Executive Summary

Revenue of $88.9M was up 0.5% YoY and slightly above consensus; adjusted EBITDA was $11.0M (12.4% margin), with GAAP net income of $0.5M; loss per common share improved to $(0.86) driven by preferred dividends despite positive net income .
The company lowered full-year revenue guidance to “roughly flat” with prior year, while maintaining adjusted EBITDA margin guidance (12–15%), citing a discrete data‑strategy shift by a large retail media client that tempered Proximic growth in Q3 and expected in Q4 .
Strategic momentum: 20% YoY growth in cross‑platform solutions, double‑digit local TV growth, and new long-term CCM contracts; partnerships (e.g., TiVo metadata integration) bolster cross‑platform measurement capabilities ahead of 2026 .
Recapitalization proposal would eliminate >$18M in annual preferred dividends and cancel a $47M special dividend obligation, enhancing financial flexibility and aligning interests if approved by shareholders in December 2025 .
Stock reaction catalysts: shareholder vote on recapitalization; near‑term Proximic softness vs strong cross‑platform/local TV adoption; estimate resets following guidance revision .

What Went Well and What Went Wrong

What Went Well

Cross‑platform solutions grew 20% YoY; excluding a client’s data‑strategy shift, growth would have been 35% YoY, reflecting strong CCM adoption and new multiyear deals .
Local TV delivered another quarter of double‑digit growth on renewals and new business; movies revenue was stable at $9.5M (+1.9% YoY) .
Strategic recapitalization plan aims to eliminate >$18M in annual dividends and a $47M special dividend obligation, improving flexibility to invest in growth areas and aligning preferred and common stockholders; management encouraged approval .

What Went Wrong

Guidance cut: full‑year revenue revised to roughly flat YoY due to a large retail media advertiser’s data/platform strategy shift impacting Proximic in Q3 and expected in Q4; cross‑platform growth still double‑digit but tempered .
Adjusted EBITDA declined YoY to $11.0M from $12.4M (margin 12.4% vs 14.0%), reflecting higher core operating expenses (employee incentive compensation accruals, professional fees) despite lower data costs .
Syndicated Audience revenue fell 2.8% YoY, with weakness in national TV and syndicated digital products offsetting local and cross‑platform gains .

Financial Results

Quarterly Progression

Metric	Q1 2025	Q2 2025	Q3 2025
Revenue ($USD Millions)	$85.709	$89.389	$88.906
Net Income (Loss) ($USD Millions)	$(3.993)	$(9.492)	$0.453
Net Income (Loss) Margin %	(4.7)%	(10.6)%	0.5%
Adjusted EBITDA ($USD Millions)	$7.370	$8.915	$11.035
Adjusted EBITDA Margin %	8.6%	10.0%	12.4%
Loss Per Share Attributable to Common ($)	$(1.66)	$(2.73)	$(0.86)

YoY Comparison (Q3)

Metric	Q3 2024	Q3 2025
Revenue ($USD Millions)	$88.479	$88.906
Net Income (Loss) ($USD Millions)	$(60.630)	$0.453
Adjusted EBITDA ($USD Millions)	$12.408	$11.035
Adjusted EBITDA Margin %	14.0%	12.4%

Segment Breakdown (Q3)

Segment	Q3 2024 ($M)	% of Rev	Q3 2025 ($M)	% of Rev	YoY Change
Syndicated Audience	$65.042	73.5%	$63.220	71.1%	(2.8)%
Cross‑Platform	$10.232	11.6%	$12.299	13.8%	+20.2%
Research & Insight Solutions	$13.205	14.9%	$13.387	15.1%	+1.4%
Total	$88.479	100.0%	$88.906	100.0%	+0.5%
Movies (subset)	$9.3	—	$9.5	—	+1.9%

KPIs and Balance Sheet

Metric	Q1 2025	Q2 2025	Q3 2025
Cash, Cash Equivalents & Restricted Cash ($M)	$34.5	$29.5	$29.9
Term Loan Principal ($M)	$44.9	$44.8	$44.7
Revolver Borrowings ($M)	$0.0	$0.0	$0.0
Revolver Remaining Capacity ($M)	$15.0	$15.0	$15.0

Results vs S&P Global Consensus (Q3 2025)

Metric	Consensus Estimate	Actual	Surprise
Revenue ($USD)	$88.628M*	$88.906M	+$0.278M (slight)
Primary EPS ($)	$0.25*	$(0.4259)*	Miss of $(0.6759)
EBITDA ($USD)	$11.089M*	$9.251M*	Miss of $(1.838)M

