BuzzFeed, Inc. Reports Q4 and Full Year 2025 Results
NEW YORK--( BUSINESS WIRE)--BuzzFeed, Inc.’s (“BuzzFeed” or the “Company”) (Nasdaq: BZFD) fourth quarter and full year (ended December 31, 2025) financial results were in line with its outlook shared in November. In 2025, BuzzFeed grew programmatic advertising by 7% year over year, expanded its studio business with three feature films, and advanced product innovation in key areas.
“We believe there is a gap between the value of our individual assets and our market capitalization that suggests significant unrecognized upside,” said Jonah Peretti, BuzzFeed Founder & CEO. “In 2026, our focus is demonstrating the value of our brands, Studio IP, and new AI apps to the market, and we’re actively exploring strategic options to close that value gap.”
“We're engaged in strategic conversations to unlock the value Jonah described and remedy the liquidity challenges we currently face, which are described in detail below," said Matt Omer, BuzzFeed CFO. "Three years ago we had over $180 million in debt—we've reduced that by more than 65%. While we’ve significantly reduced operating costs and real estate obligations, we're still facing legacy commitments that are burdening the business. We're exploring strategic options to complete the work we started years ago and position the Company to operate profitably on a sustainable basis."
2025 Full Year Financial and Operational Highlights for Continuing Operations 1
Fourth Quarter 2025 Financial and Operational Highlights for Continuing Operations
Business and Content Highlights
Full Year 2026 Financial Outlook
As we evaluate strategic opportunities, we're withholding 2026 guidance at this time. We expect to provide an update on both our strategic direction and financial outlook in the coming quarters.
Quarterly Conference Call
BuzzFeed’s management team will hold a conference call to discuss our fourth quarter and full year 2025 results today, March 12, 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.
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 from continuing operations, excluding the impact of net (loss) income attributable to noncontrolling interests, income tax provision, interest expense, net, other expense, net, depreciation and amortization, stock-based compensation, change in fair value of warrant liabilities, restructuring costs, impairment expense, transaction-related costs, certain litigation costs, amortization of capitalized interest for content, 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.
Liquidity and Going Concern
There is substantial doubt about the Company’s ability to continue as a going concern. Based on the Company’s liquidity position as of December 31, 2025 and our current forecast of operating results and cash flows, in the absence of any of the Company’s plans to address our capital needs, we anticipate that we will not have sufficient resources to fund our cash obligations for the next 12 months following the date of our Annual Report on Form 10-K with the Securities and Exchange Commission, which we anticipate filing on March 16, 2026.
The Company’s principal sources of liquidity are our cash and cash equivalents and cash generated from continuing operations. Our cash and cash equivalents consist of demand deposits with financial institutions and investments in money market funds.
Our financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.
Since its inception, the Company has generally incurred significant losses and used net cash flows from operations to grow its owned and operated properties and its iconic brands. During the year ended December 31, 2025, the Company incurred a net loss of $57.3 million and used net cash flows from operations of $18.7 million. Additionally, as of December 31, 2025, the Company had unrestricted cash and cash equivalents of $8.5 million and an accumulated deficit of $679.6 million.
The Company’s current restricted cash balance of $15.8 million relates to funds held in Company-owned deposit accounts that are pledged as collateral for the Company’s existing letters of credit and, upon the expiration of certain of these letters of credit, approximately $15.0 million is required to be paid to its lenders under the Credit Agreement, dated as of May 23, 2025 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), which also includes a $5.0 million minimum cash covenant.
Under the Credit Agreement, the Company secured a $40.0 million asset-backed loan and, in a subsequent amendment, borrowed an incremental $5.0 million, and therefore $45.0 million of aggregate principal amount of indebtedness associated with the Credit Agreement remains outstanding as of today, March 12, 2026. $5.0 million was due under the Credit Agreement on February 20, 2026 (a due date that has been further extended through April 30, 2026, as will be further described in our Annual Report on Form 10-K to be filed with the Securities and Exchange Commission).
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; and (16) 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.
BUZZFEED, INC.
Financial Highlights
(Unaudited, dollars in thousands)
Three Months Ended
December 31,
% Change
Year Ended December 31,
% Change
2025
2024
2025
2024
Advertising
$
25,559
$
25,427
1
%
$
91,685
$
94,362
(3
)%
Content
14,715
9,449
56
%
37,045
33,875
9
%
Commerce and other
16,260
21,319
(24
)%
56,536
61,650
(8
)%
Total revenue
$
56,534
$
56,195
1
%
$
185,266
$
189,887
(2
)%
(Loss) income from continuing operations
$
(24,692
)
$
3,949
NM
$
(47,886
)
$
(23,535
)
(103
)%
Net loss from continuing operations
$
(26,820
)
$
(4,144
)
NM
$
(57,334
)
$
(33,956
)
(69
)%
Adjusted EBITDA
$
11,954
$
10,931
9
%
$
8,797
$
5,451
61
%
NM: Not Meaningful
BUZZFEED, INC.
