NIQ (NIQ) Q3 2026 earnings review
Quarter ended September 30, 2026
For information only, not investment advice. No rating or price target.
NIQ (NIQ) Q3 2026 earnings review
Q3 adjusted EPS was $0.30, and full-year 2026 adjusted EPS guidance rose to $1.16–$1.20.
NIQ Global Intelligence · Q3 2026 · Published Nov 12, 2026 · By DeepCell AI · Sources
1 · NIQ (NIQ) Q3 2026 earnings review
Q3 adjusted EPS was $0.30, and full-year 2026 adjusted EPS guidance rose to $1.16–$1.20
- 1.Revenue rose 6.3% to $1,119.1M, and OCC revenue growth was 5.8%
- 2.Adjusted EPS of $0.30 compared with the $0.23 Yahoo Finance consensus
- 3.Diluted GAAP EPS was $0.12, the first positive GAAP EPS since the July 2025 IPO
- 4.Adjusted EBITDA rose 17.8% to $263.6M, and net leverage fell to 2.9x
- 5.Shares were down 6.0% in pre-market trading at $19.80 (7:04 AM EST), versus the Nov 11 close
Note: OCC is organic constant currency. Growth rates in the title and bullets are as stated by the company. The pre-market change is a DeepCell calculation against the Nov 11 close of $21.06; pre-market prices are not closing prices.Source: NIQ Form 8-K Exhibit 99.1, Nov 12, 2026; Yahoo Finance, Nov 12, 2026; CNBC, Nov 12, 2026 pre-market
2 · Executive summary
Q3 revenue of $1,119.1M and adjusted EPS of $0.30 were both above the Yahoo Finance consensus
Q3 2026 results vs. Yahoo Finance consensus (Nov 12, 2026)
| Metric | Actual | Consensus | Variance | Result |
|---|---|---|---|---|
| Q3 revenue | $1,119.1M | $1.11B | +$9.1M / +0.8% | Beat |
| Q3 adjusted EPS ($) | $0.30 | $0.23 | +$0.07 / +30.4% | Beat |
Share price, Nov 11 close to Nov 12 pre-market
| NIQ Global Intelligence (NYSE) | Nov 11 close | Nov 12 pre-market, 7:04 AM EST | Change ($) | Change (%) |
|---|---|---|---|---|
| NIQ | $21.06 | $19.80 | -$1.26 | -6.0% |
Both prices are from CNBC. The Nov 12 figure is a pre-market quote, not a close. CNBC does not state a reason for the move.
Note: Yahoo Finance shows revenue consensus rounded to $1.11 billion (11 analysts), so the revenue variance is approximate. The Yahoo EPS estimate (13 analysts) is compared with adjusted EPS, because its year-ago EPS of $0.03 matches official Q3 2025 adjusted EPS. Variances are DeepCell calculations.Source: NIQ Form 8-K Exhibit 99.1, Nov 12, 2026; Yahoo Finance, Nov 12, 2026; CNBC, Nov 12, 2026 pre-market
3 · Q3 results vs. consensus
Full-year 2026 adjusted EPS guidance rose to $1.16–$1.20, from $1.08–$1.12
Full-year 2026 guidance, Aug 10, 2026 vs Nov 12, 2026
| Metric | Aug 10, 2026 | Nov 12, 2026 |
|---|---|---|
| Revenue, as reported | $4,496M–$4,510M | $4,513M–$4,520M |
| OCC revenue growth | 5.2%–5.6% | 5.5%–5.7% |
| Adjusted EBITDA | $1,057M–$1,076M | $1,065M–$1,073M |
| Adjusted EBITDA margin | 23.5%–23.9% | 23.6%–23.8% |
| Adjusted EPS ($) | $1.08–$1.12 | $1.16–$1.20 |
| Levered free cash flow | $245M–$255M | $249M–$257M |
Note: OCC is organic constant currency. Aug 10 ranges are from the Q2 2026 release. Yahoo Finance full-year 2026 EPS consensus was $1.09 (14 analysts) on Nov 12, 2026.Source: NIQ Form 8-K Exhibit 99.1, Nov 12, 2026; NIQ Q2 2026 release, prior guidance; Yahoo Finance, Nov 12, 2026
4 · Raised full-year guidance
Revenue rose 6.3% to $1,119.1M, and net income attributable to NIQ was $35.8M
- Revenue beat the top of guidanceRevenue of $1,119.1M was above the prior Q3 guidance high of $1,108M.
