What changed in this filing

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Item 1. Business

2026-02-24 compared with 2025-02-25 · 42 added, 52 removed, 264 unchanged (26% of the section changed)

6 unchanged sentences

Our programmatic approach to mergers and acquisitions (“M&A”) is a tenet of our capital allocation strategy, which seeks to optimize the allocation of our investable capital, including the free cash flow generated by our businesses, to M&A, share repurchases, and the strengthening of our balance sheet.

From 2012 through 2024, we have deployed approximately $3.3 billion on more than 90 acquisitions across the globe in a variety of verticals (exclusive of any acquisitions that were part of businesses we have since divested).

From 2012 through 2025, we have deployed approximately $3.3 billion on nearly 100 acquisitions across the globe in a variety of verticals (exclusive of any acquisitions that were part of businesses we have since divested).

Our systemic and repeatable M&A process allows us to execute a large volume of M&A with velocity and conviction.

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Such acquisitions could impact our consolidated profit margins and the variability of our revenues.

Our consolidated revenues are currently generated primarily from five lines of business:

Our consolidated revenues are currently generated primarily from five reportable segments:

(1) Technology & Shopping, (2) Gaming & Entertainment, (3) Health & Wellness, (collectively, our “Digital Media Businesses”), (4) Connectivity, and (5) Cybersecurity & Martech.

13 unchanged sentences

We license our proprietary technology, data, and intellectual property to third parties for various purposes.

Other - Other revenues primarily include those from the sale of hardware used in conjunction with software, online course revenue, and game publishing revenue.

Other - Other revenues primarily include those from the sale of hardware used in conjunction with software, online course revenues, game publishing revenues, and revenues from a customer acquisition platform for subscription services companies.

Technology & Shopping

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Founded in 1984, our lab produces unbiased technology product and service reviews, and P CMag ’s “Editor’s Choice” award is recognized globally as a trusted mark for buyers and sellers of technology products and services.

Our technology publishing sites are also recognized as trusted global sources of stories for more than a dozen platforms, including Instagram, X (formerly known as Twitter), and Facebook.

Our technology publishing sites are also recognized as trusted global sources of stories for more than a dozen platforms, including Instagram, X, and Facebook.

CNET is a trusted digital media publication that provides expert information, hands-on lab testing, reviews and analysis on consumer technologies, services and trends, to help customers find exactly what they are looking for.

For nearly 30 years, CNET has covered a wide range of topics, including consumer electronics, smart home, money, wellness, and more.

PCMag.com is a leading authority on technology, delivering lab-based, independent reviews of the latest products and services.

PCMag is a leading authority on technology, delivering lab-based, independent reviews of the latest products and services.

For over 40 years, its expert analysis and practical solutions have helped consumers make better buying decisions and get more from technology.

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RetailMeNot ’s promotional media solutions include mobile coupons and codes, and cash back offers across web, app, and browser extensions.

Offers.com is a coupon and deals website featuring offers from more than 25,000 of the internet’s most popular stores and brands.

VoucherCodes is one of the UK’s most trusted voucher websites, helping millions of consumers shop with the brands they love, for less.

Every week our customers receive our newsletter, packed with some of the very best offers and deals from the UK’s favorite retailers, restaurants and attractions.

Offers.com is a coupon and deals website featuring offers from some of the most popular stores and brands on the internet.

Offers.com ’s objective is to help consumers find the best deals on the web.

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Across its 15 digital properties, it reaches more than 440 million monthly users in over 110 countries and engages with 96 million fans on social media.

Its media portfolio includes favorites such as IGN , Eurogamer , Digital Foundry , Rock Paper Shotgun , and MapGenie , which serve as trusted services for millions of fans worldwide delivering daily content to more than 30 platforms, including YouTube, TikTok, X, Facebook, Instagram, and Snapchat, as well as connected TV platforms, such as Roku and Samsung.

Its media portfolio includes favorites such as IGN , Eurogamer , Maxroll , Rock Paper Shotgun , and MapGenie , which serve as trusted services for millions of fans worldwide delivering daily content to more than 40 platforms, including YouTube, TikTok, X, Facebook, Instagram, and Snapchat, as well as connected TV platforms, such as Roku and Samsung.

Humble Bundle is a digital subscription and storefront offering video games, ebooks, and software, where customers can purchase monthly subscriptions, bundles, and individual products.

At its core, Humble Bundle is committed to raising money for charity, with a portion of every sale contributing to charitable causes.

Humble Bundle has been named to the 2024 Inc.

Magazine Best in Business list.

recognized Humble Bundle in three categories:

Small and Mighty (10–49 Employees), Established Excellence (5–14 years in business), and e-commerce.

