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◆ Inside the Latest Quarter (Q2 2026)

Bending Spoons (BSP) — the variant view

In the quarter Bending Spoons grew 126%, the businesses it already owned grew 3%, and the two it names as shrinking are the two it has owned longest.

📈 BSP valuation, revenue & earnings — P/E, P/S, revenue, EPS →

Bending Spoons' first reported quarter as a public company was both the best and the most revealing in its history. Revenue was $704.155 million, up 126%, gross profit $463.621 million, operating income $240.251 million, up 139%, and net income $176.967 million with diluted earnings of $0.28 a share12. Adjusted Operating Income was $381.149 million at a 54% margin3.

Revenue by quarter ($M)258.9Q1 2025311.1Q2 2025601.3Q1 2026704.2Q2 2026Form 424B4 and the Q2 2026 financial statements; organic growth was 3% in Q2 2026
Revenue doubled on purchases, not products.

Then the sentence that matters: organic revenue growth was 3% in Q2 20264, with Tractive and WeTransfer making the largest contributions, partly offset by a decline in Remini and Splice revenue5. Revenue grew by $393 million, primarily driven by acquisitions6, those being AOL, Eventbrite, Harvest, MileIQ, Tractive and Vimeo.

The transformation work is visible by business. At AOL the news portal was migrated to a self-developed content system, the advertising technology stack was rebuilt and the webmail frontend re-authored7. At Eventbrite the reorganisation was completed, with nearly 40 product improvements, first-party advertising revenue up about 20% and paid user acquisition spend down 30%8. At Vimeo there were more than 30 product improvements, system stability incidents about 90% below pre-acquisition levels and uploads and search at least 30% faster9.

Two items flatter the result. Income tax was a benefit of $26.198 million, primarily driven by the remeasurement of equity compensation obligations at its subsidiaries10, and other income included about $20 million of foreign exchange gains11. The Adjusted Net Income and Adjusted Earnings per Share definitions were also changed in the quarter12, so the $0.46 Adjusted earnings per share is not comparable with the $0.32 reported for the first quarter1314.

One cost is deferred rather than avoided. A vesting condition on one-off equity awards was met at the listing, so $11 million of equity compensation expense will be recognised in the third quarter of 202615. Equity compensation expense was $14.306 million in the second quarter and $42.984 million in the half, against 36,348,579 options outstanding with $9 million of unrecognised cost16.

Two mechanical details are worth noting. Weighted-average diluted shares were 634,748 thousand against 613,746 thousand a year earlier17, so basic earnings of $0.30 a share became $0.28 diluted18. And the cash flow shows where the quarter's money went: operating cash flow of $254.240 million in the half against $2,286.259 million spent on acquisitions, funded by $2,566.532 million of new debt19.

Financially the quarter ended with net debt of $4.09 billion, leverage of 2.4 times, cash of $793 million and $794 million of debt maturing within twelve months20. The next report is due on 6 November 202621 and will include Airtable for the first time. Organic growth is the line to read first: a second and third quarter in low single digits would confirm that the growth in this company is purchased rather than produced.

