Revenue growth remains under pressure with a 7.5% year-over-year contraction in 2026Q1, while structural margin volatility persists as evidenced by net margins fluctuating between -109.1% and 6.6% over the last ten quarters.
| 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 |
|---|
| Sales/Revenue | 771.33M | 785.01M | 824.16M | 916.96M | 1.2B | 1.11B | 1.11B | 1.42B | 1.79B | 1.32B | 942.97M | 1.5B | 1.81B | 1.44B | 1.28B |
| Revenue Growth % | -0.07% | -4.75% | -10.12% | -23.74% | 7.99% | 0.36% | -21.95% | -20.72% | 36.02% | 39.79% | -37.05% | -17.46% | 25.69% | 12.99% | - |
| Cost of Goods Sold | 248.65M | 276.85M | 286.92M | 338.71M | 422.01M | 408.04M | 439.74M | 581.29M | 640.82M | 553.29M | 401.33M | 510.7M | 576M | 479M | 358M |
| COGS % of Revenue | - | 35.27% | 34.81% | 36.94% | 35.1% | 36.65% | 39.64% | 40.9% | 35.74% | 41.97% | 42.56% | 34.09% | 31.74% | 33.17% | 28.01% |
| Gross Profit | 522.68M | 508.17M | 537.24M | 578.25M | 780.38M | 705.34M | 669.69M | 840.08M | 1.15B | 764.87M | 541.63M | 987.38M | 1.24B | 965M | 920M |
| Gross Margin % | 67.76% | 64.73% | 65.19% | 63.06% | 64.9% | 63.35% | 60.36% | 59.1% | 64.26% | 58.03% | 57.44% | 65.91% | 68.26% | 66.83% | 71.99% |
| Gross Profit Growth % | - | -5.41% | -7.09% | -25.9% | 10.64% | 5.32% | -20.28% | -27.08% | 50.63% | 41.22% | -45.14% | -20.31% | 28.39% | 4.89% | - |
| Operating Expenses | 464.25M | 423.28M | 570.54M | 778.26M | 681.06M | 515.33M | 517.68M | 634.03M | 990.09M | 895.87M | 449.56M | 935.85M | 1.24B | 1.36B | 817M |
| OpEx % of Revenue | - | 53.92% | 69.23% | 84.87% | 56.64% | 46.28% | 46.66% | 44.61% | 55.22% | 67.96% | 47.67% | 62.47% | 68.48% | 93.98% | 63.93% |
| Selling, General & Admin | 408.33M | 384.17M | 487.44M | 509.42M | 578.84M | 511.71M | 492.77M | 588.07M | 723.11M | 594.43M | 376.08M | 482.83M | 600M | 592M | 398M |
| SG&A % of Revenue | - | 48.94% | 59.14% | 55.55% | 48.14% | 45.96% | 44.42% | 41.37% | 40.33% | 45.1% | 39.88% | 32.23% | 33.06% | 41% | 31.14% |
| Research & Development | 20.9M | 39.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.31M | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 4.98% | - | - | - | - | - | - | - | - | 0.78% | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 83.09M | 268.85M | 102.22M | 3.61M | 24.91M | 45.96M | 266.98M | -40.8M | 0 | 0 | 643M | 765M | 419M |
| Operating Income | 58.43M | 84.89M | -33.3M | -200.02M | 99.32M | 190.01M | 152.01M | 206.05M | 162.04M | -131M | -113.85M | 94.13M | -4M | -850M | 103M |
| Operating Margin % | 7.58% | 10.81% | -4.04% | -21.81% | 8.26% | 17.07% | 13.7% | 14.5% | 9.04% | -9.94% | -12.07% | 6.28% | -0.22% | -58.86% | 8.06% |
| Operating Income Growth % | - | 354.93% | 83.35% | -301.38% | -47.73% | 25% | -26.23% | 27.16% | 223.7% | -15.06% | -220.95% | 2453.25% | 99.53% | -925.24% | - |
| EBITDA | 86.37M | 124.35M | 19.49M | -136.77M | 187.71M | 295.49M | 298.54M | 386.41M | 429.02M | 170.44M | 156.25M | 483.47M | 639M | -85M | 522M |
| EBITDA Margin % | 11.2% | 15.84% | 2.36% | -14.92% | 15.61% | 26.54% | 26.91% | 27.19% | 23.93% | 12.93% | 16.57% | 32.27% | 35.21% | -5.89% | 40.85% |
| EBITDA Growth % | 399.33% | 538.01% | 114.25% | -172.86% | -36.47% | -1.02% | -22.74% | -9.93% | 151.72% | 9.08% | -67.68% | -24.34% | 851.76% | -116.28% | - |
