Resideo Technologies (REZI)
Market Price (8/24/2026): $20.27 | Market Cap: $3.1 BilSector: Industrials | Industry: Trading Companies & Distributors
Resideo Technologies (REZI)
Market Price (8/24/2026): $20.27Market Cap: $3.1 BilSector: IndustrialsIndustry: Trading Companies & Distributors
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.5% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -40% Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, and Sustainable Resource Management. Themes include IoT for Buildings, Building Management Systems, Show more. | Weak multi-year price returns2Y Excs Rtn is -31%, 3Y Excs Rtn is -47% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 100% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -18% Key risksREZI key risks include [1] its significant debt burden following a $1.59 billion payment to Honeywell. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.5% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -40% |
| Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, and Sustainable Resource Management. Themes include IoT for Buildings, Building Management Systems, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -31%, 3Y Excs Rtn is -47% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 100% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -18% |
| Key risksREZI key risks include [1] its significant debt burden following a $1.59 billion payment to Honeywell. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 8/13/2026
Resideo Technologies (REZI) stock has lost about 50% since 4/30/2026 because of the following key factors:
1. Impact of the ADI Global Distribution Spin-Off and Higher Standalone Leverage.
Resideo Technologies completed the tax-free spin-off of its ADI Global Distribution business on August 3, 2026. While this event resulted in Resideo receiving a $900 million dividend from ADI, which was used to repay Term Loan B principal, and an additional $200 million repayment expected in fiscal Q3 2026, the market reacted negatively to the post-spin implications. Management indicated that the remaining Resideo business (Products & Solutions) will have materially reduced revenue, operating income, and cash flows, coupled with higher leverage on the standalone entity. The prior conversion price for CD&R's Series A Preferred Stock was also adjusted from $26.92 to $18.844 per share in connection with the spin-off, reflecting a lower valuation for the post-spin company. This strategic separation, intended to create a "pure-play building technologies company," led to investor uncertainty regarding future financial performance and increased financial risk for the remaining business.
2. Weak Standalone Outlook and Operational Headwinds.
The market's concern was exacerbated by Resideo's standalone outlook for the remainder of 2026, following the ADI spin-off. The company initiated standalone 2026 guidance forecasting revenue of $2.9 billion to $2.95 billion and adjusted EBITDA of $605 million to $625 million. A significant headwind cited by management is an anticipated $40 million to $50 million year-over-year revenue pressure in the second half of 2026 due to lower volumes from a large OEM security customer pursuing vertical integration, with this impact concentrated in fiscal Q3 and fiscal Q4. Furthermore, higher input costs are expected to pressure fiscal Q3 2026 margins before pricing actions can fully take effect. The lack of explicit GAAP earnings per share and cash flow guidance for the standalone entity further contributed to investor apprehension.
Show more
Resideo Technologies (REZI) stock has lost about 50% since 4/30/2026 because of the following key factors:
1. Impact of the ADI Global Distribution Spin-Off and Higher Standalone Leverage.
Resideo Technologies completed the tax-free spin-off of its ADI Global Distribution business on August 3, 2026. While this event resulted in Resideo receiving a $900 million dividend from ADI, which was used to repay Term Loan B principal, and an additional $200 million repayment expected in fiscal Q3 2026, the market reacted negatively to the post-spin implications. Management indicated that the remaining Resideo business (Products & Solutions) will have materially reduced revenue, operating income, and cash flows, coupled with higher leverage on the standalone entity. The prior conversion price for CD&R's Series A Preferred Stock was also adjusted from $26.92 to $18.844 per share in connection with the spin-off, reflecting a lower valuation for the post-spin company. This strategic separation, intended to create a "pure-play building technologies company," led to investor uncertainty regarding future financial performance and increased financial risk for the remaining business.
2. Weak Standalone Outlook and Operational Headwinds.
The market's concern was exacerbated by Resideo's standalone outlook for the remainder of 2026, following the ADI spin-off. The company initiated standalone 2026 guidance forecasting revenue of $2.9 billion to $2.95 billion and adjusted EBITDA of $605 million to $625 million. A significant headwind cited by management is an anticipated $40 million to $50 million year-over-year revenue pressure in the second half of 2026 due to lower volumes from a large OEM security customer pursuing vertical integration, with this impact concentrated in fiscal Q3 and fiscal Q4. Furthermore, higher input costs are expected to pressure fiscal Q3 2026 margins before pricing actions can fully take effect. The lack of explicit GAAP earnings per share and cash flow guidance for the standalone entity further contributed to investor apprehension.
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Updated on 8/13/2026
Resideo Technologies (REZI) stock has lost about 50% since 4/30/2026 because of the following key factors:
1. Impact of the ADI Global Distribution Spin-Off and Higher Standalone Leverage.
Resideo Technologies completed the tax-free spin-off of its ADI Global Distribution business on August 3, 2026. While this event resulted in Resideo receiving a $900 million dividend from ADI, which was used to repay Term Loan B principal, and an additional $200 million repayment expected in fiscal Q3 2026, the market reacted negatively to the post-spin implications. Management indicated that the remaining Resideo business (Products & Solutions) will have materially reduced revenue, operating income, and cash flows, coupled with higher leverage on the standalone entity. The prior conversion price for CD&R's Series A Preferred Stock was also adjusted from $26.92 to $18.844 per share in connection with the spin-off, reflecting a lower valuation for the post-spin company. This strategic separation, intended to create a "pure-play building technologies company," led to investor uncertainty regarding future financial performance and increased financial risk for the remaining business.
2. Weak Standalone Outlook and Operational Headwinds.
The market's concern was exacerbated by Resideo's standalone outlook for the remainder of 2026, following the ADI spin-off. The company initiated standalone 2026 guidance forecasting revenue of $2.9 billion to $2.95 billion and adjusted EBITDA of $605 million to $625 million. A significant headwind cited by management is an anticipated $40 million to $50 million year-over-year revenue pressure in the second half of 2026 due to lower volumes from a large OEM security customer pursuing vertical integration, with this impact concentrated in fiscal Q3 and fiscal Q4. Furthermore, higher input costs are expected to pressure fiscal Q3 2026 margins before pricing actions can fully take effect. The lack of explicit GAAP earnings per share and cash flow guidance for the standalone entity further contributed to investor apprehension.
