Genius Sports Reports Strong Q4 & FY2025 Results, Reaffirms 2026 Guidance, and Projects Substantial Growth with Legend Acquisition
Summary
Genius Sports announced strong Q4 and full-year 2025 results with significant revenue and Adjusted EBITDA growth, reaffirmed its 2026 standalone guidance, and provided a substantially higher pro forma outlook for 2026 including the Legend acquisition.
Key Events
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Strong Q4 and Full-Year 2025 Financial Performance
Genius Sports reported Q4 2025 Group Revenue of $240.5 million, up 37% year-over-year, and full-year 2025 Group Revenue of $669.5 million, an increase of 31% year-over-year. The Betting Technology, Content & Services segment grew 31% in Q4 and 33% for the full year, while Media Technology, Content & Services saw a 96% increase in Q4 and 37% for the full year.
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Significant Adjusted EBITDA Growth and Margin Expansion
Group Adjusted EBITDA for Q4 2025 increased 49% year-over-year to $48.3 million, with a margin of 20.1%. For the full year 2025, Group Adjusted EBITDA grew 59% to $136.2 million, achieving a margin of 20.4%, representing a 360 basis point expansion.
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Reaffirmed 2026 Standalone Guidance
The company reaffirmed its standalone 2026 guidance, expecting Group Revenue of approximately $810-820 million and Group Adjusted EBITDA of approximately $180-190 million. This implies year-over-year revenue growth of 22% and Adjusted EBITDA growth of 36% at the midpoint.
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Substantial Pro Forma Outlook with Legend Acquisition
After giving effect to the acquisition of Legend, the combined entity is expected to achieve approximately $1.1 billion in Group Revenue and $320-330 million in Group Adjusted EBITDA on a 2026 annualized pro forma basis, with 50% Free Cash Flow conversion. The acquisition is expected to close in Q2 2026.
Analysis
Genius Sports reported robust financial performance for Q4 and full-year 2025, driven by accelerated revenue growth across its Betting and Media segments, alongside significant Adjusted EBITDA expansion. The company reaffirmed its strong standalone 2026 guidance, projecting continued double-digit revenue and EBITDA growth. Crucially, the filing provides a substantial pro forma outlook for 2026, incorporating the recently announced Legend acquisition, which is expected to significantly boost combined revenue to $1.1 billion and Adjusted EBITDA to $320-330 million. While the full-year net loss increased, it was attributed to non-recurring items like stock-based compensation for NFL warrants and litigation costs, rather than operational underperformance. This report signals strong operational momentum and a clear growth trajectory, further enhanced by strategic M&A.
At the time of this filing, GENI was trading at $6.60 on NYSE in the Trade & Services sector, with a market capitalization of approximately $1.6B. The 52-week trading range was $5.68 to $13.73. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.