NEW YORK--(BUSINESS WIRE)--August 04, 2026--
BuzzFeed, Inc. ("BuzzFeed" or the "Company") (Nasdaq: BZFD) today announced its financial results for the quarter ended June 30, 2026.
"BuzzFeed, Tasty, and HuffPost are strong, recognizable brands that have loyal users, but we made it clear on our last earnings call that these businesses were carrying an unsustainable cost structure, and a restructure was immediately needed," said Byron Allen, BuzzFeed Chairman and CEO. "As such, we recently took steps to significantly reduce costs to better align our cost base with the underlying business, giving us the foundation to grow. I'm also excited to share that BuzzFeed has entered into a sales representation agreement with Allen Media Group ("AMG"), engaging AMG's sales organization to expand monetization of BuzzFeed's advertising inventory and give brands and agencies another point of entry to build campaigns spanning premium television, streaming, local broadcast, and digital-first media. I'm energized by what we're building at BuzzFeed, and by the path we're now on towards sustainable profitability, positive cash flow, and disciplined investment in our highest-growth priorities."
"The changes we've made create the opportunity to build BuzzFeed differently," said Jonah Peretti, President of BuzzFeed AI. "We're shifting from a traditional publishing model to a true platform -- one where our community, creators, and partners actively fuel our content ecosystem. That means a more flexible operating model in editorial, and new AI-supported tools in tech that keep human creativity at the core. This operational discipline gives us runway to innovate, transform, and build our next chapter."
Second Quarter 2026 Financial Results and Operational Highlights
BuzzFeed delivered Q2 2026 revenues of $36.3 million, declining 21.8% compared to the second quarter of 2025
-- Advertising revenue declined 23.4% year-over-year to $17.3 million.
-- Content revenue declined 6.5% year-over-year to $10.0 million.
-- Commerce and other revenue declined 31.4% year-over-year to $9.0
million.
Net loss was $11.8 million, compared to a net loss of $10.6 million in Q2 2025.
Adjusted EBITDA(1) was negative $1.7 million for Q2 2026, compared to positive $2.0 million in Q2 2025.
In Q2 2026, audience Time Spent(2) with our content totaled 62.3 million hours, reflecting an approximately 10.8% decline compared to Q2 2025.
Business and Content Highlights
-- BuzzFeed, the Company's largest brand, maintained its position as the
#1 brand in total U.S. time spent among any single media brand in its
competitive set3, reaching 36.0 million hours in Q2 2026. This
significantly outpaced second-place People at 26.4 million hours.
-- HuffPost recorded 18.0 million hours in total U.S. time spent in Q2
2026, up 16% from last quarter, significantly outperforming competitors
such as Vogue.com (4.1 million hours), The New Yorker (3.6 million hours),
New York Magazine (2.6 million hours), Vanity Fair (1.9 million hours),
Vox.com (0.9 million hours), and Bustle.com (0.5 million hours).
-- Direct visits and internal web and app referrals have taken up 65% of
the U.S. traffic on BuzzFeed's owned and operated properties, an increase
from 61% from the prior quarter, reducing the brand's reliance on
distributed platforms and increasing its resilience to platform algorithm
changes.
First Half 2026 Results
-- Total revenue declined 17.7% to $67.9 million.
-- Net loss increased 16.8% to $27.0 million.
-- Adjusted EBITDA loss increased by $5.6 million to negative $9.5
million.
Full Year 2026 Financial Outlook
Given the transformation underway, we are focused on full-year operational targets rather than quarterly guidance. As the restructuring and platform transition progresses, we expect to provide investors with a more complete financial outlook.
Quarterly Conference Call
BuzzFeed's management team will hold a conference call to discuss our second quarter 2026 results today, August 4, at 5 PM ET. The call will be available via webcast at investors.buzzfeed.com under the heading News and Events, and parties interested in participating must register in advance at the same location. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique PIN that can be used to access the call. While it is not required, it is recommended you join 5 minutes prior to the event start time. A replay of the call will be made available at the same URL.
We have used, and intend to continue to use, the Investor Relations section of our website at investors.buzzfeed.com as a means of disclosing material nonpublic information and for complying with our disclosure obligations under Regulation FD.
