Emerald Holding Inc Financials
Emerald Holding Inc (EEX) reported $471.1M in revenue over the twelve months to Mar 31, 2026, up 14.0% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Revenue growth is being absorbed by rising overhead and financing costs, leaving cash positive but profitability and liquidity under pressure.
The combination of a-$30.7M net loss and$42.6M of operating cash flow shows that reported earnings are understating near-term cash generation, likely because non-cash charges and working-capital movements matter materially. Because free cash flow remained close to operating cash flow, the gap is not being consumed by heavy recurring capital expenditure.
FY2025 operating margin fell to
The current ratio fell below 1.0x to 0.8x from 1.3x, meaning current liabilities exceeded current assets at FY2025 year-end and short-term funding became tighter. Equity was positive in FY2024-25 after being negative through FY2023, but goodwill represented roughly two-thirds of assets, so the balance sheet's improvement is substantially tied to intangible value rather than liquid resources.
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Emerald Holding Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Emerald Holding Inc has an operating margin of 4.9%, meaning the company retains $5 of operating profit per $100 of revenue. This results in a moderate score of 48/100, indicating healthy but not exceptional operating efficiency. This is down from 11.7% the prior year.
Emerald Holding Inc's revenue surged 16.2% year-over-year to $463.4M, reflecting rapid business expansion. This strong growth earns a score of 65/100.
Emerald Holding Inc has elevated debt relative to equity (D/E of 2.58), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 24/100, reflecting increased financial risk.
Emerald Holding Inc's current ratio of 0.81 is below the typical benchmark, resulting in a score of 12/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Emerald Holding Inc converts 8.9% of revenue into free cash flow ($41.4M). This strong cash generation earns a score of 67/100.
Emerald Holding Inc posts a -9.1% return on equity (ROE), meaning it loses $9 for every $100 of shareholders' equity. This results in a returns score of 39/100. This is down from 0.6% the prior year.
Emerald Holding Inc scores 0.29, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($997.5M) relative to total liabilities ($874.0M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Emerald Holding Inc passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
Emerald Holding Inc reported a net loss of $30.7M while generating $42.6M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Emerald Holding Inc earns $0.46 in operating income for every $1 of interest expense ($22.5M vs $48.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Emerald Holding Inc generated $463.4M in revenue in fiscal year 2025. This represents an increase of 16.2% from the prior year.
Emerald Holding Inc's EBITDA was $53.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 28.8% from the prior year.
Emerald Holding Inc reported -$30.7M in net income in fiscal year 2025. This represents a decrease of 1495.5% from the prior year.
Emerald Holding Inc earned -$0.15 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 114.3% from the prior year.
Cash & Balance Sheet
Emerald Holding Inc generated $41.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 9.0% from the prior year.
Emerald Holding Inc held $100.9M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Emerald Holding Inc's operating margin was 4.9% in fiscal year 2025, reflecting core business profitability. This is down 6.9 percentage points from the prior year.
Emerald Holding Inc's net profit margin was -6.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 7.2 percentage points from the prior year.
Emerald Holding Inc's ROE was -9.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 9.6 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Emerald Holding Inc spent $17.5M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 26.8% from the prior year.
Emerald Holding Inc invested $1.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 7.7% from the prior year.
Not reported for fiscal year 2025.
