Second quarter 2026
Filed Aug 10, 2026NIQ reported 8.0% revenue growth to $1,124.2 million, 21.9% Adjusted EBITDA growth to $261.9 million, and raised full year 2026 guidance.
Revenue, Adjusted EBITDA, Adjusted EBITDA margin and free cash flow improved materially year-over-year, while the Company raised its full year 2026 outlook.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Reported revenue, three months ended June 30GAAP | $1,124.2 | – | 8.0 % |
| Organic constant currency revenue growth, three months ended June 30other | 5.8 % | – | – |
| Reported operating income, three months ended June 30GAAP | $65.3 | – | 65.7 % |
| Reported net loss attributable to NIQ, three months ended June 30GAAP | $(30.5) | – | n/m |
| Reported basic and diluted loss per share, three months ended June 30GAAP | $(0.10) | – | n/m |
| Adjusted EBITDA, three months ended June 30non-GAAP | $261.9 | – | 21.9 % |
| Adjusted EBITDA margin, three months ended June 30non-GAAP | 23.3 % | – | 270bps |
| Adjusted net income (loss), three months ended June 30non-GAAP | $78.7 | – | n/m |
| Reported basic and diluted Adjusted Net Income (loss) per share, three months ended June 30non-GAAP | $0.27 | – | n/m |
| Reported net cash provided by (used in) operating activities, three months ended June 30GAAP | $140.1 | – | n/m |
| Unlevered free cash flow, three months ended June 30non-GAAP | $129.1 | – | n/m |
| Cash paid for interest, three months ended June 30other | $55.0 | – | (35.3) % |
| Free cash flow, three months ended June 30non-GAAP | $74.1 | – | n/m |
| Annualized Intelligence Subscription revenueother | $3,017.6 million | – | 5.8% |
| Intelligence Subscription Net Dollar Retentionother | 105% | – | – |
| Gross Dollar Retentionother | 99% | – | – |
| Reported revenue, six months ended June 30GAAP | $2,196.9 | – | 9.5 % |
| Organic constant currency revenue growth, six months ended June 30other | 5.5 % | – | – |
| Reported operating income, six months ended June 30GAAP | $55.1 | – | — % |
| Reported net loss attributable to NIQ, six months ended June 30GAAP | $(120.6) | – | 1.6 % |
| Reported basic and diluted loss per share, six months ended June 30GAAP | $(0.41) | – | 18.0 % |
| Adjusted EBITDA, six months ended June 30non-GAAP | $486.7 | – | 20.6 % |
| Adjusted net income (loss), six months ended June 30non-GAAP | $122.1 | – | n/m |
| Reported basic and diluted Adjusted Net Income (loss) per share, six months ended June 30non-GAAP | $0.41 | – | n/m |
| Reported net cash provided by (used in) operating activities, six months ended June 30GAAP | $76.5 | – | n/m |
| Unlevered free cash flow, six months ended June 30non-GAAP | $64.0 | – | n/m |
| Cash paid for interest, six months ended June 30other | $113.1 | – | (32.5) % |
| Free cash flow, six months ended June 30non-GAAP | $(49.1) | – | n/m |
| Client Net Promoter Score (NPS)other | 52 | – | up +7 points versus June 2025 |
| Connect data engine data records per weekother | approximately 4.3 trillion data records per week | – | 23% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| AmericasStrong client retention, value-based pricing and continued demand for new capabilities and solutions, including Consumer Panel and eCommerce offerings; Activation demand for Analytics, Innovation and Retailer Analytics solutions. | $455.1 | – | 12.1 % |
| EMEAValue-based pricing, strong renewal activity and continued adoption of new capabilities and solutions, including Omnishopper and eCommerce offerings. | $507.8 | – | 6.5 % |
| APACAPAC returned to year-over-year growth, with OCC growth of 1.9%. | $161.3 | – | 2.2 % |
| IntelligenceOCC revenue growth was 5.7%. | $905.3 | – | 7.6 % |
| ActivationOCC revenue growth was 6.1%. | $218.9 | – | 9.9 % |
full year 2026 outlook
- Revenue5.2% - 5.6% OCC revenue growth
- Note23.5% - 23.9% Adjusted EBITDA margin
- Note$245M - $255M of levered free cash flow
- Noteapproximately $300 million of levered free cash flow generation in the second half of 2026 alone
- Noteanticipated annualized cost savings of approximately $70 million to $80 million
What drove it
- Q2 OCC growth was driven primarily by value-based pricing, strong upselling and cross-selling of new capabilities and solutions, and to a lesser extent penetration in adjacent and high-growth markets.
- Americas OCC revenue growth was 8.3%, EMEA OCC revenue growth was 4.9%, and APAC OCC revenue growth was 1.9%.
- The Company closed 26 seven-figure wins, including three eight-figure deals.
- Consumer Panel growth was mid-teens percent and eCommerce growth was above 30%.
- Free cash flow improvement was driven by revenue flowing through to Adjusted EBITDA, net working capital improvement and lower interest expense from debt paydown in Q3 2025 and a spread step-down in Q4 2025.
- The 2026 Restructuring Program remains on track to deliver anticipated annualized cost savings of approximately $70 million to $80 million.
Concerns
- Net loss attributable to NIQ was $30.5 million, compared with a net loss attributable to NIQ of $2.7 million in the prior-year quarter.
