What is Thryv's operating income?

Thryv's total operating income in 2025 was $56.71 million, based on the following breakdown: Total Gross Profit: $532.71 million Total Operating Expenses: $476.00 million

Thryv (THRY) Financials

$4.28 -0.01 (-0.23%)

Closing price 07/6/2026 04:00 PM Eastern

Extended Trading

$4.24 -0.04 (-0.93%)

As of 07:07 AM Eastern

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Annual Income Statements for Thryv

This table shows Thryv's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2014	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-371	52	36	149	102	54	-259	-74	0.31
Consolidated Net Income / (Loss)	-371	52	36	149	102	54	-259	-74	0.31
Net Income / (Loss) Continuing Operations	-371	52	36	149	102	54	-259	-74	0.31
Total Pre-Tax Income	-358	61	54	41	134	99	-261	-66	17
Total Operating Income	-4.00	162	206	152	190	99	-200	-33	57
Total Gross Profit	1,239	1,137	840	670	705	780	578	537	533
Total Revenue	1,815	1,784	1,421	1,109	1,113	1,202	917	824	785
Operating Revenue	1,815	1,784	1,421	1,109	1,113	1,202	917	824	785
Total Cost of Revenue	576	647	581	440	408	422	339	287	252
Operating Cost of Revenue	576	647	581	440	408	422	339	287	252
Total Operating Expenses	1,243	975	634	518	515	681	778	571	476
Selling, General & Admin Expense	164	239	197	178	154	216	209	217	211
Marketing Expense	436	469	432	315	358	362	288	254	226
Research & Development Expense	-	-	-	-	-	-	13	16	39
Impairment Charge	0.00	0.00	5.67	25	3.61	102	269	83	0.00
Total Other Income / (Expense), net	-354	-102	-152	-111	-56	-0.35	-61	-33	-40
Interest Expense	354	101	93	69	66	60	62	22	35
Other Income / (Expense), net	0.00	-0.52	-60	-42	11	60	1.20	-11	-4.91
Income Tax Expense	13	8.49	18	-108	33	45	-1.25	8.22	17
Basic Earnings per Share	($21.43)	$0.91	$0.87	$4.73	$3.02	$1.58	($7.47)	($2.00)	$0.01
Weighted Average Basic Shares Outstanding	17.63M	57.33M	40.85M	31.52M	33.61M	34.34M	34.72M	37.14M	43.62M
Diluted Earnings per Share	($21.43)	$0.88	$0.82	$4.42	$2.78	$1.49	($7.47)	($2.00)	$0.01
Weighted Average Diluted Shares Outstanding	17.63M	59.63M	43.47M	33.80M	36.50M	36.51M	34.72M	37.14M	44.48M
Weighted Average Basic & Diluted Shares Outstanding	17.30M	-	-	33.13M	34.16M	34.75M	35.56M	43.37M	44.17M

This table shows Thryv's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-27	-258	8.42	5.55	-96	7.88	-9.62	14	5.65	-9.66	4.54
Consolidated Net Income / (Loss)	-27	-258	8.42	5.55	-96	7.88	-9.62	14	5.65	-9.66	4.54
Net Income / (Loss) Continuing Operations	-27	-258	8.42	5.55	-96	7.88	-9.62	14	5.65	-9.66	4.54
Total Pre-Tax Income	-37	-250	14	12	-101	9.46	-12	22	11	-4.31	-1.46
Total Operating Income	-19	-242	31	31	-89	-7.20	-3.03	30	20	10	4.06
Total Gross Profit	104	160	154	149	112	123	119	147	136	130	109
Total Revenue	184	236	234	224	180	187	181	210	202	192	168
Operating Revenue	184	236	234	224	180	187	181	210	202	192	168
Total Cost of Revenue	80	76	80	75	68	64	62	64	65	61	58
Operating Cost of Revenue	80	76	80	75	68	64	62	64	65	61	58
Total Operating Expenses	123	402	123	117	201	130	122	117	116	120	105
Selling, General & Admin Expense	48	59	52	52	51	62	52	52	48	59	46
Marketing Expense	75	74	70	65	66	68	60	65	68	23	48
Research & Development Expense	-	-	-	-	-	-	10	-	-	-	11
Total Other Income / (Expense), net	-18	-7.49	-17	-19	-13	17	-9.45	-7.17	-8.57	-14	-5.52
Interest Expense	15	14	13	12	12	9.72	9.84	8.95	8.59	8.15	6.61
Other Income / (Expense), net	-2.78	6.33	-3.95	-7.00	-1.36	26	0.39	1.78	0.02	-6.33	1.09
Income Tax Expense	-10	7.92	5.40	6.62	-5.38	1.58	-2.87	8.44	5.82	5.35	-6.00
Basic Earnings per Share	($0.78)	($7.42)	$0.24	$0.15	($2.65)	$0.26	($0.22)	$0.32	$0.13	($0.22)	$0.10
Weighted Average Basic Shares Outstanding	34.85M	34.72M	35.19M	36.00M	36.31M	37.14M	43.41M	43.74M	43.75M	43.62M	44.21M
Diluted Earnings per Share	($0.78)	($7.37)	$0.22	$0.15	($2.65)	$0.28	($0.22)	$0.31	$0.13	($0.21)	$0.10
Weighted Average Diluted Shares Outstanding	34.85M	34.72M	37.99M	37.63M	36.31M	37.14M	43.41M	44.30M	44.46M	44.48M	45.25M
Weighted Average Basic & Diluted Shares Outstanding	35.17M	35.56M	35.83M	36.30M	42.04M	43.37M	43.74M	43.94M	43.58M	44.17M	44.35M

This table details how cash moves in and out of Thryv's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2014	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	15	32	-32	0.49	13	4.62	2.35	-2.77	-6.89
Net Cash From Operating Activities	388	347	271	233	171	149	148	90	64
Net Cash From Continuing Operating Activities	388	347	271	233	171	149	148	90	64
Net Income / (Loss) Continuing Operations	-371	52	36	149	102	54	-259	-74	0.31
Consolidated Net Income / (Loss)	-371	52	36	149	102	54	-259	-74	0.31
Depreciation Expense	643	267	206	147	105	88	63	53	39
Amortization Expense	-	1.58	1.12	1.07	17	18	20	22	18
Non-Cash Adjustments To Reconcile Net Income	63	111	146	138	20	86	324	113	50
Changes in Operating Assets and Liabilities, net	53	-85	-119	-202	-73	-98	0.04	-24	-45
Net Cash From Investing Activities	-5.00	-29	-25	-26	-197	-52	-43	-110	-33
Net Cash From Continuing Investing Activities	-5.00	-29	-25	-26	-197	-52	-43	-110	-33
Purchase of Property, Plant & Equipment	-18	-27	-26	-28	-27	-29	-33	-34	-32
Acquisitions	0.00	-1.25	-0.15	0.00	-175	-23	-8.90	-77	-0.14
Other Investing Activities, net	-	-	0.00	0.00	-1.19	0.00	-0.23	0.00	0.00
Net Cash From Financing Activities	-368	-286	-277	-206	39	-91	-103	19	-38
Net Cash From Continuing Financing Activities	-368	-286	-277	-206	39	-91	-103	19	-38
Repayment of Debt	-368	-1,970	-1,400	-1,330	-1,700	-1,067	-1,039	-740	-408
Repurchase of Common Equity	-	0.00	-438	-31	-	0.00	0.00	-0.50	-5.00
Issuance of Debt	-	2,205	1,561	1,144	1,725	976	920	673	376
Issuance of Common Equity	-	-	0.00	-	-	0.00	0.00	87	0.00
Other Financing Activities, net	-	-521	-0.79	11	14	0.06	16	0.00	-0.93
Other Net Changes in Cash	-	-	-	-	-	-0.83	0.13	-1.34	0.59
Cash Interest Paid	269	81	82	73	67	57	57	44	32
Cash Income Taxes Paid	4.00	44	38	25	64	58	9.31	15	5.20

