BuzzFeed (NASDAQ:BZFD) used its fourth-quarter 2025 earnings call to argue that the company’s market value does not reflect the value of its brands and assets, while management also highlighted improved adjusted EBITDA performance in 2025 alongside continued shifts in its revenue mix.
CEO Jonah Peretti said the company believes it is “undervalued” and that “the sum of the parts is worth more than the whole,” pointing to BuzzFeed’s prior sale of Complex and First We Feast, which he said generated close to $200 million in proceeds. Peretti described several factors he believes have weighed on investor perception, including “the pessimistic view of digital media,” legacy costs, debt tied to the company’s SPAC transaction, a pre-COVID real estate commitment, and the timing of cost reductions and new initiatives.
Management frames 2026 as a year to surface asset value
- Brand portfolio: He highlighted “powerful, durable brands with loyal audiences,” naming HuffPost, Tasty, BuzzFeed, and BuzzFeed Studios, and said these properties have different communities and monetization profiles.
- Studio IP and scaling content assets: Peretti said BuzzFeed Studios has been scaling rapidly, citing that studio revenue “nearly tripled” during 2025 as the company delivered three feature films and entered the “micro drama” category.
- New products and AI-driven experiences: He said BuzzFeed has been investing in new products and “AI-driven experiences” intended to deepen engagement, increase personalization and interactivity, and improve advertising and commerce effectiveness.
Peretti said the company is rolling out new apps and product experiences integrating AI more directly into the BuzzFeed experience, adding that more details would be shared at South by Southwest. He said the company plans to demonstrate asset value “in concrete ways” and is “actively exploring a range of strategic options” aimed at narrowing the gap between market valuation and what management believes the individual assets are worth.
Full-year results: revenue down slightly, adjusted EBITDA improved
Chief Financial Officer Matt Omer reported total 2025 revenue of $185.3 million, down 2% from $189.9 million in 2024.
Within that total:
- Advertising revenue declined 3% to $91.7 million.
- Programmatic advertising grew 7% to $69.6 million, marking the “7th consecutive quarter” of programmatic growth and representing 76% of total advertising revenue.
- Direct sold advertising fell 25% to $22.1 million.
- Content revenue increased 9% to $37.0 million, driven by BuzzFeed Studios.
- Studio revenue nearly tripled to $16.1 million as the company delivered three feature films and saw contributions from its micro drama vertical.
- Direct sold content declined 26% to $21.0 million.
- Commerce and other revenue declined 8% to $56.5 million.
- Affiliate commerce declined 7% to $55.5 million, which Omer attributed primarily to changes in supplemental bonus structures from partners.
On affiliate commerce, Omer said the company has not seen declines in conversion rates, click-through rates, or total GMV driven from partners, and characterized the revenue pressure as stemming largely from reduced supplemental incentives compared with the prior year.
BuzzFeed reported a net loss from continuing operations of $57.3 million, compared with $34.0 million in 2024. Omer attributed the change to a $30.2 million non-cash goodwill impairment charge, which he said was driven by a sustained decline in BuzzFeed’s share price.
Adjusted EBITDA for the full year improved 61% to $8.8 million, compared with $5.5 million in 2024. Time spent totaled 276.5 million hours, down 7% year-over-year, which Omer said was expected given elevated engagement in 2024 during the presidential election cycle.
Balance sheet and liquidity details
Omer said BuzzFeed ended 2025 with approximately $27.7 million of cash and cash equivalents and restricted cash, down $10.9 million versus 2024. He noted that 2025 included roughly $9 million in expenses related to refinancing former convertible notes, severance, and buying back shares from a prior investor.
As of December 31, 2025, total debt was $60.2 million, consisting of $45.0 million in a term loan and $15.2 million in film financing arrangements. Omer said the term loan is secured by existing accounts receivable, while film financing indebtedness is generally repaid with production tax credits, proceeds, or minimum guarantee payments tied to feature films.
He also said the $27.7 million cash balance includes approximately $19.3 million pledged as collateral for letters of credit on office leases. Omer said BuzzFeed expects about $15 million of those letters of credit to be released after a sublease concludes in May 2026, and the company expects to use those funds to pay down debt.
Q4 2025: revenue modestly higher, adjusted EBITDA increased
For the fourth quarter, BuzzFeed reported revenue of $56.5 million, up 1% year-over-year.
- Advertising revenue increased slightly to $25.6 million.
- Programmatic advertising grew 2% to $18.4 million.
- Direct sold advertising declined 3% to $7.2 million, which Omer said reflected continued market softness.
- Content revenue increased 56% to $14.7 million, driven by Studio.
- Studio revenue increased by $7.3 million as the company recognized two feature films in Q4, along with micro drama contributions.
- Direct sold content declined 5% to $7.4 million.
- Commerce and other revenue declined 24% to $16.3 million.
- Affiliate commerce declined 23% to $16.1 million, again attributed to declines in supplemental bonuses as partners refine commission structures.
Net loss from continuing operations was $26.8 million, compared with a loss of $4.1 million in Q4 2024, reflecting the same $30.2 million non-cash goodwill impairment charge. Adjusted EBITDA was $12.0 million, compared with $10.9 million in the year-ago quarter. Time spent was 70.3 million hours, down 11% year-over-year, which Omer again linked to the elevated election-cycle engagement in Q4 2024.
Guidance withheld amid strategic review
Omer said the company is evaluating strategic opportunities “to unlock value and remedy the liquidity challenges” it is currently facing, noting that some options could materially affect the shape of the business in 2026. As a result, BuzzFeed is withholding 2026 guidance and expects to provide updates on strategic direction and financial outlook in the coming quarters.
About BuzzFeed (NASDAQ:BZFD)
BuzzFeed, Inc operates as a digital media and technology company specializing in news, entertainment, and social content. The company produces articles, videos and quizzes that target diverse audiences across web, mobile and social platforms. In addition to editorial content, BuzzFeed offers a suite of advertising solutions, including native advertising, branded content and programmatic display, designed to blend seamlessly with its editorial offerings and engage consumers at scale.
Founded in 2006 by Jonah Peretti and John S.
