NIQ Announces Third Quarter 2026 Results
NIQ Global Intelligence plc (NIQ) filed an SEC Form 8-K — Results of Operations and Financial Condition. - NIQ Announces Third Quarter 2026 Result s Results exceed Revenue, Adjusted EBITDA and Adjusted EPS guidance for the 6th straight quarter Positive GAAP EPS for the first time since IPO Achieves 2.9x net leverage ratio milestone one quarter ahead of plan and announces $150 millio
How this was made
The 30-second read
Why it matters
The earnings beat and guidance raise provide a clear catalyst for short‑term upside, while the share‑repurchase adds further support.
Market read
NIQ's strong quarter and raised guidance are likely to lift the stock and may influence sentiment toward data‑analytics peers.
What to watch
Higher leverage repayment and a $150 M share‑repurchase program could strain cash flow if growth slows.
Q3 2026 revenue up 6.3% (5.8% organic constant currency) to $1,119.1 million; Adjusted EBITDA up 17.8% to $263.6 million; first positive GAAP EPS since IPO at $0.12; full-year 2026 guidance raised
Revenue, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EPS and net income all improved year over year, the company reports results above the top end of its guidance for the sixth straight quarter, and it raised full-year 2026 guidance. Offsetting items are the year-over-year decline in Q3 free cash flow, a nine-month GAAP net loss, and higher nine-month restructuring costs.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, Q3 2026 (reported)GAAP | $1.12B | – | 6.3% |
| Organic constant currency revenue growth, Q3 2026non-GAAP | 5.8% | – | 5.8% |
| Total revenue, nine months 2026 (reported)GAAP | $3.32B | – | 8.4% |
| Organic constant currency revenue growth, nine months 2026non-GAAP | 5.6% | – | 5.6% |
| Cost of revenues (excluding D&A), Q3 2026GAAP | $486.1M | – | – |
| Cost of revenues (excluding D&A), nine months 2026GAAP | $1.46B | – | – |
| Selling, general and administrative expenses, Q3 2026GAAP | $387.5M | – | – |
| Selling, general and administrative expenses, nine months 2026GAAP | $1.18B | – | – |
| Depreciation and amortization, Q3 2026GAAP | $141.5M | – | – |
| Depreciation and amortization, nine months 2026GAAP | $449.7M | – | – |
| Restructuring, net, Q3 2026GAAP | $4.8M | – | – |
| Restructuring, net, nine months 2026GAAP | $78.4M | – | – |
| Total operating expenses, Q3 2026GAAP | $1.01B | – | – |
| Total operating expenses, nine months 2026GAAP | $3.15B | – | – |
| Operating income (loss), Q3 2026 (reported)GAAP | $106.4M | – | $141.1 million |
| Operating income (loss), nine months 2026 (reported)GAAP | $161.5M | – | $141.1 million |
| Interest expense, net, Q3 2026GAAP | −$54.3M | – | – |
| Interest expense, net, nine months 2026GAAP | −$167.9M | – | – |
| Foreign currency exchange (loss) gain, net, Q3 2026GAAP | −$6.8M | – | – |
| Foreign currency exchange (loss) gain, net, nine months 2026GAAP | −$500K | – | – |
| Nonoperating income (expense), net, Q3 2026GAAP | $22.2M | – | – |
| Nonoperating income (expense), net, nine months 2026GAAP | $20.7M | – | – |
| Income tax expense, Q3 2026GAAP | −$29.7M | – | – |
| Income tax expense, nine months 2026GAAP | −$92.9M | – | – |
| Net income (loss), Q3 2026 (before noncontrolling interests)GAAP | $37.8M | – | – |
| Net income (loss), nine months 2026 (before noncontrolling interests)GAAP | −$79.1M | – | – |
| Net income (loss) attributable to NIQ, Q3 2026GAAP | $35.8M | – | $234.4 million |
| Net income (loss) attributable to NIQ, nine months 2026GAAP | −$84.8M | – | $236.3 million |
| Reported diluted income (loss) per share, Q3 2026GAAP | $0.12 | – | $0.82 |
| Reported diluted income (loss) per share, nine months 2026GAAP | $(0.29) | – | $0.96 |
| Adjusted net income, Q3 2026non-GAAP | $87.8M | – | $78.6 million |
| Adjusted net income, nine months 2026non-GAAP | $209.9M | – | $206.9 million |
| Adjusted diluted EPS, Q3 2026non-GAAP | $0.30 | – | $0.27 |
| Adjusted diluted EPS, nine months 2026non-GAAP | $0.71 | – | $0.70 |
