Angi (ANGI) Q2 2026 earnings summary

Executive summary

• Revenue declined 11% year-over-year to $248.0 million in Q2 2026, primarily due to macroeconomic headwinds, a shift away from network channels, and changes in homeowner demand.

• Net loss attributable to shareholders was $230.7 million, driven by a $225.6 million to $235.2 million non-cash goodwill and intangible asset impairment.

• Adjusted EBITDA was $28.2 million, down 14% year-over-year, with U.S. Adjusted EBITDA down 22% and international up 25%.

• The company implemented a restructuring plan, reducing its global workforce by approximately 350 employees and incurring $15.7 million in restructuring charges.

• Launched AI-powered homeowner agent and beta-tested AI Front Desk, with migration to an AI-first platform underway.

Financial highlights

• Gross profit for Q2 2026 was $236.3 million, down 11% year-over-year, with gross margin steady at 95%.

• Adjusted EBITDA margin for Q2 2026 was 11.4%, with margin declines due to increased consumer marketing and lower revenue.

• Selling and marketing expense increased 2% to $142.3 million, while general and administrative expense decreased 19% to $59.9 million.

• Depreciation expense more than doubled to $21.0 million due to increased capitalized software spend and accelerated depreciation.

• Interest expense was $4.8 million, and other income, net, was $7.0 million, including a $5.6 million gain on extinguishment of debt.

Outlook and guidance

• No formal guidance reinstated; modest sequential improvements in revenue and margin expected, with acceleration anticipated in 2027 contingent on execution of large pro strategy and platform migration.

• Capital expenditures for 2026 are expected to be consistent with 2025 levels ($59.6 million).

• Management believes existing cash, cash equivalents, and borrowing capacity are sufficient to fund operations for the next twelve months.