BuzzFeed, Inc. Reports Q3 2025 Results
NEW YORK--( BUSINESS WIRE)--BuzzFeed, Inc. (“BuzzFeed,” the “Company,” “we,” or “our”) (Nasdaq: BZFD) today announced its financial results for the quarter ended September 30, 2025.
“Q3 was a challenging quarter, but we continued to advance our core strategy,” said Jonah Peretti, BuzzFeed Founder and CEO. “We’re growing direct visits and deepening our relationship with Gen Z and Millennial audiences, which gives us more control and more room to innovate. I’m spending more of my time in the lab as we build new products for this direct audience, and look forward to sharing more next quarter.”
“As we move into Q4, we expect a seasonal step-up from Q3. We’re focused on capturing that demand and managing the business carefully to finish the year in a stable position,” said Matt Omer, BuzzFeed CFO.
Third Quarter 2025 Financial and Operational Highlights for Continuing Operations 1
Business and Content Highlights
Updated Full Year 2025 Financial Outlook
These statements are forward-looking and actual results may differ materially as a result of many factors. Refer to “Forward-Looking Statements” below for information on factors that could cause our actual results to differ materially from these forward-looking statements.
Refer to “Non-GAAP Financial Measures” below for a description of how Adjusted EBITDA is calculated. While Adjusted EBITDA is a non-GAAP financial measure, we have not provided guidance for the most directly comparable GAAP financial measure — net income (loss) from continuing operations — due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary to forecast such a measure. Accordingly, a reconciliation of non-GAAP guidance for Adjusted EBITDA to the corresponding GAAP measure is not available.
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Quarterly Conference Call
BuzzFeed’s management team will hold a conference call to discuss our third quarter 2025 results today, November 6, at 5:00 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 at the same location. 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 entertainment, news, food, pop culture, and commerce, 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) income from continuing operations, excluding the impact of net income attributable to noncontrolling interests, income tax (benefit) provision, interest expense, net, other expense (income), net, depreciation and amortization, stock-based compensation, change in fair value of warrant liabilities, restructuring costs, transaction-related costs, 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 (including our outlook for 2025), 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 September 30,
Nine Months Ended September 30,
2025
2024
% Change
2025
2024
% Change
$
22,150
$
24,804
(11
)%
$
66,126
$
68,936
(4
)%
7,207
10,704
(33
)%
22,330
24,424
(9
)%
16,960
20,060
(15
)%
40,276
40,332
(0
)%
$
46,317
$
55,568
(17
)%
$
128,732
$
133,692
(4
)%
$
(5,986
)
$
1,573
NM
$
(23,194
)
$
(27,484
)
16
%
$
(7,426
)
$
2,512
NM
$
(30,514
)
$
(29,812
)
(2
)%
$
753
$
8,055
(91
)%
$
(3,157
)
$
(5,481
)
42
%
NM: percentage is not meaningful
BUZZFEED, INC.
Condensed Consolidated Balance Sheets
(Unaudited, dollars and shares in thousands, except per share amounts)
September 30, 2025 (Unaudited)
December 31, 2024
$
34,292
$
38,648
33,819
48,944
14,737
13,294
82,848
100,886
4,961
6,195
26,956
28,562
24,213
22,653
11,774
11,751
43,304
43,304
17,155
8,047
$
211,211
$
221,398
$
18,681
$
14,251
9,774
18,881
6,274
555
11,853
11,668
15,851
22,084
26,117
25,518
4,532
3,879
93,082
96,836
16,298
15,138
24,293
-
590
1,778
292
704
134,555
114,456
3
3
1
1
(3,332
)
-
734,569
730,369
(652,790
)
(621,864
)
(2,585
)
(3,735
)
75,866
104,774
790
2,168
76,656
106,942
$
211,211
$
221,398
BUZZFEED, INC.
Condensed Consolidated Statements of Operations
(Unaudited, dollars and shares in thousands, except per share amounts)
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
$
46,317
$
55,568
$
128,732
$
133,692
29,582
28,278
81,061
77,150
3,944
3,829
12,444
15,946
12,732
14,698
37,778
44,999
2,527
2,581
8,416
8,532
3,518
4,609
12,227
14,549
52,303
53,995
151,926
161,176
(5,986
)
1,573
(23,194
)
(27,484
)
(579
)
2,226
(4,361
)
3,838
(1,412
)
(1,484
)
(4,079
)
(5,188
)
205
87
1,187
(582
)
(7,772
)
2,402
(30,447
)
(29,416
)
(346
)
(110
)
67
396
(7,426
)
2,512
(30,514
)
(29,812
)
-
(378
)
-
(11,196
)
(7,426
)
2,134
(30,514
)
(41,008
)
9
45
412
119
$
(7,435
)
$
2,089
$
(30,926
)
$
(41,127
)
$
(7,435
)
$
2,467
$
(30,926
)
$
(29,931
)
$
(7,435
)
$
2,467
$
(30,926
)
$
(29,931
)
$
(0.20
)
$
0.07
$
(0.81
)
$
(0.81
)
$
(0.20
)
$
0.06
$
(0.81
)
$
(0.81
)
37,212
37,949
37,986
37,181
37,212
38,608
37,986
37,181
BUZZFEED, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited, USD in thousands)
Nine Months Ended September 30,
2025
2024
$
(30,514
)
$
(41,008
)
-
11,196
(30,514
)
(29,812
)
12,227
14,549
(81
)
(1,923
)
4,363
4,092
(1,187
)
582
6,867
1,499
121
(462
)
(254
)
(355
)
-
(1,250
)
13,511
13,528
15,999
33,284
(10,655
)
4,628
4,118
(30,639
)
(350
)
1,140
(9,580
)
4,181
(16,808
)
(16,469
)
5,204
(548
)
(7,019
)
(3,975
)
-
(12,149
)
(7,019
)
(16,124
)
(1,678
)
(500
)
(9,636
)
(9,294
)
(233
)
-
300
350
(11,247
)
(9,444
)
-
108,575
(11,247
)
99,131
43,975
-
5,342
-
2,662
-
(30,000
)
(31,233
)
(2,089
)
-
-
(33,837
)
-
(500
)
(754
)
-
(3,332
)
-
16
1
(191
)
(291
)
(175
)
660
(1,923
)
-
13,531
(65,200
)
379
279
(4,356
)
18,086
38,648
35,637
$
34,292
$
53,723
BUZZFEED, INC.
Reconciliation of GAAP to Non-GAAP
(Unaudited, USD in thousands)
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
$
(7,426
)
$
2,512
$
(30,514
)
$
(29,812
)
(346
)
(110
)
67
396
1,412
1,484
4,079
5,188
579
(2,226
)
4,361
(3,838
)
3,518
4,609
12,227
14,549
1,660
1,690
4,363
4,092
(205
)
(87
)
(1,187
)
582
1,561
—
3,447
3,179
—
183
—
183
$
753
$
8,055
$
(3,157
)
$
(5,481
)
1.6
%
14.5
%
(2.5
)%
(4.1
)%
(16.0
)%
4.5
%
(23.7
)%
(22.3
)%
(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 transaction-related costs and other items which are either not representative of our underlying operations or are incremental costs that result from an actual or contemplated transaction and include professional fees, integration expenses, and certain costs related to integrating and converging information technology systems.
(3) Net (loss) income from continuing operations as a percentage of revenue is included as the most comparable GAAP measure to Adjusted EBITDA margin, which is a Non-GAAP measure.