People Incorporated (PPLI) Q2 2026 earnings summary

Executive summary

• Achieved 11th consecutive quarter of Digital revenue growth, up 6% in Q2 2026 to $290M, while total Q2 revenue declined 1% year-over-year to $436.7M due to Print declines.

• Net earnings attributable to shareholders surged to $506.9M, driven by a $721.7M unrealized gain on the MGM investment.

• Adjusted EBITDA for the quarter rose 5% to $76.2M, with Digital segment growth offsetting Print declines; margins expanded to 26%.

• Leadership transition completed: Neil Vogel appointed CEO and Tim Quinn as CFO effective August 2026; outgoing executives remain as consultants through March 2027.

• Board authorized repurchase of 10M additional shares and agreed to sell a Limited Partner stake for $189M, expected to close in Q3 2026.

Financial highlights

• Q2 2026 total revenue was $417M–$436.7M, down 1–2% year-over-year; Digital revenue was $290M (+6%), Print $132.6M–$133M (–16%).

• Digital Adjusted EBITDA was $74M (+18%); Print Adjusted EBITDA was $9M (–45%).

• Total Adjusted EBITDA for Q2 2026 was $73M–$76.2M, up 5% year-over-year.

• Free Cash Flow for the first half of 2026 reached $79M; cash and cash equivalents at quarter-end were $1.1B.

• Diluted EPS rose 160% year-over-year to $6.68.

Outlook and guidance

• FY 2026 Adjusted EBITDA guidance: $255M–$290M, with mid- to high-single-digit growth in Digital revenue and Adjusted EBITDA projected.

• Corporate consolidation to yield annual run-rate operating expense of ~$45M and stock-based compensation of ~$30M post-Q1 2027.

• Print Adjusted EBITDA expected to offset unallocated corporate costs.

• Emerging & Other segment revenue and EBITDA growth driven by The Daily Beast and Vivian Health.

• Digital revenue growth for the full year projected at mid to high single digits.