"Our full-year 2025 results reflect solid progress in key strategic areas of our business. We delivered strong double-digit growth in our local TV and cross-platform business lines, both of which helped drive revenue growth year over year," said Jon Carpenter, CEO. "We are pleased with the progress the team has made, and with the recapitalization transaction behind us, we can now focus on unlocking value through strategic transformation that will enable Comscore's cross-platform capabilities to become the standard for modern measurement."
FY 2025 Business and Financial Highlights
Revenue for 2025 was $357.5 million compared to $356.0 million in 2024
24% growth in cross-platform solutions, driven by Proximic and CCR and continued adoption of our cross-platform content measurement offering
Double-digit growth in local TV driven by key renewals and new business
Net loss of $10.0 million compared to $60.2 million in 2024, primarily resulting from a non-cash goodwill impairment charge in 2024
Adjusted EBITDA1 of $42.0 million compared to $41.0 million in 2024
Closed pivotal recapitalization transaction with preferred stockholders, eliminating the $18.0 million annual dividend burden and the preferred stockholders' right to a special dividend of at least $47.0 million, enhancing alignment between common and preferred stockholders
Q4 2025 Financial Highlights
Revenue for the fourth quarter was $93.5 million compared to $94.9 million in Q4 2024
Net income of $3.0 million compared to $3.1 million in Q4 2024
Adjusted EBITDA of $14.7 million compared to $14.2 million in Q4 2024
2026 Financial Outlook
Q1 2026 revenue expected to be roughly flat compared to Q1 2025
Full-year revenue and adjusted EBITDA performance expected to follow similar trends to 2025
Updated outlook to be provided on the next earnings call
1 Adjusted EBITDA and adjusted EBITDA margin are non-GAAP measures defined in the "Fourth Quarter Summary Results" section and are reconciled to net income (loss) and net income (loss) margin in the addendum of this release.
Fourth Quarter Summary Results
Revenue in the fourth quarter was $93.5 million, down 1.5% from $94.9 million in Q4 2024. Content & Ad Measurement revenue declined 2.7% compared to the prior-year quarter, driven by lower revenue from our syndicated audience offerings (primarily related to our national TV and syndicated digital products), partially offset by an increase in our cross-platform revenue, which grew 9.6% over Q4 2024. Research & Insight Solutions revenue increased 5.3% from Q4 2024, primarily due to new business from our consumer brand health products.
Our core operating expenses, which include cost of revenues, sales and marketing, research and development and general and administrative expenses, were $86.3 million for the quarter, down 4.4% compared to $90.3 million in Q4 2024, primarily due to lower employee compensation and data costs, partially offset by higher royalty and reseller costs.
Net income for the quarter was $3.0 million, compared to $3.1 million in Q4 2024, resulting in net income margins of 3.2% and 3.3% of revenue, respectively. After accounting for dividends on our convertible preferred stock and the deemed contribution recognized as part of the recapitalization transaction, income per share attributable to common shares in Q4 2025 was $6.40, compared to loss per share attributable to common shares of $(0.27) in Q4 2024.
Non-GAAP adjusted EBITDA for the quarter was $14.7 million, compared to $14.2 million in Q4 2024, resulting in adjusted EBITDA margins of 15.7% and 15.0%, respectively. Due to volatility in foreign currency exchange rates (FX), in the first quarter of 2025 we modified our adjusted EBITDA metric (as well as comparable prior periods) to exclude the impact of foreign currency transactions. Beginning in the third quarter of 2025 (and for comparable prior periods), we also modified this metric to exclude certain costs related to our consideration of strategic alternatives, including the strategic review that culminated in the recapitalization transaction we closed in Q4 2025. As revised, adjusted EBITDA and adjusted EBITDA margin exclude depreciation and amortization, net interest expense, income taxes, impairment charges, stock-based compensation expense, transformation costs, restructuring costs, strategic transaction costs, change in fair value of contingent consideration liability, gain/loss from foreign currency transactions and other items as presented in the accompanying tables.
Full-Year Summary Results
Revenue for 2025 was $357.5 million, up 0.4% compared to $356.0 million in 2024. Content & Ad Measurement revenue increased 1.0% compared to 2024, largely driven by higher revenue from our cross-platform offerings, which grew 24.4% over 2024, and growth in local TV. This growth was partially offset by a decrease in revenue from our syndicated audience offerings, primarily related to our national TV and syndicated digital products. Research & Insight Solutions revenue decreased 3.1% from 2024, primarily due to lower deliveries of certain custom digital products.
Our core operating expenses, which include cost of revenues, sales and marketing, research and development and general and administrative expenses, were $350.4 million, up 1.0% compared to $347.1 million in 2024, primarily due to higher employee compensation, royalties and reseller costs, and panel costs, partially offset by lower data costs.
Net loss for the year was $10.0 million, compared to $60.2 million in 2024, resulting in net loss margins of 2.8% and 16.9% of revenue, respectively. Included in net loss for 2024 was a non-cash impairment charge of $63.0 million related to goodwill. After accounting for dividends on our convertible preferred stock and the deemed contribution recognized as part of the recapitalization transaction, income per share attributable to common shares in 2025 was $4.30, compared to loss per share attributable to common shares of $(15.53) in 2024.
