Ziff Davis, Inc. (ZD) Income Statement

28Y historyFree accessUpdated daily

Operating margins have collapsed to 1.1% in 2026Q1, reflecting an inability to scale SG&A expenses against a revenue base that declined by 18.6% year-over-year.

Annual statement

ZD Income Statement

Ziff Davis, Inc. (ZD) annual income statement — 28-year revenue, gross profit & net income history

Annual Quarterly

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

Sales/Revenue	1.25B	1.45B	1.4B	1.36B	1.39B	1.42B	1.16B	1.37B	1.21B	1.12B	874.25M	720.82M	599.03M	520.8M	371.4M	330.16M	255.39M	245.57M	241.51M	220.7M	181.08M	143.94M	106.34M	71.62M	48.21M	33.25M	13.93M	7.6M	3.5M
Revenue Growth %	-14.2%	3.54%	2.76%	-1.94%	-1.82%	22.25%	-15.54%	13.65%	8%	27.86%	21.29%	20.33%	15.02%	40.23%	12.49%	29.27%	4%	1.68%	9.43%	21.88%	25.8%	35.36%	48.48%	48.55%	44.99%	138.66%	83.33%	117.14%	-
Cost of Goods Sold	572.98M	435.17M	200.32M	185.65M	184.55M	188.05M	178.4M	237.32M	201.07M	172.31M	147.1M	122.96M	105.99M	86.89M	67.01M	60.61M	44.09M	44.73M	46.25M	43.99M	36.72M	29.76M	16.51M	13.32M	11.2M	13.41M	4.7M	2.7M	2.3M
COGS % of Revenue	-	29.99%	14.29%	13.61%	13.27%	13.27%	15.4%	17.3%	16.65%	15.41%	16.83%	17.06%	17.69%	16.68%	18.04%	18.36%	17.26%	18.21%	19.15%	19.93%	20.28%	20.68%	15.53%	18.6%	23.23%	40.33%	33.73%	35.53%	65.71%
Gross Profit	677.44M	1.02B	1.2B	1.18B	1.21B	1.23B	980.43M	1.13B	1.01B	945.52M	727.15M	597.86M	493.04M	433.91M	304.38M	269.55M	211.31M	200.84M	195.26M	176.71M	144.36M	114.18M	89.83M	58.3M	37.01M	19.84M	9.23M	4.9M	1.2M
Gross Margin %	54.18%	70.01%	85.71%	86.39%	86.73%	86.73%	84.6%	82.7%	83.35%	84.59%	83.17%	82.94%	82.31%	83.32%	81.96%	81.64%	82.74%	81.79%	80.85%	80.07%	79.72%	79.32%	84.47%	81.4%	76.77%	59.67%	66.27%	64.47%	34.29%
Gross Profit Growth %	-	-15.42%	1.95%	-2.33%	-1.81%	25.32%	-13.6%	12.77%	6.42%	30.03%	21.63%	21.26%	13.63%	42.55%	12.92%	27.56%	5.21%	2.86%	10.5%	22.41%	26.43%	27.11%	54.08%	57.52%	86.54%	114.87%	88.45%	308.33%	-
Operating Expenses	862.74M	812.17M	1.09B	1.05B	1.01B	1.06B	842.09M	774.91M	761.94M	699.82M	484.59M	398.48M	306.83M	258.49M	142.22M	133.6M	107.39M	96.38M	97.33M	90.28M	78.32M	52.76M	43.79M	31.05M	23.21M	28.56M	33.8M	18M	12.2M
OpEx % of Revenue	-	55.96%	77.6%	76.67%	72.43%	74.91%	72.67%	56.48%	63.11%	62.6%	55.43%	55.28%	51.22%	49.63%	38.29%	40.46%	42.05%	39.25%	40.3%	40.91%	43.25%	36.65%	41.18%	43.35%	48.13%	85.9%	242.62%	236.84%	348.57%
Selling, General & Admin	713.12M	750.93M	723.15M	683.09M	672.65M	949.83M	784.94M	803.25M	713.57M	653.81M	446.54M	364.15M	276.15M	233M	123.6M	117.22M	94.56M	82.28M	85.3M	78.45M	69.55M	45.89M	38.54M	26.75M	19.91M	18.51M	24.05M	14.3M	9.9M
SG&A % of Revenue	-	51.74%	51.59%	50.08%	48.36%	67.04%	67.74%	58.54%	59.1%	58.49%	51.08%	50.52%	46.1%	44.74%	33.28%	35.5%	37.02%	33.51%	35.32%	35.55%	38.41%	31.88%	36.24%	37.35%	41.29%	55.65%	172.65%	188.16%	282.86%
Research & Development	55.84M	61.96M	67.37M	68.86M	74.09M	78.87M	57.15M	54.4M	48.37M	46M	38.05M	34.33M	30.68M	25.48M	18.62M	16.37M	12.83M	11.66M	12.03M	11.83M	8.77M	6.87M	5.25M	4.2M	3.19M	2.53M	2.76M	1.8M	1.2M
