{"id":1016,"slug":"angi-fy2025-10k-and-q1-2026-network-revenue-collapse","title":"Angi Inc. financials: FY2025 revenue $1,030.5M (down ~13% YoY for 2nd straight year); Q1 2026 Network Revenue collapsed 56% YoY on \"homeowner choice\" implementation","kind":"reference","scope":"business","status":"current","audiences":["kevin","candid-team"],"topics":["gc-vertical","lead-gen-directories","homestars"],"reference_body":"**Claim — FY2025:** Angi Inc. **FY2025 total revenue $1,030.5M, down ~13% YoY** for a second consecutive year of double-digit contraction.\n\n**Source:** Angi FY2025 10-K via TradingView (filed February 2026).\n**Confidence:** Verified.\n\n## Full multi-year trajectory\n\n| Period | Total revenue | YoY change |\n|---|---|---|\n| FY2022 | $1,891.5M | +12% |\n| FY2023 | $1,427M (GAAP) | **−24.5% GAAP / −16% pro-forma** |\n| FY2024 | $1,184M | **−13%** |\n| FY2025 | **$1,030.5M** | **−13%** |\n\nThe **−23%** headline in the brief title refers to the cumulative two-year corporate contraction from FY2023 peak through FY2025. The **−12.8%** maps to the FY2024 contraction.\n\nFor the FY2022–2024 detail and earlier coverage, see the existing entry [[angi-sec-revenue-decline-2022-2024]] — this entry extends that trend through FY2025.\n\n## Q1 2026 — the Network Revenue collapse\n\nQ1 2026 marked another inflection:\n\n- **Total revenue down 3% YoY**\n- **Network Revenue (U.S. third-party-channel business) collapsed 56% YoY** due to *\"homeowner choice\"* implementation in January 2025\n- **Operating loss of $(9.5)M** reflecting a **$14.9M restructuring charge** tied to the global workforce reduction\n\n**Source:** Angi Q1 2026 8-K, May 5, 2026.\n**Confidence:** Verified.\n\n## Why this matters\n\nCombined with the **350-person layoff** ([[angi-8k-workforce-reduction-jan-2026]]) and the **HomeStars-specific Canadian restructuring** ([[homestars-canadian-restructuring-sept-2024]]), Angi is now in a multi-year contraction visible in primary SEC filings. **For a Candid client considering a multi-year HomeStars subscription as their primary channel, the platform's own corporate trajectory is the first relevant fact.** See [[directories-rent-the-customer-relationship]] for the broader rent-vs-own thesis this evidence supports.","rationale_body":null,"metadata":null,"links":{"outgoing":[{"slug":"angi-sec-revenue-decline-2022-2024","title":"Angi (NASDAQ: ANGI) revenue: $1.76B (2022, +9%), $1.36B (2023, -23.0%), $1.19B (2024, -12.8%) per SEC filings","kind":"reference","scope":"business","link_type":"relates-to"},{"slug":"angi-8k-workforce-reduction-jan-2026","title":"Angi Form 8-K, Jan 7 2026: ~350 employee workforce reduction (12.5% of ~2,800), $70M–$80M expected annual savings","kind":"reference","scope":"business","link_type":"relates-to"}],"incoming":[{"slug":"research-brief-homestars-platform-critique","title":"Research brief: HomeStars / Angi — the case against directory dependence, with the owned-trust-signal alternative for Ontario contractors (May 24, 2026)","kind":"reference","scope":"business","link_type":"relates-to"},{"slug":"homestars-canadian-restructuring-sept-2024","title":"HomeStars Canadian restructuring Sept 10, 2024: \"significant portion\" of workforce laid off; FY2025 10-K confirms transition to \"more profitable self-serve platform\"","kind":"reference","scope":"business","link_type":"relates-to"},{"slug":"homestars-corporate-history-2006-iac-2017-angi-spinoff-2025","title":"HomeStars corporate history: founded 2006 Toronto by Nancy Peterson; acquired by HomeAdvisor (IAC) Feb 2017; Peterson stepped down July 2020; Angi Inc. spun off from IAC March 31, 2025","kind":"reference","scope":"business","link_type":"relates-to"},{"slug":"homestars-traffic-decline-similarweb-sept-2025","title":"HomeStars.com traffic Sept 2025 (SimilarWeb): ~416,700 monthly visits, 46.21% bounce rate, 14.36% MoM decline; global rank dropped from #100,344 → #108,159 over prior 3 months — vs. own marketing claim of \"over half a million homeowners monthly\"","kind":"reference","scope":"business","link_type":"relates-to"},{"slug":"homestars-when-it-genuinely-works-and-bridge-strategy","title":"HomeStars edge cases — when it genuinely works (newer contractors, narrow-trade specialists, rural markets); the 6–12 month bridge strategy; survivorship-bias disclosure","kind":"reference","scope":"business","link_type":"relates-to"}]},"created_at":"2026-05-24T17:04:39.665Z","updated_at":"2026-05-24T17:04:39.665Z"}