Bending Spoons S.p.A. (Nasdaq: BSP) reported revenue of $704 million for the second quarter of 2026, an increase of 126% from $311 million in Q2 2025. The Milan-based software company disclosed the results on August 13 in its first quarterly earnings release since completing an initial public offering in July.
Bending Spoons acquires digital businesses and restructures them to expand margins and cash flow. The company has completed dozens of acquisitions since 2013, accumulating a portfolio that now includes AOL, Eventbrite, Evernote, Vimeo, and WeTransfer, among others. The acquisition-led model distinguishes it from organic-growth software peers but also concentrates execution risk in integration and debt management.
#Six Acquisitions Account for Most of the Revenue Increase
Revenue growth was driven by six businesses acquired between Q2 2025 and Q2 2026: AOL, Eventbrite, Harvest, MileIQ, Tractive, and Vimeo. Organic revenue growth was 3% in the quarter, with Tractive and WeTransfer contributing the most to that figure.
The company said growth in Tractive and WeTransfer was partly offset by declining revenue at Remini and Splice.
Bending Spoons completed the acquisition of Tractive in May 2026 for an enterprise value of $759 million, including $115 million in deferred consideration. Tractive provides pet tracking and health monitoring services, monetized primarily through subscriptions.
Gross profit rose 127% to $464 million. Operating income increased 139% to $240 million, representing 34% of revenue, up from 32% in Q2 2025.
Adjusted operating income, which excludes amortization of acquired intangibles, transaction costs, and reorganization expenses, grew 150% to $381 million. Adjusted operating margin expanded to 54% from 49%.
Net income rose 171% to $177 million. Diluted earnings per share increased 163% to $0.28. On an adjusted basis, earnings per share were $0.46, up 167%.
#Nasdaq IPO Raises $1.1 Billion After Quarter End
After the close of Q2, Bending Spoons completed its IPO on the Nasdaq Global Select Market under the ticker "BSP," raising approximately $1 billion in net proceeds.
The company also entered into new euro-denominated term loan facilities totaling €590 million and increased its euro-denominated revolving credit facilities by €30 million.
Separately, Bending Spoons announced a definitive agreement to acquire Airtable, a workplace collaboration platform, in an all-cash transaction at an enterprise value of $1.29 billion. The acquisition had not closed as of the earnings release date.
At the end of Q2, net debt stood at $4.09 billion, with long-term debt of $4.88 billion partially offset by $793 million in cash. The company had $1.28 billion of undrawn borrowing capacity under its revolving credit facilities. Leverage ratio was 2.4 times adjusted EBITDA.
A sharper way to see the markets in just 5 minutes.
Same news, different lens. We cut through the noise and hand you the overlooked ideas and the deeper read the crowd misses. Join 38,000+ investors seeing the markets differently.
#Company Projects $2.8 Billion in Full-Year Revenue
For Q3 2026, Bending Spoons forecast revenue of $733 million to $745 million, implying year-over-year growth of 113% at the midpoint. Adjusted operating income was projected at $380 million to $400 million.
For the full year, the company forecast revenue of $2.78 billion to $2.82 billion, implying 114% growth at the midpoint. Full-year adjusted operating income was projected at $1.46 billion to $1.51 billion, implying 142% growth at the midpoint.
The outlook is based on the portfolio of businesses owned as of August 12, 2026, and does not include contributions from additional acquisitions, the company said.
The forecasts carry execution risk. Bending Spoons' results depend on the successful integration and restructuring of acquired businesses, several of which were undergoing reorganization during the quarter. The company noted reorganization-related expenses of $51 million in Q2 alone. Interest expense rose to $109 million in the quarter from $36 million a year earlier, reflecting debt taken on to finance acquisitions. With $794 million of debt maturing within the next 12 months and a pending $1.29 billion cash acquisition of Airtable, the company's ability to manage leverage and refinancing timelines remains a factor in its financial outlook.