comScore, Inc. Q4 FY2025 earnings call

2025 was a solid year with meaningful progress. Revenue for the full year was just over $357 million, and adjusted EBITDA came in at $42 million, both ahead of 2024 performance, driven by 24% growth in cross-platform solutions and double-digit growth in local TV offerings. Launched CCM cross-platform content measurement capability. Deepened relationships with large media companies. Local business executed at a high level, contributing to double-digit year-over-year growth. Made meaningful progress simplifying capital structure, closing pivotal recapitalization with preferred shareholders, eliminating $18 million in annual dividends, etc. ComScore has always led with innovation, was first to make digital audiences measurable at scale, led industry's shift to big data TV audience measurement. Media landscape has changed, Comscore's response is to become the defining standard for modern measurement, building a fully integrated flywheel. CCM is an example, also innovating in AI measurement. Invested in enhancing cross-platform product suite, improving panel footprint, integrating AI in 2025.

Total revenue for the year was $357.5 million, up 0.4% from $356 million in 2024. Content and ad measurement revenue of $304.3 million was up 1% from 2024, driven by growth in cross-platform and local TV offerings. Cross-platform revenue of $50.3 million was up 24.4% compared to the prior year. Syndicated audience revenue of $253.9 million was down 2.6% from 2024. Research and insight solutions revenue of $53.2 million was down 3.1% from 2024. Movies business generated 38.4 million of revenue in 2025, up 3.4% from the prior year. Fourth quarter total revenue was $93.5 million, down 1.5% from $94.9 million the same quarter a year ago. Content and ad measurement revenue of $78.8 million was down 2.7% from 2024. Movies business generated revenue of $9.9 million in the quarter, up 5.5% over Q4 of 2024. Research and insight solutions revenue of $14.6 million increased 5.3% in the prior year quarter. Adjusted EBITDA for the year was $42 million, up 2.6% from 2024, resulting in an adjusted EBITDA margin of 11.8%. Adjusted EBITDA for the quarter was $14.7 million, up 3.3% from the prior year quarter, resulting in an adjusted EBITDA margin of 15.7%.

Believe revenue and adjusted EBITDA performance will continue to follow 2025 trends. Expect cross-platform offerings and continued local TV adoption to play significant role in 2026. Expect continued double-digit growth from cross-platform offerings in 2026 to offset declines from national TV and syndicated digital products. Expect revenue in first quarter of 2026 to be roughly flat compared to first quarter of 2025. Plan to continue making investments in key areas of the business to drive top line growth and streamline operations while remaining disciplined with overall spend to improve cash flow. Recapitalization transaction was first step in strategy to transform Comscore, plan to provide update on progress and financial outlook for rest of the year on next earnings call.

Actual results in future periods may differ materially from those currently expected because of a number of risks and uncertainties. These risks and uncertainties include those outlined in our 10-K, 10-Q, and other filings with the SEC, which include platform walling off their data, media landscape changes affecting legacy measurement approaches, etc.

Q: Talk a little bit about the financial flexibility with structural changes in the business over the last few months and how it opens up strategic flexibility or changes to how you want to run the business going forward.

A: As we move forward, freeing up $18 million in dividends not having that obligation on a go-forward basis, better positions the company. Actions like reducing board size help take down costs associated with running the board, freeing up balance sheet to invest in products driving growth like cross-platform execution.

Q: Talk about the last several months' ability to increase utilization of existing partners with cross-platform solutions and add new partners to cross-platform.

A: It's been a nice combination of increased cross-platform usage of proximate across client set, continuing to expand partnerships, including in fourth quarter and expecting to announce more in early 2026. On CCM, encouraged by early adoption across client set and continuing to see usage headed in right direction with product features and enhancements to roll out in 2026.

Q: Thoughts on the local market as it's evolving and creating more of a role for Comscore.

A: Currency conversations go well for local clients, renewals in 2026 continuing that. Remain the only place to buy local audiences, local advanced audiences, or specific local advanced targeting at local market level at meaningful scale, and local business anchors cross-platform capability.