EEX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $155.4M+17.1% | $132.7M+71.2% | $77.5M-26.5% | $105.5M-28.6% | $147.7M+38.3% | $106.8M+47.1% | $72.6M-15.6% | $86.0M |
| SG&A Expenses | $71.9M-18.9% | $88.7M+72.9% | $51.3M+8.9% | $47.1M-12.9% | $54.1M+56.4% | $34.6M-15.2% | $40.8M+3.3% | $39.5M |
| Operating Income | $19.5M+224.2% | -$15.7M-101.3% | -$7.8M-176.5% | $10.2M-71.5% | $35.8M+72.1% | $20.8M+542.6% | -$4.7M-173.4% | $6.4M |
| Interest Expense | $9.4M-4.1% | $9.8M-8.4% | $10.7M-1.8% | $10.9M-37.4% | $17.4M+52.6% | $11.4M-7.3% | $12.3M+2.5% | $12.0M |
| Income Tax | $3.2M-38.5% | $5.2M+248.6% | -$3.5M-275.0% | $2.0M-63.0% | $5.4M-12.9% | $6.2M+267.6% | -$3.7M-428.6% | -$700K |
| Net Income | $7.2M+123.8% | -$30.2M-109.7% | -$14.4M-928.6% | -$1.4M-109.2% | $15.3M+200.0% | $5.1M+145.9% | -$11.1M-296.4% | -$2.8M |
| EPS (Diluted) | $0.04+126.7% | -$0.15-114.3% | -$0.07-600.0% | -$0.01-112.5% | $0.08 | $0.04 | -$0.05 | -$0.03 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
EEX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.2B+2.5% | $1.2B-0.4% | $1.2B+1.3% | $1.2B+1.6% | $1.2B+12.8% | $1.0B-1.0% | $1.1B-0.3% | $1.1B |
| Current Assets | $277.2M+17.8% | $235.3M+1.5% | $231.9M-16.9% | $279.0M-32.5% | $413.6M+34.8% | $306.9M-1.7% | $312.3M+0.3% | $311.3M |
| Cash & Equivalents | $121.1M+20.0% | $100.9M+5.8% | $95.4M-39.0% | $156.4M-43.5% | $276.8M+42.1% | $194.8M+3.1% | $188.9M-2.2% | $193.2M |
| Accounts Receivable | N/A | $76.0M | N/A | N/A | N/A | $57.5M | N/A | N/A |
| Goodwill | $780.3M-0.4% | $783.6M+0.3% | $781.4M+7.5% | $726.7M+20.8% | $601.8M+4.9% | $573.8M+0.1% | $573.4M+1.0% | $567.5M |
| Total Liabilities | $905.2M+3.6% | $874.0M+3.1% | $847.8M+4.3% | $812.7M+2.8% | $790.9M+19.3% | $662.8M-0.9% | $668.7M+2.1% | $655.0M |
| Current Liabilities | $304.0M+5.3% | $288.7M+0.6% | $287.0M+8.4% | $264.7M+1.8% | $260.1M+7.8% | $241.3M-2.1% | $246.5M+5.7% | $233.1M |
| Total Equity | $338.4M-0.1% | $338.8M-8.3% | $369.5M-5.1% | $389.4M-0.7% | $392.1M+1.6% | $385.9M-1.3% | $391.1M-4.0% | $407.6M |
| Retained Earnings | -$673.6M+1.1% | -$680.8M-4.6% | -$650.6M-2.3% | -$636.2M-0.2% | -$634.8M+2.4% | -$650.1M+0.8% | -$655.2M-1.7% | -$644.1M |
Not reported in any period shown, so not listed: Inventory, Long-Term Debt.
EEX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $28.7M+133.3% | $12.3M+583.3% | $1.8M-88.7% | $15.9M+26.2% | $12.6M-38.8% | $20.6M+126.4% | $9.1M-7.1% | $9.8M |
| Capital Expenditures | $200K-66.7% | $600K+100.0% | $300K+200.0% | $100K-50.0% | $200K-71.4% | $700K+600.0% | $100K-50.0% | $200K |
| Free Cash Flow | $28.5M+143.6% | $11.7M+680.0% | $1.5M-90.5% | $15.8M+27.4% | $12.4M-37.7% | $19.9M+121.1% | $9.0M-6.3% | $9.6M |
| Investing Cash Flow | -$1.8M+14.3% | -$2.1M+96.0% | -$53.0M+58.2% | -$126.7M-492.1% | -$21.4M-872.7% | -$2.2M+62.7% | -$5.9M-110.7% | -$2.8M |
| Financing Cash Flow | -$5.8M-7.4% | -$5.4M+33.3% | -$8.1M+20.6% | -$10.2M-111.2% | $90.8M+826.4% | -$12.5M-66.7% | -$7.5M-1150.0% | -$600K |
| Dividends Paid | $0-100.0% | $2.9M-3.3% | $3.0M0.0% | $3.0M0.0% | $3.0M0.0% | $3.0M-3.2% | $3.1M | $0 |
| Share Buybacks | $0-100.0% | $1.3M+160.0% | $500K-92.8% | $6.9M-21.6% | $8.8M+4.8% | $8.4M+133.3% | $3.6M | $0 |
EEX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 12.6%+24.4pp | -11.8%-1.8pp | -10.1%-19.7pp | 9.7%-14.6pp | 24.2%+4.8pp | 19.5%+25.9pp | -6.5%-13.9pp | 7.4% |
| Net Margin | 4.6%+27.4pp | -22.8%-4.2pp | -18.6%-17.3pp | -1.3%-11.7pp | 10.4%+5.6pp | 4.8%+20.1pp | -15.3%-12.0pp | -3.3% |
| Return on Equity | 2.1%+11.0pp | -8.9%-5.0pp | -3.9%-3.5pp | -0.4%-4.3pp | 3.9%+2.6pp | 1.3%+4.2pp | -2.8%-2.2pp | -0.7% |
