Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering Resideo Technologies (REZI - Free Report) , which belongs to the Zacks Security and Safety Services industry.
When looking at the last two reports, this residential comfort and security systems maker has recorded a strong streak of surpassing earnings estimates. The company has topped estimates by 6.47%, on average, in the last two quarters.
For the most recent quarter, Resideo Technologies was expected to post earnings of $0.61 per share, but it reported $0.65 per share instead, representing a surprise of 6.56%. For the previous quarter, the consensus estimate was $0.47 per share, while it actually produced $0.5 per share, a surprise of 6.38%.
Price and EPS Surprise
With this earnings history in mind, recent estimates have been moving higher for Resideo Technologies. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the company is positive, which is a great sign of an earnings beat, especially when you combine this metric with its nice Zacks Rank.
Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Resideo Technologies has an Earnings ESP of +0.24% at the moment, suggesting that analysts have grown bullish on its near-term earnings potential. When you combine this positive Earnings ESP with the stock's Zacks Rank #3 (Hold), it shows that another beat is possibly around the corner. The company's next earnings report is expected to be released on August 12, 2026.
Investors should note, however, that a negative Earnings ESP reading is not indicative of an earnings miss, but a negative value does reduce the predictive power of this metric.
Many companies end up beating the consensus EPS estimate, though this is not the only reason why their shares gain. Additionally, some stocks may remain stable even if they end up missing the consensus estimate.
Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
, /PRNewswire/ -- Resideo Technologies, Inc. (NYSE: REZI), a leading global manufacturer, developer, and distributor of technology-driven sensing and controls products and solutions for residential and commercial end-markets, will release second quarter 2026 financial results after the close of the New York Stock Exchange on Wednesday, August 12, 2026. A webcast to discuss the results will be held on Wednesday, August 12, 2026, at 5:00 p.m. EDT.
About Resideo
Resideo is a leading global manufacturer, developer, and distributor of technology-driven sensing and controls products and solutions for residential and commercial end-markets. We are a leader in the home heating, ventilation, and air conditioning controls markets, smoke and carbon monoxide detection home safety and fire suppression products markets, and security products markets. Our solutions and services can be found in over 150 million residential and commercial spaces globally, with tens of millions new devices sold annually. For more information about Resideo and our trusted, well-established brands including First Alert, Honeywell Home, BRK, Control4, and others, visit www.resideo.com.
Resideo Technologies, Inc. (REZI) Analyst/Investor Day July 13, 2026 12:00 PM EDT
Company Participants
Christopher Lee - Global Head of Investor Relations
Thomas Surran - President of Products & Solutions
Scott Ziffra - Senior Vice President of Engineering & Product Management
Scott Harkins - Senior Vice President of Global Sales
Patrick Murray - Senior Vice President of Global Operations & Supply Chain
Conference Call Participants
Erik Woodring - Morgan Stanley, Research Division
Ian Zaffino - Oppenheimer & Co. Inc., Research Division
Keith Hughes - Truist Securities, Inc., Research Division
Aaron Kimson - Citizens JMP Securities, LLC, Research Division
Dan Stratemeier
Tomohiko Sano - JPMorgan Chase & Co, Research Division
Christopher Meeker - Franklin Mutual Advisers, LLC
Presentation
Operator
Ladies and gentlemen, please welcome to the stage, Chris Lee.
Christopher Lee
Global Head of Investor Relations
All right. Thanks for the warm welcome. Really exciting times. Good afternoon. It's really great to see some familiar and new faces in the crowd. Look, we're standing here at the New York Stock Exchange for an incredibly profound moment for Resideo. When I think about the last year or so and the amount of people involved, the hours of effort and collaboration, this moment feels amazing for all of us. Thanks for sharing this moment with the entire Resideo team. I'm Chris Lee. I'm the Global Head of Strategic Finance at Resideo and your host today. On behalf of the company, I'd like to welcome you to Resideo's Investor Day. We're so glad that you could join us in person or via the live stream. And we have a great event planned and are excited to share more about our business with you. Okay. I got to take a breath.
Before I cover our agenda, I got to draw your attention to the forward-looking statements. I feel like Vanna White. We will be making in
Dueling Insider Moves: Heavy Buying Here, Big Selling ThereResideo Technologies NYSE: REZI executives used an Investor Day at the New York Stock Exchange to outline the company’s strategy as a standalone building technology business following the planned separation of its ADI Distribution business.
Chris Lee, Resideo’s global head of strategic finance, said the separation is intended to sharpen focus for both companies, provide greater financial flexibility and reduce complexity. He said Resideo will be positioned as a pure-play building technologies company focused on residential sensing and control solutions.
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Lee also reviewed board changes tied to the ADI spin-off. Cynthia Hostetler and Nate Sleeper are expected to resign from Resideo’s board to join ADI’s board, while Jay Geldmacher will resign in connection with his retirement. Andrew Campelli and Thomas Surran will be appointed to Resideo’s board, according to Lee.
Resideo Sets Growth and Margin Targets Tom Surran, who said he will become CEO of Resideo after the ADI spin is completed, laid out the company’s long-term financial framework. On a standalone basis using fiscal 2025 results, Surran said Resideo would have generated $2.9 billion in revenue, including about $175 million in intercompany sales to ADI.
Surran said the standalone product business generated a 39.5% gross margin and $581 million in adjusted EBITDA, representing a 20.3% adjusted EBITDA margin. He also said adjusted EBITDA less adjusted capital expenditures was $519 million, which he described as a proxy for free cash flow, representing approximately 89.3% cash generation.
Management’s 2030 targets include:
Revenue growth at a 4% to 5% compound annual rate. Adjusted gross margin of 43% to 45%. Adjusted EBITDA margin of 23% to 25%. Cash generation rising to 92%. Net leverage reduced from 3.3 times to 2.0 times within 24 months. Surran said capital allocation priorities will begin with deleveraging, followed by organic reinvestment. He said the company will evaluate selective mergers and acquisitions, mainly in adjacent categories, and later consider ways to return capital to shareholders.
