65.87% | 1.61% | 122.28% | -0.78% | - |
| EBITDA | 88.31M | 95.57M | 99.5M | 61.48M | 93.46M | 114.72M | 39.16M | 36.26M | 37.5M | 31.13M | 24.83M | 6.39M | 9.72M | 8.72M | 3.89M | 3.87M |
| EBITDA Margin % | 23.66% | 26.2% | 27.22% | 18.52% | 27.88% | 33.55% | 18.48% | 11.13% | 13.55% | 14.76% | 19.73% | 8.43% | 15.4% | 20.13% | 15.36% | 19.03% |
| EBITDA Growth % | -18.96% | -3.94% | 61.84% | -34.22% | -18.53% | 192.94% | 8% | -3.31% | 20.49% | 25.35% | 288.29% | -34.21% | 11.47% | 124.31% | 0.47% | - |
| D&A (Non-Cash Add-back) | 64.17M | 63.12M | 58.68M | 78.28M | 42.7M | 40.26M | 45.19M | 32.36M | 10.81M | 13.5M | 5.1M | 3.47M | 1.16M | 292K | 96K | 48K |
| EBIT | 30.1M | 39.46M | 47.48M | -8.78M | 47.04M | 74.94M | -5.58M | 4.68M | 27.95M | 17.88M | 20.09M | 3M | 8.64M | 8.58M | 3.98M | 3.85M |
| Net Interest Income | 3.4M | 4.81M | -2.29M | -2.01M | -2.33M | -2.19M | -1.42M | -315K | 473K | -307K | -149K | -132K | -339K | 104K | 163K | -135K |
| Interest Income | 5.96M | 7.01M | 6.66M | 8.19M | 2.28M | 483K | 445K | 773K | 1.25M | 257K | 355K | 75K | 71K | 148K | 193K | 24K |
| Interest Expense | 2.56M | 2.2M | 8.95M | 10.2M | 4.61M | 2.67M | 1.86M | 1.09M | 778K | 564K | 504K | 207K | 410K | 44K | 30K | 159K |
| Other Income/Expense | 3.4M | 4.81M | -2.29M | -2.18M | -8.34M | -2.19M | -1.42M | -315K | 473K | -307K | -149K | -132K | -339K | 104K | 163K | -135K |
| Pretax Income | 27.54M | 37.26M | 38.53M | -18.98M | 42.42M | 72.28M | -7.44M | 3.59M | 27.17M | 17.32M | 19.58M | 2.79M | 8.23M | 8.53M | 3.96M | 3.69M |
| Pretax Margin % | 7.38% | 10.21% | 10.54% | -5.72% | 12.65% | 21.14% | -3.51% | 1.1% | 9.81% | 8.21% | 15.56% | 3.68% | 13.03% | 19.7% | 15.63% | 18.13% |
| Income Tax | 9.44M | 12.22M | 3.1M | 2.5M | 19.69M | -948K | -9.58M | -2.64M | 5.01M | 3.56M | 3.12M | 642K | 2.13M | 1.43M | 719K | 863K |
| Effective Tax Rate % | 34.28% | 32.79% | 8.03% | -13.18% | 46.41% | -1.31% | 128.74% | -73.47% | 18.46% | 20.56% | 15.91% | 23% | 25.86% | 16.77% | 18.18% | 23.41% |
| Net Income | 18.09M | 25.04M | 35.44M | -21.49M | 22.74M | 73.22M | 2.14M | 6.22M | 22.15M | 13.76M | 16.47M | 2.15M | 6.1M | 7.1M | 3.24M | 2.82M |
| Net Margin % | 4.85% | 6.87% | 9.7% | -6.47% | 6.78% | 21.41% | 1.01% | 1.91% | 8% | 6.52% | 13.09% | 2.83% | 9.66% | 16.4% | 12.78% | 13.88% |
| Net Income Growth % | -58.82% | -29.33% | 264.92% | -194.5% | -68.95% | 3323.24% | -65.63% | -71.91% | 61.01% | -16.46% | 666.36% | -64.76% | -14.12% | 119.47% | 14.59% | - |
| Net Income (Continuing) | 18.09M | 25.04M | 35.44M | -21.49M | 22.74M | 73.22M | 2.14M | 6.22M | 22.15M | 13.76M | 16.47M | 2.15M | 6.1M | 7.1M | 3.24M | 2.82M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.31 | 0.41 | 0.51 | -0.30 | 0.30 | 0.96 | 0.03 | 0.11 | 0.32 | 0.22 | 0.26 | 0.03 | 0.10 | 0.12 | 0.05 | 0.05 |
| EPS Growth % | -52.41% | -19.61% | 270% | -200% | -68.75% | 3016.88% | -72% | -65.63% | 45.45% | -15.38% | 687.88% | -67% | -16.67% | 140% | 9.65% | - |
| EPS (Basic) | - | 0.42 | 0.51 | -0.30 | 0.30 | 1.01 | 0.03 | 0.11 | 0.37 | 0.23 | 0.26 | 0.03 | 0.11 | 0.12 | 0.05 | 0.05 |
| Diluted Shares Outstanding | 59.06M | 61.06M | 70.09M | 71.79M | 76.53M | 76.35M | 69.35M | 57.4M | 69.7M | 63.66M | 63.54M | 66M | 59.7M | 61.91M | 61.91M | 61.91M |