Consolidated Balance Sheets
(Unaudited, dollars and shares in thousands, except per share amounts)
December 31,
2025
December 31,
2024
Assets
Current assets
Cash and cash equivalents
$
8,465
$
22,373
Restricted cash
15,750
—
Accounts receivable (net of allowance for doubtful accounts of $683 and $1,039 as at December 31, 2025 and 2024, respectively)
45,496
48,944
Prepaid expenses and other current assets
16,411
13,294
Total current assets
86,122
84,611
Property and equipment, net
4,504
6,195
Right-of-use assets
23,002
28,562
Capitalized software costs, net
24,245
22,653
Intangible assets, net
10,167
11,751
Goodwill
13,105
43,304
Film costs, net
19,397
1,712
Noncurrent restricted cash
3,524
16,275
Prepaid expenses and other assets
4,073
6,335
Total assets
$
188,139
$
221,398
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable
$
19,548
$
14,251
Accrued expenses
12,411
18,881
Deferred revenue
7,405
555
Accrued compensation
8,305
11,668
Current lease liabilities
12,706
22,084
Current debt
30,524
25,518
Other current liabilities
4,319
3,879
Total current liabilities
95,218
96,836
Noncurrent lease liabilities
14,725
15,138
Debt
27,861
—
Warrant liabilities
—
1,778
Other liabilities
250
704
Total liabilities
138,054
114,456
Commitments and contingencies
Stockholders’ equity
Class A Common stock, 0.0001 par value; 700,000 shares authorized; 37,857 and 37,025 shares issued; 36,030 and 37,025 shares outstanding at December 31, 2025 and 2024, respectively
3
3
Class B Common stock, $0.0001 par value; 20,000 shares authorized; 1,343 and 1,343 shares issued and outstanding at December 31, 2025 and 2024, respectively
1
1
Treasury stock, at cost, 1,827 and 0 shares at December 31, 2025 and 2024, respectively
(3,332
)
—
Additional paid-in capital
735,992
730,369
Accumulated deficit
(679,588
)
(621,864
)
Accumulated other comprehensive loss
(3,715
)
(3,735
)
Total BuzzFeed, Inc. stockholders’ equity
49,361
104,774
Noncontrolling interests
724
2,168
Total stockholders’ equity
50,085
106,942
Total liabilities and stockholders’ equity
$
188,139
$
221,398
BUZZFEED, INC.
Consolidated Statements of Operations
(Unaudited, dollars and shares in thousands, except per share amounts)
For the Three Months Ended
December 31,
For the Year Ended December 31,
2025
2024
2025
2024
Revenue
$
56,534
$
56,195
$
185,266
$
189,887
Costs and Expenses
Cost of revenue, excluding depreciation and amortization
29,090
27,915
110,151
105,065
Sales and marketing
3,311
3,783
15,755
19,729
General and administrative
12,648
13,628
50,426
58,627
Research and development
2,377
2,323
10,793
10,855
Depreciation and amortization
3,601
4,597
15,828
19,146
Impairment expense
30,199
—
30,199
—
Total costs and expenses
81,226
52,246
233,152
213,422
(Loss) income from continuing operations
(24,692
)
3,949
(47,886
)
(23,535
)
Other expense, net
(517
)
(5,443
)
(4,878
)
(1,605
)
Interest expense, net
(1,634
)
(1,595
)
(5,713
)
(6,782
)
Change in fair value of warrant liabilities
342
(790
)
1,529
(1,372
)
Loss from continuing operations before income taxes
(26,501
)
(3,879
)
(56,948
)
(33,294
)
Income tax provision
319
265
386
662
Net loss from continuing operations
(26,820
)
(4,144
)
(57,334
)
(33,956
)
Net income from discontinued operations, net of tax
—
35,224
—
24,028
Net (loss) income
(26,820
)
31,080
(57,334
)
(9,928
)
Less: net (loss) income attributable to the noncontrolling interests
(22
)
49
390
168
Net (loss) income attributable to BuzzFeed, Inc.
$
(26,798
)
$
31,031
$
(57,724
)
$
(10,096
)
Net loss from continuing operations attributable to holders of Class A and Class B common stock:
Basic and diluted
$
(26,798
)
$
(4,193
)
$
(57,724
)
$
(34,124
)
Net loss from continuing operations per Class A and Class B common share:
Basic and diluted
$
(0.72
)
$
(0.11
)
$
(1.53
)
$
(0.91
)
Weighted average common shares outstanding:
Basic and diluted
37,386
38,200
37,835
37,386
BUZZFEED, INC.