Company Emphasizes Comfort, Protection and the Professional Channel Surran described Resideo’s mission as delivering comfort and protection to homeowners through products tied to air, energy, water, safety and security systems. He estimated the company’s core served markets at more than $40 billion and said Resideo has opportunities in adjacent categories such as ventilation, access control, hydronics control, presence monitoring and video solutions.
He said much of the company’s demand is tied to repair, remodel, maintenance and upgrades, rather than only new construction. In the U.S., Surran cited 114 million existing single-family homes compared with about 700,000 new single-family homes currently being built annually.
Scott Harkins, senior vice president of global sales and marketing, said Resideo’s relationship with professional contractors is central to the company’s strategy. He said more than 100,000 professionals globally sell and install Resideo solutions, supported by more than 30,000 distribution locations. In the U.S., Harkins said more than 90% of contractors are within 15 miles of a Resideo distribution partner.
Harkins also highlighted Resideo’s relationships with builders, saying the company has agreements with all of the top 25 U.S. builders and that those agreements cover more than 60% of new homes built. He said Resideo has doubled its content per home over four years to roughly $400, with the highest content per home at $800.
Product Strategy Centers on Platforms, Connectivity and AI Scott Ziffra, Resideo’s engineering leader, said the company is building its product strategy around differentiated products, connectivity and intelligence. He highlighted RedLINK Plus, the company’s wireless communication protocol, and FORTIQ, its cloud platform designed to connect devices, services and partners across the home.
Ziffra said Resideo has added more than 130 engineers, bringing its engineering organization to just over 1,000 people, and has increased research and development by more than 130 basis points to roughly 5% of revenue. He said the company has invested more than $100 million in platform and core technologies, is delivering products 30% faster than prior generations and has tripled new product introduction revenue since 2023 to more than $900 million.
Executives said FORTIQ and related software services are intended to help professionals address labor, lead generation and customer loyalty challenges. Ziffra described ProIQ Predict as a service using building science, machine learning and HVAC equipment experience to help predict equipment failures before they occur.
Supply Chain and Manufacturing Remain Vertically Integrated Patrick Murray, senior vice president of integrated supply chain and IT, said Resideo operates 11 factories with about 8,000 employees producing more than 75 million units annually. He said the company has reduced its manufacturing footprint by four facilities since 2018 and has announced two additional site consolidations.
Murray said Resideo moved from seven ERP systems in 2019 to a single global ERP platform. He also said the company has taken more than $76 million out of working inventory over the last three years and improved cost of poor quality by 65% over the same period.
Automation is also a focus, according to Murray. He said Resideo has deployed more than 300 purpose-built cobots over the last five years and plans to deploy another 300 over the next five years. The company uses an in-house team of 39 automation engineers to develop proprietary systems, which Murray said can be built in half the time and at half the cost of outsourced automation.
CFO Search and Q&A Highlights Surran said he presented the financial section because Resideo is in the final stages of a search for a new chief financial officer. In the Q&A session, he listed his top three priorities as CEO: product and customer focus, improving business efficiency and using cash flow to reduce leverage to 2 times.
Asked about why Resideo is better positioned as a standalone company, Surran said the Products & Solutions business has operated independently from ADI for the past several years and that separation should help investors and customers better understand Resideo’s focus on comfort and protection.
Lee closed the session by saying Resideo expects to discuss a go-forward standalone outlook for 2026 when it reports earnings after the separation date of Aug. 3.
About Resideo Technologies NYSE: REZIResideo Technologies, Inc, headquartered in Austin, Texas, is a global provider of home comfort, security and energy management solutions. Formed as an independent company in 2018 following its spin-off from Honeywell, Resideo leverages decades of engineering experience to deliver connected products and services to residential and light commercial customers.
The company’s core offerings include smart thermostats, security systems, video doorbells, water leak and freeze detection devices, and indoor air quality monitors.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Significant Opportunity To Leverage Distinct Value Proposition to Generate Above Market Growth and Expand Margins
, /PRNewswire/ -- Resideo Technologies (NYSE: REZI) ("Resideo") a leading global manufacturer, developer and distributor of technology-driven sensing and controls products and solutions for residential and commercial end markets, will host its Investor Day at the New York Stock Exchange in New York City today, ahead of the planned spin-off of ADI Global Distribution.
"We are beginning Resideo's next phase as a pure play building technologies company with differentiated products and trusted brands, deep relationships with professional installers ("Pros") and a clear opportunity to grow the top and bottom line," said Tom Surran, incoming President and Chief Executive Officer of Resideo. "As a more focused company, every decision, every investment and every strategic initiative we make will now be evaluated through a single lens of creating value within our core residential sensing and control business. We have an extraordinary team aligned to a shared mission and we are ready to capture the opportunities ahead and continue delivering for our stakeholders."
A Focused Building Technologies Company with Strong Track Record and Clear Strategy to Accelerate Value Creation
Accelerated Development of Differentiated Solutions: Resideo intends to leverage its market leadership in sensing and controls, differentiated products, trusted brands and vast installed base of over 150 million locations to continue building its leadership position in a core serviceable addressable market exceeding $40 billion. By accelerating differentiated innovation, expanding into adjacent categories and increasing content per home, Resideo believes it is positioned to convert demand into profitable growth, margin expansion and robust cash generation. Continued Focus on the Pro: Resideo intends to continue deepening its relationships with over 100,000 global Pros who have built their businesses around Resideo's products. Supported by more than 15 million installations annually, the Company's professional ecosystem represents a powerful competitive advantage with a platform to introduce new products, enter adjacent markets and expand customer reach. Geographic Expansion: There are meaningful opportunities for strategic international expansion, leveraging Resideo's scale and highly efficient global manufacturing footprint. Expansion initiatives are expected to drive incremental growth above Resideo's baseline revenue targets, while strengthening the Company's ecosystem and creating long-term demand for Pros. Leverage Scale to Provide Superior Value: Maximize the advantages of Resideo's scale, including its installed base, manufacturing footprint, supply chain capabilities and relationships across the Pro ecosystem to invest more in innovation, operate more efficiently and drive financial growth. Introducing Financial Goals
Resideo's recent financial performance, including 12 consecutive quarters of gross margin expansion and over 85% free cash flow conversion in each of the last three years, demonstrates the meaningful revenue growth and margin improvement the business has achieved and expects to expand upon as a standalone company. This strong financial profile is expected to provide significant cash flow to de-leverage the balance sheet and deploy across compelling organic and inorganic opportunities in line with Resideo's rigorous returns-based capital allocation approach.
