Ziff Davis, Inc. Q4 2025 Earnings Call Summary

Full year 2025 revenue grew despite significant headwinds in the Tech & Shopping segment; however, the company experienced a 1.5% drop in total revenues in Q4 due to an 18% decline in that segment caused by lower search engine referrals impacting affiliate commerce. Management attributes the Tech & Shopping weakness to a $25 million year-over-year drop in affiliate commissions, half of which occurred in Q4 as high-intent search traffic diminished. The Health & Wellness segment achieved record results ...