# ZIPRECRUITER, INC. (ZIP) Informational only - not investment advice. CIK: 0001617553 SIC: 7370 Services-Computer Programming, Data Processing, Etc. SIC breadcrumb: [Services](/division/I/) > [Business Services](/major-group/73/) > [SIC 7370 Services-Computer Programming, Data Processing, Etc.](/industry/7370/) Latest 10-K filed: 2026-02-25 SEC page: https://www.sec.gov/edgar/browse/?CIK=1617553 Filing source: https://www.sec.gov/Archives/edgar/data/1617553/000161755326000016/zip-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-25 · accession 0001617553-26-000016 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001617553.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 448,952,000 USD | 2025 | verified | | Net income | -32,994,000 USD | 2025 | verified | | Assets | 569,743,000 USD | 2025 | verified | | Free cash flow | 9,880,000 USD | 2025 | computed | | Net margin | -7.35% | 2025 | computed | | Operating margin | -4.31% | 2025 | computed | | Revenue YoY | -5.28% | 2025 | computed | Stockholders' equity was not positive at FY2025 year-end (-77,201,000 USD, as filed); ROE and liabilities / equity are omitted rather than computed. Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | ZIP | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | -7.3% | 2.4% | 30 | 31 | | Operating margin | -4.3% | 4.2% | 30 | 31 | | Revenue growth | -5.3% | 5.5% | 6 | 32 | | FCF margin | 2.2% | 15.0% | 27 | 31 | | ROE | -95.7% | 4.5% | 4 | 27 | | ROA | -5.8% | 1.6% | 26 | 32 | | Liabilities / equity | 48.45 | 1.05 | 100 | 27 | | Current ratio | 6.33 | 1.98 | 90 | 32 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 7370 Services-Computer Programming, Data Processing, Etc., not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 448952000 | USD | 2025 | 2026-02-25 | | Net income | -32994000 | USD | 2025 | 2026-02-25 | | Assets | 569743000 | USD | 2025 | 2026-02-25 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-25. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001617553.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | 429,559,000 | 418,142,000 | 741,141,000 | 904,649,000 | 645,722,000 | 474,001,000 | 448,952,000 | | Net income | | -6,349,000 | 86,048,000 | 3,600,000 | 61,494,000 | 49,098,000 | -12,854,000 | -32,994,000 | | Operating income | | -6,318,000 | 64,432,000 | -8,392,000 | 97,228,000 | 79,437,000 | 1,262,000 | -19,358,000 | | Gross profit | | 374,781,000 | 363,979,000 | 661,527,000 | 818,351,000 | 581,413,000 | 423,851,000 | 400,680,000 | | Diluted EPS | | -0.13 | 0.70 | 0.02 | 0.51 | 0.46 | -0.13 | -0.37 | | Operating cash flow | | -2,135,000 | 88,013,000 | 144,136,000 | 128,808,000 | 103,192,000 | 45,735,000 | 10,958,000 | | Capital expenditures | | 2,519,000 | 1,355,000 | 6,083,000 | 2,692,000 | 918,000 | 922,000 | 1,078,000 | | Share buybacks | | 0.00 | 19,000,000 | 2,750,000 | 339,256,000 | 147,565,000 | 40,346,000 | 102,105,000 | | Assets | | | 212,129,000 | 398,619,000 | 714,563,000 | 659,500,000 | 664,060,000 | 569,743,000 | | Liabilities | | | 125,569,000 | 163,651,000 | 685,943,000 | 651,135,000 | 650,630,000 | 646,944,000 | | Stockholders' equity | -120,241,000 | -122,311,000 | -50,296,000 | 234,968,000 | 28,620,000 | 8,365,000 | 13,430,000 | -77,201,000 | | Cash and cash equivalents | | | 114,539,000 | 254,621,000 | 227,380,000 | 283,043,000 | 218,432,000 | 188,028,000 | | Free cash flow | | -4,654,000 | 86,658,000 | 138,053,000 | 126,116,000 | 102,274,000 | 44,813,000 | 9,880,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | -1.48% | 20.58% | 0.49% | 6.80% | 7.60% | -2.71% | -7.35% | | Operating margin | | -1.47% | 15.41% | -1.13% | 10.75% | 12.30% | 0.27% | -4.31% | | Return on equity | | | | 1.53% | 214.86% | | -95.71% | | | Return on assets | | | 40.56% | 0.90% | 8.61% | 7.44% | -1.94% | -5.79% | | Liabilities / equity | | | | 0.70 | 23.97 | 77.84 | 48.45 | | | Current ratio | | | 2.03 | 2.17 | 4.88 | 6.63 | 6.66 | 6.33 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001617553.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | 20,556,000 | 0.17 | reported discrete quarter | | 2022-Q4 | 2022-12-31 | | 19,411,000 | | derived Q4 = FY annual - nine-month YTD | | 2023-Q1 | 2023-03-31 | | 5,011,000 | 0.05 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | 14,380,000 | 0.14 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 155,630,000 | 24,076,000 | 0.23 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 135,922,000 | 5,631,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 122,239,000 | -6,505,000 | -0.07 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 123,658,000 | 7,014,000 | 0.07 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 117,084,000 | -2,570,000 | -0.03 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 111,020,000 | -10,793,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 110,065,000 | | -0.13 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 112,232,000 | -9,506,000 | -0.10 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 114,982,000 | | -0.11 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 