Definitions
BuzzFeed reports revenues across three primary business lines: Advertising, Content, and Commerce and other. The definition of "Time Spent" is also set forth below.
-- Advertising revenues are primarily generated from advertisers, both
programmatically and directly, for ads distributed against our editorial
and news content, including display, pre-roll and mid-roll video
products. We distribute these ad products across our owned and operated
sites as well as third-party platforms, primarily YouTube and Apple
News.
-- Content revenues are primarily generated from clients for custom assets,
including both long-form and short-form content, from branded quizzes to
Instagram takeovers to sponsored content. Studio generally includes
revenue from films, micro-dramas, content licensing, TV projects, and
other projects inspired by BuzzFeed IP.
-- Commerce and other revenues consist primarily of affiliate commissions
earned on transactions initiated from our editorial shopping content.
Revenues from our product licensing businesses are also included here.
-- Time Spent captures the time audiences spend engaging with our content
across our owned and operated sites, as well as YouTube and Apple News,
as measured by Comscore. This metric excludes time spent with our content
on platforms for which we have minimal advertising capabilities that
contribute to our Advertising revenues, including Instagram, TikTok,
Facebook, Snapchat, and X (formerly Twitter). There are inherent
challenges in measuring the total actual number of hours spent with our
content across all platforms; however, we consider the data reported by
Comscore to represent industry-standard estimates of the time actually
spent on our largest distribution platforms with our most significant
monetization opportunities.
About BuzzFeed, Inc.
BuzzFeed, Inc. is home to the best of the Internet. Across pop culture, entertainment, shopping, food, and news, our brands drive conversation and inspire what audiences watch, read, and buy now -- and into the future. Born on the Internet in 2006, BuzzFeed is committed to making it better: providing trusted, quality, brand-safe news and entertainment to hundreds of millions of people; making content on the Internet more inclusive, empathetic, and creative; and inspiring our audience to live better lives.
Non-GAAP Financial Measures
Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures and represent key metrics used by management and our board of directors to measure the operational strength and performance of our business, to establish budgets, and to develop operational goals for managing our business. We define Adjusted EBITDA as net loss, excluding the impact of net income (loss) attributable to noncontrolling interests, income tax provision, interest expense, net, other (income) expense, net, depreciation and amortization, stock-based compensation, change in fair value of warrant liabilities, restructuring costs, amortization of capitalized interest for content, loss on early termination of lease, and other non-cash and non-recurring items that management believes are not indicative of ongoing operations. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenue for the same period.
We believe Adjusted EBITDA and Adjusted EBITDA margin are relevant and useful information for investors because they allow investors to view performance in a manner similar to the method used by our management. There are limitations to the use of Adjusted EBITDA and Adjusted EBITDA margin, and our Adjusted EBITDA and Adjusted EBITDA margin may not be comparable to similarly titled measures of other companies. Other companies, including companies in our industry, may calculate non-GAAP financial measures differently than we do, limiting the usefulness of those measures for comparative purposes.
Adjusted EBITDA and Adjusted EBITDA margin should not be considered a substitute for measures prepared in accordance with GAAP. Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data.