Resideo is introducing the following medium-term financial framework:
Targeting revenue compound annual growth rate of 4% to 5% from 2025 through 2030 Gross margin expansion of approximately 400 basis points from 2025 through 2030 and targeting to be in the range of 43%-45% by the end of 2030 Adjusted EBITDA margin expansion of approximately 400 basis points from 2025 through 2030 and targeting to be in the range of 23%-25% by the end of 2030 Webcast Information
The live webcast will begin at 12:00 p.m. EDT, today, July 13, 2026, at https://investor.resideo.com, where the webcast link and related materials will be posted.
Additional Information
Resideo is expected to complete its spin-off of ADI Global Distribution on August 3, 2026, and ADI common stock is expected to begin "regular-way" trading on the NYSE under the ticker symbol "ADIG" on August 4, 2026, subject to satisfaction or waiver of the conditions precedent to the spin-off. The spin-off is expected to be tax-free to Resideo shareholders for U.S. federal income tax purposes, except for cash that shareholders may receive in lieu of fractional shares.
About Resideo
Resideo is a leading global manufacturer, developer, and distributor of technology-driven sensing and controls products and solutions for residential and commercial end markets. We are a leader in the home heating, ventilation, and air conditioning controls markets, smoke and carbon monoxide detection home safety and fire suppression products markets, and security products markets. Our solutions and services can be found in over 150 million residential and commercial spaces globally, with tens of millions of new devices sold annually.
Forward-Looking Statements
This press release contains forward-looking statements, including, but not limited to, those regarding the anticipated separation of Resideo Technologies' Products & Solutions and ADI Global Distribution businesses into two independent publicly traded companies and the expected timing of the completion of the separation, our medium-term financial goals, and other future events or developments. Forward-looking statements are typically identified by such words as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "project," "should," "will," and similar expressions, although not all forward-looking statements contain these words. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Among the factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statements are the possibility that the conditions to the separation may not be obtained or satisfied within the expected timeframe or at all; that the separation may not be completed on the anticipated terms or timing or may not occur at all; that the separation may not achieve the intended strategic, operational, or financial benefits for Resideo, its businesses, or its shareholders; that Resideo may experience operational or other disruptions as a result of the separation, including those relating to information technology systems, business processes, internal controls, customer and vendor relationships, and workforce alignment. Resideo' s ability to succeed as an independent enterprise without ADI will depend on numerous factors, including the execution of their respective strategies and plans, access to capital markets, the competitive landscape, and general business and economic conditions. Other risks and uncertainties include, but are not limited to, our ability to recognize the expected savings from, and the timing and impact of, our existing and anticipated cost reduction actions, and our ability to optimize our portfolio and operational footprint, the ability of Resideo to drive increased customer value and financial returns and enhance strategic and operational capabilities, risks and uncertainties relating to tariffs that have been or may be imposed by the United States and other governments, and the other risks described under the headings "Risk Factors" and "Cautionary Statement Concerning Forward-Looking Statements" in our Annual Report on Form 10-K for the year ended December 31, 2025 and other periodic reports.
All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. Although we believe forward-looking statements are based upon reasonable assumptions, such statements involve known and unknown risks and uncertainties, which may cause the actual results or performance of Resideo to differ materially from such forward-looking statements. Forward-looking statements are not guarantees of future performance, and actual results, developments, and business decisions may differ from those envisaged by our forward-looking statements. Except as required by law, we undertake no obligation to update such statements to reflect events or circumstances arising after the date of this press release and we caution investors not to place undue reliance on any such forward-looking statements.
Contacts:
Investors:
Christopher T. Lee
Global Head of Strategic Finance
[email protected]
Media:
Garrett Terry
Corporate Communications Manager
[email protected]
or
Dan Moore, Tali Epstein
Collected Strategies
[email protected]
Record date set for July 20, 2026 Distribution expected to occur on August 3, 2026, with common shareholders of record expected to receive one share of ADI common stock for every two shares of Resideo common stock owned ADI expected to begin trading on NYSE on August 4, 2026, under the ticker symbol "ADIG" ADI completes $400 million senior notes offering and enters into a credit agreement with respect to a $600 million term loan facility and a $500 million revolving facility in connection with the planned spin-off , /PRNewswire/ -- Resideo Technologies, Inc. (NYSE: REZI) ("Resideo") today announced that its Board of Directors (the "Board") has formally approved the planned spin-off (the "Spin-Off") of its ADI Global Distribution business. The Board also has set a record date of July 20, 2026 (the "Record Date") and a distribution date of August 3, 2026, in connection with the Spin-Off.
To execute the Spin-Off, Resideo will distribute all of the issued and outstanding shares of ADI Global Distribution Inc. ("ADI") common stock pro rata to Resideo common shareholders of record on the Record Date. The distribution will occur at 5:00 p.m., eastern time, on August 3, 2026 (the "Distribution Date"), on the basis of a distribution ratio of one share of ADI common stock for every two shares of Resideo common stock held as of the close of business on the Record Date.
Following the distribution, ADI common stock is expected to begin trading on the New York Stock Exchange ("NYSE") on August 4, 2026, under the ticker symbol "ADIG." Resideo will continue to trade on the NYSE under the ticker symbol "REZI."
Completion of the Spin-Off is conditioned upon the satisfaction or waiver of certain conditions as set forth in the form of Separation and Distribution Agreement filed with the U.S. Securities and Exchange Commission ("SEC") as part of the registration statement on Form 10.