This table details how cash moves in and out of Thryv's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-0.64	3.58	-4.12	4.59	-7.12	3.89	-5.31	-0.09	0.74	-2.24	-2.80
Net Cash From Operating Activities	46	45	5.44	22	36	26	-10	30	22	22	1.47
Net Cash From Continuing Operating Activities	46	45	5.44	22	36	26	-10	30	22	22	1.47
Net Income / (Loss) Continuing Operations	-27	-258	8.42	5.55	-96	7.88	-9.62	14	5.65	-9.66	4.54
Consolidated Net Income / (Loss)	-27	-258	8.42	5.55	-96	7.88	-9.62	14	5.65	-9.66	4.54
Depreciation Expense	16	16	15	14	13	12	12	10	9.62	8.14	9.17
Amortization Expense	6.63	5.99	6.16	5.72	5.52	4.90	4.33	4.26	4.29	4.99	2.09
Non-Cash Adjustments To Reconcile Net Income	13	276	12	14	94	-6.97	12	8.95	10	19	7.29
Changes in Operating Assets and Liabilities, net	38	4.11	-36	-18	20	8.68	-29	-7.78	-7.77	-0.17	-22
Net Cash From Investing Activities	-8.90	-10	-7.28	-8.95	-8.50	-86	-7.23	-7.77	-7.64	-9.90	-6.93
Net Cash From Continuing Investing Activities	-8.90	-10	-7.28	-8.95	-8.50	-86	-7.23	-7.77	-7.64	-9.90	-6.93
Purchase of Property, Plant & Equipment	-8.90	-10	-7.28	-8.95	-8.50	-8.81	-7.09	-7.77	-7.64	-9.90	-6.93
Other Investing Activities, net	0.00	-0.01	-	-	-	-	-0.14	-	-	0.14	0.00
Net Cash From Financing Activities	-37	-31	-1.56	-8.96	-35	65	12	-22	-14	-15	2.58
Net Cash From Continuing Financing Activities	-37	-31	-1.56	-8.96	-35	65	12	-22	-14	-15	2.58
Repayment of Debt	-267	-254	-207	-377	-52	-104	-97	-119	-105	-86	-88
Issuance of Debt	214	223	205	368	18	81	110	97	97	72	91
Other Financing Activities, net	-	-0.00	-	-	-	-	0.00	-	-	-0.21	-0.22
Effect of Exchange Rate Changes	-0.47	-	-0.72	-	-	-	0.12	-	-	-	0.08
Cash Interest Paid	14	13	12	12	11	8.72	8.26	8.22	7.67	7.43	6.86
Cash Income Taxes Paid	0.19	1.71	1.92	11	1.62	0.45	1.18	2.20	1.03	0.80	-5.59

This table presents Thryv's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2014	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	1,722	1,388	1,215	1,301	1,178	783	712	689
Total Current Assets	497	479	370	371	378	267	211	179
Cash & Equivalents	171	1.91	2.41	11	16	18	16	11
Accounts Receivable	151	370	297	279	285	206	162	136
Prepaid Expenses	14	28	13	22	25	18	14	11
Current Deferred & Refundable Income Taxes	0.00	37	9.23	15	12	3.09	6.22	8.13
Other Current Assets	161	41	48	43	41	22	13	13
Plant, Property, & Equipment, net	64	102	89	51	42	39	0.00	0.00
Total Noncurrent Assets	1,161	808	756	879	757	478	501	510
Goodwill	315	609	609	672	566	302	253	254
Intangible Assets	794	147	32	83	35	19	34	26
Noncurrent Deferred & Refundable Income Taxes	-	0.00	93	91	114	128	143	133
Other Noncurrent Operating Assets	7.00	51	22	34	43	28	70	97
Total Liabilities & Shareholders' Equity	1,722	1,388	1,215	1,301	1,178	783	712	689
Total Liabilities	2,844	1,361	1,018	986	796	630	515	470
Total Current Liabilities	404	257	207	307	300	263	196	180
Short-Term Debt	124	-	0.00	70	70	70	13	18
Accounts Payable	167	16	8.93	8.61	19	10	13	9.76
Accrued Expenses	-	140	140	132	127	106	95	91
Current Deferred & Payable Income Tax Liabilities	-	53	30	30	32	24	26	28
Other Current Liabilities	-	48	29	67	53	53	48	33
Total Noncurrent Liabilities	2,440	1,104	811	679	495	367	319	291
Long-Term Debt	2,272	714	528	492	400	279	271	236
Noncurrent Employee Benefit Liabilities	127	194	191	140	73	69	38	44
Other Noncurrent Operating Liabilities	0.00	141	91	35	23	19	9.76	11
Commitments & Contingencies	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-1,122	27	197	315	382	153	197	218
Total Preferred & Common Equity	-1,122	27	197	315	382	153	197	218
Total Common Equity	-1,122	27	197	315	382	153	197	218
Common Stock	1,554	1,009	1,060	1,085	1,106	1,152	1,273	1,304
Retained Earnings	-2,591	-544	-395	-293	-239	-498	-572	-572
Treasury Stock	-	-438	-469	-469	-469	-486	-489	-498
Accumulated Other Comprehensive Income / (Loss)	-85	-	0.00	-8.05	-16	-15	-15	-16

