Executive Summary

Q3 2025 delivered sequential and year-on-year revenue growth, with Revenue $122.3m (+2% q/q; +1% y/y on Combined basis) and Adjusted EBITDA $22.6m (+~30% q/q; +9% y/y Combined), while GAAP net loss narrowed sharply vs Q2 as the quarter included a non-cash goodwill impairment tied to market cap declines .
Versus S&P Global consensus, revenue modestly beat, “Primary EPS” beat, while EBITDA (per S&P’s definition) was below their consensus; company-reported Adjusted EBITDA expanded to 18.5% margin, reflecting operating leverage and cost actions . Values retrieved from S&P Global.
FY 2025 guidance reaffirmed: broadly flat revenues and at least $85m Adjusted EBITDA, supported by accelerated cost synergies of at least $10m in 2025 (vs original $5m) and seasonally stronger Q4 including Canalys event revenues .
Catalysts into Q4: unified Omdia brand, launch of Informa TechTarget Portal leveraging combined audience/intent data, focus on largest accounts (AI, Cybersecurity, Channel), and improving pipeline/backlog mix; management highlights 2–3x higher membership conversion from AI answer-engine citations vs traditional search .

What Went Well and What Went Wrong

What Went Well

Sequential and y/y growth: Q3 revenue $122.3m (+2% q/q, +1% y/y Combined); Adjusted EBITDA $22.6m with margin up to 18.5% on operating leverage and cost actions .
Product/brand execution: Omdia consolidation improved client clarity and cross-sell; launch of Informa TechTarget Portal unified access to intelligence, intent and demand, with >40% increase in intent signals and seamless partner integrations .
Go-to-market focus: Dedicated teams around largest tech accounts, bookings up y/y, longer-term contracts and higher deal sizes as integrated solutions gain traction .

What Went Wrong

GAAP net loss remained elevated due to a technical non-cash goodwill impairment ($80.3m in Q3), reflecting market cap vs book value; GAAP diluted EPS was -$1.07 .
Brand & Intent volatility persisted amid enterprise customers prioritizing AI R&D over marketing/sales spend, tempering certain demand-generation activities despite progress elsewhere .
Cash declined to $46.3m at Q3-end (from $61.7m in Q2) with $120m drawn on the $250m revolver; continued amortization and integration/restructuring costs weighed on reported profitability .

Financial Results

Quarterly P&L and Profitability

Metric	Q1 2025	Q2 2025	Q3 2025
Revenue ($USD Millions)	$103.9	$119.9	$122.3
Adjusted EBITDA ($USD Millions)	$2.7	$17.3	$22.6
Adjusted EBITDA Margin (%)	2.6%	14.4%	18.5%
Net Loss ($USD Millions)	~$512.9 (prelim low)	$398.7	$76.8
GAAP Diluted EPS ($USD)	n/a	-5.58	-1.07

Year-over-Year (Combined Company Basis) – Q3 2025 vs Q3 2024

Metric	Q3 2024 Combined	Q3 2025 Reported	YoY Change
Revenue ($USD Millions)	$121.3	$122.3	+1%
Adjusted EBITDA ($USD Millions)	$20.8	$22.6	+9%
Adjusted EBITDA Margin (%)	17.1%	18.5%	+1.4 ppt

Consensus vs Actual – Q3 2025

Metric	Consensus (S&P)*	Actual	Surprise
Revenue ($USD)	$121.27m*	$122.29m	+$1.02m*
“Primary EPS” ($USD)	-0.25*	-0.0865*	Beat*
EBITDA ($USD)	$21.57m*	$19.31m*	Miss*

Values retrieved from S&P Global. Note: Company-reported Adjusted EBITDA was $22.6m with 18.5% margin, reflecting methodology differences versus S&P’s EBITDA measure .

KPIs and Balance Sheet

KPI	Q1 2025	Q2 2025	Q3 2025
Cash & Cash Equivalents ($USD Millions)	$78.7	$61.7	$46.3
Revolver Utilized ($USD Millions)	$120.0 (position at YE referenced)	$120.0	$120.0
AI Answer-Engine Citations (period)	n/a	n/a	~77,000

Segment breakdown: Not quantitatively disclosed for Q3; management cited robust Intelligence & Advisory (Omdia) and improving Brand to Demand momentum .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance (Q3)	Change
Revenue (FY)	FY 2025	Broadly flat vs FY 2024 Combined	Broadly flat vs FY 2024 Combined	Maintained
Adjusted EBITDA (FY)	FY 2025	≥ $85m	≥ $85m	Maintained
Adjusted EBITDA Margin (FY)	FY 2025	Increase YoY	Increase YoY	Maintained
Cost Synergies (Year 1)	FY 2025	~$5m target	≥ $10m (ahead of schedule)	Raised
One-off Reorg Costs	FY 2025	$19.5–$45.0m range	“Around the bottom” of prior range	Lower end emphasized