111,673,000 | | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 107,547,000 | | -0.06 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 118,061,000 | 43,425,000 | 0.53 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from ZIP's latest 10-K: [/company/ZIP/business/](/company/ZIP/business/). ## Risk Factors Verbatim Item 1A Risk Factors from ZIP's latest 10-K: [/company/ZIP/risk-factors/](/company/ZIP/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1617553/000161755326000046/zip-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-08-05 Report date: 2026-06-30 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with the consolidated financial statements and the related notes included in Item 1 “Financial Statements” in this Quarterly Report on Form 10-Q. Some of the information contained in this discussion and analysis or set forth elsewhere in this Quarterly Report on Form 10-Q, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should read the sections titled “Risk Factors” and “Note Regarding Forward-Looking Statements” for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. OVERVIEW Our Mission is to actively connect people to their next great opportunity. ZipRecruiter is a two-sided marketplace for work. We generate substantially all of our revenue from fees paid by employers to post jobs and access other features in our marketplace. We offer our employers flat rate pricing on terms typically ranging from a day to a year, or performance-based pricing, such as cost-per-click, to align with each employer’s hiring needs. ZipRecruiter is free to use for job seekers. Job seekers come to ZipRecruiter in search of their next opportunity. After establishing a profile, job seekers are able to apply to jobs with a single click. Our artificial intelligence-powered platform curates jobs and helps job seekers discover new opportunities and stand out to employers. As our matching technology learns more about job seekers’ preferences and attributes, our technology offers increasingly higher quality matches between job seekers and employers. We plan to continue to invest aggressively in our marketplace to improve functionality and drive growth for the foreseeable future. We have made significant investments in our business to expand our employer and job seeker footprints, increase their engagement and enhance our datasets and machine learning. For the three months ended June 30, 2026, our revenue was $118.1 million and we generated net income of $43.4 million and Adjusted EBITDA of $14.6 million. For the three months ended June 30, 2025, our revenue was $112.2 million, and we had a net loss of $9.5 million and Adjusted EBITDA of $9.3 million. For the six months ended June 30, 2026, our revenue was $225.6 million and we generated net income of $38.7 million and Adjusted EBITDA of $24.3 million. For the six months ended June 30, 2025, our revenue was $222.3 million, and we had a net loss of $22.3 million and Adjusted EBITDA of $15.3 million. Adjusted EBITDA is a financial measure not presented in accordance with GAAP. For a definition of Adjusted EBITDA, an explanation of our management’s use of this measure and a reconciliation of net income (loss) to Adjusted EBITDA, see the section titled “Key Operating Metrics and Non-GAAP Financial Measures.” 25 Table of Contents KEY OPERATING METRICS AND NON-GAAP FINANCIAL MEASURES In addition to the measures presented in our consolidated financial statements, we use the following key operating metrics and non-GAAP financial measures to identify trends affecting our business, formulate business plans, and make strategic decisions: [[GREPCENT_TABLE]] [["","","","","","","","","","","","","","","","","","","","","","March 31,2025","June 30,2025","September 30,2025","December 31,2025","March 31,2026","June 30,2026"],["Quarterly Paid Employers","","","","","","","","","","","","","","","","","","","","","63,466","","66,302","","66,959","","59,104","","63,329","","70,721"],["Revenue per Paid Employer","","","","","","","","","","","","","","","","","","","","","$","1,734","","$","1,693","","$","1,717","","$","1,889","","$","1,698","","$","1,669"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","Three Months Ended June 30,","","Six Months Ended June 30,"],["","2026","","2025","","2026","","2025"],["","(in thousands, except percentages)"],["Adjusted EBITDA","$","14,556","","","$","9,343","","","$","24,256","","","$","15,277"],["Adjusted EBITDA margin","12","%","","8","%","","11","%","","7","%"]] [[/GREPCENT_TABLE]] Quarterly Paid Employers We quantify the revenue-generating customer base as the number of Paid Employers in our marketplace. The Quarterly Paid Employer metric includes all actively recruiting employers (or entities acting on behalf of employers) on a paying subscription plan or performance marketing campaign for at least one day in a given quarter. Paid Employers excludes employers from our third-party sites or other indirect channels, employers who are not actively recruiting and employers on