| Return on Assets | 0.6%+3.1pp | -2.5%-1.3pp | -1.2%-1.1pp | -0.1%-1.4pp | 1.3%+0.8pp | 0.5%+1.5pp | -1.1%-0.8pp | -0.3% |
| Current Ratio | 0.91+0.1x | 0.810.0x | 0.81-0.2x | 1.05-0.5x | 1.59+0.3x | 1.270.0x | 1.27-0.1x | 1.34 |
| Debt-to-Equity | 2.67+0.1x | 2.58+0.3x | 2.29+0.2x | 2.09+0.1x | 2.02+0.3x | 1.720.0x | 1.71+0.1x | 1.61 |
| FCF Margin | 18.3%+9.5pp | 8.8%+6.9pp | 1.9%-13.0pp | 15.0%+6.6pp | 8.4%-10.2pp | 18.6%+6.2pp | 12.4%+1.2pp | 11.2% |
Not reported in any period shown, so not listed: Gross Margin.
Note: The current ratio is below 1.0 (0.81), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Where Emerald Holding Inc Ranks
Frequently Asked Questions
What is Emerald Holding Inc's annual revenue?
Emerald Holding Inc (EEX) reported $463.4M in total revenue for fiscal year 2025. This represents a 16.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Emerald Holding Inc's revenue growing?
Emerald Holding Inc (EEX) revenue grew by 16.2% year-over-year, from $398.8M to $463.4M in fiscal year 2025.
Is Emerald Holding Inc profitable?
No, Emerald Holding Inc (EEX) reported a net income of -$30.7M in fiscal year 2025, with a net profit margin of -6.6%.
What is Emerald Holding Inc's EBITDA?
Emerald Holding Inc (EEX) had EBITDA of $53.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Emerald Holding Inc's operating margin?
Emerald Holding Inc (EEX) had an operating margin of 4.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Emerald Holding Inc's net profit margin?
Emerald Holding Inc (EEX) had a net profit margin of -6.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Emerald Holding Inc's return on equity (ROE)?
Emerald Holding Inc (EEX) has a return on equity of -9.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Emerald Holding Inc's free cash flow?
Emerald Holding Inc (EEX) generated $41.4M in free cash flow during fiscal year 2025. This represents a -9.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Emerald Holding Inc's operating cash flow?
Emerald Holding Inc (EEX) generated $42.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Emerald Holding Inc's total assets?
Emerald Holding Inc (EEX) had $1.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Emerald Holding Inc's capital expenditures?
Emerald Holding Inc (EEX) invested $1.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Emerald Holding Inc's current ratio?
Emerald Holding Inc (EEX) had a current ratio of 0.81 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Emerald Holding Inc's debt-to-equity ratio?
Emerald Holding Inc (EEX) had a debt-to-equity ratio of 2.58 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Emerald Holding Inc's return on assets (ROA)?
Emerald Holding Inc (EEX) had a return on assets of -2.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Emerald Holding Inc's Altman Z-Score?
Emerald Holding Inc (EEX) has an Altman Z-Score of 0.29, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Emerald Holding Inc's Piotroski F-Score?
Emerald Holding Inc (EEX) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Emerald Holding Inc's earnings high quality?
Emerald Holding Inc (EEX) reported a net loss of $30.7M while generating $42.6M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Emerald Holding Inc cover its interest payments?
Emerald Holding Inc (EEX) has an interest coverage ratio of 0.46x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Emerald Holding Inc?
Emerald Holding Inc (EEX) scores 43 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.