Angi Revenue Decline Steepens After Smaller First-Quarter Drop

The Tip Desk · October 27, 2026 · 3 min read

Second-quarter revenue fell 11% to $248.0 million after a 3% year-over-year drop in the first quarter, and a $235.2 million impairment produced a $5.70 a share loss.

Angi Inc. (ANGI), the home-services marketplace, reported second-quarter revenue of $248.0 million, down 11% from a year earlier, a sharper decline than the 3% year-over-year drop in the first quarter. The company said macroeconomic conditions reduced Pro spend and utilization of available Pro capacity, with homeowner demand shifting toward lower-consideration categories.

A $235.2 million non-cash impairment of goodwill and indefinite-lived intangible assets produced an operating loss of $(233.7) million and a net loss of $(230.7) million, or $(5.70) a share, versus operating income of $17.7 million and net earnings of $10.9 million, or $0.23 a share, a year earlier.

U.S. revenue declined 12% year-over-year to $215.4 million. International revenue was approximately flat at $32.6 million.

Proprietary Revenue declined 10% year-over-year to $198.1 million, after a 7% year-over-year increase in the first quarter. Network Revenue declined 34% year-over-year to $17.2 million, after a 56% year-over-year decline in the first quarter.

Total U.S. Leads fell 13% year-over-year to 4,838 thousand, after being flat in the first quarter. Proprietary Leads declined 11% to 4,451 thousand and Network Leads declined 35% to 387 thousand. Total U.S. Service Requests declined 6% year-over-year to 4,311 thousand, reversing 5% year-over-year growth in the first quarter. Proprietary Service Requests fell 2% to 4,037 thousand and Network Service Requests fell 38% to 274 thousand.

Revenue per Lead increased 1% year-over-year, reversing a 5% year-over-year decline in the first quarter, primarily reflecting a favorable shift in Pro mix toward the company’s subscription product. Large Pro and National Partnership Revenue grew 20%, the second consecutive quarter of 20% or greater growth in that area of the business.

Average Monthly Active Pros fell 17% year-over-year to 106 thousand. Acquired Pros rose 13% year-over-year to 27 thousand. Average Monthly Churn improved to 6.0% from 6.8% a year earlier.

Adjusted EBITDA declined 14% year-over-year to $28.2 million, after a 17% year-over-year decline in the first quarter, reflecting lower revenue and higher consumer marketing expense, partially offset by lower Pro acquisition and fixed expense, including reduced product development after the global workforce reduction.

Product development expense fell to $10.9 million from $23.6 million a year earlier. Selling and marketing expense rose to $142.3 million from $139.5 million. General and administrative expense fell to $59.9 million from $74.1 million. U.S. consumer marketing expense rose to $95.1 million, or 44% of U.S. revenue, from $92.9 million, or 38%, a year earlier. U.S. fixed expense fell to $35.3 million, or 16% of U.S. revenue, from $49.6 million, or 20%.

During the quarter the company repurchased $73.4 million principal of its 2028 Senior Notes for $68.0 million in cash, a $5.6 million gain. Cash and cash equivalents were $188.7 million at June 30, 2026.

In July 2026, after quarter-end, Angi launched a beta test of AI Front Desk, the first agent in its Angi Pro Chief Revenue Officer suite, designed to automate lead follow-up and appointment scheduling for Pros. The test is in its early stages, and additional agents are planned in future periods. In the first quarter the company reorganized to focus product and development on an AI-native platform.