- Operating income turned positiveOperating income was $106.4M, compared with a loss of ($34.7M) a year earlier.
- Adjusted EBITDA margin widenedAdjusted EBITDA margin was 23.6%, up 230 bps from 21.3%.
Q3 key financials
| $M unless noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Revenue | $1,052.6M | $1,119.1M | 6.3% |
| Operating income (loss) | ($34.7M) | $106.4M | n.m. |
| Net income attributable to NIQ | ($198.6M) | $35.8M | n.m. |
| Adjusted EBITDA | $223.7M | $263.6M | 17.8% |
| Diluted EPS ($) | ($0.70) | $0.12 | n.m. |
| Adjusted EPS ($) | $0.03 | $0.30 | n.m. |
Note: Revenue and Adjusted EBITDA growth rates are as stated. n.m. means not meaningful, as in the release.Source: NIQ Form 8-K Exhibit 99.1, Nov 12, 2026; analysis of company data
5 · Q3 key financials
Americas revenue rose 13.8%, while EMEA revenue rose 1.4%
Revenue by region
Q3 2026, $M
| Region | Revenue | Revenue YoY | Adjusted EBITDA | EBITDA margin |
|---|---|---|---|---|
| Americas | $463.0M | 13.8% | $145.4M | 31.4% |
| EMEA | $491.2M | 1.4% | $165.3M | 33.7% |
| APAC | $164.9M | 2.4% | $34.0M | 20.6% |
| Total | $1,119.1M | 6.3% | $263.6M | 23.6% |
Americas OCC growth was 11.5%. EMEA was hit by volatility in the Middle East.
“Q3 was a milestone quarter — we exceeded the top end of our guidance across all key metrics for the sixth consecutive quarter, delivered positive GAAP earnings per share for the first time since our IPO, and reached our net leverage milestone a quarter ahead of plan.” Jim Peck, Executive Chairman and CEO
“Q3 was a milestone quarter — we exceeded the top end of our guidance across all key metrics for the sixth consecutive quarter, delivered positive GAAP earnings per share for the first time since our IPO, and reached our net leverage milestone a quarter ahead of plan.” Jim Peck, Executive Chairman and CEO
Note: OCC is organic constant currency; EMEA is Europe, Middle East and Africa; APAC is Asia-Pacific. Segment figures are Adjusted EBITDA and Adjusted EBITDA margin. The total row includes corporate costs of $81.1 million. Growth rates are as reported.Source: NIQ Form 8-K Exhibit 99.1, Nov 12, 2026; analysis of company data
6 · Segment results
Intelligence revenue rose 6.1% and Activation revenue rose 7.2%
Note: Intelligence is NIQ’s measurement and analytics subscription business; Activation covers analytics and innovation services. Growth rates are as reported.Source: NIQ Form 8-K Exhibit 99.1, Nov 12, 2026; analysis of company data
7 · Revenue by solution
Adjusted EBITDA rose 17.8% to $263.6M, and the margin was 23.6%
Note: Adjusted EBITDA adds back interest, tax, depreciation and amortization, restructuring and transformation costs, FX, nonoperating items and share-based compensation, as reconciled in the release.Source: NIQ Form 8-K Exhibit 99.1, Nov 12, 2026; analysis of company data
8 · Adjusted EBITDA
Adjusted EBITDA margin widened 230 bps to 23.6%, and every region’s margin rose
Note: EMEA is Europe, Middle East and Africa; APAC is Asia-Pacific. Regional margin is segment Adjusted EBITDA divided by segment revenue; the release reports the same rates rounded to one decimal.Source: NIQ Form 8-K Exhibit 99.1, Nov 12, 2026; analysis of company data
9 · Margin analysis
Q3 free cash flow was $181.2M, down from $224.4M, and net leverage fell to 2.9x
- Capex roseCash paid for capital expenditures was $73.2M, up from $47.8M.