This table presents Thryv's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	1,290	1,172	1,101	1,040	787	785	655	704	688	702	694
Total Current Assets	387	389	309	275	275	261	231	203	189	194	201
Cash & Equivalents	14	15	15	15	14	16	12	11	11	12	7.95
Accounts Receivable	290	272	244	199	204	194	176	140	134	140	147
Prepaid Expenses	28	40	29	23	32	23	18	31	22	17	14
Current Deferred & Refundable Income Taxes	13	7.92	3.64	19	2.86	1.52	2.71	7.49	7.14	8.34	23
Other Current Assets	42	54	17	19	22	27	21	14	16	17	8.55
Plant, Property, & Equipment, net	42	38	39	38	38	38	37	42	42	48	50
Total Noncurrent Assets	861	746	753	728	474	487	387	459	457	460	443
Goodwill	665	565	570	568	300	301	219	254	254	254	254
Intangible Assets	45	33	31	24	12	6.64	3.45	32	30	28	24
Noncurrent Deferred & Refundable Income Taxes	127	116	123	114	131	152	140	147	142	136	120
Other Noncurrent Operating Assets	24	32	30	21	31	27	25	27	32	43	44
Total Liabilities & Shareholders' Equity	1,290	1,172	1,101	1,040	787	785	655	704	688	702	694
Total Liabilities	868	777	697	643	620	602	560	511	473	481	467
Total Current Liabilities	296	297	238	236	240	228	222	189	158	169	163
Short-Term Debt	70	70	70	70	53	53	53	26	8.75	8.75	26
Accounts Payable	18	8.98	7.34	8.14	20	8.66	6.95	5.89	3.93	6.07	11
Accrued Expenses	133	127	107	98	89	110	98	81	86	88	84
Current Deferred Revenue	-	-	-	-	-	-	-	-	-	-	37
Other Current Liabilities	43	58	31	37	54	32	38	50	32	39	3.34
Total Noncurrent Liabilities	572	480	459	407	380	374	338	321	315	311	305
Long-Term Debt	434	384	363	311	295	290	255	273	267	259	232
Noncurrent Employee Benefit Liabilities	112	73	74	76	71	72	74	39	39	40	44
Other Noncurrent Operating Liabilities	26	24	21	20	14	12	9.25	9.67	8.81	12	29
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	422	395	404	397	167	183	95	193	215	221	225
Total Preferred & Common Equity	422	395	404	397	167	183	95	193	215	221	225
Total Common Equity	422	395	404	397	167	183	95	193	215	221	225
Common Stock	1,100	1,113	1,122	1,144	1,160	1,171	1,178	1,283	1,291	1,297	1,309
Retained Earnings	-188	-230	-214	-241	-490	-484	-580	-582	-568	-562	-568
Treasury Stock	-469	-470	-486	-486	-488	-489	-489	-493	-493	-498	-500
Accumulated Other Comprehensive Income / (Loss)	-21	-18	-19	-21	-15	-15	-14	-15	-15	-15	-16

This table displays calculated financial ratios and metrics derived from Thryv's official financial filings.

