Versant Media Group (VSNT) Q4 2025 earnings summary

Executive summary

• Achieved a pivotal year as a standalone public company, advancing strategy in premium content, brand reach, and digital growth across four core markets.

• Reported 2025 revenue of $6.69 billion, down 5.3% year-over-year from $7.06 billion.

• Net income attributable to shareholders was $930 million, a 31.8% decrease from 2024.

• Expanded digital and D2C offerings, including new CNBC and MS NOW subscription services and a Fandango AVOD launch.

• Completed INDY Cinema Group acquisition and expanded free TV networks, reinforcing multi-platform strategy.

Financial highlights

• Total 2025 revenue was $6.7 billion, down 5% year-over-year, reflecting pay TV pressure and post-election ad normalization.

• Standalone adjusted EBITDA was $2.18 billion, down 14.5% year-over-year; adjusted EBITDA margin was approximately 36.3%.

• Free cash flow reached $1.5 billion for the year.

• Linear distribution revenue was $4.09 billion (down 5.4% YoY); advertising revenue $1.58 billion (down 8.9% YoY); platforms revenue $826 million (up 3.9% YoY).

• Operating income for 2025 was $1.27 billion, down from $1.84 billion in 2024.

Outlook and guidance

• 2026 revenue expected between $6.15–$6.4 billion, supported by political advertising and new products.

• Adjusted EBITDA guidance: $1.85–$2 billion; free cash flow expected between $1–$1.2 billion.

• CapEx to rise modestly in 2026 due to Manhattan HQ build-out and platform investments.

• Targeting 33% of revenue from non-pay TV platforms in 3–5 years, aiming for 50% over time.

• Committed to ongoing quarterly dividends and share repurchases, subject to board approval and market conditions.