NIQ Announces First Quarter 2026 Results That Exceed Expectations

Exceeded Revenue, Adjusted EBITDA, and Adjusted EPS guidance Delivered 11.1% reported revenue growth, or 5.1% growth in organic constant currency ("OCC"), led by 9.3% Americas OCC growth Generated 5.1% Intelligence OCC revenue growth and 5.3% Activation OCC revenue growth Net loss attributable to NIQ improved by $29.7 million year-over-year, while Adjusted net income improved by $47.9 million, resulting in positive Adjusted net income of $43.4 million Grew Adjusted EBITDA 19.1% and expanded Adjusted EBITDA margin by 150 bps to 21.0% Reaffirmed full year 2026 financial guidance of 5.0% to 5.3% OCC revenue growth, 23.5% - 23.8% Adjusted EBITDA margin, and $235.0M to $250.0M of levered free cash flow CHICAGO--(BUSINESS WIRE)--NIQ Global Intelligence plc (NYSE: NIQ) (the “Company”, or “NIQ”), a leading global consumer intelligence company, today announced financial results for the first quarter ended March 31, 2026. First Quarter 2026 Results Revenue: Total revenue grew 11.1% year-over-year to $1,072.7 million. OCC revenue grew 5.1%, led by Americas and EMEA, which grew 9.3% and 4.6%, respectively. Intelligence revenue (as reported) grew 10.9%, or 5.1% in OCC. Activation revenue growth (as reported) reaccelerated to 12.0%, or 5.3% growth in OCC. Annualized Intelligence Subscription revenue grew 5.9% to $2,933.6 million with 104% Intelligence Subscription Net Dollar Retention and 99% Gross Dollar Retention. Earnings: Net loss and Adjusted net income improved by $29.7 million and $47.9 million, respectively, year-over-year. Adjusted EBITDA grew 19.1% year-over-year to $224.8 million. Adjusted EBITDA margin expanded by 150 basis points year-over-year to 21.0%. Net cash used in operating activities was $63.6 million, a $90.0 million improvement versus Q1 2025, driven by year-over-year improvements in Adjusted. EBITDA, net working capital, and interest expense, offset by increased year-over-year restructuring expense. Unlevered free cash flow and Levered free cash flow improved by $68.7 million and $93.1 million, respectively, versus Q1 2025 driven primarily by year-over-year increases in revenue flowing through to adjusted EBITDA, net working capital improvement, and lower interest expense as a result of both our 2025 IPO proceeds being used to pay down debt and a spread step-down in Q4 2025, offset by the impact of increased year-over-year restructuring costs. “Q1 was a solid start to 2026, with growth, margin expansion and free cash flow improvement — all while we continued to accelerate our AI investments,” said Jim Peck, Executive Chairman and Chief Executive Officer. “We believe NIQ is well positioned to win in AI because our advantage goes beyond scaled, permissioned data to the context layer we build on top of it — the semantic framework, product intelligence and vertical expertise that make our data decision-grade and increasingly essential to how commerce operates. As AI agents begin to influence discovery and transactions, NIQ is extending its role from measurement and analytics toward Commerce Intelligence — helping clients win on the agentic shelf, deepen workflow embedment and unlock new monetization opportunities over time.” “Q1 was another solid quarter of delivering on our commitments,” added Mike Burwell, Chief Financial Officer. “We delivered our ninth straight quarter of Annualized Intelligence Subscription growth above 5.5%, maintained strong net dollar retention of 104% and gross retention of 99%, and saw meaningful Activation reacceleration from client wins as well as project timing catching up following the delayed timing in the second half of 2025. Our OCC revenue growth accelerated in April versus Q1, and our Q2 and reaffirmed full year 2026 guidance balances this performance and what we see as healthy underlying demand trends, against a dynamic market backdrop and a prudent guidance approach. For the balance of 2026, we expect to drive our revenue growth algorithm, expand margins and free cash flow, and reduce leverage, while we build out AI-powered profitable growth opportunities for the years to come.” Summary First Quarter 2026 & Recent Business Highlights Key client developments, including: Landed 17 seven-figure wins, including renewals, upsells, and competitive win-backs with clients citing NIQ's superior data, integrated capabilities, and trusted partnership Accelerated eCommerce revenue growth to 33% and grew to 209 Full View Measurement clients Deepened Retailer relationships: Scaled manufacturer participation in our Wakefern Retailer Analytics collaboration, contributing to Activation growth reacceleration and launched Activate Lite for small and medium-sized retailers BASES AI Screener has enabled Reckitt to accelerate innovation, with reported 65% faster consumer research and 