Metric	2014	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2014	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	25.69%	0.00%	-20.34%	-21.95%	0.36%	7.99%	-23.74%	-10.12%	-4.75%
EBITDA Growth	619.51%	0.00%	-17.77%	-27.28%	25.47%	-17.74%	-143.36%	148.50%	251.34%
EBIT Growth	99.55%	0.00%	-9.46%	-25.08%	82.81%	-20.58%	-224.74%	90.33%	217.64%
NOPAT Growth	99.53%	0.00%	-2.22%	302.76%	-73.88%	-62.05%	-356.72%	83.35%	104.38%
Net Income Growth	54.70%	0.00%	-32.08%	320.29%	-31.93%	-46.50%	-577.10%	71.38%	100.41%
EPS Growth	60.96%	0.00%	-6.82%	439.02%	-37.10%	-46.40%	-601.34%	73.23%	100.50%
Operating Cash Flow Growth	7.78%	0.00%	-22.03%	-13.98%	-26.72%	-12.90%	-0.23%	-39.43%	-29.24%
Free Cash Flow Firm Growth	229.03%	0.00%	0.00%	194.01%	-99.90%	15,441.13%	151.89%	-102.29%	204.50%
Invested Capital Growth	-38.30%	0.00%	0.00%	-2.29%	19.81%	-3.45%	-42.18%	-3.81%	-0.88%
Revenue Q/Q Growth	0.22%	0.00%	0.00%	0.00%	-0.22%	2.99%	-4.50%	-5.67%	0.64%
EBITDA Q/Q Growth	245.41%	0.00%	0.00%	0.00%	4.81%	-14.59%	-217.16%	128.89%	-14.68%
EBIT Q/Q Growth	99.26%	0.00%	0.00%	0.00%	6.70%	-22.64%	-2,210.13%	92.99%	-22.86%
NOPAT Q/Q Growth	99.26%	0.00%	0.00%	0.00%	-58.06%	-57.43%	-711.56%	87.59%	-95.52%
Net Income Q/Q Growth	52.56%	0.00%	0.00%	0.00%	-50.76%	-50.54%	-396.74%	78.15%	-98.28%
EPS Q/Q Growth	56.88%	0.00%	0.00%	0.00%	-53.36%	-49.66%	-408.16%	79.27%	-98.00%
Operating Cash Flow Q/Q Growth	-6.51%	0.00%	0.00%	-9.44%	-5.09%	-3.05%	0.15%	-17.04%	-5.83%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	-31.50%	63.08%	-102.62%	107.83%
Invested Capital Q/Q Growth	-18.56%	0.00%	0.00%	0.00%	-4.47%	-8.26%	-36.70%	19.25%	-3.52%
Profitability Metrics	-	-	-	-	-	-	-	-	-
Gross Margin	68.26%	63.73%	59.10%	60.36%	63.35%	64.90%	63.06%	65.19%	67.86%
EBITDA Margin	35.21%	24.12%	24.90%	23.20%	29.00%	22.09%	-12.56%	6.78%	13.90%
Operating Margin	-0.22%	9.10%	14.50%	13.70%	17.07%	8.26%	-21.81%	-4.04%	7.22%
EBIT Margin	-0.22%	9.07%	10.31%	9.89%	18.03%	13.26%	-21.68%	-2.33%	6.60%
Profit (Net Income) Margin	-20.44%	2.93%	2.50%	13.45%	9.12%	4.52%	-28.28%	-9.01%	0.04%
Tax Burden Percent	103.63%	86.03%	66.28%	361.85%	75.63%	54.91%	99.52%	112.45%	1.80%
Interest Burden Percent	8,950.00%	37.54%	36.56%	37.57%	66.93%	62.10%	131.05%	343.26%	32.90%
Effective Tax Rate	0.00%	13.97%	33.72%	-261.85%	24.37%	45.09%	0.00%	0.00%	98.20%
Return on Invested Capital (ROIC)	-0.19%	0.00%	36.92%	75.22%	18.09%	6.41%	-21.22%	-4.92%	0.22%
ROIC Less NNEP Spread (ROIC-NNEP)	-15.63%	0.00%	8.55%	10.49%	10.27%	6.37%	-51.63%	-21.92%	-0.06%
Return on Net Nonoperating Assets (RNNOA)	40.85%	0.00%	223.56%	57.99%	21.63%	9.19%	-75.72%	-37.54%	-0.07%
Return on Equity (ROE)	40.66%	0.00%	260.48%	133.21%	39.72%	15.60%	-96.94%	-42.46%	0.15%
Cash Return on Invested Capital (CROIC)	47.18%	0.00%	-163.08%	77.54%	0.07%	9.92%	32.23%	-1.03%	1.10%
Operating Return on Assets (OROA)	-0.19%	0.00%	10.55%	8.43%	15.96%	12.86%	-20.28%	-2.57%	7.40%
Return on Assets (ROA)	-17.73%	0.00%	2.56%	11.46%	8.08%	4.39%	-26.44%	-9.93%	0.04%
Return on Common Equity (ROCE)	40.66%	0.00%	260.48%	133.21%	39.72%	15.60%	-96.94%	-42.46%	0.15%
Return on Equity Simple (ROE_SIMPLE)	33.07%	0.00%	130.24%	75.83%	32.28%	14.22%	-169.81%	-37.69%	0.00%
Net Operating Profit after Tax (NOPAT)	-2.80	140	137	550	144	55	-140	-23	1.02
NOPAT Margin	-0.15%	7.83%	9.61%	49.58%	12.91%	4.54%	-15.27%	-2.83%	0.13%
Net Nonoperating Expense Percent (NNEP)	15.44%	0.00%	28.37%	64.73%	7.82%	0.04%	30.41%	17.01%	0.28%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	6.40%	-27.91%	-4.84%	0.22%
Cost of Revenue to Revenue	31.74%	36.27%	40.90%	39.64%	36.65%	35.10%	36.94%	34.81%	32.14%
SG&A Expenses to Revenue	9.04%	13.37%	13.83%	16.01%	13.82%	18.00%	22.78%	26.37%	26.90%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.98%
Operating Expenses to Revenue	68.48%	54.63%	44.61%	46.66%	46.28%	56.64%	84.87%	69.23%	60.64%
Earnings before Interest and Taxes (EBIT)	-4.00	162	147	110	201	159	-199	-19	52
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	639	430	354	257	323	266	-115	56	109
Valuation Ratios	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	9.97	2.32	4.77	1.81	4.63	2.79	1.23
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.15	0.15	0.19	0.41	1.35	0.58	0.77	0.67	0.34
Price to Earnings (P/E)	0.00	5.20	7.66	3.06	14.78	12.76	0.00	0.00	876.50
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	19.23%	13.06%	32.71%	6.77%	7.84%	0.00%	0.00%	0.11%
Enterprise Value to Invested Capital (EV/IC)	2.22	0.00	1.33	1.36	2.37	1.37	2.15	1.76	1.11
Enterprise Value to Revenue (EV/Rev)	1.38	0.00	0.69	0.89	1.84	0.95	1.13	0.99	0.65
Enterprise Value to EBITDA (EV/EBITDA)	3.91	0.00	2.78	3.82	6.36	4.32	0.00	14.64	4.69
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	6.72	8.95	10.23	7.20	0.00	0.00	9.88
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	7.21	1.79	14.28	21.04	0.00	0.00	501.04
Enterprise Value to Operating Cash Flow (EV/OCF)	6.44	0.00	3.64	4.22	12.03	7.72	7.00	9.11	8.06
Enterprise Value to Free Cash Flow (EV/FCFF)	3.60	0.00	0.00	1.73	3,778.04	13.59	4.88	0.00	100.48
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	-2.14	0.00	26.21	2.69	1.79	1.23	2.28	1.44	1.16
Long-Term Debt to Equity	-2.03	0.00	26.21	2.69	1.56	1.05	1.83	1.38	1.08
