Revenue growth remains highly erratic, evidenced by a 99.5% contraction in 2025Q3, while operating margins have failed to reach profitability, settling at -19.4% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Sales/Revenue | 366.94M | 486.79M | 284.9M | 252.1M | 197.09M | 263.43M | 148.38M | 133.96M | 121.33M | 108.56M | 106.63M | 111.83M | 106.2M | 88.5M | 99.99M | 105.5M | 95.01M | 86.5M | 104.54M | 94.67M | 79.01M | 66.75M | 46.73M |
| Revenue Growth % | 11.15% | 70.87% | 13.01% | 27.91% | -25.18% | 77.54% | 10.76% | 10.4% | 11.77% | 1.81% | -4.65% | 5.29% | 20.01% | -11.5% | -5.22% | 11.04% | 9.84% | -17.26% | 10.44% | 19.81% | 18.38% | 42.84% | - |
| Cost of Goods Sold | 98.03M | 285.75M | 107.26M | 98.83M | 72.31M | 71.21M | 37.34M | 31.86M | 28.96M | 28.34M | 30.22M | 29.9M | 28.05M | 27.13M | 27.81M | 27.14M | 23.1M | 24.98M | 33.09M | 27.97M | 24.82M | 22M | 16.65M |
| COGS % of Revenue | - | 58.7% | 37.65% | 39.2% | 36.69% | 27.03% | 25.17% | 23.78% | 23.87% | 26.1% | 28.34% | 26.74% | 26.41% | 30.66% | 27.82% | 25.72% | 24.31% | 28.88% | 31.65% | 29.55% | 31.41% | 32.96% | 35.64% |
| Gross Profit | 268.91M | 201.04M | 177.64M | 153.28M | 124.79M | 192.22M | 111.03M | 102.1M | 92.37M | 80.22M | 76.41M | 81.92M | 78.16M | 61.36M | 72.18M | 78.36M | 71.91M | 61.52M | 71.45M | 66.69M | 54.19M | 44.75M | 30.07M |
| Gross Margin % | 73.28% | 41.3% | 62.35% | 60.8% | 63.31% | 72.97% | 74.83% | 76.22% | 76.13% | 73.9% | 71.66% | 73.26% | 73.59% | 69.34% | 72.18% | 74.28% | 75.69% | 71.12% | 68.35% | 70.45% | 68.59% | 67.04% | 64.36% |
| Gross Profit Growth % | - | 13.17% | 15.9% | 22.83% | -35.08% | 73.12% | 8.75% | 10.53% | 15.15% | 4.99% | -6.73% | 4.82% | 27.37% | -14.98% | -7.89% | 8.97% | 16.89% | -13.9% | 7.14% | 23.06% | 21.11% | 48.79% | - |
| Operating Expenses | 869.78M | 233.25M | 296.75M | 198.64M | 135.89M | 157.87M | 88.21M | 79.36M | 75.75M | 69.81M | 69.62M | 69.75M | 70.7M | 63.84M | 64.08M | 67.69M | 70.01M | 67.13M | 66.85M | 54.31M | 41.53M | 38.51M | 33.48M |
| OpEx % of Revenue | - | 47.91% | 104.16% | 78.79% | 68.94% | 59.93% | 59.45% | 59.24% | 62.43% | 64.31% | 65.29% | 62.38% | 66.57% | 72.14% | 64.08% | 64.16% | 73.69% | 77.61% | 63.95% | 57.37% | 52.56% | 57.7% | 71.64% |
| Selling, General & Admin | 217.07M | 222.41M | 141.62M | 122.19M | 87.81M | 130.73M | 74.44M | 66.55M | 62.34M | 56.96M | 56.69M | 56.71M | 57.71M | 51.08M | 49.92M | 53.27M | 54.99M | 51.53M | 48.14M | 40.64M | 29.06M | 25.79M | 26.89M |
| SG&A % of Revenue | - | 45.69% | 49.71% | 48.47% | 44.55% | 49.63% | 50.17% | 49.68% | 51.38% | 52.47% | 53.16% | 50.71% | 54.34% | 57.72% | 49.93% | 50.49% | 57.88% | 59.57% | 46.05% | 42.93% | 36.78% | 38.64% | 57.56% |
| Research & Development | 11.71M | 10.84M | 11.42M | 11.06M | 7.94M | 11.64M | 7.83M | 8.11M | 8.87M | 8.21M | 8.04M | 7.68M | 7.16M | 6.71M | 7.52M | 7.69M | 8.1M | 8.66M | 10.99M | 7.32M | 6.29M | 5.76M | 4.11M |
