Public Policy Holding (PPHC) FY2025 results: revenue $187 million, up 24.7% on the year
Public Policy Holding Company, Inc. (PPHC) reported revenue of $187 million for fiscal 2025, the year ended 31 December 2025, up 24.7% on the year before. Net income was -$39 million, and diluted earnings per share $-2.37. The figures are the company's own, from the 10-K it filed with the SEC on 31 March 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
- 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.
- Business mix and bonus shaped margin: Adjusted EBITDA margin was 24.3%, against 25.8%. Management cited a shift away from Government Relations and a partial restoration of the bonus pool.
- Adjusted free cash flow rose to $36.9 million: Adjusted free cash flow was $36.9 million, against $22.2 million. Operating cash flow was $24.8 million. The company said this cash flow tends to be weighted to the second half.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | On the year | Last 8 years |
|---|---|---|---|---|
| Revenue | 187 | 150 | +24.7% | |
| Cost of revenue | 168 | 132 | +26.9% | |
| Gross profit | 18.6 | 17.3 | +8.0% | |
| Gross margin | 10.0% | 11.5% | ||
| Operating income | -33.9 | -18.2 | ||
| Operating margin | -18.2% | -12.1% | ||
| Interest expense | 3.4 | 1.9 | +79.1% | |
| Pre-tax income | -34.6 | -17.4 | ||
| Income tax | 4.4 | 6.5 | -32.8% | |
| Net income | -39.0 | -24.0 | ||
| Net margin | -20.9% | -16.0% | ||
| Diluted EPS | -$2.37 | -$2.34 |
$ million except per share.
Read more
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 | FY2025 | FY2024 | On the year | Last 8 years |
|---|---|---|---|---|
| Operating cash flow | 24.8 | 16.4 | +51.0% | |
| Capital expenditure | 0.0 | 0.1 | -80.4% | |
| Free cash flow | 24.8 | 16.3 | +51.5% | |
| Free cash flow margin | 13.3% | 10.9% | ||
| Cash from investing | -21.6 | -19.5 | ||
| Cash from financing | 2.5 | 3.3 | -23.6% | |
| Depreciation and amortisation | 5.7 | 4.2 | +33.7% | |
| Dividends paid | 8.7 | 16.8 | -48.6% | |
| Diluted shares, weighted | 17m | 13m | +30.3% | |
| Shares outstanding at period end | 25m | 24m | +4.8% |
Balance sheet
| $ million | FY2025 | FY2024 | On the year | Last 8 years |
|---|---|---|---|---|
| Shareholders' equity | 74.9 | 81.3 | -7.8% | |
| Debt | 47.0 | 32.0 | +46.6% | |
| Operating lease liabilities | 16.5 | 16.8 | -2.0% | |
| Other liabilities | 64.2 | 44.4 | +44.7% | |
| Total liabilities and equity | 203 | 174 | +16.1% | |
| Fixed assets | 0.6 | 0.8 | -20.4% | |
| Goodwill | 57.0 | 64.3 | -11.4% | |
| Intangible assets | 37.1 | 32.1 | +15.5% | |
| Cash and equivalents | 20.4 | 14.5 | +40.6% | |
| Receivables | 21.9 | 18.3 | +19.5% | |
| Other assets | 65.6 | 44.4 | +47.5% | |
| Total assets | 203 | 174 | +16.1% |
10-K for the year ended 31 December 2025, filed 31 March 2026: the filing.