References
  1. ReportedRevenue was $704.155 million, up 126%, gross profit $463.621 million, operating income $240.251 million, up 139%, and net income $176.967 million with diluted earnings of $0.28 a share.
    Bending Spoons unaudited condensed consolidated financial statements for the quarter and half-year ended 30 June 2026, Form 6-K exhibit 99.2 - income statement, balance sheet, cash flow, revenue disaggregation, debt note, segment note and the initial-public-offering note. — Q2 2026 · publ. 13 August 2026 · source ↗
  2. ReportedRevenue was $704.155 million, up 126%, gross profit $463.621 million, operating income $240.251 million, up 139%, and net income $176.967 million with diluted earnings of $0.28 a share.
    Bending Spoons second-quarter 2026 results release, Form 6-K exhibit 99.1 - organic revenue growth, non-GAAP measures, net debt and leverage, the business transformations and guidance for the third quarter and the full year. — Q2 2026 · publ. 13 August 2026 · source ↗
  3. ReportedAdjusted Operating Income was $381.149 million at a 54% margin.
    Bending Spoons second-quarter 2026 results release, Form 6-K exhibit 99.1 - organic revenue growth, non-GAAP measures, net debt and leverage, the business transformations and guidance for the third quarter and the full year. — Q2 2026 · publ. 13 August 2026 · source ↗
  4. ReportedThen the sentence that matters: organic revenue growth was 3% in Q2 2026, with Tractive and WeTransfer making the largest contributions, partly offset by a decline in Remini and Splice revenue.
    Bending Spoons second-quarter 2026 results release, Form 6-K exhibit 99.1 - organic revenue growth, non-GAAP measures, net debt and leverage, the business transformations and guidance for the third quarter and the full year. — Q2 2026 · publ. 13 August 2026 · source ↗
  5. ReportedThen the sentence that matters: organic revenue growth was 3% in Q2 2026, with Tractive and WeTransfer making the largest contributions, partly offset by a decline in Remini and Splice revenue.
    Bending Spoons second-quarter 2026 results release, Form 6-K exhibit 99.1 - organic revenue growth, non-GAAP measures, net debt and leverage, the business transformations and guidance for the third quarter and the full year. — Q2 2026 · publ. 13 August 2026 · source ↗
  6. ReportedRevenue grew by $393 million, primarily driven by acquisitions, those being AOL, Eventbrite, Harvest, MileIQ, Tractive and Vimeo.
    Bending Spoons second-quarter 2026 results release, Form 6-K exhibit 99.1 - organic revenue growth, non-GAAP measures, net debt and leverage, the business transformations and guidance for the third quarter and the full year. — Q2 2026 · publ. 13 August 2026 · source ↗
  7. ReportedAt AOL the news portal was migrated to a self-developed content system, the advertising technology stack was rebuilt and the webmail frontend re-authored.
    Bending Spoons second-quarter 2026 results release, Form 6-K exhibit 99.1 - organic revenue growth, non-GAAP measures, net debt and leverage, the business transformations and guidance for the third quarter and the full year. — Q2 2026 · publ. 13 August 2026 · source ↗
  8. ReportedAt Eventbrite the reorganisation was completed, with nearly 40 product improvements, first-party advertising revenue up about 20% and paid user acquisition spend down 30%.
    Bending Spoons second-quarter 2026 results release, Form 6-K exhibit 99.1 - organic revenue growth, non-GAAP measures, net debt and leverage, the business transformations and guidance for the third quarter and the full year. — Q2 2026 · publ. 13 August 2026 · source ↗
  9. ReportedAt Vimeo there were more than 30 product improvements, system stability incidents about 90% below pre-acquisition levels and uploads and search at least 30% faster.
    Bending Spoons second-quarter 2026 results release, Form 6-K exhibit 99.1 - organic revenue growth, non-GAAP measures, net debt and leverage, the business transformations and guidance for the third quarter and the full year. — Q2 2026 · publ. 13 August 2026 · source ↗
  10. ReportedIncome tax was a benefit of $26.198 million, primarily driven by the remeasurement of equity compensation obligations at its subsidiaries, and other income included about $20 million of foreign exchange gains.
    Bending Spoons unaudited condensed consolidated financial statements for the quarter and half-year ended 30 June 2026, Form 6-K exhibit 99.2 - income statement, balance sheet, cash flow, revenue disaggregation, debt note, segment note and the initial-public-offering note. — Q2 2026 · publ. 13 August 2026 · source ↗
  11. ReportedIncome tax was a benefit of $26.198 million, primarily driven by the remeasurement of equity compensation obligations at its subsidiaries, and other income included about $20 million of foreign exchange gains.