| R&D % of Revenue | - | 2.23% | 4.01% | 4.39% | 4.03% | 4.42% | 5.28% | 6.05% | 7.31% | 7.57% | 7.54% | 6.87% | 6.74% | 7.59% | 7.52% | 7.29% | 8.53% | 10.02% | 10.52% | 7.73% | 7.97% | 8.62% | 8.8% |
| Other Operating Expenses | 3M | 0 | 143.71M | 65.39M | 40.13M | 15.49M | 5.95M | 4.7M | 4.55M | 4.64M | 4.89M | 5.36M | 5.82M | 6.05M | 6.63M | 6.74M | 6.91M | 6.93M | 7.71M | 6.35M | 6.17M | 6.96M | 2.47M |
| Operating Income | -600.87M | -32.21M | -119.11M | -45.37M | -11.1M | 34.35M | 22.82M | 22.74M | 16.62M | 10.41M | 6.79M | 12.17M | 7.46M | -2.47M | 8.1M | 10.29M | 1.9M | -5.61M | 3.11M | 12.38M | 12.66M | 6.24M | -3.4M |
| Operating Margin % | -163.75% | -6.62% | -41.81% | -18% | -5.63% | 13.04% | 15.38% | 16.97% | 13.7% | 9.59% | 6.37% | 10.88% | 7.02% | -2.8% | 8.1% | 9.75% | 2% | -6.48% | 2.97% | 13.08% | 16.03% | 9.34% | -7.28% |
| Operating Income Growth % | - | 72.96% | -162.55% | -308.71% | -132.31% | 50.54% | 0.36% | 36.81% | 59.66% | 53.29% | -44.2% | 63.16% | 401.5% | -130.54% | -21.24% | 441.42% | 133.89% | -280.41% | -74.9% | -2.23% | 103.1% | 283.22% | - |
| EBITDA | -496.37M | 72.82M | -68.89M | -2.27M | 11.06M | 54.8M | 29.76M | 27.74M | 21.17M | 15.05M | 11.68M | 17.53M | 13.28M | 3.57M | 14.73M | 17.02M | 8.81M | 1.33M | 10.82M | 18.73M | 18.84M | 13.2M | -931K |
| EBITDA Margin % | -135.27% | 14.96% | -24.18% | -0.9% | 5.61% | 20.8% | 20.06% | 20.71% | 17.45% | 13.86% | 10.96% | 15.68% | 12.51% | 4.04% | 14.73% | 16.13% | 9.27% | 1.53% | 10.35% | 19.79% | 23.84% | 19.78% | -1.99% |
| EBITDA Growth % | 5.34% | 205.71% | -2935.92% | -120.51% | -79.81% | 84.17% | 7.28% | 31.03% | 40.7% | 28.77% | -33.36% | 32.02% | 271.81% | -75.75% | -13.45% | 93.17% | 564.56% | -87.74% | -42.23% | -0.56% | 42.71% | 1517.72% | - |
| D&A (Non-Cash Add-back) | 104.5M | 105.03M | 50.22M | 43.1M | 22.16M | 20.45M | 6.94M | 5M | 4.55M | 4.64M | 4.89M | 5.36M | 5.82M | 6.05M | 6.63M | 6.74M | 6.91M | 6.93M | 7.71M | 6.35M | 6.17M | 6.96M | 2.47M |
| EBIT | -530.82M | -32.21M | -111.66M | -42.76M | -10.38M | 34.35M | 22.82M | 22.74M | 16.62M | 10.41M | 6.79M | 12.17M | 7.46M | -2.49M | 8.2M | 10.67M | 1.9M | -5.61M | 4.6M | 12.38M | 12.66M | 6.24M | -3.4M |
| Net Interest Income | -9.44M | -8.34M | -13.6M | -21.16M | 861K | -23.27M | -317K | -691K | -1.78M | -693K | -1.77M | -249K | -333K | -260K | 13K | 57K | 176K | 267K | 1.44M | 0 | 0 | 0 | 0 |
| Interest Income | 162K | 936K | 4.14M | 3.49M | 861K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 107K | 57K | 176K | 267K | 1.82M | 0 | 0 | 0 | 0 |
| Interest Expense | 9.6M | 9.28M | 17.74M | 24.65M | 10.76M | 23.27M | 317K | 691K | 1.78M | 693K | 1.77M | 249K | 333K | 20K | 0 | 0 | 0 | 0 | 378K | 0 | 0 | 0 | 0 |
| Other Income/Expense | -26.01M | -1.01B | -10.29M | -22.04M | -10.04M | -23.27M | -317K | -691K | -1.78M | -693K | -1.77M | -249K | -333K | -20K | 107K | 57K | 176K | 267K | 1.44M | 1.83M | 321K | -30K | 143K |
| Pretax Income | -626.88M | -1.04B | -129.4M | -67.4M | -21.14M | 11.08M | 22.5M | 22.05M | 14.84M | 9.72M | 5.02M | 11.92M | 7.13M | -2.49M | 8.21M | 10.34M | 2.08M | -5.34M | 4.55M | 14.21M | 12.98M | 6.21M | -3.26M |