| Adjusted EBITDA, Q3 2026non-GAAP | $263.6M | – | 17.8% |
| Adjusted EBITDA, nine months 2026non-GAAP | $750.3M | – | 19.6% |
| Adjusted EBITDA margin, Q3 2026non-GAAP | 23.6% | – | 230bps |
| Adjusted EBITDA margin, nine months 2026non-GAAP | 22.6% | – | 210bps |
| Net cash provided by operating activities, Q3 2026GAAP | $254.4M | – | $(17.8) million |
| Net cash provided by operating activities, nine months 2026GAAP | $330.9M | – | $220.9 million |
| Levered free cash flow (Free Cash Flow), Q3 2026non-GAAP | $181.2M | – | $(43.2) million |
| Levered free cash flow (Free Cash Flow), nine months 2026non-GAAP | $132.1M | – | $187.2 million |
| Unlevered free cash flow, Q3 2026non-GAAP | $238M | – | $(58.8) million |
| Unlevered free cash flow, nine months 2026non-GAAP | $302M | – | $117.2 million |
| Cash paid for capital expenditures, Q3 2026GAAP | $73.2M | – | – |
| Cash paid for capital expenditures, nine months 2026GAAP | $198.8M | – | – |
| Net leverage ratio, September 30, 2026non-GAAP | 2.9x | – | – |
| Total available liquidity, September 30, 2026other | $1.32B | – | – |
| Annualized Intelligence Subscription revenue, Q3 2026other | $3.06B | – | 5.5% |
| Intelligence Subscription Net Dollar Retention, Q3 2026other | 105% | – | – |
| Intelligence Subscription Gross Dollar Retention, Q3 2026other | 99% | – | – |
| Adjusted EBITDA, Americas, Q3 2026non-GAAP | $145.4M | – | 16.3% |
| Adjusted EBITDA, EMEA, Q3 2026non-GAAP | $165.3M | – | 5.5% |
| Adjusted EBITDA, APAC, Q3 2026non-GAAP | $34M | – | 13.7% |
| Corporate expenses not allocated to segments, Q3 2026non-GAAP | −$81.1M | – | (7.7)% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Americas revenue, Q3 2026Company attributes Intelligence growth (12.6% reported) to client retention, pricing and demand for Consumer Panel and eCommerce; Activation growth (18.4% reported) to cross-sell of Analytics, Innovation and Retailer Analytics. Inorganic items added 0.2% and foreign exchange 2.1% to reported growth. | $463M | – | 13.8% reported; 11.5% OCC |
| EMEA revenue, Q3 2026Company says EMEA results were impacted by ongoing volatility in the Middle East. Intelligence grew 2.5% reported on pricing and new solutions; Activation fell 4.7% reflecting lower ad hoc project demand. Foreign exchange reduced reported growth by 1.5%. | $491.2M | – | 1.4% reported; 2.9% OCC |
| APAC revenue, Q3 2026Company says APAC was flat against a difficult year-over-year growth comparison. Activation grew 6.6% reported on Analytics and Innovation demand; Intelligence grew 1.0% reported. Inorganic items added 2.4% and foreign exchange reduced growth by 0.2%. | $164.9M | – | 2.4% reported; 0.2% OCC |
| Intelligence revenue, Q3 2026Company cites value-based pricing, upselling and cross-selling of new capabilities, and Consumer Panel and eCommerce offerings. | $907.6M | – | 6.1% reported; 5.5% OCC |
| Activation revenue, Q3 2026Company cites cross-sell of new capabilities and solutions. Regional detail is given in the EMEA and APAC entries. | $211.5M | – | 7.2% reported; 7.0% OCC |
| Americas revenue, nine months 2026Nine-month segment figure as printed. Reported growth includes inorganic items of 0.5% and foreign exchange of 2.9% per the non-GAAP reconciliation. | $1.35B | – | 13.1% reported; 9.7% OCC |
| EMEA revenue, nine months 2026Nine-month segment figure as printed. Inorganic items 0.1% and foreign exchange (2.8)% per the non-GAAP reconciliation. | $1.49B | – | 6.8% reported; 4.1% OCC |
| APAC revenue, nine months 2026Nine-month segment figure as printed. Inorganic items (0.8)% and foreign exchange (0.9)% per the non-GAAP reconciliation. | $479.4M | – | 1.2% reported; (0.5)% OCC |
| Intelligence revenue, nine months 2026Nine-month line as printed in the segment table. No nine-month driver commentary is given for this line. | $2.70B | – | 8.1% reported; 5.4% OCC |
| Activation revenue, nine months 2026Nine-month line as printed in the segment table. No nine-month driver commentary is given for this line. | $619.1M | – | 9.8% reported; 6.4% OCC |
