ADT (ADT) financial statements
ADT reported revenue of $5.1B in fiscal 2025, up 6.3% a year over 9 years.
Net income was $596M and the operating margin 25.5%, against -7.8% in 2016.
Free cash flow was $1.7B, and the company returned $187M in dividends and $607M in net buybacks.
The diluted share count rose 17% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from ADT's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.9B | $4.3B | $4.6B | $5.1B | $5.3B | $4.2B | $4.4B | $4.7B | $4.9B | $5.1B |
| Cost of revenue | — | — | — | — | $1.5B | $773M | $699M | $752M | $847M | $983M |
| Gross profit | — | — | — | — | $3.8B | $3.4B | $3.7B | $3.9B | $4.1B | $4.1B |
| Selling, general and admin | $859M | $1.2B | $1.2B | $1.4B | $1.7B | $1.5B | $1.3B | $1.4B | $1.5B | $1.5B |
| Operating income | -$229M | $282M | $278M | $196M | $41M | $10M | $725M | $1.2B | $1.2B | $1.3B |
| Interest expense | $468M | $645M | $620M | $623M | $710M | $457M | $277M | $586M | $451M | $470M |
| Pre-tax income | -$803M | -$422M | -$633M | -$522M | -$779M | -$476M | $404M | $604M | $815M | $834M |
| Income tax | -$266M | $764M | $23M | -$98M | -$147M | -$132M | $88M | $161M | $196M | $233M |
| Net income | -$537M | $343M | -$609M | -$424M | -$632M | -$341M | $133M | $463M | $501M | $596M |
| EPS (diluted) | -$0.84 | $0.53 | -$0.81 | -$0.57 | — | — | — | — | — | — |
| Diluted shares | 641M | 641M | 748M | 747M | — | — | — | — | — | — |
| Gross margin | — | — | — | — | 71.5% | 81.6% | 84.1% | 83.8% | 82.7% | 80.8% |
| Operating margin | -7.8% | 6.5% | 6.1% | 3.8% | 0.8% | 0.2% | 16.5% | 25.3% | 24.7% | 25.5% |
| Net margin | -18.2% | 7.9% | -13.3% | -8.3% | -11.9% | -8.1% | 3.0% | 10.0% | 10.2% | 11.6% |
Balance sheet
Fiscal years, from ADT's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $76M | $123M | $363M | $49M | $205M | $24M | $257M | $15M | $96M | $81M |
| Receivables | — | $149M | $246M | $287M | $336M | $442M | $335M | $370M | $394M | $385M |
| Total current assets | — | $456M | $854M | $625M | $967M | $993M | $1.7B | $1.0B | $1.0B | $946M |
| Property, plant and equipment | — | $332M | $327M | $329M | $326M | $364M | $306M | $254M | $247M | $243M |
| Goodwill | $5.0B | $5.1B | $5.1B | $5.0B | $5.2B | $5.6B | $5.4B | $4.9B | $4.9B | $4.9B |
| Total assets | — | $17.0B | $17.2B | $16.1B | $16.1B | $16.9B | $17.8B | $16.0B | $16.1B | $15.8B |
| Total current liabilities | — | $896M | $1.0B | $1.1B | $1.3B | $1.7B | $2.7B | $1.5B | $1.3B | $1.0B |
| Long-term debt | — | $10.1B | $9.9B | $9.6B | $9.4B | $9.6B | $8.9B | $7.5B | $7.5B | $7.4B |
| Total liabilities | — | $13.6B | $13.0B | $12.9B | $13.1B | $13.6B | $14.4B | $12.2B | $12.3B | $12.0B |
| Shareholders' equity | $3.8B | $3.4B | $4.2B | $3.2B | $3.0B | $3.2B | $3.4B | $3.8B | $3.8B | $3.8B |
| Net debt | -$76M | $10.0B | $9.6B | $9.6B | $9.3B | $9.7B | $9.5B | $7.8B | $7.6B | $7.6B |
Cash flow
Fiscal years, from ADT's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $618M | $1.6B | $1.8B | $1.9B | $1.4B | $1.6B | $1.9B | $1.7B | $1.9B | $1.9B |
| Capital spending | $78M | $131M | $127M | $159M | $157M | $168M | $177M | $176M | $164M | $176M |
| Free cash flow | $539M | $1.5B | $1.7B | $1.7B | $1.2B | $1.5B | $1.7B | $1.5B | $1.7B | $1.7B |
| Stock-based compensation | $5M | $11M | $135M | $86M | $96M | $61M | $67M | $51M | $49M | $55M |
| Dividends paid | $0 | $750M | $79M | $565M | $109M | $116M | $127M | $129M | $182M | $187M |
| Share buybacks (net) | — | $0 | $0 | -$150M | -$4,000 | $0 | -$1.2B | $0 | -$241M | -$607M |
| Net borrowing | — | — | — | — | -$3.0B | -$1.2B | -$605M | -$3.0B | -$1.2B | -$3.0B |
| Free cash flow margin | 18.3% | 33.9% | 36.2% | 33.4% | 22.8% | 35.3% | 39.1% | 31.8% | 35.1% | 33.3% |
| Dividends per share | — | $1.17 | $0.11 | $0.76 | — | — | — | — | — | — |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for ADT.
Open ADT in InvestinglyQuestions
What was ADT's revenue in 2025?
$5.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does ADT generate?
$1.7B in fiscal 2025 (operating cash flow minus capital spending).
From ADT's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.