ZIFF DAVIS, INC.ZD
ZIFF DAVIS, INC. Segments Disclosure
Segment Information
The Company’s businesses are based on the organizational structure used by the Chief Executive Officer of the Company, who acts as the chief operating decision maker (“CODM”). The Company has five operating segments which are its five reportable segments as follows: 1) Technology & Shopping, 2) Gaming & Entertainment, 3) Health & Wellness, 4) Connectivity, and 5) Cybersecurity & Martech. The Technology & Shopping reportable segment primarily generates revenues from advertising on publishing platforms and commerce sites and through publishing of specialized technology-based content and provision of authoritative content relating to products, services, shopping and savings. The Gaming & Entertainment reportable segment generates revenue by providing authoritative content relating to video games and entertainment and includes a video game and entertainment website focusing on games (including game help), films, anime, television, comics, technology, and other media. It also generates revenues through subscriptions to and storefront sales of video games, ebooks, and software, as well as through related advertising. The Health & Wellness reportable segment generates revenues from a collection of interactive tools and mobile applications that are designed to enable consumers to manage a broad array of health and wellness needs on a daily basis, including medical conditions, pregnancy, diet, and fitness, and from a collection of educational and professional development services, news, and information for healthcare professionals. The Connectivity reportable segment includes several data and services businesses that sit at the center of the broadband economy and are sources of information on internet connectivity and network performance and primarily generates revenues through the granting of access to, or delivery of, data products or services to customers and the sale of perpetual software licenses, related software support, and maintenance. The Cybersecurity & Martech reportable segment generates revenues from cloud-based Software-as-a-Service offerings for various communication, messaging, security, privacy, customer marketing, and other needs of end-users. It also generates revenues from a customer acquisition platform for subscription services companies.
The accounting policies of the reportable segments are the same as those described in Note 2 — Basis of Presentation and Summary of Significant Accounting Policies. The Company evaluates performance of all of its reportable segments based on its ‘Income from operations’ and the CODM uses ‘Income from operations’ to assess performance, make operating decisions, and allocate resources, including employees, property, and financial or capital resources, for each reportable segment. On a monthly basis, the CODM considers forecast-to-actual variances when making decisions about allocating capital and personnel-related resources to each reportable segment. Segment results presented below are exclusive of inter-segment revenues and inter-segment expenses, which are immaterial. The CODM does not use Balance Sheet information in connection with operating and investment decisions and as such that information is not presented. The CODM does use capital expenditures by reportable segment in connection with operating and investment decisions.
Information on reportable segments revenues is as follows (in thousands):
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Revenue by reportable segment: | |||||||||||||||||
| Technology & Shopping | $ | 356,596 | $ | 361,882 | $ | 330,557 | |||||||||||
| Gaming & Entertainment | 183,558 | 180,276 | 168,821 | ||||||||||||||
| Health & Wellness | 402,353 | 362,408 | 361,923 | ||||||||||||||
| Connectivity | 230,733 | 213,620 | 211,518 | ||||||||||||||
| Cybersecurity & Martech | 278,028 | 283,502 | 291,209 | ||||||||||||||
Total segment revenues | 1,451,268 | 1,401,688 | 1,364,028 | ||||||||||||||
Corporate | — | — | — | ||||||||||||||
Total revenues | $ | 1,451,268 | $ | 1,401,688 | $ | 1,364,028 | |||||||||||
The descriptions of significant reportable segment expenses shown in the following tables are as follows:
•Salaries, benefits, and other employee expenses include employee compensation expenses for salaries, bonuses, benefits, payroll taxes, commissions, share-based compensation, severance costs, other related employee costs.
•Cloud computing, software, and other related expenses include costs associated with cloud computing, software purchases, web hosting, database hosting, and other computer related costs.
•Advertising and related marketing expenses include advertising relationships with an array of online service providers, marketing expenses, and other audience extension costs.
•Partner payments include expense associated with revenue sharing arrangements, content fees, and royalties.
•Professional and other-third party services include expenses for outside providers including freelancers, consultants, legal costs, and other professional services.
