NIQ Global Intelligence (NIQ) Q4 2025 earnings summary

Executive summary

• Achieved 5.7% organic constant currency revenue growth for 2025, exceeding IPO targets and delivering positive free cash flow ahead of schedule, with strong Q4 and full-year results in EMEA and Americas.

• Adjusted EBITDA margin expanded by 320 basis points to 21.8% for the year and 410 basis points to 25.4% in Q4, with $350 million free cash flow generated in the back half of the year.

• Deleveraged to 3.25x EBITDA, strengthening the balance sheet and business model, with net leverage targeted below 3.0x for 2026.

• AI integration drove revenue growth, product innovation, and operational efficiency, with 30% year-over-year increase in client data consumption and 85% reduction in manual reporting.

• Full View Measurement and panel businesses saw strong adoption and renewals, supporting growth across regions.

Financial highlights

• Q4 2025 reported revenue grew 9.2% year-over-year to $1,139.1 million; full-year revenue up 5.7% to $4,198.4 million.

• Adjusted EBITDA for Q4 rose 30% to $289.2 million (margin 25.4%); full-year Adjusted EBITDA up 23.8% to $916.5 million (margin 21.8%).

• Net Dollar Retention at 105% and Gross Dollar Retention at 98%, with annualized subscription revenue up 6.6%.

• Q4 levered free cash flow was $90.9 million; full-year free cash flow turned positive at $36 million, with $315 million in the back half, exceeding guidance.

• Ended 2025 with $518.8 million in cash and $1.3 billion in total liquidity.

Outlook and guidance

• 2026 guidance: 5.0%–5.3% organic constant currency revenue growth, adjusted EBITDA margin 23.5%–23.8%, and $235–$250 million levered free cash flow.

• Net leverage expected to fall below 3x by year-end 2026.

• Q1 2026: 8.6–8.9% reported revenue growth, 4.5–4.8% organic constant currency growth, and adjusted EPS of $0.08–$0.10.

• Full year adjusted EPS expected at $0.95–$0.99, up from $0.23 in 2025.

• Cost optimization program to deliver $55–$65 million annual run rate savings, with most benefits realized within one year.