Forward-Looking Statements
Certain statements in this press release may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Our forward-looking statements include, but are not limited to, statements regarding our management team's expectations, hopes, beliefs, intentions, or strategies regarding the future. In addition, any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "affect," "anticipate," "believe," "can," "contemplate," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "seek," "should," "target," "will," "would," and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to: (1) macroeconomic factors including: adverse economic conditions in the United States and globally, including the potential onset of recession; actual or potential government shutdowns or failure to raise the U.S. federal debt ceiling; current global supply chain disruptions; the ongoing conflicts in the Middle East and between Russia and Ukraine and any related sanctions and geopolitical tensions, and further escalation of trade tensions between the U.S. and its trading partners; tariffs; the inflationary environment; and the competitive labor market; (2) developments relating to our competitors and the digital media industry, including overall demand of advertising in the markets in which we operate; (3) demand for our products and services or changes in traffic or engagement with our brands and content; (4) changes in the business and competitive environment in which we and our current and prospective partners and advertisers operate; (5) our future capital requirements, including, but not limited to, our ability to obtain additional capital in the future, any restrictions imposed by, or commitments under, agreements governing any future indebtedness, and any restrictions on our ability to access our cash and cash equivalents; (6) developments in the law and government regulation, including, but not limited to, revised foreign content and ownership regulations, and the outcomes of legal proceedings, regulatory disputes, or governmental investigations to which we are subject; (7) the benefits of our restructuring; (8) our success divesting of companies, assets, or brands we sell, or in integrating and supporting the companies we acquire; (9) our success in launching new products or platforms, including any new social media platform; (10) technological developments including artificial intelligence; (11) our success in retaining or recruiting, or changes required in, officers, other key employees or directors; (12) use of content creators and on-camera talent and relationships with third parties managing certain of our branded operations outside of the United States; (13) the security of our information technology systems or data; (14) disruption in our service, or by our failure to timely and effectively scale and adapt our existing technology and infrastructure; (15) our ability to maintain the listing of our Class A common stock and warrants on The Nasdaq Stock Market LLC; (16) risks related to the Company's liquidity and cash flow, including the ability of the Company to comply with debt service requirements and covenants contained in its credit facility; (17) risks related to the Stock Purchase Agreement and Director Appointment Agreement entered into by the Company with Allen Family Digital, LLC, including potentially adverse impacts on our business, results of operations, and stock price; and (18) those factors described under the sections entitled "Risk Factors" in the Company's annual and quarterly filings with the Securities and Exchange Commission.
Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. There may be additional risks that we consider immaterial or which are unknown. It is not possible to predict or identify all such risks. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
(1) As used throughout, Adjusted EBITDA is a non-GAAP financial measure. Refer to "Non-GAAP Financial Measures" above for a description of how it is calculated and the tables at the back of this earnings release for a reconciliation of our GAAP and non-GAAP financial results. Certain figures throughout this document may not foot due to rounding.
(2) Refer to the definition of "Time Spent" above.
(3) Competitive set includes People.com brand, Condé Nast Digital Group, Vox Media Group, Vogue.com, and Bustle.com.
BUZZFEED, INC.
Financial Highlights
(Unaudited, dollars in thousands)
Three Months Ended Six Months Ended
June 30, June 30,
-------------------- --------------------
2026 2025 %Change 2026 2025 %Change
------- ------- --------- ------- ------- ---------
Advertising $ 17,299 $ 22,589 (23)% $ 34,445 $ 43,976 (22)%
Content 10,003 10,699 (7)% 17,483 15,123 16%
Commerce and
other 8,986 13,106 (31)% 15,932 23,316 (32)%
------- ------- ---- ------- ------- ----
Total
revenue $ 36,288 $ 46,394 (22)% $ 67,860 $ 82,415 (18)%
Loss from
operations $(10,312) $ (3,466) NM $(23,788) $(17,208) (38)%
Net loss $(11,810) $(10,627) (11)% $(26,956) $(23,088) (17)%
Adjusted
EBITDA $ (1,727) $ 1,984 NM $ (9,546) $ (3,910) NM
NM:
percentage
is not
meaningful
BUZZFEED, INC.
