Angi (ANGI) Q3 2026 earnings summary

Executive summary

• Q3 revenue fell 8.9% YoY to $242.0M; Adjusted EBITDA rose 6.3% to $42.2M as higher monetization partly offset lower Lead volume.

• CEO Mike Steib’s priorities include simplifying operations, improving products with technology and AI, strengthening cash flow and returning to growth.

• Service-request declines moderated after lower-return marketing and sales activity was reduced.

Financial highlights

• Q3 operating income was $15.5M versus $21.8M; net income was $1.3M versus $10.6M, and diluted EPS was $0.03 versus $0.23.

• Q3 gross profit was $231.4M, down 9% YoY; gross margin increased to 96% from 95%.

• 9M revenue declined 8% to $728.2M; net loss was $238.3M, including $225.6M of goodwill impairment and $9.6M of intangible impairment.

• Q3 operating cash flow was $28.5M, CapEx was $14.1M and free cash flow was $14.4M, versus $4.9M a year earlier.

• 9M operating cash flow was $37.9M versus $75.0M; free cash flow was negative $7.0M versus positive $34.1M.

Outlook and guidance

• No detailed 2027 forecast yet; EBITDA less CapEx is expected to grow meaningfully and substantially exceed the prior $50M floor for 2026.

• Management expects a return to growth in H2 2027; difficult revenue comparisons persist over the next few quarters and extend into 2027.

• Workforce reductions are expected to generate $50M–$60M in annual run-rate operating expense and CapEx savings; some savings may be reinvested.

• Restructuring charges are estimated at $18M–$30M, primarily in Q4 2026 and H1 2027; savings are expected to reach full annualized run rate by end-H1 2027.

• Q4 faces seasonally softer demand and a difficult comparison with elevated Q4 2025 marketing; quarterly margins may vary with seasonality, mix and investment timing.