Informa TechTarget (Nasdaq: TTGT) delivered full-year 2025 revenue of $486.8 million, broadly flat on a combined company basis, in line with guidance. Adjusted EBITDA grew 11% to $87.3 million, beating the $85 million target. Q4 revenue of $140.7 million slightly missed the $143.7 million consensus estimate. Net loss totaled $1.0 billion, driven largely by a $931.5 million non-cash goodwill impairment. The stock rose 3.6% on the evening of the announcement (March 11) but fell roughly 10% by March 13 to $3.77.
About Informa TechTarget
Informa TechTarget (Nasdaq: TTGT) is a leading growth accelerator for the B2B technology sector, formed through the December 2024 combination of TechTarget, Inc. and Informa Tech’s digital businesses. Headquartered in Newton, Massachusetts, the company was originally incorporated in 1999 and operates from 19 global locations. It provides data-driven marketing and sales services, including purchase-intent solutions, lead-generation platforms, brand advertising, and market intelligence, targeting enterprise technology vendors and buyers worldwide.
The company operates a network of over 220 highly targeted technology-specific digital properties with approximately 57.6 million permissioned first-party audience members. As of March 13, 2026, TTGT trades at approximately $3.77 per share with a market capitalization of around $272 million, placing it in the small-cap category. Given a net loss in 2025, the trailing P/E ratio is not applicable (the company is currently at a loss), though the forward P/E is approximately 5.42. TTGT does not pay a dividend. The company has approximately 2,100 employees and is led by CEO Gary Nugent and CFO Daniel T. Noreck.
Top Financial Highlights
- Full-year 2025 GAAP revenue reached $486.8 million, compared to $284.9 million in reported 2024 and $490.4 million on a Combined Company basis, meeting guidance of “broadly flat”.
- Adjusted EBITDA for 2025 was $87.3 million, exceeding guidance of at least $85.0 million, up 11% year-over-year on a Combined Company basis.
- Adjusted EBITDA margin expanded by 180 basis points to 17.9% (from 16.1% in 2024 on a Combined basis).
- Q4 2025 revenue was $140.7 million, up 3% year-over-year on a Combined basis and 15% sequentially from Q3 2025.
- Q4 Adjusted EBITDA surged to $41.6 million, up 57% year-over-year on a Combined basis, with margin expanding to 29.6% from 19.4%.
- Full-year net loss was $1.008 billion (Net loss margin of 207.1%), driven by a $931.5 million non-cash goodwill impairment reflecting the gap between market capitalization and book value.
- Gross profit for the full year was $293.3 million, reflecting a gross margin of approximately 60.2%.
- Cash and cash equivalents stood at $40.6 million at year-end, with $106.7 million drawn on a $250 million revolving credit facility.
- Net debt was approximately $66 million at year-end, representing a net debt-to-Adjusted EBITDA ratio of just 0.8x.
- Operating cash flow turned positive at $16.3 million (from negative $64.9 million in 2024), while Adjusted Free Cash Flow was $54.3 million.
- Revenue from the top 30 “portfolio customers” grew approximately 10% year-over-year on a combined company basis.
- The company provided 2026 guidance targeting a return to revenue growth and Adjusted EBITDA of $95 million to $100 million.
- Diluted EPS for 2025 was -$14.06, compared to -$1.63 on a GAAP basis in 2024.
- Cost synergies from the Combination Plan were more than double the original $5.0 million target, and the company expects full planned cost savings and revenue synergies by end of 2027.
Beat or Miss?
| Metric | Reported | Estimate / Guidance | Difference |
| Q4 2025 Revenue | $140.7M | $143.7M (consensus) | -$3.0M miss |
| Q4 2025 EPS | Reported loss | $0.12 (consensus) | Miss |
| Full-Year Revenue | $486.8M | “Broadly flat” (~$490M) | In line with guidance |
| Full-Year Adjusted EBITDA | $87.3M | At least $85.0M (guidance) | +$2.3M beat |
| Full-Year Net Loss | -$1.008B | N/A | Driven by $931.5M non-cash goodwill impairment |
While Q4 revenue narrowly missed consensus estimates, the company hit its full-year guidance and outperformed on Adjusted EBITDA. The massive net loss was almost entirely driven by non-cash goodwill impairment charges and does not reflect underlying operational performance.