Non-GAAP adjusted EBITDA for the year was $42.0 million compared to $41.0 million in 2024, resulting in adjusted EBITDA margins of 11.8% and 11.5%, respectively.
Balance Sheet and Liquidity
As of December 31, 2025, cash, cash equivalents and restricted cash totaled $26.8 million, including $3.2 million in restricted cash. Outstanding debt principal under our senior secured term loan was $44.6 million. We had no outstanding borrowings under our revolving credit facility as of December 31, 2025, with a remaining borrowing capacity of $15.0 million.
On December 29, 2025, we completed a recapitalization transaction with our preferred stockholders (Charter Communications, Liberty Broadband Corporation, and an affiliate of Cerberus Capital Management) in which each preferred stockholder exchanged all of its shares of Series B preferred stock for shares of common stock and a new Series C preferred stock. The transaction implied the exchange of (i) $80.8 million of existing liquidation preference for common stock at an effective price of $8.19 per share, a nearly 50% premium to the 90-day VWAP of $5.465 per share as of the transaction signing date (September 26, 2025), and (ii) $183.7 million of remaining liquidation preference for Series C preferred stock at a price of $14.50 per share. The new preferred stock is convertible into common stock at an initial rate of 1:1 and will pay no annual dividends. The transaction also eliminated the preferred stockholders' previous right to a special dividend of at least $47.0 million and reduced their director designation rights, among other things, enhancing alignment between common and preferred stockholders. As a result of the transaction, annualized cash compensation for our board of directors was reduced by more than 20%, incremental to recent reductions in equity compensation.
2026 Outlook
Based on current trends and expectations, we expect to see continued double-digit revenue growth from our cross-platform offerings in 2026, which should offset the declines we anticipate from our national TV and syndicated digital products. As such, we expect revenue in the first quarter of 2026 to be roughly flat compared to Q1 2025. Following the recapitalization transaction we closed in Q4 2025, we are now in a better position to evaluate additional strategic actions with the potential to further streamline our capital structure, enhance our financial profile, unlock growth and simplify our business. We plan to provide an update on our progress, along with our outlook for the rest of the year, on our next earnings call.
Conference Call Information for Today, Tuesday, March 17, 2026 at 5:00 p.m. ET
Management will host a conference call to discuss the results on Tuesday, March 17, 2026, at 5:00 p.m. ET. The live audio webcast along with supplemental information will be accessible at ir.comscore.com/events-presentations. Participants can obtain dial-in information by registering for the call at the same web address and are advised to register in advance of the call to avoid delays. Following the conference call, a replay will be available via webcast at ir.comscore.com/events-presentations.
About Comscore
Comscore is a global, trusted partner for planning, transacting and evaluating media across platforms. With an unmatched data footprint that combines digital, linear TV, over-the-top and theatrical viewership intelligence with advanced audience insights, Comscore empowers media buyers and sellers to quantify their multiscreen behavior and make meaningful business decisions with confidence. A proven leader in measuring digital and TV audiences and advertising at scale, Comscore is the industry's emerging, third-party source for reliable and comprehensive cross-platform measurement.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal and state securities laws, including, without limitation, our expectations, forecasts, plans and opinions regarding expected revenue in Q1 2026, our full-year 2026 performance and financial trends, revenue drivers and growth opportunities, future value creation and strategic transformation, customer adoption of our measurement products, the expected benefits of our recent recapitalization transaction, plans for our next earnings call, and our consideration of additional strategic actions and their potential benefits, including benefits with respect to our capital structure, financial profile, growth and business simplification. These statements involve risks and uncertainties that could cause actual events to differ materially from expectations, including, but not limited to, changes in our business and customer, partner and vendor relationships and contracts; external market conditions and competition; continued changes or declines in ad spending or other macroeconomic factors; evolving trade policies and privacy and regulatory standards; product adoption rates; the availability and desirability of additional strategic actions; developments in pending or potential legal matters; and our ability to achieve our expected strategic, financial and operational plans. For additional discussion of risk factors, please refer to our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and other filings that we make from time to time with the U.S. Securities and Exchange Commission (the "SEC"), which are available on the SEC's website (www.sec.gov).
Investors are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date such statements are made. We do not intend or undertake, and expressly disclaim, any duty or obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after the date of this press release, or to reflect the occurrence of unanticipated events.
Use of Non-GAAP Financial Measures
To provide investors with additional information regarding our financial results, we are disclosing in this press release adjusted EBITDA and adjusted EBITDA margin, which are non-GAAP financial measures used by our management to understand and evaluate our core operating performance and trends. We believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating results, as they permit our investors to view our core business performance using the same metrics that management uses to evaluate our performance. Nevertheless, our use of these non-GAAP financial measures has limitations as an analytical tool, and investors should not consider these measures in isolation or as a substitute for analysis of our results as reported under GAAP. Instead, you should consider these measures alongside GAAP-based financial performance measures, net income (loss), net income (loss) margin, various cash flow metrics, and our other GAAP financial results. Set forth below are reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures, net income (loss) and net income (loss) margin. These reconciliations should be carefully evaluated.
