Ziff Davis完成12億美元出售Connectivity 次季持續經營錄虧損

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UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q 

☒    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934

For the quarterly period ended June 30, 2026 
OR
☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE 
ACT OF 1934

For the transition period from __________ to __________

Commission File Number: 0-25965 

ZIFF DAVIS, INC. 
(Exact name of registrant as specified in its charter)
Delaware47-1053457
(State or other jurisdiction(I.R.S. Employer
of incorporation or organization)Identification No.)
360 Park Avenue S, New York, New York 10010 
(Address of principal executive offices) (Zip code)

Registrant’s telephone number, including area code: (212) 503-3500 

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueZDThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes ý    No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes ý    No  o   
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ýAccelerated fileroNon-Accelerated fileroSmaller reporting company☐
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes ☐        No ý

There were 34,287,208 shares outstanding of the Registrant’s common stock as of August 4, 2026.

ZIFF DAVIS, INC. AND SUBSIDIARIES 
QUARTERLY REPORT
QUARTER ENDED JUNE 30, 2026 

INDEX 
PAGE

PART I.
FINANCIAL INFORMATION

Item 1.  
Financial Statements

Condensed Consolidated Balance Sheets (Unaudited)
3

Condensed Consolidated Statements of Operations (Unaudited)
4

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
5

Condensed Consolidated Statements of Cash Flows (Unaudited)
6

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)
7

Notes to Condensed Consolidated Financial Statements (Unaudited)
9

Item 2.  
Management’s Discussion and Analysis of Financial Condition and Results of Operations
37

Item 3.  
Quantitative and Qualitative Disclosures About Market Risk
52

Item 4.  
Controls and Procedures
53

PART II.
OTHER INFORMATION

Item 1.  
Legal Proceedings
53

Item 1A.  
Risk Factors
53

Item 2.  
Unregistered Sales of Equity Securities and Use of Proceeds
53

Item 3.  
Defaults Upon Senior Securities
54

Item 4.  
Mine Safety Disclosures
54

Item 5.  
Other Information
54

Item 6.  
Exhibits
55

Signatures
56

-2-

PART I.  FINANCIAL INFORMATION

Item 1.Financial Statements

ZIFF DAVIS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands except share and per share data)

June 30, 2026December 31, 2025
ASSETS
Cash and cash equivalents$1,606,112 $573,777 

Accounts receivable, net of allowances of $6,343 and $8,141, respectively
418,846 623,441 
Prepaid expenses and other current assets59,804 81,964 

Current assets - discontinued operations— 91,217 
Total current assets2,084,762 1,370,399 
Long-term investments 99,936 93,228 
Property and equipment, net of accumulated depreciation of $419,396 and $382,187, respectively
171,481 162,130 
Intangible assets, net293,773 338,178 
Goodwill1,291,002 1,346,964 
Deferred income taxes5,444 5,107 
Other assets51,629 24,523 
Noncurrent assets - discontinued operations— 322,777 
TOTAL ASSETS$3,998,027 $3,663,306 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued expenses$489,554 $696,918 

Income taxes payable, current185,637 7,345 
Deferred revenue, current126,974 129,700 

Current portion of long-term debt148,937 148,685 
Other current liabilities12,228 16,089 
Current liabilities - discontinued operations— 76,216 
Total current liabilities963,330 1,074,953 
Long-term debt718,703 717,815 
Deferred revenue, noncurrent5,903 6,518 

Liability for uncertain tax positions19,619 19,733 
Deferred income taxes20,773 41,116 
Other noncurrent liabilities32,241 33,055 
Noncurrent liabilities - discontinued operations— 16,541 
TOTAL LIABILITIES1,760,569 1,909,731 
Commitments and contingencies (Note 9)