R&D % of Revenue	-	4.27%	4.81%	5.05%	5.33%	5.57%	4.93%	3.96%	4.01%	4.12%	4.35%	4.76%	5.12%	4.89%	5.01%	4.96%	5.02%	4.75%	4.98%	5.36%	4.84%	4.77%	4.94%	5.86%	6.61%	7.62%	19.82%	23.68%	34.29%
Other Operating Expenses	0	0	297.19M	293.82M	260.77M	32.63M	0	0	0	0	0	0	0	0	0	0	0	2.44M	0	0	0	1.99M	0	101K	112.5K	7.52M	6.99M	1.9M	1.1M
Operating Income	18.76M	203.93M	113.65M	132.61M	198.94M	167.34M	138.34M	277.08M	244.28M	245.71M	242.57M	199.38M	186.21M	175.42M	162.16M	135.95M	103.92M	104.46M	97.93M	86.43M	66.04M	61.42M	46.04M	27.25M	13.81M	-8.72M	-24.57M	-13.1M	-11M
Operating Margin %	1.5%	14.05%	8.11%	9.72%	14.3%	11.81%	11.94%	20.19%	20.23%	21.98%	27.75%	27.66%	31.08%	33.68%	43.66%	41.18%	40.69%	42.54%	40.55%	39.16%	36.47%	42.67%	43.29%	38.05%	28.63%	-26.23%	-176.34%	-172.37%	-314.29%
Operating Income Growth %	-	79.44%	-14.3%	-33.34%	18.88%	20.96%	-50.07%	13.43%	-0.58%	1.3%	21.66%	7.08%	6.15%	8.18%	19.28%	30.82%	-0.52%	6.66%	13.32%	30.88%	7.52%	33.42%	68.94%	97.38%	258.29%	64.5%	-87.56%	-19.09%	-
EBITDA	219.03M	432.62M	325.56M	369.58M	432.34M	425.64M	367.08M	509.11M	431.45M	407.75M	364.66M	292.6M	249.16M	215.21M	184.33M	155.71M	118.43M	119.17M	111.11M	96.56M	74.27M	68.53M	50.59M	31.16M	17.29M	972.55K	-17.58M	-11.2M	-9.9M
EBITDA Margin %	17.52%	29.81%	23.23%	27.09%	31.08%	30.04%	31.68%	37.11%	35.74%	36.48%	41.71%	40.59%	41.59%	41.32%	49.63%	47.16%	46.37%	48.53%	46.01%	43.75%	41.01%	47.61%	47.57%	43.51%	35.87%	2.92%	-126.19%	-147.37%	-282.86%
EBITDA Growth %	-46.09%	32.88%	-11.91%	-14.52%	1.57%	15.95%	-27.9%	18%	5.81%	11.82%	24.63%	17.43%	15.77%	16.76%	18.38%	31.47%	-0.62%	7.25%	15.07%	30.02%	8.37%	35.47%	62.34%	80.18%	1678.2%	105.53%	-56.98%	-13.13%	-
D&A (Non-Cash Add-back)	200.27M	228.69M	211.92M	236.97M	233.4M	258.3M	228.74M	232.03M	187.17M	162.04M	122.09M	93.21M	62.95M	39.79M	22.16M	19.76M	14.51M	14.71M	13.18M	10.13M	8.23M	7.11M	4.55M	3.91M	3.49M	9.69M	6.99M	1.9M	1.1M
EBIT	-61.65M	98.71M	107.18M	95M	165M	423.37M	134.54M	81.71M	239.57M	267.74M	252.81M	199.38M	186.37M	163.95M	162.57M	136.49M	108.6M	96.42M	102.71M	86.43M	66.04M	60.47M	45.35M	27.25M	13.81M	-8.72M	-24.57M	-13.1M	-11M
Net Interest Income	-17.6M	-25.91M	-13.99M	-20.03M	-33.84M	-72.02M	-56.19M	-26.89M	-61.99M	-67.78M	-41.37M	-42.46M	-31.2M	-21.25M	-7.65M	629K	2.03M	1.36M	4.22M	0	0	0	0	0	0	0	0	0	0
Interest Income	1.82M	0	0	0	0	0	0	0	0	0	0	0	0	0	1.8M	1.31M	6.71M	2.66M	4.78M	0	0	0	0	0	0	0	0	0	0
Interest Expense	19.43M	25.91M	13.99M	20.03M	33.84M	72.02M	56.19M	26.89M	61.99M	67.78M	41.37M	42.46M	31.2M	21.25M	7.24M	147K	104K	439K	559K	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	-99.84M	-131.13M	-9.23M	-66.97M	-75.52M	219.86M	-71.33M	-33.4M	-66.69M	-45.74M	-31.13M	-42.46M	-31.04M	-32.73M	-7.24M	1.17M	6.71M	-6.68M	4.22M	9.04M	7.2M	13.15M	1.18M	419K	438K	890.79K	2.36M	13.1M	11M