Consolidated Statements of Cash Flows
(Unaudited, USD in thousands)
For the Year Ended December 31,
2025
2024
2023
Operating activities:
Net loss
$
(57,334
)
$
(9,928
)
$
(89,322
)
Less: net (income) loss from discontinued operations, net of tax
—
(24,028
)
33,610
Net loss from continuing operations
(57,334
)
(33,956
)
(55,712
)
Adjustments to reconcile net loss from continuing operations to cash used in operating activities:
Depreciation and amortization
15,828
19,146
20,333
Unrealized gain on foreign currency
(1,225
)
(872
)
(1,088
)
Stock based compensation
5,820
5,531
5,282
Change in fair value of warrants
(1,529
)
1,372
11
Change in fair value of derivative liability
—
—
(180
)
Amortization of debt discount and deferred issuance costs
7,140
6,086
1,766
Deferred income tax
88
(304
)
3,236
Loss (gain) on disposition of assets
800
(1,250
)
(175
)
Loss on investment
—
—
3,500
Provision for doubtful accounts
(356
)
(385
)
(581
)
Impairment expense
30,199
—
—
Noncash lease expense
17,473
18,123
20,017
Changes in operating assets and liabilities:
Accounts receivable
4,419
25,816
40,568
Prepaid expenses and other current assets and prepaid expenses and other assets
(224
)
6,129
6,284
Film costs
(18,525
)
(5
)
(1,707
)
Accounts payable
5,156
(30,464
)
19,149
Accrued compensation
(3,888
)
(474
)
(18,257
)
Accrued expenses, other current liabilities and other liabilities
(7,393
)
3,288
(12,619
)
Lease liabilities
(21,535
)
(22,222
)
(23,421
)
Deferred revenue
6,338
(1,245
)
(7,098
)
Cash used in operating activities from continuing operations
(18,748
)
(5,686
)
(692
)
Cash used in operating activities from discontinued operations
—
(14,993
)
(5,411
)
Cash used in operating activities
(18,748
)
(20,679
)
(6,103
)
Investing activities:
Capital expenditures
(1,958
)
(691
)
(964
)
Capitalization of internal-use software
(12,394
)
(12,078
)
(13,934
)
Business combinations, net of cash acquired
(233
)
—
—
Proceeds from sale of asset
525
350
175
Cash used in investing activities from continuing operations
(14,060
)
(12,419
)
(14,723
)
Cash provided by investing activities from discontinued operations
—
191,075
—
Cash (used in) provided by investing activities
(14,060
)
178,656
(14,723
)
Financing activities:
Borrowings from Term Loan
43,975
—
—
Borrowings from film financing arrangements
13,638
—
—
Proceeds from co-financing arrangements for feature films
5,089
—
—
Borrowings on revolving credit facility
—
—
2,128
Payment on Convertible Notes
(30,000
)
(120,000
)
—
Payment of consent solicitation fees
(2,089
)
(900
)
—
Payment of film financing arrangements for feature films
(2,631
)
—
—
Payment on revolving credit facility
—
(33,837
)
(1,796
)
Payment of early termination fee for revolving credit facility
—
(500
)
—
Payment of Term Loan's debt issuance costs
(754
)
—
—
Repurchase of common stock
(3,332
)
—
—
Proceeds from exercise of stock options
16
1
29
Payment for shares withheld for employee taxes
(224
)
(394
)
(451
)
Proceeds from the issuance of common stock in connection with the at-the-market offering, net of issuance costs
(175
)
1,030
902
Distributions to noncontrolling interests
(1,923
)
—
—
Cash provided by (used in) financing activities
21,590
(154,600
)
812
Effect of currency translation on cash and cash equivalents
309
(366
)
(123
)
Net (decrease) increase in cash and cash equivalents
(10,909
)
3,011
(20,137
)
Cash and cash equivalents and restricted cash at beginning of year
38,648
35,637
55,774
Cash and cash equivalents and restricted cash at end of year
$
27,739
$
38,648
$
35,637
BUZZFEED, INC.
Reconciliation of GAAP to Non-GAAP
(Unaudited, USD in thousands)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Net loss from continuing operations
$
(26,820
)
$
(4,144
)
$
(57,334
)
$
(33,956
)
Income tax provision
319
265
386
662
Interest expense, net
1,634
1,595
5,713
6,782
Other expense, net
517
5,443
4,878
1,605
Depreciation and amortization
3,601
4,597
15,828
19,146
Stock-based compensation
1,457
1,438
5,820
5,531
Change in fair value of warrant liabilities
(342
)
790
(1,529
)
1,372
Restructuring 1
45
—
3,492
3,179
Impairment expense 2
30,199
—
30,199
—
Transaction-related costs 3
1,089
497
1,089
680
Litigation costs 4
—
450
—
450
Amortization of capitalized interest for content 5
255
—
255
—
Adjusted EBITDA
$
11,954
$
10,931
$
8,797
$
5,451
Adjusted EBITDA margin
21.1
%
19.5
%
4.7
%
2.9
%
Net loss from continuing operations as a percentage of revenue 6
(47.4
)%
(7.4
)%
(30.9
)%
(17.9
)%
(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.