Public Policy Holding (PPHC) Q4 FY2025 earnings: revenue $50 million

Public Policy Holding Company, Inc. (PPHC) reported revenue of $50 million for Q4 FY2025, the quarter ended 31 December 2025. Net income was -$15 million. The figures are the company's own, from the 10-K it filed with the SEC on 31 March 2026.

Revenue

$50 million

+2.2% on the quarter

Q1 FY2025Q4 FY2025

Operating margin

-34.5%

Q1 FY2025Q4 FY2025

Net income

-$15 million

Q1 FY2025Q4 FY2025

Diluted EPS

n/a

Q1 FY2025Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Full-year revenue rose 24.7%: Revenue for 2025 was $186.5 million, up 24.7% from $149.6 million. Organic growth was 6.2%, a step-up from 2.7% in 2024.
Adjusted EBITDA rose 17.7%: Adjusted EBITDA was $45.4 million for 2025, up from $38.6 million. The margin was 24.3%, against 25.8% in 2024.
GAAP net loss widened: GAAP net loss was $(39.0) million for 2025, against $(24.0) million in 2024. Management attributed the increase mainly to a non-cash share-based accounting charge from the UK IPO.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	A year earlier	On the quarter
Revenue	49.9	48.8	n/a	+2.2%
Cost of revenue	48.1	43.9	n/a	+9.6%
Gross profit	1.8	4.9	n/a	-64.1%
Gross margin	3.5%	10.1%	n/a
Operating income	-17.2	-5.9	n/a
Operating margin	-34.5%	-12.1%	n/a
Interest expense	0.9	1.0	n/a	-6.1%
Pre-tax income	-15.5	-6.9	n/a
Income tax	-0.3	0.6	n/a
Net income	-15.2	-7.4	n/a
Net margin	-30.5%	-15.2%	n/a
Diluted EPS	n/a	-$0.45	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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	Q4 FY2025	Q3 FY2025	A year earlier	On the quarter
Operating cash flow	14.7	10.3	n/a	+43.0%
Capital expenditure	n/a	0.1	n/a
Free cash flow	n/a	10.2	n/a
Free cash flow margin	n/a	20.9%	n/a
Cash from investing	0.1	-3.1	n/a
Cash from financing	-5.6	-6.0	n/a
Depreciation and amortisation	1.4	1.6	n/a	-12.5%
Dividends paid	n/a	1.3	n/a
Diluted shares, weighted	17m	17m	n/a	+0.4%
Shares outstanding at period end	25m	31m	n/a	-17.7%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	A year earlier	On the quarter
Shareholders' equity	74.9	81.5	n/a	-8.1%
Debt	47.0	n/a	n/a
Operating lease liabilities	16.5	n/a	n/a
Other liabilities	64.2	n/a	n/a
Total liabilities and equity	203	n/a	n/a
Fixed assets	0.6	n/a	n/a
Goodwill	57.0	n/a	n/a
Intangible assets	37.1	n/a	n/a
Cash and equivalents	20.4	11.1	n/a	+83.4%
Receivables	21.9	n/a	n/a
Other assets	65.6	n/a	n/a
Total assets	203	n/a	n/a

Questions

What was Public Policy Holding's revenue in Q4 FY2025?

Public Policy Holding (PPHC) reported revenue of $50 million for Q4 FY2025, the quarter ended 31 December 2025.

How much did Public Policy Holding earn in Q4 FY2025?

Net loss for Q4 FY2025 was $15 million.

When did Public Policy Holding report Q4 FY2025 results?

Public Policy Holding filed its 10-K for the year that ended with the quarter on 31 March 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 7 quarters

	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	39.3	48.6	48.8	49.9	50.1	52.1	55.2
Cost of revenue	35.4	40.6	43.9	48.1	41.0	40.8	49.3
Gross profit	4.0	8.0	4.9	1.8	9.2	11.4	5.9
Gross margin	10%	16%	10%	4%	18%	22%	11%
Operating income	-5.9	-4.9	-5.9	-17.2	-8.2	-3.9	-8.3
Operating margin	-15%	-10%	-12%	-35%	-16%	-7%	-15%
Interest expense	0.6	0.9	1.0	0.9	0.8	0.7	0.7
Pre-tax income	-6.5	-5.8	-6.9	-15.5	-8.8	-3.4	0.7
Tax rate	n/a	n/a	n/a	n/a	n/a	n/a	66%
Net income	-10.6	-5.7	-7.4	-15.2	-11.5	-3.7	0.2
Net margin	-27%	-12%	-15%	-31%	-23%	-7%	0%
Diluted EPS	-$0.63	-$0.44	-$0.45	n/a	-$0.49	-$0.19	-$0.01
Operating cash flow	-8.6	8.3	10.3	14.7	-11.7	2.6	-7.4
Capital expenditure	0.0	0.1	0.1	n/a	0.5	0.1	0.1
Free cash flow	-8.6	8.3	10.2	n/a	-12.2	2.5	-7.5
Dividends paid	n/a	n/a	1.3	n/a	n/a	n/a	0.0
Shares outstanding	29m	30m	31m	25m	29m	30m	30m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A blank figure marked on a quarter is one the filings do not give on their own: the quarters as filed do not add to the year the company filed, or the year and its quarters stand on different share counts. Each quarter's page says which. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 31 March 2026: the filing.