Angi (ANGI) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue declined 12% year-over-year to $278.2M, reflecting quality and efficiency initiatives, with proprietary volume growth for the first time since early 2021.

• Net earnings rose 190% year-over-year to $10.9M, and diluted EPS increased to $0.23.

• Adjusted EBITDA for Q2 2025 was $33.0M, down 22% year-over-year, while operating income nearly doubled to $17.7M.

• Completed a spin-off from IAC and a 1-for-10 reverse stock split in March 2025.

• Ongoing migration to a unified technology platform and efficiency-focused operating model are expected to enhance future performance.

Financial highlights

• Domestic revenue fell 13% to $245.5M; International revenue fell 2% to $32.7M in Q2 2025.

• Proprietary service requests grew 7% and leads rose 16% year-over-year in Q2 2025, while network channels declined sharply.

• Gross profit for Q2 2025 was $265.1M, with a 95% gross margin.

• Consumer marketing expense increased to 35% of revenue, while pro acquisition expense decreased to 14%.

• LTV to CAC ratio reached 2.8x, reflecting improved acquisition efficiency.

Outlook and guidance

• Service requests and leads are expected to continue growing at Q2 rates, with revenue growth driven by higher revenue per lead.

• Mid-single digit revenue growth and stable contribution margins are expected for 2025, with higher capital expenditures and increased marketing spend planned.

• Management believes existing cash and cash flows will be sufficient to fund operations and commitments for the next twelve months.

• Network channel volume projected to stabilize at Q2 exit rates and remain roughly flat for the rest of the year.