Condé Nast Forecasts Q4 Ad Bookings $35 Million Below Internal Goal

Condé Nast is forecasting roughly $130 million in U.S. advertising bookings for the fourth quarter, more than $35 million below its internal goal, according to internal figures viewed by ADWEEK and a person familiar with the publisher's finances. The shortfall lands in the most critical selling period of the media calendar, when advertisers concentrate holiday-season spend.

The Q4 miss follows a third quarter in which the company behind Vogue, GQ and The New Yorker booked nearly $110 million in U.S. advertising revenue — about $6 million below its internal Q3 goal, but up roughly 5% year over year. Taken together, the two quarters leave Condé Nast more than $40 million behind its advertising targets for the second half of the year.

What does Condé Nast say?

A company spokesperson disputed the figures. "While we do not disclose detailed financial information as a privately held company, the figures cited and the resulting percentage variance are materially inaccurate," said chief corporate affairs and communications officer Danielle Carrig. "U.S. advertising revenue surpassed our targets in the first half. We are projecting U.S. advertising revenue to be very close to target for the full year."

The second-half shortfalls do not necessarily mean Condé Nast generated less revenue than in prior years. The miss still stings: the fourth quarter is when advertisers allocate the largest share of annual spend to capture holiday shopping.

The deficit arrives at a delicate moment. In September, chief executive Roger Lynch announced his departure after seven and a half years to become CEO of Mattel. Board member Mike Perlis is serving as interim chief executive during the search for a permanent replacement.

Why is a $35 million hole unusual?

At Condé Nast, a budgeting shortfall of that size is unusual by historical standards, according to a person familiar with the business, particularly because the fourth-quarter budget was built largely off the prior year's results. "How were your expectations so off?" the person said. "Either you mismanaged the business or can't forecast. Both bad."

Two people familiar with the business said the second half had looked weak for months, and that revenue leaders set targets they knew were unrealistic to accommodate Anna Wintour, Condé's global chief content officer. When publishers miss annual budgets, layoffs often follow; Condé Nast has implemented staff reductions in November 2023, December 2024 and November 2025.

Vogue World is also expected to come in well below last year. The 2025 Hollywood edition brought in just under $30 million, while this year's Milan edition, held last month, was pacing to bring in less than $20 million, according to people familiar with the event. Two people said part of the decline reflects geography, as U.S. advertisers are reluctant to sponsor an event held abroad. Carrig disputed the figure: "Vogue World Milan brought in $26 million," she said, "and Vogue donated a record $3 million to the redevelopment of the Quarto Oggiaro Library as part of the event."

A soft tentpole matters beyond the event itself. "You use the big-ticket events to drive the overall deals," one person said. "If you don't have a hook, people aren't coming to buy your media inventory." In plain terms: flagship events anchor the larger media buys.

Who has left the company?

The challenges have been compounded by executive departures. In May, Doug Grinspan, chief business officer for U.S. sales and global key accounts, left the company; former employees described his exit as a pivotal loss, given his relationships with several top advertisers. Head of marketing Sophia Zhang has also departed after less than a year. Neither responded to a request for comment. Four people familiar with the situation said the turnover in sales leadership has left the publisher without a clear commercial strategy. At a meeting this spring, Lynch presented the company strategy as a series of blank slides, one person familiar with the presentation said.

"Everyone who is a leader is gone," said a person familiar with the strategy. "And everyone who is a leader by title right now is just counting down till their severance comes up."

The accounts, drawn from internal documents and four anonymous sources familiar with Condé Nast's business, describe a company hit by the same search-traffic declines battering every web publisher — but one whose revenue strategy, they said, has been waylaid by executive departures and unrealistic expectations. Whether the interim leadership can stabilize the commercial organization before the 2026 planning cycle will shape next year's budgets.