| Basic Shares Outstanding | 59.06M | 59.78M | 68.99M | 71.79M | 74.97M | 72.25M | 67M | 55.62M | 60.38M | 61.19M | 62.68M | 65.99M | 57.7M | 61.91M | 61.91M | 61.91M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | 28.69% | 18.98% | 24.23% | 71.06% | 51.6% | 95.4% | 39.65% | 89.38% |
Geopolitical and Integration Volatility
According to historical income statement data, Nexxen's revenue growth has exhibited significant volatility, fluctuating from a 10.9% increase in 2026Q1 to a 10.3% contraction in 2025Q4, suggesting that the company's reliance on transactional programmatic advertising makes it highly susceptible to seasonal and cyclical demand shifts.
The lack of consistent top-line expansion indicates that the company may be struggling to gain meaningful market share in the competitive CTV landscape. Investors should monitor whether the recent revenue fluctuations reflect a structural inability to scale or merely the digestion of previous M&A activity.
As reported in financial statements, Nexxen maintains a robust gross margin profile, consistently hovering above 80% and reaching 86.7% in 2025Q2, which implies that the company's net revenue accounting model effectively insulates it from the direct volatility of media acquisition costs.
This high gross margin suggests strong pricing power within its integrated tech stack, yet this advantage is not currently translating into sustained bottom-line profitability. The disparity between these high margins and recent operating losses warrants further investigation into the efficiency of the company's platform-related service costs.
Based on Nexxen's reported figures, the company's operating income has swung into negative territory, specifically a $4.9M loss in 2026Q1, driven by an SG&A burden that frequently exceeds 40% of revenue, highlighting a potential lack of operational discipline following recent corporate acquisitions.
The elevated SG&A levels suggest that the company is carrying significant overhead, likely related to the integration of disparate platforms like Amobee. Without a clear path to rationalizing these costs, the company may continue to face challenges in achieving consistent operating leverage.
Data from recent filings indicates that Nexxen's net income is highly erratic, with EPS swinging from a $0.37 profit in 2024Q4 to a $0.09 loss in 2026Q1, a trend exacerbated by the intermittent use of stock-based compensation which reached $4.8M in the most recent quarter.
The reliance on stock-based compensation to manage cash flow may be masking the true cost of talent acquisition and retention. Investors should be cautious of these non-cash charges, as they may indicate that the company is struggling to maintain profitability without diluting shareholder value.
Quick answers to the most common questions about buying NEXN stock.
For fiscal year 2025, Nexxen International Ltd. (NEXN) reported total revenue of $364.8M. This represents a 1693.3% increase compared to $20.3M in 2011.
Nexxen International Ltd. (NEXN) is profitable, generating $25.0M in net income for the fiscal year ending 2025 with a net profit margin of 6.9%.
Nexxen International Ltd. (NEXN) reported an operating income of $32.4M, resulting in an operating profit margin of 8.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Nexxen International Ltd. (NEXN) generated $309.8M in gross profit for the year, representing a gross profit margin of 84.9%. This demonstrates the company's core pricing power and production efficiency.