NIQ Global Intelligence (NYSE: NIQ) reported Q2 2026 revenue of $1.1242 billion, up 8.0% from $1.0408 billion, while GAAP diluted loss per share widened to $0.10 from $0.01; adjusted EPS improved to $0.27 from an adjusted loss of $0.01 per share. Adjusted EBITDA margin expanded by 270 basis points, and levered free cash flow turned positive as EBITDA growth, working-capital improvement, and lower interest expense supported cash generation. The company also raised its full-year 2026 outlook.

Core earnings data

Reported revenue growth included 5.8% organic constant currency, or OCC, growth. NIQ attributed the underlying increase primarily to value-based pricing and upselling and cross-selling of new capabilities, with expansion into adjacent and higher-growth markets providing a smaller contribution.

Operating income and adjusted profitability improved, but GAAP net income moved in the opposite direction: the net loss attributable to NIQ widened to $30.5 million from $2.7 million. The supplied release does not provide a detailed bridge explaining that divergence.

The following figures cover the three months ended June 30, 2026. Dollar amounts are in millions except per-share data.

Adjusted EBITDA, adjusted EPS, and free cash flow are non-GAAP measures. Revenue and adjusted EBITDA are presented at actual foreign-exchange rates, while OCC growth excludes currency movements and acquisition-related growth.

Business and segment performance

The Americas remained NIQ’s fastest-growing region, while APAC returned to quarterly OCC growth but continued to trail the other regions. Activation grew slightly faster than the much larger Intelligence business on both a reported and OCC basis.

Americas Intelligence revenue grew 10.6% as reported, supported by client retention, value-based pricing, and demand for Consumer Panel and eCommerce offerings. Americas Activation revenue increased 17.9%, reflecting demand for Analytics, Innovation, and Retailer Analytics solutions, along with cross-selling and upselling.

In EMEA, Intelligence revenue rose 7.5% as reported, helped by pricing, renewals, and adoption of Omnishopper and eCommerce capabilities. Activation growth was more limited at 1.2%.

APAC’s 2.2% reported revenue growth was driven by a 10.2% increase in Activation revenue. Intelligence revenue declined 0.5%, although NIQ said this represented a meaningful sequential improvement from the first quarter as retailer partnerships and penetration of adjacent markets expanded.

Annualized Intelligence Subscription revenue increased 5.8% to $3.0176 billion. Intelligence Subscription net dollar retention was 105%, while gross dollar retention was 99%. NIQ also reported 26 seven-figure client wins, including three eight-figure deals, alongside mid-teens percentage growth in Consumer Panel and eCommerce growth above 30%.

Margin expansion and lower interest expense turned growth into cash

Adjusted EBITDA grew considerably faster than revenue, lifting the consolidated margin to 23.3%. EMEA provided the largest regional margin improvement, expanding 550 basis points to 35.3%, while APAC gained 120 basis points to 19.8%. Americas margin declined 40 basis points to 31.4% despite its faster revenue growth.

The combination of higher EBITDA, better net working capital, and reduced interest expense drove the cash-flow turnaround. Q2 cash interest payments fell 35.3% to $55.0 million from $85.0 million following NIQ’s Q3 2025 debt paydown and a spread reduction that began in Q4 2025.

As of June 30, NIQ held $416.6 million in cash and equivalents and had $747.5 million available under its revolving credit facility, for total available liquidity of $1.1641 billion. For the first six months of 2026, operating cash flow improved to $76.5 million from negative $162.2 million, although free cash flow remained negative at $49.1 million after negative $279.5 million a year earlier.

NIQ’s 2026 restructuring program is intended to generate $70 million to $80 million of annualized savings by fiscal year-end, primarily through workforce optimization, changes to sales and support functions, process simplification, automation, and AI. The company expects total pre-tax charges of $65 million to $75 million, mostly involving cash expenditures, and had incurred approximately $70 million through the first half.

2026 guidance

NIQ raised its full-year outlook following the second-quarter performance and what management described as a healthy client-demand environment. The release does not provide the previous ranges, so the size of each revision cannot be quantified.

The guidance ranges include the YiMian acquisition completed on June 30, except for OCC revenue growth. Full-year free cash flow guidance assumes approximately $300 million of free cash flow in the second half of 2026 alone.

Management commentary

Executive Chairman and CEO Jim Peck characterized client demand as healthy and emphasized NIQ’s expansion of AI-powered offerings, including ConnectAI, Optiq, Bridge, and Cadence. The company’s Connect data engine processed approximately 4.3 trillion records per week, up 23% from 3.5 trillion in Q2 2025. However, NIQ did not quantify the current revenue contribution from these AI products, leaving product adoption and monetization as important operating indicators to monitor.

Recent insider transaction

The provided insider data identifies one disclosed cash purchase during the six months preceding the earnings release. This transaction should be viewed as an objective filing rather than evidence of management’s view on valuation or future performance.

Other recent entries in the supplied data were primarily stock awards granted at a reported price of $0.00 per share; share quantities were not provided.

Risks investors need to watch

• GAAP profitability remains under pressure. NIQ generated higher operating income and adjusted earnings, but its attributable GAAP net loss widened to $30.5 million. The gap between reported and adjusted profitability remains important because the supplied materials do not provide a full explanation for the quarterly divergence.
• Cash-flow guidance depends heavily on the second half. First-half free cash flow was still negative at $49.1 million, while the full-year outlook assumes approximately $300 million of generation during the second half.
• APAC remains the weakest region. Q2 APAC OCC growth was only 1.9%, first-half OCC revenue declined 0.8%, and quarterly Intelligence revenue decreased 0.5% as reported.
• Restructuring carries near-term cash costs and execution requirements. NIQ had already recorded approximately $70 million of restructuring charges through the first half, near the upper end of its expected $65 million to $75 million program range, with most charges expected to involve cash expenditures.

Summary

NIQ’s Q2 2026 results combined mid-single-digit organic growth with faster adjusted EBITDA growth, wider margins, and a return to positive quarterly free cash flow. Pricing, cross-selling, and Americas demand were the main revenue drivers, while better working capital and lower interest expense supported cash generation. The next tests are whether NIQ can deliver the second-half cash flow embedded in its raised outlook, sustain margin gains across regions, and convert its growing AI product portfolio into measurable revenue.

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