Public Policy Holding Company, Inc. (PPHC) announced its FY 2025 results, reporting revenue of $186.5 million, a 6.2% organic growth, and record Adjusted EBITDA of $45.4 million, up 17.7% year-over-year. The company successfully completed a $45.8 million IPO and dual-listing on Nasdaq in January 2026, transitioning from a Net Debt to a Net Cash position. PPHC also completed two acquisitions in 2025, expanding its capabilities and geographic reach. The companys Q4 2025 revenue increased by 27.8% to $49.9 million, with Adjusted EBITDA of $12.4 million. For FY 2025, GAAP Net Loss was $(39.0) million, while Adjusted Net Income was $36.6 million. PPHCs client base grew to approximately 1,400, including nearly half of the Fortune 100. The company expects to continue growing revenue at an average organic rate of approximately 5%, supplemented by acquisitions, and anticipates Adjusted EBITDA margins around 25% in 2026.
| Financial Metric | 2024 | 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $149.6 million | $186.5 million | $36.9 million | 24.7% |
| Adjusted EBITDA | $38.6 million | $45.4 million | $6.8 million | 17.7% |
| Net Debt | $17.5 million | $26.6 million | $9.1 million | 51.6% |
| GAAP Net Loss | $(24.0) million | $(39.0) million | $(15.0) million | 62.8% |
| Adjusted Net Income | $27.7 million | $36.6 million | $8.9 million | 32.1% |
| Adjusted Free Cash Flow | $22.2 million | $36.9 million | $14.7 million | 66.1% |