Pretax Income	-81.08M	72.8M	104.42M	65.64M	123.42M	387.2M	67.01M	54.82M	177.59M	199.97M	211.44M	156.92M	155.17M	142.7M	154.92M	137.12M	110.64M	97.78M	102.15M	95.46M	73.23M	73.62M	46.53M	27.67M	14.24M	-7.83M	-22.21M	0	0
Pretax Margin %	-6.48%	5.02%	7.45%	4.81%	8.87%	27.33%	5.78%	4%	14.71%	17.89%	24.19%	21.77%	25.9%	27.4%	41.71%	41.53%	43.32%	39.82%	42.3%	43.25%	40.44%	51.15%	43.76%	38.63%	29.54%	-23.55%	-159.44%	-	-
Income Tax	39K	25.45M	41.37M	24.14M	57.96M	-14.2M	38.35M	-19.38M	44.76M	60.54M	59M	23.28M	29.84M	35.17M	33.26M	22.35M	27.59M	30.95M	29.59M	27M	20.1M	23.31M	15.61M	-8.14M	151.35K	4K	4.05K	0	0
Effective Tax Rate %	-0.05%	34.95%	39.62%	36.78%	46.96%	-3.67%	57.23%	-35.34%	25.2%	30.28%	27.9%	14.84%	19.23%	24.65%	21.47%	16.3%	24.94%	31.66%	28.97%	28.28%	27.45%	31.66%	33.55%	-29.41%	1.06%	-0.05%	-0.02%	-	-
Net Income	618.4M	47.35M	63.05M	41.5M	63.76M	496.71M	150.67M	218.81M	128.69M	139.43M	152.44M	133.64M	125.33M	107.52M	121.58M	114.77M	83.05M	66.83M	72.56M	68.46M	53.13M	51.26M	31.61M	35.81M	14.32M	-7.83M	-22.22M	-17.4M	-17.2M
Net Margin %	49.46%	3.26%	4.5%	3.04%	4.58%	35.06%	13%	15.95%	10.66%	12.47%	17.44%	18.54%	20.92%	20.65%	32.74%	34.76%	32.52%	27.21%	30.04%	31.02%	29.34%	35.61%	29.72%	49.99%	29.7%	-23.56%	-159.47%	-228.95%	-491.43%
Net Income Growth %	456.76%	-24.89%	51.91%	-34.9%	-87.16%	229.67%	-31.14%	70.03%	-7.7%	-8.54%	14.07%	6.63%	16.56%	-11.56%	5.94%	38.19%	24.27%	-7.9%	5.99%	28.85%	3.65%	62.17%	-11.73%	150.09%	282.74%	64.74%	-27.7%	-1.16%	-
Net Income (Continuing)	-81.12M	47.35M	63.05M	41.5M	65.47M	401.39M	28.66M	218.97M	128.69M	139.43M	152.44M	133.64M	125.33M	107.52M	121.66M	114.77M	83.05M	66.83M	72.56M	68.46M	53.13M	50.62M	31.61M	35.81M	14.09M	-7.83M	-22.22M	-13M	-17.2M
Discontinued Operations	2M	0	0	0	-1.71M	95.32M	122.01M	177.91M	0	0	0	0	0	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	-100K	0	0	0	0	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	18.32	1.15	1.42	0.89	1.36	10.33	3.18	4.39	2.63	2.83	3.13	2.73	2.58	2.28	2.61	2.43	1.81	1.48	1.58	1.35	1.04	0.99	0.61	0.73	0.29	-0.17	-0.61	-0.62	-0.78
EPS Growth %	571.01%	-19.01%	59.55%	-34.56%	-86.83%	224.84%	-27.56%	66.92%	-7.07%	-9.58%	14.65%	5.81%	13.16%	-12.64%	7.41%	34.25%	22.3%	-6.33%	17.04%	29.81%	5.05%	62.3%	-16.44%	151.72%	270.59%	72.13%	1.61%	20.51%	-
EPS (Basic)	-	1.16	1.42	0.89	1.36	10.78	3.24	4.52	2.68	2.89	3.15	2.76	2.60	2.31	2.63	2.46	1.86	1.52	1.63	1.40	1.08	1.05	0.66	0.79	0.32	-0.17	-0.61	-0.62	-0.78
Diluted Shares Outstanding	33.75M	41.1M	44.52M	46.46M	47.03M	47.86M	47.12M	49.03M	48.93M	48.67M	47.96M	48.09M	47.11M	46.14M	45.78M	46.38M	45.94M	45.14M	45.94M	50.76M	51.05M	51.17M	49.83M	49.15M	46.7M	45.12M	36.48M	28.1M	22.18M
Basic Shares Outstanding	33.75M	40.98M	44.46M	46.4M	46.95M	45.89M	46.31M	47.65M	47.95M	47.59M	47.67M	47.63M	46.78M	45.55M	45.46M	45.8M	44.58M	43.94M	44.61M	48.95M	49.21M	48.22M	46.63M	45.46M	43.3M	45.12M	36.48M	28.1M	22.18M
Dividend Payout Ratio	-	-	-	-	-	-	-	20.07%	63.47%	52.69%	43.19%	44.02%	41.71%	41.98%	33.12%	16.71%	-	-	-	-	-	-	-	-	-	-	-	-	-