FY2026 (full year, as updated in this release) outlook
- Revenue$4,513M to $4,520M, as reported (reported growth 7.5% to 7.7%; organic constant currency growth 5.5% to 5.7%)
- NoteAdjusted EBITDA, as reported: $1,065M to $1,073M (growth 16% to 17%)
- NoteAdjusted EBITDA margin, as reported: 23.6% to 23.8%
- NoteAdjusted EPS: $1.16 to $1.20
- NoteLevered free cash flow: $249M to $257M (release states this implies $303 million of free cash flow in the second half of 2026)
- NoteDepreciation and amortization: $600M to $605M
- NoteInterest expense, net: $210M to $215M
- NoteIncome tax expense: $155M to $160M
- NoteCapital expenditures: 6.5% to 7.0% of revenue
- NoteNet leverage ratio: less than 3.0x
- NoteQ4 2026 revenue, as reported: $1,198M to $1,202M (growth 5.2% to 5.5%; organic constant currency 5.4% to 5.7%)
- NoteQ4 2026 Adjusted EBITDA, as reported: $315M to $323M (growth 9% to 12%); margin 26.3% to 26.7%
- NoteQ4 2026 Adjusted EPS: $0.43 to $0.47
Capital returns
- Board authorized a share repurchase program enabling the company to buy up to $150 million of ordinary shares, per the release headline and Item 8.01.
- The release states the repurchase authorization adds return of capital to a framework that also funds organic growth, AI investment and strategic M&A (CFO quote).
- The filing does not print share repurchase activity executed in Q3 or the nine months 2026.
- Cash dividends paid to noncontrolling interests were $(0.2) million in Q3 2026 and $(0.6) million for the nine months 2026, as printed in the cash flow statement.
What drove it
- Company attributes Q3 OCC revenue growth primarily to value-based pricing and strong upselling and cross-selling of new capabilities, and to a lesser extent to penetration in adjacent and high-growth markets.
- Company attributes Q3 Adjusted EBITDA growth to revenue flowing through to profit; the release prints Adjusted EBITDA growth of $39.9 million, or 17.8%.
- Company attributes Q3 Free Cash Flow decline of $43.2 million primarily to timing of working capital and higher cash paid for capital expenditures to support the growing business.
- Company attributes nine-month Free Cash Flow improvement of $187.2 million to higher Adjusted EBITDA, increased revenue, lower cash paid for interest after IPO debt repayment and refinancing, and net working capital improvement, offset by higher restructuring costs.
- Company attributes the Q3 Free Cash Flow prior-year comparison partly to the timing of vendor payments that benefited Q3 2025.
- Company says the 2026 Restructuring Program remains on track for annualized cost savings of approximately $70 million to $80 million by year-end 2026.
- Company says the EMEA Activation decline reflects Middle East volatility affecting ad hoc project demand.
- Company attributes the nine-month operating cash flow increase primarily to Adjusted EBITDA, net working capital and interest expense improvements, offset by increased restructuring expense.
Concerns
- Q3 2026 Levered free cash flow was $181.2 million versus $224.4 million a year earlier, a decline of $43.2 million, and Unlevered free cash flow fell $58.8 million; the company attributes this primarily to working capital timing and higher capex.
- Q3 2026 Net cash provided by operating activities fell $17.8 million year over year to $254.4 million.
- Nine-month restructuring, net was $78.4 million versus $8.9 million a year earlier, and the nine-month GAAP net loss attributable to NIQ was $(84.8) million.
- Q3 cash paid for capital expenditures rose to $73.2 million from $47.8 million; nine-month capex was $198.8 million versus $165.1 million.
- EMEA Activation revenue declined 4.7% in Q3 (reported), which the company links to Middle East volatility, and APAC OCC growth was 0.2% in Q3.
- Q3 Corporate expenses not allocated to segments were $(81.1) million, a decline of 7.7% per the release, but nine-month Corporate expenses rose 4.4% to $(260.8) million.