Preferred stock, $0.01 par value. Authorized 1,000,000 and none issued
— — 
Preferred stock - Series A, $0.01 par value. Authorized 6,000; total issued and outstanding zero
— — 
Preferred stock - Series B, $0.01 par value. Authorized 20,000; total issued and outstanding zero
— — 
Common stock, $0.01 par value. Authorized 95,000,000; total issued and outstanding 34,962,853 and 38,376,859 shares at June 30, 2026 and December 31, 2025, respectively
350 384 
Additional paid-in capital 436,450 472,723 

Retained earnings1,867,704 1,337,542 
Accumulated other comprehensive loss(67,046)(57,074)
TOTAL STOCKHOLDERS’ EQUITY2,237,458 1,753,575 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$3,998,027 $3,663,306 

See Notes to Condensed Consolidated Financial Statements (Unaudited)

-3-

 ZIFF DAVIS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands except share and per share data)

Three months ended June 30,Six months ended June 30,
2026202520262025
Total revenues$286,738 $294,803 $554,379 $567,619 
Operating costs and expenses:

Direct costs45,711 40,663 90,028 81,064 
Sales and marketing122,172 127,044 237,405 239,455 
Research, development, and engineering14,369 14,197 28,006 28,117 
General, administrative, and other related costs47,496 48,794 94,140 91,957 
Depreciation and amortization46,874 50,335 91,752 98,787 
Goodwill impairment54,839 — 54,839 — 
Total operating costs and expenses331,461 281,033 596,170 539,380 
Operating (loss) income(44,723)13,770 (41,791)28,239 
Interest expense, net(5,770)(6,584)(12,666)(12,778)

Gain on investments, net— 4,340 — 4,340 

Other (loss) income, net(586)(2,402)102 (3,877)
(Loss) income from continuing operations before income tax expense and income from equity method investment(51,079)9,124 (54,355)15,924 
Income tax (expense) benefit(941)69 (3,578)(3,549)
(Loss) income from equity method investment, net of tax(133)5,115 5,005 11,745 
Net (loss) income from continuing operations(52,153)14,308 $(52,928)$24,120 
Net income from discontinued operations, net of tax676,614 12,035 699,650 26,462 
Net income$624,461 $26,343 $646,722 $50,582 

Net (loss) income per common share from continuing operations:
Basic$(1.43)$0.34 $(1.43)$0.57 
Diluted$(1.43)$0.34 $(1.43)$0.57 
Net income per common share from discontinued operations:
Basic$18.60 $0.29 $18.92 $0.63 
Diluted$18.60 $0.29 $18.92 $0.63 
Net income per common share:
Basic$17.16 $0.63 $17.49 $1.20 
Diluted$17.16 $0.63 $17.49 $1.20 
Weighted average shares outstanding:
Basic36,381,271 41,732,800 36,985,872 42,143,165 
Diluted36,381,271 41,750,114 36,985,872 42,257,116 

 See Notes to Condensed Consolidated Financial Statements (Unaudited)
-4-

ZIFF DAVIS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited, in thousands)

Three months ended June 30,Six months ended June 30,
2026202520262025
Net income$624,461 $26,343 $646,722 $50,582 
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustment(435)18,782 (8,745)30,193 

Change in fair value on available-for-sale investments, net of tax expense of $99 and $187 for the three and six months ended June 30, 2025, respectively. 
— 279 — 559 
Sale of Connectivity(1,227)— (1,227)— 
Other comprehensive (loss) income, net of tax(1,662)19,061 (9,972)30,752 
Comprehensive income
$622,799 $45,404 $636,750 $81,334 

See Notes to Condensed Consolidated Financial Statements (Unaudited)

-5-

ZIFF DAVIS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 (Unaudited, in thousands) 
                                                          Six months ended June 30,
20262025
Cash flows from operating activities:
Net income$646,722 $50,582 

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization96,656 113,438 
Non-cash operating lease costs3 4,325 
Share-based compensation23,897 21,479 
Provision for credit losses on accounts receivable1,994 1,012 

Deferred income taxes, net(22,542)(7,320)