The Spin-Off is expected to be tax-free to Resideo shareholders for U.S. federal income tax purposes, except for cash that shareholders may receive in lieu of fractional shares.
No vote or action is required by Resideo's common shareholders to receive the special stock dividend of shares of ADI common stock. The ADI common stock issued in the distribution will be in book-entry form. Resideo common shareholders who hold their shares through brokers or other nominees will have their shares of ADI common stock credited to their accounts by their nominees or brokers.
Resideo plans to send an information statement regarding this transaction to common shareholders on or around July 20, 2026. The information statement will include details on the distribution and will be posted under the Investor Relations tab on Resideo's website at: https://investor.resideo.com/overview/default.aspx
When-Issued Trading Market
Resideo anticipates that ADI common stock will begin trading on the NYSE under the ticker symbol "ADIG WI" on a "when-issued" basis on or about July 29, 2026. ADI common stock is expected to begin "regular-way" trading on the NYSE under the ticker symbol "ADIG" on August 4, 2026.
Shares of Resideo common stock are expected to continue to trade "regular-way" on the NYSE under the current ticker symbol "REZI" through the Distribution Date. However, beginning on July 29, 2026 and continuing through August 3, 2026, it is expected that there will be two markets in Resideo common stock on theNYSE: a "regular-way" market under Resideo's current ticker symbol "REZI," in which Resideo shares will trade with the right to receive shares of ADI common stock on the Distribution Date, and an "ex distribution" market under the ticker symbol "REZI WI", in which Resideo shares will trade without the right to receive shares of ADI common stock on the Distribution Date.
Resideo shareholders are encouraged to consult their financial advisors regarding the specific implications of buying, selling or holding shares of Resideo common stock on or before the Distribution Date.
Completion of ADI's $400 Million Senior Notes Offering and Entry Into Senior Secured Credit Facilities
Resideo also announced the successful closing of the offering of $400 million aggregate principal amount of 7.125% Senior Notes due 2034 (the "Notes") issued by ADI Escrow Issuer LLC, a wholly owned subsidiary of ADI (the "Escrow Issuer"), on June 30, 2026. The Notes bear interest at a rate of 7.125% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2027, and will mature on July 15, 2034. In connection with the consummation of the Spin-Off, the Notes will be assumed by ADI Global Distribution Funding LLC ("ADI Funding"), a wholly owned subsidiary of ADI, and guaranteed by ADI and each of ADI's subsidiaries that also guarantees the Senior Secured Credit Facilities.
In addition, on July 1, 2026, ADI Funding entered into a $600 million senior secured term B loan facility (the "Term Facility") and a $500 million senior secured revolving credit facility (the "Revolving Facility" and, together with the Term Facility, the "Senior Secured Credit Facilities"). The Term Facility is expected to be funded on the Distribution Date, subject to customary conditions.
ADI intends to use a portion of the gross proceeds of the Notes, together with borrowings under the Term Facility, to make a distribution to Resideo in connection with the Spin-Off and to pay fees, costs and expenses in connection with the Senior Secured Credit Facilities and the Notes offering. ADI intends to use the remaining proceeds, if any, for general corporate purposes. ADI expects the Revolving Facility to be undrawn upon completion of the Spin-Off.
Resideo and ADI Investor Days
As previously announced, Resideo and ADI will host Investor Days in New York City on July 13, 2026, and July 14, 2026, respectively. Both events will take place at the New York Stock Exchange and will include management presentations, product showcases and Q&A sessions with executive management. During the events, members of the leadership teams will provide details on Resideo's and ADI's standalone businesses, longer-term financial outlooks and respective value creation strategies.
Live webcasts of the events, along with related presentation materials, will be available on Resideo's Investor Relations website. Replays of the webcasts will be available following the presentations.
About Resideo
Resideo is a leading global manufacturer, developer, and distributor of technology-driven sensing and controls products and solutions for residential and commercial end-markets. We are a leader in the home heating, ventilation, and air conditioning controls markets, smoke and carbon monoxide detection home safety and fire suppression products markets, and security products markets. Our solutions and services can be found in over 150 million residential and commercial spaces globally, with tens of millions of new devices sold annually.
About ADI
ADI is a global specialty distributor of professionally installed low-voltage products serving commercial and residential markets through an omnichannel go-to-market platform. Within North America, ADI is the market-leading distributor in the professionally installed security, fire/life safety and audio-visual product categories. We offer over 500,000 products from more than 1,000 suppliers across key specialty low-voltage categories with strong proximity to our customers with a large network of store locations.
Forward-Looking Statements
This press release contains forward-looking statements, including, but not limited to, those regarding the Spin-Off and the expected timing of the Spin-Off, the release of net proceeds from the Notes offering and borrowing of the Term Facility and other future events or developments. Forward-looking statements are typically identified by such words as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "project," "should," "will," and similar expressions, although not all forward-looking statements contain these words. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Among the factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statements are the possibility that the conditions to the Spin-Off may not be obtained or satisfied within the expected timeframe or at all; that the Spin-Off may not be completed on the anticipated terms or timing or may not occur at all; that the Spin-Off may not achieve the intended strategic, operational, or financial benefits for Resideo, ADI, their respective businesses, or shareholders; that Resideo or ADI may experience operational or other disruptions as a result of the separation, including those relating to information technology systems, business processes, internal controls, customer and vendor relationships, and workforce alignment. Each separated company's ability to succeed as an independent enterprise will depend on numerous factors, including the execution of their respective strategies and plans, access to capital markets, the competitive landscape, and general business and economic conditions. Other risks and uncertainties include, but are not limited to the risks described under the headings "Risk Factors" and "Cautionary Statement Concerning Forward-Looking Statements" in Resideo's Annual Report on Form 10-K for the year ended December 31, 2025, and other periodic reports, as well as risks described under the heading "Risk Factors" and "Cautionary Statement Concerning Forward-Looking Statements" in the Form 10 filed by ADI Global Distribution Inc. with the SEC.