3. Nuances in Fiscal Q2 2026 Performance and Declining Operating Cash Flow.
Despite Resideo announcing what appeared to be strong consolidated fiscal Q2 2026 results on August 12, 2026 (for the quarter ended July 4, 2026), with revenue increasing 2% year-over-year to nearly $2 billion and adjusted EBITDA rising 19% to $249 million, closer examination revealed underlying concerns. These consolidated figures included ADI Global Distribution, which was subsequently spun off. A notable factor was that the adjusted EBITDA benefited from $27 million in tariff refunds, primarily received by ADI, a non-recurring item not expected in the latter half of 2026. Moreover, GAAP operating income for fiscal Q2 2026 fell 26% year-over-year to $131 million, largely due to $31 million in business separation costs and $22 million in restructuring expenses incurred during the quarter. Operating cash flow also declined 26% to $148 million in fiscal Q2 2026, attributed in part to these separation and increased interest costs. This suggests that the quality of earnings was impacted by one-time benefits and significant expenses related to the separation.
Show less
Resideo Technologies (REZI) stock has lost about 50% since 4/30/2026 because of the following key factors:
1. Impact of the ADI Global Distribution Spin-Off and Higher Standalone Leverage.
Resideo Technologies completed the tax-free spin-off of its ADI Global Distribution business on August 3, 2026. While this event resulted in Resideo receiving a $900 million dividend from ADI, which was used to repay Term Loan B principal, and an additional $200 million repayment expected in fiscal Q3 2026, the market reacted negatively to the post-spin implications. Management indicated that the remaining Resideo business (Products & Solutions) will have materially reduced revenue, operating income, and cash flows, coupled with higher leverage on the standalone entity. The prior conversion price for CD&R's Series A Preferred Stock was also adjusted from $26.92 to $18.844 per share in connection with the spin-off, reflecting a lower valuation for the post-spin company. This strategic separation, intended to create a "pure-play building technologies company," led to investor uncertainty regarding future financial performance and increased financial risk for the remaining business.
2. Weak Standalone Outlook and Operational Headwinds.
The market's concern was exacerbated by Resideo's standalone outlook for the remainder of 2026, following the ADI spin-off. The company initiated standalone 2026 guidance forecasting revenue of $2.9 billion to $2.95 billion and adjusted EBITDA of $605 million to $625 million. A significant headwind cited by management is an anticipated $40 million to $50 million year-over-year revenue pressure in the second half of 2026 due to lower volumes from a large OEM security customer pursuing vertical integration, with this impact concentrated in fiscal Q3 and fiscal Q4. Furthermore, higher input costs are expected to pressure fiscal Q3 2026 margins before pricing actions can fully take effect. The lack of explicit GAAP earnings per share and cash flow guidance for the standalone entity further contributed to investor apprehension.
3. Nuances in Fiscal Q2 2026 Performance and Declining Operating Cash Flow.
Despite Resideo announcing what appeared to be strong consolidated fiscal Q2 2026 results on August 12, 2026 (for the quarter ended July 4, 2026), with revenue increasing 2% year-over-year to nearly $2 billion and adjusted EBITDA rising 19% to $249 million, closer examination revealed underlying concerns. These consolidated figures included ADI Global Distribution, which was subsequently spun off. A notable factor was that the adjusted EBITDA benefited from $27 million in tariff refunds, primarily received by ADI, a non-recurring item not expected in the latter half of 2026. Moreover, GAAP operating income for fiscal Q2 2026 fell 26% year-over-year to $131 million, largely due to $31 million in business separation costs and $22 million in restructuring expenses incurred during the quarter. Operating cash flow also declined 26% to $148 million in fiscal Q2 2026, attributed in part to these separation and increased interest costs. This suggests that the quality of earnings was impacted by one-time benefits and significant expenses related to the separation.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -51.0% change in REZI stock from 4/30/2026 to 8/23/2026 was primarily driven by a -51.5% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 41.37 | 20.27 | -51.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,472 | 7,652 | 2.4% |
| P/S Multiple | 0.8 | 0.4 | -51.5% |
| Shares Outstanding (Mil) | 149 | 151 | -1.3% |
| Cumulative Contribution | -51.0% |
Market Drivers
4/30/2026 to 8/23/2026| Return | Correlation | |
|---|---|---|
| REZI | -51.0% | |
| Market (SPY) | 6.5% | -2.2% |
| Sector (XLI) | 3.2% | 17.2% |
Fundamental Drivers
The -40.8% change in REZI stock from 1/31/2026 to 8/23/2026 was primarily driven by a -41.7% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 34.26 | 20.27 | -40.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,435 | 7,652 | 2.9% |
| P/S Multiple | 0.7 | 0.4 | -41.7% |
| Shares Outstanding (Mil) | 149 | 151 | -1.3% |
| Cumulative Contribution | -40.8% |
Market Drivers
1/31/2026 to 8/23/2026| Return | Correlation | |
|---|---|---|
| REZI | -40.8% | |
| Market (SPY) | 11.0% | 20.5% |
| Sector (XLI) | 9.3% | 27.6% |
Fundamental Drivers
The -25.8% change in REZI stock from 7/31/2025 to 8/23/2026 was primarily driven by a -86.0% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 27.30 | 20.27 | -25.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,045 | 7,652 | 8.6% |
| Net Income Margin (%) | 1.1% | 5.6% | 397.6% |
| P/E Multiple | 51.1 | 7.2 | -86.0% |
| Shares Outstanding (Mil) | 148 | 151 | -2.0% |
| Cumulative Contribution | -25.8% |
Market Drivers
7/31/2025 to 8/23/2026| Return | Correlation | |
|---|---|---|
| REZI | -25.8% | |
| Market (SPY) | 22.2% | 30.9% |
| Sector (XLI) | 19.8% | 33.6% |
Fundamental Drivers
The 8.3% change in REZI stock from 7/31/2023 to 8/23/2026 was primarily driven by a 41.4% change in the company's Net Income Margin (%).| (LTM values as of) | 7312023 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.72 | 20.27 | 8.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,413 | 7,652 | 19.3% |
| Net Income Margin (%) | 3.9% | 5.6% | 41.4% |
| P/E Multiple | 10.9 | 7.2 | -34.1% |
| Shares Outstanding (Mil) | 147 | 151 | -2.6% |
| Cumulative Contribution | 8.3% |
Market Drivers
