Revenue growth remains consistently negative, with the most recent quarter showing a 2.6% decline alongside structural margin pressure that saw gross margins reach a low of -12.9% in 2025Q4.
Alight, Inc. (ALIT) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Sales/Revenue | 2.23B | 2.26B | 2.33B | 3.41B | 2.21B | 2.92B | 2.73B | 2.55B | 2.38B | 2.3B |
| Revenue Growth % | -3.46% | -3% | -31.61% | 54.51% | -24.29% | 6.85% | 6.9% | 7.32% | 3.35% | - |
| Cost of Goods Sold | 1.81B | 1.79B | 1.54B | 2.27B | 1.52B | 2.22B | 1.89B | 1.67B | 1.53B | 1.5B |
| COGS % of Revenue | - | 79.27% | 65.95% | 66.57% | 68.92% | 76.23% | 69.43% | 65.4% | 64.21% | 65.1% |
| Gross Profit | 420M | 469M | 794M | 1.14B | 686M | 693M | 834M | 883M | 851M | 803M |
| Gross Margin % | 18.83% | 20.73% | 34.05% | 33.43% | 31.08% | 23.77% | 30.57% | 34.6% | 35.79% | 34.9% |
| Gross Profit Growth % | - | -40.93% | -30.35% | 66.18% | -1.01% | -16.91% | -5.55% | 3.76% | 5.98% | - |
| Operating Expenses | -570M | 435M | 884M | 1.24B | 780M | 499M | 687M | 618M | 647M | 614M |
| OpEx % of Revenue | - | 19.23% | 37.91% | 36.39% | 35.34% | 17.12% | 25.18% | 24.22% | 27.21% | 26.68% |
| Selling, General & Admin | 411M | 435M | 585M | 754M | 479M | 499M | 461M | 415M | 452M | 376M |
| SG&A % of Revenue | - | 19.23% | 25.09% | 22.11% | 21.7% | 17.12% | 16.9% | 16.26% | 19.01% | 16.34% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 299M | 487M | 301M | 0 | 226M | 203M | 195M | 237M |
| Operating Income | 990M | 34M | -90M | -101M | -94M | 194M | 147M | 265M | 204M | 190M |
| Operating Margin % | 44.37% | 1.5% | -3.86% | -2.96% | -4.26% | 6.66% | 5.39% | 10.38% | 8.58% | 8.26% |
| Operating Income Growth % | - | 137.78% | 10.89% | -7.45% | -148.45% | 31.97% | -44.53% | 29.9% | 7.37% | - |
| EBITDA | 1.41B | 441M | 305M | 320M | 256M | 548M | 438M | 518M | 433M | 382M |
| EBITDA Margin % | 62.98% | 19.5% | 13.08% | 9.38% | 11.6% | 18.8% | 16.06% | 20.3% | 18.21% | 16.6% |
| EBITDA Growth % | 328.08% | 44.59% | -4.69% | 25% | -53.28% | 25.11% | -15.44% | 19.63% | 13.35% | - |
| D&A (Non-Cash Add-back) | 415M | 407M | 395M | 421M | 350M | 354M | 291M | 253M | 229M | 192M |
| EBIT | -1.61B | -2.97B | -45M | -235M | -3M | 127M | 140M | 262M | 204M | 269M |
| Net Interest Income | -96M | -92M | -103M | -131M | -122M | 0 | -234M | -224M | -208M | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 180M | 0 | 0 | 0 | 114M |
| Interest Expense | 96M | 92M | 103M | 131M | 122M | 180M | 234M | 224M | 208M | 0 |
| Other Income/Expense | -3B | -3.1B | -58M | -265M | -30M | -247M | -241M | -227M | -208M | -115M |
| Pretax Income | -2.01B | -3.06B | -148M | -366M | -124M | -53M | -94M | 38M | -4M | 75M |
| Pretax Margin % | -90.14% | -135.37% | -6.35% | -10.73% | -5.62% | -1.82% | -3.45% | 1.49% | -0.17% | 3.26% |
| Income Tax | 6M | 16M | -8M | -4M | 16M | 20M | 9M | 16M | 17M | 34M |
| Effective Tax Rate % | -0.3% | -0.52% | 5.41% | 1.09% | -12.9% | -37.74% | -9.57% | 42.11% | -425% | 45.33% |
| Net Income | -2.03B | -3.1B | -157M | -345M | -62M | -60M | -103M | 22M | -21M | 24M |
| Net Margin % | -90.9% | -136.91% | -6.73% | -10.12% | -2.81% | -2.06% | -3.78% | 0.86% | -0.88% | 1.04% |
| Net Income Growth % | -74.23% | -1872.61% | 54.49% | -456.45% | -3.33% | 41.75% | -568.18% | 204.76% | -187.5% | - |
| Net Income (Continuing) | -2.02B | -3.08B | -140M | -362M | -140M | -73M | -103M | 22M | -21M | 41M |
| Discontinued Operations | 0 | -21M | -19M | 0 | 68M | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 2M | 2M | 4M | 280M | 650M | 788M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -76.96 | -117.40 | -5.80 | -14.00 | -2.80 | -2.80 | -4.60 | 0.98 | -0.94 | 3.80 |
| EPS Growth % | -79.7% | -1924.14% | 58.57% | -400% | 0% | 39.13% | -567.48% | 204.68% | -124.74% | - |
| EPS (Basic) | - | -117.40 | -5.80 | -14.00 | -2.80 | -2.60 | -4.60 | 0.98 | -0.94 | 3.80 |
