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Angi
Angi (ANGI) investor relations material
Angi Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary11 Feb, 2026
Executive summary
Achieved a significant turnaround by doubling EBITDA and halving capital expenditures over three years, shifting from negative to positive free cash flow while improving customer metrics such as NPS, churn, and repeat rates.
Q4 2025 operating income rose 175% year-over-year to $5.9M, with adjusted EBITDA up 25% to $39.7M, despite a 10% revenue decline to $240.8M due to a 79% drop in Network Revenue following the homeowner choice transition.
Gave up $500 million in lower-quality revenue to focus on higher-margin, sustainable growth, with a material improvement in year-over-year revenue change of 700-900 basis points.
Net earnings for Q4 2025 were $7.2M, reversing a $1.3M loss in Q4 2024; diluted EPS was $0.17 versus $(0.03) last year.
Positioned for long-term growth by investing in AI, modernizing the tech stack, and leveraging proprietary data to enhance customer and pro matching.
Financial highlights
Proprietary revenue grew 17% in 2025, with Q4 proprietary revenue up 23% year-over-year.
Adjusted EBITDA reached $140 million in 2025, with guidance for $145-$150 million in 2026, excluding two $10 million one-time items.
FY 2025 revenue was $1,030.5M, a 13% decrease from $1,185.1M in FY 2024.
CapEx reduced to $55 million for 2026, supporting mid-teens profit growth on modest revenue growth.
Free cash flow for FY 2025 was $45.5M, down from $105.4M in FY 2024.
Outlook and guidance
Expecting low single-digit overall revenue growth (1-3%) for 2026, with proprietary channels growing high single to low double digits.
Q1 revenue projected at -1% to -3% year-over-year, Q2 flat to slightly down, and mid-single-digit growth in the second half as network stabilizes.
Incremental EBITDA in the mid-$20 million range in Q2 vs. Q1, with quarterly EBITDA in the mid-$40 million range for Q2 and Q3.
Revenue growth is expected to return in FY 2026 following the completion of the homeowner choice transition.
Brand marketing spend returning to 2024 levels, with a lagged but profitable impact on growth.
Revenue per Lead trend post homeowner choice?
Pro acquisition strategy changes?
Future share repurchase plans?
Timeline for AI-driven platform growth?
How will increased brand spend drive proprietary growth?
How will Pro capacity changes affect monetization?
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Next Angi earnings date
Q1 20266 May, 2026
Angi
Next Angi earnings date
Q1 20266 May, 2026
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Frequently asked questions
The world's largest marketplace operator for home services
Angi provides several marketplaces that connect consumers looking for home services with service providers for over 500 categories, such as plumbing, house cleaning, and roof repair, et cetera. Thus, the company sits in the middle of the on-demand economy with its two-sided network business model.
The company’s most well-known brands and marketplaces are Angi, HomeAdvisor, and Handy, all located in the U.S. with similar offerings. Angi also has a wide presence in Europe, with brands like Travaux in France, MyHammer in Germany, and MyBuilder in the UK. A significant majority of the company's revenue, however, stems from U.S. operations.
Several rebrandings and acquisitions
Angi was founded as Angie’s list in 1995 by Angie Hicks and William S. Oesterle. The idea came from Hicks's search for a reliable construction contractor on behalf of Oesterle, a venture capitalist and Hicks's boss at the time. In 2011, Angie’s List went public on the NASDAQ as ANGI.
From 1995 till now, the company has made several rebrandings and acquisitions. The most prominent rebranding was completed on March 17, 2021, when the company also made several drastic changes to its business. With this move, Angie's List became Angi, HomeAdvisor became HomeAdvisor, powered by Angi, and the corporate name ANGI Homeservices was changed to Angi. New logotypes, a new mobile experience that included the company's new pre-priced offering, in-app messaging, and features regarding how to get financing and make payments on the platform, summarize the major changes.
Self-regulated and network effects
Compelling for both consumers and Angi, a marketplace is usually self-regulated. If a service provider does a poor job, it will result in a bad review. This reproduces a structure where a service provider who does not deliver, and thus gets bad reviews, will have a hard time getting more jobs through the platform – incrementally increasing the overall quality of services over time.
A marketplace also entails network effects, which act as a competitive strength. An increase in demand (customers looking for home services) means that Angi will attract more supply (service providers) and vice-versa. This causes the value proposition from a two-sided marketplace to increase as it grows. The long-term vision for Angi is to be the natural cognitive reference if something is going to get done in anyone’s home – like Uber for transport, Airbnb for travel, or Amazon for eCommerce.
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