Advantage Solutions (ADV) financial statements
Advantage Solutions reported revenue of $3.5B in fiscal 2025, down 0.6% a year over 7 years.
Net income was -$228M and the operating margin -3.6%, against -29.4% in 2018.
Free cash flow was $55M, and the company returned $869,000 in net buybacks.
The diluted share count rose 59% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Advantage Solutions's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.7B | $3.8B | $3.2B | $3.6B | $3.6B | $3.9B | $3.6B | $3.5B |
| Cost of revenue | $3.1B | $3.2B | $2.6B | $3.0B | $3.2B | $3.4B | $3.1B | $3.0B |
| Gross profit | $599M | $622M | $604M | $638M | $473M | $485M | $507M | $494M |
| Selling, general and admin | $152M | $175M | $306M | $168M | $175M | $250M | $325M | $276M |
| Operating income | -$1.1B | $214M | $67M | $230M | -$1.5B | $47M | -$295M | -$126M |
| Interest expense | $230M | $232M | $234M | $138M | $104M | $166M | $147M | $139M |
| Pre-tax income | -$1.3B | -$18M | -$180M | $91M | -$1.6B | -$119M | -$441M | -$265M |
| Income tax | -$168M | $1M | -$5M | $34M | -$158M | -$38M | -$63M | -$38M |
| Net income | -$1.2B | -$21M | -$176M | $54M | -$1.4B | -$63M | -$327M | -$228M |
| EPS (diluted) | -$142.00 | -$2.50 | -$19.75 | $4.25 | -$108.25 | -$5.00 | — | — |
| Diluted shares | 8M | 8M | 9M | 13M | 13M | 13M | 13M | 13M |
| Gross margin | 16.2% | 16.4% | 19.1% | 17.7% | 13.0% | 12.4% | 14.2% | 14.0% |
| Operating margin | -29.4% | 5.6% | 2.1% | 6.4% | -41.0% | 1.2% | -8.3% | -3.6% |
| Net margin | -31.2% | -0.6% | -5.6% | 1.5% | -37.9% | -1.6% | -9.2% | -6.4% |
Balance sheet
Fiscal years, from Advantage Solutions's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $142M | $184M | $204M | $165M | $118M | $121M | $205M | $241M |
| Receivables | — | — | — | — | $869M | $659M | $603M | $595M |
| Total current assets | — | $952M | $900M | $1.1B | $1.2B | $1.0B | $911M | $973M |
| Property, plant and equipment | — | $115M | $80M | $64M | $71M | $65M | $98M | $116M |
| Goodwill | $2.1B | $2.1B | $2.2B | $2.2B | $725M | $710M | $477M | $439M |
| Total assets | — | $6.0B | $5.8B | $5.9B | $4.3B | $3.8B | $3.1B | $2.8B |
| Total current liabilities | — | $518M | $575M | $646M | $601M | $541M | $460M | $433M |
| Long-term debt | — | $3.2B | $2.0B | $2.0B | $2.0B | $1.8B | $1.7B | $1.7B |
| Total liabilities | — | $4.3B | $3.3B | $3.3B | $3.0B | $2.7B | $2.4B | $2.2B |
| Shareholders' equity | $1.7B | $1.6B | $2.4B | $2.5B | $1.1B | $1.1B | $749M | $554M |
| Net debt | -$142M | $3.0B | $1.9B | $1.9B | $1.9B | $1.7B | $1.5B | $1.4B |
Cash flow
Fiscal years, from Advantage Solutions's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $126M | $151M | $346M | $126M | $105M | $228M | $93M | $62M |
| Capital spending | $47M | $52M | $31M | $31M | $12M | $21M | $8M | $6M |
| Free cash flow | $79M | $99M | $315M | $95M | $92M | $208M | $85M | $55M |
| Stock-based compensation | -$8M | $1M | $90M | -$15M | -$7M | -$3M | $723,000 | -$2M |
| Share buybacks (net) | — | $0 | $0 | -$13M | $0 | -$6M | -$34M | -$869,000 |
| Net borrowing | $323M | -$26M | -$3.2B | -$13M | -$13M | -$13M | -$13M | -$13M |
| Free cash flow margin | 2.1% | 2.6% | 10.0% | 2.6% | 2.5% | 5.3% | 2.4% | 1.6% |
Questions
What was Advantage Solutions's revenue in 2025?
$3.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Advantage Solutions generate?
$55M in fiscal 2025 (operating cash flow minus capital spending).
From Advantage Solutions's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.