Emerald Holding, Inc. (EEX) FY2025 10-K Annual Report
Emerald Holding, Inc. (EEX) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 13, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Emerald Holding, Inc. FY2025 10-K Analysis
Business Overview
- • Core business model: B2B event organizer integrating live events, digital media/content, and B2B e-commerce platforms across three lines — Connections, Content, Commerce
- • New acquisitions in 2025: Insurtech Insights (insurance tech events), This is Beyond (luxury/travel trade events), Generis Group (executive peer summits) to expand global footprint and industry coverage
- • Strategic shift: Accelerated portfolio optimization with discontinuation of 26 events in 2025, eliminating $11M historic revenue from smaller, unprofitable events
- • Notable metric: 821 full-time employees as of Dec 31, 2025, with senior management 50% female and overall workforce 60% female
- • Unique fact: Onex owns 93.3% of outstanding common stock post-May 2024 preferred stock conversion, highlighting concentrated ownership and control
Management Discussion & Analysis
- • Revenue $463.4M, up 16.2% YoY from $398.8M, Organic revenue $397.0M, up 1.1% YoY from $392.6M
- • Operating income $22.5M, down 51.9% YoY from $46.8M, operating margin 4.9% vs 11.7% in 2024
- • Connections (trade shows/live events) segment strongest, but no separate segment revenue disclosed; no best/worst segment $ figures given
- • Free Cash Flow $34.3M, down 7.3% YoY from $37.0M; dividend declared $0.015/share; significant acquisition-related expenses $62.2M in SG&A in 2025 vs $13.5M in 2024
- • Management highlights economic inflation and interest rate risks, market fragmentation growth opportunities, and seasonality with revenue mostly in Q1 and Q4 as key forward factors
Risk Factors
- • Cybersecurity risk overseen by Audit Committee, with immediate notification protocol for incidents involving Senior VP of IT
- • Senior VP of IT leads global info security team, combining internal staff and external consultants managing Emerald's cybersecurity program
Emerald Holding, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$463M
▲ +16.2% YoY
Net Income
-$31M
▼ -1495.5% YoY
Operating Margin
4.9%
▼ -688bp YoY
Net Margin
-6.6%
▼ -718bp YoY
ROE
-9.1%
▼ -963bp YoY
Total Assets
$1.2B
▲ +15.6% YoY
EPS (Diluted)
$-0.15
▼ -114.3% YoY
Operating Cash Flow
$43M
▼ -9.0% YoY
Source: XBRL data from Emerald Holding, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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