50% lower costs, according to Reckitt Reinforced Beauty category leadership: Selected by Ulta Beauty as primary beauty insights panel provider; expands NIQ’s Full View™ of Beauty Channel. According to NIQ's State of Beauty report, the category grew 10% in 2025, driven by strong digital acceleration as E-commerce is growing 6x faster than in-store sales. Named by L’Oréal as a Best-in-Class ESG supplier Several AI-enabled product developments, including: Launched NIQ Commerce Lab to build the data and measurement layer powering AI-driven commerce innovation and performance Beta-launches in core Intelligence platform: Arthur Analyst, an agentic AI feature rolled out to all Discover clients spanning key client persona use-cases across Account Performance, Pricing, Distribution, and Shopper Analysis Arthur Chat capabilities in Discover to U.S. small and medium-sized business clients, and continued testing usage-based monetization models to unlock incremental revenue growth Activation launches, including: Launched Precision Solutions, which combines AI-enabled analytics with NIQ’s data assets to help brands and retailers drive targeted, measurable growth Expanded Marketing Mix offering into three new verticals: Automotive, Telecom, and Retail Beta-launched Marketing Effectiveness Platform, which we believe to be the consumer intelligence market's first GenAI-native marketing effectiveness solution. Expanded audience capabilities through partnerships with Stirista (privacy-safe U.S. audiences) and Adsquare (geo-purchase audiences for buyers across the U.S. and Europe) Reinforced market and consumer intelligence industry thought leadership through: "The New Growth Frontier" a report published in partnership with Kearney outlining the agentic commerce's increasing impact on the global consumer shopping landscape Added approximately 4.0 trillion data records per week in our AI-powered Connect data engine AI-enabled cost efficiency, including: Ongoing integration of advanced technology — including AI — has enabled the Company to expand its 2026 Restructuring Program. The company now expects to generate additional annualized cost savings of approximately $70 million to $80 million (refer to "2026 Restructuring Program" discussion below); for example, we: Scaled automation and operating expense and capital expenditure savings across customer support and engineering Developed and integrated New Item Path, a next-generation AI-powered coding system developed by Global Operations to augment 3P data coverage across the Beauty category Launched SMB AI Agent across hundreds of SMB associates to automate seller administration Financial Summary & Operating Metrics Three Months Ended March 31, (in millions) 2026 2025 Y/Y Growth Reported revenue(1) $ 1,072.7 $ 965.9 11.1% Organic constant currency revenue growth 5.1% Reported operating (loss) income $ (10.2 ) $ 15.7 n/m Reported net loss attributable to NIQ $ (90.1 ) $ (119.8 ) 24.8% Reported diluted loss per share $ (0.31 ) $ (0.49 ) 36.7% Adjusted EBITDA(1) $ 224.8 $ 188.7 19.1% Adjusted net income (loss) $ 43.4 $ (4.5 ) n/m Reported net cash used in operating activities $ (63.6 ) $ (153.6 ) 58.6% Unlevered free cash flow $ (65.1 ) $ (133.8 ) 51.3% Cash paid for interest $ 58.1 $ 82.5 (29.6)% Free cash flow $ (123.2 ) $ (216.3 ) 43.0% * A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided at the end of this release. Percentage changes that are not meaningful are presented as “n/m”. (1) Metric is presented on an as-reported basis at actual FX rates. First Quarter 2026 Segment Results Three Months Ended March 31, (in millions) 2026 2025 Reported Growth Organic CC Growth Reported revenue(1) Americas $ 432.2 $ 380.6 13.6 % 9.3 % EMEA 487.3 430.5 13.2 % 4.6 % APAC 153.2 154.8 (1.0 )% (3.6 )% Total reported revenue $ 1,072.7 $ 965.9 11.1 % 5.1 % Reported revenue(1) Intelligence $ 884.0 $ 797.4 10.9 % 5.1 % Activation 188.7 168.5 12.0 % 5.3 % Total reported revenue $ 1,072.7 $ 965.9 11.1 % 5.1 % Adjusted EBITDA(1) Americas $ 122.5 $ 108.2 13.2 % EMEA 155.2 125.2 24.0 % APAC 34.8 31.6 10.1 % Corporate (87.7 ) (76.3 ) 14.9 % Total Adjusted EBITDA $ 224.8 $ 188.7 19.1 % Adjusted EBITDA margin(1) Americas 28.3 % 28.4 % -10bps EMEA 31.8 % 29.1 % 270bps APAC 22.7 % 20.4 % 230bps Total Adjusted EBITDA margin 21.0 % 19.5 % 150bps * A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided at the end of this release. (1) Metric is presented on an as-reported basis at actual FX rates. First Quarter Revenue Discussion Revenue increased 11.1% on an as-reported basis, while OCC revenue grew 5.1%. Our Q1 OCC growth was driven primarily by value-based pricing as well as strong upselling and cross-selling of new capabilities and solutions, and, to a lesser extent, penetration in adjacent and high-growth markets. Americas: Total Americas segment revenue (as