Advantage Solutions Inc. (ADV) · Nov 4, 2026 · Earnings

Advantage Solutions earnings show revenue growth but Branded Services slump

In line — Gross revenue $913.7M vs ~$899.5M consensus; adjusted EBITDA $85.4M vs $99.6M last year

Advantage Solutions earnings show modest revenue growth and reaffirmed guidance, but a steep Branded Services profit decline keeps the turnaround under pressure.

Advantage Solutions is a leveraged outsourced sales and marketing provider for CPG brands and retailers, trying to shift growth toward Experiential and Retailer Services while stabilizing its weaker Branded Services business. Its three-segment model remains concentrated in client budgets, labor execution and program volumes.

Revenue is holding, but the quality of growth is uneven. Gross revenue was essentially flat year over year and modestly ahead of the published ~$899.5 million consensus, while net revenue rose only 0.1% to $781.9 million. That makes the top line broadly in line rather than a meaningful upside surprise. Excluding divestitures, net revenues grew 1% year over year, marking the fourth consecutive quarter of growth.

Metric	Q3 2026	Q3 2025	Consensus / prior guidance
Gross revenue (Financial Highlights)	$913.7M	$915.0M	~$899.5M
Net revenue (Non-GAAP reconciliation)	$781.9M	$780.9M
Adjusted EBITDA (Financial Highlights)	$85.4M	$99.6M
Adjusted EBITDA margin (Non-GAAP reconciliation)	10.9%	12.7%
Adjusted UFCF (UFCF reconciliation)	$98.7M
2026 capex guidance (2026 Guidance)	$40M–$45M		$45M–$55M

Profitability is the central problem, not demand. Adjusted EBITDA fell 12% excluding divestitures, with the consolidated margin dropping to 10.9% from 12.7%. Branded Services was the drag: its net revenue declined 13% and segment adjusted EBITDA fell 58% to $17.6 million, reflecting client losses and unfavorable mix.

The healthier segments are carrying the story. Experiential Services benefited from stronger event demand and volumes, while Retailer Services returned to EBITDA growth. But that improvement is currently offsetting, rather than overcoming, Branded Services deterioration. Experiential also absorbed wage, recruiting and staffing investments, so its revenue growth has not yet translated into comparable near-term profit expansion.

Management is responding with a real cost reset, but the payoff is still ahead. Advantage has launched a restructuring program targeting approximately $25 million of annualized near-term savings net of investment, plus more than $5 million over time. Most actions occur in the fourth quarter and extend into 2027, so the filing establishes a plan rather than proving that margins have already turned.

Cash flow and guidance provide some stability, not a turnaround confirmation. Adjusted unlevered free cash flow was $98.7 million in the quarter, and full-year revenue, adjusted EBITDA and cash-flow guidance was reaffirmed. Lower capex improves cash flexibility, but net leverage remained elevated at 4.6x and management still expects cash to be directed primarily toward debt reduction. The result is therefore better than feared on revenue and liquidity, but not evidence yet that the underlying earnings engine has recovered.

Bottom line: This is a mixed quarter leaning negative: growth is continuing in the stronger segments, but Branded Services is deteriorating fast enough to keep consolidated profitability under pressure. The restructuring gives the company a path to improve margins, but the filing does not show that the fix is working yet.

What to watch next

Q4 results and restructuring savings realization

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

Bull 58%Neu 27%Bear 15%

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Advantage Solutions earnings show revenue growth but Branded Services slump

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