Seasonality: Q4 strongest; Canalys Forums event revenue recognized in Q4, contributing to higher sequential revenue vs typical seasonality .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1 & Q2)	Current Period (Q3)	Trend
AI/Technology Initiatives	Investing in AIEO; AI as market/tool; appearing in 50k+ AI overviews monthly; double-digit newsletter growth; partnerships (Demandbase, Outreach, Salesloft)	2–3x higher membership conversion from AI answer-engine citations vs search; ~77k citations; conversational AI interfaces for market/audience data to drive productization	Improving engagement/productization
Go-to-Market Focus	Restructured around largest ~200 customers; dedicated intact teams; aim to penetrate multiple budget pools across lifecycle	Bookings up y/y; longer-term contracts; higher deal sizes; expanding presence within large accounts	Improving
Product Performance	NetLine repositioned to volume end; Omdia consolidation progressing; audience strategies diverse (Industry Dive, BrightTALK, NetLine)	Omdia fully unified; Portal launched with >40% intent-signal increase and unified experience; editorial awards and new Channel Guide publication	Improving
Pipeline/Backlog	Expect modest sequential improvement Q3, stronger Q4; H2 momentum to deliver flat FY revenue and ≥$85m EBITDA	Pipeline/backlog support reaffirmed guidance; roll into 2026 with healthier backlog	Improving
Audience & Membership	Active members holding steady; diversified acquisition channels	Active membership grew modestly; higher conversion from AI citations; <50% of top-of-funnel from search	Stable to improving
Macro/Customer Budgets	Enterprise tech clients redirecting budgets to AI R&D, dampening near-term GTM spend	Same dynamic persists; management sees mid-term ROI needs as tailwind	Persistent headwind (near-term)

Management Commentary

“Informa TechTarget demonstrated operating momentum through the third quarter, delivering revenue growth, Adjusted EBITDA growth and important strategic progress… and is on track to achieve full year guidance.” — Gary Nugent, CEO .
“Q3 revenues… up 1% versus the prior year on a Combined Company basis… Adjusted EBITDA grew by 9% y/y… Operating leverage and the benefit of cost actions increased the Adjusted EBITDA margin to 18.5%.” .
“We launched… the Informa TechTarget portal… unified access to intelligence, intent, and demand… over 40% increase in intent data signals… seamlessly integrate with customers’ preferred platforms.” .
“The conversion rate… from answer engines and LLM citations is two to three times what it is from search… seeing a slightly more qualified audience member coming to us.” .
“We remain ahead of schedule in delivering the targeted $45m annualized run rate synergies… expect… a minimum of $10m [in 2025].” .

Q&A Highlights

AI answer-engine optimization: Management emphasized higher-quality traffic and 2–3x conversion rates from AI citations vs traditional search, validating AIEO focus and editorial authority .
Seasonality and Q4 uplift: Canalys event revenue recognized in Q4 explains a larger implied sequential step-up vs historical TechTarget seasonality; Q4 remains the strongest quarter .
Pipeline/backlog: Backlog and pipeline support guidance into Q4 and set up a healthier backlog entering 2026 .
Large-account strategy: Intact cross-functional teams expanding penetration across product units, field marketing, channel, industry verticals and corporate strategy budget pools .
M&A: Near-term priority is aligning and integrating existing assets; potential tuck-ins considered no earlier than 2H 2026 .

Estimates Context

S&P Global consensus for Q3 2025: Revenue $121.27m*, “Primary EPS” -$0.25*, EBITDA $21.57m*; actuals: Revenue $122.29m (beat), “Primary EPS” -$0.0865 (beat), EBITDA $19.31m (miss vs S&P), while company-reported Adjusted EBITDA was $22.6m (18.5% margin) . Values retrieved from S&P Global.
Implication: Top-line momentum and margin expansion on company-reported Adjusted EBITDA; Street models likely adjust for operating leverage and synergy ramp but remain sensitive to definition differences between EBITDA and Adjusted EBITDA. Values retrieved from S&P Global.

Key Takeaways for Investors

Sequential and y/y growth with Adjusted EBITDA margin expansion indicates operating momentum and synergy capture despite macro GTM budget pressures in enterprise tech .
Revenue beat vs S&P and “Primary EPS” beat point to near-term execution; definition differences on EBITDA vs Adjusted EBITDA warrant careful model alignment. Values retrieved from S&P Global.
FY 2025 guidance reaffirmed (flat revenue; ≥$85m Adjusted EBITDA) with cost synergies raised to ≥$10m in Year 1, de-risking margin trajectory into seasonally strong Q4 .
Strategic catalysts: Omdia brand unification, Portal launch (intent-signal uplift), large-account GTM, and AI-driven audience conversion improvements support bookings, deal sizes, and mix quality .
Q4 Canalys event revenue is a known seasonal tailwind; traders should watch booking cadence and any Q4 landing commentary on Brand & Intent recovery .
Risk monitor: Continued non-cash impairments tied to market cap vs book value, Brand & Intent volatility, and integration/restructuring costs impacting GAAP optics near term .
Medium-term thesis: Scale, audience/intent data advantage, and AI-enabled productization can drive wallet share gains with large vendors, supportive of sustainable margin progression post-Foundation Year .

TechTarget, Inc. (TTGT)·Q3 2025 Earnings Summary