All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. Although we believe forward-looking statements are based upon reasonable assumptions, such statements involve known and unknown risks and uncertainties, which may cause the actual results or performance of Resideo or ADI to differ materially from such forward-looking statements. Forward-looking statements are not guarantees of future performance, and actual results, developments, and business decisions may differ from those envisaged by our forward-looking statements. Except as required by law, we undertake no obligation to update such statements to reflect events or circumstances arising after the date of this press release and we caution investors not to place undue reliance on any such forward-looking statements.
Contacts:
Investors:
Christopher T. Lee
Global Head of Strategic Finance
[email protected]
Media:
Garrett Terry
Corporate Communications Manager
[email protected]
or
Dan Moore, Tali Epstein
Collected Strategies
[email protected]
, /PRNewswire/ -- Resideo Technologies, Inc. (NYSE: REZI) ("Resideo") today announced that, in connection with the previously announced spin-off (the "Spin-Off") of its ADI Global Distribution business, ADI Escrow Issuer LLC (the "Escrow Issuer"), a wholly-owned subsidiary of ADI Global Distribution Inc. ("ADI"), has priced an offering of $400 million aggregate principal amount of senior notes due 2034 (the "Notes"). The Notes will be issued at par, bear interest at a rate of 7.125% per annum and mature on July 15, 2034. The Notes offering is expected to close on or about June 30, 2026, subject to customary closing conditions. In connection with the consummation of the Spin-Off, the Notes will be assumed by ADI Global Distribution Funding LLC (the "Issuer"), a wholly-owned subsidiary of ADI, and guaranteed by ADI and each of ADI's subsidiaries that also guarantees the Senior Secured Credit Facilities (as defined below).
In addition, in connection with the Spin-Off, which is expected to be completed within the previously announced range of mid-Q3'26 to mid-Q4'26, syndication has been completed with respect to a $600 million senior secured term B loan facility (the "Term Facility") and a $500 million senior secured revolving credit facility (the "Revolving Facility" and, together with the Term Facility, the "Senior Secured Credit Facilities") of ADI. Borrowings under the Senior Secured Credit Facilities are expected to be subject to customary conditions and a condition that the Spin-Off has occurred prior to or will occur on the same date as such borrowing.
ADI intends to use a portion of the gross proceeds of the Notes, together with borrowings under the Term Facility, to make a distribution to Resideo in connection with the Spin-Off and to pay fees, costs and expenses in connection with the Senior Secured Credit Facilities and the Notes offering. ADI intends to use the remaining proceeds, if any, for general corporate purposes. ADI expects the Revolving Facility to be undrawn upon completion of the Spin-Off.
The proceeds from the Notes offering will be held in escrow until satisfaction of certain conditions precedent, including that the Spin-Off will occur on the same date as the release and certain other escrow release conditions. If such conditions are not met by December 31, 2026, the Notes will be redeemed at 100% of the issue price, plus accrued interest.
Prior to escrow release, the Notes will be senior obligations of the Escrow Issuer, will not be guaranteed and will be secured by the funds held in escrow. From and after the escrow release, the Notes will be senior unsecured obligations of the Issuer and guaranteed on an unsecured senior basis by ADI and each of ADI's existing and future domestic subsidiaries that guarantees the new Senior Secured Credit Facilities, subject to customary exceptions.
The Notes and related guarantees have not been, and will not be, registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the Securities Act) except in transactions exempt from, or not subject to, the registration requirements of the Securities Act. Accordingly, the Notes and related guarantees are being offered and sold only to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the Securities Act and outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other security, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. Any offers of the Notes or related guarantees will be made only by means of a private offering memorandum.
About Resideo
Resideo is a leading global manufacturer, developer, and distributor of technology-driven sensing and controls products and solutions for residential and commercial end-markets. We are a leader in the home heating, ventilation, and air conditioning controls markets, smoke and carbon monoxide detection home safety and fire suppression products markets, and security products markets. Our solutions and services can be found in over 150 million residential and commercial spaces globally, with tens of millions of new devices sold annually.
About ADI
ADI is a global specialty distributor of professionally installed low-voltage products serving commercial and residential markets through an omnichannel go-to-market platform. Within North America, ADI is the market-leading distributor in the professionally installed security, fire/life safety and audio-visual product categories. We offer over 500,000 products from more than 1,000 suppliers across key specialty low-voltage categories with strong proximity to our customers with a large network of store locations.
Forward-Looking Statements
This press release contains forward-looking statements, including, but not limited to, those regarding the anticipated separation of Resideo's Products & Solutions and ADI Global Distribution businesses into two independent publicly traded companies, the expected timing of the Notes offering and borrowing of the Senior Secured Credit Facilities and the related terms thereof and other future events or developments. Forward-looking statements are typically identified by such words as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "project," "should," "will," and similar expressions, although not all forward-looking statements contain these words. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Among the factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statements are the possibility that the conditions to the Spin-Off may not be obtained or satisfied within the expected timeframe or at all; that the Spin-Off may not be completed on the anticipated terms or timing or may not occur at all; that the Spin-Off may not achieve the intended strategic, operational, or financial benefits for Resideo, ADI, their respective businesses, or shareholders; that Resideo or ADI may experience operational or other disruptions as a result of the separation, including those relating to information technology systems, business processes, internal controls, customer and vendor relationships, and workforce alignment. Each separated company's ability to succeed as an independent enterprise will depend on numerous factors, including the execution of their respective strategies and plans, access to capital markets, the competitive landscape, and general business and economic conditions. Other risks and uncertainties include, but are not limited to the risks described under the headings "Risk Factors" and "Cautionary Statement Concerning Forward-Looking Statements" in Resideo's Annual Report on Form 10-K for the year ended December 31, 2025 and other periodic reports, as well as risks described under the heading "Risk Factors" and "Cautionary Statement Concerning Forward-Looking Statements" in the Form 10 filed by ADI Global Distribution Inc. with the SEC.
