10-K · March 3, 2026
Advantage Solutions reports stable revenue with a Q4 2025 beat ($932,131,000 vs. $888,692,000 estimate) but continued earnings volatility and a large debt restructuring. Management is pursuing portfolio simplification,…
Earnings analysis · 10-Q
ADV earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
In Q1 2026, Advantage Solutions reported a 5.8% increase in revenue, reaching $869.6 million, surpassing projections of $827.2 million. Despite strong revenue performance, the company incurred a net loss of $71.8…
Read full summary
In Q1 2026, Advantage Solutions reported a 5.8% increase in revenue, reaching $869.6 million, surpassing projections of $827.2 million. Despite strong revenue performance, the company incurred a net loss of $71.8 million, up from a loss of $56.1 million in the same quarter last year, attributed to refinancing costs and increased tax expenses. Management forecasts flat to low single-digit growth in revenues for 2026 amid ongoing macroeconomic challenges, particularly within the Branded Services segment, which faced a substantial decrease in revenue.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Operating margin
- 0.5%
What stood out
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Revenue Growth Exceeds Expectations
Revenue for Q1 2026 was $869.6 million, up 5.8% year-over-year, surpassing estimates of $827.2 million.
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Operating Income Reversal
The company reported an operating income of $4.2 million compared to an operating loss of $14.6 million in Q1 2025.
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Experiential Services Segment Growth
Experiential Services revenues surged by $71.5 million, a 22.8% increase compared to Q1 2025.
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Adjusted EBITDA Improvement
Adjusted EBITDA increased by 16.4% to $67.7 million compared to $58.2 million in the prior-year quarter.
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Refinanced Debt to Enhance Liquidity
Completed a refinancing that extended maturities and included a $131.3 million principal paydown, improving liquidity.
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Reduced SG&A Expenses
Selling, general, and administrative expenses fell to 6.1% of revenues from 7.9% in Q1 2025, benefiting the operating margin.
What to watch
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Increased Net Loss
Net loss increased to $71.8 million in Q1 2026 from $56.1 million in Q1 2025, attributed to refinancing costs and higher tax expenses.
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Decline in Branded Services
Branded Services revenue fell by $32.8 million, representing an 11.3% decline year-over-year, exacerbated by market pressures.
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Rising Interest Expenses
Interest expense increased by 1.3% to $34.8 million, driven by higher rates following the recent refinancing.
Management's outlook
Management anticipates flat to low single-digit revenue growth for 2026.
Earlier filings 4
10-Q · November 6, 2025
Advantage Solutions reported revenue of $915.0M in Q3 2025, down from $939.3M in Q3 2024, while operating income swung to $40.2M from an operating loss of $3.2M a year ago, driven by lower SG&A and a gain on…
10-Q · August 7, 2025
Advantage Solutions reported Q2 revenue essentially flat at $873,707,000 (Q2 2024: $873,357,000) while returning to operating profitability with operating income of $10,011,000 versus an operating loss of $91,259,000 a…
10-Q · May 12, 2025
ADV reported revenue of $821.8M in 1Q25, down from $861.4M in 1Q24, while operating loss improved to $(14.6)M from $(29.95)M year‑over‑year. Cash burned in the quarter (net change in cash and restricted cash: $(83.9)M)…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.