    Bending Spoons second-quarter 2026 results release, Form 6-K exhibit 99.1 - organic revenue growth, non-GAAP measures, net debt and leverage, the business transformations and guidance for the third quarter and the full year. — Q2 2026 · publ. 13 August 2026 · source ↗
  12. ReportedThe Adjusted Net Income and Adjusted Earnings per Share definitions were also changed in the quarter, so the $0.46 Adjusted earnings per share is not comparable with the $0.32 reported for the first quarter.
    Bending Spoons second-quarter 2026 results release, Form 6-K exhibit 99.1 - organic revenue growth, non-GAAP measures, net debt and leverage, the business transformations and guidance for the third quarter and the full year. — Q2 2026 · publ. 13 August 2026 · source ↗
  13. ReportedThe Adjusted Net Income and Adjusted Earnings per Share definitions were also changed in the quarter, so the $0.46 Adjusted earnings per share is not comparable with the $0.32 reported for the first quarter.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the non-GAAP reconciliation of Adjusted Operating Income and Adjusted Net Income. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  14. ReportedThe Adjusted Net Income and Adjusted Earnings per Share definitions were also changed in the quarter, so the $0.46 Adjusted earnings per share is not comparable with the $0.32 reported for the first quarter.
    Bending Spoons second-quarter 2026 results release, Form 6-K exhibit 99.1 - organic revenue growth, non-GAAP measures, net debt and leverage, the business transformations and guidance for the third quarter and the full year. — Q2 2026 · publ. 13 August 2026 · source ↗
  15. ReportedA vesting condition on one-off equity awards was met at the listing, so $11 million of equity compensation expense will be recognised in the third quarter of 2026.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the Business section on the Platform: people, hiring, compensation and culture. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  16. ReportedEquity compensation expense was $14.306 million in the second quarter and $42.984 million in the half, against 36,348,579 options outstanding with $9 million of unrecognised cost.
    Bending Spoons unaudited condensed consolidated financial statements for the quarter and half-year ended 30 June 2026, Form 6-K exhibit 99.2 - income statement, balance sheet, cash flow, revenue disaggregation, debt note, segment note and the initial-public-offering note. — Q2 2026 · publ. 13 August 2026 · source ↗
  17. ReportedWeighted-average diluted shares were 634,748 thousand against 613,746 thousand a year earlier, so basic earnings of $0.30 a share became $0.28 diluted.
    Bending Spoons unaudited condensed consolidated financial statements for the quarter and half-year ended 30 June 2026, Form 6-K exhibit 99.2 - income statement, balance sheet, cash flow, revenue disaggregation, debt note, segment note and the initial-public-offering note. — Q2 2026 · publ. 13 August 2026 · source ↗
  18. ReportedWeighted-average diluted shares were 634,748 thousand against 613,746 thousand a year earlier, so basic earnings of $0.30 a share became $0.28 diluted.
    Bending Spoons unaudited condensed consolidated financial statements for the quarter and half-year ended 30 June 2026, Form 6-K exhibit 99.2 - income statement, balance sheet, cash flow, revenue disaggregation, debt note, segment note and the initial-public-offering note. — Q2 2026 · publ. 13 August 2026 · source ↗
  19. ReportedAnd the cash flow shows where the quarter's money went: operating cash flow of $254.240 million in the half against $2,286.259 million spent on acquisitions, funded by $2,566.532 million of new debt.
    Bending Spoons unaudited condensed consolidated financial statements for the quarter and half-year ended 30 June 2026, Form 6-K exhibit 99.2 - income statement, balance sheet, cash flow, revenue disaggregation, debt note, segment note and the initial-public-offering note. — Q2 2026 · publ. 13 August 2026 · source ↗
  20. ReportedFinancially the quarter ended with net debt of $4.09 billion, leverage of 2.4 times, cash of $793 million and $794 million of debt maturing within twelve months.
    Bending Spoons second-quarter 2026 results release, Form 6-K exhibit 99.1 - organic revenue growth, non-GAAP measures, net debt and leverage, the business transformations and guidance for the third quarter and the full year. — Q2 2026 · publ. 13 August 2026 · source ↗
  21. ReportedThe next report is due on 6 November 2026 and will include Airtable for the first time.
    Bending Spoons (BSP) market data - $44.17 a share on 20 October 2026, 52-week range $30.11-$59.50, no dividend, next scheduled earnings 6 November 2026. — October 2026 · publ. 20 October 2026 · source ↗
Sources
Generated October 20, 2026