All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. Although we believe forward-looking statements are based upon reasonable assumptions, such statements involve known and unknown risks and uncertainties, which may cause the actual results or performance of Resideo or ADI to differ materially from such forward-looking statements. Forward-looking statements are not guarantees of future performance, and actual results, developments, and business decisions may differ from those envisaged by our forward-looking statements. Except as required by law, we undertake no obligation to update such statements to reflect events or circumstances arising after the date of this press release and we caution investors not to place undue reliance on any such forward-looking statements.
Contacts:
Investors:
Christopher T. Lee
Global Head of Strategic Finance
[email protected]
Media:
Garrett Terry
Corporate Communications Manager
[email protected]
or
Dan Moore, Tali Epstein
Collected Strategies
[email protected]
Shares of Resideo Technologies, Inc. (NYSE:REZI – Get Free Report) have been given an average rating of “Hold” by the five research firms that are currently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and two have given a buy recommendation to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $39.6667.
Several research analysts have recently commented on the company. Oppenheimer reissued an “outperform” rating on shares of Resideo Technologies in a report on Friday, March 13th. Weiss Ratings reissued a “sell (d+)” rating on shares of Resideo Technologies in a report on Thursday, January 22nd. Finally, Morgan Stanley boosted their price objective on Resideo Technologies from $42.00 to $50.00 and gave the stock an “overweight” rating in a report on Wednesday, February 25th.
Get Our Latest Research Report on REZI
Resideo Technologies Stock Up 0.7% Shares of NYSE REZI opened at $34.88 on Tuesday. Resideo Technologies has a 12 month low of $14.18 and a 12 month high of $45.29. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.30. The firm has a market capitalization of $5.27 billion, a price-to-earnings ratio of -8.65 and a beta of 1.70. The business has a 50-day moving average of $35.34 and a 200-day moving average of $36.59.
Institutional Trading of Resideo Technologies Hedge funds have recently bought and sold shares of the company. Russell Investments Group Ltd. lifted its position in Resideo Technologies by 108.3% in the 2nd quarter. Russell Investments Group Ltd. now owns 140,886 shares of the company’s stock worth $3,108,000 after buying an additional 73,261 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH lifted its position in Resideo Technologies by 274.7% in the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 83,892 shares of the company’s stock worth $3,622,000 after buying an additional 61,504 shares during the last quarter. Clayton Dubilier & Rice LLC lifted its position in Resideo Technologies by 130.3% in the 3rd quarter. Clayton Dubilier & Rice LLC now owns 13,286,384 shares of the company’s stock worth $573,706,000 after buying an additional 7,516,233 shares during the last quarter. Alpha Wave Global LP bought a new stake in Resideo Technologies in the 3rd quarter worth approximately $8,811,000. Finally, Hudson Bay Capital Management LP bought a new stake in Resideo Technologies in the 3rd quarter worth approximately $3,022,000. Institutional investors own 91.71% of the company’s stock.
About Resideo Technologies (Get Free Report)
Resideo Technologies, Inc, headquartered in Austin, Texas, is a global provider of home comfort, security and energy management solutions. Formed as an independent company in 2018 following its spin-off from Honeywell, Resideo leverages decades of engineering experience to deliver connected products and services to residential and light commercial customers.
The company’s core offerings include smart thermostats, security systems, video doorbells, water leak and freeze detection devices, and indoor air quality monitors.
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Life360 (NASDAQ:LIF – Get Free Report) and Resideo Technologies (NYSE:REZI – Get Free Report) are both mid-cap industrials companies, but which is the superior stock? We will compare the two companies based on the strength of their risk, valuation, profitability, earnings, dividends, analyst recommendations and institutional ownership.
Analyst Ratings This is a breakdown of current recommendations for Life360 and Resideo Technologies, as provided by MarketBeat.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Life360 0 5 5 0 2.50 Resideo Technologies 1 2 2 0 2.20 Life360 presently has a consensus target price of $75.16, indicating a potential upside of 97.28%. Resideo Technologies has a consensus target price of $39.67, indicating a potential upside of 5.31%. Given Life360’s stronger consensus rating and higher probable upside, analysts clearly believe Life360 is more favorable than Resideo Technologies.
Insider & Institutional Ownership 20.0% of Life360 shares are held by institutional investors. Comparatively, 91.7% of Resideo Technologies shares are held by institutional investors. 1.5% of Resideo Technologies shares are held by insiders. Strong institutional ownership is an indication that hedge funds, endowments and large money managers believe a stock is poised for long-term growth.
Earnings and Valuation This table compares Life360 and Resideo Technologies”s revenue, earnings per share and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Life360 $489.48 million 6.24 $150.83 million $1.75 21.77 Resideo Technologies $7.47 billion 0.76 -$527.00 million ($4.03) -9.35 Life360 has higher earnings, but lower revenue than Resideo Technologies. Resideo Technologies is trading at a lower price-to-earnings ratio than Life360, indicating that it is currently the more affordable of the two stocks.
Risk & Volatility Life360 has a beta of 3.9, suggesting that its stock price is 290% more volatile than the S&P 500. Comparatively, Resideo Technologies has a beta of 1.7, suggesting that its stock price is 70% more volatile than the S&P 500.
Profitability This table compares Life360 and Resideo Technologies’ net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets Life360 30.82% 7.81% 4.44% Resideo Technologies -7.27% 15.15% 4.43% Summary Life360 beats Resideo Technologies on 10 of the 14 factors compared between the two stocks.
About Life360 (Get Free Report)
Life360 Inc. is a family connection and safety company. Its business category includes mobile app and Tile tracking devices with a range of services, including location sharing, safe driver reports and crash detection with emergency dispatch. Life360 Inc. is based in SAN FRANCISCO.
