Comscore (SCOR) Q3 2025: Cross-Platform Revenue Jumps 20% as Local TV Momentum Accelerates
Comscore’s Q3 results spotlighted a sharp 20% surge in cross-platform revenue, underpinned by persistent double-digit local TV growth and rapid adoption of its new content measurement offering. Despite a notable revenue headwind from a single retail media client’s strategy shift, the company’s core transformation and product innovation are yielding tangible market traction. With a pending recapitalization poised to eliminate costly preferred dividends, Comscore is positioning for enhanced investment and competitive agility entering 2026.
Summary
- Cross-Platform Expansion: Broad adoption of new measurement products is offsetting isolated client churn.
- Local TV Outperformance: Double-digit growth in local TV continues to differentiate Comscore against legacy rivals.
- Capital Structure Reset: Expected recapitalization will unlock financial flexibility for product investment in 2026.
Performance Analysis
Comscore’s Q3 saw total revenue essentially flat year-over-year, with content and ad measurement remaining the primary engine. Cross-platform revenue surged 20% year-over-year, propelled by higher adoption of Proximic, an audience targeting solution, and Comscore Campaign Ratings (CCR), a cross-platform ad measurement tool. The company’s new Comscore Content Measurement (CCM) product, launched earlier this year, is accelerating client wins and long-term contracts.
However, syndicated audience revenue declined 2.8% due to softness in national TV and digital, only partially offset by robust local TV. The movies business posted modest growth, while research and insight solutions benefited from a new AI measurement offering, though renewal headwinds and timing issues muted upside. Adjusted EBITDA fell 11% as higher incentive compensation and ongoing product investments weighed on margins, which landed at 12.4%.
- Local TV Strength: Double-digit local TV growth, driven by renewals and new business, continues to offset national TV weakness.
- Cross-Platform Resilience: Excluding a single retail media client loss, cross-platform would have grown 35% year-over-year, signaling healthy underlying demand.
- Cost Discipline vs. Investment: Operating expenses rose mainly due to incentive accruals and stepped-up investment in tech stack and product enhancements.
Management revised full-year revenue guidance to flat, citing the retail media client’s shift as a short-term headwind, but reaffirmed adjusted EBITDA margin targets, reflecting confidence in cost control and recurring revenue streams.
Executive Commentary
"We delivered another strong print in local with double-digit growth that continues to highlight our product strength in measuring audiences, at a hyper-local level across platforms... Our cross-platform business was up 35% in the quarter [excluding one client shift] and demonstrates that clients across the media industry are turning to us for our suite of cross-platform audience planning, and measurement capabilities."
John Carpenter, Chief Executive Officer
"While we remain disciplined in our cost execution, our core operating expenses increased in the third quarter, primarily driven by higher employee incentive compensation accruals this year, which are based on expected full-year performance. We also continue to transform how we operate and invest in new products and capabilities, which have an impact on our financial results."
Mary Margaret, Chief Financial Officer
Strategic Positioning
1. Cross-Platform Measurement Leadership
Comscore’s core strategy is to unify audience measurement across CTV (Connected TV), social, traditional TV, and digital. The rapid adoption of CCM, which provides deduplicated, episode-level audience data, is a direct response to industry demand for unified, transparent metrics. This positions Comscore to compete as the de facto bridge between fragmented media channels, addressing a persistent pain point for advertisers and content owners.
2. Local TV as a Differentiator
Local TV remains a standout growth driver, consistently posting double-digit gains as Comscore capitalizes on legacy competitors’ pullbacks and industry shifts. The company’s ability to deliver granular, stable local measurement is increasingly valued as other providers reduce coverage for non-subscribing stations, opening further share opportunities.
3. Recapitalization and Shareholder Alignment
The pending recapitalization will eliminate $18 million in annual preferred dividends and a $47 million special dividend obligation, while reducing board size and aligning common and preferred shareholders. This move frees up capital for product investment and signals a shift toward a more unified, growth-focused equity structure.
4. Product Innovation and Pipeline Health
Comscore’s product roadmap is gaining traction, with long-term CCM contracts and a healthy pipeline for advanced measurement solutions. The company’s AI measurement launch and ongoing tech stack upgrades are designed to accelerate data delivery and interoperability, supporting future cross-platform growth.
Key Considerations
Comscore’s Q3 reveals a business at an inflection point, balancing near-term revenue headwinds with strong product-led momentum in key growth vectors. The company’s ability to execute on its cross-platform vision and capitalize on local TV share gains will determine its competitive standing as the media measurement landscape evolves.
Key Considerations:
- Retail Media Client Churn: The loss of a major retail media client is a short-term setback but does not reflect product weakness, per management commentary.
- Recurring Revenue Stability: Long-term contracts in CCM and local TV provide visibility and reduce reliance on volatile project-based income.
- Margin Management: Expense discipline is evident, but higher incentive compensation and continued investment are pressuring short-term EBITDA margins.
- Competitive Shifts: A major competitor’s exit from non-subscriber local TV measurement could accelerate Comscore’s local TV adoption and share gains.
- Capital Allocation Flexibility: The recapitalization plan, if approved, will free up significant resources for product and tech investment in 2026.
Risks
Comscore faces execution risk as it seeks to replace lost retail media revenue with new cross-platform wins, and continued declines in national TV and syndicated digital could pressure top-line growth if not offset. Competitive responses from entrenched measurement incumbents and evolving advertiser needs may test the durability of recent product gains. The pending recapitalization, while positive, is still subject to shareholder approval and could introduce uncertainty if delayed.
Forward Outlook
For Q4, Comscore guided to:
- Continued double-digit growth in cross-platform and local TV, tempered by lingering retail media client impact
- Ongoing investment in product and technology, with margin discipline maintained
For full-year 2025, management revised guidance:
- Revenue expected to be flat year-over-year (previously guided to growth)
- Adjusted EBITDA margin maintained at 12 to 15%
Management highlighted several factors that will shape 2026:
- Accelerating adoption of CCM and cross-platform solutions is expected to drive incremental growth
- Recapitalization, if approved, will enable greater financial flexibility for strategic investments
Takeaways
Comscore’s Q3 underscores the company’s pivot from legacy measurement to a unified, cross-platform future.
- Product-Led Growth: Cross-platform and local TV solutions are gaining traction, with CCM long-term deals expanding the recurring revenue base.
- Short-Term Revenue Pressure: The retail media client loss is a near-term drag, but underlying demand remains strong and diversified.
- Capital Structure Reset: Recapitalization could catalyze investment and realign incentives, positioning Comscore for a more aggressive growth stance in 2026.
Conclusion
Comscore’s Q3 results reflect a company in transition, balancing isolated revenue setbacks with strong momentum in cross-platform and local TV measurement. The pending recapitalization and continued investment in product innovation set the stage for a more agile and competitive Comscore heading into 2026.
Industry Read-Through
Comscore’s results highlight a growing industry demand for unified, cross-platform measurement solutions as advertisers and content owners seek deduplicated, transparent audience insights across channels. The rapid adoption of CCM and local TV share gains suggest that legacy providers’ pullbacks are creating openings for agile, data-rich competitors. For the broader media measurement sector, the shift toward granular, program-level analytics and privacy-forward data solutions will likely accelerate, with capital structure flexibility and product innovation emerging as key competitive levers in the next cycle.