- The filing states that the company has identified material weaknesses in its internal control over financial reporting (forward-looking statements section).
- Q3 Revenue and organic constant currency growth reflect pricing and upsell as company-cited drivers; the filing does not break out volume separately.
What to watch
- Delivery of the full-year 2026 guide: revenue of $4,513M to $4,520M, Adjusted EBITDA of $1,065M to $1,073M and Levered free cash flow of $249M to $257M.
- Q4 2026 revenue of $1,198M to $1,202M, implying a step-up in reported growth to 5.2% to 5.5% from 6.3% in Q3.
- Whether Q4 Levered free cash flow reaches the implied second-half figure of $303 million cited in the guidance note.
- Realization of the $70 million to $80 million annualized savings from the 2026 Restructuring Program and the expected remaining restructuring charges in Q4 2026 and H1 2027.
- EMEA Activation trends as Middle East volatility persists, and APAC OCC growth against a difficult comparison.
- Deployment of the $150 million share repurchase authorization relative to the stated sub-3.0x leverage priority.
- Progress on AI commercial initiatives, including ConnectAI charter clients (10 signed) and pipeline (79 per the release body; nearly 80 per the CEO quote).
- Net leverage trajectory from 2.9x against the full-year guidance of less than 3.0x.
Balance sheet and cash flow
- Cash and cash equivalents: $572.6 million at September 30, 2026, versus $518.8 million at December 31, 2025 (balance sheet).
- Available Revolver capacity: $747.5 million; total available liquidity: $1,320.1 million.
- Long-term debt: $3,441.0 million at September 30, 2026, versus $3,502.6 million at December 31, 2025. Short-term debt and current portion of long-term debt: $107.5 million at both dates.
- Total assets: $6,796.3 million at September 30, 2026, versus $6,802.0 million at December 31, 2025.
- Total NIQ shareholders' equity: $965.3 million; total shareholders' equity including noncontrolling interests: $1,207.6 million at September 30, 2026.
- Net leverage ratio 2.9x, down from 3.1x at June 30, 2026 and 4.6x at the time of the IPO (company statement).
- Average unhedged and hedged interest rates at end of Q3 2026 were 4.6% and 5.6%, giving a total weighted average rate of 4.9%.
- Nine-month net cash used in investing activities: $(194.2) million, versus $(135.8) million in 2025. Nine-month net cash used in financing activities: $(75.6) million, versus $199.3 million provided in 2025.
- Additions to intangible assets: $(65.8) million in Q3 2026 and $(183.3) million for the nine months 2026, per the cash flow statement.
- Nine-month capital expenditures were 6% of revenue in 2026 and 5% in 2025, as printed.
Analysis
NIQ reported third-quarter 2026 revenue of $1,119.1 million, up 6.3% reported and 5.8% on an organic constant currency basis, with the Americas segment the main contributor at 11.5% OCC growth. EMEA grew 2.9% OCC and APAC 0.2% OCC. By line, Intelligence grew 5.5% OCC to $907.6 million and Activation grew 7.0% OCC to $211.5 million. The company attributes the Americas and Intelligence growth to pricing, retention, upsell and cross-sell, and the EMEA Activation decline of 4.7% reported to Middle East volatility affecting ad hoc project demand. Annualized Intelligence Subscription revenue was $3,061.8 million, up 5.5%, with Net Dollar Retention of 105% and Gross Dollar Retention of 99%.
Profitability improved on several measures. Adjusted EBITDA rose 17.8% to $263.6 million and the Adjusted EBITDA margin expanded 230 basis points to 23.6%. EMEA margin rose to 33.7% from 32.3%, and APAC to 20.6% from 18.6%, while the Americas margin was 31.4% against 30.7%. GAAP operating income was $106.4 million against a $(34.7) million loss a year earlier, and net income attributable to NIQ was $35.8 million, or $0.12 per diluted share. The release describes this as the first positive GAAP EPS since the IPO. Q3 SG&A fell to $387.5 million from $454.9 million, while restructuring, net was $4.8 million against $3.9 million. Adjusted net income was $87.8 million, or $0.30 per diluted share, against $9.2 million, or $0.03, a year earlier. The release does not print a gross margin, and this analysis does not derive one.