free trials. This group of employers excluded from our Paid Employer count does not contribute a significant amount of revenue. In the quarter ended June 30, 2026, Quarterly Paid Employers increased 12% when compared to the quarter ended March 31, 2026. We saw strong growth in both new and returning customers as our products continue to improve. Revenue per Paid Employer We evaluate Revenue per Paid Employer as a key indicator of our efforts to increase value provided to employers in our marketplace. We define Revenue per Paid Employer as total company revenue in a given period divided by Quarterly Paid Employers in the same period. In the quarter ended June 30, 2026, Revenue per Paid Employer decreased when compared to the quarter ended March 31, 2026. We experienced an influx of new and returning Paid Employers, some of which only contributed revenue for a portion of the quarter, driving down Revenue per Paid Employer in the quarter ended June 30, 2026. 26 Table of Contents Adjusted EBITDA and Adjusted EBITDA Margin We define Adjusted EBITDA as our net income (loss) before interest expense, gain on debt extinguishment, other income (expense), net, income tax expense (benefit), and depreciation and amortization, adjusted to eliminate stock-based compensation expense. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA for a period by revenue for the same period. We believe Adjusted EBITDA and Adjusted EBITDA margin are helpful to investors, analysts and other interested parties because they can assist in providing a more consistent and comparable overview of our operations across our historical financial periods. In addition, these measures are frequently used by analysts, investors and other interested parties to evaluate and assess performance. Adjusted EBITDA is not intended to be a substitute for any U.S. GAAP financial measure and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry. Our Adjusted EBITDA and Adjusted EBITDA margin fluctuate from quarter to quarter depending on a variety of factors including, but not limited to, our investments in research and development, sales and marketing, headcount and our ability to generate revenue. 27 Table of Contents The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for each of the periods indicated: [[GREPCENT_TABLE]] [["","Three Months Ended June 30,","","Six Months Ended June 30,"],["","2026","","2025","","2026","","2025"],["","(in thousands)"],["Net income (loss)","$","43,425","","","$","(9,506)","","","$","38,687","","","$","(22,337)"],["Stock-based compensation","7,368","","","12,612","","","15,738","","","27,239"],["Depreciation and amortization","3,050","","","3,393","","","5,928","","","6,369"],["Interest expense","6,686","","","7,401","","","14,132","","","14,793"],["Gain on debt extinguishment","(59,262)","","","\u2014","","","(59,262)","","","\u2014"],["Other (income) expense, net","(3,144)","","","(4,953)","","","(6,564)","","","(10,308)"],["Income tax expense (benefit)","16,433","","","396","","","15,597","","","(479)"],["Adjusted EBITDA","$","14,556","","","$","9,343","","","$","24,256","","","$","15,277"]] [[/GREPCENT_TABLE]] The following tables present net income (loss) margin and Adjusted EBITDA margin for each of the periods indicated: [[GREPCENT_TABLE]] [["","Three Months Ended June 30,","","Six Months Ended June 30,"],["","2026","","2025","","2026","","2025"],["","(in thousands, except percentages)"],["Revenue","$","118,061","","","$","112,232","","","$","225,608","","","$","222,297"],["Net income (loss)","43,425","","","(9,506)","","","38,687","","","(22,337)"],["Net income (loss) margin","37","%","","(8)","%","","17","%","","(10)","%"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","Three Months Ended June 30,","","Six Months Ended June 30,"],["","2026","","2025","","2026","","2025"],["","(in thousands, except percentages)"],["Revenue","$","118,061","","","$","112,232","","","$","225,608","","","$","222,297"],["Adjusted EBITDA","14,556","","","9,343","","","24,256","","","15,277"],["Adjusted EBITDA margin","12","%","","8","%","","11","%","","7","%"]] [[/GREPCENT_TABLE]] Impact of Macroeconomic Conditions The labor market remains subdued, with lower hiring demand from employers, at least in part due to effects of a variety of global business and macroeconomic factors, including inflationary pressures, elevated borrowing costs, cybersecurity incidents, changes in laws, regulations and administrative policy, including those that impact trade agreements and tariffs, and the impacts of the wars in Ukraine and the Middle East. Despite the continued uncertainty in the labor market, we had a higher number of Quarterly Paid Employers in our marketplace during the quarter ended June 30, 2026 compared to the quarter ended June 30, 2025. Additionally, in the three and six months ended June 30, 2026, we delivered $118.1 million and $225.6 million in revenue, respectively, a 5% and 1% increase compared to the three and six months ended June 30, 2025, respectively. 