Alight, Inc. / Delaware (ALIT)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$2.2B

Revenue growth

-3.5%

Net income, last twelve months

-$2.0B

Earnings per share

-$77.18

Gross margin

32.1%

Operating margin

-95.7%

Net margin

-90.9%

Free cash flow

$249.0M

Return on equity

-198.0%

Market value

$238.2M

Cash

$215.0M

Debt

$2.0B

Debt to equity

1.95

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter 2026 results, filed 4 August 2026.

• Revenue fell 3.2% to $511M. Revenue was $511 million against $528 million a year earlier. The company attributed the decline to lower net commercial activity, partly offset by higher project revenue.
• Net loss narrowed on prior-year impairment. Net loss was $10 million against $1,073 million a year earlier, when a $983 million non-cash goodwill impairment was recorded. Loss before income tax was $19 million against $1,076 million.
• Adjusted EBITDA fell to $92M. Adjusted EBITDA was $92 million, an 18.0% margin, against $127 million and 24.1% a year earlier. Six-month adjusted EBITDA was $196 million against $245 million.
• Adjusted diluted EPS $0.91. Adjusted diluted EPS from continuing operations was $0.91 against $2.09. Diluted loss per share was $0.38 against $40.61 a year earlier, with figures restated for the reverse split.
• Recurring revenue fell to $471M. Recurring revenue was $471 million against $492 million a year earlier. Six-month recurring revenue was $969 million against $1,012 million.
• Project revenue rose to $40M. Project revenue was $40 million against $36 million a year earlier. The company described the increase as partly offsetting lower net commercial activity.
• Recurring share slipped from 93.3%. Recurring revenues were 92.2% of total revenue in the second quarter, against 93.3% in the first quarter as reported in the prior release.
• Gross margin fell to 27.8%. Gross profit was $142 million, or 27.8% of revenue, against $176 million, or 33.3%, a year earlier. The company attributed the decrease mainly to lower revenues.
• Adjusted gross margin 34.4%. Adjusted gross margin was 34.4% against 38.8% a year earlier. Six-month adjusted gross margin was 34.9% against 37.6%.
• Selling and administrative costs down $21M. Selling, general and administrative expenses were $109 million against $130 million a year earlier. The release attributes the decrease mainly to lower severance and other restructuring costs.
• Early client engagement results. Management said it is encouraged by early results from enhanced customer engagement and account management, which it believes will support stronger retention.
• Modernization gaining market traction. During the quarter the company reported significant market traction on the modernization initiatives it has underway.
• Management ranks being strengthened. The company said it continued strengthening its management ranks during the quarter.
• Operating cash flow $152M for six months. Six-month cash provided by operating activities from continuing operations was $152 million against $159 million. Capital expenditures were $51 million against $57 million.

Revenue by segment

As the company reports it in the segment note of its annual report.

By region, FY2025

Company events

The newest 8-K filings of 87 held.

Every filing

The newest filings with the SEC of 183 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

21 funds held it at 30 Jun 2026: 20 added and 0 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Visa Inc. (V): revenue $44.5B, market value $761.1B
• Mastercard Inc. (MA): revenue $35.1B, market value $539.5B
• Alibaba Group Holding Limited (BABA): revenue $144.2B, market value $234.6B
• Accenture plc (ACN): revenue $74.2B, market value $147.6B
• Uber Technologies, Inc. (UBER): revenue $55.2B, market value $133.2B
• PDD Holdings Inc. (PDD): revenue $60.1B, market value $110.3B
• MercadoLibre, Inc. (MELI): revenue $35.2B, market value $84.8B
• DoorDash, Inc. (DASH): revenue $15.9B, market value $74.5B
• RELX PLC (RELX): revenue $12.7B, market value $70.5B
• Ebay Inc. (EBAY): revenue $12.0B, market value $52.5B

What the company does

Alight is a technology-enabled services company that delivers human capital management solutions, which it describes as serving many of the world's largest and most complex organizations. It implements and administers employee benefits, including health, wealth and leaves. Employees and their family members use these services year-round, including through a mobile application on Alight Worklife®, the company's cloud-based employee engagement platform. Alight operates under one reportable segment, Employer Solutions, and employed more than 9,500 colleagues as of 31 December 2025.

