ANGI Q2 2026 - Preliminary Earnings Alert
Event: Quartr Q2 2026 event Retrieved: 2026-08-04T22:30:00Z Comparison mode: maximal Scorecard contract: v1 Source status: release=available | financials=earnings release and shareholder letter only | transcript=not available (call scheduled 2026-08-05 12:30Z)
Consensus scorecard
| Metric / basis | Quartr actual | API Ninjas consensus | Beat/Miss | Beat/Miss % |
|---|---|---|---|---|
| Revenue / consolidated revenue | $248.003m | $253.425m | Miss −$5.422m | −2.1% |
| EPS / GAAP diluted | $(5.70) | $0.1333 | Miss −$5.8333 | −4376.1% |
Reported results and guidance
| Metric (GAAP unless noted) | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Revenue | $248.0m | $278.2m | −11% |
| U.S. revenue | $215.4m | $245.5m | −12% |
| International revenue | $32.6m | $32.7m | flat |
| Cost of revenue (ex. depreciation) | $11.7m | $13.1m | −11.2% |
| Gross profit | $236.3m | $265.1m | −10.8% |
| Selling and marketing expense | $142.3m | $139.5m | +2.0% |
| General and administrative expense | $59.9m | $74.1m | −19.2% |
| Product development expense | $10.9m | $23.6m | −53.8% |
| Depreciation | $21.0m | $10.3m | +104.7% |
| Restructuring | $0.8m | — | new |
| Goodwill impairment | $225.6m | — | new |
| Impairment of intangibles | $9.6m | — | new |
| Operating (loss) income | $(233.7)m | $17.7m | to a loss |
| Interest expense | $(4.8)m | $(5.1)m | −4.8% |
| Other income, net | $7.0m | $4.8m | +44.7% |
| Income tax benefit (provision) | $0.9m | $(6.5)m | to a benefit |
| Net (loss) earnings | $(230.7)m | $10.9m | to a loss |
| Diluted (loss) earnings per share | $(5.70) | $0.23 | to a loss |
| Adjusted EBITDA (non-GAAP) | $28.2m | $33.0m | −14% |
| U.S. Adjusted EBITDA (non-GAAP) | $21.5m | $27.6m | −22.1% |
| International Adjusted EBITDA (non-GAAP) | $6.8m | $5.4m | +25.9% |
| Operating metric | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Acquired Pros (thousands) | 27 | 24 | +13% |
| Average Monthly Active Pros (thousands) | 106 | 126 | −17% |
| Average Monthly Churn | (6.0)% | (6.8)% | +12% |
| Service Requests - total (thousands) | 4,311 | 4,562 | −6% |
| Service Requests - Network (thousands) | 274 | 444 | −38% |
| Leads - total (thousands) | 4,838 | 5,577 | −13% |
| Proprietary Revenue | $198.1m | $219.2m | −10% |
| Network Revenue | $17.2m | $26.3m | −34% |
| Revenue per Lead | — | — | +1% |
| Six-month and balance-sheet item | 2026 | 2025 or 31 Dec 2025 | Change |
|---|---|---|---|
| Six-month revenue | $486.2m | $524.1m | −7% |
| Six-month operating (loss) income | $(243.2)m | $37.7m | to a loss |
| Six-month Adjusted EBITDA (non-GAAP) | $51.2m | — | not disclosed for prior period |
| Six-month cash from operating activities | $9.3m | $54.0m | −82.7% |
| Six-month capital expenditures | $30.7m | $24.8m | +23.8% |
| Cash and cash equivalents | $188.7m | $303.7m | −37.9% |
| Goodwill | $662.1m | $890.1m | −25.6% |
| Intangible assets, net | $157.1m | $167.1m | −6.0% |
| Total assets | $1,325.5m | $1,680.4m | −21.1% |
| Long-term debt, net | $398.5m | $497.7m | −19.9% |
| Total shareholders' equity | $687.6m | $927.4m | −25.9% |
- No revenue or earnings guidance accompanies this release. The CEO letter states the company "dropped guidance in Q1" and replaced it with a commitment to consistent profitability and cash flow sufficient to fund the platform rebuild.