Values retrieved from S&P Global.
Note: Company-reported Adjusted EBITDA was $11.035M (12.4%), which excludes FX and strategic transaction costs per revised methodology; S&P standardized EBITDA differs from the company’s adjusted measure .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY 2025	Low end of $360–$370M ; Maintained in Q2	Roughly flat with prior year	Lowered
Adjusted EBITDA Margin	FY 2025	12%–15% (FX‑neutral) ; Maintained in Q2	12%–15% maintained	Maintained
Proximic/Cross‑Platform Growth	Q4 2025	—	Proximic tempered; still solid double‑digit cross‑platform growth expected	Lowered expectations for Proximic

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2 2025, Q1 2025)	Current Period (Q3 2025)	Trend
Cross‑Platform Adoption	+60% YoY in Q2; sustained growth; JIC expansion	+20% YoY; ex‑client shift +35% YoY; CCM contracts ramp	Positive; near‑term Proximic headwind
Local TV Currency	Double‑digit growth; only MRC‑accredited local TV	Double‑digit growth again; stability and quality emphasized	Strengthening
AI/Tech Initiatives	MRC demo accreditation; cautious ad‑spend exposure	New AI measurement solution contributed to R&I revenue	Building
Macro/Ad Spend	Cautious outlook; ad‑spend dependent areas flagged	Discrete retail media client shift impacting H2	Mixed: discrete headwind
Methodology/EBITDA	Began excluding FX from adjusted EBITDA	Also excludes strategic transaction costs in Q3	Adjusted non‑GAAP framework refined
Recapitalization	—	Eliminate >$18M dividends; cancel $47M obligation; reduce board size; exchange ~$80M Series B at premium	Potentially de‑risk balance sheet

Management Commentary

CEO: “Revenue from our cross‑platform solutions continued to scale with 20% year‑over‑year growth… we remain bullish on our growth trajectory… recalibrating our full‑year revenue guidance to account for a data‑strategy shift by a customer that impacted us in Q3.”
CFO: “We are revising our full‑year revenue guidance to be roughly flat… maintaining our full‑year adjusted EBITDA margin guidance… we have tempered our growth expectations for Proximic in the fourth quarter.”
CEO (call): “Absent this shift… our cross‑platform business was up 35% in the quarter… CCM has really taken off… number of new long‑term deals.”
CEO (recap): “Elimination of more than $18 million in annual preferred dividends… cancellation of a $47 million special dividend obligation… greater financial flexibility to invest in our products and technology.”

Q&A Highlights

Proximic client shift: Impact concentrated in one large programmatic platform; large retail media client using first‑party data and an alternative platform; management views as short‑term but adjusted FY revenue accordingly .
Pipeline confidence: CCR and CCM complement Proximic; strong engagement and long‑term deals underpin 2026 opportunities .
Local TV dynamics: Company expects to benefit from strength and stability of local measurement; double‑digit growth continues .
Recapitalization impact: Management highlighted common shareholder benefits; further details to follow post‑approval, with improved flexibility and alignment .

Estimates Context

Revenue slightly beat S&P Global consensus ($88.906M actual vs $88.628M estimate), while Primary EPS missed materially (actual $(0.4259) vs $0.25 estimate), and S&P standardized EBITDA missed ($9.251M actual vs $11.089M estimate). Low estimate count (2) suggests sensitivity to single client shifts and methodology differences between adjusted vs standardized EBITDA*.
The guidance reset to “roughly flat” FY revenue and maintained 12–15% adjusted EBITDA margin likely requires downward revisions to near‑term EPS/EBITDA, offset by improved 2026 trajectory from CCM adoption and recapitalization effects*.

Values retrieved from S&P Global.

Key Takeaways for Investors

Near‑term revenue headwind is discrete and client‑strategy driven; underlying cross‑platform/local TV momentum remains intact and could reaccelerate into 2026 as CCM contracts ramp .
Watch December shareholder vote: elimination of >$18M annual preferred dividends and $47M obligation is a structural positive for cash conversion and investment capacity .
Expect estimate resets: EPS and standardized EBITDA missed consensus; differences in adjusted vs standardized definitions require careful model alignment* .
Mix shift continues: Cross‑platform rising share (+20% YoY), with local TV strength offsetting syndicated digital and national TV softness .
Operating discipline vs investment: Core OpEx ticked up (incentive accruals, professional fees), but investments in tech stack and interoperability support product competitiveness .
Strategic partnerships (e.g., TiVo) enhance cross‑platform measurement interoperability and content identification, supporting multi‑currency transactions and operational readiness .
Trading setup: Near‑term volatility around Q4 Proximic tempering and the recap vote; medium‑term upside if CCM adoption and recapitalization unlock growth and margins .

COMSCORE, INC. (SCOR)·Q3 2025 Earnings Summary