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Advantage Solutions (ADV) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Advantage Solutions (ADV) Q3 2026 earnings results →

Q3 2026 Revenue down 0% year over year to $914M · 3¢ of every $1 of revenue lost · operating margin 0.8%

Advantage Solutions made $914M in Q3 2026 (-0.1% Y/Y). Operating margin 0.8%, net loss $25.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.

Revenue$914M
Year over year-0.1%
Operating margin0.8%
Net earnings−$25.1M
Operating cash flow$51.0M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $913.7M in Q3 2026, roughly flat year over year and up 3% from the previous quarter.

Operating profit was $7.5M, a 0.8% margin (down 3.6 points year over year). Total costs grew 4% against flat revenue. The fastest-growing cost line was Other operating costs (+45%). The quarter ended with a net loss of $25.1M, narrower than the previous quarter's $62.7M loss. Net interest and other expense of $39.0M was the main reason.

Operating cash flow was $51.0M (down 20% year over year). Non-cash charges added back $51.0M of depreciation and amortization. Working capital and other items added $25.1M. Capital expenditures of $10.4M left free cash flow of $40.6M.

Quarterly history

Advantage Solutions revenue by quarterAdvantage Solutions revenue by quarter$822MQ1 2025$874MQ2 2025$915MQ3 2025$932MQ4 2025$870MQ1 2026$889MQ2 2026$914MQ3 2026
Advantage Solutions net earnings by quarterAdvantage Solutions net earnings by quarter−$56.1MQ1 2025−$30.4MQ2 2025$20.6MQ3 2025−$162MQ4 2025−$71.8MQ1 2026−$62.7MQ2 2026−$25.1MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 4, 2026$914M-0.1%0.8%−$25.1M$51.0M
Q2 202610-QAug 5, 2026$889M+2%0.2%−$62.7M−$6.5M
Q1 202610-QMay 6, 2026$870M+6%0.5%−$71.8M$23.7M
Q4 202510-KMar 3, 2026$932M+4%-17.4%−$162M$45.6M
Q3 202510-QNov 6, 2025$915M-3%4.4%$20.6M$63.6M
Q2 202510-QAug 7, 2025$874M0%1.1%−$30.4M−$8.1M
Q1 202510-QMay 12, 2025$822M-5%-1.8%−$56.1M−$39.6M

Charts

Advantage Solutions: revenue growth, year over year and quarter over quarterAdvantage Solutions: revenue growth, year over year and quarter over quarterY/YQ/Q-5%Q1 2025+0%+6%Q2 2025-3%+5%Q3 2025+4%+2%Q4 2025+6%-7%Q1 2026+2%+2%Q2 20260%+3%Q3 2026
Latest (Q3 2026): Y/Y 0%, Q/Q +3%.
Advantage Solutions: where the cash came from (+) and went (−), TTM to Q3 2026Advantage Solutions: where the cash came from (+) and went (−), TTM to Q3 2026Net borrowing (+) / repaid (−)−$148MOperating cash flow$114MCash drawn (+) / kept (−)$69.8MOther investing−$61.7MAsset & business sales$60.8MBuybacks−$19.3MOther financing−$19.0MShares issued$1.7MNot reconciled$1.3M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Advantage Solutions: profit against cash, quarter by quarterAdvantage Solutions: profit against cash, quarter by quarterNet incomeOperating cash flow−$178M$15.1MQ4 2024−$56.1M−$39.6MQ1 2025−$30.4M−$8.1MQ2 2025$20.6M$63.6MQ3 2025−$162M$45.6MQ4 2025−$71.8M$23.7MQ1 2026−$62.7M−$6.5MQ2 2026−$25.1M$51.0MQ3 2026
Latest (Q3 2026): Net income −$25.1M, Operating cash flow $51.0M.
Advantage Solutions: diluted shares by fiscal yearAdvantage Solutions: diluted shares by fiscal year223MFY2020321MFY2021319MFY2022324MFY2023322MFY2024325MFY2025
+45.4% since FY2020: more shares outstanding (issuance, stock pay).
Advantage Solutions: long-term debt falling due (FY2025)Advantage Solutions: long-term debt falling due (FY2025)$13.2M2026$1.1B2027$595M2028
Cash $241M, short-term investments —, long-term debt $1.7B at 2025-12-31.
Advantage Solutions in its industry: growth against margin (87 companies, SIC 7389)Advantage Solutions in its industry: growth against margin (87 companies, SIC 7389)revenue growth, year over year →↑ operating marginmedian +8%median 7%ACNUBERVMELIMAPYPLFISVDASHAMTMFISGPNEBAYCNXCLYFTBRCPAYFOURRBAMMSTNETAKAMCARTWUCSGPMSCIWEXZGCBZETSYFICOTICEXLSCNDTRELYALITMBGLQNSTMAXPAYHQYPAYOPRTHCTEVXMTRFLYWGETYANDGNUTXACVAXBPSEZLIMXILQDTPHRRMNIRPAYRGPSCORJANLCASSAMWLSGRPDHXBAERPAYSOPRXNOTEHGBLPOWWRSSSDVLTPAYDQMCIINVUTGLASFHCJMBOLBXHLDFTFTDBMMCNFNSRCOGBUXWASTBCRDADV (0%, 1%)
Services-Business Services, NEC; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Advantage Solutions