7/31/2023 to 8/23/2026| Return | Correlation | |
|---|---|---|
| REZI | 8.3% | |
| Market (SPY) | 73.2% | 43.3% |
| Sector (XLI) | 70.0% | 48.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| REZI Return | 22% | -37% | 14% | 22% | 52% | -43% | -6% |
| Peers Return | 35% | -12% | 10% | 10% | 20% | 4% | 77% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| REZI Win Rate | 58% | 42% | 42% | 42% | 50% | 38% | |
| Peers Win Rate | 60% | 40% | 50% | 48% | 62% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| REZI Max Drawdown | -28% | -42% | -28% | -22% | -38% | -52% | |
| Peers Max Drawdown | -21% | -37% | -36% | -23% | -24% | -22% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: JCI, ALLE, ADT, ALRM, NSSC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/21/2026 (YTD)
How Low Can It Go
| Event | REZI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.8% | -18.8% |
| % Gain to Breakeven | 48.8% | 23.1% |
| Time to Breakeven | 77 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.9% | -9.5% |
| % Gain to Breakeven | 28.1% | 10.5% |
| Time to Breakeven | 48 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -16.4% | -6.7% |
| % Gain to Breakeven | 19.6% | 7.1% |
| Time to Breakeven | 259 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -28.0% | -24.5% |
| % Gain to Breakeven | 38.9% | 32.4% |
| Time to Breakeven | 786 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -61.1% | -33.7% |
| % Gain to Breakeven | 157.1% | 50.9% |
| Time to Breakeven | 73 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -33.3% | -19.2% |
| % Gain to Breakeven | 49.9% | 23.8% |
| Time to Breakeven | 829 days | 105 days |
In The Past
Resideo Technologies's stock fell -32.8% during the 2025 US Tariff Shock. Such a loss loss requires a 48.8% gain to breakeven.
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| Event | REZI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.8% | -18.8% |
| % Gain to Breakeven | 48.8% | 23.1% |
| Time to Breakeven | 77 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.9% | -9.5% |
| % Gain to Breakeven | 28.1% | 10.5% |
| Time to Breakeven | 48 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -28.0% | -24.5% |
| % Gain to Breakeven | 38.9% | 32.4% |
| Time to Breakeven | 786 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -61.1% | -33.7% |
| % Gain to Breakeven | 157.1% | 50.9% |
| Time to Breakeven | 73 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -33.3% | -19.2% |
| % Gain to Breakeven | 49.9% | 23.8% |
| Time to Breakeven | 829 days | 105 days |
In The Past
Resideo Technologies's stock fell -32.8% during the 2025 US Tariff Shock. Such a loss loss requires a 48.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Resideo Technologies (REZI)
Resideo Technologies, Inc. (REZI) is a global provider of comfort, residential thermal, and security solutions for both residential and commercial markets. The company operates through two primary segments: Products & Solutions, where it develops and manufactures its own offerings, and ADI Global Distribution, which serves as a major distributor of third-party products.
The Products & Solutions segment focuses on proprietary technologies, providing solutions for temperature and humidity control, thermal water and air management, and a comprehensive suite of security products. These security offerings include panels, sensors, cameras, communication devices, cloud infrastructure, and related software, frequently marketed under the trusted Honeywell Home brand. These products are designed to enhance the safety, comfort, and efficiency of homes and various commercial properties.
The ADI Global Distribution segment is a key distributor of a broad range of security products, encompassing video surveillance, intrusion detection, and access control systems. Additionally, ADI distributes smart home, fire, power, audio, ProAV, networking, and structured wiring products. This segment primarily serves contractors who install these systems for both non-residential and residential end-users. Resideo also reaches its customers through a diverse network including distributors, original equipment manufacturers, service providers, and direct retail and online channels.
AI Analysis | Feedback
Here are 1-3 brief analogies for Resideo Technologies (REZI):
It's like 'Honeywell for home comfort and security products'—the company behind many of the thermostats and residential alarm systems you see.
Imagine a specialized 'Grainger or Ferguson for professional smart home and security installers'—a major distributor to contractors for building technology products.
AI Analysis | Feedback
- Comfort and Thermal Solutions: Resideo provides products for temperature and humidity control, along with thermal water and air solutions for residential environments.
- Security Products: This segment includes security panels, sensors, peripherals, video cameras, communication devices, and related software and cloud infrastructure, often under the Honeywell Home brand.
- Low-Voltage Product Distribution: Through ADI Global Distribution, Resideo distributes a wide array of low-voltage products, such as security, smart home, fire, power, audio, and networking items, to contractors.
AI Analysis | Feedback
Resideo Technologies (REZI) primarily sells its products and solutions to other businesses (B2B) rather than directly to individual consumers. The provided company description does not name specific major customer companies, but it clearly outlines the types of business customers it serves through its various sales channels and segments.
The major categories of customers for Resideo Technologies include:
- Contractors and Service Providers: These are businesses, such as HVAC installers, security system integrators, and other trade professionals, that purchase Resideo's security, comfort, and thermal solutions for installation and maintenance in non-residential (commercial) and residential end-user properties.
- Distributors: These are companies that buy Resideo's products in bulk and then resell them to a network of installers, contractors, service providers, and potentially smaller retailers.
- Original Equipment Manufacturers (OEMs): These are other manufacturing companies that integrate Resideo's components, such as Honeywell Home branded controls and thermal solutions, into their own finished products or systems.
- Retailers and Online Channels: These are businesses, such as large retail chains and e-commerce platforms, that purchase Resideo's products (e.g., smart home devices, thermostats) to sell directly to consumers.