Humble Bundle received two accolades from The Anthem Awards:

a Bronze Award in the Business Leader category and the Community Voice Award and has been recognized with three Silver awards at 2024 The Anthem Awards for its work supporting disaster and crisis relief.

Since its inception in 2010, Humble Bundle has raised over $275 million for over 40,000 charities worldwide.

Health & Wellness

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Everyday Health , our flagship brand, features medically reviewed, award-winning editorial content designed to inspire and enable the active management of health and wellness daily.

In addition to Everyday Health and other EHG -owned and operated consumer websites and applications, including DailyOM , Lose It!, and Migraine Again , EHG provides advertisers access to the Everyday Health Trusted Care Access Portfolio (“TCAP”) of digital health properties.

In addition to Everyday Health and other EHG -owned and operated consumer websites and applications, including DailyOM , Lose It!, Migraine Again , and theSkimm , EHG provides advertisers access to the Everyday Health Trusted Care Access Portfolio (“TCAP”) of digital health properties.

TCAP features digital properties of two of the most world-renowned medical centers, to which Everyday Health holds exclusive advertising representation rights.

Castle Connolly , a premier brand in healthcare provided research and rankings, publishes the renowned, peer-nominated Castle Connolly Top Doctors series.

Castle Connolly , a premier brand in healthcare provider research and rankings, publishes the renowned, peer-nominated Castle Connolly Top Doctors series.

Health & Wellness Professional

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In numerous peer-reviewed publications, PRIME has demonstrated the impact of its work through measurably improving health care outcomes.

In 2024, PRIME received the prestigious William Campbell Felch Award for Outstanding Research in Continuing Education from the Alliance for Continuing Education in the Health Professions.

This is the third time PRIME has won the award in the last five years.

PRIME received the prestigious William Campbell Felch Award for Outstanding Research in Continuing Education from the Alliance for Continuing Education in the Health Professions three times in the last six years.

Our Health eCareers business provides a digital portal to connect physicians, nurses, nurse practitioners, physician assistants, and certified registered nurse anesthetists with jobs in their medical specialties.

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Our Health & Wellness Pregnancy & Parenting platform includes pregnancy and parenting properties delivering content via websites, mobile apps, and online communities to expectant and new parents.

Its properties support millions of families across 31 global websites and mobile apps in seven different languages.

Its properties support millions of families across 27 global apps and websites.

Our BabyCenter brand is a leading global digital pregnancy and parenting resource delivered via websites, mobile apps, and online communities.

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Our Health & Wellness Pregnancy & Parenting platform also includes Mom Media , a leading community for creators and parents alike and operators of the annual Mom 2.0 Summit.

Mom Media connects brands with modern parents via its highly engaged community of over 13,500 parenting influencers.

Mom Media connects brands with modern parents via its highly engaged community of approximately 15,000 parenting influencers.

Our Connectivity platform operates under the brand Ookla and includes several data and services businesses that sit at the center of the broadband ecosystem and are sources of information on internet connectivity and network performance, facilitating insights and decision making relating to broadband networks.

Ookla provides customers with fixed broadband, mobile network, and Wi-Fi testing applications, analysis, and insights.

Over eleven million daily tests are actively initiated by users using Speedtest.

More than 50 billion tests have been

completed to date.

As a result of this capability and other solutions used to collect quality-of-experience data, Ookla provides comprehensive insights into worldwide internet performance and accessibility, of broadband, mobile, and Wi-Fi networks.

Daily tests are actively initiated by users using Speedtest.

As a result of this capability and other solutions used to

collect quality-of-experience data, Ookla provides comprehensive insights into worldwide internet performance and accessibility, of broadband, mobile, and Wi-Fi networks.

Ookla solutions have been adopted by a significant number of internet service providers, mobile service providers, enterprise Wi-Fi systems integrators, and regulatory bodies worldwide.

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Downdetector aims to track any service that its users consider vital to their everyday lives, including (but not limited to) internet providers, social media, web hosting platforms, applications of mobile service providers, airlines, banks, games, public transport systems, and other online services.

RootMetrics is an industry leader in the provision of drive testing solutions and performance benchmarking of mobile service providers in the United States and the United Kingdom, providing actionable insights on the quality, reliability, and performance of voice, messaging, and data services.

RootMetrics is an industry leader in the provision of drive testing solutions and performance benchmarking of mobile service providers in the United States and the United Kingdom, and other global regions, providing actionable insights on the quality, reliability, and performance of voice, messaging, and data services.

Cybersecurity & Martech

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Inspired eLearning ’s SaaS platform for cybersecurity awareness and compliance training helps enterprises protect their organizations by educating employees on how to reduce human-related cybersecurity and workplace incidents.