Significant reportable segment expenses are set forth in the tables below (in thousands):
Year ended December 31, 2025 | |||||||||||||||||||||||||||||||||||
| Technology & Shopping | Gaming & Entertainment | Health & Wellness | Connectivity | Cybersecurity & Martech | Total operating costs and expenses | ||||||||||||||||||||||||||||||
| Salaries, benefits, and other employee expenses | $ | 134,453 | $ | 42,377 | $ | 115,691 | $ | 58,030 | $ | 68,518 | $ | 419,069 | |||||||||||||||||||||||
| Cloud computing, software, and other related expenses | 26,588 | 8,280 | 17,011 | 17,936 | 42,482 | 112,297 | |||||||||||||||||||||||||||||
| Advertising and marketing related expenses | 52,197 | 13,368 | 41,460 | 3,436 | 18,196 | 128,657 | |||||||||||||||||||||||||||||
| Partner payments | 2,244 | 30,738 | 45,765 | 712 | 23,636 | 103,095 | |||||||||||||||||||||||||||||
| Professional and other third-party services | 23,574 | 5,537 | 9,631 | 20,491 | 19,530 | 78,763 | |||||||||||||||||||||||||||||
| Goodwill impairment | — | — | — | — | 17,579 | 17,579 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 90,880 | 11,740 | 54,472 | 29,028 | 42,151 | 228,271 | |||||||||||||||||||||||||||||
| Other | 17,358 | (1) | 18,483 | (2) | 28,939 | (3) | 24,987 | (4) | 17,339 | (5) | 107,106 | ||||||||||||||||||||||||
| Total segment operating costs and expenses | 347,294 | 130,523 | 312,969 | 154,620 | 249,431 | 1,194,837 | |||||||||||||||||||||||||||||
Corporate (6) | 73,345 | ||||||||||||||||||||||||||||||||||
| Total operating costs and expenses | $ | 1,268,182 | |||||||||||||||||||||||||||||||||
Year ended December 31, 2024 | |||||||||||||||||||||||||||||||||||
| Technology & Shopping | Gaming & Entertainment | Health & Wellness | Connectivity | Cybersecurity & Martech | Total operating costs and expenses | ||||||||||||||||||||||||||||||
| Salaries, benefits, and other employee expenses | $ | 139,293 | $ | 45,294 | $ | 115,509 | $ | 53,172 | $ | 77,518 | $ | 430,786 | |||||||||||||||||||||||
| Cloud computing, software, and other related expenses | 28,086 | 5,630 | 13,903 | 14,849 | 40,009 | 102,477 | |||||||||||||||||||||||||||||
| Advertising and marketing related expenses | 51,418 | 12,226 | 39,199 | 2,898 | 21,799 | 127,540 | |||||||||||||||||||||||||||||
| Partner payments | 7,063 | 27,262 | 38,736 | 932 | 21,063 | 95,056 | |||||||||||||||||||||||||||||
| Professional and other third-party services | 20,455 | 5,908 | 8,730 | 14,356 | 17,228 | 66,677 | |||||||||||||||||||||||||||||
| Goodwill impairment | 85,273 | — | — | — | — | 85,273 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 83,424 | 10,733 | 52,766 | 31,882 | 33,025 | 211,830 | |||||||||||||||||||||||||||||
| Other | 17,942 | (1) | 19,222 | (2) | 26,358 | (3) | 16,157 | (4) | 17,899 | (5) | 97,578 | ||||||||||||||||||||||||
| Total segment operating costs and expenses | 432,954 | 126,275 | 295,201 | 134,246 | 228,541 | 1,217,217 | |||||||||||||||||||||||||||||
Corporate (6) | 70,823 | ||||||||||||||||||||||||||||||||||
| Total operating costs and expenses | $ | 1,288,040 | |||||||||||||||||||||||||||||||||
Year ended December 31, 2023 | |||||||||||||||||||||||||||||||||||
| Technology & Shopping | Gaming & Entertainment | Health & Wellness | Connectivity | Cybersecurity & Martech | Total operating costs and expenses | ||||||||||||||||||||||||||||||
| Salaries, benefits, and other employee expenses | $ | 121,721 | $ | 43,224 | $ | 109,401 | $ | 55,492 | $ | 75,340 | $ | 405,178 | |||||||||||||||||||||||
| Cloud computing, software, and other related expenses | 23,580 | 3,974 | 11,599 | 9,865 | 37,402 | 86,420 | |||||||||||||||||||||||||||||
| Advertising and marketing related expenses | 55,185 | 9,468 | 42,477 | 3,296 | 24,189 | 134,615 | |||||||||||||||||||||||||||||
| Partner payments | 7,721 | 26,637 | 33,842 | 730 | 19,120 | 88,050 | |||||||||||||||||||||||||||||
| Professional and other third-party services | 15,025 | 3,629 | 10,604 | 13,199 | 18,211 | 60,668 | |||||||||||||||||||||||||||||
| Goodwill impairment | 56,850 | — | — | — | — | 56,850 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 83,271 | 10,368 | 59,870 | 31,793 | 52,618 | 237,920 | |||||||||||||||||||||||||||||
| Other | 17,702 | (1) | 14,222 | (2) | 30,555 | (3) | 26,552 | (4) | 21,119 | (5) | 110,150 | ||||||||||||||||||||||||
| Total segment operating costs and expenses | 381,055 | 111,522 | 298,348 | 140,927 | 247,999 | 1,179,851 | |||||||||||||||||||||||||||||
Corporate (6) | 51,566 | ||||||||||||||||||||||||||||||||||
| Total operating costs and expenses | $ | 1,231,417 | |||||||||||||||||||||||||||||||||
(1)Other Technology & Shopping operating costs and expenses consist primarily of credit card processing fees, campaign fulfillment costs, travel and entertainment costs, office expenses, bad debt expense, contingent consideration changes, and certain allocated overhead expenses.
