Emerald Holding, Inc. (EEX) Financials
Newest figures come from the 10-Q for Q1 FY2026, filed May 11, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the EEX SEC filings page.
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 overhead and financing costs, leaving more activity but weaker profitability and tighter liquidity.
Revenue expanded16.2% in FY2025 while operating margin compressed to4.9% , showing added sales did not translate proportionally into operating profit. SG&A growth of41.5% coincided with interest expense exceeding operating income, so both operating costs and financing costs squeezed earnings.
Despite a net loss of
The current ratio fell from 1.3x in FY2024 to 0.8x in FY2025, meaning short-term obligations exceeded current assets at the latest year-end. Leverage reached 2.6x debt-to-equity, while goodwill represented roughly two-thirds of total assets, making reported equity less tangible than the headline balance suggests.
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 46/100, 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 25/100, 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 65/100.
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 37/100. 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 $155.4M in revenue in Q1 2026. This represents an increase of 5.2% from the same quarter a year earlier. Against the prior quarter it is up 17.1%.
Emerald Holding, Inc.'s EBITDA was $27.6M in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 34.6% from the same quarter a year earlier. Against the prior quarter it is up 473.0%.
Emerald Holding, Inc. reported $7.2M in net income in Q1 2026. This represents a decrease of 52.9% from the same quarter a year earlier. Against the prior quarter it is up 123.8%.
Emerald Holding, Inc. earned $0.04 per diluted share (EPS) in Q1 2026. This represents a decrease of 50.0% from the same quarter a year earlier. Against the prior quarter it is up 126.7%.
Cash & Balance Sheet
Emerald Holding, Inc. generated $28.5M in free cash flow in Q1 2026, representing cash available after capex. This represents an increase of 129.8% from the same quarter a year earlier. Against the prior quarter it is up 143.6%.
Emerald Holding, Inc. held $121.1M in cash as of Q1 2026; long-term debt is not reported for that period.
Not reported for Q1 2026.
Margins & Returns
Emerald Holding, Inc.'s operating margin was 12.6% in Q1 2026, reflecting core business profitability. This is down 11.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 24.4 percentage points.
Emerald Holding, Inc.'s net profit margin was 4.6% in Q1 2026, showing the share of revenue converted to profit. This is down 5.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 27.4 percentage points.
Emerald Holding, Inc.'s ROE was 2.1% in Q1 2026, measuring profit generated per dollar of shareholder equity. This is down 1.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 11.0 percentage points.
Not reported for Q1 2026.
Capital Allocation
Emerald Holding, Inc. repurchased no shares in Q1 2026. This represents a decrease of 100.0% from the same quarter a year earlier. Against the prior quarter it is down 100.0%.
Emerald Holding, Inc. invested $200K in capex in Q1 2026, funding long-term assets and infrastructure. That is unchanged from the same quarter a year earlier. Against the prior quarter it is down 66.7%.
Not reported for Q1 2026.