Gain on sale of businesses(860,597)— 
Goodwill impairment54,839 — 
Changes in fair value of contingent consideration124 (2,318)
Income from equity method investments, net of tax(5,005)(11,745)
Gain on investments, net— (4,340)
Other3,826 1,701 
Decrease (increase) in:
Accounts receivable
204,820 147,417 
Prepaid expenses and other current assets(2,972)(523)
Other assets3,480 1,900 
Increase (decrease) in:
Accounts payable and accrued expenses(230,206)(209,583)
Income taxes payable204,345 (21,482)
Deferred revenue7,402 464 
Other current liabilities(7,870)(7,320)

Net cash provided by operating activities118,916 77,687 
Cash flows from investing activities:
Purchases of property and equipment(68,126)(55,752)
Acquisitions, net of cash received(8,030)(50,345)

Distribution from equity method investment— 9,196 

Proceeds from sale of equity investments— 25,250 

Proceeds from sale of businesses, net of cash divested1,134,081 — 
Other(209)51 

Net cash provided by (used in) investing activities1,057,716 (71,600)
Cash flows from financing activities:

Repurchase of common stock(173,058)(68,834)
Issuance of common stock under employee stock purchase plan3,477 3,751 

Deferred payments for acquisitions(1,162)(213)
Other(3,041)(1,592)

Net cash used in financing activities(173,784)(66,888)
Effect of exchange rate changes on cash and cash equivalents(3,747)12,180 
Net change in cash and cash equivalents999,101 (48,621)
Cash and cash equivalents at beginning of period607,011 505,880 
Cash and cash equivalents at beginning of period associated with discontinued operations33,234 18,380 
Cash and cash equivalents at beginning of period associated with continuing operations573,777 487,500 
Cash and cash equivalents at end of period1,606,112 457,259 
Cash and cash equivalents at end of period associated with discontinued operations— 18,141 
Cash and cash equivalents at end of period associated with continuing operations$1,606,112 $439,118 

See Notes to Condensed Consolidated Financial Statements (Unaudited)
-6-

ZIFF DAVIS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited, in thousands, except share amounts)

Three months ended June 30, 2026
Common stockAdditional paid-in
RetainedAccumulated other 
Total
Stockholders’
SharesAmountcapitalearningscomprehensive loss
Equity
Balance, April 1, 202637,387,662 $374 $454,325 $1,332,193 $(65,384)$1,721,508 
Net income— — — 624,461 — 624,461 
Other comprehensive loss, net of tax of zero
— — — — (435)(435)
Issuance of restricted stock, net65,760 1 (290)(25)— (314)
Issuance of shares under employee stock purchase plan137,218 1 3,476 — — 3,477 
Repurchase and retirement of common stock(2,627,787)(26)(32,364)(89,398)— (121,788)
Share-based compensation— — 11,535 — — 11,535 
Sale of Connectivity
— — — — (1,227)(1,227)
Other, net— — (232)473 — 241 
Balance, June 30, 202634,962,853 $350 $436,450 $1,867,704 $(67,046)$2,237,458 

Three months ended June 30, 2025
Common stockAdditional paid-in
RetainedAccumulated other 
Total
Stockholders’
SharesAmountcapitalearningscomprehensive loss
Equity
Balance, April 1, 202542,230,734 $422 $485,008 $1,406,715 $(70,780)$1,821,365 
Net income— — — 26,343 — 26,343 
Other comprehensive income, net of tax expense of $99
— — — — 19,061 19,061 
Issuance of restricted stock, net31,374 1 (217)95 — (121)
Issuance of shares under employee stock purchase plan133,956 1 3,749 — — 3,750 
Repurchase and retirement of common stock(1,228,007)(12)(15,890)(23,766)— (39,668)
Share-based compensation— — 11,727 — — 11,727 

Other, net— — 121 81 — 202 
Balance, June 30, 202541,168,057 $412 $484,498 $1,409,468 $(51,719)$1,842,659 

-7-

ZIFF DAVIS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited, in thousands, except share amounts)