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Jay Geldmacher, President and Chief Executive Officer
Jay Geldmacher was appointed President and CEO of Resideo Technologies in May 2020. A veteran of the industry with 30 years of experience, he has a track record of leading complex industrial and technology spinouts and has consistently delivered results in both public and private equity-backed companies. Prior to joining Resideo, he served as President and CEO of Electro Rent Corp, a Platinum Equity portfolio company. He was also the President and CEO of Artesyn Embedded Technologies, a joint venture between Emerson Electric and Platinum Equity, and held various roles of increasing responsibility at Emerson Electric Company. Geldmacher is planning to retire in 2025.
Michael Carlet, Chief Financial Officer
Michael Carlet was appointed Chief Financial Officer of Resideo Technologies, effective August 9, 2024. He brings extensive experience in finance and industry, having led companies through significant growth and transformation. Previously, Carlet served as the CFO of Snap One, where he oversaw its transformation from an e-commerce business into an omnichannel provider, managing several successful M&A transactions and guiding the company through its IPO in 2021. Before Snap One, he held positions as CFO/COO of Sears Automotive and CFO of Driven Brands, leading the latter through multiple ownership changes, including four successful recapitalization events with various private equity firms.
Thomas Surran, President, Products & Solutions
Thomas Surran was appointed President of Resideo's Products & Solutions business in December 2023. He possesses a comprehensive background in product management, new product introduction, and operational excellence. Before joining Resideo, Surran served as Chief Operating Officer at FLIR, where he was responsible for engineering, manufacturing, logistics, and sales, and drove profitability improvements. Prior to that, he was the General Manager for FLIR's Raymarine business unit, where he revitalized the business and overhauled product development processes.
Robert Aarnes, President, ADI Global Distribution
Robert Aarnes serves as the President of ADI Global Distribution at Resideo Technologies.
Jeannine Lane, Executive Vice President, General Counsel & Corporate Secretary
Jeannine Lane holds the position of Executive Vice President, General Counsel & Corporate Secretary at Resideo Technologies.
AI Analysis | Feedback
Here are the key risks to Resideo Technologies' business:
- Financial Leverage and Profitability Concerns: Resideo Technologies significantly increased its gross debt to approximately $3.24 billion by Q3 2025 following a $1.59 billion one-time payment to Honeywell in August 2025 to terminate an indemnification agreement, which also sharply contracted its core cash flow. The company has faced scrutiny regarding the consistency of its profitability, with a significant full-year 2025 net loss alongside a strong fourth-quarter profit. Analysts have also noted concerns about declining free cash flow margins and return on invested capital (ROIC), indicating potential underlying business problems or poor financial management.
- Intense Competition and Evolving Market Dynamics: Resideo operates in highly competitive smart home, security, and distribution markets, facing rivals from direct competitors like ADT and Vivint, to tech giants such as Google (Nest) and Amazon (Ring), and industrial players including Siemens and Johnson Controls. The rapid evolution of these markets necessitates continuous innovation and differentiation, which can strain resources and pressure margins. Furthermore, its Products & Solutions segment is vulnerable to the cyclical nature of the housing market, with slowdowns in residential construction or renovation potentially impacting its performance.
- Supply Chain Dependencies: The company relies on a global supply chain for essential materials such as copper, steel, aluminum, and electronic components. This dependency exposes Resideo to risks of supplier disruptions, fluctuations in raw material prices, and geopolitical tensions, which can lead to increased costs, delayed shipments, and an inability to meet customer demand.
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The growing prevalence and consumer adoption of DIY (Do-It-Yourself) and self-monitored smart home and security systems from companies like SimpliSafe, Ring, and Nest, which increasingly bypass the need for professional installation and traditional hardware sales channels that Resideo serves.
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Resideo Technologies (REZI) operates in several addressable markets related to comfort, residential thermal, and security solutions, both for residential and commercial end-users globally. The addressable market sizes for its main products and services are as follows:
- Smart Home Solutions: The global smart home market was estimated to be valued at approximately USD 216.3 billion in 2025.
- Residential Security: The global residential security market was valued at approximately USD 107.57 billion in 2024.
- Commercial Security Systems: The global commercial security system market size was calculated at approximately USD 274.67 billion in 2025.
- HVAC Control Systems: The global HVAC control system market is projected to be valued at approximately USD 21.9 billion in 2025.
- Smart Thermostats: The global smart thermostat market size was calculated at approximately USD 5.97 billion in 2025.
- Residential Water Heaters: The global residential water heater market size was approximately USD 31.93 billion in 2024.
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Here are the expected drivers of future revenue growth for Resideo Technologies (REZI) over the next 2-3 years:
- Strategic Acquisitions: The acquisition of Snap One, completed in June 2024, is a significant driver. This acquisition is expected to broaden Resideo's offerings and geographical reach within the audiovisual and smart living sectors, anticipating a larger market presence and increased revenue. It is projected to contribute approximately $550 million in revenue and $65 million in adjusted EBITDA for the full year 2024 and is expected to be accretive to adjusted EPS in 2025.
- Product Innovation and Expansion in Smart Home and Security Solutions: Resideo's growth strategy heavily relies on leveraging technology and innovation. This involves a commitment to research and development, digital transformation, and integrating advanced technologies into its offerings. The company is expanding its portfolio in smart home technology and security systems, with examples including the launch of Honeywell Home FocusPRO thermostats in the second half of 2024 and Q1 2025, and the introduction of First Alert VISTA H Series and CX4 Camera Series.
- Organic Growth across Products & Solutions and ADI Global Distribution Segments: Both of Resideo's core segments are expected to see continued organic revenue growth. In Q3 2024, both the Products & Solutions and ADI segments achieved mid-single-digit organic revenue growth. Products & Solutions reported 6% organic growth in Q1 2025, driven by customer demand for new products and price realization. The ADI segment also achieved 4% organic net revenue growth in Q1 2025, with organic average daily sales growing 7% year-over-year.
- Recovery and Growth in the Repair and Remodel (R&R) Industry: Resideo anticipates that its future prospects will be bolstered by an expected recovery in the Repair and Remodel industry. Projections indicate growth of 1.4% in Q1 2025 and 1.8% thereafter, which is a key factor in Resideo's strategy to increase its market share.