| D&A (Non-Cash Add-back) | 27.94M | 39.46M | 52.79M | 63.25M | 88.39M | 105.47M | 146.52M | 180.36M | 266.98M | 301.44M | 270.11M | 389.34M | 643M | 765M | 419M |
| EBIT | 52.61M | 84.89M | -19.23M | -198.82M | 159.38M | 200.69M | 109.78M | 198.85M | 143.46M | -171.05M | -113.85M | 94.13M | -2M | -879M | 243M |
| Net Interest Income | -23.09M | -34.76M | -46.77M | -61.73M | -60.41M | -66.37M | -68.54M | -92.95M | -82.7M | -67.81M | 0 | 0 | -356M | -316M | -196M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 162.34M | 354.61M | 0 | 0 | 0 |
| Interest Expense | 18.94M | 34.76M | 46.77M | 61.73M | 60.41M | 66.37M | 68.54M | 92.95M | 82.7M | 67.81M | 0 | 0 | 356M | 316M | 196M |
| Other Income/Expense | -30.36M | -67.85M | -32.7M | -60.53M | -347K | -55.7M | -110.78M | -152.49M | -101.59M | -107.87M | 1.68B | -353.36M | -354M | -345M | -56M |
| Pretax Income | 28.07M | 17.04M | -66M | -260.54M | 98.97M | 134.31M | 41.24M | 53.57M | 60.97M | -238.87M | 828.86M | -303.08M | -358M | -1.2B | 47M |
| Pretax Margin % | 3.64% | 2.17% | -8.01% | -28.41% | 8.23% | 12.06% | 3.72% | 3.77% | 3.4% | -18.12% | 87.9% | -20.23% | -19.72% | -82.76% | 3.68% |
| Income Tax | 13.6M | 16.74M | 8.22M | -1.25M | 44.63M | 32.74M | -107.98M | 18.06M | 9.92M | -67.54M | 154.78M | -39.62M | 13M | -376M | 6M |
| Effective Tax Rate % | 48.45% | 98.2% | -12.45% | 0.48% | 45.09% | 24.37% | -261.85% | 33.72% | 16.27% | 28.28% | 18.67% | 13.07% | -3.63% | 31.46% | 12.77% |
| Net Income | 14.47M | 307K | -74.22M | -259.3M | 54.35M | 101.58M | 149.22M | 35.5M | 51.05M | -171.32M | -622.51M | -263.46M | -371M | -819M | 41M |
| Net Margin % | 1.88% | 0.04% | -9.01% | -28.28% | 4.52% | 9.12% | 13.45% | 2.5% | 2.85% | -13% | -66.02% | -17.59% | -20.44% | -56.72% | 3.21% |
| Net Income Growth % | 114.04% | 100.41% | 71.38% | -577.1% | -46.5% | -31.93% | 320.29% | -30.45% | 129.8% | 72.48% | -136.28% | 28.99% | 54.7% | -2097.56% | - |
| Net Income (Continuing) | 14.47M | 307K | -74.22M | -259.3M | 54.35M | 101.58M | 149.22M | 35.5M | 52.27M | -171.32M | 674.08M | -263.46M | -371M | -819M | 41M |
| Discontinued Operations | 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 |
| EPS (Diluted) | 0.32 | 0.01 | -2.00 | -7.47 | 1.49 | 2.78 | 4.42 | 1.04 | 0.86 | -3.04 | -11.21 | -8.08 | -38.60 | -98.94 | 4.24 |
| EPS Growth % | 111.35% | 100.34% | 73.23% | -601.34% | -46.4% | -37.1% | 325% | 20.93% | 128.29% | 72.88% | -38.74% | 79.07% | 60.99% | -2433.49% | - |
| EPS (Basic) | - | 0.01 | -2.00 | -7.47 | 1.58 | 3.02 | 4.73 | 1.08 | 0.89 | -3.04 | -11.21 | -8.08 | -38.60 | -98.94 | 4.24 |
| Diluted Shares Outstanding | 45.25M | 44.48M | 37.14M | 34.72M | 36.51M | 36.5M | 33.8M | 34.25M | 59.63M | 56.44M | 55.53M | 32.6M | 9.61M | 8.28M | 9.67M |
| Basic Shares Outstanding | 44.21M | 43.62M | 37.14M | 34.72M | 34.34M | 33.61M | 31.52M | 33.02M | 57.33M | 56.32M | 55.53M | 32.6M | 9.61M | 8.28M | 9.67M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Legacy revenue contraction risk
As indicated by the most recent quarterly filings, Thryv's revenue has experienced a persistent decline, with the 2026Q1 figure of $167.7M representing a 7.5% year-over-year contraction, suggesting that the legacy business decay is currently outpacing the company's ability to scale its newer software-as-a-service offerings.