MediaMarie ScoutasComscore, Inc.(917) 213-2032[email protected]
InvestorsJackie Marcus or Nick NelsonAlpha IR Group(617) 466-9257[email protected]
COMSCORE, INC.CONSOLIDATED BALANCE SHEETS(In thousands, except share and per share data)
As of December 31,
2025
2024
Assets
Current assets:
Cash and cash equivalents
$
23,621
$
29,937
Restricted cash
3,179
3,531
Accounts receivable, net of allowances of $496 and $462, respectively
57,260
64,266
Prepaid expenses and other current assets
12,210
10,323
Total current assets
96,270
108,057
Property and equipment, net
43,714
47,116
Operating right-of-use assets
8,565
13,173
Deferred tax assets
3,154
2,624
Intangible assets, net
2,529
5,058
Goodwill
248,636
246,010
Other non-current assets
4,841
8,209
Total assets
$
407,709
$
430,247
Liabilities, Convertible Redeemable Preferred Stock and Stockholders' Equity (Deficit)
Current liabilities:
Accounts payable
$
16,956
$
16,471
Accrued expenses
44,879
35,013
Contract liabilities
36,575
45,464
Accrued dividends
—
8,962
Customer advances
7,605
9,566
Current operating lease liabilities
8,783
8,598
Other current liabilities
8,093
7,230
Total current liabilities
122,891
131,304
Secured term loan
39,297
40,718
Non-current operating lease liabilities
6,238
14,805
Non-current portion of accrued data costs
24,917
33,551
Deferred tax liabilities
1,997
891
Non-current payable to preferred stockholders
4,457
—
Other non-current liabilities
6,751
9,771
Total liabilities
206,548
231,040
Commitments and contingencies
Series C convertible redeemable preferred stock, $0.001 par value; 12,670,863 shares authorized, issued and outstanding as of December 31, 2025; no shares authorized, issued and outstanding as of December 31, 2024; aggregate liquidation preference of $183,728 as of December 31, 2025 and zero as of December 31, 2024
89,722
—
Series B convertible redeemable preferred stock, $0.001 par value; no shares authorized, issued and outstanding as of December 31, 2025; 100,000,000 shares authorized and 95,784,903 shares issued and outstanding as of December 31, 2024; aggregate liquidation preference of zero as of December 31, 2025 and $245,732 as of December 31, 2024
—
207,470
Stockholders' equity (deficit):
Preferred stock, $0.001 par value; 1,329,137 shares authorized as of December 31, 2025 and 5,000,000 shares authorized as of December 31, 2024; no shares issued or outstanding as of December 31, 2025 or 2024
—
—
Common stock, 0.001 par value; 46,000,000 shares authorized as of December 31, 2025 and 13,750,000 shares authorized as of December 31, 2024; 15,214,378 shares issued and 14,876,139 shares outstanding as of December 31, 2025, and 5,228,814 shares issued and 4,890,575 shares outstanding as of December 31, 2024
15
5
Additional paid-in capital
1,781,265
1,714,052
Accumulated other comprehensive loss
(9,862
)
(18,068
)
Accumulated deficit
(1,429,995
)
(1,474,268
)
Treasury stock, at cost, 338,239 shares as of December 31, 2025 and 2024
(229,984
)
(229,984
)
Total stockholders' equity (deficit)
111,439
(8,263
)
Total liabilities, convertible redeemable preferred stock and stockholders' equity (deficit)
$
407,709
$
430,247
COMSCORE, INC.CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS(In thousands, except share and per share data)
Years Ended December 31,
2025
2024
2023
Revenues
$
357,469
$
356,047
$
371,343
Cost of revenues(1) (2)
212,761
208,708
205,580
Selling and marketing(1) (2)
59,902
57,622
63,322
Research and development(1) (2)
30,174
33,066
33,701
General and administrative(1) (2)
47,594
47,679
51,192
Amortization of intangible assets
2,529
3,057
5,213
Impairment of goodwill
—
63,000
78,200
Impairment of right-of-use and long-lived assets
—
1,397
1,502
Restructuring
—
1,027
6,234
Total expenses from operations
352,960
415,556
444,944
Income (loss) from operations
4,509
(59,509
)
(73,601
)
(Loss) gain from foreign currency transactions
(5,892
)
1,417
(2,824
)
Interest expense, net
(6,693
)
(1,883
)
(1,445
)
Other income, net
—
651
42
Loss before income taxes
(8,076
)
(59,324
)
(77,828
)
Income tax provision
(1,928
)
(924
)
(1,533
)
Net loss
$
(10,004
)
$
(60,248
)
$
(79,361
)
Net income (loss) available:
Net loss
$
(10,004
)
$
(60,248
)
$
(79,361
)
Convertible redeemable preferred stock dividends
(18,767
)
(17,600
)
(16,270
)
Preferred stockholders' deemed contribution(3)
73,044
—
—
Total net income (loss) available
$