Forensic and Compliance Systems (“FCS”) provides integrated email archiving solutions critical for data retention, e-discovery, and business continuity.

Livedrive provides online backup and synchronized storage features for professionals and individuals and is designed to allow customers with an internet connection to access their files from virtually anywhere at any time.

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The MOZ Group offers its services under the following brands.

Campaigner , iContact, SMTP, Kickbox, and Full Contact provide email marketing solutions to help small, medium, and large businesses strengthen customer relationships and drive sales through professional email campaign creation, advanced list management, segmentation tools, verification tools, marketing automation, attribution reports, campaign tracking, and targeted email auto responders and workflows.

Campaigner , iContact, SMTP, Kickbox, Email Industries, and Full Contact provide email marketing solutions to help small, medium, and large businesses strengthen customer relationships and drive sales through professional email campaign creation, advanced list management, segmentation tools, verification tools, marketing automation, attribution reports, campaign tracking, and targeted email auto responders and workflows.

MOZ Pro, MOZ Local, and Stat Analytics offer search engine optimization services that are used to help understand and improve internet traffic, rankings, and visibility in search results.

Semantic Labs leverages paid marketing and proprietary technology to acquire customers for subscription services companies.

eVoice is a virtual phone system that provides small and medium-sized businesses with on-demand voice communications services.

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Revenues associated with our Connectivity business can be impacted by the timing of significant transactions within any particular quarter.

Certain of our Cybersecurity & Martech revenues are impacted by the number of effective business days in a given period.

Certain of our

Cybersecurity & Martech revenues are impacted by the number of effective business days in a given period.

We traditionally experience lower than average Cybersecurity & Martech usage and customer sign-ups in the fourth quarter.

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We are also subject to the Children’s Online Privacy Protection Act (“COPPA”), which imposes restrictions on the ability of online services to collect certain types of information from children under the age of 13.

In addition, the Providing Resources, Officers, and Technology to Eradicate Cyber Threats to Our Children Act of 2008 (“PROTECT Act”) requires us to report evidence of violations of federal child pornography laws under certain circumstances, and there are state and international laws that impose similar requirements on us.

The California Consumer Privacy Act (the “CCPA”), as amended by the California Privacy Rights Act (the “CPRA”), among other things, requires covered companies to provide certain disclosures to California residents and afford such individuals the ability to opt out of the sale or sharing of their personal data, or opt-into certain

financial incentive programs.

that impose similar requirements on us.

The General Data Protection Regulation (the “GDPR”) enhances the obligations placed on companies that control or process personal data including, for example, expanded disclosures about how personal data is to be used, mechanisms for obtaining consent from data subjects, controls for data subjects with respect to their personal data (including by enabling them to exercise rights to erasure and data portability), limitations on retention of personal data, and mandatory data breach notifications.

11 unchanged sentences

Laws and regulations surrounding the internet and cybersecurity are constantly evolving, so we may become subject to more laws and regulations in the future.

Following changes to our internal reporting structure, the Company concluded that it has five operating segments which are now presented as the following five reportable segments:

1) Technology & Shopping, 2) Gaming & Entertainment, 3) Health & Wellness, 4) Connectivity, and 5) Cybersecurity & Martech.

Prior period segment information is presented on a comparable basis to conform to this new segment presentation with no effect on previously reported consolidated results.

For additional information about our segment reporting, refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Note 17 - Segment Information of the Notes to our Consolidated Financial Statements in this Form 10-K.

Human Capital Resources

As of December 31, 2024, we had approximately 3,800 employees, 56% of which are U.S.

As of December 31, 2025, we had approximately 3,900 employees, 55% of whom are U.S.

based employees and 45% non-U.S based employees.

3 unchanged sentences

Acquisition Strategy Impact on Human Capital

The Company has made more than 90 acquisitions between 2012 and 2024, including four during 2024 (exclusive of any acquisitions that were part of businesses we have since divested).

The Company has made nearly 100 acquisitions between 2012 and 2025, including seven during 2025 (exclusive of any acquisitions that were part of businesses we have since divested).

Integrating new groups of employees whose culture, organizational norms, and expectations might differ from our own is a strength of ours.

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The Annual Diversity Report is not incorporated by reference and should not be considered part of this Annual Report on Form 10-K.

We reinforce our culture and our values by seeking out diverse candidates to fill vacancies by seeking candidates that fit well with our organizational priorities.

We have had success in this area:

28 percent of all 2024 new hires in the U.S.

have been people of color, and 50 percent of 2024 new hires in the U.S.

have been women.

