TechTarget, Inc. reported third‑quarter 2025 results that fell short of analyst expectations. Revenue reached $122.3 million, a $1.4 million miss against the consensus estimate of $123.7 million, yet the figure represented a 2 % sequential increase and a 1 % year‑over‑year gain on a combined‑company basis, reflecting steady demand in its core technology‑marketing segments.
The earnings per share figure was a loss of $1.07, compared with the consensus estimate of $0.45. The negative EPS was driven largely by a $80.3 million non‑cash impairment related to the recent Informa Tech merger, which pushed the net loss to $76.8 million. While revenue grew modestly, the one‑time charge and modest cost inflation outweighed the operating gains.
Adjusted earnings before interest, taxes, depreciation, and amortization rose 30 % sequentially to $22.6 million and 9 % year‑over‑year, lifting the adjusted EBITDA margin to 18.5 %. The margin expansion was largely attributable to operational leverage and a favorable mix shift toward higher‑margin digital‑content and data‑analytics services, offsetting the impact of the impairment.
Management reaffirmed its full‑year 2025 guidance, maintaining flat revenue expectations and a target of at least $85 million in adjusted EBITDA. CEO Gary Nugent emphasized that the company is in a “foundation year” for the combined Informa TechTarget entity, focusing on integration, cost discipline, and AI‑driven product innovation.
Investors reacted negatively to the earnings miss, with the market focusing on the EPS shortfall and the sizable impairment. Despite the guidance, the EPS miss and net loss underscored the short‑term impact of the merger integration costs, while the sequential revenue growth and adjusted EBITDA improvement signaled underlying operational momentum.
The results underscore the strategic significance of the Informa Tech merger, which has expanded TechTarget’s reach and data‑analytics capabilities. The company’s focus on AI‑powered answer engines and conversational interfaces positions it to capture growing demand for first‑party data and intent signals in the B2B technology market. The guidance and management commentary suggest confidence in sustaining growth while managing integration costs.
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