- Growth in the Residential New Construction Market: The company has demonstrated strong performance in the residential new construction market through its BRK branded products. Resideo's efforts to develop relationships with homebuilders have resulted in three consecutive quarters of year-over-year double-digit growth for BRK.
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Share Repurchases
- Resideo Technologies announced a share repurchase program in August 2023, authorizing the company to purchase up to $150 million of its common stock over an unlimited time period.
- As of March 29, 2025, approximately $108 million of authorized repurchases remained under this program.
- During the three months ended March 30, 2024, the company repurchased 0.1 million shares of common stock at a total cost of $1 million.
Share Issuance
- In connection with the acquisition of Snap One, Resideo issued 500,000 shares of Series A Cumulative Convertible Participating Preferred Stock on June 14, 2024.
- Proceeds from the issuance of preferred stock, net of issuance costs, amounted to $482 million in 2025.
Outbound Investments
- Resideo acquired Snap One in April 2024, a company that manufactures and distributes smart services for homes and businesses. This acquisition was partly financed by a $600 million incremental term loan.
- The company has completed a total of 10 acquisitions, with activity peaking in 2022 (3 acquisitions) and with 2 acquisitions each in 2023 and 2021.
- Acquisitions have primarily focused on the United States and Germany, with the most frequent activity in Smart Homes and B2B E-Commerce sectors.
Capital Expenditures
- Capital expenditures for the full year 2025 were $116 million, and $37 million for the fourth quarter of 2025.
- In 2024, capital expenditures were $80 million for the full year and $22 million for the fourth quarter.
- Research and development expenses increased in 2025 due to investments in projects intended to drive future growth.
Peer Outperformance in Trading Companies & Distributors
REZI has trailed 82% of its 17 Trading Companies & Distributors peers over 5Y. Among the peers that beat it are DXPE, AIT and URI. Trading Companies & Distributors ranks 10th of 23 industries in Industrials by median 5Y return.
Share of Trading Companies & Distributors constituents that REZI has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
6%
of 17 industry peers · -40.4% return
3Y
35%
of 17 industry peers · 24.5% return
5Y
18%
of 17 industry peers · -33.2% return
Trading Companies & Distributors peers with revenue growth within 4pp of REZI's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| REZI | Resideo Technologies | 6.9% | 7.2x | -40.4% | 24.5% | -33.2% | — |
| DXPE | DXP Enterprises | 9.2% | 31.7x | 52.4% | 450.7% | 523.5% | +557pp |
| AIT | Applied Industrial Technologies | 4.1% | 30.4x | 28.8% | 127.6% | 303.3% | +337pp |
| URI | United Rentals | 8.5% | 26.0x | 19.1% | 153.3% | 231.8% | +265pp |
| WCC | WESCO International | 4.1% | 24.0x | 58.2% | 130.7% | 210.5% | +244pp |
| FAST | Fastenal | 6.6% | 43.5x | 3.9% | 95.2% | 109.9% | +143pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Industrials sector, ranked by 5Y. Trading Companies & Distributors is REZI's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 25.2% | 124.7% | 202.2% | CDNL 3246% · STRL 2190% · FIX 2132% |
| Marine Transportation | 4 | 57.9% | 61.9% | 150.7% | MATX 212% · KEX 154% · SFL 148% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 12.3% | 66.8% | 120.6% | CAT 324% · ALSN 285% · WAB 252% |
| Aerospace & Defense | 55 | 11.1% | 70.2% | 79.6% | DFNS 2047% · ATI 1042% · FTAI 968% |
| Passenger Ground Transportation | 3 | -5.7% | 65.1% | 69.3% | UBER 96% · CAR 69% · LYFT -63% |
| Industrial Machinery & Supplies & Components | 71 | 11.5% | 56.0% | 56.3% | CRS 1440% · PSIX 846% · GHM 735% |
| Rail Transportation | 7 | 38.3% | 76.2% | 50.1% | FSTR 115% · CSX 65% · UNP 56% |
| Cargo Ground Transportation | 16 | 35.7% | 16.1% | 45.4% | XPO 270% · R 264% · CVLG 222% |
| Diversified Support Services | 34 | 8.9% | 37.5% | 34.9% | LIME 4674% · TH 369% · WLFC 347% |
| Trading Companies & Distributors ← | 18 | 2.2% | 36.4% | 32.1% | DXPE 523% · AIT 303% · URI 232% |
| Building Products | 33 | -8.8% | 15.9% | 28.8% | LMB 436% · GFF 413% · PPIH 289% |
| Electrical Components & Equipment | 41 | 26.1% | 44.8% | 28.3% | POWL 2374% · VRT 856% · BE 849% |
| Industrial Conglomerates | 17 | 15.8% | 26.3% | 4.9% | RCMT 727% · CSW 153% · TTI 145% |
| Office Services & Supplies | 10 | 14.0% | 25.0% | 3.8% | TILE 188% · PBI 159% · EBF 56% |
| Environmental & Facilities Services | 28 | -8.3% | 20.9% | 0.8% | CECO 863% · ADUR 661% · GEO 324% |
