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Broadcasting · Communication Services · Fiscal year ends Dec 31
Versant Media reported revenue of $6.7B in the fiscal year ended Dec 2025, down 5.3% from the year before. Operating income was $1.3B, an operating margin of 19.0%, and net income was $930M. Operating cash flow of $2B less capital expenditure of $167M left free cash flow of $1.9B. Net debt was $928M.
Ranks among the 7 broadcasting companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | 7,445 | 7,062 | 6,688 |
| Cost of revenue | 3,154 | 3,064 | 2,937 |
| Gross profit | 4,291 | 3,998 | 3,751 |
| Selling, general & admin | 1,231 | 1,167 | 1,469 |
| Operating income | 2,069 | 1,841 | 1,272 |
| Interest expense | 0.0 | 0.0 | 13.0 |
| Pre-tax income | 2,069 | 1,843 | 1,228 |
| Income tax | 530 | 478 | 297 |
| Net income | 1,539 | 1,363 | 930 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | 23.0 | 8.0 | 55.0 |
| Receivables | – | 1,245 | 1,151 |
| Current assets | – | 1,318 | 2,502 |
| Net PP&E | – | 143 | 423 |
| Goodwill | 7,732 | 7,732 | 7,611 |
| Total assets | – | 12,049 | 12,333 |
| Payables | – | 102 | 151 |
| Deferred revenue | – | 135 | 163 |
| Current liabilities | – | 590 | 622 |
| Short-term debt | – | – | 0.0 |
| Long-term debt | – | 0.0 | 983 |
| Total liabilities | – | 1,134 | 1,931 |
| Shareholders' equity | 11,677 | 10,797 | 10,292 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | 2,428 | 2,211 | 2,022 |
| Capital expenditure | 56.0 | 54.0 | 167 |
| Free cash flow | 2,372 | 2,157 | 1,855 |
| Depreciation & amortisation | 67.0 | 63.0 | 67.0 |
| Stock-based compensation | 15.0 | 16.0 | 29.0 |
| Acquisitions | 0.0 | 0.0 | 24.0 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | −5.1% | −5.3% |
| Operating income growth (YoY) | – | −11.0% | −30.9% |
| Gross margin | 57.6% | 56.6% | 56.1% |
| Operating margin | 27.8% | 26.1% | 19.0% |
| Net margin | 20.7% | 19.3% | 13.9% |
| Return on equityBlank when equity is negative | 13.2% | 12.6% | 9.0% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 16.1% | 10.9% |
| Free cash flow margin | 31.9% | 30.5% | 27.7% |
| Cash conversion (CFO ÷ net income) | 1.58x | 1.62x | 2.17x |
| Receivable days | – | 64 | 63 |
| Payable days | – | 12 | 19 |
| Interest cover | – | – | 97.8x |
| Debt ÷ equity | – | 0.00x | 0.10x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | −8.0 | 928 |
| Current ratio | – | 2.23x | 4.02x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.