Angi Cuts 300 Roles After Revenue Decline Narrows

The Tip Desk · November 3, 2026 · 3 min read

Third-quarter revenue was $242.0 million, down 9% from a year earlier, as Adjusted EBITDA rose to $42.2 million.

Angi Inc. (ANGI) said third-quarter revenue of $242.0 million declined 9% from a year earlier, a narrower drop than the 11% year-over-year decline in the second quarter, as higher monetization partially offset lower lead volume.

The home-services marketplace reported operating income of $15.5 million, down from $21.8 million a year earlier. The company said the decrease reflected the revenue decline and higher depreciation, including accelerated depreciation on capitalized software related to planned retirement of its legacy technology platform, which more than offset lower fixed expense, including reduced product development costs after the first-quarter 2026 reorganization, and lower variable expense.

Adjusted EBITDA was $42.2 million, up from $39.7 million a year earlier. The company said the increase reflected lower fixed expense, including reduced product development costs following the reorganization, and lower variable expense, which more than offset the revenue decline. U.S. Adjusted EBITDA was $31.8 million and International Adjusted EBITDA was $10.3 million.

Revenue per Lead increased 10% year-over-year, after a 1% year-over-year increase in the second quarter, as the Pro mix continued to shift away from heavily discounted legacy advertising toward Large Pros, where revenue grew over 20%. Average monthly revenue per active Pro increased 6% year-over-year.

U.S. revenue declined 9% year-over-year to $211.1 million. International revenue fell 5% year-over-year to $30.9 million after being approximately flat year-over-year in the second quarter, due primarily to fewer active Pros and unfavorable foreign-currency movements.

Average Monthly Active Pros fell 14% year-over-year to 101 thousand, and Average Monthly Churn worsened to 6.7% from 5.9% a year earlier. Total U.S. Leads declined 18% year-over-year to 4,485 thousand, with Proprietary Leads down 16% to 4,147 thousand and Network Leads down 32% to 338 thousand. Total U.S. Service Requests declined 2% year-over-year to 4,044 thousand, with Proprietary Service Requests essentially unchanged at 3,806 thousand and Network Service Requests down 33% to 238 thousand. Proprietary Revenue declined 8% year-over-year to $195.2 million and Network Revenue declined 25% year-over-year to $15.9 million.

On November 3, 2026, Angi announced a reduction of its global workforce by approximately 300 roles, mostly in middle management and support functions, to increase focus and organizational velocity. The company expects those actions to generate approximately $50.0 million to $60.0 million of annual run-rate savings in operating expenses and capital expenditures, some of which may be re-invested. It expects to incur approximately $18.0 million to $30.0 million of restructuring charges, primarily in the fourth quarter of 2026 and the first half of 2027.

Chief Executive Officer Mike Steib said his first 45 days had reinforced his conviction in the potential of the business and that the company is building on work already underway to simplify how it operates, move faster and develop better products using technology and AI.

Cash and cash equivalents were $202.5 million as of September 30, 2026. ANGI Group, LLC had $398.7 million, net of unamortized debt issuance costs, of 3.875% Senior Notes due August 15, 2028, and $175.0 million available under its senior secured revolving facility, including a letter of credit sublimit of up to $25.0 million, that matures on November 6, 2030.