10-Q · May 14, 2026
Versant Media Group reported Q1 2026 results with revenues of $1.69 billion, slightly down 1.1% year-over-year, and an EPS of $1.99, a decline of 22.0% compared to the prior year. Despite a revenue surprise that…
Earnings analysis · 10-Q
VSNT earnings analysis
Filed November 3, 2026 · Our reading of the company's report
The latest report
Versant reported third-quarter revenue of $1.594 billion and diluted EPS of $0.34, beating consensus estimates of $1.563 billion and $(0.02), respectively. Platforms revenue grew 9.6% to $245 million, and free cash flow…
Read full summary
Versant reported third-quarter revenue of $1.594 billion and diluted EPS of $0.34, beating consensus estimates of $1.563 billion and $(0.02), respectively. Platforms revenue grew 9.6% to $245 million, and free cash flow was $302 million. Full-year revenue and Adjusted EBITDA outlooks were maintained at $6.2 billion-$6.45 billion and $1.90 billion-$2.05 billion, respectively, while free cash flow expectations improved above the prior $1.0 billion-$1.2 billion range. The report also highlights $3.0 billion of debt, 34% variable-rate exposure, and continued $100 million ASR activity, leaving the overall trend neutral.
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
- $0.34
- Segment
- Platforms: $245 million, up 9.6% year over year
What stood out
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Revenue and EPS beat estimates
Third-quarter revenue was $1.594 billion, approximately $31 million above the $1.563 billion consensus estimate, while diluted EPS was $0.34 versus the $(0.02) estimate.
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Strong quarterly cash flow
Free cash flow was $302 million in the quarter, supporting management’s expectation that full-year free cash flow will exceed the prior $1.0 billion-$1.2 billion range.
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Platforms revenue growth
Platforms revenue increased 9.6% to $245 million, indicating continued growth in the company’s digital/platforms business.
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Share repurchases continued
The company repurchased 2,565,666 shares during the quarter at an average price of $38.98, with $700,000,037 remaining under the repurchase authorization.
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Additional $100 million ASR planned
Management expects to enter into a new $100 million accelerated share repurchase agreement commencing November 4, 2026.
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Most debt exposure is fixed
Approximately 66% of the company’s debt portfolio was fixed-rate as of September 30, 2026, including interest-rate swaps, limiting exposure to floating-rate increases.
What to watch
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$3 billion debt balance
The company had $1.0 billion of 7.250% Senior Notes and $2.0 billion of term loans outstanding, for $3.0 billion of stated principal debt. This creates meaningful leverage and refinancing exposure despite both instruments being due in January 2031.
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Floating-rate interest exposure
Approximately 34% of the debt portfolio remained variable-rate as of September 30, 2026. A 100-basis-point increase in applicable rates would increase interest expense by approximately $3 million for the quarter and $8 million for the nine-month period.
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Capital allocation and liquidity risk
The company repurchased $100 million of stock under an accelerated share repurchase agreement during the quarter and expects another $100 million ASR beginning November 4, 2026. These capital returns reduce cash available for deleveraging or investment.
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No new risk-factor disclosures
Management stated that there were no material changes to the risk factors disclosed in the 2025 Form 10-K; therefore, the filing does not identify a new quantified risk factor relative to the prior annual report.
Management's outlook
Full-year revenue guidance was maintained at $6.2 billion-$6.45 billion and Adjusted EBITDA guidance at $1.90 billion-$2.05 billion. Free cash flow is expected to exceed the prior $1.0 billion-$1.2 billion outlook; no quantitative EPS guidance was provided.
Earlier filings 2
10-K · March 3, 2026
Versant reports scale and stable core businesses (networks + digital platforms) with FY2025 revenue of $6,688,000,000 and EPS of $6.41, while completing a separation from Comcast (Separation effective January 2, 2026)…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.