Financial Leverage	-2.61	0.00	26.14	5.53	2.11	1.44	1.47	1.71	1.23
Leverage Ratio	-2.29	0.00	50.93	11.62	4.92	3.56	3.67	4.28	3.37
Compound Leverage Factor	-205.29	0.00	18.62	4.37	3.29	2.21	4.80	14.68	1.11
Debt to Total Capital	188.07%	0.00%	96.32%	72.87%	64.12%	55.14%	69.56%	59.08%	53.75%
Short-Term Debt to Total Capital	9.73%	0.00%	0.00%	0.00%	7.98%	8.22%	13.96%	2.73%	3.71%
Long-Term Debt to Total Capital	178.34%	0.00%	96.32%	72.87%	56.14%	46.92%	55.60%	56.35%	50.04%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-88.07%	0.00%	3.68%	27.13%	35.88%	44.86%	30.44%	40.92%	46.25%
Debt to EBITDA	3.75	0.00	2.02	2.05	1.74	1.77	-3.03	5.09	2.32
Net Debt to EBITDA	3.48	0.00	2.01	2.04	1.71	1.71	-2.87	4.80	2.22
Long-Term Debt to EBITDA	3.56	0.00	2.02	2.05	1.53	1.51	-2.42	4.85	2.16
Debt to NOPAT	-855.71	0.00	5.23	0.96	3.91	8.61	-2.49	-12.20	248.15
Net Debt to NOPAT	-794.64	0.00	5.22	0.96	3.84	8.32	-2.36	-11.50	237.62
Long-Term Debt to NOPAT	-811.43	0.00	5.23	0.96	3.43	7.33	-1.99	-11.64	231.02
Altman Z-Score	-0.94	0.00	1.13	1.19	2.02	1.79	0.12	0.61	0.57
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-
Current Ratio	1.23	0.00	1.86	1.78	1.21	1.26	1.01	1.07	1.00
Quick Ratio	0.80	0.00	1.44	1.44	0.95	1.00	0.85	0.91	0.82
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	694	0.00	-603	567	0.54	84	213	-4.87	5.09
Operating Cash Flow to CapEx	7,760.00%	1,266.09%	1,073.04%	888.07%	852.30%	508.24%	443.87%	267.71%	196.13%
Free Cash Flow to Firm to Interest Expense	1.96	0.00	-6.49	8.27	0.01	1.40	3.45	-0.10	0.15
Operating Cash Flow to Interest Expense	1.10	3.43	2.91	3.40	2.57	2.46	2.40	1.92	1.83
Operating Cash Flow Less CapEx to Interest Expense	1.08	3.16	2.64	3.01	2.27	1.98	1.86	1.20	0.90
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	0.87	0.00	1.02	0.85	0.89	0.97	0.94	1.10	1.12
Accounts Receivable Turnover	9.84	0.00	3.84	3.33	3.87	4.27	3.74	4.49	5.27
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	21.35	0.00	14.00	11.64	15.91	25.78	22.66	19.84	0.00
Accounts Payable Turnover	3.46	0.00	36.18	35.19	46.54	30.60	23.10	24.57	22.16
Days Sales Outstanding (DSO)	37.10	0.00	94.93	109.60	94.35	85.57	97.56	81.30	69.28
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	105.51	0.00	10.09	10.37	7.84	11.93	15.80	14.86	16.47
Cash Conversion Cycle (CCC)	-68.40	0.00	84.85	99.23	86.51	73.64	81.77	66.44	52.81
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	1,123	0.00	740	723	866	836	483	465	461
Invested Capital Turnover	1.23	0.00	3.84	1.52	1.40	1.41	1.39	1.74	1.70
Increase / (Decrease) in Invested Capital	-697	0.00	740	-17	143	-30	-353	-18	-4.07
Enterprise Value (EV)	2,497	0.00	984	982	2,052	1,147	1,037	818	512
Market Capitalization	272	272	272	456	1,501	694	707	550	269
Book Value per Share	($63.65)	$0.00	$1.55	$6.34	$9.27	$11.09	$4.34	$4.68	$5.01
Tangible Book Value per Share	($126.55)	$0.00	($41.54)	($14.32)	($12.95)	($6.34)	($4.79)	($2.16)	($1.41)
Total Capital	1,274	0.00	742	725	877	852	502	481	472
Total Debt	2,396	0.00	714	528	562	470	349	284	253
Total Long-Term Debt	2,272	0.00	714	528	492	400	279	271	236
Net Debt	2,225	0.00	712	526	551	454	331	268	243
Capital Expenditures (CapEx)	5.00	27	25	26	20	29	33	34	32
Debt-free, Cash-free Net Working Capital (DFCFNWC)	46	0.00	219	160	122	132	55	11	6.01
Debt-free Net Working Capital (DFNWC)	217	0.00	221	162	134	148	74	28	17
Net Working Capital (NWC)	93	0.00	221	162	64	78	3.68	14	-0.74
Net Nonoperating Expense (NNE)	368	87	101	401	42	0.19	119	51	0.71
Net Nonoperating Obligations (NNO)	2,245	0.00	712	526	551	454	331	268	243
Total Depreciation and Amortization (D&A)	643	269	207	148	122	106	84	75	57
Debt-free, Cash-free Net Working Capital to Revenue	2.53%	0.00%	15.42%	14.41%	10.98%	10.96%	6.05%	1.37%	0.77%
Debt-free Net Working Capital to Revenue	11.96%	0.00%	15.56%	14.63%	11.99%	12.29%	8.04%	3.35%	2.14%
Net Working Capital to Revenue	5.12%	0.00%	15.56%	14.63%	5.70%	6.47%	0.40%	1.75%	-0.09%
Earnings Adjustments	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($21.43)	$0.00	$0.00	$4.73	$3.02	$1.58	($7.47)	($2.00)	$0.01
Adjusted Weighted Average Basic Shares Outstanding	17.63M	0.00	0.00	31.52M	33.61M	34.34M	34.72M	37.14M	43.62M
Adjusted Diluted Earnings per Share	($21.43)	$0.00	$0.00	$4.42	$2.78	$1.49	($7.47)	($2.00)	$0.01
Adjusted Weighted Average Diluted Shares Outstanding	17.63M	0.00	0.00	33.80M	36.50M	36.51M	34.72M	37.14M	44.48M
Adjusted Basic & Diluted Earnings per Share	($21.43)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	17.30M	0.00	0.00	33.13M	34.16M	34.75M	35.56M	43.37M	44.17M
Normalized Net Operating Profit after Tax (NOPAT)	-2.80	140	140	124	146	111	48	35	40
Normalized NOPAT Margin	-0.15%	7.83%	9.87%	11.16%	13.15%	9.20%	5.25%	4.23%	5.06%
Pre Tax Income Margin	-19.72%	3.41%	3.77%	3.72%	12.06%	8.23%	-28.41%	-8.01%	2.17%
Debt Service Ratios	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.01	1.60	1.58	1.60	3.02	2.64	-3.22	-0.41	1.49
NOPAT to Interest Expense	-0.01	1.38	1.47	8.03	2.17	0.90	-2.27	-0.50	0.03
EBIT Less CapEx to Interest Expense	-0.03	1.33	1.31	1.22	2.72	2.15	-3.76	-1.13	0.56
NOPAT Less CapEx to Interest Expense	-0.02	1.11	1.20	7.64	1.86	0.42	-2.81	-1.22	-0.90
Payout Ratios	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	1,233.56%	20.52%	0.00%	0.00%	0.00%	-0.67%	1,628.34%