28 Table of Contents Components of Our Results of Operations Revenue We generate revenue primarily from fees paid by employers to post and distribute jobs in our marketplace, as well as multiple sites managed by Job Distribution Partners, which are third-party sites who have a relationship with us and advertise from our marketplace, and includes job boards, search engines, social networks, talent communities and resume services. Our subscription revenue consists of time-based job posting plans, upsells which complement or expand visibility and prominence to job posting plans, and resume database plans. We offer job posting plans with terms typically ranging from a day to a year on a flat rate subscription basis to access our marketplace, where customers may create and manage job postings and review incoming candidate applications. We recognize revenue ratably over the subscription period beginning on the date the subscription service is made available to the customer. Our nonrefundable subscriptions are typically subject to renewal at the end of the subscription term. Our upsell services complement or expand visibility to job posting plans and are typically sold on a subscription basis. Upsell services revenue is recognized ratably over the term of the agreement beginning on the date the upsell services are made available to the customer. Additionally, upsell services include job posting enhancements which are applied to individual job postings. Such services enhance job postings by providing customers with a temporary boost in the prominence of their job postings, expanding visibility to job postings by inviting highly qualified potential candidates to apply to the job, or highlighting key attributes of job postings to make them stand out to job seekers. Revenue from job posting enhancements is recognized as the customer uses the enhancements on its job postings. Resume database plan [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1617553/000161755326000016/zip-20251231.htm Complete FY 2025 MD&A: /company/ZIP/mda/fy2025/ Extracted from a substantive MD&A body after the formal Item 7 span was a TOC or reference stub. Confidence: high Filing date: 2026-02-25 Report date: 2025-12-31 OVERVIEW Our Mission is to actively connect people to their next great opportunity. ZipRecruiter is a two-sided marketplace for work. We generate substantially all of our revenue from fees paid by employers to post jobs and access other features in our marketplace. We offer our employers flat rate pricing on terms typically ranging from a day to a year, or performance-based pricing, such as cost-per-click, to align with each employer’s hiring needs. ZipRecruiter is free to use for job seekers. Job seekers come to ZipRecruiter in search of their next opportunity. After establishing a profile, job seekers are able to apply to jobs with a single click. Our artificial intelligence-powered platform curates jobs and helps job seekers discover new opportunities and stand out to employers. As our matching technology learns more about job seekers’ preferences and attributes, our technology offers increasingly higher quality matches between job seekers and employers. We plan to continue to invest aggressively in our marketplace to improve functionality and drive growth for the foreseeable future. We have made significant investments in our business to expand our employer and job seeker footprints, increase their engagement and enhance our datasets and machine learning. For the year ended December 31, 2025, our revenue was $449.0 million and we had a net loss of $33.0 million and Adjusted EBITDA of $40.8 million. For the year ended December 31, 2024, our revenue was $474.0 million and we had a net loss of $12.9 million and Adjusted EBITDA of $78.0 million. Adjusted EBITDA is a financial measure not presented in accordance with GAAP. For a definition of Adjusted EBITDA, an explanation of our management’s use of this measure and a reconciliation of net income (loss) to Adjusted EBITDA, see the section titled “Key Operating Metrics and Non-GAAP Financial Measures.” 52 Table of Contents KEY OPERATING METRICS AND NON-GAAP FINANCIAL MEASURES In addition to the measures presented in our consolidated financial statements, we use the following key operating metrics and non-GAAP financial measures to identify trends affecting our business, formulate business plans, and make strategic decisions: [[GREPCENT_TABLE]] [["","","","","","","","","","","","","","","","","","","","","","","","","","March 31, 2024","June 30, 2024","September 30, 2024","December 31, 2024","March 31, 2025","June 30, 2025","September 30, 2025","December 31, 2025"],["Quarterly Paid Employers","","","","","","","","","","","","","","","","","","","","","","","","","71,572","","70,458","","65,222","","57,833","","63,466","","66,302","","66,959","","59,104"],["Revenue per Paid Employer","","","","","","","","","","","","","","","","","","","","","","","","","$","1,708","","$","1,755","","$","1,795","","$","1,920","","$","1,734","","$","1,693","","$","1,717","","$","1,889"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","","","Year