Angi Inc. (ANGI) · Nov 3, 2026 · Earnings

Angi earnings miss as leads plunge, layoffs target turnaround

Miss — Diluted EPS $0.03 vs ~$0.14 consensus; revenue $242.0M vs ~$243.1M

Angi’s Q3 earnings missed consensus as leads and revenue fell, while EBITDA improved and a 300-role workforce reduction targets future savings.

Angi is in an AI-led turnaround: a new CEO is simplifying the business, shifting product development toward AI-native tools, and trying to repair a marketplace pressured by weaker Pro spending and changing homeowner demand. The prior quarter had already established the falling-revenue and cost-cutting story, while the company’s planned investor-day discussion was pushed into the first half of 2027.

The quarter missed a modest external bar, not just last year’s numbers. Q3 revenue of $242.0 million was slightly below the published consensus of roughly $243.1 million, while diluted EPS of $0.03 was well below roughly $0.14. That makes this a clear earnings miss, even though the revenue gap was narrow and the market already expected another year-over-year decline.

MetricQ3 2026Q3 2025Consensus
Revenue (Financial Highlights)$242.0M (-9%)$265.6M$243.1M
Diluted EPS (Financial Highlights)$0.03 (-87%)$0.23$0.14
Adjusted EBITDA (Financial Highlights)$42.2M (+6%)$39.7M
Total leads (U.S. channel metrics)4.485M (-18%)5.441M
Free cash flow (Cash Flow summary)$14.4M$4.9M

Monetization is improving, but marketplace demand is still shrinking. Angi said revenue per Lead rose 10% and average monthly revenue per active Pro increased 6%, with Large Pro revenue growing more than 20%. 〔0〕 But total leads fell 18%, including a 16% decline in proprietary leads and a 32% decline in network leads. The business is extracting more value from each connection, yet it is doing so on a materially smaller volume base. 〔1〕

Cost control is producing a real near-term improvement, but not enough to offset the demand problem. Adjusted EBITDA increased to $42.2 million from $39.7 million as lower fixed and variable expenses outweighed the revenue decline. However, GAAP operating income fell 29% to $15.5 million, partly because accelerated depreciation is being recorded as Angi retires its legacy technology platform. Year-to-date free cash flow remained negative at $7.0 million, and cash fell to $202.5 million after debt repurchases and capital spending.

The 300-role reduction makes the turnaround more aggressive, but its payoff is still prospective. Angi expects $50 million to $60 million of annual run-rate savings from eliminating mostly middle-management and support roles, against $18 million to $30 million of restructuring charges. 〔2〕 That improves the potential cost structure, but it also confirms that management is responding to a business still struggling to restore lead growth; the savings are not yet reflected in the reported quarter.

Bottom line: Angi is monetizing a weaker lead funnel more effectively and expanding EBITDA, but the core marketplace is still contracting and the quarter missed consensus badly on EPS. The workforce reduction strengthens the turnaround plan, yet this filing is more evidence of restructuring under pressure than proof that the growth engine has recovered.

What to watch next

New CEO strategy discussion on November 4, 2026

Original filing on SEC EDGAR

Angi earnings miss as leads plunge, layoffs target turnaround | ANGI Stock News
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