| Research & Consulting Services | 13 | -7.2% | -18.4% | -1.6% | HURN 220% · CRAI 97% · GRNQ 31% |
| Agricultural & Farm Machinery | 17 | -1.2% | -3.9% | -14.4% | BLBD 200% · DE 88% · GENC 65% |
| Data Processing & Outsourced Services | 6 | -30.4% | -9.5% | -24.5% | EXLS 59% · BR 16% · G -23% |
| Passenger Airlines | 11 | 5.9% | -4.6% | -29.3% | LTM 2324% · UAL 140% · SKYW 130% |
| Human Resource & Employment Services | 20 | 4.5% | -19.4% | -36.1% | BBSI 89% · ADP 51% · KFY 36% |
| Air Freight & Logistics | 12 | -16.2% | -24.2% | -39.1% | CHRW 78% · FDX 67% · EXPD 62% |
| Security & Alarm Services | 10 | -36.2% | -14.3% | -43.4% | CIX 107% · MG 93% · BCO 52% |
| Airport Services | 3 | -69.1% | -69.0% | -58.3% | JOBY -31% · ASLE -58% · UP -100% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 47.80 |
| Mkt Cap | 4.3 |
| Rev LTM | 4,727 |
| Op Inc LTM | 766 |
| FCF LTM | 429 |
| FCF 3Y Avg | 395 |
| CFO LTM | 484 |
| CFO 3Y Avg | 447 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.8% |
| Rev Chg 3Y Avg | 6.3% |
| Rev Chg Q | 9.2% |
| QoQ Delta Rev Chg LTM | 2.3% |
| Op Inc Chg LTM | 8.9% |
| Op Inc Chg 3Y Avg | 14.2% |
| Op Mgn LTM | 17.6% |
| Op Mgn 3Y Avg | 16.4% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 18.4% |
| CFO/Rev 3Y Avg | 18.4% |
| FCF/Rev LTM | 16.6% |
| FCF/Rev 3Y Avg | 16.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 4.3 |
| P/S | 3.0 |
| P/Op Inc | 18.2 |
| P/EBIT | 16.2 |
| P/E | 22.6 |
| P/CFO | 16.2 |
| Total Yield | 5.6% |
| Dividend Yield | 1.2% |
| FCF Yield 3Y Avg | 4.5% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| ADI Global Distribution | 4,784 | 4,197 | 3,570 | 3,587 | 3,378 |
| Products and Solutions | 2,688 | 2,564 | 2,672 | 2,783 | 2,468 |
| Total | 7,472 | 6,761 | 6,242 | 6,370 | 5,846 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Products and Solutions | 555 | 503 | 446 | 476 | 541 |
| ADI Global Distribution | 212 | 195 | 238 | 279 | 268 |
| Other corporate items | -2 | -3 | -9 | -12 | |
| Restructuring, impairment and extinguishment costs | -3 | -19 | -3 | ||
| Business separation costs | -18 | ||||
| Selling, general and administrative expenses | -137 | -156 | -125 | -128 | |
| Restructuring expenses | -4 | ||||
| Corporate | -250 | ||||
| Total | 607 | 520 | 547 | 611 | 559 |
Price Behavior
Price Behavior
| Market Price | $20.27 | |
| Market Cap ($ Bil) | 3.1 | |
| First Trading Date | 10/15/2018 | |
| Distance from 52W High | -54.4% | |
| 50 Days | 200 Days | |
| DMA Price | $30.39 | $33.87 |
| DMA Trend | down | down |
| Distance from DMA | -33.3% | -40.1% |
| 3M | 1YR | |
| Volatility | 87.5% | 64.9% |
| Downside Capture | 116.83 | 196.54 |
| Upside Capture | -59.01 | 95.66 |
| Correlation (SPY) | -8.0% | 28.8% |
REZI Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.18 | 0.60 | 0.83 | 1.60 | 1.95 | 1.54 |
| Up Beta | -3.60 | -1.01 | 0.45 | 1.45 | 1.77 | 1.30 |
| Down Beta | 0.46 | 0.56 | 0.76 | 1.43 | 2.34 | 1.61 |
| Up Capture | 196% | 150% | 35% | 180% | 268% | 570% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 10 | 21 | 28 | 66 | 131 | 385 |
| Down Capture | 40% | 77% | 139% | 156% | 149% | 110% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 12 | 22 | 35 | 59 | 120 | 361 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with REZI | |
|---|---|---|---|---|
| REZI | -36.9% | 64.8% | -0.42 | - |
| Sector ETF (XLI) | 20.5% | 17.1% | 0.92 | 32.7% |
| Equity (SPY) | 21.1% | 12.9% | 1.22 | 28.9% |
| Gold (GLD) | 37.5% | 28.8% | 1.10 | 6.0% |
| Commodities (DBC) | 43.2% | 20.2% | 1.66 | -11.9% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | 24.5% |
| Bitcoin (BTCUSD) | -31.6% | 44.1% | -0.73 | 17.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with REZI | |
|---|---|---|---|---|
| REZI | -8.2% | 49.6% | 0.01 | - |
| Sector ETF (XLI) | 13.1% | 17.6% | 0.57 | 54.1% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 51.0% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 3.1% |
| Commodities (DBC) | 10.4% | 19.6% | 0.41 | 6.8% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 40.7% |
| Bitcoin (BTCUSD) | 10.4% | 52.8% | 0.38 | 24.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with REZI | |
|---|---|---|---|---|
| REZI | -3.5% | 59.6% | 0.18 | - |
| Sector ETF (XLI) | 13.8% | 20.0% | 0.60 | 50.3% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 45.5% |
| Gold (GLD) | 12.7% | 16.2% | 0.64 | 3.9% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 16.5% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 39.8% |
| Bitcoin (BTCUSD) | 63.1% | 66.1% | 1.03 | 19.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/21/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/12/2026 | -20.4% | -16.2% | |
| 5/12/2026 | -17.9% | -27.0% | -15.0% |
| 2/24/2026 | 14.4% | 4.4% | -0.3% |
