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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Alight
Alight (ALIT) investor relations material
Alight Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
FY25 revenue declined 3.9% year-over-year to $2.26 billion, with recurring revenue down 2.2% and project revenue down 21.8%.
Adjusted EBITDA for FY25 was $561 million (24.8% margin), down 5.6% year-over-year.
Adjusted net income fell 15% to $266 million, and adjusted EPS was $0.50, down 12.3% from FY24.
Free cash flow for FY25 was $250 million, supporting strong liquidity entering 2026.
New CEO is focused on operational excellence, client relationships, and product innovation after missing 2025 financial targets and guidance.
Financial highlights
Q4 FY25 revenue was $653 million, down 4% year-over-year; recurring revenue down 1.6%, project revenue down 27%.
Q4 adjusted EBITDA was $178 million (27.3% margin), down from $217 million (31.9%) in prior year.
Full-year adjusted net income was $266 million, adjusted EPS $0.50, both down from 2024.
Non-cash goodwill impairment charge of $803 million in Q4, with $83 million goodwill remaining.
Free cash flow for the year was $250 million, with $273 million in cash and equivalents at year-end.
Outlook and guidance
2026 expected to be a transition year, with Q1 revenue projected to decline by high single digits and adjusted EBITDA margin down 500-750 basis points year-over-year.
No full-year guidance provided due to leadership transition and ongoing analysis.
Over $100 million in capital to be deployed for foundational investments in 2026.
No significant TRA payments expected in 2027 and 2028, allowing reallocation of free cash flow to growth, deleveraging, and share repurchases.
Entering 2026 with $603 million in liquidity, including $273 million in cash and $330 million available on revolver.
What specific execution changes will drive retention?
When will AI impact margins?
What is the 2026 TRA payment's impact on capital?
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Next Alight earnings date
Q1 20267 May, 2026
Alight
Next Alight earnings date
Q1 20267 May, 2026
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Frequently asked questions
Alight Inc. is a provider of cloud-based human capital and business solutions, specializing in benefits administration, payroll, and workforce management. The company offers digital platforms and analytics-driven services to help organizations manage employee benefits, health plans, and financial well-being programs. Alight serves businesses across various industries, including healthcare, finance, and retail. Alight Inc. is headquartered in Lincolnshire, Illinois, and its shares are listed on the NYSE.
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