- Nine-month cash flow improvedFree cash flow for the nine months was $132.1M, compared with ($55.1M) a year earlier.
- Buyback authorizedThe board authorized a share repurchase program of up to $150M.
Cash flow
| $M | Q3 2025 | Q3 2026 |
|---|---|---|
| Operating cash flow | $272.2M | $254.4M |
| Cash paid for capital expenditures | $47.8M | $73.2M |
| Free cash flow | $224.4M | $181.2M |
| Cash paid for interest | $72.4M | $56.8M |
| Unlevered free cash flow | $296.8M | $238.0M |
Note: The company attributes the lower Q3 free cash flow to the timing of vendor payments that helped Q3 2025 and higher capex. Net leverage is term loans less cash, divided by Adjusted EBITDA, as defined by the company.Source: NIQ Form 8-K Exhibit 99.1, Nov 12, 2026; analysis of company data
10 · Cash flow and leverage
Cash was $572.6M at Sep 30, 2026, and total available liquidity was $1,320.1M
- Revolver capacityAvailable revolver capacity was $747.5M.
- Debt was little changedLong-term debt was $3,441.0M, down from $3,502.6M at Dec 31, 2025.
- Leverage target reached earlyNet leverage was 2.9x, down from 3.1x at Jun 30, 2026 and 4.6x at the IPO.
Balance sheet
| $M | Dec 31, 2025 | Sep 30, 2026 |
|---|---|---|
| Cash and cash equivalents | $518.8M | $572.6M |
| Total debt | $3,610.1M | $3,548.5M |
| Deferred revenues | $262.0M | $318.7M |
| Total shareholders’ equity | $1,225.6M | $1,207.6M |
Note: Total debt is short-term and current debt plus long-term debt from the balance sheet (DeepCell calculation).Source: NIQ Form 8-K Exhibit 99.1, Nov 12, 2026; analysis of company data
11 · Balance sheet and liquidity
EMEA demand, the Q4 step-up and cash conversion are the main watch items
Indicator
What to watch
Implication
Latest reading
EMEA growth
EMEA OCC growth was 2.9%, and Activation revenue in EMEA fell 4.7%
Further Middle East volatility would weigh on ad hoc projects
EMEA revenue $491.2M
Q4 guidance
Q4 Adjusted EBITDA guidance is $315M–$323M, a margin of 26.3%–26.7%
The full-year range depends on a strong fourth quarter
Free cash flow
Q3 free cash flow fell, and capex rose
The $249M–$257M full-year range implies $303M in the second half
Q3 free cash flow $181.2M
OCC is organic constant currency; EMEA is Europe, Middle East and Africa. Source: NIQ Form 8-K Exhibit 99.1, Nov 12, 2026; analysis of company data
12 · Key risks to guidance
Appendix: income statement items
| Claim | Evidence | Calculation |
|---|---|---|
| Revenue | $1,052.6M to $1,119.1M | Up 6.3%, DeepCell calculation |
| Selling, general and administrative | $454.9M to $387.5M | Down 14.8%, DeepCell calculation |
| Depreciation and amortization | $166.9M to $141.5M | Down 15.2%, DeepCell calculation |
| Income tax expense | $34.2M to $29.7M | Statement of operations |
Source: NIQ Form 8-K Exhibit 99.1, Nov 12, 2026; analysis of company data
13 · Appendix: Income detail
Appendix: GAAP to non-GAAP items
| Claim | Evidence | Calculation |
|---|---|---|
| Net income attributable to NIQ | $35.8M | Statement of operations |
| EBITDA | $261.3M | After interest, tax, and depreciation and amortization |
| Adjusted EBITDA | $263.6M | Up 17.8%, DeepCell calculation |
| Adjusted net income | $87.8M | Adjusted EPS $0.30 |
Source: NIQ Form 8-K Exhibit 99.1, Nov 12, 2026; analysis of company data
