Profitability:
Reported GAAP income from operations of $292 million and GAAP net income of $342 million in 2025 signal sustained profitability. Adjusted EBITDA of $633 million further underscores margin expansion at scale.
Healthy Cash Flow:
Free cash flow reached $608 million in 2025, evidencing strong cash conversion. This cash generation supports ongoing investment while maintaining growth in the core platform.
Resilient & Sustainable Growth:
Annualized recurring run‑rate surpassed $2.0 billion at year‑end 2025 (up 26%), and 2026 guidance calls for 20–22% growth in recurring gross profit. Record net adds lifted total locations to ~164,000, supporting continued expansion across the base.
