US · All Devices unless noted · Source: Anaplan Funnel + Traffic files · FY26* = Jan–Feb YTD only
Updated Mar 30, 2026
ARPDAU = Annual/quarterly/monthly Rev ÷ Avg DAU — sourced from Anaplan traffic file (includes all rev streams: Search, Display, Native, Subs). Revenue in $M. FY26* = Jan–Feb partial year only — do not annualize.
ARPDAU ($) — All Properties, Annual
Total Revenue ($M) — All Properties, Annual
DAU 28D (M) — All Properties, Annual
Annual actuals FY19–FY25. FY26* = Jan–Feb YTD only. Revenue in $M (Anaplan funnel, already in $M). RPS = (Rev $M × 1e6) ÷ (Supply B × 1e9) × 1000 — effective CPM across all supply.
Desktop vs Mobile annual splits for Mail, Home, and News Group. Mail Desktop ARPDAU ($71.65 FY25) is ~12× Mobile ($6.12). Desktop mix on Mail: 39% FY19 → 27% FY25, declining ~2pp/year.
Last 12 actual quarters Q2 FY23 – Q1 FY26. Q1 FY26* = Jan–Feb partial. US, All Devices. YoY: compare same-letter quarter (Q1 vs Q1, etc.)
Last 18 months Sep 24 – Feb 26. US, All Devices. ARPDAU = monthly total rev ÷ avg DAU (annualized equivalent from Anaplan).
Budget = original FY26 plan. Feb OL = February Outlook Working (Jan–Feb actuals embedded, Mar–Dec revised forward). Actuals = Jan–Feb 26 only (from Historical files). All figures US · All Devices · $M. Anaplan budget reliability: The budget model plans at News Group level — not broken into Home/News/Entertainment. Sub-property cuts (Home, News) are not reliable budget units and are excluded below. Geography cuts beyond US / Non-US are also unreliable in budget files.
FY26 Full-Year Summary — Revenue ($M)
Property
Budget FY26
Feb OL FY26
OL vs Bud
Act YTD (Jan–Feb)
Bud YTD
Act vs Bud
DAU 28D (M) — FY26 Monthly Budget vs OL vs Actuals
Platform Migrations (Structural, Permanent)
Apr–Nov 2023GAM Migration: Display/Video moved Yahoo SSP → Google Ad Manager. Structural yield uplift; removed AdX 3P backfill — improved rate, reduced sell-through.
H2 2023–H1 2025Taboola Native Migration: Native moved Yahoo Gemini → Taboola. Major supply shock — only 27% of ad spend migrated initially; demand gap on Mail Pencil units.
May 7, 2025Gemini EOL: Yahoo native platform deprecated. Full cutover to Taboola. Client-side migration continued through 2025 (+13% mobile impressions vs budget).
Project Phoenix & Hermes
Jul 2024–Jan 2025Project Phoenix: Bought back Native Mail Pencil exclusivity from Taboola; replaced with Display. 75B impressions shifted. $19.7M margin vs fee paid.
Jan–Feb 2025Phoenix Unwind: Native reverted to Taboola. +42% Y/Y Native volume; density returned to 2023 levels. Explains Mail native spike in early 2025.
Oct–Nov 2024Project Hermes: Forced OMNI spend ($106M target) through GINSU/Commerce/Marketing. $6M EBITDA savings for Consumer.
Mail Ad Rotation Changes (Primary Supply Volatility Source)
May 9, 2025 Corrected rotation logic → viewability above 70%; yield +4% WoW; ad density +45% Y/Y
Late May 2025 Rotation cap removal (post-May OL) → Mail Display Supply surged; $4.8M beat vs Outlook
Nov 2025 Reduced refresh timer 30s → 20s → +$138K/day; reverted to 30s by year-end
Ad Density Changes by Property
Mail Dec 2023: 2nd Pencil Unit +7% density; Jul 2024: Gamepad Ads iOS/Android; Feb/Jun 2025: display freq 10→8 messages +$2.4M; Sep 2024: Infinite Ads iOS EU
News Nov 2024: Mobile Web Sticky Banner; Nov 2024: Desktop in-article ad; Dec 2024: expanded in-article density; Jan 2026: mid_center removal (viewability fix, ~$11K/day loss offset by yield)
Finance Dec 2024: Accelerated refresh + additional native placement; Q3–Q4 2025: density restoration after Neo redesign → exits 2025 at 1.6 density (+27% over Q4 2024)