Key Points
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TechTarget cut its 2026 outlook, now expecting revenue to be modestly below 2025 and adjusted EBITDA of $80 million to $85 million, down from its prior $95 million to $100 million forecast. Management cited cautious customer spending and slower-than-expected conversion of its sales pipeline.
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Third-quarter revenue fell 2.5% year over year to $119.2 million, while adjusted EBITDA declined to $18.6 million from $22.6 million and its margin fell to 15.6%. Revenue weakness reflected lower intent-data sales and campaign timing, alongside cost inflation.
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The company is expanding AI-enabled products and data integrations: more than 40% of Buyer Intelligence users had adopted its new AI features, and audience membership grew to over 59 million. It also reported positive adjusted free cash flow of $15 million for the first nine months of 2026.
Informa TechTarget (NASDAQ:TTGT) lowered its full-year 2026 outlook after reporting a decline in third-quarter revenue, as customers took longer to commit to spending and a healthy sales pipeline converted more slowly than management expected.
The company now expects full-year revenue to be modestly lower than in 2025, rather than returning to growth. It also cut its adjusted EBITDA forecast to $80 million to $85 million from $95 million to $100 million.
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Chief Executive Officer Gary Nugent said customers were generally healthy and profitable but were weighing the risks and opportunities presented by artificial intelligence. “The healthy opportunity pipeline that we have built through the year is converting more slowly than we anticipated,” he said.
Revenue and profitability decline
Third-quarter revenue fell 2.5% from a year earlier to $119.2 million, though it rose 2.6% sequentially from the second quarter. Revenue for the first nine months was $341.4 million, down 1.4% from $346.1 million in the comparable 2025 period.
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Brand to Demand revenue declined 2.5% to $87.8 million in the third quarter. Chief Financial Officer Dan Noreck attributed the decrease primarily to lower intent data revenue and the timing of customer campaigns, particularly in international markets.
Intelligence & Advisory revenue fell 2.4% to $31.5 million. Subscription revenue grew, Noreck said, but lower advisory revenue offset the increase.
