Advantage Solutions (ADV) Q3 2026 earnings summary

Executive summary

• Q3 total revenue was $913.7M, down 0.1% YoY; net revenue was $781.9M, up 0.1% excluding divestitures. Adjusted EBITDA was $85.4M, down 14.2% reported and 12% pro forma excluding divestitures.

• 9M revenue rose 2.4% to $2.673B, while Adjusted EBITDA declined to $229.0M from $244.1M and net loss widened to $159.6M from $66.0M.

• Experiential and Retailer Services growth was offset by Branded Services pressure; FY26 revenue, Adjusted EBITDA and cash flow guidance were reaffirmed.

Financial highlights

• Q3 operating income was $7.5M versus $40.2M; results included an $8.1M noncash impairment and lacked the prior-year $8.5M divestiture gain and $1.4M European JV income.

• Q3 Adjusted Unlevered Free Cash Flow was $98.7M, or 115.6% of Adjusted EBITDA, supported by disciplined working capital management.

• Q3 Adjusted Net Income was $20.9M versus $54.0M; 9M Adjusted Net Loss was $16.8M versus Adjusted Net Income of $52.3M.

• Q3 diluted loss per share was $1.96; 9M diluted loss per share was $12.34, compared with prior-year diluted EPS of $1.51 for Q3 and a loss of $5.09 for 9M.

Outlook and guidance

• FY26 guidance, excluding divestitures, remains net revenue flat to up low-single digits and Adjusted EBITDA flat to down mid-single digits.

• Adjusted Unlevered Free Cash Flow guidance remains $250M–$275M; net free cash flow is expected at ~$155M, with conversion of ~25% of Adjusted EBITDA excluding incremental refinancing costs.

• Experiential Services expects double-digit revenue and Adjusted EBITDA growth with margin expansion in Q4 and FY26; Branded Services expects sequential profitability improvement in Q4.

• FY26 CapEx guidance was lowered to $40M–$45M from $45M–$55M; FY27 CapEx is expected at $35M–$40M and net interest expense at ~$155M.

• Guidance reflects market uncertainty and a wide range of Q4 outcomes; Retailer Services faces a tougher Q4 comparison and project-timing volatility.