| Pretax Margin % | -170.84% | -214% | -45.42% | -26.74% | -10.73% | 4.21% | 15.17% | 16.46% | 12.23% | 8.95% | 4.71% | 10.66% | 6.71% | -2.82% | 8.21% | 9.8% | 2.19% | -6.17% | 4.35% | 15.01% | 16.43% | 9.3% | -6.98% |
| Income Tax | -71.19M | -33.42M | -12.54M | -9.63M | -16.86M | 10.13M | 5.44M | 5.17M | 1.89M | 2.91M | 2.6M | 4.74M | 3.04M | -657K | 4.18M | 5.66M | 3.26M | -224K | 2.78M | 6.05M | 5.81M | -2.68M | 32K |
| Effective Tax Rate % | 11.36% | 3.21% | 9.69% | 14.28% | 79.73% | 91.43% | 24.16% | 23.46% | 12.72% | 29.99% | 51.78% | 39.72% | 42.73% | 26.34% | 50.98% | 54.67% | 156.94% | 4.19% | 61.21% | 42.54% | 44.76% | -43.21% | -0.98% |
| Net Income | -555.7M | -1.01B | -116.86M | -57.78M | -4.29M | 949K | 17.07M | 16.88M | 12.96M | 6.8M | 2.42M | 7.19M | 4.08M | -1.84M | 4.02M | 4.69M | -1.18M | -5.12M | 1.76M | 8.17M | 7.17M | 8.89M | -3.29M |
| Net Margin % | -151.44% | -207.13% | -41.02% | -22.92% | -2.17% | 0.36% | 11.5% | 12.6% | 10.68% | 6.27% | 2.27% | 6.43% | 3.84% | -2.08% | 4.02% | 4.44% | -1.24% | -5.91% | 1.69% | 8.63% | 9.08% | 13.31% | -7.05% |
| Net Income Growth % | 10.48% | -762.81% | -102.27% | -1248.35% | -551.53% | -94.44% | 1.14% | 30.26% | 90.43% | 181.23% | -66.34% | 76.08% | 322.16% | -145.65% | -14.18% | 496.7% | 76.9% | -390.02% | -78.4% | 13.84% | -19.28% | 369.93% | - |
| Net Income (Continuing) | -555.7M | -1.01B | -116.86M | -57.78M | -4.29M | 949K | 17.07M | 16.88M | 12.96M | 6.8M | 2.42M | 7.19M | 4.08M | -1.84M | 4.02M | 4.69M | -1.18M | -5.12M | 1.76M | 8.17M | 7.17M | 8.89M | -3.29M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -7.69 | -14.06 | -4.05 | -1.39 | -0.10 | 0.03 | 0.61 | 0.60 | 0.45 | 0.24 | 0.08 | 0.21 | 0.12 | -0.05 | 0.10 | 0.12 | -0.03 | -0.12 | 0.04 | 0.13 | 0.23 | 0.29 | -0.11 |
| EPS Growth % | 29.61% | -247.16% | -191.37% | -1290% | -410.56% | -94.72% | 1.67% | 33.33% | 87.5% | 200% | -61.9% | 75% | 347.42% | -148.5% | -16.67% | 534.78% | 77% | -400% | -69.23% | -43.48% | -20.69% | 363.64% | - |
| EPS (Basic) | - | -14.06 | -4.05 | -1.39 | -0.10 | 0.03 | 0.61 | 0.61 | 0.47 | 0.25 | 0.08 | 0.22 | 0.12 | -0.05 | 0.10 | 0.12 | -0.03 | -0.12 | 0.04 | 0.15 | 0.26 | 0.29 | -0.11 |
| Diluted Shares Outstanding | 72.29M | 71.73M | 28.87M | 28.49M | 34.07M | 29.47M | 28.67M | 28.31M | 28.65M | 28.27M | 30.77M | 34.48M | 34.64M | 37.89M | 40.91M | 40.21M | 42.77M | 41.86M | 43.44M | 31.35M | 31.15M | 30.32M | 30.38M |
| Basic Shares Outstanding | 72.29M | 71.73M | 28.87M | 28.49M | 29.59M | 28.43M | 27.86M | 27.87M | 27.74M | 27.55M | 29.95M | 32.96M | 33.01M | 36.74M | 40.21M | 38.53M | 42.77M | 41.86M | 41.42M | 28.38M | 27.72M | 30.32M | 30.38M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent GAAP Net Losses
As reported in recent financial filings, TechTarget's revenue growth has exhibited extreme volatility, swinging from a 99.5% contraction in 2025Q3 to a 90.5% expansion in 2025Q2, suggesting that the company's top-line performance is heavily influenced by non-recurring accounting events or significant shifts in business model recognition.
