Genius Sports Posts Record 2025, Reaffirms 2026 Outlook, Moves to Buy Legend

Overview

• Genius Sports reported 2025 revenue of $669.5 million, up 31% year over year, with record adjusted EBITDA of $136.2 million for a 20% margin.
• The company signed a definitive agreement to acquire Legend, targeting roughly $1.1 billion in pro forma 2026 revenue and $320–$330 million in adjusted EBITDA, with closing expected in Q2 2026.
• Management reaffirmed standalone 2026 guidance of $810–$820 million in revenue and $180–$190 million in adjusted EBITDA.
• Reporting will shift in 2026 to two product groups—Betting and Media—alongside a gross-to-net change for certain media contracts that is expected to improve reported margins.
• Genius recorded a 2025 net loss of $111.6 million, with free cash flow pressured by about $30 million in nonrecurring legal and litigation expenses.