Key Highlights

  • PPLI reported third-quarter 2026 Revenue of $430.8 million, down 4% from $447.1 million a year earlier.
  • Net loss attributable to shareholders was $687.5 million, or $9.15 per share, versus a loss of $21.9 million a year ago.
  • A $1.12 billion unrealized loss on the company's casino operator stake drove the loss.
  • Operating loss narrowed to $3.0 million from $27.2 million.
  • Adjusted EBITDA was $54.8 million, down 1% from $55.1 million.

A $1.12 Billion Investment Markdown Drives the Loss

People Inc (NASDAQ:PPLI), formerly known as IAC, disclosed results for the third quarter ended Sep 30, 2026 in a quarterly filing dated Nov 2, 2026. Revenue was $430.8 million, down 4% from $447.1 million. The net loss attributable to shareholders was $687.5 million, or $9.15 per share, compared with a loss of $21.9 million, or $0.27 per share, in the prior-year quarter.

The company owns 66.8 million shares, about 26.6% of a casino and resorts operator, and marks the stake to market each period. That produced an unrealized loss of $1.12 billion in the quarter, partly cushioned by an income tax benefit of $278.4 million and a $174.9 million pre-tax gain on selling a limited partner stake in a third-party fund.

The core Business was close to breakeven by comparison. Operating loss narrowed to $3.0 million from $27.2 million, helped by $22.9 million lower litigation costs and $14.3 million lower restructuring costs.

Licensing Revenue Jumps 49% as AI Search Cuts Site Traffic

The company's publishing arm owns more than 40 brands and reaches over 175 million consumers a month. Digital revenue rose 2% to $288.5 million. Licensing and other revenue climbed $17.3 million, or 49%, on content syndication and a content Partnership signed in the fourth quarter of 2025.

Advertising revenue fell $13.5 million, or 8%, on lower premium programmatic Volume and a smaller legacy agency business. Core Sessions dropped 26% to 1.61 billion, which the filing attributes mainly to AI-oriented search and content discovery. Print revenue declined 16% to $127.6 million as subscription revenue fell 24%.

Emerging & Other revenue grew 21% to $21.0 million, led by The Daily Beast and Vivian Health, a healthcare Job platform.

Adjusted EBITDA Holds Near $55 Million Despite Print Weakness

Adjusted EBITDA was $54.8 million, a 13% margin, versus $55.1 million a year earlier. Digital Adjusted EBITDA slipped 2% to $72.0 million, while Print fell 32% to $8.3 million. Corporate costs improved 12% to a $19.4 million loss. The company said about half of annual Adjusted EBITDA typically arrives in the fourth quarter, when Advertising and holiday shopping peak.

Cost of revenue fell 9% to $155.7 million. Stock-based compensation inside general and administrative expense rose to $23.6 million from $13.8 million, including $17.6 million tied to a corporate consolidation plan begun on Apr 28, 2026, with $4.8 million of charges still expected.

Cash Pile, Debt and Buyback Capacity Frame the Fourth Quarter

Consolidated cash and equivalents were $1.3 billion at Sep 30, 2026, of which $372.4 million sat in the publishing subsidiary, which alone carries roughly $1.4 billion of debt. Over nine months the company repurchased 3.5 million shares for $132.2 million and bought none in the third quarter, leaving 12.5 million shares authorized. Operating Cash Flow from continuing operations was $105.6 million for the nine months. Next to watch is the fourth quarter, the seasonally strongest period, and completion of the consolidation plan, expected in the first quarter of 2027.