This table displays calculated financial ratios and metrics derived from Thryv's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	43,371,149.00	43,738,225.00	43,936,290.00	-	44,165,023.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	43,371,149.00	43,738,225.00	43,936,290.00	-	44,165,023.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-0.22	0.32	0.13	-	0.10
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-34.50%	-15.47%	-4.86%	-10.87%	-2.16%	-20.99%	-22.37%	-6.08%	12.07%	2.69%	-7.55%
EBITDA Growth	-99.49%	-1,779,241.67%	-3.79%	-8.46%	-22,778.23%	116.74%	-72.43%	3.72%	147.24%	55.21%	24.23%
EBIT Growth	-164.99%	-755.53%	-10.29%	-15.61%	-305.90%	108.14%	-109.72%	28.67%	122.30%	168.23%	294.78%
NOPAT Growth	-164.16%	-262.69%	-8.60%	-63.45%	-357.06%	96.46%	-111.19%	28.74%	115.93%	218.56%	233.75%
Net Income Growth	-303.66%	-410.54%	-9.56%	-65.28%	-255.21%	103.06%	-214.17%	151.10%	105.89%	-222.54%	147.22%
EPS Growth	-310.81%	-437.96%	-12.00%	-65.12%	-239.74%	103.80%	-200.00%	106.67%	104.91%	-175.00%	145.45%
Operating Cash Flow Growth	-2.97%	0.51%	-83.17%	-12.60%	-21.63%	-41.35%	-292.74%	33.00%	-38.17%	-15.06%	114.05%
Free Cash Flow Firm Growth	723.79%	1,187.15%	284.04%	112.97%	132.54%	-93.21%	-95.20%	-85.21%	-125.00%	-10.03%	-63.05%
Invested Capital Growth	-16.20%	-42.18%	-39.97%	-38.04%	-48.95%	-3.81%	-3.80%	-5.88%	22.53%	-0.88%	-0.71%
Revenue Q/Q Growth	-26.89%	28.47%	-1.08%	-4.08%	-19.74%	3.75%	-2.80%	16.04%	-4.24%	-4.93%	-12.49%
EBITDA Q/Q Growth	-99.34%	-67,449.21%	122.43%	-7.85%	-262.89%	149.70%	20.84%	268.10%	-25.80%	-50.07%	-3.28%
EBIT Q/Q Growth	-176.82%	-964.27%	111.53%	-10.45%	-469.47%	121.33%	53.01%	1,018.45%	-35.96%	-80.87%	34.15%
NOPAT Q/Q Growth	-134.70%	-1,149.51%	111.20%	-24.69%	-533.83%	90.32%	64.61%	966.31%	-46.32%	-27.97%	-60.07%
Net Income Q/Q Growth	-269.27%	-852.23%	103.27%	-34.14%	-1,831.63%	108.21%	-222.01%	244.84%	-59.41%	-270.85%	147.02%
EPS Q/Q Growth	-281.40%	-844.87%	102.99%	-31.82%	-1,866.67%	110.57%	-178.57%	240.91%	-58.06%	-261.54%	147.62%
Operating Cash Flow Q/Q Growth	80.58%	-2.91%	-87.80%	308.64%	61.91%	-27.34%	-140.09%	382.00%	-24.73%	-0.18%	-93.37%
Free Cash Flow Firm Q/Q Growth	-12.72%	36.61%	92.23%	-7.08%	-4.70%	-96.01%	35.84%	186.44%	-261.10%	114.35%	-44.21%
Invested Capital Q/Q Growth	-7.15%	-36.70%	3.49%	1.88%	-23.50%	19.25%	3.50%	-0.33%	-0.41%	-3.52%	3.68%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	56.38%	67.63%	65.76%	66.31%	62.26%	65.93%	65.77%	69.66%	67.71%	68.02%	65.16%
EBITDA Margin	0.17%	-90.40%	20.50%	19.69%	-39.97%	19.15%	7.28%	21.75%	16.85%	8.85%	9.78%
Operating Margin	-10.54%	-102.53%	13.33%	13.98%	-49.25%	-3.86%	-1.67%	14.04%	9.94%	5.30%	2.42%
EBIT Margin	-12.05%	-99.85%	11.63%	10.86%	-50.00%	10.28%	-1.46%	14.88%	9.95%	2.00%	3.07%
Profit (Net Income) Margin	-14.71%	-109.05%	3.61%	2.48%	-53.42%	4.22%	-5.30%	6.62%	2.81%	-5.04%	2.71%
Tax Burden Percent	72.53%	103.17%	60.95%	45.60%	94.70%	83.32%	77.05%	62.28%	49.29%	224.03%	-310.88%
Interest Burden Percent	168.29%	105.86%	50.85%	49.98%	112.80%	49.32%	472.48%	71.42%	57.19%	-112.41%	-28.39%
Effective Tax Rate	0.00%	0.00%	39.05%	54.40%	0.00%	16.68%	0.00%	37.72%	50.71%	0.00%	0.00%
Return on Invested Capital (ROIC)	-8.46%	-99.75%	11.02%	8.40%	-52.22%	-5.59%	-1.84%	13.40%	8.81%	6.30%	2.72%
ROIC Less NNEP Spread (ROIC-NNEP)	-11.61%	-122.20%	8.29%	6.06%	-62.51%	-0.95%	-4.25%	11.89%	7.28%	-0.27%	3.35%
Return on Net Nonoperating Assets (RNNOA)	-12.13%	-179.19%	11.38%	7.68%	-84.17%	-1.63%	-7.34%	17.67%	12.73%	-0.33%	4.33%
Return on Equity (ROE)	-20.59%	-278.95%	22.40%	16.08%	-136.39%	-7.22%	-9.18%	31.07%	21.55%	5.96%	7.06%
Cash Return on Invested Capital (CROIC)	15.57%	32.23%	29.00%	26.06%	32.26%	-1.03%	-5.75%	-3.74%	-14.99%	1.10%	7.57%
Operating Return on Assets (OROA)	-9.93%	-93.37%	10.75%	10.11%	-51.55%	11.33%	-1.51%	15.32%	11.44%	2.24%	3.39%
Return on Assets (ROA)	-12.12%	-101.98%	3.33%	2.30%	-55.07%	4.66%	-5.49%	6.81%	3.23%	-5.65%	2.99%
Return on Common Equity (ROCE)	-20.59%	-278.95%	22.40%	16.08%	-136.39%	-7.22%	-9.18%	31.07%	21.55%	5.96%	7.06%
Return on Equity Simple (ROE_SIMPLE)	-13.15%	0.00%	-155.74%	-147.83%	-359.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-14	-169	19	14	-62	-6.00	-2.12	18	9.88	7.11	2.84
NOPAT Margin	-7.38%	-71.77%	8.12%	6.38%	-34.47%	-3.22%	-1.17%	8.74%	4.90%	3.71%	1.69%
Net Nonoperating Expense Percent (NNEP)	3.15%	22.45%	2.74%	2.35%	10.29%	-4.64%	2.41%	1.51%	1.53%	6.57%	-0.63%
Return On Investment Capital (ROIC_SIMPLE)	-	-33.79%	-	-	-	-1.25%	-0.43%	3.75%	2.02%	1.51%	0.59%
Cost of Revenue to Revenue	43.62%	32.37%	34.24%	33.69%	37.74%	34.07%	34.23%	30.34%	32.29%	31.98%	34.84%
SG&A Expenses to Revenue	26.26%	25.08%	22.44%	23.13%	28.34%	33.26%	28.82%	24.88%	23.82%	30.56%	27.32%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.63%	0.00%	0.00%	0.00%	6.82%
Operating Expenses to Revenue	66.92%	170.15%	52.44%	52.32%	111.51%	69.79%	67.44%	55.63%	57.76%	62.71%	62.74%
Earnings before Interest and Taxes (EBIT)	-22	-236	27	24	-90	19	-2.64	31	20	3.84	5.15
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	0.32	-213	48	44	-72	36	13	46	34	17	16
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.65	4.63	5.05	3.66	6.62	2.79	2.88	2.51	2.43	1.23	0.55
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.68	0.77	0.93	0.76	0.72	0.67	0.72	0.71	0.69	0.34	0.16
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	30.04	876.50	8.57
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.33%	0.11%	11.67%
Enterprise Value to Invested Capital (EV/IC)	1.34	2.15	2.35	1.96	2.36	1.76	1.75	1.68	1.66	1.11	0.78
Enterprise Value to Revenue (EV/Rev)	1.06	1.13	1.30	1.14	1.05	0.99	1.09	1.06	1.02	0.65	0.49
Enterprise Value to EBITDA (EV/EBITDA)	10.38	0.00	0.00	0.00	0.00	14.64	0.00	36.44	6.20	4.69	3.33
Enterprise Value to EBIT (EV/EBIT)	108.33	0.00	0.00	0.00	0.00	0.00	0.00	0.00	11.81	9.88	6.29
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	34.79	501.04	11.39
Enterprise Value to Operating Cash Flow (EV/OCF)	6.90	7.00	9.70	8.44	8.51	9.11	11.43	9.90	11.75	8.06	4.96