The consistent negative growth trajectory highlights the difficulty of transitioning a legacy directory-based customer base into a modern SaaS ecosystem. Investors should monitor whether the SaaS segment can eventually achieve sufficient scale to offset the structural decline in the Marketing Services segment, which appears to be the primary drag on top-line performance.
Based on reported financial statements, Thryv's gross margin has fluctuated between 62.3% and 69.7% over the last ten quarters, reflecting the inherent difficulty in maintaining profitability while managing the high fixed-cost infrastructure required to support a shrinking legacy print and digital directory business model.
The variability in gross margins suggests that the company has not yet achieved a stable, high-margin software-centric profile. The reliance on legacy assets likely introduces cyclical cost pressures that prevent the firm from realizing the operating leverage typically associated with pure-play SaaS competitors.
According to recent SEC filings, Thryv's operating income has shown extreme volatility, swinging from a $242.1M loss in 2023Q4 to a $31.3M profit in 2024Q2, which indicates that the company has yet to demonstrate consistent operating leverage or efficient control over its significant SG&A overhead.
The inability to consistently scale operating income relative to gross profit suggests that the cost of acquiring and retaining micro-SMB customers remains prohibitively high. This lack of operating leverage may imply that the current sales-heavy model is not yet optimized for long-term profitability.
As reported in financial statements, Thryv's net income has been highly inconsistent, with significant quarterly swings and a recent net margin of only 2.7% in 2026Q1, which warrants further investigation into the impact of stock-based compensation and non-operating items on the company's bottom-line results.
The frequent fluctuations in net income suggest that reported earnings may be heavily influenced by non-recurring items or accounting adjustments rather than core operational performance. Investors should be cautious of the sustainability of these earnings given the thin margins and the ongoing reliance on legacy cash flows.
Based on the provided data, the most significant challenge to the investment thesis is the potential for a margin cliff, as the 2026Q1 net margin of 2.7% leaves virtually no room for error if the legacy business experiences an accelerated decline in its remaining customer base.
Short-term observers may focus on the risk that the 'harvest and invest' strategy is failing to produce a self-sustaining software business before the legacy cash cow is exhausted. The high sensitivity of the business to SMB churn suggests that any macro-economic downturn could rapidly erode the company's already narrow profitability.
Quick answers to the most common questions about buying THRY stock.
For fiscal year 2025, Thryv Holdings, Inc. (THRY) reported total revenue of $785.0M. This represents a 38.6% decline compared to $1.28B in 2012.
Thryv Holdings, Inc. (THRY) is profitable, generating $0.3M in net income for the fiscal year ending 2025 with a net profit margin of 0.0%.
Thryv Holdings, Inc. (THRY) reported an operating income of $84.9M, resulting in an operating profit margin of 10.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Thryv Holdings, Inc. (THRY) generated $508.2M in gross profit for the year, representing a gross profit margin of 64.7%. This demonstrates the company's core pricing power and production efficiency.