Ended December 31,"],["","","","","","2025","","2024"],["","","","","","(in thousands, except percentages)"],["Adjusted EBITDA","","","","","$","40,750","","","$","78,006"],["Adjusted EBITDA margin","","","","","9","%","","16","%"]] [[/GREPCENT_TABLE]] Quarterly Paid Employers We quantify the revenue-generating customer base as the number of Paid Employers in our marketplace. The Quarterly Paid Employer metric includes all actively recruiting employers (or entities acting on behalf of employers) on a paying subscription plan or performance marketing campaign for at least one day in a given quarter. Paid Employers excludes employers from our third-party sites or other indirect channels, employers who are not actively recruiting and employers on free-trials. This group of employers excluded from our Paid Employer count does not contribute a significant amount of revenue. In the fourth quarter of the year ended December 31, 2025, Quarterly Paid Employers increased 2% when compared to the fourth quarter of the year ended December 31, 2024, versus a decrease in the fourth quarter of the year ended December 31, 2024 compared to the fourth quarter of the year ended December 31, 2023. Despite the continued uncertainty in the labor market, our higher marketing and advertising investments during the year ended December 31, 2025 drove more new and returning paid employers to our platform, increasing the number Quarterly Paid Employers in our marketplace in the fourth quarter of the year ended December 31, 2025 compared to the fourth quarter of the year ended December 31, 2024. Revenue per Paid Employer We evaluate Revenue per Paid Employer as a key indicator of our efforts to increase value provided to employers in our marketplace. We define Revenue per Paid Employer as total company revenue in a given period divided by Quarterly Paid Employers in the same period. In the fourth quarter of the year ended December 31, 2025, Revenue per Paid Employer decreased 2% when compared to the fourth quarter of the year ended December 31, 2024. While we believe our products and services continued to improve and offered more value for employers of all sizes, we saw a 2% year-over-year decrease as hiring demand remains more muted. 53 Table of Contents Adjusted EBITDA and Adjusted EBITDA Margin We define Adjusted EBITDA as our net income (loss) before interest expense, other income (expense), net, income tax expense (benefit), and depreciation and amortization, adjusted to eliminate stock-based compensation expense. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA for a period by revenue for the same period. We believe Adjusted EBITDA and Adjusted EBITDA margin are helpful to investors, analysts and other interested parties because they can assist in providing a more consistent and comparable overview of our operations across our historical financial periods. In addition, these measures are frequently used by analysts, investors and other interested parties to evaluate and assess performance. Adjusted EBITDA is not intended to be a substitute for any U.S. GAAP financial measure and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry. Our Adjusted EBITDA and Adjusted EBITDA margin fluctuate from quarter to quarter depending on a variety of factors including, but not limited to, our investments in research and development, sales and marketing, headcount and our ability to generate revenue. The following table presents a reconciliation of net loss to Adjusted EBITDA for each of the periods indicated: [[GREPCENT_TABLE]] [["","","","Year Ended December 31,"],["","","","","","2025","","2024"],["","","","","","(in thousands)"],["Net loss","","","","","$","(32,994)","","","$","(12,854)"],["Stock-based compensation","","","","","47,646","","","64,453"],["Depreciation and amortization","","","","","12,462","","","12,291"],["Interest expense","","","","","29,629","","","29,597"],["Other (income) expense, net","","","","","(18,369)","","","(21,838)"],["Income tax expense","","","","","2,376","","","6,357"],["Adjusted EBITDA","","","","","$","40,750","","","$","78,006"]] [[/GREPCENT_TABLE]] The following tables present net loss margin and Adjusted EBITDA margin for each of the periods indicated: [[GREPCENT_TABLE]] [["","","","Year Ended December 31,"],["","","","","","2025","","2024"],["","","","","","(in thousands, except percentages)"],["Revenue","","","","","$","448,952","","","$","474,001"],["Net loss","","","","","(32,994)","","","(12,854)"],["Net loss margin","","","","","(7)","%","","(3)","%"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","","","Year Ended December 31,"],["","","","","","2025","","2024"],["","","","","","(in thousands, except percentages)"],["Revenue","","","","","$","448,952","","","$","474,001"],["Adjusted EBITDA","","","","","40,750","","","78,006"],["Adjusted EBITDA margin","","","","","9","%","","16","%"]] [[/GREPCENT_TABLE]] 54 Table of Contents FACTORS AFFECTING OUR PERFORMANCE We believe that the growth and future