- Scorecard recap: revenue missed consensus by 2.1% ($248.0m vs. $253.4m), and GAAP diluted EPS of $(5.70) missed the $0.1333 estimate by $5.8333 per share.
- The quarter carries $235.2m of non-cash impairment ($225.6m goodwill, $9.6m indefinite-lived intangibles), which drove the operating and net loss.
- The company repurchased $73.4m principal of its 2028 Senior Notes for $68.0m cash in the quarter (a $5.6m gain); $100.0m principal has been repurchased since the program began on 20 March 2026 for $91.9m cash and an $8.4m gain, with no repurchases since 5 May 2026.
- Angi committed to an investor day on 17 November 2026 to demonstrate the Angi Pro CRO agents and lay out the product roadmap.
Key bullish aspects
- Large Pro and National Partnership revenue grew 20% year over year for a second consecutive quarter, with the large pro sales team still at roughly half its target capacity (7 sellers at the end of Q1, 20 now). Large pro capacity growth accelerated to 30% year over year in June.
- The CEO letter states the year-over-year revenue decline bottomed at (12.7)% in May and improved to (8.2)% in July, so the reported (11)% quarterly decline is not the current run rate on the company's own account.
- Acquired Pros rose 13% to 27,000 and Average Monthly Churn improved to (6.0)% from (6.8)%; the letter puts pro capacity churn at (2.8)% and says daily pro capacity grew 6% from the end of Q1 to the end of Q2.
- Marketplace new pro sales grew 53% year over year and the letter reports win rate up nearly 20% year over year, homeowner job completion rate up more than 10%, and homeowner repeat rate up 21%.
- Adjusted EBITDA of $28.2m brings the first-half total to $51.2m against $31m of first-half capex, consistent with management's stated commitment to fund the rebuild internally.
- Cost discipline is visible below the marketing line: general and administrative expense fell 19.2% to $59.9m, product development expense fell 53.8% to $10.9m, and consolidated fixed expense fell to $42.6m from $61.5m.
- The debt repurchase program retired $100.0m of principal for $91.9m of cash across two quarters, cutting long-term debt to $398.5m from $497.7m and booking an $8.4m gain.
- International revenue was flat year over year at $32.6m while International Adjusted EBITDA grew 25.9% to $6.8m, and international fixed expense fell to 22% of segment revenue from 36%.
- The first AI agent, AI Front Desk, is live in pilot with roughly 80% of enabled pros keeping it on in subsequent weeks, and the company reports about $3m of annualized run-rate lead revenue from expanded ChatGPT marketing.
Key bearish aspects
- Revenue fell 11% year over year to $248.0m and missed consensus by 2.1%; the six-month decline is 7% to $486.2m. The company attributes the fall to macroeconomic conditions cutting pro spend and shifting homeowner demand toward lower-consideration categories.
- A $235.2m non-cash impairment of goodwill and indefinite-lived intangibles produced a $(233.7)m operating loss and $(5.70) of diluted loss per share against $0.23 of earnings a year ago. Goodwill fell to $662.1m from $890.1m and total equity fell 25.9% to $687.6m.
- The impairment is largely non-deductible for tax, so it produced only a $0.9m tax benefit against a $231.6m pre-tax loss.
- Average Monthly Active Pros fell 17% to 106,000 and total Leads fell 13% to 4,838,000, so the supply and volume base of the marketplace shrank faster than revenue.
- Network revenue fell 34% to $17.2m and Network service requests fell 38%, a faster decay than the proprietary channel's 10% revenue decline.