Cash generation was the weaker part of the quarter. Net cash provided by operating activities was $254.4 million, down $17.8 million. Levered free cash flow was $181.2 million, down $43.2 million, and the company attributes the decline primarily to timing of working capital and higher cash paid for capital expenditures, which were $73.2 million against $47.8 million. The nine-month picture is stronger: Levered free cash flow was $132.1 million against $(55.1) million, an improvement of $187.2 million, which the company attributes to higher Adjusted EBITDA, revenue growth, lower cash interest and debt refinancing. Nine-month restructuring charges of $78.4 million were well above the $8.9 million of the prior-year period, and the nine-month GAAP net loss attributable to NIQ was $(84.8) million.
On capital allocation, the net leverage ratio fell to 2.9x from 3.1x at June 30, 2026 and 4.6x at the IPO, and the company says the sub-3.0x target was reached one quarter ahead of plan. Cash was $572.6 million and total available liquidity was $1,320.1 million. The board authorized up to $150 million of share repurchases. The release does not print repurchase activity in the period. Long-term debt was $3,441.0 million at September 30, 2026, against $3,502.6 million at December 31, 2025.
The company raised full-year 2026 guidance to reported revenue of $4,513M to $4,520M, Adjusted EBITDA of $1,065M to $1,073M, Adjusted EPS of $1.16 to $1.20 and Levered free cash flow of $249M to $257M. The Q4 guide calls for revenue of $1,198M to $1,202M and Adjusted EBITDA of $315M to $323M. No prior outlook was supplied, so the release's own statement that guidance was raised is reported without a line-by-line comparison. The figures that deserve the most attention are the Q3 free cash flow decline, the nine-month restructuring charges, the EMEA Activation trend, and whether Q4 reaches the implied second-half free cash flow of $303 million.
Management, verbatim
we exceeded the top end of our guidance across all key metrics for the sixth consecutive quarter, delivered positive GAAP earnings per share for the first time since our IPO, and reached our net leverage milestone a quarter ahead of plan
Jim Peck, Executive Chairman and Chief Executive Officer
Deleveraging remains our top priority, and our $150 million share repurchase authorization adds return of capital to a disciplined framework that also funds organic growth, AI investment, and strategic M&A.
Mike Burwell, Chief Financial Officer
Not in the filing
stated, not guessed- Gross margin: not printed in the release; not derived.
- Prior-year and sequential comparisons for cost of revenues, SG&A, D&A, restructuring, interest, FX, nonoperating items and tax: the release prints dollar amounts for both years but no percentage change, so yoy_change is null.
- Prior-quarter (Q2 2026) figures: the release provides no sequential comparison, so qoq_change and prior_quarter are null throughout.
- Prior-year Q3 2025 organic constant currency growth: the summary table prints 5.6% in the nine-month column only; no Q3 2025 OCC figure is printed.
- Share repurchases executed during the period: not printed.
- Previous outlook: not provided, so vs_prior_guidance is empty; the release says guidance was raised but the prior ranges are not printed in this filing.
- Gross margin and tax rate guidance: not provided; operating expense guidance not provided.
- Balance sheet prior-year comparisons are December 31, 2025 values, not prior-year period values; they are recorded in balance_sheet_cash_flow only.
- Net leverage ratio prior-year figure: not printed.
- Share price reaction and analyst consensus: not in the documents.
- The release labels the free cash flow measure both 'Levered free cash flow' and 'Free cash flow'; both names are shown as printed.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
NIQ Global Intelligence plc released its Q3 2026 earnings via an SEC Form 8‑K, highlighting revenue growth, profitability and a raised outlook.
Ticker impact
NIQ reported Q3 2026 results beating guidance and raised full‑year 2026 financial guidance.
likely upward pressure as the market prices in the raised guidance and positive earnings beat
The company exceeded revenue, adjusted EBITDA and EPS expectations, posted its first positive GAAP EPS, and increased its full‑year outlook, which typically supports a price rally.
Market effects
Strong consumer intelligence results may boost confidence in the broader data‑analytics sector.
Positive earnings from a NYSE‑listed firm can lift US consumer‑services equities.
The AI‑focused growth initiatives signal continued demand for AI‑enabled data platforms worldwide.
Counterpoint
If the market has already priced in the AI upside, the stock may face a short‑term pull‑back.
Key entities
- ExecutiveJim Peck
Executive Chairman and CEO who commented on the results.
- ExecutiveMike Burwell
Chief Financial Officer who discussed leverage and share‑repurchase.
