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How First Advantage (FA) makes money
First Advantage (FA) made $466M of revenue in the third quarter 2026 (Q3 2026), +14% from a year earlier. First Advantage Americas brought in $230M (49%); Sterling brought in $210M (45%); First Advantage International brought in $25.7M (6%). Of every dollar of revenue, 13¢ was left as operating profit, 4¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| First Advantage Americas | $230M | 49.4% | +7% | +26% |
| Sterling | $210M | 45.0% | +0.1% | +6% |
| First Advantage International | $25.7M | 5.5% | +11% | -9% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $466M | 100.0% |
| Operating profit | $60.1M | 12.9% |
| Income tax | $8.6M | 1.8% |
| Net earnings | $20.5M | 4.4% |
| Operating cash flow | $63.8M | 13.7% |
| Free cash flow | $60.2M | 12.9% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $466M | +14% |
| Q2 2026 | $449M | +15% |
| Q1 2026 | $385M | +9% |
| Q4 2025 | $420M | +37% |
| Q3 2025 | $409M | +106% |
| Q2 2025 | $391M | +112% |
| Q1 2025 | $355M | +109% |
From First Advantage's 10-Q filed Nov 5, 2026 (on EDGAR).
Questions
How does First Advantage make money?
First Advantage (FA) made $466M of revenue in the third quarter 2026 (Q3 2026), +14% from a year earlier. First Advantage Americas brought in $230M (49%); Sterling brought in $210M (45%); First Advantage International brought in $25.7M (6%). Of every dollar of revenue, 13¢ was left as operating profit, 4¢ was left as net earnings.
What is First Advantage's biggest business?
First Advantage Americas: $230M in the third quarter 2026, 49% of revenue, +26% from a year earlier.
What is First Advantage's profit margin?
Net earnings were $20.5M, 4.4% of revenue, in the third quarter 2026; the operating margin was 12.9%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.