| 11/5/2025 | -23.7% | -22.6% | -17.9% |
| 7/30/2025 | 16.2% | 6.8% | 41.3% |
| 5/6/2025 | 8.9% | 23.1% | 19.7% |
| 11/7/2024 | 10.4% | 16.6% | 24.1% |
| 8/8/2024 | -2.5% | -1.7% | -6.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 13 | 14 |
| # Negative | 8 | 9 | 7 |
| Median Positive | 9.5% | 6.8% | 11.0% |
| Median Negative | -11.8% | -6.2% | -11.0% |
| Max Positive | 35.6% | 65.0% | 76.1% |
| Max Negative | -32.2% | -31.5% | -31.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/12/2026 | -20.4% | -16.2% | |
| 5/12/2026 | -17.9% | -27.0% | -15.0% |
| 2/24/2026 | 14.4% | 4.4% | -0.3% |
| 11/5/2025 | -23.7% | -22.6% | -17.9% |
| 7/30/2025 | 16.2% | 6.8% | 41.3% |
| 5/6/2025 | 8.9% | 23.1% | 19.7% |
| 11/7/2024 | 10.4% | 16.6% | 24.1% |
| 8/8/2024 | -2.5% | -1.7% | -6.3% |
| 4/15/2024 | -2.9% | -5.2% | 7.6% |
| 2/13/2024 | 23.5% | 24.4% | 32.6% |
| 11/1/2023 | 5.7% | 7.3% | 14.4% |
| 2/15/2023 | 3.3% | -1.7% | -11.0% |
| 11/1/2022 | -32.2% | -31.5% | -31.9% |
| 8/4/2022 | 1.0% | 2.7% | -7.5% |
| 5/3/2022 | 10.2% | -5.8% | 1.7% |
| 2/7/2022 | 1.9% | 3.7% | 5.0% |
| 11/4/2021 | -2.7% | 1.3% | 0.1% |
| 8/5/2021 | 4.6% | 3.2% | 4.6% |
| 5/6/2021 | 1.0% | -6.2% | 7.2% |
| 1/28/2021 | -5.7% | 1.1% | 4.9% |
| 11/5/2020 | 35.6% | 65.0% | 76.1% |
| 8/4/2020 | 12.3% | 27.8% | 27.4% |
| SUMMARY STATS | |||
| # Positive | 14 | 13 | 14 |
| # Negative | 8 | 9 | 7 |
| Median Positive | 9.5% | 6.8% | 11.0% |
| Median Negative | -11.8% | -6.2% | -11.0% |
| Max Positive | 35.6% | 65.0% | 76.1% |
| Max Negative | -32.2% | -31.5% | -31.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/12/2026 | 10-Q |
| 03/31/2026 | 05/12/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/14/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/12/2026 | 10-Q |
| 03/31/2026 | 05/12/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/14/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 02/15/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/04/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
| 09/30/2019 | 11/06/2019 | 10-Q |
Recent Forward Guidance
Updated 8/13/2026Latest: Q2 2026 Earnings Reported 8/12/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | 705.00 Mil | 717.50 Mil | 730.00 Mil | -62.8% | Lower New | Guidance: 1.93 Bil for Q2 2026 | |
| Q3 2026 Non-GAAP Adjusted EBITDA | 145.00 Mil | 150.00 Mil | 155.00 Mil | -32.7% | Lower New | Guidance: 223.00 Mil for Q2 2026 | |
| 2026 Revenue | 2.90 Bil | 2.92 Bil | 2.95 Bil | -62.7% | Lowered | Guidance: 7.85 Bil for 2026 | |
| 2026 Non-GAAP Adjusted EBITDA | 605.00 Mil | 615.00 Mil | 625.00 Mil | -35.9% | Lowered | Guidance: 960.00 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 5/12/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Net revenue | 1.92 Bil | 1.93 Bil | 1.94 Bil | 2.7% | Higher New | Actual: 1.88 Bil for Q1 2026 | |
| Q2 2026 Non-GAAP Adjusted EBITDA | 216.00 Mil | 223.00 Mil | 230.00 Mil | 11.5% | Higher New | Actual: 200.00 Mil for Q1 2026 | |
| Q2 2026 Non-GAAP Adjusted Earnings Per Share | 0.71 | 0.73 | 0.75 | 21.7% | Higher New | Actual: 0.6 for Q1 2026 | |
| 2026 Net revenue | 7.80 Bil | 7.85 Bil | 7.90 Bil | 0 | Affirmed | Guidance: 7.85 Bil for 2026 | |
| 2026 Non-GAAP Adjusted EBITDA | 935.00 Mil | 960.00 Mil | 985.00 Mil | 0 | Affirmed | Guidance: 960.00 Mil for 2026 | |
| 2026 Non-GAAP Adjusted Earnings Per Share | 3 | 3.1 | 3.2 | 0 | Affirmed | Guidance: 3.1 for 2026 | |
Q4 2025 Earnings Reported 2/24/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Net revenue | 1.87 Bil | 1.88 Bil | 1.89 Bil | 0.3% | Higher New | Actual: 1.87 Bil for Q4 2025 | |
| Q1 2026 Non-GAAP Adjusted EBITDA | 193.00 Mil | 200.00 Mil | 207.00 Mil | -8.3% | Lower New | Actual: 218.00 Mil for Q4 2025 | |
| Q1 2026 Non-GAAP Adjusted Earnings Per Share | 0.58 | 0.6 | 0.62 | 27.7% | Higher New | Actual: 0.47 for Q4 2025 | |
| 2026 Net revenue | 7.80 Bil | 7.85 Bil | 7.90 Bil | 5.4% | Higher New | Actual: 7.45 Bil for 2025 | |
| 2026 Non-GAAP Adjusted EBITDA | 935.00 Mil | 960.00 Mil | 985.00 Mil | 16.4% | Higher New | Actual: 825.00 Mil for 2025 | |
| 2026 Non-GAAP Adjusted Earnings Per Share | 3 | 3.1 | 3.2 | 18.3% | Higher New | Actual: 2.62 for 2025 | |
Insider Activity
Updated 8/18/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Mehta, Amit Ashvin | SVP, Strategy & Business Ops | Direct | Buy | 8182026 | 20.68 | 10,928 | 225,999 | 1,186,254 | Form |
| 2 | Foster, Joshua Peter | SVP, GC & Corp Sec | Direct | Buy | 8172026 | 20.58 | 15,317 | 315,224 | 3,776,615 | Form |
| 3 | Surran, Thomas A | President and CEO | Direct | Buy | 8172026 | 20.46 | 15,000 | 306,900 | 6,927,204 | Form |
| 4 | Richardson, Nina | Direct | Sell | 4102026 | 29.67 | 2,789 | 82,750 | 1,717,478 | Form | |
