Emerald Holding, Inc.

For Q4 2025, Emerald reported revenue of $132.7 million, up from $106.8 million in the prior-year quarter, and adjusted EBITDA of $36.3 million, up 9.7% from $33.1 million. Full-year 2025 revenue was $463.4 million, up 16.2% year over year, and adjusted EBITDA was $127.1 million, up 25% from $101.7 million. Reported organic revenue grew 0.3% in Q4 and 1.1% for the full year; on a like-for-like basis including the recent acquisitions, organic revenue would have been up 5.3% in Q4 and 4.8% for the full year. For 2026, management guided to revenue of $490 million to $495 million and adjusted EBITDA of $137.5 million to $142.5 million, implying about 6% revenue growth and 10% adjusted EBITDA growth at the midpoint. CFO David Doft also said free cash flow would be $85 million to $90 million in a normalized 2026 period, excluding potential acquisition and integration expense.

Hervé Sedky framed 2025 as a year of deliberate portfolio reshaping, saying Emerald exited underperforming brands and added businesses in higher-growth areas such as luxury, manufacturing, and executive peer-to-peer networks. He repeatedly emphasized that the company is now more diversified, more resilient, and better positioned for predictable, cash-generative growth. On the outlook, he pointed to healthy pacing, strong rebooking, disciplined execution, and a continued focus on automation, process optimization, and selective tuck-in M&A.

David Doft highlighted the core financial drivers behind the year: Q4 revenue of $132.7 million, full-year revenue of $463.4 million, Q4 adjusted EBITDA of $36.3 million, and full-year adjusted EBITDA of $127.1 million. He noted that SG&A rose to $88.7 million in Q4 and $241.2 million for the year, mainly due to contingent consideration remeasurement, transaction costs, and integration costs. Cash and balance sheet metrics were solid, with $100.9 million of cash, $210.4 million of total liquidity, and net debt to covenant EBITDA of 2.86x, below the company’s sub-3.0x target. He also said the company repurchased 4,058,604 shares in 2025 at an average price of $4.32, had $24.6 million remaining under the buyback authorization, and paid a quarterly dividend of $0.015 per share.

Analysts focused on free cash flow normalization, the strategic review, international exposure, and the impact of Las Vegas Convention Center construction. Doft said normalized 2026 free cash flow should be $85 million to $90 million, though acquisition and integration costs could be a near-term caveat, and said the strategic review may create some one-time expense in early 2026 but not a major P&L impact. Management said Middle East exposure is minimal, with less than 1% of revenue from exhibitors in the broader region, and said the Las Vegas construction impact should be cycled through in 2026 now that work is complete.