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EEX

Emerald Holding, Inc.

EEX

Emerald Holding, Inc. • NYSE
$3.66 ▲ 3.39% (+0.12)
Market Cap $724.41 M
52w High $5.45
52w Low $3.21
Dividend Yield 0.06%
P/E 91.5
Volume 11.40K
Outstanding Shares 197.93M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $77.5M ▼ $51.3M ▲ $-14.4M ▼ -18.581% ▼ $-0.073 ▼ $1.5M ▼
Q2-2025 $105.5M ▼ $50.1M ▲ $-1.4M ▼ -1.327% ▼ $-0.007 ▼ $19.1M ▼
Q1-2025 $147.7M ▲ $42.2M ▲ $15.3M ▲ 10.359% ▲ $0.076 ▲ $44.5M ▲
Q4-2024 $106.8M ▲ $33.1M ▼ $5.1M ▲ 4.775% ▲ $0.025 ▲ $29.8M ▲
Q3-2024 $72.6M $39.6M $-11.1M -15.289% $-0.054 $4.6M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $95.4M ▼ $1.217B ▲ $847.8M ▲ $369.5M ▼
Q2-2025 $156.4M ▼ $1.202B ▲ $812.7M ▲ $389.4M ▼
Q1-2025 $276.8M ▲ $1.183B ▲ $790.9M ▲ $392.1M ▲
Q4-2024 $194.8M ▲ $1.049B ▼ $662.8M ▼ $385.9M ▼
Q3-2024 $188.9M $1.06B $668.7M $391.1M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-14.4M ▼ $1.8M ▼ $-53M ▲ $-8.1M ▲ $-61M ▲ $1.5M ▼
Q2-2025 $-1.4M ▼ $15.5M ▲ $-126.7M ▼ $-9.8M ▼ $-120.4M ▼ $15.4M ▲
Q1-2025 $15.3M ▲ $10.9M ▼ $-21.4M ▼ $92.5M ▲ $82M ▲ $10.7M ▼
Q4-2024 $5.1M ▲ $20.6M ▲ $-2.2M ▲ $-12.5M ▼ $5.9M ▲ $19.9M ▲
Q3-2024 $-11.1M $9.1M $-5.9M $-7.5M $-4.3M $9M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Commerce Segment
Commerce Segment
 $10.00M ▲$0 ▼$10.00M ▲$10.00M ▲
Connections
Connections
 $170.00M ▲$140.00M ▼$100.00M ▼$70.00M ▼
Content
Content
 $0 ▲$0 ▲$0 ▲$0 ▲
Other Operating Segment
Other Operating Segment
 $0 ▲$10.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been climbing steadily over the past five years as in‑person trade shows recovered from the pandemic shock and the company added more digital and commerce offerings. Profitability has improved materially: the business moved from deep losses in 2020–2021 to positive operating profits and roughly break‑even net income more recently. Margins have also strengthened, with gross profit holding up well as scale returns to events and higher‑margin digital services grow. That said, earnings have been volatile, with a standout profit year followed by smaller losses and then break‑even, suggesting one‑off items and the still-evolving mix between events, digital platforms, and acquisitions. Overall, the income statement shows a business that has largely repaired its profitability but is not yet consistently stable at the bottom line.

Balance Sheet

Balance Sheet The balance sheet looks more stable today than it did a few years ago. Total assets have been fairly steady, indicating a business that is not over‑expanding but is maintaining its event and technology footprint. Cash levels are solid relative to the size of the company, though they have eased a bit from earlier highs. Debt remains meaningful but has been edging down, which reduces financial risk. Equity went through a difficult period and was negative around the pandemic years, reflecting heavy losses and write‑downs, but has since been rebuilt back into positive territory. In simple terms, the company has moved from a stressed balance sheet to a more balanced one, though leverage is still something to watch if conditions weaken.

Cash Flow

Cash Flow Cash generation has improved greatly since the pandemic, moving from negative operating cash flow to consistent positive cash inflow in recent years. Free cash flow follows the same pattern and has been positive as well, showing that the business can cover its modest investment needs and still produce surplus cash. Capital spending is relatively light, which fits a model focused on events, software platforms, and acquisitions rather than heavy physical assets. The main caveat is that cash flow has come down from a particularly strong year, so the trend is positive over the full five‑year period but not strictly upward every single year.

Competitive Edge

Competitive Edge Emerald operates in a niche where scale, relationships, and reputation matter a lot. Its portfolio of “must‑attend” B2B trade shows in specific industries gives it strong recurring engagement with both exhibitors and attendees. These events create network effects: the more brands and buyers participate, the more valuable the events become, which makes it harder for rivals to lure them away. On top of that, Emerald is building a broader ecosystem that includes content, data, and e‑commerce. Platforms like Elastic Suite and Digital Market extend the value of an event from a few days to an ongoing, year‑round relationship. This hybrid of live events plus digital tools differentiates the company from more traditional event organizers that rely mainly on physical shows, and it supports a defensible competitive position as long as customers continue to see value in the integrated offering.

Innovation and R&D

Innovation and R&D Innovation at Emerald is less about classic laboratory R&D and more about digital product development, acquisitions, and data. The company has invested in B2B e‑commerce technology through Elastic Suite, which helps brands and retailers manage wholesale buying digitally. Its Digital Market platform aims to standardize and simplify year‑round product discovery and ordering tied directly into its events. Emerald is also using the data generated across its event and content portfolio to sell analytics and insights, creating an additional revenue stream and deepening client relationships. Leadership moves, such as appointing a Chief Digital Officer and exploring AI‑powered tools to personalize event experiences, signal a deliberate push to be more technology‑driven. The risk is execution: integrating multiple platforms and acquisitions and getting broad customer adoption is complex, but the direction is clearly toward a more software‑ and data‑centric model.

Summary

Emerald Holding has transitioned from a pandemic‑hit, loss‑making events company to a more balanced, hybrid business that combines physical trade shows with digital commerce and data solutions. Revenues and operating profits have recovered well, cash flow is now consistently positive, and the balance sheet is far healthier than it was in the worst years. Strategically, the company’s edge lies in its established event brands, strong industry relationships, and the network effects that come from bringing many buyers and sellers together. Its push into digital platforms, e‑commerce, and analytics is designed to turn episodic events into continuous customer engagement and more diversified revenue. Key uncertainties include the stability of earnings, the pace and success of digital platform adoption, and ongoing management of leverage. Overall, the story is one of recovery and transformation: moving from a traditional trade show operator to a more integrated “connections, content, and commerce” provider, with execution on the digital strategy likely to be the main driver of future performance.

NEWS

October 31, 2025 · 6:25 AM UTC

Emerald Reports Third Quarter 2025 Financial Results

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October 30, 2025 · 6:00 AM UTC

First Close of Emerald Global Water Fund II Reaches EUR 60 Million

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October 27, 2025 · 9:15 AM UTC

The Boston Beer Company Launches Emerald Hour Gummies in Canada

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October 22, 2025 · 6:00 PM UTC

Emerald Announces Date for Third Quarter 2025 Financial Results

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October 6, 2025 · 9:00 AM UTC

Emerald Advisers and F/m Investments Launch F/m Emerald Special Situations ETF (SPIT)

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