Key Metrics

Growth RegimeDecelerating

ProfitabilityStrained

Balance SheetHealthy

Cash FlowMixed

Top Statement Risk

Search algorithm volatility

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q1)

Top Line Growth Facing Headwinds

As reported in recent financial filings, Ziff Davis experienced a significant revenue contraction of 18.6% in 2026Q1, marking a sharp departure from the modest growth observed in previous quarters and highlighting the vulnerability of its digital media segment to shifting consumer intent and search engine traffic patterns.

The recent double-digit revenue decline suggests that the company's reliance on performance-based affiliate revenue is increasingly sensitive to external search algorithm changes. Investors should monitor whether this deceleration represents a structural shift in traffic acquisition or merely a temporary cyclical trough in the retail and tech-buying landscape.

Gross Margin Volatility Signals Risk

Based on the provided income statement data, Ziff Davis saw its gross margin compress to 66.7% in 2026Q1, a notable decline from the historical 85% range, which suggests rising traffic acquisition costs or a shift in the underlying revenue mix toward lower-margin performance advertising channels.

The erosion of gross margins indicates that the company's digital delivery model is facing increased cost pressure, likely from the competitive landscape of performance marketing. This compression warrants further investigation into whether the company retains sufficient pricing power to offset rising costs associated with maintaining its vertical authority properties.

Operating Leverage Under Significant Pressure

According to the latest quarterly figures, Ziff Davis's operating margin plummeted to 1.1% in 2026Q1, reflecting an inability to scale SG&A expenses efficiently against a shrinking revenue base, which contrasts sharply with the 20% operating margins achieved during peak seasonal periods in previous fiscal years.

The lack of operating leverage suggests that the company's fixed cost structure, particularly regarding editorial talent and platform maintenance, is becoming a burden during periods of top-line weakness. Management's ability to rationalize these expenses will be critical to restoring profitability if revenue growth remains under pressure.

GAAP Earnings Obscured by Amortization

As evidenced by the wide variance between net income and operational performance, Ziff Davis's reported earnings appear heavily impacted by non-cash charges, with 2026Q1 net income of $22.3M masking the underlying volatility of a business model that relies on frequent acquisitions and subsequent intangible asset amortization.

The disconnect between GAAP net income and operational cash flow suggests that investors should prioritize adjusted metrics to gauge the company's true economic health. The persistent level of stock-based compensation, consistently exceeding $10M per quarter, further complicates the assessment of shareholder dilution and true earnings quality.

Structural Risks to Monetization Moat

While the company positions itself as a high-intent data engine, the recent income statement performance suggests that the moat may be narrowing, as evidenced by the 2026Q1 revenue decline and the inability to maintain historical gross margin levels despite the company's purported proprietary data advantages.

Short-sellers may focus on the company's increasing sensitivity to retail sector health and the potential for AI-driven search to bypass traditional review sites. The current trajectory suggests that the 'utility-plus-authority' model may be less resilient to technological disruption than management's narrative implies.

ZD — Frequently Asked Questions

Quick answers to the most common questions about buying ZD stock.

What was Ziff Davis, Inc.'s (ZD) revenue in 2025?

For fiscal year 2025, Ziff Davis, Inc. (ZD) reported total revenue of $1.45B. This represents a 41364.8% increase compared to $3.5M in 1998.

Is Ziff Davis, Inc. (ZD) profitable?

Ziff Davis, Inc. (ZD) is profitable, generating $47.4M in net income for the fiscal year ending 2025 with a net profit margin of 3.3%.

What is Ziff Davis, Inc.'s operating profit margin?

Ziff Davis, Inc. (ZD) reported an operating income of $203.9M, resulting in an operating profit margin of 14.1%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Ziff Davis, Inc.'s gross profit and gross margin?

Ziff Davis, Inc. (ZD) generated $1.02B in gross profit for the year, representing a gross profit margin of 70.0%. This demonstrates the company's core pricing power and production efficiency.