Enterprise Value to Free Cash Flow (EV/FCFF)	7.83	4.88	6.09	5.74	4.95	0.00	0.00	0.00	0.00	100.48	10.32
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.96	2.28	2.08	1.87	3.26	1.44	1.55	1.28	1.21	1.16	1.15
Long-Term Debt to Equity	0.78	1.83	1.77	1.58	2.70	1.38	1.41	1.24	1.17	1.08	1.03
Financial Leverage	1.05	1.47	1.37	1.27	1.35	1.71	1.72	1.49	1.75	1.23	1.29
Leverage Ratio	2.85	3.67	3.49	3.21	3.45	4.28	4.14	3.70	4.30	3.37	3.34
Compound Leverage Factor	4.79	3.88	1.77	1.61	3.89	2.11	19.55	2.64	2.46	-3.79	-0.95
Debt to Total Capital	48.98%	69.56%	67.54%	65.14%	76.50%	59.08%	60.74%	56.19%	54.81%	53.75%	53.43%
Short-Term Debt to Total Capital	8.99%	13.96%	10.20%	10.00%	13.05%	2.73%	5.33%	1.78%	1.79%	3.71%	5.42%
Long-Term Debt to Total Capital	39.99%	55.60%	57.34%	55.14%	63.46%	56.35%	55.41%	54.41%	53.03%	50.04%	48.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	51.02%	30.44%	32.46%	34.86%	23.50%	40.92%	39.26%	43.81%	45.19%	46.25%	46.57%
Debt to EBITDA	3.88	-3.03	-2.97	-2.82	-1.59	5.09	-82.41	12.50	2.10	2.32	2.30
Net Debt to EBITDA	3.73	-2.87	-2.85	-2.70	-1.53	4.80	-79.38	12.01	2.01	2.22	2.23
Long-Term Debt to EBITDA	3.17	-2.42	-2.52	-2.39	-1.32	4.85	-75.18	12.10	2.03	2.16	2.07
Debt to NOPAT	-22.10	-2.49	-2.49	-2.46	-1.64	-12.20	-6.33	-5.68	11.77	248.15	7.86
Net Debt to NOPAT	-21.25	-2.36	-2.38	-2.34	-1.57	-11.50	-6.10	-5.46	11.26	237.62	7.62
Long-Term Debt to NOPAT	-18.04	-1.99	-2.11	-2.08	-1.36	-11.64	-5.78	-5.50	11.38	231.02	7.06
Altman Z-Score	1.18	-0.04	1.26	1.07	0.33	0.79	0.60	0.83	0.79	0.34	0.22
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.16	1.01	1.15	1.14	1.04	1.07	1.07	1.20	1.15	1.00	1.23
Quick Ratio	0.91	0.85	0.91	0.92	0.85	0.91	0.80	0.92	0.89	0.82	0.95
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	134	183	352	327	312	12	17	48	-78	11	6.24
Operating Cash Flow to CapEx	515.63%	425.61%	74.72%	248.24%	423.29%	296.84%	-147.93%	380.39%	291.33%	224.34%	21.27%
Free Cash Flow to Firm to Interest Expense	8.86	13.26	26.36	26.87	27.08	1.28	1.72	5.40	-9.08	1.37	0.94
Operating Cash Flow to Interest Expense	3.03	3.23	0.41	1.83	3.12	2.69	-1.07	3.30	2.59	2.73	0.22
Operating Cash Flow Less CapEx to Interest Expense	2.45	2.47	-0.14	1.09	2.39	1.78	-1.79	2.43	1.70	1.51	-0.83
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.82	0.94	0.92	0.93	1.03	1.10	1.04	1.03	1.15	1.12	1.10
Accounts Receivable Turnover	3.93	3.74	3.80	4.01	4.66	4.49	4.49	4.63	4.93	5.27	5.38
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	23.98	22.66	23.83	22.98	23.27	19.84	19.34	19.04	18.42	0.00	16.75
Accounts Payable Turnover	27.54	23.10	22.84	39.01	39.75	24.57	20.99	40.90	39.12	22.16	29.69
Days Sales Outstanding (DSO)	92.93	97.56	95.99	90.99	78.37	81.30	81.33	78.79	73.99	69.28	67.90
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	13.25	15.80	15.98	9.36	9.18	14.86	17.39	8.93	9.33	16.47	12.29
Cash Conversion Cycle (CCC)	79.68	81.77	80.01	81.64	69.19	66.44	63.94	69.87	64.66	52.81	55.61
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	764	483	500	510	390	465	481	480	478	461	478
Invested Capital Turnover	1.15	1.39	1.36	1.32	1.51	1.74	1.57	1.53	1.80	1.70	1.61
Increase / (Decrease) in Invested Capital	-148	-353	-333	-313	-374	-18	-19	-30	88	-4.07	-3.40
Enterprise Value (EV)	1,021	1,037	1,178	997	921	818	844	803	793	512	375
Market Capitalization	654	707	844	671	626	550	556	539	536	269	124
Book Value per Share	$11.48	$4.34	$4.75	$5.11	$2.60	$4.68	$4.46	$4.91	$5.03	$5.01	$5.10
Tangible Book Value per Share	($5.63)	($4.79)	($4.10)	($3.48)	($3.52)	($2.16)	($2.13)	($1.57)	($1.38)	($1.41)	($1.20)
Total Capital	778	502	515	525	402	481	492	490	489	472	484
Total Debt	381	349	348	342	308	284	299	276	268	253	259
Total Long-Term Debt	311	279	295	290	255	271	273	267	259	236	232
Net Debt	367	331	333	327	295	268	288	265	257	243	251
Capital Expenditures (CapEx)	8.90	10	7.28	8.95	8.50	8.81	7.09	7.77	7.64	9.90	6.93
Debt-free, Cash-free Net Working Capital (DFCFNWC)	94	55	73	69	49	11	29	29	22	6.01	56
Debt-free Net Working Capital (DFNWC)	109	74	88	85	61	28	40	40	33	17	64
Net Working Capital (NWC)	39	3.68	35	33	8.99	14	13	31	25	-0.74	37
Net Nonoperating Expense (NNE)	13	88	11	8.74	34	-14	7.49	4.47	4.22	17	-1.70
Net Nonoperating Obligations (NNO)	367	331	333	327	295	268	288	265	257	243	252
Total Depreciation and Amortization (D&A)	22	22	21	20	18	17	16	14	14	13	11
Debt-free, Cash-free Net Working Capital to Revenue	9.79%	6.05%	8.11%	7.92%	5.61%	1.37%	3.70%	3.84%	2.79%	0.77%	7.23%
Debt-free Net Working Capital to Revenue	11.32%	8.04%	9.70%	9.69%	7.04%	3.35%	5.12%	5.26%	4.27%	2.14%	8.26%
Net Working Capital to Revenue	4.03%	0.40%	3.90%	3.70%	1.03%	1.75%	1.72%	4.11%	3.15%	-0.09%	4.86%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.78)	($7.42)	$0.24	$0.15	($2.65)	$0.26	($0.22)	$0.32	$0.13	($0.22)	$0.10
Adjusted Weighted Average Basic Shares Outstanding	34.85M	34.72M	35.19M	36.00M	36.31M	37.14M	43.41M	43.74M	43.75M	43.62M	44.21M
Adjusted Diluted Earnings per Share	($0.78)	($7.37)	$0.22	$0.15	($2.65)	$0.28	($0.22)	$0.31	$0.13	($0.21)	$0.10
Adjusted Weighted Average Diluted Shares Outstanding	34.85M	34.72M	37.99M	37.63M	36.31M	37.14M	43.41M	44.30M	44.46M	44.48M	45.25M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	35.17M	35.56M	35.83M	36.30M	42.04M	43.37M	43.74M	43.94M	43.58M	44.17M	44.35M
Normalized Net Operating Profit after Tax (NOPAT)	-14	-169	19	22	-3.83	-6.00	-2.12	18	14	7.11	2.84
Normalized NOPAT Margin	-7.38%	-71.77%	8.12%	9.79%	-2.13%	-3.22%	-1.17%	8.74%	6.96%	3.71%	1.69%
Pre Tax Income Margin	-20.28%	-105.70%	5.92%	5.43%	-56.41%	5.07%	-6.88%	10.63%	5.69%	-2.25%	-0.87%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-1.46	-17.07	2.03	2.00	-7.81	1.97	-0.27	3.50	2.34	0.47	0.78
NOPAT to Interest Expense	-0.90	-12.27	1.42	1.17	-5.38	-0.62	-0.22	2.06	1.15	0.87	0.43
EBIT Less CapEx to Interest Expense	-2.05	-17.82	1.49	1.26	-8.55	1.07	-0.99	2.63	1.45	-0.74	-0.27
NOPAT Less CapEx to Interest Expense	-1.48	-13.02	0.88	0.44	-6.12	-1.52	-0.94	1.19	0.26	-0.34	-0.62
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	-0.67%	0.00%	0.00%	28.01%	1,628.34%	0.00%

