BuzzFeed (BZFD) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue declined 17% year-over-year to $46.3 million, with net loss from continuing operations of $7.4 million compared to net income of $2.5 million in Q3 2024.

• Adjusted EBITDA for Q3 2025 was $0.8 million, down from $8.1 million in Q3 2024.

• Major divestitures in 2024, including Complex Networks and First We Feast, are reflected as discontinued operations.

• Workforce reductions of 6% in August 2025 and 5% in February 2025 were implemented to align costs with revenue.

• Direct visits and internal referrals now make up 63% of BuzzFeed.com traffic, up from 61% in Q2.

Financial highlights

• Q3 2025 total revenue was $46.3 million, down 17% year-over-year from $55.6 million.

• Net loss from continuing operations for Q3 2025 was $7.4 million, compared to net income of $2.5 million in Q3 2024.

• For the first nine months of 2025, total revenue was $128.7 million, a 4% decline year-over-year.

• Adjusted EBITDA for Q3 was $0.8 million, down from $8.1 million in Q3 2024, but remained positive.

• Cash and cash equivalents at September 30, 2025 were $34.3 million.

Outlook and guidance

• Full-year 2025 revenue guidance reduced by $10 million, now expected at $185 million–$195 million.

• Adjusted EBITDA for the year is expected to be between break-even and $10 million.

• Management anticipates a seasonal uptick in Q4, with a focus on cost discipline and operational efficiency.

• Existing capital resources are believed sufficient for the next 12 months, with ongoing evaluation of cost savings and capital raising options.