Genius Sports (GENI) Q4 2025 earnings summary

Executive summary

• Achieved record group revenue of $669.5 million in 2025, up 31% year-over-year, with Q4 revenue at $240.5 million, up 37% from Q4 2024.

• Adjusted EBITDA reached $136.2 million for 2025, up 59% year-over-year, with a 20.4% margin, the highest as a public company.

• Betting and media segments both delivered strong double-digit growth, with media revenue up 37% for 2025 and 96% in Q4.

• Announced acquisition of Legend, expected to accelerate financial targets by two years and significantly boost revenue and EBITDA in 2026.

• Net loss for 2025 was $111.6 million, impacted by nonrecurring stock-based compensation and litigation costs.

Financial highlights

• FY25 betting revenue grew 33% to $471.5 million, outpacing global GGR growth; media revenue increased 37% to $144.5 million.

• Gross profit for FY25 was $153.8 million, up from $128.7 million in FY24.

• Adjusted EBITDA margin improved to 20.4% in 2025, up from 16.8% in 2024.

• Net loss per share for 2025 was $(0.44), compared to $(0.27) in 2024.

• Cash and cash equivalents at year-end 2025 were $280.6 million, up from $135.2 million in 2024.

Outlook and guidance

• 2026 organic revenue expected between $810–$820 million; adjusted EBITDA $180–$190 million, margin 22–23%.

• Combined with Legend, annualized group revenue expected at ~$1.1 billion, adjusted EBITDA $320–$330 million, margin ~30%, and free cash flow conversion ~50%.

• Legend expected to drive >60% free cash flow conversion longer term.

• Guidance includes transition to reporting by betting and media product groups.

• 2028 guidance underpinned by sustained 20% revenue growth and strong cash flow.