10-Q · August 4, 2026
Angi reported Q2 revenue of $248.003 million, down 11% year over year and below the provided $262.059 million consensus estimate. Gross margin was steady at 95%, but operating margin deteriorated to negative 94% from…
Earnings analysis · 10-Q
ANGI earnings analysis
Filed November 3, 2026 · Our reading of the company's report
The latest report
Angi’s Q3 revenue of $242.0 million declined 2.4% sequentially and 9.0% year over year, while diluted EPS of $0.03 missed the $0.12 consensus estimate and fell from $0.23 a year earlier. Adjusted EBITDA increased 6% to…
Read full summary
Angi’s Q3 revenue of $242.0 million declined 2.4% sequentially and 9.0% year over year, while diluted EPS of $0.03 missed the $0.12 consensus estimate and fell from $0.23 a year earlier. Adjusted EBITDA increased 6% to $42.2 million and free cash flow improved to $14.4 million, but the planned 300-role reduction introduces $18.0 million-$30.0 million of restructuring charges before targeted annual savings of $50.0 million-$60.0 million. Recent credit downgrades and the need to refinance Senior Notes maturing in August 2028 are material financial risks; no numeric revenue or EPS guidance was provided.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.03
What stood out
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Revenue declined sequentially and year over year
Q3 revenue was $242.0 million, down $6.0 million, or approximately 2.4%, from $248 million in Q2 and down $24.0 million, or approximately 9.0%, from $266 million in Q3 2025.
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EPS recovered from Q2 loss but missed prior year
Diluted EPS was $0.03 versus negative $5.70 in Q2 and $0.23 in Q3 2025; the sequential improvement reflects the absence of the unusually large Q2 loss, but EPS still declined $0.20 year over year.
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Adjusted EBITDA increased 6%
Adjusted EBITDA increased 6% to $42.2 million, indicating improved operating performance despite the 9.0% year-over-year revenue decline.
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Free cash flow improved
Free cash flow rose to $14.4 million from $12 million in Q2 and $5 million in Q3 2025, a year-over-year improvement of $9.4 million.
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Cost-reduction plan targets $50M-$60M savings
The planned reduction of approximately 300 roles is expected to generate $50.0 million-$60.0 million of annual run-rate savings in operating expenses and capital expenditures, with some savings potentially reinvested.
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No reported control deficiencies
Management stated that disclosure controls were effective as of period-end and reported no material changes to internal control over financial reporting during the quarter.
What to watch
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Restructuring creates near-term cash costs
The company expects approximately $18.0 million-$30.0 million of restructuring charges, primarily across Q4 2026 and the first half of 2027, and said the charges are anticipated to result in cash expenditures.
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Credit downgrades threaten refinancing
Moody’s downgraded ANGI Group’s corporate family rating to B3 from B2 and its Senior Notes rating to Caa1 from B2 in September 2026, while S&P downgraded Angi and the Senior Notes to B- from B in October 2026. The company stated that further downgrades could increase borrowing costs and impair refinancing of the Senior Notes before their August 2028 maturity.
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Leadership transition may disrupt execution
The filing added a key-personnel risk, noting senior-leadership changes in fiscal 2026 could alter strategy, priorities or the operating model and that transitions may be costly or disruptive.
Management's outlook
No numeric revenue or EPS guidance was provided. Management estimated approximately $18.0 million-$30.0 million of restructuring charges and $50.0 million-$60.0 million of annual run-rate savings from the planned workforce reduction.
Earlier filings 4
10-Q · May 5, 2026
Angi Inc. reported Q1 2026 results with a revenue of $238.2 million, reflecting a 3% decline year-over-year. The company experienced a diluted EPS loss of $0.22, surpassing estimates but still representing ongoing…
10-K · February 20, 2026
Angi positions itself as a large two-segment home-services marketplace (U.S. and International) connecting consumers and Pros across >500 categories, with 111,000 Average Monthly Active Pros and ~16 million projects in…
10-Q · August 5, 2025
Angi reported Q2 revenue of $278.221M, beating the estimate but down 11.7% versus Q2 2024. Gross margin remained high at ~95.3% and operating income improved year-over-year to $17.673M, driving diluted EPS of $0.23 (up…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.