Allegion (ALLE) FY2025 results: revenue $4.1 billion, up 7.8% on the year

Allegion supplies security products that keep people and assets safe where they live, learn, work and connect, across institutional, commercial and residential construction and remodelling markets in North America, Europe, Asia and Oceania. It was incorporated in Ireland on 9 May 2013 to hold the commercial and residential security businesses of what was then Ingersoll Rand, and became a stand-alone public company on 1 December 2013 when those businesses were transferred and shares issued to Ingersoll Rand's shareholders. Several of its brands are more than 100 years old and created their categories: Von Duprin, established in 1908, was awarded the first exit device patent, and Schlage, established in 1920, was awarded the first patents for the cylindrical lock and the push button lock. The two reportable segments are Allegion Americas and Allegion International.

The product families

Door controls and exit devices cover life-safety products fitted to fire doors and facility entrances and exits, including panic hardware for rapid egress, mechanical closers, automatic operators, interior and storefront door systems, and automatic entrances such as sliding, swing, folding and intensive care unit doors with their sensors and controls, under Briton, CISA, LCN, Stanley Access Technologies and Von Duprin. Doors, glass and door systems and accessories cover hollow metal doors and frames, glass and specialty door systems, hinges, door pulls, stops, louvers, weather stripping and thresholds, under Falcon, Glynn-Johnson, Ives, Republic, Steelcraft, TGP and Trimco. Electronic security and access control covers electronic locks, door closers and exit devices, access control systems, credentials and readers using Bluetooth Low Energy, Power over Ethernet and cloud technology, plus products for managing workforce access and attendance, under Bricard, CISA, ELATEC, Interflex, Schlage and SimonsVoss. Locks and key systems cover cylindrical, tubular and mortice locksets, security levers, master key systems and portable bicycle, small vehicle and travel locks, under Bricard, AXA, CISA, Falcon, Gainsborough, Schlage and SimonsVoss. Services and software cover planned inspection, maintenance and repair of automatic entrances in the United States and Canada, aftermarket services and installation in selected places, and software as a service for access control, platform integration and workforce management through Interflex, Yonomi and Zentra.

Why the work is complicated

Security and access control are part of every building and home, and most buildings have several door openings, each with its own purpose and its own access requirement. A door must fit its frame exactly, be prepared precisely for its hinges, work with its lockset and latch and align with a specific key. As connected hardware and software spread, products including credentials are increasingly linked electronically, integrated into access control software and consumer technology platforms and controlled from mobile applications, adding both functionality and complexity.

Competition

The security products markets are highly competitive and fragmented worldwide, with a few large multinationals and thousands of smaller regional and local companies, a pattern the filing attributes to local regulatory requirements and highly variable end-user needs. The principal global competitors named are Assa Abloy and dormakaba, with Fortune Brands Innovations in the North American residential market and private label brands alongside them, and more specialised competitors appearing as the company moves into more technologically advanced categories. Success is described as depending on brand and reputation, industry knowledge, product breadth, integration with popular technology platforms, quality and delivery, price and service, and on building a strong channel network.

Selling, making and people

In commercial and institutional channels, sales professionals work with end-users, architects, contractors, engineers and distribution partners on custom-configured solutions, helped by specification writers who design door openings and security systems to meet functional, aesthetic and regulatory requirements. In retail and homebuilder channels, sales, merchandising and marketing teams drive awareness through channel partners and consumers. The company operates 37 principal production and assembly facilities, 22 in the Americas segment and 15 in International, producing in the region of use where appropriate, with much of the United States residential range made in Baja Mexico under the IMMEX programme, and distribution through channel partners and third-party logistics providers. Raw materials include steel, zinc, brass and other non-ferrous metals plus electronic components and other parts. At 31 December 2025 the company had approximately 13,300 employees, approximately 45% in the United States, of whom approximately 16% were covered by collective bargaining agreements.

From Allegion's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 17 February 2026: read the full 10-K.