| Diluted Shares Outstanding | 26.35M | 26.38M | 27.36M | 24.47M | 22.93M | 21.99M | 22.34M | 22.34M | 22.34M | 6.22M |
| Basic Shares Outstanding | 26.35M | 26.38M | 27.31M | 24.47M | 22.93M | 23.02M | 22.34M | 22.34M | 22.34M | 6.22M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | 45.45% | - | 287.5% |
Quick answers to the most common questions about buying ALIT stock.
For fiscal year 2025, Alight, Inc. (ALIT) reported total revenue of $2.26B. This represents a 1.7% decline compared to $2.30B in 2017.
Alight, Inc. (ALIT) reported a net loss of $3.10B for the fiscal year ending 2025.
Alight, Inc. (ALIT) reported an operating income of $34.0M, resulting in an operating profit margin of 1.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Alight, Inc. (ALIT) generated $469.0M in gross profit for the year, representing a gross profit margin of 20.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent GAAP Net Losses
Metrics are mathematically derived from official filings.
Top Line Contraction Persists
As reported in recent financial filings, Alight's revenue growth has remained consistently negative, with the most recent quarter showing a 2.6% decline, suggesting that the company's strategic pivot toward higher-margin software solutions has yet to offset the erosion of its legacy service-based revenue streams.
The persistent negative revenue growth indicates that the company is struggling to find a new equilibrium following its portfolio reshaping efforts. Investors should monitor whether this contraction is a temporary byproduct of divestitures or a more concerning sign of structural churn within its core enterprise client base.
Structural Margin Pressure Remains Evident
Based on the provided income statement data, Alight's gross margin has fluctuated significantly, reaching a low of -12.9% in 2025Q4, which highlights the company's difficulty in maintaining profitability while managing a high-cost, labor-intensive service delivery model that lacks the scalability of pure-play software peers.
The volatility in gross margins suggests that the company's cost structure is highly sensitive to project-based implementation cycles and potential inefficiencies in service delivery. The inability to consistently expand margins implies that the transition to the 'Worklife' platform has not yet achieved the necessary operating leverage to improve profitability.
GAAP Earnings Obscured by Volatility
According to the company's historical income statements, the net margin reached a staggering -136.91% in recent periods, reflecting massive non-operating charges that complicate the assessment of core operational performance and suggest that reported GAAP figures may not accurately represent the underlying economic health of the business.
The extreme discrepancy between operating results and net income points to significant non-cash impairments or restructuring costs that appear to be recurring rather than one-time events. Analysts should exercise caution when evaluating EPS, as these non-operating items mask the true cash-generating capability of the firm's core operations.
Execution Risks Cloud Turnaround Narrative
While management emphasizes a transition to a platform-centric model, the data indicates that SG&A expenses remain elevated relative to gross profit, suggesting that the company may be trapped in a cycle of high overhead costs that prevents the realization of meaningful operating leverage in the near term.
Short-sellers would likely focus on the persistent inability to convert revenue into positive operating income, which raises questions about the long-term viability of the current business model. The lack of R&D investment, as shown in the data, further suggests that the company may be under-resourced to compete effectively against more agile SaaS-native HCM providers.