14 · Appendix: Non-GAAP items
Appendix: Q3 results vs prior Q3 guidance
| Claim | Evidence | Calculation |
|---|---|---|
| Revenue | $1,119.1M | Prior guidance high $1,108M |
| Adjusted EBITDA | $263.6M | Prior guidance high $261M |
| Adjusted EPS ($) | $0.30 | Prior guidance $0.22–$0.24 |
| Revenue above guidance high | $11.1M | DeepCell calculation |
Source: NIQ Form 8-K Exhibit 99.1, Nov 12, 2026; NIQ Q2 2026 release, prior guidance
15 · Appendix: Q3 vs guidance
Appendix: Q4 2026 guidance
| Claim | Evidence | Calculation |
|---|---|---|
| Q4 revenue, as reported | $1,198M–$1,202M | OCC growth of 5.4%–5.7%, as stated |
| Q4 Adjusted EBITDA | $315M–$323M | Margin of 26.3%–26.7%, as stated |
| Q4 adjusted EPS ($) | $0.43–$0.47 | Company guidance |
OCC is organic constant currency. Source: NIQ Form 8-K Exhibit 99.1, Nov 12, 2026; analysis of company data
16 · Appendix: Q4 guidance
Appendix: nine months to Sep 30
| Claim | Evidence | Calculation |
|---|---|---|
| Revenue, nine months | $3,059.3M to $3,316.0M | Up 8.4%, DeepCell calculation |
| Operating cash flow, nine months | $110.0M to $330.9M | Cash flow statement |
| Free cash flow, nine months | ($55.1M) to $132.1M | Non-GAAP reconciliation |
| Annualized subscription revenue | $3,061.8M | Up 5.5%, as stated |
Source: NIQ Form 8-K Exhibit 99.1, Nov 12, 2026; analysis of company data
17 · Appendix: Nine months
Appendix: income statement detail
Revenue and costs
| $M unless noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Revenue | $1,052.6M | $1,119.1M | 6.3% |
| Intelligence revenue | $855.3M | $907.6M | 6.1% |
| Activation revenue | $197.3M | $211.5M | 7.2% |
| Cost of revenues | $466.9M | $486.1M | 4.1% |
Earnings
| $M unless noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Operating income (loss) | ($34.7M) | $106.4M | n.m. |
| Net income attributable to NIQ | ($198.6M) | $35.8M | n.m. |
| Adjusted EBITDA | $223.7M | $263.6M | 17.8% |
| Adjusted net income | $9.2M | $87.8M | n.m. |
Note: The YoY column uses unrounded statement comparisons (DeepCell calculations); earlier slides use company-reported rates.Source: NIQ Form 8-K Exhibit 99.1, Nov 12, 2026; analysis of company data
18 · Appendix: Income statement
Appendix: sources
- Results release, Q3 2026 (Form 8-K Exhibit 99.1, filed Nov 12, 2026) — https://www.sec.gov/Archives/edgar/data/2054696/000162828026073088/niqpressrelease-q326.htm
- Form 8-K, Nov 12, 2026 — https://www.sec.gov/Archives/edgar/data/2054696/000162828026073088/niq-20261112.htm
- Investor relations release (PDF) — https://s206.q4cdn.com/369095886/files/content_files/NIQ-Reports-Third-Quarter-2026-Financial-Results.pdf
- Prior guidance: Q2 2026 release (Form 8-K Exhibit 99.1, Aug 10, 2026) — https://www.sec.gov/Archives/edgar/data/2054696/000162828026055207/niqpressrelease-q226.htm
- Consensus: Yahoo Finance analysis, fetched Nov 12, 2026 — https://finance.yahoo.com/quote/NIQ/analysis/
- Share price: CNBC NIQ quote, Nov 11, 2026 close $21.06 and Nov 12, 2026 pre-market $19.80 at 7:04 AM EST — https://www.cnbc.com/quotes/NIQ
- Company figures are in U.S. dollars, US GAAP unless labelled non-GAAP, in millions as reported. Non-GAAP figures follow the company’s reconciliation tables.