reported) increased by $51.6 million, or 13.6%. Intelligence revenue (as reported), grew 11.7% driven by strong retention, value-based pricing and cross-sell and up-sell of new capabilities and solutions. Activation revenue grew 21.5% on an as-reported basis, driven by client wins and project timing, including fulfilling projects that were delayed at the end of 2025. Inorganic items contributed an additional 0.4% to reported growth, while foreign exchange contributed 3.9%. OCC growth was 9.3%. EMEA: Total EMEA segment revenue (as reported) increased by $56.8 million, or 13.2%. Intelligence revenue (as reported), grew 13.8% driven by strong retention, value-based pricing and cross-sell and up-sell of new capabilities and solutions. Activation revenue grew 9.2% on an as-reported basis, driven by higher project demand and volume increases. Foreign exchange contributed 8.9% to reported growth. OCC growth was 4.6%. APAC: Total APAC segment revenue (as reported) decreased by $1.6 million, or 1.0%, driven by a 0.9% decrease in Intelligence revenue (as reported), and a 1.3% decrease in Activation (as reported). Foreign exchange contributed 2.6% to reported growth. OCC growth was (3.6)%. Liquidity, Capital Resources & Recent Financings At March 31, 2026 the Company had cash and cash equivalents of $362.3 million and $747.5 million of available capacity under its Revolver, for a total of $1,109.8 million of available liquidity. For the three months ended March 31, 2026, cash used in operating activities was $63.6 million, compared to $153.6 million in 2025, a $90.0 million improvement, primarily driven by year-over-year improvements in Adjusted EBITDA, net working capital, and interest expense, offset by increased year-over-year restructuring expense. For the three months ended March 31, 2026, cash used in investing activities was $59.2 million, compared with $3.7 million in 2025. For the three months ended March 31, 2026, cash paid for capital expenditures was $59.6 million, compared with $62.7 million in 2025. Cash paid for capital expenditures as a percentage of revenue represented 5.6% and 6.5%, respectively, for the three months ended March 31, 2026 and 2025. For the three months ended March 31, 2026, cash used in financing activities was $31.1 million, compared with cash provided by financing activities of $170.1 million in 2025. Free cash flow for the three months ended March 31, 2026 increased by $93.1 million versus Q1 2025 driven primarily by year-over-year increases in revenue flowing through to adjusted EBITDA, net working capital improvement, and lower interest expense as a result of 2025 IPO proceeds being used to pay down debt and a spread step-down beginning in Q3 2025, offset by the impact of increased year-over-year restructuring costs. The average unhedged and hedged interest rates at the end of the first quarter of 2026 were 4.8% and 5.5%, respectively, which resulted in a total weighted average rate of 5.0%. The convergence of the all-in rates is due to the lower spreads post refinancing and the declining interest rate environment. Our interest rate hedging program is intended not only to provide protection against dramatic interest rate increases but also to allow us to participate meaningfully in an improving interest rate environment with greater predictability of cash flows. Reorganization Pursuant to IPO On July 22, 2025, in connection with the IPO, NIQ became the direct parent of various entities that were created by Advent International to acquire the business of NIQ from Nielsen Holdings, including AI PAVE Dutchco I B.V. (“AI PAVE”) and the indirect parent of other intermediate holding companies, including AI PAVE Dutchco II B.V., AI PAVE Dutchco III B.V. (collectively, with AI PAVE, the “AI PAVE Entities”), and Intermediate Dutch Holdings B.V., a private company with limited liability organized under the laws of the Netherlands (“Dutch Holdings”) (the “Reorganization”). All holders of equity interests in AI PAVE became shareholders of NIQ. The “Company,” “NIQ,” “we,” “us” and “our” means, prior to the Reorganization, Dutch Holdings and its consolidated subsidiaries and, after the Reorganization, NIQ Global Intelligence plc and its consolidated subsidiaries. Prior to the effects of the Reorganization and IPO, the unaudited consolidated financial statements present the historical financial information of Dutch Holdings. Subsequent to the Reorganization and IPO, the financial statements were recast to reflect the consolidated financial statements of NIQ Global Intelligence plc and its consolidated subsidiaries, including Dutch Holdings and the AI PAVE Entities, as a transaction between entities under common control. The recast presentation is effective for the financial statements as of and for the earliest periods presented. All subsequent reporting periods, including the accompanying consolidated financial statements herein, will similarly reflect the recast presentation. 