Advantage Solutions Ends Q4 with $241M Cash, Sees Flat to Low-Single-Digit Growth
Ended Q4 with $241M cash up $40M sequentially after $55M non-core divestitures and planned debt refinancing extending maturities to 2030. Q4 revenues rose 4.5% to $932.1M while adjusted EBITDA fell 7.3% to $87.7M, and management forecasts 2026 revenue flat to up low-single digits with EBITDA flat to down mid-single digits.
1. Q4 Financial Results
Advantage Solutions generated $932.1M in revenue for the quarter, up 4.5% year-over-year, while net loss narrowed to $161.7M from $177.9M. Adjusted EBITDA declined 7.3% to $87.7M, driving a margin contraction to 9.4% from 10.6% in Q4 2024.
2. Cash Flow and Balance Sheet
Operating performance and $55M in non-core asset sales boosted cash by $39.7M to $241M at quarter end. The company reported $223M of unlevered free cash flow over the trailing 12 months, with gross debt of $1.688B and a 4.4x net leverage ratio, while planning a reverse stock split and debt refinancing to extend maturities to 2030.
3. 2026 Outlook
Management projects flat to up low-single-digit revenue growth and flat to down mid-single-digit adjusted EBITDA in 2026. They expect unlevered free cash flow of $250M–$275M, net interest expense of $160M–$170M, and capital expenditures of $50M–$60M, aiming for a 25% net free cash flow conversion.