success of our business depends on many factors. While each of these factors presents significant opportunities for our business, they also pose important challenges that we must successfully address in order to grow and improve our results of operations and profitability. Attract More Employers Our ability to maintain and grow an expansive universe of employers and job opportunities in our marketplace over time is critical to our business’s future. We acquire new employers primarily through marketing programs and our sales teams. Our ability to cost effectively attract both employers and job seekers is critical to our success. Given that our marketplace remains free for job seekers, employers’ spending funds our continued investment in matching technology. The majority of our marketing efforts to date have been toward reaching employers. Our investment in employer-specific marketing has driven a significant increase in brand awareness. We believe scaling our brand has a positive impact on our ability to attract both employers and job seekers to our marketplace. We plan to continue to invest in the sales and marketing channels that we believe will drive further brand awareness and preference amongst both employers and job seekers. We are focused on the effectiveness of our sales and marketing spend and will continue to be disciplined in how we measure and re-invest in growing both sides of our marketplace. Most of the employers in our marketplace use our self-serve tools to gain access to our marketplace and do not require a salesperson to help them initially onboard and begin using ZipRecruiter. Other employers have more sophisticated needs or require greater assistance from our sales team. We expect that our sales teams will continue to become more efficient over time, even as we scale the team to appropriately meet demand from our employer customers. Create More Value for Employers While our marketplace serves a wide variety of employers, all employers benefit from finding the right candidate quickly. We bring employers and job seekers together using industry-leading matching technology. This technology benefits from the billions of data points we gather as job seekers and employers interact, leading to better matches over time. Average Monthly Revenue per Paid Employer by Employer Cohort Start Year 55 Table of Contents Satisfied employers continue to expand their relationship with us in terms of additional jobs and tenure in our marketplace. Those with recurring hiring needs remain active in our marketplace over time and tend to increase their spend each year, posting additional jobs and purchasing job enhancement products. Despite the impact on employer hiring demand, our cohort trends remained intact: employers across annual cohorts continue to spend more, on average, over time. While some cohorts have seen declines amid a subdued hiring environment in 2025, more recent cohorts are showing steady gains as employers increase their use of ZipRecruiter. As employers engage more deeply with the platform, our matching models learn from their hiring behavior, enabling us to deliver greater value and capture increasing share of wallet over time. When hiring conditions normalize to historical levels, we would expect broader strength across cohorts and for these long-term trends to continue. Attract More Job Seekers For job seekers, we operate like a personal recruiter, presenting highly qualified potential candidates to employers before they have applied. Phil, our AI-powered career advisor, engages job seekers on their journey and provides technology that makes their job search and application process more efficient. Our ability to cost effectively grow the number of job seekers and increase their engagement in our marketplace is critical to strengthen our marketplace. We compete for job seekers on many fronts, including our ability to su [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/ZIP/mda/fy2025/ All MD&A years: /company/ZIP/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/ZIP/mda/fy2024/): filed 2025-02-25; accession 0001617553-25-000011 (https://www.sec.gov/Archives/edgar/data/1617553/000161755325000011/zip-20241231.htm) - [FY 2023 MD&A](/company/ZIP/mda/fy2023/): filed 2024-02-28; accession 0001617553-24-000011 (https://www.sec.gov/Archives/edgar/data/1617553/000161755324000011/zip-20231231.htm) - [FY 2022 MD&A](/company/ZIP/mda/fy2022/): filed 2023-02-27; accession 0001617553-23-000007 (https://www.sec.gov/Archives/edgar/data/1617553/000161755323000007/zip-20221231.htm) - [FY 2021 MD&A](/company/ZIP/mda/fy2021/): filed 2022-03-03; accession 0001617553-22-000012 (https://www.sec.gov/Archives/edgar/data/1617553/000161755322000012/zip-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 7370 Services-Computer Programming, Data Processing, Etc.) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/ZIP.md · JSON record: /company/ZIP.json · verified financials: /company/ZIP/financials.json / /company/ZIP/financials.csv · machine TOC for the whole site: /llms.txt