IAC Inc. reported its financial results for the second quarter of 2025, revealing a revenue of $586.9 million, a decrease of 7.5% from $634.4 million in the same period last year. For the first half of 2025, total revenue was $1.16 billion, down 8% from $1.26 billion in the first half of 2024. The company recorded a net income of $211.5 million for the quarter, a significant turnaround from a net loss of $142.2 million in the prior year, primarily driven by an unrealized gain of $307.4 million on its investment in MGM Resorts International.
The decline in revenue was attributed to a 39% drop in Search revenue, which fell to $61.7 million, and a 6% decrease in Care.com revenue, which totaled $82 million. Conversely, People Inc. saw a slight revenue increase of 1% to $427.4 million, bolstered by a 9% rise in Digital revenue. The company also noted a significant reduction in operating costs, which decreased from $655.9 million in Q2 2024 to $586.4 million in Q2 2025, contributing to an operating income of $575,000, compared to a loss of $21.5 million in the previous year.
Strategically, IAC completed the spin-off of Angi Inc. on March 31, 2025, which has since been classified as a discontinued operation in its financial statements. The company also underwent a significant refinancing of its debt, which included the issuance of $400 million in senior secured notes and a new $150 million revolving credit facility. As of June 30, 2025, IAC's total long-term debt stood at approximately $1.45 billion, with a net decrease of $21.3 million following the refinancing transactions.
Operationally, IAC reported a total of 80.2 million shares outstanding as of August 1, 2025, with a cash and cash equivalents balance of $1.1 billion. The company’s investment in MGM, which represents 23.8% of MGM's common shares, was valued at $2.2 billion, reflecting a cumulative unrealized gain of $962 million. Looking ahead, IAC anticipates that its existing cash and expected positive cash flows will be sufficient to fund its operations and capital expenditures for the foreseeable future, although it may need to raise additional capital for refinancing and acquisitions.
About IAC Inc.
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