First Advantage (FA) FY2025 results: revenue $1.6 billion, up 83.0% on the year
First Advantage Corp. (FA) reported revenue of $1.6 billion for fiscal 2025, the year ended 31 December 2025, up 83.0% on the year before. Net income was -$35 million, and diluted earnings per share $-0.20. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
Revenue
$1.6 billion
+83.0% on the year
FY2019FY2025
Operating margin
8.4%
-7.3% a year earlier
FY2019FY2025
Net income
-$35 million
FY2019FY2025
Diluted EPS
-$0.20
FY2019FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 5 new.
Fourth quarter revenue and EPS rose: Fourth quarter revenues were $420.0 million, against $307.1 million a year earlier. Net income was $3.5 million, a 0.8% margin. Adjusted Diluted EPS was $0.30, against $0.18.
Full year revenue up, net loss narrowed: Full year revenues were $1,574.4 million, against $860.2 million in 2024. The net loss was $(34.8) million, against $(110.3) million. Diluted loss per share was $(0.20), against $(0.74).
Combined growth reached 17% in quarter: Combined upsell, cross-sell and new logo growth was 17% in the fourth quarter, which management said exceeded its long-term revenue growth algorithm. Fourth quarter customer retention was 97%.
Core Sterling integration completed in 2025: Management said core Sterling integration activities were completed during the year, and the company is positioned to maximize the benefits of its combined business.
Operating cash flow was $195.1 million: Full year cash from operations was $195.1 million, against $28.2 million. Fourth quarter cash from operations was $65.9 million. Adjusted operating cash flow, excluding Sterling costs, was $231.9 million.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
195
28.2
163
+592.0%
Capital expenditure
6.6
1.7
2.1
+285.6%
Free cash flow
188
26.5
161
+611.9%
Free cash flow margin
12.0%
3.1%
21.0%
Cash from investing
-54.1
-1,652
-66.8
Cash from financing
-70.8
1,581
-274
Depreciation and amortisation
112
77.2
67.4
+44.8%
Share-based compensation
24.5
31.8
15.3
-23.0%
Buybacks
n/a
n/a
59.5
Dividend per share
n/a
$1.50
$1.50
Diluted shares, weighted
173m
149m
146m
+16.6%
Shares outstanding at period end
174m
173m
145m
+0.6%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,314
1,307
907
+0.5%
Debt
2,115
2,163
565
-2.2%
Operating lease liabilities
5.5
9.1
5.9
-39.6%
Finance lease liabilities
0.0
0.0
0.0
-66.7%
Other liabilities
400
444
153
-9.8%
Total liabilities and equity
3,834
3,923
1,631
-2.3%
Fixed assets
251
308
79.4
-18.4%
Goodwill
2,144
2,125
821
+0.9%
Intangible assets
857
988
344
-13.2%
Investments
n/a
n/a
0.0
Cash and equivalents
240
169
214
+42.3%
Receivables
297
267
143
+11.4%
Other assets
44.9
67.4
30.1
-33.3%
Total assets
3,834
3,923
1,631
-2.3%
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.