Condensed Consolidated Balance Sheets
(Unaudited, dollars and shares in thousands, except per share amounts)
June 30,2026 December 31,
(Unaudited) 2025
-------------- ----------------
Assets
Current assets
Cash and cash equivalents $ 16,299 $ 8,465
Restricted cash 525 15,750
Accounts receivable (net of allowance
for credit losses of $206 and $683
as at June 30, 2026 and December 31,
2025, respectively) 29,439 45,496
Prepaid expenses and other current
assets 16,710 16,411
--------- ---------
Total current assets 62,973 86,122
Property and equipment, net 2,934 4,504
Right-of-use assets 13,775 23,002
Capitalized software costs, net 25,000 24,245
Intangible assets, net 9,552 10,167
Goodwill 13,105 13,105
Film costs, net 18,683 19,397
Noncurrent restricted cash 2,999 3,524
Prepaid expenses and other assets 2,046 4,073
--------- ---------
Total assets $ 151,067 $ 188,139
========= =========
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable $ 16,797 $ 19,548
Accrued expenses 12,538 12,411
Deferred revenue 8,833 7,405
Accrued compensation 8,044 8,305
Current lease liabilities 4,747 12,706
Current debt 8,230 30,524
Other current liabilities 3,203 4,319
--------- ---------
Total current liabilities 62,392 95,218
Noncurrent lease liabilities 10,752 14,725
Debt 26,298 27,861
Other liabilities 253 250
--------- ---------
Total liabilities 99,695 138,054
Commitments and contingencies
Stockholders' equity
Class A Common stock, $0.0001 par
value; 700,000 shares authorized;
83,301 and 37,857 shares issued;
83,301 and 36,030 shares outstanding
at June 30, 2026 and December 31,
2025, respectively 8 3
Class B Common stock, $0.0001 par
value; 20,000 shares authorized; 33
and 1,343 shares issued and
outstanding at June 30, 2026 and
December 31, 2025, respectively -- 1
Additional paid-in capital 861,574 735,992
Accumulated deficit (706,517) (679,588)
Accumulated other comprehensive loss (3,887) (3,715)
Treasury stock, at cost, 0 and 1,827
shares at June 30, 2026 and December
31, 2025, respectively -- (3,332)
Stock subscription receivable (100,479) --
--------- ---------
Total BuzzFeed, Inc. stockholders'
equity 50,699 49,361
--------- ---------
Noncontrolling interests 673 724
--------- ---------
Total stockholders' equity 51,372 50,085
--------- ---------
Total liabilities and stockholders'
equity $ 151,067 $ 188,139
========= =========
BUZZFEED, INC.
Condensed Consolidated Statements of Operations
(Unaudited, dollars and shares in thousands, except per share
amounts)
Three Months Ended Six Months Ended June
June 30, 30,
-------------------- ----------------------
2026 2025 2026 2025
------- ------- ------- -------
Revenue $ 36,288 $ 46,394 $ 67,860 $ 82,415
Costs and expenses
Cost of
revenue,
excluding
depreciation
and
amortization 22,786 27,987 45,150 51,479
Sales and
marketing 2,751 4,242 6,219 8,500
General and
administrative 13,758 10,684 26,942 25,046
Research and
development 2,624 2,823 4,958 5,889
Depreciation
and
amortization 4,681 4,124 8,379 8,709
------- ------- ------- -------
Total costs and
expenses 46,600 49,860 91,648 99,623
------- ------- ------- -------
Loss from
operations (10,312) (3,466) (23,788) (17,208)
Other income
(expense),
net 196 (5,080) (151) (3,782)
Interest
expense, net (1,395) (1,496) (2,932) (2,667)
Change in fair
value of
warrant
liabilities (95) (252) 7 982
------- ------- ------- -------
Loss before income
taxes (11,606) (10,294) (26,864) (22,675)
Income tax
provision 204 333 92 413
------- ------- ------- -------
Net loss (11,810) (10,627) (26,956) (23,088)
Less: net
income (loss)
attributable
to
noncontrolling
interests 38 193 (27) 403
------- ------- ------- -------
Net loss
attributable to
BuzzFeed, Inc. $(11,848) $(10,820) $(26,929) $(23,491)
======= ======= ======= =======
Net loss
attributable to
holders of Class
A and Class B
common stock:
Basic and
diluted $(11,848) $(10,820) $(26,929) $(23,491)
Net loss per Class
A and Class B
common share:
Basic and
diluted $ (0.22) $ (0.28) $ (0.58) $ (0.61)
Weighted average
common shares
outstanding:
Basic and
diluted 55,089 38,080 46,404 38,380
BUZZFEED, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited, USD in thousands)
Six Months Ended June 30,
---------------------------------
2026 2025
---------- ---------
Operating activities:
Net loss $ (26,956) $ (23,088)
Adjustments to reconcile net loss to
cash used in operating activities:
Depreciation and amortization 8,379 8,709
Unrealized gain on foreign currency (53) (780)
Stock-based compensation 3,102 2,703
Change in fair value of warrants (7) (982)
