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Security & protection services · Industrials · Fiscal year ends Dec 31
ADT reported revenue of $5.1B in the fiscal year ended Dec 2025, up 4.7% from the year before. Operating income was $1.3B, an operating margin of 25.5%, and net income was $596M. Operating cash flow of $1.9B less capital expenditure of $176M left free cash flow of $1.7B. Net debt was $7.6B.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 4,203 | 4,382 | 4,653 | 4,898 | 5,129 |
| Selling, general & admin | 1,541 | 1,348 | 1,387 | 1,500 | 1,470 |
| Operating income | 9.8 | 725 | 1,179 | 1,208 | 1,309 |
| Interest expense | 457 | 277 | 586 | 451 | 470 |
| Pre-tax income | −476 | 404 | 604 | 815 | 834 |
| Income tax | −132 | 87.7 | 161 | 196 | 233 |
| Net income | −341 | 133 | 463 | 501 | 596 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 24.5 | 257 | 14.6 | 96.2 | 80.8 |
| Receivables | 442 | 335 | 370 | 394 | 385 |
| Inventory | 277 | 225 | 201 | 197 | 202 |
| Current assets | 993 | 1,722 | 1,005 | 1,005 | 946 |
| Net PP&E | 364 | 306 | 254 | 247 | 243 |
| Goodwill | 5,601 | 5,430 | 4,904 | 4,904 | 4,886 |
| Total assets | 16,894 | 17,821 | 15,964 | 16,051 | 15,819 |
| Payables | 475 | 418 | 277 | 154 | 107 |
| Deferred revenue | 374 | 310 | 255 | 248 | 244 |
| Current liabilities | 1,703 | 2,661 | 1,480 | 1,264 | 1,013 |
| Short-term debt | 118 | 858 | 312 | 196 | 310 |
| Long-term debt | 9,575 | 8,947 | 7,513 | 7,511 | 7,379 |
| Total liabilities | 13,646 | 14,428 | 12,175 | 12,250 | 12,040 |
| Shareholders' equity | 3,249 | 3,393 | 3,789 | 3,801 | 3,779 |
| Backlog (remaining obligations) | – | – | – | 3,477 | 3,681 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 1,650 | 1,888 | 1,658 | 1,885 | 1,884 |
| Capital expenditure | 168 | 177 | 176 | 164 | 176 |
| Free cash flow | 1,481 | 1,711 | 1,481 | 1,721 | 1,708 |
| Depreciation & amortisation | 1,840 | 1,600 | 1,335 | 1,343 | 1,367 |
| Stock-based compensation | 61.2 | 66.6 | 51.1 | 48.6 | 54.6 |
| Acquisitions | 164 | 13.1 | 0.0 | – | – |
| Share buybacks | 0.0 | 1,200 | 0.0 | 241 | 607 |
| Dividends paid | 116 | 127 | 129 | 182 | 187 |
| Dividend per share | – | 0.14 | 0.14 | 0.22 | 0.22 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 4.3% | 6.2% | 5.3% | 4.7% |
| Operating income growth (YoY) | – | 7305.7% | 62.6% | 2.5% | 8.3% |
| Operating margin | 0.2% | 16.5% | 25.3% | 24.7% | 25.5% |
| Net margin | −8.1% | 3.0% | 10.0% | 10.2% | 11.6% |
| Return on equityBlank when equity is negative | −10.5% | 3.9% | 12.2% | 13.2% | 15.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 0.1% | 4.8% | 8.1% | 8.2% | 8.8% |
| Free cash flow margin | 35.3% | 39.1% | 31.8% | 35.1% | 33.3% |
| Cash conversion (CFO ÷ net income) | −4.84x | 14.2x | 3.58x | 3.76x | 3.16x |
| Receivable days | 38 | 28 | 29 | 29 | 27 |
| Interest cover | 0.02x | 2.62x | 2.01x | 2.68x | 2.78x |
| Debt ÷ equity | 2.98x | 2.89x | 2.07x | 2.03x | 2.04x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 9,668 | 9,547 | 7,811 | 7,611 | 7,609 |
| Current ratio | 0.58x | 0.65x | 0.68x | 0.80x | 0.93x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.