Advantage Solutions Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Advantage Solutions Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,708	3,785	3,156	3,602	3,646	3,900	3,566	3,543
Cost of revenue	3,109	3,163	2,551	2,964	3,173	3,415	3,059	3,048
Gross profit	599	622	604	638	473	485	507	494
Selling, general and administrative	152	175	306	168	175	250	325	276
Operating income	-1,090	214	67	230	-1,494	46.6	-295	-126
Interest expense	230	232	234	138	104	166	147	139
Other non-operating income			-247	-139	-83.2	-165	-146	-139
Pre-tax income	-1,320	-18.4	-180	91.2	-1,577	-119	-441	-265
Income tax	-168	1.35	-5.33	33.6	-158	-37.6	-62.8	-37.6
Income from continuing operations					-1,422	-83.6	-378	-228
Net income to minority interests	6.11	1.42	0.74	3.06	3.21	2.94
Net income	-1,157	-21.2	-176	54.5	-1,381	-63.3	-327	-228
EBITDA	-865	446	306	470	-1,278	255	-90.4	75.8
EPS, basic	-5.68	-0.10	-0.79	0.17	-4.33	-0.20
EPS, diluted	-5.68	-0.10	-0.79	0.17	-4.33	-0.20
Shares, basic (weighted)	204	204	223	318	319	324	322	325
Shares, diluted (weighted)	204	204	223	321	319	324	322	325

Balance sheet

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	142	184	204	165	118	121	205	241
Receivables					869	659	603	595
Other current assets		69.4	106	126	149	116	86.9	125
Total current assets		952	900	1,104	1,157	1,012	911	973
Property, plant and equipment		115	80	63.7	70.9	64.7	97.8	116
Lease right-of-use assets			41.8	47.5	61.7	33.8	25.9	22.3
Goodwill	2,106	2,117	2,163	2,206	725	710	477	439
Intangible assets		2,601	2,453	2,288	1,898	1,552	1,333	994
Other non-current assets		117	66	67.6	120	43.5	61.9	38
Total assets		6,013	5,777	5,854	4,262	3,779	3,107	2,793
Accounts payable		179	195	277	261	173	158	162
Accrued liabilities		0.06
Deferred revenue		45.6	51.9	50.5	37.3	26.6	24.2	30.5
Short-term debt		27.7	63.7	14.4	14	13.3	13.3	13.3
Total current liabilities		518	575	646	601	541	460	433
Long-term debt		3,172	2,029	2,029	2,023	1,848	1,687	1,661
Lease liabilities		84.9	44.7	40.4	56.4	34	24.6	20.7
Other non-current liabilities		146	142	92.2	111	74.6	64.1	56.2
Total liabilities		4,343	3,259	3,272	3,033	2,675	2,358	2,239
Total debt		3,200	2,154	2,093	2,079	1,897	1,721	1,688
Paid-in capital		2,337	3,349	3,373	3,409	3,449	3,466	3,489
Retained earnings		-745	-921	-867	-2,247	-2,315	-2,642	-2,869
Treasury stock			0	-12.6	-12.6	-18.9	-53	-53.9
Other comprehensive income		-8.15	0.67	-4.48	-18.8	-3.95	-15.9	-4.16
Shareholders' equity	1,669	1,578	2,422	2,483	1,124	1,105	749
Minority interests		92	97	97.1	102	-1.29	0
Total equity	1,669	1,670	2,519	2,580	1,226	1,104	749	554
Total liabilities and equity		6,013	5,777	5,854	4,262	3,779	3,107	2,793
Shares outstanding		204	318	317	320	322	321	13.1