Financials Breakdown Chart

Key Financial Trends

Thryv’s first quarter of 2026 showed a clear improvement in profitability versus the prior quarter, but the business still carries heavy leverage and weak operating cash generation. Revenue declined seasonally from Q4 2025 and was also slightly below Q1 2025, but operating income turned positive again and net income improved meaningfully from a loss in the prior quarter. The balance sheet remains highly debt-heavy, and accounts receivable are large relative to cash, which keeps liquidity and cash conversion in focus.

Profitability improved sharply quarter over quarter. Q1 2026 net income was $4.5 million versus a $9.7 million loss in Q4 2025, and operating income rose to $4.1 million from $10.2 million in Q4, which indicates a rebound in core operating performance.
Gross margin remained solid. Q1 2026 gross profit was $109.3 million on $167.7 million of revenue, showing the company still converts a good portion of revenue into gross profit before overhead.
Operating cash flow stayed positive. Thryv generated $1.5 million of operating cash flow in Q1 2026, after $22.2 million in Q4 2025, so the business continues to produce cash from operations despite the earnings volatility.
Revenue was relatively stable year over year. Q1 2026 revenue of $167.7 million was down only modestly from $181.4 million in Q1 2025, suggesting the top line is holding up better than earlier in the cycle.
Debt repayment remained active. The company repaid $88.0 million of debt in Q1 2026 while issuing $90.8 million, showing ongoing balance sheet management rather than outright deleveraging.
Capital spending was modest. Thryv spent $6.9 million on property and equipment in Q1 2026, which suggests investment needs are not especially heavy in the near term.
Shares outstanding were fairly steady. Diluted weighted average shares rose only slightly to 45.2 million from 44.5 million in Q4 2025, so dilution was not the main driver of results this quarter.
Operating cash generation was weak relative to earnings. Despite positive net income, operating cash flow was only $1.5 million because working capital used $21.6 million of cash, highlighting uneven cash conversion.
Liquidity is thin. Cash and equivalents were only $8.0 million at quarter-end versus $163.3 million of current liabilities, so the company relies heavily on ongoing cash flow and financing access.
Leverage remains a major concern. Total debt stood at about $258.6 million in Q1 2026, with total liabilities of $466.5 million against only $225.4 million of equity, leaving the balance sheet highly leveraged.

Longer-term trend: Thryv has made meaningful progress from the deep losses seen in 2023 and early 2024, when operating income and net income were often negative. Revenue has also trended lower over the last several quarters, though not in a straight line, which suggests the company is still working through growth and customer retention pressures while trying to improve profitability.

Bottom line: Thryv’s Q1 2026 results point to a business that is stabilizing operationally, but the investment case still hinges on improving cash conversion and reducing debt. For retail investors, the biggest watch items are revenue trend, operating margin consistency, and whether operating cash flow can cover interest and debt service without additional financing.

07/07/26 07:29 AM ETAI Generated. May Contain Errors.

Thryv Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Thryv's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Thryv's net income appears to be on a downward trend, with a most recent value of $307 thousand in 2025, falling from -$371 million in 2014. The previous period was -$74.22 million in 2024. Find out what analysts predict for Thryv in the coming months.

Thryv's total operating income in 2025 was $56.71 million, based on the following breakdown:

Total Gross Profit: $532.71 million
Total Operating Expenses: $476.00 million

Over the last 8 years, Thryv's total revenue changed from $1.82 billion in 2014 to $785.02 million in 2025, a change of -56.7%.

Thryv's total liabilities were at $470.45 million at the end of 2025, a 8.7% decrease from 2024, and a 83.5% decrease since 2014.

In the past 7 years, Thryv's cash and equivalents has ranged from $1.91 million in 2019 to $171 million in 2014, and is currently $10.75 million as of their latest financial filing in 2025.

Over the last 8 years, Thryv's book value per share changed from -63.65 in 2014 to 5.01 in 2025, a change of -107.9%.

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Financial statements for NASDAQ:THRY last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Thryv (THRY) Financials

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Thryv (THRY) Financials

Annual Income Statements for Thryv

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Quarterly Cash Flow Statements for Thryv

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Quarterly Balance Sheets for Thryv

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Quarterly Metrics And Ratios for Thryv

Financials Breakdown Chart

Key Financial Trends

Thryv Financials - Frequently Asked Questions

When does Thryv's financial year end?

How has Thryv's net income changed over the last 8 years?

What is Thryv's operating income?

How has Thryv's revenue changed over the last 8 years?

How much debt does Thryv have?

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How has Thryv's book value per share changed over the last 8 years?

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