Glacier Media's 2025 earnings dip as print and ads decline

A shifting media landscape tests Glacier's resilience. Can subscription growth outweigh the steep decline in legacy revenue streams?

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2026 March 20 . 1:01 AM

1 min read

The image shows a graph depicting the lost revenue by extent of global economic losses. The graph... — The image shows a graph depicting the lost revenue by extent of global economic losses. The graph is accompanied by text that provides further details about the data.

Glacier Media's 2025 earnings dip as print and ads decline

Glacier Media Inc. (TSX: GVC) has released its financial results for the year ending December 31, 2025. The company, which operates a broad portfolio of business information and consumer digital services, reported a decline in both revenue and earnings compared to 2024.

Total revenue for 2025 reached $137.5 million, down by $4.4 million—or 3.1%—from the previous year. The drop was largely driven by a $3.1 million reduction in legacy print operations, alongside a $9.2 million fall in advertising revenue. However, Data and Subscription revenue grew by $6.6 million, partially offsetting the losses.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) fell to $7.5 million, a decrease of $2.3 million from 2024. The company attributed this decline to lower revenue in core operations. Direct and general administrative expenses also reduced by $2.2 million year over year. Capital expenditure rose to $5.2 million, up from $3.8 million in 2024. By the end of December 2025, Glacier Media held a cash balance of $5.8 million. Despite its presence in business information, the company has remained a minor player in environmental data services compared to global competitors like Refinitiv, Bloomberg, and S&P Global. Public market share data for this sector between 2021 and 2026 remains limited.

Glacier Media's 2025 results show a mixed performance, with revenue and EBITDA declining but growth in subscription-based income. The company's cash position stands at $5.8 million, while capital spending increased. The shift away from print and advertising continues to reshape its financial outlook.