About Resideo Technologies (Get Free Report)
Resideo Technologies, Inc. develops, manufactures, and sells comfort, energy management, and safety and security solutions to the commercial and residential end markets in the United States, Europe, and internationally. The company operates in two segments, Products and Solutions, and ADI Global Distribution. The Products and Solutions segment provides temperature and humidity control, thermal and combustion solutions, water and indoor air quality solutions, energy products and solutions, water and air solutions, smoke and carbon monoxide detection home safety and fire suppression, security panels, sensors, peripherals, wire and cable, communications devices, video cameras, other home-related lifestyle convenience solutions, cloud infrastructure, installation and maintenance tools, and related software products under the Honeywell Home brand as well as Resideo, Braukmann, First Alert, and BRK brands. The ADI Global Distribution segment engages in the distribution of security, fire, access control, and video products; and participates in the broader related markets of smart home, power, audio, ProAV, networking, communications, data communications, wire and cable, enterprise connectivity, and structured wiring products. The company sells its products and services through a network of professional contractors, distributors, and original equipment manufacturers, as well as retail and online merchants. Resideo Technologies, Inc. was incorporated in 2018 and is headquartered in Scottsdale, Arizona.
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, /PRNewswire/ -- Resideo Technologies, Inc. (NYSE: REZI), a leading global manufacturer, developer, and distributor of technology-driven sensing and controls products and solutions for residential and commercial end-markets, will release first quarter 2026 financial results after the close of the New York Stock Exchange on Tuesday, May 12, 2026. A webcast to discuss the results will be held on Tuesday, May 12, 2026 at 5:00 p.m. EDT.
Resideo is a leading global manufacturer, developer, and distributor of technology-driven sensing and controls products and solutions for residential and commercial end-markets. We are a leader in the home heating, ventilation, and air conditioning controls markets, smoke and carbon monoxide detection home safety and fire suppression products markets, and security products markets. Our solutions and services can be found in over 150 million residential and commercial spaces globally, with tens of millions new devices sold annually. For more information about Resideo and our trusted, well-established brands including First Alert, Honeywell Home, BRK, Control4, and others, visit www.resideo.com.
Momentum investing is essentially an exception to the idea of "buying low and selling high." Investors following this style of investing are usually not interested in betting on cheap stocks and waiting long for them to recover. Instead, they believe that "buying high and selling higher" is the way to make far more money in lesser time.
Who doesn't like betting on fast-moving trending stocks? But determining the right entry point isn't easy. Often, these stocks lose momentum once their valuation moves ahead of their future growth potential. In such a situation, investors find themselves loaded up on expensive shares with limited to no upside or even a downside. So, going all-in on momentum could be risky at times.
A safer approach could be investing in bargain stocks with recent price momentum. While the Zacks Momentum Style Score (part of the Zacks Style Scores system) helps identify great momentum stocks by paying close attention to trends in a stock's price or earnings, our 'Fast-Paced Momentum at a Bargain' screen comes handy in spotting fast-moving stocks that are still attractively priced.
Resideo Technologies (REZI - Free Report) is one of the several great candidates that made it through the screen. While there are numerous reasons why this stock is a great choice, here are the most vital ones:
Investors' growing interest in a stock is reflected in its recent price increase. A price change of 14.4% over the past four weeks positions the stock of this residential comfort and security systems maker well in this regard.
While any stock can see a spike in price for a short period, it takes a real momentum player to deliver positive returns for a longer time frame. REZI meets this criterion too, as the stock gained 19.1% over the past 12 weeks.
Moreover, the momentum for REZI is fast paced, as the stock currently has a beta of 1.7. This indicates that the stock moves 70% higher than the market in either direction.
Given this price performance, it is no surprise that REZI has a Momentum Score of B, which indicates that this is the right time to enter the stock to take advantage of the momentum with the highest probability of success.
In addition to a favorable Momentum Score, an upward trend in earnings estimate revisions has helped REZI earn a Zacks Rank #2 (Buy). Our research shows that the momentum-effect is quite strong among Zacks Rank #1 and #2 stocks. That's because as covering analysts raise their earnings estimates for a stock, more and more investors take an interest in it, helping its price race to keep up. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Most importantly, despite possessing fast-paced momentum features, REZI is trading at a reasonable valuation. In terms of Price-to-Sales ratio, which is considered as one of the best valuation metrics, the stock looks quite cheap now. REZI is currently trading at 0.82 times its sales. In other words, investors need to pay only 82 cents for each dollar of sales.
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The Zacks Security and Safety Services industry is poised to gain from the solid demand for products and solutions, driven by the growing awareness about the security and safety of people and infrastructure. Increased efforts on research and development, backed by government support, augur well for the industry’s near-term prospects.
Growing demand for cybersecurity products is also benefiting many participants within the industry. Companies like Resideo Technologies, Inc. (REZI - Free Report) , ADT Inc. (ADT - Free Report) , Life360, Inc. (LIF - Free Report) and Intellicheck, Inc. (IDN - Free Report) are a few industry participants that are expected to capitalize on the opportunities.
Industry Description The Zacks Security and Safety Services industry comprises firms that provide sophisticated and interactive security solutions and related services, which are meant to be used for residential, commercial and institutional purposes. A few industry players develop electrical weapons for personal defense and military, federal, law enforcement and private security. Some of the companies provide solutions for the recovery of stolen vehicles, wireless communication devices, equipment for the safety of facility infrastructure and employees, and products for detecting hazards. A few players provide a variety of services to automobile owners and insurance companies. The industry serves customers from various end markets, including manufacturing, electronics, hospitality, education, construction, telecommunications, aerospace and medical.
3 Security & Safety Services Industry Trends in Focus Healthy Demand for Security and Safety Services: Growing instances of terrorism and criminal activities, coupled with concerns related to the ever-increasing fraudulent activities, are driving demand for security and safety services. To improve the safety and surveillance of people or assets, governments, commercial operations, communities and other establishments across the world are rapidly deploying IP-based cameras. This is acting as a key growth driver for the industry. With growing urbanization, the increasing requirement to ensure the safety and security of infrastructure at offices, factories and residential buildings is aiding industry participants. Also, with rising instances of hacking, the industry is seeing higher demand for Internet security products and services like firewalls, intrusion detection systems and intrusion prevention systems. The increasing adoption of Artificial Intelligence (AI) is making fraudulent activities more sophisticated while simultaneously driving higher demand for security and safety services. People’s preference for purchasing products through e-commerce platforms has also opened up opportunities for industry players.
