Condé Nast is projected to fall more than $40 million short of its U.S. advertising targets for the second half of 2026, according to a new report the publisher disputes, adding to its challenges as it searches for a new CEO and contends with the departure of senior sales executives.
The company behind Vogue, GQ and The New Yorker is projected to book roughly $130 million in fourth-quarter U.S. advertising, more than $35 million below its internal goal, according to an Adweek report published Thursday. The figures, drawn from internal documents and a person familiar with the company’s finances, follow a third quarter in which U.S. advertising revenue came in roughly $6 million below expectations.
But Condé Nast is pushing back, telling TheWrap that the report relies on outdated financial forecasts that do not accurately reflect its current business.
“Mark’s reporting on US advertising revenue seems to use old forecasts from over the summer. We told him that but he did not take that into account,” Condé Nast spokesperson Monica Lee told TheWrap. “His reporting is an inaccurate view of our current projections.”
Lee noted that third-quarter U.S. advertising revenue increased 5% year over year and that the business exceeded its internal targets during the first half of 2026. In a follow-up email, she added: “Our latest forecasts confirm that we are on track to meet our revenue targets for the year.”
The dispute comes during the crucial holiday advertising quarter, when publishers typically rely on increased spending from brands. While Adweek’s figures point to a substantial miss against internal expectations, Condé Nast has not provided TheWrap with updated fourth-quarter U.S. advertising projections.
The financial questions come amid uncertainty over the publisher’s commercial strategy. Doug Grinspan, who oversaw U.S. sales and global key accounts, departed in May, while marketing chief Sophia Zhang also left after less than a year. Four people familiar with Condé Nast’s business told Adweek that the executive turnover has complicated efforts to establish a clear revenue strategy as the company faces declining search traffic.
The leadership changes extend to the top of the company. Roger Lynch stepped down as CEO in September to lead Mattel, ending a seven-and-a-half-year tenure. Board member Mike Perlis is serving as interim CEO while Condé Nast searches for a permanent successor.
Condé Nast has also undergone repeated rounds of cost-cutting. In December 2024, the publisher laid off at least 14 senior executives as part of a broader restructuring. Additional layoffs followed in 2025 as the company folded Teen Vogue into Vogue.
The dispute leaves unanswered how Condé Nast’s current U.S. advertising projections compare with the internal targets cited by Adweek, even as the publisher maintains that its overall revenue remains on track.
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