2026 Restructuring Program In February 2026, the Company approved an incremental cost realignment program (the “2026 Program”) intended to further streamline the organization and drive operational efficiency. The 2026 Program is designed to generate additional annualized cost savings of approximately $70 million to $80 million by the end of fiscal year 2026. The 2026 Program supports the Company’s ongoing efforts to enhance margin performance through continued optimization of its workforce, enhancements to its sales organization and other support functions and simplification of overall business processes. Investments in automation and artificial intelligence (“AI”) are anticipated to accelerate the Company’s optimization efforts as it begins its journey to operationalize these digital tools throughout the organization. Collectively, these actions are expected to improve efficiency, customer satisfaction, product innovation and productivity. The 2026 Program is intended to further reduce costs primarily within selling, general and administrative expenses. The Company expects to incur total pre-tax restructuring charges of approximately $65 million to $75 million, the substantial majority of which would result in cash expenditures. The Company expects that execution of the 2026 Program will occur primarily in the first half of 2026, subject to local laws and consultation requirements. Second Quarter and Full Year 2026 Outlook Our outlook is based on a number of assumptions that are subject to change, many of which are outside of the control of the Company. The extent to which external factors affect our business and results of operations are inherently uncertain and depends on numerous evolving factors that we may not be able to accurately predict. There can be no assurance that the Company will achieve the results expressed by this guidance. (in millions, except per share data) Second Quarter Guidance Full Year Guidance Revenue, as reported $1,103M - $1,107M $4,466M - $4,479M Revenue growth: as reported 6.0% - 6.3% 6.4% - 6.7% organic constant currency 4.9% - 5.2% 5.0% - 5.3% Adjusted EBITDA(1), as reported $242M - $246M $1,050M - $1,067M Adjusted EBITDA(1) growth: as reported 12% - 14% 14% - 16% constant currency 12% - 14% 13% - 15% Adjusted EBITDA margin(1), as reported 22.0% - 22.2% 23.5% - 23.8% Adjusted EPS (1) $0.19 - $0.21 $0.95 - $0.99 Free cash flow(1) $235M - $250M Depreciation and amortization $614M - $619M Interest expense, net $230M - $235M Income tax expense from continuing operations $165M - $170M Capital expenditures (% of Revenue) 6.5% - 7.0% Net leverage ratio (1) < 3.0x (1) Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EPS, Free cash flow and Net Leverage Ratio are non-GAAP financial measures. Constant currency growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates. Organic constant currency growth rates are constant currency growth excluding inorganic growth. Inorganic growth represents growth attributable to the first twelve months of activity for recent business acquisitions. For a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures, refer to the "Non-GAAP Financial Measures" section of this Earnings Release. Earnings Webcast Information In conjunction with this release, NIQ will host a conference call and webcast today at 8:30 a.m. Eastern Time to discuss business results for the quarter and certain forward-looking information. The live webcast and a replay of the webcast will be available at the Investor Relations section of NIQ’s website: investors.nielseniq.com. About NIQ (NYSE: NIQ) NIQ is a leading consumer intelligence company, delivering comprehensive understanding of consumer buying behavior and helping clients identify new pathways to growth. Our global reach spans 90 countries covering approximately 82% of the world’s population, more than half of global gross domestic product, and more than $7.4 trillion in global consumer spend as of December 31, 2025. With a holistic retail read and the comprehensive consumer insights—delivered with advanced analytics through state-of-the-art platforms—NIQ delivers the Full View™. For more information, please visit www.niq.com. Availability of Information on NIQ’s Website Investors and others should note that NIQ routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the NIQ Investor Relations website. While not all of the information that the Company posts to the NIQ Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in NIQ to review the information that it shares on investors.nielseniq.com. Forward-Looking StatementsRead the full story here

NIQ Announces First Quarter 2026 Results That Exceed Expectations

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