NIQ Global Intelligence (NIQ) Q4 2025 earnings summary

Executive summary

• Achieved 5.7% organic constant currency revenue growth in 2025, exceeding IPO targets and delivering $350 million in free cash flow in the back half of the year.

• Delivered 9.2% reported revenue growth in Q4 and 5.7% for the full year, with notable strength in EMEA and Americas.

• AI integration drove both top-line growth and operational efficiencies, with significant adoption among top clients and measurable productivity gains.

• Deleveraged to 3.25x EBITDA and became cash flow positive ahead of schedule.

• Launched AI-enabled products and cost-efficiency actions to enhance 2026 margins.

Financial highlights

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

• Adjusted EBITDA for Q4 rose 30% to $289.2M (margin 25.4%, up 410 bps); full-year Adjusted EBITDA up 23.8% to $916.5M (margin 21.8%).

• Net loss improved to $(32)M in Q4 and $(353)M for the year, both significantly better than prior year.

• Free cash flow turned positive at $36M for the year, a sharp improvement from $(225)M in 2024.

• Ended 2025 with $518.8M in cash and $1.3B in total liquidity.

Outlook and guidance

• FY 2026 revenue guidance: $4,439M–$4,452M, with 5.7%–6.0% reported growth and 5.0%–5.3% organic constant currency growth.

• Adjusted EBITDA expected at $1,043M–$1,060M (margin 23.5%–23.8%).

• Free cash flow guidance: $235M–$250M; net leverage ratio targeted below 3.0x.

• Full-year adjusted EPS guidance of $0.95–$0.99, up from $0.23 in 2025.

• CapEx to remain at 6.5–7% of revenue, focused on panel expansion, platform, and AI.