What Leadership Is Saying?
“2025 was the foundation year for Informa TechTarget, with the focus on executing against our Combination Plan, laying the path ahead for durable growth. We combined and invested in our businesses, brands and teams, establishing a clear and compelling customer proposition and strengthening our market presence. In 2026, we are focused on delivering growth. Building upon the foundations we will leverage our scale in proprietary market and permissioned audience data and the breadth of product offerings to become an indispensable partner to the technology industry.”– Gary Nugent, Chief Executive Officer
“I am pleased to be able to report on 2025 results that I think delivered in line with or ahead of our guidance and market expectations, which demonstrated both our operational discipline and strategic execution capabilities. We delivered full-year revenue of $486.8 million, which was right in line with our guidance of being broadly flat compared to the $490.4 million we achieved in 2024 on a combined company basis.”– Daniel T. Noreck, Chief Financial Officer
Historical Performance
Informa TechTarget YoY Comparison (Q4 2025 vs Q4 2024)
| Category | Q4 2025 | Q4 2024 (Combined) | Change (%) |
| Revenue | $140.7M | $136.9M | +3% |
| Net Loss | -$9.5M | -$83.5M (Combined) | Improved 89% |
| Adjusted EBITDA | $41.6M | $26.5M | +57% |
| Adjusted EBITDA Margin | 29.60% | 19.40% | +1,020 bps |
Full-Year 2025 vs Full-Year 2024 (Combined Basis)
| Category | FY 2025 | FY 2024 (Combined) | Change (%) |
| Revenue | $486.8M | $490.4M | -0.7% |
| Net Loss | -$1.008B | -$166.0M | Worsened (goodwill impairment) |
| Adjusted EBITDA | $87.3M | $78.8M | +11% |
| Adjusted EBITDA Margin | 17.90% | 16.10% | +180 bps |
| Gross Profit | $293.3M | $289.2M | 1.40% |
Competitor YoY Comparison
Full-Year 2025 vs 2024
| Category | TTGT (FY 2025) | TTGT (FY 2024 Combined) | ZD (FY 2025) | ZD (FY 2024) | QNST (CY Q4 2025) | QNST (CY Q4 2024) |
| Revenue | $486.8M | $490.4M | $1.45B | $1.40B | $287.8M | $282.4M |
| Revenue Growth | -0.70% | — | +3.5% | — | +1.9% | — |
| Adj. EBITDA | $87.3M | $78.8M | $163.2M (Q4) | $171.8M (Q4) | $20.98M (Q4) | N/A |
| Operating Income/Loss | -$1.03B | -$173.6M | $183.1M (FY) | $113.6M (FY) | $0.4% margin | — |
| Market Cap (Mar 2026) | ~$272M | — | ~$1.56B | — | ~$706M | — |
Ziff Davis (ZD) grew full-year revenue by 3.5% and saw operating income surge 61% to $183.1 million, though its Q4 revenue of $406.7 million missed consensus and the stock dropped 11.9% post-earnings. QuinStreet (QNST) reported a strong Q4 with revenue of $287.8 million (beating consensus by 4.2%) and guided for $1.28 billion in full-year 2026 revenue, above analyst estimates. Among these peers, TTGT has the smallest market cap and the steepest stock decline over the past year at -36%.
How the Market Reacted?
Shares of TTGT initially rose 3.6% in after-hours trading on March 11, 2026, the day the earnings were announced. The stock closed at approximately $3.89 on that date. However, by March 13, 2026, shares had fallen roughly 10% to $3.77, reflecting broader investor caution despite the EBITDA beat.
Over the past 12 months, the stock has lost approximately 36% of its value, declining from a 52-week high of $15.55 to current levels near multi-year lows. Analyst consensus remains at “Strong Buy” with an average price target of $11.25, representing a potential upside of approximately 136% from current levels.
