Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Information on Reportable Segments Revenues

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.

Schedule of Capital Expenditures

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

Schedule of Revenues and Long-lived Assets by Geographic Information

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

ZIFF DAVIS, INC. 10-K