- Chart and table values link to the model in the spreadsheet tabs of this file.
Built with DeepCell / deepcell.net
19 · Sources
Important disclosures and disclaimer
For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.
No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader’s investment objectives, financial situation or needs.
Sources and accuracy. Company figures come from NIQ Global Intelligence plc’s Q3 2026 press release, furnished as Exhibit 99.1 to a Form 8-K on November 12, 2026, and prior guidance from the Q2 2026 release dated August 10, 2026. Consensus estimates (Yahoo Finance) and share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data.
Basis of presentation. Figures are US GAAP unless labelled non-GAAP, in U.S. dollars, for the quarters ended September 30, 2026 and 2025.
Forward-looking statements. Company guidance, consensus estimates and the watch items in this deck are forward-looking and may not be achieved. Readers should check the figures against the original release.
Date of analysis. Share prices are the CNBC close on November 11, 2026 and the CNBC pre-market quote on November 12, 2026 at 7:04 AM EST.
Built with DeepCell / deepcell.net
20 · Disclosures
Sources
- NIQ Global Intelligence plc Q3 2026 press release, Form 8-K Exhibit 99.1, Nov 12, 2026 — https://www.sec.gov/Archives/edgar/data/2054696/000162828026073088/niqpressrelease-q326.htm Filing
- NIQ Q2 2026 press release, Form 8-K Exhibit 99.1, Aug 10, 2026 — https://www.sec.gov/Archives/edgar/data/2054696/000162828026055207/niqpressrelease-q226.htm Filing
- Yahoo Finance NIQ analysis, fetched Nov 12, 2026 — https://finance.yahoo.com/quote/NIQ/analysis/ Filing
- CNBC NIQ quote: Nov 11, 2026 close $21.06; Nov 12, 2026 pre-market $19.80 at 7:04 AM EST — https://www.cnbc.com/quotes/NIQ Filing
Not investment advice; no rating or price target.
Built in DeepCell Every figure on these slides opens its formula and its source. See how a review like this is made.
Share this review
Send the link: it opens with the picture below, and every number on the page still opens its formula and source. The picture is free to download and share.
More earnings reviews
All earnings reviewsOndas · Q3 2026
Ondas (ONDS) Q3 2026
Q3 revenue rose to a record $167.5M, but GAAP gross margin fell to 21.8% from 43.1% in Q2.
Nov 12, 202619 slides
Intuitive Machines · Q3 2026
Intuitive Machines (LUNR) Q3 2026
Q3 revenue rose to a record $269.3M, and adjusted EBITDA turned positive at $8.3M.
Nov 12, 202619 slides
Hudbay Minerals · Q3 2026
Hudbay Minerals Q3 2026 earnings review
Q3 revenue was a record $765.9M, and adjusted EBITDA rose to $413.4M from $142.6M.
Nov 12, 202618 slides
YETI · Q3 2026
YETI Q3 2026 earnings review
Q3 adjusted EPS rose 49% to $0.91, but YETI cut its 2026 adjusted EPS outlook to $2.90–$2.95.
Nov 12, 202618 slides
Brookfield Corporation · Q3 2026
Brookfield Corporation Q3 2026 earnings review
Q3 distributable earnings per share rose 16% to $0.73, and net income rose to $1.9B.
Nov 12, 202618 slides