The erratic revenue trajectory complicates the assessment of organic growth durability, as the figures appear distorted by integration-related accounting adjustments. Investors should monitor whether the underlying demand for intent-based marketing services is stabilizing or if the company remains overly reliant on lumpy, project-based revenue streams.
Based on the provided income statement data, TechTarget's gross margin has fluctuated significantly, dropping to 33.4% in 2026Q1 from a peak of 63.8% in 2025Q4, which indicates potential instability in the cost of service delivery or a shift in the product mix toward lower-margin offerings.
The compression in gross margins suggests that the company may be facing increased competition or rising costs associated with maintaining its proprietary content ecosystem. This trend warrants further investigation into whether the current cost structure is sustainable or if the company lacks the pricing power necessary to offset inflationary pressures.
According to the company's reported figures, operating income has remained consistently negative, with a notable operating margin of -19.4% in 2026Q1, demonstrating that the firm has yet to achieve the necessary scale to cover its substantial fixed operating expenses and overhead requirements.
The inability to scale operating income faster than gross profit suggests that the company's current operating model is highly inefficient. Without a clear path to positive operating leverage, the firm may continue to struggle with profitability, regardless of its top-line performance.
As evidenced by the extreme net margin of -207.13% in certain periods, TechTarget's reported net income is heavily impacted by significant non-operating items, likely reflecting large-scale impairment charges or acquisition-related amortization that mask the underlying operational performance of the core business.
The massive divergence between gross and net margins suggests that GAAP earnings are currently an unreliable indicator of the company's true economic health. Investors should focus on adjusted metrics to determine if the core business is generating value, as the current bottom-line figures appear heavily distorted by accounting adjustments.
Quick answers to the most common questions about buying TTGT stock.
For fiscal year 2025, TechTarget, Inc. (TTGT) reported total revenue of $486.8M. This represents a 941.8% increase compared to $46.7M in 2004.
TechTarget, Inc. (TTGT) reported a net loss of $1.01B for the fiscal year ending 2025.
TechTarget, Inc. (TTGT) reported an operating income of $-32.2M, resulting in an operating profit margin of -6.6%. This margin reflects the operational efficiency of the business before interest and taxes.
TechTarget, Inc. (TTGT) generated $201.0M in gross profit for the year, representing a gross profit margin of 41.3%. This demonstrates the company's core pricing power and production efficiency.