- APAC reported revenue grew 2.2% and OCC revenue grew 1.9%, below Americas and EMEA growth rates.
- Americas Adjusted EBITDA margin was 31.4%, compared with 31.8% in the prior-year quarter.
- Free cash flow for the six months ended June 30, 2026 was $(49.1).
What to watch
- Delivery against full year 2026 OCC revenue growth guidance of 5.2% - 5.6%.
- Delivery against full year 2026 Adjusted EBITDA margin guidance of 23.5% - 23.9%.
- Delivery against $245M - $255M of levered free cash flow guidance and approximately $300 million anticipated in the second half of 2026.
- Whether APAC sustains its return to year-over-year growth.
- Adoption and commercial contribution of ConnectAI Suite, Optiq Suite, Optiq Bridge and NIQ Cadence.
- Progress toward anticipated annualized cost savings of approximately $70 million to $80 million under the 2026 Restructuring Program.
Balance sheet and cash flow
- Net cash provided by operating activities was $140.1 million, a $148.7 million improvement year-over-year.
- Unlevered free cash flow improved by $107.3 million to $129.1 million year-over-year.
- Levered free cash flow improved by $137.3 million to $74.1 million year-over-year.
- Cash paid for interest was $55.0 for the three months ended June 30, 2026, compared with $85.0 for the three months ended June 30, 2025.
- The Company achieved a credit rating upgrade to B+ from B from S&P Global Ratings.
Analysis
NIQ delivered an 8.0% increase in reported revenue to $1,124.2 million and 5.8% OCC revenue growth in the second quarter. Growth was broad across regions, led by Americas at 8.3% OCC growth, followed by EMEA at 4.9% and APAC at 1.9%. Intelligence revenue grew 7.6% as reported and Activation grew 9.9% as reported. The Company identified value-based pricing, upselling, cross-selling and demand for new capabilities as principal sources of OCC growth. Annualized Intelligence Subscription revenue reached $3,017.6 million, with 105% Intelligence Subscription Net Dollar Retention and 99% Gross Dollar Retention.
Profitability improved substantially on the reported non-GAAP measures. Adjusted EBITDA rose 21.9% to $261.9 million, faster than reported revenue growth, and Adjusted EBITDA margin expanded 270 basis points to 23.3%. EMEA was the principal source of segment margin expansion, with Adjusted EBITDA margin increasing 550bps to 35.3%. Americas Adjusted EBITDA margin was 31.4%, compared with 31.8% in the prior-year quarter. Reported operating income increased 65.7% to $65.3 million, while NIQ recorded a reported net loss attributable to NIQ of $30.5 million.
Cash generation turned positive in the quarter. Net cash provided by operating activities was $140.1 million, compared with net cash used in operating activities of $8.6 million in the prior-year quarter. Unlevered free cash flow was $129.1 million and free cash flow was $74.1 million, compared with $(63.2) in the prior-year quarter. The Company attributed the improvement to revenue flow-through to Adjusted EBITDA, net working capital improvement and lower interest expense. Cash paid for interest declined to $55.0 from $85.0, and S&P Global Ratings upgraded the Company's credit rating to B+ from B.
The Company raised its full year 2026 outlook to 5.2% - 5.6% OCC revenue growth, 23.5% - 23.9% Adjusted EBITDA margin and $245M - $255M of levered free cash flow. Management also anticipated approximately $300 million of levered free cash flow generation in the second half of 2026 alone. The guide follows management's statement that second-quarter results exceeded the top end of its guidance and reflects an ongoing healthy client demand environment.
Execution priorities include commercialization of AI-native offerings, including ConnectAI Suite, Optiq Suite, Optiq Bridge and NIQ Cadence, alongside the 2026 Restructuring Program. The filing states that the program remains on track for anticipated annualized cost savings of approximately $70 million to $80 million. Investors should focus on whether APAC builds on its return to year-over-year growth, whether Americas margin stabilizes, and whether the expected second-half free cash flow generation supports the raised full-year cash flow outlook.
Management, verbatim
Our second quarter results underscore the strength of NIQ's mission-critical role with global retailers and manufacturers, as we delivered our fifth consecutive quarterly beat since becoming a public company
Jim Peck, Executive Chairman and Chief Executive Officer
Both Intelligence and Activation OCC revenue growth accelerated, margins expanded by 270 basis points and free cash flow inflected positive.
Jim Peck, Executive Chairman and Chief Executive Officer
Our raised full year 2026 outlook reflects Q2 outperformance as well as an ongoing healthy client demand environment.
Mike Burwell, Chief Financial Officer
Not in the filing
stated, not guessed- Previous quarterly outlook, so prior-guidance comparisons are unavailable.
- GAAP gross profit and GAAP gross margin.
- Non-GAAP gross profit and non-GAAP gross margin.
- GAAP operating margin.
- GAAP income tax expense and tax rate.
- Forward guidance for GAAP revenue, gross margin, operating expenses and tax rate.
- Cash balance.
- Debt balance.
- Share repurchases.
- Dividends.
- Prior-quarter comparisons for reported revenue, operating income, net income, EPS, Adjusted EBITDA, margins and cash flow metrics.
- Full APAC revenue discussion was truncated in the provided filing text.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.