EEX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $155.4M+5.2% | $132.7M+24.3% | $77.5M+6.7% | $105.5M+22.7% | $147.7M+10.7% | $106.8M+5.2% | $72.6M+0.1% | $86.0M-0.6% |
| SG&A Expenses | $71.9M+32.9% | $88.7M+156.4% | $51.3M+25.7% | $47.1M+19.2% | $54.1M-2.5% | $34.6M-4.2% | $40.8M-1.9% | $39.5M-5.5% |
| Operating Income | $19.5M-45.5% | -$15.7M-175.5% | -$7.8M-66.0% | $10.2M+59.4% | $35.8M+47.3% | $20.8M+4.5% | -$4.7M-370.0% | $6.4M+740.0% |
| EBITDA | $27.6M-34.6% | -$7.4M-126.5% | $900K-62.5% | $17.8M+32.8% | $42.2M+34.4% | $27.9M-6.1% | $2.4M-69.2% | $13.4M+12.6% |
| Interest Expense | $9.4M-46.0% | $9.8M-14.0% | $10.7M-13.0% | $10.9M-9.2% | $17.4M+43.8% | $11.4M-3.4% | $12.3M+1.7% | $12.0M+5.3% |
| Income Tax | $3.2M-40.7% | $5.2M-16.1% | -$3.5M+5.4% | $2.0M+385.7% | $5.4M+54.3% | $6.2M-78.8% | -$3.7M+83.4% | -$700K+84.1% |
| Net Income | $7.2M-52.9% | -$30.2M-692.2% | -$14.4M-29.7% | -$1.4M+50.0% | $15.3M+39.1% | $5.1M | -$11.1M | -$2.8M |
| EPS (Basic) | $0.04-50.0% | -$0.15-475.0% | -$0.07-40.0% | -$0.01+66.7% | $0.08 | $0.04+108.9% | -$0.05 | -$0.03+89.7% |
| EPS (Diluted) | $0.04-50.0% | -$0.15 | -$0.07-40.0% | -$0.01+66.7% | $0.08 | $0.04 | -$0.05 | -$0.03 |
| Diluted Shares (Avg) | 199M-0.7% | N/A | 198M-2.9% | 199M+27.4% | 201M+208.0% | N/A | 204M | 156M |
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.2B+5.1% | $1.2B+15.6% | $1.2B+14.9% | $1.2B+13.1% | $1.2B+9.5% | $1.0B-0.5% | $1.1B-2.0% | $1.1B-1.0% |
| Current Assets | $277.2M-33.0% | $235.3M-23.3% | $231.9M-25.7% | $279.0M-10.4% | $413.6M+26.7% | $306.9M-1.3% | $312.3M-4.9% | $311.3M-1.0% |
| Cash & Equivalents | $121.1M-56.3% | $100.9M-48.2% | $95.4M-49.5% | $156.4M-19.0% | $276.8M+48.2% | $194.8M-4.6% | $188.9M-5.7% | $193.2M-5.6% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | N/A | $76.0M+32.2% | N/A | N/A | N/A | $57.5M+5.1% | N/A | N/A |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $780.3M+29.7% | $783.6M+36.6% | $781.4M+36.3% | $726.7M+28.1% | $601.8M+6.4% | $573.8M+3.6% | $573.4M+3.5% | $567.5M+2.5% |
| Total Liabilities | $905.2M+14.5% | $874.0M+31.9% | $847.8M+26.8% | $812.7M+24.1% | $790.9M-32.5% | $662.8M-42.2% | $668.7M-41.7% | $655.0M-42.6% |
| Current Liabilities | $304.0M+16.9% | $288.7M+19.6% | $287.0M+16.4% | $264.7M+13.6% | $260.1M+5.1% | $241.3M+4.9% | $246.5M+6.5% | $233.1M+3.4% |
| Non-Current Liabilities | $601.2M+13.3% | $585.3M+38.9% | $560.8M+32.8% | $548.0M+29.9% | $530.8M-42.5% | $421.5M-54.0% | $422.2M-53.9% | $421.9M-53.9% |
| Total Equity | $338.4M-13.7% | $338.8M-12.2% | $369.5M-5.5% | $389.4M-4.5% | $392.1M+532.3% | $385.9M+517.2% | $391.1M+695.3% | $407.6M+703.9% |
| Retained Earnings | -$673.6M-6.1% | -$680.8M-4.7% | -$650.6M+0.7% | -$636.2M+1.2% | -$634.8M+1.0% | -$650.1M+0.3% | -$655.2M-3.3% | -$644.1M+0.2% |
