Sign inStart free

10-K annual report · filed Mar 3, 2026

Advantage Solutions Inc. (ADV) FY2025 10-K Annual Report

ADV overviewOriginal on SEC EDGAR
Follow ADV for alertsAsk AI about ADV

Short answer

Advantage Solutions Inc. (ADV) filed its fiscal 2025 10-K annual report with the SEC on Mar 3, 2026. It reported revenue of $3.5B (−0.7% year over year) and net income of −$228M.

  • Top risk flagged: Regulatory risk: State and municipal minimum wage increases affecting 73,000 employees paid near minimum, raising labor costs

FY2025 key financial metrics · XBRL

Revenue
$3.5B
−0.7% YoY
Net income
−$228M
+30.3% YoY
Operating margin
-3.6%
+4.7 pp YoY
ROE
-41.1%
+2.6 pp YoY
Operating cash flow
$62M
−33.9% YoY

Source: XBRL data from the Advantage Solutions Inc. (ADV) FY2025 10-K on SEC EDGAR. USD.

Advantage Solutions Inc. FY2025 10-K analysis

AI summary of each section, grounded in the filing text

Business Overview

  • Core business model: Outsourced sales, marketing, merchandising, sampling, and retailer support services for CPG manufacturers and retailers across 100,000+ North American retail locations
  • Emphasis on omni-commerce marketing services integrating in-store, digital shelf, e-commerce, social, and influencer channels this year
  • Strategic focus on operations simplification, divesting non-core businesses, and modernizing enterprise systems to improve efficiency
  • Employee base approximately 73,000, with 57,000 part-time and 57,000 US-based teammates as of Dec 31, 2025
  • Noteworthy commitment to diversity, inclusion, and belonging via enterprise-wide training, resource groups, and community volunteer initiatives

Management Discussion & Analysis

  • Revenue $3.54B, down 0.7% YoY from $3.57B; Branded Services declined 10.9% (-$142.7M), Experiential Services rose 10.8% (+$140.3M)
  • Operating loss improved to -$126.5M (3.6% margin) vs -$295.0M (8.3% margin) in prior year; Adjusted EBITDA decreased 6.8% to $331.8M (9.4% margin) from $356.0M (10.0%)
  • Experiential Services best performer: Adjusted EBITDA up 34.1% to $101.5M; Branded Services worst: Adjusted EBITDA down 21.2% to $143.0M
  • Cash flow supported via positive operating cash flows; capital expenditures focused on IT and ERP; reorganization expenses $62.9M down from $88.8M; no specific cash buybacks or dividends disclosed
  • Management cites ongoing macroeconomic uncertainty and client brand spending restraint as key risks; completed portfolio simplification and transformation initiatives to improve efficiency

Risk Factors

  • Regulatory risk: State and municipal minimum wage increases affecting 73,000 employees paid near minimum, raising labor costs
  • Macroeconomic risk: Supply chain disruptions and tariffs amid geopolitical tensions could increase costs and hurt profitability
  • Operational risk: Challenges integrating recent nine divestitures and minority interest reduction causing $99.7M goodwill impairment
  • Competitive risk: Industry consolidation pressures pricing and client retention due to combined entities insourcing or reducing third-party services
  • Financial risk: Five largest clients account for ~22% revenue with no client over 10%, facing risk of short-notice spending reductions

Generated from the filing text; verify against the original. How to read a 10-K

Ask about this 10-K

Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.

Start free