Genius Sports posted full-year 2025 revenue of $669.5 million, up 31% year-on-year, with adjusted EBITDA rising 59% to $136.2 million as the sports data and technology group reported record earnings ahead of its pending acquisition of Legend.
Full-Year Revenue by Segment
Betting Technology, Content and Services remained the largest revenue contributor, generating $471.5 million for the full year, up 33% from $354.9 million in 2024. The company attributed the increase to price increases on contract renewals and renegotiations, expansion of value-added services, and new customer acquisitions.
Media Technology, Content and Services grew 37% to $144.5 million, from $105.3 million the prior year. Growth was concentrated in the Americas, driven by programmatic advertising services and new partnerships with brands and agencies including PMG and Publicis Sports.
Sports Technology and Services contributed $53.5 million, up 5% from $50.7 million, with growth linked to sales of products built on the company’s GeniusIQ platform.
Adjusted EBITDA margin expanded 360 basis points to 20.4%, from 16.8% in 2024. The group finished 2025 with cash and cash equivalents of $280.6 million, up from $110.2 million at the end of 2024, boosted by a $144 million equity raise during the year. Comparable B2B data provider Evolution reported a contrasting picture over the same period, with revenue flat and EBITDA down 9% as European regulatory pressure weighed on live casino volumes.
Q4 2025 Performance
Fourth-quarter revenue reached $240.5 million, up 37% from $175.5 million in Q4 2024. Betting Technology grew 31% to $167.5 million. Media Technology nearly doubled, rising 96% to $58.2 million, driven by programmatic advertising growth in the Americas. Sports Technology and Services generated $14.9 million, down 15.4% year-on-year.
Q4 adjusted EBITDA was $48.3 million, up 49% from $32.4 million, with margin expanding 170 basis points to 20.1%.
Net Loss and Non-Recurring Items
The full-year net loss widened to $111.6 million, from $63.0 million in 2024. The company identified two primary drivers: a non-recurring increase in stock-based compensation related to warrants issued to the NFL under its extended licence agreement, and one-time equity awards to management and employees. Litigation and related costs also rose, reaching $36.8 million for the full year versus $7.6 million in 2024.
Stripping out those items, the adjusted EBITDA trajectory reflects the underlying operating improvement. Stock-based compensation totalled $160.5 million for the full year, up from $55.7 million in 2024.
“2025 was a year of accelerated Group Revenue growth and record Group Adj. EBITDA for Genius Sports. Our Betting business continues to outpace the broader industry, while our Media business is reaching a clear inflection point, with accelerating momentum and growing demand from the world’s largest brands and agencies.” — Mark Locke, Co-Founder and CEO, Genius Sports
2026 Guidance and Legend Acquisition
On a standalone basis, Genius Sports guided for 2026 revenue of approximately $810-820 million and adjusted EBITDA of $180-190 million, implying year-on-year growth of around 22% and 36% at the midpoint respectively.
The company entered into a definitive agreement to acquire Legend after the reporting period closed. On a 2026 annualised pro forma basis, the combined entity is expected to generate approximately $1.1 billion in revenue and $320-330 million in adjusted EBITDA, with 50% free cash flow conversion. The transaction is expected to close in Q2 2026. The European gambling market, which reached €123.4 billion in gross gaming revenue in 2024, represents a significant part of the growth opportunity Genius and Legend are targeting together.
Q4 2025 business highlights included a global partnership with Publicis Sports and the launch of FANHub, as well as powering an EA Sports Madden NFL alternate broadcast on Peacock. Post-quarter, Genius announced partnerships with WPP Media, Magnite and NBC Sports Regional Networks, alongside the BetVision for Tennis launch with Infront.
Source: Genius Sports