We are working proactively to attract more diverse talent and, during 2024, we continued our participation with Afrotech by sending ERG leaders to the 2024 conference.

In 2023, we relaunched our Restart Program, which is a paid returnship program to help jump-start the career of people who have been out of workforce for two or more years, hiring one restarter into the program in 2024.

Our hiring strategy is designed to ensure we avail ourselves of the best talent in the marketplace, allowing us to hire top employees and address the needs of a large and diverse customer base.

At Ziff Davis, we believe our intellectual capital is strengthened by the diverse knowledge and expertise our employees bring, which is why our approach to talent has always been rooted in fairness, equal opportunity, and belonging.

To support these objectives, we invest in a variety of recruitment and professional development programs that allow us to attract and retain the best talent, regardless of background or circumstances.

By fostering these inclusive pathways, we enable our thousands of employees worldwide to thrive and ensure our workforce remains a primary driver of our long-term success.

Employee Compensation & Benefits

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We care for our employees by providing benefits we believe are effective at attracting and retaining the talent critical for our success and, more importantly, assist in their day-to-day well-being.

Those benefits include comprehensive health insurance coverage, covering 83% of health insurance premiums for covered U.S.

employees for the past three years, an employee stock purchase program, a 401k program, flexible time off, free access to telemedicine, and up to 16 weeks of paid parental leave for birth parents.

In addition, we offer paid family, sick, military, jury duty, and bereavement leave, paid short- and long-term disability leave, family planning support, a program offering free access to meditation and healthy eating apps, and monthly webinars focused on wellness through the “ZD BeWell” program.

Those benefits include comprehensive health insurance coverage, covering approximately 80% of health insurance premiums for covered U.S.

employees, an employee stock purchase program, a 401k program, flexible time off, free access to telemedicine, free access to healthy eating apps, and up to 16 weeks of paid parental leave for birth parents.

In addition, we offer paid family, sick, military, jury duty, and bereavement leave, paid short-term and long-term disability leave, family planning support, a program offering free access to meditation and healthy eating apps, and monthly webinars focused on wellness through the “ZD Be Well” program.

We support our local communities by providing employees with 16 hours annually of fully paid Volunteer Time Off, partnering with Benevity and Visit.org to support volunteer event opportunities globally.

We also expanded our Employee Assistance Fund (“EAF”) with America’s Charities to help employees impacted by unexpected financial hardship resulting from natural and other disasters as well as personal hardship, supporting 99% of employees across 14 countries, with plans to add more countries in the future.

We also expanded our Employee Assistance Fund (“EAF”) with America’s Charities to help employees impacted by unexpected financial hardship resulting from natural and other disasters as well as personal hardship, supporting more than 99% of employees across 14 countries, with plans to add more countries in the future.

Creating a culture where all colleagues feel supported and valued is paramount to our corporate mission.

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Environmental, Social and Governance

In April 2024, we issued our third annual ESG Report, which can be found at www.ziffdavis.com/esg-environment.

In April 2025, we issued our fourth annual ESG Report, which can be found at www.ziffdavis.com/esg-environment.

Included in the report were the findings from our third-party verified greenhouse gas inventory, which calculates our Scope 1, 2, and 3 emissions.

The report highlighted the policies, programs and practices we have in place to tackle critical challenges and the tangible results we have already achieved across our business, within our industry, and in our communities.

Included in the report are details about several employee programs including our Global Mentorship Program, and Internal Mobility Program, among others.

Included in the

report are details about several employee programs including our Global Mentorship Program, and Internal Mobility Program, among others.

The ESG Report is not incorporated by reference and should not be considered part of this Annual Report on Form 10-K.

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Prior to 2014, an entity now known as J2 Cloud Services, LLC (founded in 1995) traded as JCOM.

On October 7, 2021 (the “Distribution Date”), the Company completed the separation (the “Separation”) of its cloud fax business into Consensus Cloud Solutions, Inc., an independent publicly traded company, and the Company transferred J2 Cloud Services, LLC to Consensus who in turn transferred non-fax assets and liabilities back to Ziff Davis, such that Consensus was left with the cloud fax business.

In connection with the Separation, we changed our name to Ziff Davis, Inc.

On October 7, 2021, the Company changed its name to Ziff Davis, Inc.

from J2 Global, Inc.

(for certain events prior to the Distribution Date, the Company may be referred to as J2 Global) and changed our stock ticker to ZD from JCOM.

The Separation was achieved through the Company’s distribution of 80.1% of the shares of Consensus common stock to holders of Company common stock as of the close of business on October 1, 2021, the record date for the distribution.

(for certain events prior to October 2021, the Company may be referred to as J2 Global) and changed our stock ticker to ZD.

Available Information

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business