ADT Inc.

Listed Company

ADTCIK 0001703056NYSELarge AcceleratedServices-Detective, Guard & Armored Car ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$5.13B

Net Income

$595.95M

Total Assets

$15.82B

Equity

$3.78B

Shares Out

771.01M

Op. Cash Flow

$1.88B

Business

ADT Inc. is a leading provider of security, interactive, and smart home solutions serving residential and small business customers in the United States. It offers monitored security systems, life-safety alarms, smart cameras, home automation, video surveillance, personal emergency response products, installation, maintenance, and 24/7 professional monitoring services. The company operates as a single reportable operating segment reflecting its consumer and small business operations following recent commercial and solar business divestitures. ADT distributes offerings nationwide through direct sales, field installation teams, call centers, six monitoring centers, and a network of authorized dealers.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	5,129	4,898	4,653	4,382	4,203
Total cost of revenue	983	847	752	699	773
Selling, general, and administrative expenses	1,470	1,500	1,387	1,348	1,541
Depreciation and intangible asset amortization	1,367	1,343	1,335	1,600	1,840
Operating income (loss)	1,309	1,208	1,179	725	10
Interest expense, net	−459	−441	−570	−263	−457
Other income (expense)	−16	48	−5	−58	8
Income (loss) from continuing operations before income taxes	834	815	604	404	−476
Income tax benefit (expense)	−233	−196	−161	−88	132
Income (loss) from continuing operations before equity in net earnings (losses) of equity method investee	601	619	444	317	—
Equity in net earnings (losses) of equity method investee	0	0	7	−5	0
Income (loss) from continuing operations	601	619	450	312	−344
Income (loss) from discontinued operations, net of tax	−5	−118	13	−180	3
Net income (loss)	596	501	463	133	−341

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	81	96	15	257	24
Restricted cash and restricted cash equivalents	28	108	115	116	9
Accounts receivable, net of allowance for credit losses of $63,841 and $57,795, respectively	385	394	370	335	442
Inventories, net	202	197	201	225	277
Prepaid expenses and other current assets	250	211	242	307	169
Total current assets	946	1,005	1,005	1,722	993
Property and equipment, net	243	247	254	—	364
Subscriber system assets, net	2,791	2,981	3,006	2,919	2,868
Intangible assets, net	4,818	4,854	4,877	4,927	5,413
Goodwill	4,886	4,904	4,904	5,430	5,601
Deferred subscriber acquisition costs, net	1,452	1,324	1,176	991	850
Other assets	683	735	699	641	463
Total assets	15,819	16,051	15,964	17,821	16,894
Current maturities of long-term debt	310	196	312	858	118
Accounts payable	107	154	277	418	475
Deferred revenue	244	248	255	310	374
Accrued expenses and other current liabilities	337	635	556	777	737
Current liabilities of discontinued operations	15	32	80	299	—
Total current liabilities	1,013	1,264	1,480	2,661	1,703
Long-term debt	7,379	7,511	7,513	8,947	9,575
Deferred subscriber acquisition revenue	2,084	2,068	1,915	1,581	1,199
Deferred tax liabilities	1,267	1,167	1,027	893	867
Other liabilities	282	224	219	240	301
Noncurrent liabilities of discontinued operations	14	16	21	106	—
Total liabilities	12,040	12,250	12,175	14,428	13,646
Commitments and contingencies (See Note 13)	—	—	—	—	—
Preferred stockauthorized 1,000,000 shares of $0.01 par value; zero issued and outstanding as of December 31, 2025 and 2024	0	0	0	0	0
Additional paid-in capital	6,679	7,117	7,413	7,381	7,261
Accumulated deficit	−2,907	−3,318	−3,618	−3,950	−3,953
Accumulated other comprehensive income (loss)	−2	−7	−16	−47	−69
Total stockholders' equity	3,779	3,801	3,789	3,393	3,249
Total liabilities and stockholders' equity	15,819	16,051	15,964	17,821	16,894

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and intangible asset amortization	1,367	1,345	1,389	1,694	1,915
Amortization of deferred subscriber acquisition costs	253	225	196	163	126
Amortization of deferred subscriber acquisition revenue	−358	−346	−309	−244	−172
Total share-based compensation expense	55	49	51	67	61
Deferred income taxes	142	140	125	20	−139
Provision for losses on receivables and inventory	202	215	151	114	38
Loss on extinguishment of debt	19	5	17	—	—
Goodwill, intangible, and other asset impairments	15	24	529	206	19
(Gain) loss on sales of businesses	0	10	−649	−10	0
Unrealized (gain) loss on interest rate swap contracts	71	45	38	−302	−158
Other non-cash items, net	73	−34	100	135	149
Accounts receivable, net	−144	−146	−107	−178	−50
Long-term retail installment contracts	141	212	185	143	65
Other assets	−41	−110	−29	−9	—
Accounts payable	−52	−109	−112	9	98
Accrued interest	−115	−89	−128	51	57
Accrued and other liabilities	−103	41	−83	−42	5
Deferred subscriber acquisition costs	−381	−366	−387	−394	−324
Deferred subscriber acquisition revenue	225	252	290	—	—
Other, net	−80	23	−72	10	70
Net cash provided by (used in) operating activities	1,884	1,885	1,658	1,888	1,650
Dealer generated customer accounts and bulk account purchases	−596	−586	−589	−622	−675
Subscriber system asset expenditures	−396	−523	−631	−735	−695
Purchases of property and equipment	−176	−164	−176	−177	−168
Proceeds (payments) from divestiture of businesses	51	−18	1,609	27	2
Proceeds (payments) from interest rate swaps	−2	−8	0	0	—
Other investing, net	2	3	29	−27	4
Net cash provided by (used in) investing activities	−1,118	−1,295	242	−1,533	−1,696
Proceeds from long-term borrowings	2,952	1,069	867	550	1,196
Proceeds from receivables facility	269	229	282	277	254
Repurchases of common stock, including excise tax	−607	−241	0	−1,200	0
Repayment of long-term borrowings, including call premiums	−3,012	−1,186	−2,962	−605	−1,219
Repayment of receivables facility	−234	−257	−200	−121	−130
Dividends on common stock	−187	−182	−129	−127	−116
Payments on finance leases	−30	−29	−44	−45	−32
Proceeds (payments) from opportunity fund	−78	−7	−9	101	0
Proceeds (payments) from interest rate swaps	67	93	83	−19	−56
Other financing, net	−2	−4	−32	−5	−24
Net cash provided by (used in) financing activities	−862	−515	−2,144	−15	−128
Net increase (decrease) during the period	−96	74	−244	340	−174

Filings

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