01—Abstract
Summary
Summary of the 6-K filed August 13, 2026. Cited figures are marked; the original filing is the authoritative source.
Bending Spoons (Nasdaq: BSP) reported Q2 2026 revenue of $704 milliona, up 126% year over year, with operating income of $240 million (34% margin) and Adjusted Operating Income of $381 million (54% margin).
Diluted EPS was $0.28b on GAAP and $0.46 on the revised Adjusted EPS definition. Growth was driven overwhelmingly by acquisitions, including AOL, Eventbrite, Harvest, MileIQ, Tractive, and Vimeo; organic revenue growth was only 3%, and Remini and Splice declined. Investors should note that the company now reports a revised, more favorable non-GAAP definition that excludes FX and interest rate swap fair value swings, and that leverage rose to 2.4x with net debt of $4.09 billion and interest expense up sharply to $109 million in the quarter.
The quarter was financed heavily with debt, and several subsequent events materially shape the capital structure. Following quarter-end, the company completed an IPO on Nasdaq raising $1.10 billionc in net proceeds, added roughly €590 million of term loans and €30 million of RCF increases, and agreed to acquire Airtable for $1.29 billion in cash. Management guides Q3 2026 revenue to $733-745 million and full-year 2026 revenue to $2.78-2.82 billion (about 114% growth at midpoint), with full-year Adjusted Operating Income of $1.46-1.51 billion.
Guidance excludes any future acquisitions, so the outlook's growth is tied to the current portfolio and the Airtable deal is not yet reflected. Key considerations for investors are the reliance on continued acquisitions for top-line growth, the low organic growth rate, the rising cost base tied to integrating acquired businesses (reorganization expense of $51 milliond in the quarter), and the sizeable debt load with floating-rate and high-coupon tranches (some at 7.9% to 9.4%). The Airtable acquisition and any further deals will be important to watch for both leverage and integration execution.
02—Key points
Key Highlights
- Q2 2026 revenue of $704 million, up 126% YoY, but organic revenue growth was only 3%, meaning nearly all growth came from acquisitions such as AOL, Eventbrite, and Tractive.
- GAAP operating income of $240 million (34% margin) and Adjusted Operating Income of $381 million (54% margin), up 139% and 150% respectively.
- Diluted EPS of $0.28 GAAP and $0.46 Adjusted EPS (revised definition), with net income of $177 million aided by a $19 million FX gain and a $23 million tax benefit.
- Net debt of $4.09 billion and leverage of 2.4x at quarter end; interest expense rose to $109 million from $36 million a year earlier.
- Post-quarter IPO raised $1.10 billion in net proceeds, and the company agreed to acquire Airtable at a $1.29 billion enterprise value in an all-cash deal.
- Guidance: Q3 2026 revenue of $733-745 million and FY2026 revenue of $2.78-2.82 billion; FY2026 Adjusted Operating Income of $1.46-1.51 billion, excluding future acquisitions.
- Adjusted EPS and Adjusted Net Income definitions were revised to also exclude FX gains/losses and interest rate swap fair value changes, which flatters the year-over-year comparison; the restated 2025 figures should be used for comparability.
03—Questions
Frequently Asked Questions
How much of the revenue growth came from organic sources versus acquisitions?
Organic revenue growth was only 3% in Q2 2026. The 126% total growth ($393 million increase) was driven primarily by acquisitions, including AOL, Eventbrite, Harvest, MileIQ, Tractive, and Vimeo. Remini and Splice revenue declined, partially offsetting growth at Tractive and WeTransfer.
Why did Adjusted EPS change from the prior definition, and how does it affect comparisons?
The company revised Adjusted Net Income and Adjusted EPS to also exclude FX gains and losses on non-functional currency balances and fair value changes in interest rate swaps. Under the revised definition, Q2 2026 Adjusted EPS is $0.46 versus $0.48 under the original definition, and Q2 2025 is $0.17 versus $0.16. Investors should note that the restatement changes the reported growth rate and that the revisions are management's judgment about what is non-core.
What is the company's debt position and what are the risks?
Net debt was $4.09 billion at June 30, 2026, with a leverage ratio of 2.4x against a covenant maximum of 4.00x. Total debt principal was about $4.98 billion, with $794 million maturing in the next twelve months. Several tranches carry high rates, including a USD Term Loan B at 9.43% and a Euro Term Loan B at 7.94%. Interest expense more than tripled year over year. The IPO proceeds and new SACE-backed and TLA facilities after quarter-end provide added liquidity, but interest costs and the Airtable acquisition will keep leverage and debt service in focus.
What does the Airtable acquisition mean for the outlook?
Bending Spoons agreed on August 4, 2026 to acquire Formagrid Inc. (Airtable) for an all-cash enterprise value of $1.29 billion, expected to close in 2026 subject to regulatory approvals. The company's guidance explicitly excludes contributions from acquisitions not yet closed, so the Airtable deal is not reflected in the Q3 or full-year 2026 forecasts. Investors should evaluate its contribution to revenue, its integration costs, and its impact on leverage once it closes.
What are the main drivers of rising operating costs?
Operating expenses rose $120 million year over year, mainly from personnel costs for newly acquired businesses and separation packages tied to reorganizations at AOL, Eventbrite, Tractive, and Vimeo. Reorganization-related expense was $51 million in Q2 2026 versus $11 million a year earlier. Cost of revenue also rose on higher amortization of acquired intangibles ($82 million) and cloud infrastructure costs. These reorganization charges are excluded from Adjusted metrics, so investors should track whether they recur as the acquisition pipeline continues.
04—Continue