Amortization of debt discount and
deferred issuance costs 544 6,643
Deferred income tax 29 120
Provision for credit losses (477) (152)
Non-cash portion of early termination
on lease 1,259 --
Non-cash lease expense 7,275 9,637
Changes in operating assets and
liabilities:
Accounts receivable 16,463 13,787
Prepaid expenses and other current
assets and prepaid expenses and
other assets (3,746) (3,990)
Film costs 691 --
Accounts payable (2,409) (5,384)
Accrued compensation (239) 45
Accrued expenses, other current
liabilities, and other liabilities (1,096) (5,215)
Lease liabilities (9,486) (12,078)
Deferred revenue 1,427 1,270
---------- ---------
Cash used in operating activities (5,300) (8,755)
---------- ---------
Investing activities:
Capital expenditures (313) (834)
Capitalization of internal-use software (6,890) (6,349)
Business combinations, net of cash
acquired -- (233)
Proceeds from sale of asset 75 300
---------- ---------
Cash used in investing activities (7,128) (7,116)
---------- ---------
Financing activities:
Borrowings from Term Loan -- 39,175
Borrowings from film financing
arrangements 621 2,402
Proceeds from co-financing arrangements
for feature films -- 1,200
Proceeds from issuance of common stock
in connection with Stock Purchase
Agreement, net of issuance costs 19,400 --
Proceeds from private placements 6,072 --
Proceeds from exercise of stock options -- 16
Payment on Convertible Notes -- (30,000)
Payment of consent solicitation fees -- (2,089)
Payment on Term Loan (20,000) --
Payment of Term Loan's debt issuance /
modification costs (959) (687)
Payment of film financing arrangements
for feature films (378) --
Repurchase of common stock -- (3,332)
Payment for shares withheld for
employee taxes (136) (125)
Payment of at-the-market offering
issuance costs, net (69) (115)
---------- ---------
Cash provided by financing activities 4,551 6,445
---------- ---------
Effect of currency translation on cash
and cash equivalents (39) 484
---------- ---------
Net decrease in cash and cash
equivalents (7,916) (8,942)
Cash and cash equivalents and
restricted cash at beginning of
period 27,739 38,648
---------- ---------
Cash and cash equivalents and
restricted cash at end of period $ 19,823 $ 29,706
========== =========
BUZZFEED, INC.
Reconciliation of GAAP to Non-GAAP
(Unaudited, USD in thousands)
Three Months Ended June
30, Six Months Ended June 30,
-------------------------- --------------------------
2026 2025 2026 2025
------- ------- ------- -------
Net loss $(11,810) $(10,627) $(26,956) $(23,088)
Income tax
provision 204 333 92 413
Interest expense,
net 1,395 1,496 2,932 2,667
Other (income)
expense, net (196) 5,080 151 3,782
Depreciation and
amortization 4,681 4,124 8,379 8,709
Stock-based
compensation 1,550 1,326 3,102 2,703
Change in fair
value of warrant
liabilities 95 252 (7) (982)
Restructuring(1) -- -- 329 1,886
Amortization of
capitalized
interest for
content(2) 501 -- 579 --
Loss on early
termination of
lease(3) 1,853 -- 1,853 --
------- ------- ------- -------
Adjusted EBITDA $ (1,727) $ 1,984 $ (9,546) $ (3,910)
======= ======= ======= =======
Adjusted EBITDA
margin (4.8)% 4.3% (14.1)% (4.7)%
Net loss as a
percentage of
revenue(4) (32.5)% (22.9)% (39.7)% (28.0)%
(1) We exclude restructuring expenses from our non-GAAP measures because we
believe they do not reflect expected future operating expenses, they
are not indicative of our core operating performance, and they are not
meaningful in comparison to our past operating performance.
(2) Reflects the non-cash amortization of interest costs that were
capitalized as part of capitalized film costs; this add-back aligns the
treatment of capitalized interest with the exclusion of interest
expense from Adjusted EBITDA.
(3) Reflects the loss on the early termination of a lease related to our
office space in London, England. We exclude losses associated with
early terminations of leases from our non-GAAP measures because we
believe they do not reflect expected future operating expenses, they
are not indicative of our core operating performance, and they are not
meaningful in comparisons to our past operating performance.
(4) Net loss as a percentage of revenue is included as the most comparable
GAAP measure to Adjusted EBITDA margin, which is a non-GAAP measure.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260804901514/en/
CONTACT: Public Relations Contact: pr@buzzfeed.com
Investor Relations Contact: investors@buzzfeed.com
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