IAC (IAC) Q4 2025 earnings summary

Executive summary

• Q4 2025 saw digital revenue rise 14% year-over-year, offsetting a 23% print decline, with strategic focus on digital growth, core assets, and increased MGM ownership to 25%, now valued at $2.2 billion.

• Adjusted EBITDA for the year was $331 million, with Q4 Adjusted EBITDA up 29% year-over-year to $141.6 million, and digital EBITDA margins flat at 28%.

• $337 million was returned to shareholders via share repurchases over the past year, reducing share count by 10%.

• Strategic partnerships with Meta and Microsoft were signed to expand AI-driven content distribution.

• Angi was spun off as the 10th independent company, and Feedfeed was acquired.

Financial highlights

• Q4 2025 digital revenue reached $355 million, up 14% year-over-year; print revenue fell to $168 million, down 23%.

• FY 2025 digital revenue was $1.1 billion, up 10% year-over-year, with $331 million in Adjusted EBITDA.

• Care.com reported $47 million in Adjusted EBITDA for FY 2025 on $347 million revenue.

• Free cash flow for 2025 was $44.8 million, down from $177.4 million in 2024.

• Cash and cash equivalents at year-end totaled $960.2 million; long-term debt was $1.4 billion.

Outlook and guidance

• 2026 guidance projects consolidated Adjusted EBITDA of $310–$340 million for People Inc., with digital revenue and Adjusted EBITDA expected to grow mid- to high-single digits.

• Care.com anticipates a return to revenue growth in 2026.

• Search segment faces uncertainty due to search ecosystem disruptions and potential Google contract changes.

• Guidance includes $15 million in litigation expenses related to Google AdTech litigation.

• Corporate expense targeted at $80–$90 million.