USA TODAY Co., Inc. (TDAY) · Nov 5, 2026 · Earnings

USA TODAY Co. earnings beat revenue estimates as EBITDA falls

Miss — EPS $(0.03) vs published consensus around $(0.01)

USA TODAY Co. earnings narrowly topped revenue expectations, but falling digital and print sales overwhelmed a cost-cutting push and squeezed EBITDA.

USA TODAY Co. is still trying to turn a legacy print publisher and digital marketing business into a more digital, higher-ARPU platform while navigating disruption from changing search behavior. Management has described the transition as uneven, with growth expected from digital subscriptions, direct-sold advertising, licensing and improved monetization; the quarter shows that the cost side is moving faster than the revenue side.

The quarter was weaker operationally than the headline revenue beat suggests. Revenue of $519.2 million was slightly above the published consensus near $515.7 million, but still fell 7.4% year over year, with same-store revenue down 5.8% and same-store digital revenue down 4.2% (Table No. 8). The result also came with a GAAP loss of $0.03 per share versus an external consensus around a $0.01 loss, making this a miss on the bottom-line benchmark despite the narrow revenue beat.

	Q3 2026	Q3 2025	Consensus
Total revenues (Table No. 2)	$519.2M (-7.4%)	$560.8M	~$515.7M
Diluted EPS (Table No. 2)	$(0.03)	$(0.27)	~$(0.01)
Total Adjusted EBITDA (Table No. 5)	$36.6M (-36.0%)	$57.2M
Adjusted EBITDA margin (Table No. 5)	7.0%	10.2%
Free cash flow (Table No. 7)	$4.3M	$4.9M

The digital pivot is not yet producing overall growth. Digital revenue declined 5.1%, while LocaliQ core-platform revenue fell 8% as average customers dropped 13%; higher core-platform ARPU of $2,996, up 6%, was not enough to offset the shrinking customer base (Table Nos. 8 and 10). USA TODAY Media Adjusted EBITDA fell to $23.8 million from $35.4 million, and its margin compressed to 6.3% from 8.5% (Table No. 4). That is a meaningful setback for the central strategy, not merely a print decline.

The $100 million cost program is the main offset, but its payoff is still prospective. Management says the program was implemented at the end of the quarter and should drive significant sequential Adjusted EBITDA and free-cash-flow growth in Q4, but the current quarter still showed Adjusted EBITDA down 36% and margin down 320 basis points. The filing therefore supports a lower cost base, not yet a proven revenue stabilization or earnings recovery.

The balance sheet remains constrained, even as debt repayment continued. Cash and cash equivalents fell to $68.2 million from $90.2 million at year-end, while total debt including convertible debt remained roughly $934 million at quarter-end. The company repaid $39.4 million of long-term debt during the first nine months, but the later amendment allowing up to $50 million of incremental debt to fund share repurchases adds a competing use of capital while free cash flow remains modest.

The Google litigation is meaningful optionality, not operating evidence. The court denied Google's summary-judgment motion and set an April 5, 2027 trial date, with the company's disclosed damages calculation at $901 million before any potential treble damages. That could materially change the financial picture if successful, but it does not repair the current revenue and margin trends.

Bottom line: This was a narrow revenue beat but an underlying operating miss: the digital and marketing businesses are still shrinking, while the promised cost reset has not yet shown up in reported margins. The story now depends more heavily on Q4 cost savings and eventual revenue stabilization than it did before this release.

What to watch next

Google ad-tech trial, April 5, 2027

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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USA TODAY Co. earnings beat revenue estimates as EBITDA falls

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