Angi Inc. reported a significant decline in its financial performance for the second quarter of 2026, with total revenue of $248.0 million, down 11% from $278.2 million in the same period last year. The company's net loss attributable to shareholders was $230.7 million, compared to a profit of $10.9 million in the prior year. This resulted in a basic loss per share of $5.70, a stark contrast to earnings of $0.23 per share in the second quarter of 2025. The decline in revenue was primarily attributed to macroeconomic conditions that reduced spending by home professionals and a shift in consumer demand towards lower-cost services.
In terms of operational metrics, Angi reported approximately 106,000 average monthly active professionals in the U.S. during the quarter, a decrease from 126,000 in the previous year. The company facilitated around 15 million projects over the past year, indicating a stable level of engagement despite the revenue drop. The U.S. segment generated $215.4 million in revenue, down 12% year-over-year, while international revenue remained relatively stable at $32.6 million. The company also noted a 34% decrease in Network Revenue, reflecting ongoing shifts in consumer traffic patterns.
Strategically, Angi has undergone significant organizational changes, including a workforce reduction of approximately 350 employees aimed at optimizing operations and reducing costs. This restructuring resulted in a $15.7 million charge in the second quarter. Additionally, the company recorded a substantial goodwill impairment of $225.6 million, reflecting a decline in the fair value of its U.S. reporting unit. This impairment, along with a $9.6 million charge for the impairment of indefinite-lived intangible assets, contributed to the overall net loss.
Looking ahead, Angi's management expressed cautious optimism, emphasizing the importance of adapting to changing market conditions and consumer preferences. The company plans to continue investing in advertising to drive service requests and enhance its proprietary channels. Despite the current challenges, Angi believes that its existing cash reserves, along with expected positive cash flows from operations, will be sufficient to meet its operational needs over the next twelve months. The company ended the quarter with $188.7 million in cash and cash equivalents, down from $303.7 million at the end of 2025, indicating a need for careful cash management moving forward.
About Angi Inc.
Angi Inc. operates a digital marketplace connecting consumers with pre-screened home service professionals across 500+ categories, including repair, remodeling, cleaning, and landscaping. Its business segments include Ads and Leads, Services, and International operations under brands like Angi, HomeAdvisor, and Handy. The company generates revenue by selling consumer leads, advertising, memberships, and facilitating service transactions, leveraging proprietary algorithms to match consumers with trusted professionals nationwide and internationally.
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