Six months ended June 30, 2026
Common stockAdditional paid-in
RetainedAccumulated other 
Total
Stockholders’
SharesAmountcapitalearningscomprehensive loss
Equity
Balance, January 1, 202638,376,859 $384 $472,723 $1,337,542 $(57,074)$1,753,575 
Net income— — — 646,722 — 646,722 
Other comprehensive loss, net of tax of zero
— — — — (8,745)(8,745)
Issuance of restricted stock, net262,649 3 (11,381)4,365 — (7,013)
Issuance of shares under employee stock purchase plan137,218 1 3,476 — — 3,477 
Repurchase and retirement of common stock(3,813,873)(38)(47,018)(121,561)— (168,617)
Share-based compensation— — 20,779 — — 20,779 
Sale of Connectivity
— — — — (1,227)(1,227)
Other, net (1)
— — (2,129)636 — (1,493)
Balance, June 30, 202634,962,853 $350 $436,450 $1,867,704 $(67,046)$2,237,458 

(1)Includes $1.8 million decrease in ‘Additional-paid-in-capital’ related to a change in classification of certain equity awards from equity-classified to liability-classified. Refer to Note 12 — Share-Based Compensation for additional details.

Six months ended June 30, 2025
Common stockAdditional paid-in
RetainedAccumulated other 
Total
Stockholders’
SharesAmountcapitalearningscomprehensive loss
Equity
Balance, January 1, 202542,848,339 $428 $491,891 $1,401,034 $(82,471)$1,810,882 
Net income— — — 50,582 — 50,582 
Other comprehensive income, net of tax expense of $187
— — — — 30,752 30,752 

Issuance of restricted stock, net163,769 2 (8,049)3,623 — (4,424)
Issuance of shares under employee stock purchase plan133,956 1 3,749 — — 3,750 
Repurchase and retirement of common stock(1,978,007)(19)(24,583)(45,969)— (70,571)
Share-based compensation— — 21,479 — — 21,479 
Other, net— — 11 198 — 209 
Balance, June 30, 202541,168,057 $412 $484,498 $1,409,468 $(51,719)$1,842,659 

See Notes to Condensed Consolidated Financial Statements (Unaudited)
-8-

ZIFF DAVIS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1. Basis of Presentation and Overview
The accompanying Condensed Consolidated Financial Statements of Ziff Davis, Inc. and its direct and indirect wholly-owned subsidiaries (“Ziff Davis”, the “Company”, “our”, “us”, or “we”), were prepared in accordance with U.S. generally accepted accounting principles ("GAAP"), and all adjustments considered necessary for a fair presentation have been included. All intercompany accounts and transactions have been eliminated in consolidation.
On June 17, 2026, the Company completed the sale of its Connectivity business (“Connectivity”) to Accenture Inc (“Accenture”). The assets and liabilities and results of operations of Connectivity have been classified as discontinued operations for all periods presented. Unless otherwise noted, all amounts, percentages, and any discussion in this Quarterly Report on Form 10-Q reflect the results from continuing operations, except for the Condensed Consolidated Statements of Comprehensive Income, the Statements of Cash Flows, and Condensed Consolidated Statements of Stockholders’ Equity, and related disclosures which are presented on a combined continuing and discontinued operations basis. Furthermore, upon reclassification of Connectivity as discontinued operations, the Company determined that Connectivity is no longer a reportable segment. Refer to Note 5 - Divestitures for further details.
The accompanying interim Condensed Consolidated Financial Statements have been prepared in accordance with instructions for Form 10-Q and Article 10 of Regulation S-X issued by the Securities and Exchange Commission (“SEC”). The preparation of these Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the Condensed Consolidated Financial Statements, as well as the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. All normal recurring adjustments necessary for a fair presentation of these interim Condensed Consolidated Financial Statements were made. 
This Quarterly Report on Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 24, 2026 and other filings with the SEC.
The results of operations for this interim period are not necessarily indicative of the operating results that may be expected for the full year or for any future period.
Description of Business
Ziff Davis is a vertically focused digital media and internet company whose portfolio includes leading brands in technology, shopping, gaming and entertainment, health and wellness, cybersecurity, and martech. Our business specializes in the technology, shopping, gaming and entertainment, and healthcare markets, offering content, tools, and services to consumers and businesses, and provides internet-delivered cloud-based services to consumers and businesses including cybersecurity, privacy, and marketing technology.
Significant Accounting Policies
The significant accounting policies followed by the Company are set forth in Note 1 to the Company's consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2025. For the six months ended June 30, 2026, there have been no new or material changes to the significant accounting policies discussed in the Company’s Form 10-K for the fiscal year ended December 31, 2025.
Accounts Receivable, net
Accounts receivable, net consisted of the following (in thousands):