We provide outsourced sales, marketing, merchandising, sampling, and retailer support services to consumer packaged goods (“CPG”) manufacturers and retailers primarily across North America. Our services are designed to support distribution, retail execution, shopper engagement, and private brand development across both physical and digital commerce environments. We serve more than 4,000 clients across grocery, mass, club, retail pharmacy, convenience, and other channels in over 100,000 retail locations. We operate through three reportable segments: Branded Services, Experiential Services, and Retailer Services. Our revenue model consists of commissions, fee for service arrangements, and cost-plus structures depending on the nature of the engagement.

In its own words, from its 10-K, filed Mar 3, 2026.

Advantage Solutions against its Services-Business Services, NEC peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -0.1% against the peers' median +10%. Operating margin: 0.8% against the peers' median 9.8%.

CompanyQuarterRevenueY/YOp. margin
ADV Advantage SolutionsQ3 2026$914M-0.1%0.8%
ACN AccentureQ4 FY26$18.7B+6%15.3%
UBER Uber TechnologiesQ3 2026$14.8B+10%9.8%
V VisaQ4 FY26$12.1B+13%59.8%
MELI MercadoLibreQ3 2026$10.8B+45%6.3%
MA MastercardQ3 2026$9.8B+14%59.8%
PYPL PayPal HoldingsQ3 2026$8.6B+2%16.3%
FISV FiservQ3 2026$5.2B-1%-105.7%
DASH DoorDashQ3 2026$4.6B+34%9.6%

Source: Advantage Solutions 10-Q on SEC EDGAR · CIK 1776661 · Services-Business Services, NEC

Guidance and outlook

Advantage Solutions: what its forward-looking statements are about (10-Q filed 2026-11-04)Advantage Solutions: what its forward-looking statements are about (10-Q filed 2026-11-04)Costs2Products1Demand1People1Other1Supply chain1Buybacks & dividends1
8 statements; tone -0.25 (−1 all cautious, +1 all confident); 1 hedged.
Advantage Solutions: outlook statements against the filing beforeAdvantage Solutions: outlook statements against the filing beforeCautious2

13F: who owns ADV and who is buying

Largest holders of ADV (13F)Largest holders of ADV (13F)Leonard Green & Partners, L.P.$26.7MCVC Management Holdings II$26.4MCastleKnight Management LP$25.1MBlackRock$14.7MVanguard Capital Management LLC$8.7MGeode Capital Management, LLC$5.5MBain Capital Investors LLC$5.0MCharles Schwab Investment Managem…$4.4MDimensional Fund Advisors LP$4.2MState Street$3.9M
Funds' net buying of ADV by quarter (13F)Funds' net buying of ADV by quarter (13F)$02025-06−$112025-09−$582025-12$68.6M2026-03$5.1M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on ADV

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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