What it does

Employer Solutions is driven by the Alight Worklife platform. It covers integrated benefits administration, healthcare navigation, financial wellbeing, leave of absence management and retiree healthcare. Employees at client companies use one integrated platform and can reach a full-service customer care center. The company says it uses data, analytics and AI to give employers insights into prevalence, trends and risks, and to produce outcomes such as healthcare claims savings. It also says it aims to be the "pre-eminent employee experience partner".

How it earns money

Alight generates primarily all of its revenue from fees for services under contracts across all of its solutions. The company calls this revenue highly recurring. The fee is primarily a contracted amount per participant per period, charged monthly or annually. Contracts typically run three to five years for ongoing services and carry mutual renewal options. Most revenue is recognised over time, because clients receive and consume the services as they are delivered.

Revenue includes recurring fees and project work. The company tracks annual revenue retention as a management measure and reported 94% for 2025. Because annual benefits enrollment drives buying patterns, revenues tend to be higher in the second half of each year.

Some client agreements require Alight to hold funds on clients' behalf to pay obligations for them. These fiduciary funds are kept separate and are not used for general corporate purposes.

Technology and partners

The company describes four layers in its technology strategy, all supported by a security framework:

- An omnichannel customer experience layer, which is the front-end user interface. - An AI and analytics layer, which combines transactional data with client and third-party data. - A core transaction layer, which records participant decisions and powers the health and wealth systems. - An infrastructure layer, which provides security, stability and performance.

The solutions run on cloud infrastructure and are integrated with over 350 external platforms and partners. These include the Alight Partner Network, a group of third-party providers that support additional wellbeing programs. Since 2018 the company has also had a strategic partnership with Wipro, running through 2029.

Alight's intellectual property consists mainly of copyrights, including copyrights in software, and trademarks, along with trade secrets and proprietary know-how. It requires employees and contractors to assign it the rights to works developed on its behalf.

Who it sells to and who it competes with

Clients include Fortune 500 companies, public institutions and mid-market businesses. The company gathers client feedback through ongoing surveys and client councils held throughout the year, and uses it to inform research and development.

The filing describes the markets for its solutions as competitive, rapidly evolving and fragmented. The company says it does not believe any single competitor matches the breadth of its solutions, so its competitors vary by solution. Its primary competitors include ADP, bswift, Businessolver, Conduent, Empower, Empyrean, Fidelity, HealthEquity, Included Health, Personify, Quantum Health, Sedgwick, Transcarent, Voya and WTW. It says it competes on product and service quality, technology, breadth of offerings, ease of use, data protection, innovation, trust and reliability, price and reputation.

Its people

As of 31 December 2025, approximately 80% of Alight's colleagues were located in North America. In the United States, 67% of colleagues identified as female and 42% self-identified as a minority group. The company surveys colleagues regularly and offers development programs including instructor-led courses, leadership development, on-demand virtual learning and tuition reimbursement. It reports recognition as a Great Place to Work® and a place on Newsweek's America's Greatest Workplaces for 2025.

Rohit Verma has served as Chief Executive Officer and a director since January 2026. Before joining Alight he was President and Chief Executive Officer of Crawford & Company.

Structure and history

Alight, Inc. became a public company through a business combination with a special purpose acquisition company on 2 July 2021. As of 31 December 2025, it owned approximately 99% of the economic interest in its predecessor, Alight Holding Company, LLC, and held 100% of the voting power.

On 12 July 2024, Alight sold its Professional Services segment and its Payroll & HCM Outsourcing business to entities affiliated with H.I.G. Capital, L.L.C. After the sale, Alight continues to provide the buyer with technology infrastructure, risk and security, and other corporate services under a Transition Services Agreement.

*From Alight's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1809104/000162828026011108/alit-20251231.htm)*

From the company's 10-K.