Comscore Reports Third Quarter 2025 ResultsRESTON, Va., November 4, 2025 Comscore, Inc. (Nasdaq: SCOR), a trusted partner for planning, transacting and evaluating media across platforms, today reported financial results for the quarter ended September 30, 2025.Our results in the third quarter reflect continued momentum in key strategic areas of our business. Revenue from our cross-platform solutions continued to scale with 20% year-over-year growth, driven by a number of new clients committing to multiyear cross-platform measurement deals. In addition, our investment in establishing Comscore as the premier currency for local market transactions is paying off, and our teams delivered another strong quarter of double-digit growth in local TV, said Jon Carpenter, CEO. As we close out the year, we remain bullish on our growth trajectory, and while we are recalibrating our full-year revenue guidance to account for a data-strategy shift by a customer that impacted us in Q3, we are very encouraged by the cross-platform adoption we continue to see.
On September 29, 2025, we announced a recapitalization transaction with our preferred stockholders that, if approved, would include an exchange of all our outstanding preferred stock - which carries more than $18 million in annual dividends - for common stock and new preferred stock that carries no annual dividends. Among other benefits, the elimination of annual dividends would provide us with increased financial flexibility to invest in our cross-platform measurement capabilities and other growth drivers, said Mary Margaret Curry, CFO. We are excited about this opportunity for Comscore and encourage our stockholders to approve the transaction.
Business and Financial Highlights
Revenue for the third quarter was $88.9 million compared to $88.5 million in Q3 2024
20% growth in cross-platform solutions, driven by Proximic and continued adoption of our cross-platform content measurement offering
Double-digit growth in local TV driven by key renewals and new business
Net income of $0.5 million compared to net loss of $60.6 million in Q3 2024, primarily resulting from a non-cash goodwill impairment charge of $63.0 million in 2024
Adjusted EBITDA1 of $11.0 million compared to $12.4 million in Q3 2024
Announced recapitalization transaction with preferred stockholders which, if approved, will reduce senior capital, eliminate the preferred dividend burden and enhance alignment between stockholders
Third Quarter Summary Results
Revenue in the third quarter was $88.9 million, up 0.5% from $88.5 million in Q3 2024. Content & Ad Measurement revenue was flat compared to the prior-year quarter, with higher revenue from local TV and cross-platform solutions offset by lower revenue from our national TV and syndicated digital products. Research & Insight Solutions revenue increased 1.4% from Q3 2024, primarily due to higher deliveries of certain custom digital products.
Our core operating expenses, which include cost of revenues, sales and marketing, research and development and general and administrative expenses, were $86.6 million, an increase of 4.4% from $82.9 million in Q3 2024, primarily due to higher employee compensation and professional fees, partially offset by lower data costs.
Net income for the quarter was $0.5 million compared to net loss of $60.6 million in Q3 2024, primarily due to a non-cash goodwill impairment charge in the prior year, resulting in net income (loss) margins of 0.5% and (68.5)% of revenue, respectively. After accounting for dividends on our convertible preferred stock, loss per share attributable to common shares was $(0.86) and $(12.79) for Q3 2025 and Q3 2024, respectively.
Non-GAAP adjusted EBITDA for the quarter was $11.0 million, compared to $12.4 million in Q3 2024, resulting in adjusted EBITDA margins of 12.4% and 14.0%, respectively. Due to volatility in foreign currency exchange rates (FX), in the first quarter of 2025 we modified our adjusted EBITDA metric (as well as comparable prior periods) to exclude the impact of foreign currency transactions. Beginning in the third quarter of 2025 (and for comparable prior periods), we have also modified this metric to exclude certain costs related to our consideration of strategic alternatives, including the strategic review that culminated in the recapitalization transaction we announced in Q3 2025. As revised, adjusted EBITDA and adjusted EBITDA margin exclude depreciation and amortization, net interest expense, income taxes, impairment charges, stock-based compensation expense, transformation costs, restructuring costs, strategic transaction costs, change in fair value of contingent consideration liability, gain/loss from foreign currency transactions and other items as presented in the accompanying tables.
Balance Sheet and Liquidity
As of September 30, 2025, cash, cash equivalents and restricted cash totaled $29.9 million, including $3.2 million in restricted cash. Outstanding debt principal under our senior secured term loan was $44.7 million. We had no outstanding borrowings under our revolving credit facility as of September 30, 2025, with a remaining borrowing capacity of $15.0 million.
2025 Outlook
Based on current trends and expectations, we are revising our full-year revenue guidance to be roughly flat with the prior year and are maintaining our full-year adjusted EBITDA margin guidance. Our previous revenue guidance was based on the expectation that growth from our cross-platform solutions would exceed the declines we anticipated from our syndicated digital and national TV products. In the third quarter, however, Proximic revenue growth was impacted by a data-strategy shift of a large retail media advertiser, which drove lower-than-expected results for our cross-platform solutions. We believe this was a discrete shift in data and platform strategy an
