BuzzFeed, Inc.BZFD

BuzzFeed, Inc. Segments Disclosure

10-KFiled Mar 16, 20262 min read
Segment Information
Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company has determined that its chief executive officer is its CODM who makes resource allocation decisions and assesses performance based upon financial information at the consolidated level. The Company manages its operations as a single segment for the purpose of evaluating and making operating decisions.
Information about the Company’s types of products and services from which it derives its revenues, as well as the accounting policies of the Company’s single operating and reporting segment, are the same as those described in the summary of significant accounting policies (refer to Note 2 herein for additional details). The CODM assesses performance based on net loss from continuing operations as reported on the consolidated statements of operations for purposes of deciding how to direct resources.
From a significant segment expense perspective, the CODM receives and uses a more bifurcated view of total cost of revenue, excluding depreciation and amortization, as outlined in the table below. Variable cost of revenue primarily represents amounts related to web hosting, and advertising serving platform costs, along with amounts due to third party websites and platforms to fulfill customers’ advertising campaigns, as well as production costs paid to third parties. Fixed cost of revenue primarily represents represent compensation-related expenses and costs incurred for the publishing of editorial, promotional, and news content across all platforms.
Year Ended December 31,
202520242023
Variable cost of revenue$49,396 $39,061 $45,870 
Fixed cost of revenue60,755 66,004 83,912 
Total cost of revenue, excluding depreciation and amortization$110,151 $105,065 $129,782 
All other significant segment expenses and other significant segment items that comprise consolidated net loss from continuing operations and are regularly provided to the CODM are consistent with what is presented on the consolidated statements of operations. The aggregate total of such expenses, which are comprised of sales and marketing, general and administrative, research and development, depreciation and amortization, impairment expense, other expense, net, interest
expense, net, change in fair value of warrant liabilities, change in fair value of derivative liability, and income tax provision, were $132.4 million, $118.8 million, and $156.4 million for the years ended December 31, 2025, 2024, and 2023, respectively.
Asset information and capital expenditures are not provided to the CODM and are not utilized for the purpose of assessing performance or allocating resources, and therefore such information has not been presented.

Historical Timeline

Fiscal YearFiled
2025Mar 16, 2026Showing above
2024Mar 14, 2025
2023Mar 29, 2024
2022Mar 16, 2023
2021Mar 30, 2022

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

Income TaxesRevenueEarnings Per ShareFair ValuePP&EGoodwill & IntangiblesLeasesDebtCommitmentsNew StandardsPay vs Performance