June 30, 2026December 31, 2025
Settlement receivables, net$187,082 $313,413 
Trade receivables, net218,707 303,375 
Escrow receivable12,000 — 
Other receivables1,057 6,653 
Accounts receivable, net$418,846 $623,441 

Settlement receivables, net represent amounts due from third parties that are collected by the Company and passed through to our customers, net of a fee earned by the Company, related to services provided in the facilitation of gift card processing and program management. 
-9-

ZIFF DAVIS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses consisted of the following (in thousands):

June 30, 2026December 31, 2025
Settlement payables, net$261,176 $469,134 
Accounts payable145,961 144,679 
Accrued employee related costs30,811 31,279 
Other accrued liabilities51,606 51,826 
Accounts payable and accrued expenses$489,554 $696,918 

Settlement payables, net represent amounts owed to our customers related to services provided in the facilitation of gift card processing and program management whereby, as part of our services we collect from third parties and pass through payment to our customers, net of a fee earned by the Company.
Long-lived assets
The Company accounts for long-lived assets, which include property and equipment, operating lease right-of-use assets, and identifiable intangible assets with finite useful lives (subject to amortization), in accordance with the provisions of the Financial Accounting Standards Board (“FASB”) ASC Topic 360, Property, Plant, and Equipment, which requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparing the carrying amount of an asset to the expected undiscounted future net cash flows generated by the asset. If it is determined that the asset may not be recoverable, and if the carrying amount of an asset exceeds its estimated fair value, an impairment charge is recognized to the extent of the difference. During the three and six months ended June 30, 2026, the Company assessed the recoverability of certain of its assets in its Health & Wellness reportable segment following reductions in forecasted revenue and earnings before interest, taxes, depreciation, and amortization (“EBITDA”) in one of its asset groups and recorded an impairment of its internal-use-software of approximately $1.8 million within ‘General, administrative, and other related costs’ in the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2026. The fair value of the internal-use-software was estimated using the multi-period excess earnings method under the income approach, which utilizes assumptions including projected future revenue generated from the asset, projected expenses, and discount rate. 
Recent Accounting Pronouncements
Recently issued applicable accounting pronouncements adopted
In July 2025, the FASB issued Accounting Standards Update (“ASU”) 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides all entities with the practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Accounting Standards Codification (“ASC”) Topic 606, Revenues from Contracts with Customers (“ASC 606”). This update permits all entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the current accounts receivable and current contract assets. This update is effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual reporting periods. Early adoption is permitted for financial statements that have not been issued or made available for issuance. The Company adopted this update during the first quarter of 2026. The adoption of this update did not have a material impact on our consolidated financial statements and related disclosures.
Recently issued applicable accounting pronouncements not yet adopted
In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The amendments in this update are intended to enhance clarity and consistency in interim reporting disclosures. The update improves the navigability of interim reporting guidance, provides a comprehensive list of required disclosures, and includes a new disclosure principle for reporting material events occurring after the most recent annual period. The guidance is effective for annual reporting periods beginning after December 15, 2027, and interim periods within those annual reporting periods. The Company is currently evaluating the effect of adoption of this update on our consolidated financial statements.
In September 2025, the FASB issued ASU 2025-06, Intangible - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. T