Cash flow statement

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-1,151	-19.8	-175	57.5	-1,377	-60.4	-325	-228
Depreciation and amortization	225	233	239	240	216	209	205	202
Stock-based compensation	-7.88	1.31	89.8	-15	-6.93	-2.52	0.72	-1.52
Deferred income tax	-214	-68.1	-14.4	-10	-191	-80.4	-57.3	-57.5
Change in receivables	73.7	-33.3	116	-216	-85.7	38.9	51.2	8
Change in payables	-14.4	21.6	10.9	46	-14.2	-23.1	-12.9	5.27
Cash from operations	126	151	346	126	105	228	93.1	61.5
Capital expenditures	-47.2	-52.4	-30.9	-31.2	-12.4	-20.7	-7.84	-6.48
Acquisitions	-186	-10.6	-68.1	-42.7	-74.2	0	0
Cash from investing	-231	-61.8	-99	-75.8	-106	-50.5	206	3.84
Debt issued	350	0	2,100	0
Debt repaid	-27.1	-25.8	-3,230	-13.3	-13.3	-13.3	-13.1	-13.3
Stock issued		0	0	0.79	3.32	2.25	2.29
Share buybacks		0	0	-12.6	0	-6.38	-34.1	-0.87
Cash from financing	70.1	-38.2	-230	-86.3	-31.4	-178	-211	-36.2
Exchange rate effect	-9.15	3.18	4.37	-3.18
Net change in cash	-44.1	54.5	20.9	-39.3	-40.6	1.38	83.5	32.2
Free cash flow	79.2	98.9	315	94.8	92.4	208	85.3	55.1
Interest paid	228	210	151	137	127	175	163	143
Income taxes paid	70.2	59.5	18.3	40.2	45.7	39	31.3	19.3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $33.12 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	13.4%	Gross profit / revenue.
Operating margin	-3.2%	Operating income / revenue.
EBITDA margin	2.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-7.8%	Pre-tax income / revenue.
Net margin	-7.6%	Net income / revenue.
FCF margin	3.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	3.5%	Cash from operations / revenue.
Return on assets (ROA)	-10.9%	Net income / average total assets.
SG&A / revenue	6.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.3%	Capital expenditures / revenue.
D&A / revenue	5.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-0.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-2.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	1.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-3.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-24.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-33.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-16.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-29.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-35.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-15.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-29.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-10.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-13.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-13.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	7.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.79x	Current assets / current liabilities.
Quick ratio	1.59x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.22x	(Cash + short-term investments) / current liabilities.
Debt / assets	62.4%	Total debt / total assets.
Liabilities / assets	84.2%	Total liabilities / total assets.
Net debt	$1.48B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	16.8x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-0.81x	Operating income / interest expense.
Working capital	$367.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	53.1%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.42x	Revenue / average total assets.
Fixed asset turnover	29.7x	Revenue / average property, plant and equipment.
Receivables turnover	5.68x	Revenue / average receivables.
Days sales outstanding	64 days	365 x average receivables / revenue.
Days payables	21 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	8.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$21.34	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$279.18	Revenue / diluted weighted shares.
FCF per share	$9.01	Free cash flow / diluted weighted shares.
Operating cash flow per share	$9.79	Cash from operations / diluted weighted shares.
Cash per share	$7.98	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	14.6%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$424.7M	Share price x shares outstanding.
Enterprise value	$1.91B	Market cap + total debt - cash - short-term investments.
P/S	0.12x	Market cap / revenue.
P/FCF	3.65x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	3.36x	Market cap / cash from operations, when positive.
EV/Sales	0.53x	Enterprise value / revenue.
EV/EBITDA	21.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	16.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	27.4%	Free cash flow / market cap.
Earnings yield	-64.9%	Net income / market cap (the inverse of P/E).
Shareholder yield	4.0%	(Dividends paid + share buybacks) / market cap.

What was Advantage Solutions Inc.'s revenue in fiscal 2025?

Advantage Solutions Inc. reported revenue of $3.54B for fiscal 2025, 0.7% lower than the year before.

Was Advantage Solutions Inc. profitable in fiscal 2025?

No. It reported a net loss of $227.7M.

How much free cash flow did Advantage Solutions Inc. generate in fiscal 2025?

Cash from operations of $61.5M minus capital expenditures of $6.5M left free cash flow of $55.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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