Key Stats (all QOQ)
Revenue up 4% but missed expectations by 2.8%
EBITDA up 23%, beat expectations by 17.7%
Lead volume up 9%
Acquired Pros up 17%
Monthly Active Pros up 1%
Revenue Per Lead down 5%
Cash down 23%
Share repurchase up 276%
Five Observations
1. Angi’s Large Pro Revenue Grew 20%
Angi calls this “Large Pro and National Partnership” revenue. Think Enterprise and franchise accounts. Large Pro is someone with an annual spend over $50,000 per year.
“National Partnerships are broader commercial relationships between Angi and franchisors, trade associations or other Pro networks through which their franchisees, members or affiliated Pros participate on Angi’s platform.”
Key Takeaway: Their leads are working well for larger companies and franchises with sales/marketing teams and robust follow-up strategies. Presumably more of their churn is coming from the SMB category.
2. Angi acquired 27K pros last quarter
Up from 23K in Q1. In 2025, they averaged 20-25K per quarter. In 2024 that number ranged between 27-40K. While signing 9,000 deals a month is impressive, it’s actually well below previous levels.
Key Takeaway: While they’re still onboarding a lot of new pros, growth has slowed over the last two years.
3. Avg Monthly Pros is down sharply
Average monthly pros was 157K in Q1 24 and has dropped steadily since, resting at 106K this quarter. That’s a 32% drop in clients over the last 9 quarters.
Churn was up to 6% from 5% in the prior quarter. Active users were actually up 1,000 QOQ, but that implies that they also churned 26,000 pros in Q2. That number has toggled between 4.5-6.8% over the last 8 quarters
How Angi defines active pros (from the 10-Q)
Average Monthly Active Pros – the average number of Pros per month that (i) received Leads, (ii) were presented on a Service Request where they agreed to receive a Lead if selected, (iii) requested to be connected to a consumer on a Service Request, or (iv) accepted an offer to complete a pre-priced Service Request.
Key Takeaway: Churn is relatively flat, but Angi has gotten much smaller over the last two years
4. Angi reduced the mix of third-party leads
In their filings, Angi differentiates revenue, requests, and leads between Proprietary and Network. In 2023, 28% of their leads were network and in Q2 that number was only 8%. I’ve heard rumblings in the past of them shrinking their publisher network.
From their Q1 filing:
“U.S. Revenue decreased 5%, due primarily to a 56% decrease in Network Revenue, reflecting the continued shift in consumer traffic following the homeowner choice transition implemented in January 2025, partially offset by a 7% increase in Proprietary Revenue driven by increased advertising investment in paid Proprietary marketing channels.”
Given the timing it’s likely that the push for more direct traffic was related to the FCCs 1:1 consent rule that was vacated shortly before taking effect in January of 2025. It’s also possible that Angi sees higher quality and lower contractor churn with more internal media, but that’s purely speculative.
5. Angi took a Goodwill Impairment this quarter.
The total was $235MM. Goodwill is the intangible asset made up of brand reputation, customer relationships, and IP. I don’t see any previous impairment taken from 2023 to today, so this is a new development.
Goodwill must be tested for impairment annually.
Mathematically, what Angi is saying is that their reputational value just went down 25%.
Key Takeaway: Angi is signaling that its brand value has decreased
Finally, I thought it would be illustrative to include a visual of their stock price over the last 5 years.