| 5 | Cd&r, Channel Holdings Ii, LP | Direct | Buy | 11132025 | 31.82 | 566,758 | 18,034,557 | 476,051,241 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Mehta, Amit Ashvin | SVP, Strategy & Business Ops | Direct | Buy | 8182026 | 20.68 | 10,928 | 225,999 | 1,186,254 | Form |
| 2 | Foster, Joshua Peter | SVP, GC & Corp Sec | Direct | Buy | 8172026 | 20.58 | 15,317 | 315,224 | 3,776,615 | Form |
| 3 | Surran, Thomas A | President and CEO | Direct | Buy | 8172026 | 20.46 | 15,000 | 306,900 | 6,927,204 | Form |
| 4 | Richardson, Nina | Direct | Sell | 4102026 | 29.67 | 2,789 | 82,750 | 1,717,478 | Form | |
| 5 | Cd&r, Channel Holdings Ii, LP | Direct | Buy | 11132025 | 31.82 | 566,758 | 18,034,557 | 476,051,241 | Form | |
| 6 | Cd&r, Channel Holdings Ii, LP | Direct | Buy | 11132025 | 32.02 | 400,000 | 12,807,960 | 460,885,923 | Form | |
| 7 | Cd&r, Channel Holdings Ii, LP | Direct | Buy | 11132025 | 30.54 | 390,000 | 11,912,082 | 427,421,813 | Form | |
| 8 | Cd&r, Channel Holdings Ii, LP | Direct | Buy | 11132025 | 30.69 | 333,000 | 10,219,837 | 417,501,317 | Form | |
| 9 | Teich, Andrew C | Direct | Buy | 11122025 | 30.68 | 8,149 | 249,976 | 10,449,219 | Form | |
| 10 | Cd&r, Channel Holdings Ii, LP | Direct | Buy | 9042025 | 33.63 | 228,573 | 7,688,030 | 446,359,811 | Form | |
| 11 | Cd&r, Channel Holdings Ii, LP | Direct | Buy | 9042025 | 33.55 | 180,000 | 6,038,118 | 437,500,595 | Form | |
| 12 | Teich, Andrew C | Direct | Buy | 9032025 | 34.01 | 29,460 | 1,001,876 | 11,306,708 | Form | |
| 13 | Richardson, Nina | Direct | Sell | 8282025 | 34.55 | 3,333 | 115,142 | 2,096,079 | Form | |
| 14 | Cd&r, Channel Holdings Ii, LP | Direct | Buy | 8262025 | 33.95 | 12,327 | 418,526 | 436,696,090 | Form | |
| 15 | Cd&r, Channel Holdings Ii, LP | Direct | Buy | 8262025 | 33.41 | 34,626 | 1,156,814 | 429,298,034 | Form | |
| 16 | Cd&r, Channel Holdings Ii, LP | Direct | Buy | 8212025 | 32.16 | 250,000 | 8,040,900 | 412,183,224 | Form | |
| 17 | Cd&r, Channel Holdings Ii, LP | Direct | Buy | 8212025 | 31.94 | 297,000 | 9,485,438 | 401,301,330 | Form | |
| 18 | Cd&r, Channel Holdings Ii, LP | Direct | Buy | 8212025 | 32.41 | 135,641 | 4,396,301 | 397,628,570 | Form | |
| 19 | Cd&r, Channel Holdings Ii, LP | Direct | Buy | 8182025 | 31.66 | 111,000 | 3,513,905 | 384,078,247 | Form | |
| 20 | Cd&r, Channel Holdings Ii, LP | Direct | Buy | 8182025 | 31.42 | 339,863 | 10,677,544 | 377,683,975 | Form | |
| 21 | Cd&r, Channel Holdings Ii, LP | Direct | Buy | 8182025 | 31.89 | 203,161 | 6,478,479 | 372,510,850 | Form | |
| 22 | Geldmacher, Jay L | President and CEO | Direct | Sell | 8142025 | 31.29 | 47,500 | 1,486,284 | 16,261,173 | Form |
| 23 | Lane, Jeannine J | EVP, GC and Corp Sec | Direct | Sell | 8142025 | 31.31 | 35,398 | 1,108,382 | 4,857,618 | Form |
| 24 | Cd&r, Channel Holdings Ii, LP | Direct | Buy | 8122025 | 30.75 | 339,728 | 10,446,444 | 352,958,705 | Form | |
| 25 | Cd&r, Channel Holdings Ii, LP | Direct | Buy | 8122025 | 27.34 | 457,508 | 12,506,713 | 304,497,330 | Form | |
| 26 | Cd&r, Channel Holdings Ii, LP | Direct | Buy | 8122025 | 27.30 | 448,887 | 12,254,750 | 291,602,885 | Form | |
| 27 | Aarnes, Robert B | President, ADI | Direct | Sell | 8012025 | 28.00 | 47,000 | 1,316,000 | 14,103,376 | Form |
Investor Activity (13F)
Updated Aug 24, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Permian Investment Partners, LP | $65.0 Mil | 7.2% | 13 | TRIM -22.0% | 13F |
| Goldentree Asset Management LP | $56.9 Mil | 3.4% | 29 | ADD +32.8% | 13F |
| Locust Wood Capital Advisers, LLC | $106.6 Mil | 2.9% | 27 | ADD +19.4% | 13F |
| Medina Value Partners, LLC | $13.4 Mil | 2.8% | 30 | New | 13F |
| Alpha Wave Global, LP | $20.3 Mil | 2.6% | 20 | ADD +30.0% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Sachem Head Capital Management LP | $57.1 Mil | 1.3% | 20 | Exited | Dec 31, 2025 | 13F |
| Alta Fox Capital Management, LLC | $44.5 Mil | 9.6% | 13 | Exited | Dec 31, 2025 | 13F |
| Ophir Asset Management Pty Ltd | $39.3 Mil | 4.4% | 32 | Exited | Dec 31, 2025 | 13F |
| Dendur Capital LP | $30.0 Mil | 3.1% | 14 | Exited | Dec 31, 2025 | 13F |
| Permian Investment Partners, LP | $65.0 Mil | 7.2% | 13 | TRIM -22.0% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Locust Wood Capital Advisers, LLC | $106.6 Mil | 2.9% | 27 | ADD +19.4% | 13F |
| Permian Investment Partners, LP | $65.0 Mil | 7.2% | 13 | TRIM -22.0% | 13F |
| Goldentree Asset Management LP | $56.9 Mil | 3.4% | 29 | ADD +32.8% | 13F |
| Alpha Wave Global, LP | $20.3 Mil | 2.6% | 20 | ADD +30.0% | 13F |
| Medina Value Partners, LLC | $13.4 Mil | 2.8% | 30 | New | 13F |
Industry Resources
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Core Cache Last Updated: 8/23/2026