- Consumer marketing expense rose to $102.6m from $97.6m — 41% of revenue versus 35% a year earlier — so the company is spending more absolute marketing dollars against a smaller revenue base.
- Adjusted EBITDA fell 14% to $28.2m on an 11% revenue decline, and U.S. segment Adjusted EBITDA fell 22.1% to $21.5m.
- Cash generation deteriorated sharply: six-month operating cash flow fell to $9.3m from $54.0m while capex rose to $30.7m from $24.8m, so first-half free cash flow was negative. Cash and equivalents fell to $188.7m from $303.7m at year end.
- Depreciation more than doubled to $21.0m as capitalized platform spend comes onto the income statement, and the six-month figure rose to $35.7m from $20.2m.
- The company provides no revenue or earnings guidance, so there is no company-set bar for the second half beyond qualitative statements.
Key uncertainties
- With guidance withdrawn, the release and letter give no revenue, Adjusted EBITDA, or free cash flow range for the second half or the full year, so the trajectory implied by the July improvement cannot be sized from these documents.
- The consensus EPS estimate of $0.1333 is not stated on any basis disclosed in this release, and the only per-share figure the company reports is GAAP diluted EPS of $(5.70), which includes the $235.2m impairment. Angi publishes no adjusted EPS measure.
- The release does not disclose the assumptions behind the goodwill and indefinite-lived intangible impairment, the reporting unit tested, or the remaining headroom on the $662.1m of goodwill still carried.
- The AI Front Desk pilot is described only as "dozens of appointments across the dozens of pros," with no revenue, pricing, or rollout timetable, and the company says it expects to offer the product free initially.
- The letter's claim that lead revenue declines improved to (8.2)% in July covers a single month that is not in the reported quarter and is not reconciled to any disclosed revenue figure.
- The company's stated aspiration to reach $5 billion of revenue and its estimate of a $70 billion pro customer-acquisition market are unsourced forward-looking framings, not disclosed near-term plans.
- Average Monthly Active Pros fell 17% while Acquired Pros rose 13%; the release does not disclose the revenue per active pro or the mix shift between large and small pros that reconciles those two figures.
- Six-month operating cash flow of $9.3m against $51.2m of six-month Adjusted EBITDA is not bridged in the release, and quarterly cash flow is not broken out.
- No repurchases of the 2028 Senior Notes have occurred since 5 May 2026 and the release does not state whether the program remains active or what capacity remains.
- The full impact of the reorganization announced in Q1 is not quantified; restructuring charges were $0.8m in the quarter but $15.7m for the six months, and no total program cost or expected savings figure is given.
Market context
- API Ninjas snapshot: ANGI $6.21 on NASDAQ, volume 604,770, retrieved 2026-08-04T22:13:38Z. The earnings release and shareholder letter were published at approximately 2026-08-04T20:14Z and 2026-08-04T21:02Z, after the 4:00 p.m. ET close, and the conference call is scheduled for 8:30 a.m. ET on 2026-08-05. This is a single quote of unstated session basis, not a measured reaction to the release.
Source limitations
- Every actual above comes from the Quartr Q2 2026 earnings release document and the Quartr Q2 2026 shareholder letter. Quartr standardized financials for this event are not yet populated.
- API Ninjas supplied no actual or difference fields for this event, so each beat/miss is calculated locally as Quartr actual minus API Ninjas estimate. The API row carried no fiscal year or quarter, so the exact ticker-and-event-date match path was used.
- The API Ninjas estimate row is dated 2026-08-04 while the Quartr event is dated 2026-08-05; the release itself was published on 2026-08-04, and the one-day drift is within the tolerance of the configured comparison mode.
- Year-over-year percentage changes not printed in the release are calculated from the release's own three-month and six-month columns.
- Prior-period six-month Adjusted EBITDA is not presented in this release, so that row is left unpopulated rather than derived.
- No transcript exists for this event yet; the call is scheduled for 2026-08-05. A separate post-call update will cover it.