(2)Other Gaming & Entertainment operating costs and expenses consist primarily of credit card processing fees, inventory-related costs, campaign fulfillment costs, travel and entertainment costs, office expenses, bad debt expense, contingent consideration changes, and certain allocated overhead expenses.
(3)Other Health & Wellness operating costs and expenses consist primarily of app-store fees, credit card processing fees, campaign fulfillment costs, travel and entertainment costs, office expenses, bad debt expense, contingent consideration changes, and certain allocated overhead expenses.
(4)Other Connectivity operating costs and expenses consist primarily of inventory-related costs, credit card processing fees, inventory related costs, campaign fulfillment costs, travel and entertainment costs, office expenses, bad debt expense, contingent consideration changes, and certain allocated overhead expenses.
(5)Other Cybersecurity & Martech operating costs and expenses consist primarily of credit card processing fees, telecommunication backbone costs, travel and entertainment costs, office expenses, bad debt expense, contingent consideration changes, and certain allocated overhead expenses.
(6)Corporate includes costs associated with general, administrative, and other expenses (including some depreciation and amortization) that are managed on a global basis and that are not directly attributed to any particular segment.
Information on income from operations is set forth in the table below (in thousands).
| Years ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
Income (loss) from operations by reportable segment: | |||||||||||||||||
| Technology & Shopping | $ | 9,302 | $ | (71,072) | $ | (50,498) | |||||||||||
| Gaming & Entertainment | 53,035 | 54,001 | 57,299 | ||||||||||||||
| Health & Wellness | 89,384 | 67,207 | 63,575 | ||||||||||||||
| Connectivity | 76,113 | 79,374 | 70,591 | ||||||||||||||
| Cybersecurity & Martech | 28,597 | 54,961 | 43,210 | ||||||||||||||
Total segment income from operations | 256,431 | 184,471 | 184,177 | ||||||||||||||
Corporate (1) | (73,345) | (70,823) | (51,566) | ||||||||||||||
| Income from operations | $ | 183,086 | $ | 113,648 | $ | 132,611 | |||||||||||
(1)Corporate includes costs associated with general, administrative, and other expenses (including some depreciation and amortization) that are managed on a global basis and that are not directly attributable to any particular segment.
Information on capital expenditures is set forth in the table below (in thousands).
Years ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Capital expenditures: | |||||||||||||||||
| Technology & Shopping | $ | 15,899 | $ | 13,609 | $ | 17,778 | |||||||||||
| Gaming & Entertainment | 8,975 | 5,298 | 5,891 | ||||||||||||||
| Health & Wellness | 40,991 | 36,553 | 35,070 | ||||||||||||||
| Connectivity | 28,037 | 24,742 | 25,182 | ||||||||||||||
| Cybersecurity & Martech | 24,518 | 25,062 | 24,712 | ||||||||||||||
| Total from reportable segments | 118,420 | 105,264 | 108,633 | ||||||||||||||
| Corporate | 778 | 1,371 | 96 | ||||||||||||||
| Total capital expenditures | $ | 119,198 | $ | 106,635 | $ | 108,729 | |||||||||||
The Company maintains operations in the U.S., Canada, Ireland, the United Kingdom, India, and other countries. Geographic information about the U.S. and all other countries for the reporting periods is presented below. Such information attributes revenues based on jurisdictions where revenues are reported (in thousands).
Years ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Revenues: | |||||||||||||||||
| United States | $ | 1,219,221 | $ | 1,165,571 | $ | 1,137,857 | |||||||||||
| All other countries | 232,047 | 236,117 | 226,171 | ||||||||||||||
| Total | $ | 1,451,268 | $ | 1,401,688 | $ | 1,364,028 | |||||||||||
Long-lived assets, excluding goodwill and other intangible assets are as follows (in thousands):
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Long-lived assets: | |||||||||||
| United States | $ | 186,869 | $ | 178,732 | |||||||
| All other countries | 48,634 | 44,733 | |||||||||
| Total | $ | 235,503 | $ | 223,465 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 26, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Mar 15, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Mar 1, 2017 | |
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.