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $28.7M+127.8% | $12.3M-40.3% | $1.8M-80.2% | $15.9M+62.2% | $12.6M+72.6% | $20.6M+32.1% | $9.1M+7.1% | $9.8M+34.2% |
| Depreciation & Amortization | $8.1M+26.6% | $8.3M+16.9% | $8.7M+22.5% | $7.6M+8.6% | $6.4M-9.9% | $7.1M-27.6% | $7.1M-19.3% | $7.0M-45.7% |
| Stock-Based Compensation | $2.9M+11.5% | N/A | $2.9M+314.3% | $3.0M+100.0% | $2.6M+4.0% | N/A | $700K-63.2% | $1.5M-21.1% |
| Capital Expenditures | $200K0.0% | $600K-14.3% | $300K+200.0% | $100K-50.0% | $200K-33.3% | $700K+600.0% | $100K | $200K0.0% |
| Free Cash Flow | $28.5M+129.8% | $11.7M-41.2% | $1.5M-83.3% | $15.8M+64.6% | $12.4M+77.1% | $19.9M+28.4% | $9.0M+5.9% | $9.6M+35.2% |
| Investing Cash Flow | -$1.8M+91.6% | -$2.1M+4.5% | -$53.0M-798.3% | -$126.7M-4425.0% | -$21.4M-51.8% | -$2.2M-4.8% | -$5.9M-96.7% | -$2.8M-3.7% |
| Financing Cash Flow | -$5.8M-106.4% | -$5.4M+56.8% | -$8.1M-8.0% | -$10.2M-1600.0% | $90.8M+956.6% | -$12.5M-30.2% | -$7.5M+24.2% | -$600K+96.5% |
| Dividends Paid | $0-100.0% | $2.9M-3.3% | $3.0M-3.2% | $3.0M | $3.0M | $3.0M | $3.1M | $0 |
| Share Buybacks | $0-100.0% | $1.3M-84.5% | $500K-86.1% | $6.9M | $8.8M+388.9% | $8.4M | $3.6M | $0 |
EEX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 12.6%-11.7pp | -11.8%-31.3pp | -10.1%-3.6pp | 9.7%+2.2pp | 24.2%+6.0pp | 19.5%-0.1pp | -6.5%-5.1pp | 7.4%+8.6pp |
| Net Margin | 4.6%-5.7pp | -22.8%-27.5pp | -18.6%-3.3pp | -1.3%+1.9pp | 10.4%+2.1pp | 4.8% | -15.3% | -3.3% |
| Return on Equity | 2.1%-1.8pp | -8.9%-10.2pp | -3.9%-1.1pp | -0.4%+0.3pp | 3.9% | 1.3% | -2.8% | -0.7% |
| Return on Assets | 0.6%-0.7pp | -2.5%-3.0pp | -1.2%-0.1pp | -0.1%+0.1pp | 1.3%+0.3pp | 0.5% | -1.1% | -0.3% |
| Current Ratio | 0.91-0.7x | 0.81-0.5x | 0.81-0.5x | 1.05-0.3x | 1.59+0.3x | 1.27-0.1x | 1.27-0.2x | 1.34-0.1x |
| Debt-to-Equity | 2.67+0.7x | 2.58+0.9x | 2.29+0.6x | 2.09+0.5x | 2.02 | 1.72 | 1.71 | 1.61 |
| Asset Turnover | 0.130.0x | 0.110.0x | 0.060.0x | 0.090.0x | 0.120.0x | 0.100.0x | 0.070.0x | 0.080.0x |
| FCF Margin | 18.3%+9.9pp | 8.8%-9.8pp | 1.9%-10.5pp | 15.0%+3.8pp | 8.4%+3.2pp | 18.6%+3.4pp | 12.4%+0.7pp | 11.2%+2.9pp |
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.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Emerald Holding, Inc. EEX | FY2025 | $463.4M | -$30.7M | -6.6% | $997.5M | 42/100 |
| QuinStreet, Inc. QNST | FY2026 | $1.3B | $81.2M | 6.3% | $933.9M | 56/100 |
| Criteo S.A. CRTO | FY2025 | $1.9B | $149.0M | 7.7% | $751.6M | 51/100 |
| Ziff Davis, Inc. ZD | FY2025 | $1.5B | $47.4M | 3.3% | $2.0B | 60/100 |
| Integral Ad Science Holding Corp. IAS | FY2024 | $530.1M | $37.8M | 7.1% | $1.7B | 69/100 |
| Stagwell Inc. STGW | FY2025 | $2.9B | $30.6M | 1.1% | $2.2B | 39/100 |
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 42 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.