Other Favorable Trends: Increases in budgets and funds from governments have invited several big players to make significant investments in the research and development of advanced products and services. Government and law enforcement agencies in the United States and Canada are directly working with industry participants to strengthen the security infrastructure of smart cities. This has been helping the industry players to come up with enhanced products and solutions, thereby catering to the needs of customers.
High Debt Levels: Industry participants constantly focus on innovation, product upgrades and the development of new products to cater to the changing customer needs and stay competitive, making steady investments necessary. While this augurs well for the industry’s long-term growth, hefty investments in research and development often leave companies with highly leveraged balance sheets. The industry’s long-term debt/capital ratio is currently 0.60, higher than 0.27 of the Zacks S&P 500 composite index.
Zacks Industry Rank Indicates Bright Prospects The Zacks Security and Safety Services industry, housed within the broader Industrial Products sector, currently carries a Zacks Industry Rank #66. This rank places it in the top 27% of 244 Zacks industries.
The group’s Zacks Industry Rank, which is the average of the Zacks Rank of all the member stocks, indicates robust near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than two to one.
The industry’s positioning in the top 50% of the Zacks-Ranked industries is a result of the solid earnings outlook for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, it appears that analysts are putting more faith in this group's earnings growth potential. The industry’s earnings estimates for 2026 have increased 13.7% over the past year.
We will present a few stocks from the industry that you may want to consider for your portfolio. But before that, it is worth taking a look at the industry’s shareholder returns and its current valuation first.
Industry Underperforms Sector & S&P 500 The Zacks Security and Safety Services industry has underperformed both the broader Industrial Products sector and the S&P 500 composite index in the past year.
Over this period, the industry has moved up 2.6% compared with the S&P 500 Index’s increase of 33.2% and the sector’s growth of 36.4%.
One-Year Price Performance
Industry's Current Valuation On the basis of forward P/E (F12M), which is a commonly used multiple for valuing security and safety services stocks, the industry is currently trading at 13.23X compared with the S&P 500’s and the sector’s 22.08X and 22.39X, respectively.
Over the past five years, the industry has traded as high as 21.79X, as low as 12.78X and at the median of 16.94X, as the chart below shows:
Price-to-Earnings Ratio vs SP500
Price-to-Earnings Ratio vs Sector
4 Security and Safety Services Stocks Leading the Pack Intellicheck: Based in Melville, NY, it is a leading technology company, developing and marketing wireless technology and identity systems for various applications, including mobile and handheld wireless devices for the government, military and commercial markets. IDN is benefiting from its market diversification strategy, strong customer base and growth in demand for its identity verification technology. Also, an increase in SaaS (Software as a Service) revenues, which consists of software licensed on a subscription basis, bodes well for the company.
In the past 30 days, estimates for this Zacks Rank #1 (Strong Buy) company’s earnings have remained steady for 2026. Shares of Intellicheck have skyrocketed 132.7% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
Price and Consensus: IDN
ADT: Based in Boca Raton, FL, the company offers security and smart home solutions, including smart security cameras, burglar & life safety alarms and smart home automation systems to residential customers and small businesses. ADT is gaining from strength in the Monitoring and related services (M&S) business, driven by an increase in average prices. Also, the company’s strategic initiatives, innovation and operational excellence bode well.
The Zacks Consensus Estimate for ADT’s 2026 earnings has remained steady in the past 30 days. Though shares of this Zacks Rank #2 (Buy) company have declined 7.7% in a year, the same increased 9.5% in the past month.
Price and Consensus: ADT
Resideo Technologies: Based in Scottsdale, AZ, REZI is engaged in producing and offering home comfort, safety and security, and energy management products under brands including Resideo, Braukmann and First Alert. Resideo Technologies is gaining from price realization in the OEM channel and strong demand for products in the electrical distribution and retail channels. Also, continued focus on product development and innovation bodes well for the company.
The Zacks Consensus Estimate for Resideo Technologies’ 2026 earnings has remained steady in the past 30 days. Shares of this Zacks Rank #2 company have surged 149.9% in the past year.
Price and Consensus: REZI
Life360: Based in San Mateo, CA, the company is engaged in offering location tracking, safety features and emergency services through its app. It also offers tile hardware devices to track lost items. The company is poised to gain from growth in subscribers, driven by improved retention rate and an increased number of monthly active users (MAU). Also, Life360’s investments in new business strategies bode well.
The Zacks Consensus Estimate for LIF’s 2026 earnings is pegged at $1.03 per share, indicating growth of 77.6% from the prior year. This Zacks Rank #2 stock has increased 9.2% in the past year.
Names ADI and Resideo Leadership Teams and Boards of Directors
Investor Days Scheduled for Mid-July to Provide Details on Resideo and ADI's Go-Forward Business and Value Creation Strategies
Spin-Off on Track for Completion Between Mid-Third Quarter and Mid-Fourth Quarter 2026
, /PRNewswire/ -- Resideo Technologies, Inc. (NYSE: REZI) ("Resideo" or the "Company"), a leading global manufacturer, developer, and distributor of technology-driven sensing and controls products and solutions for residential and commercial end-markets, today provided an update on its planned spin-off of its ADI Global Distribution business ("ADI"), including:
Filing of the Form 10 registration statement (the "Form 10") with the U.S. Securities and Exchange Commission ("SEC"), a copy of which is available on the SEC website as well as Resideo's Investor Relations website; Announcing ADI's leadership team and Board of Directors; Announcing Resideo's leadership team and Board of Directors; Timing for Resideo and ADI Investor Day events in mid-July 2026; and Expected timing for completion of the spin-off between mid-third quarter and mid-fourth quarter of 2026. "Today's filing reflects the tremendous progress we have made to launch two industry-leading companies, each extremely well positioned to better serve customers and unlock shareholder value," said Jay Geldmacher, President and CEO of Resideo. "ADI's new leadership team and Board are a highly skilled and diverse group of individuals who will bring deep knowledge of ADI, cross-sector expertise and proven leadership that will help shape ADI's future. Similarly, we have a strong bench of talent at Resideo that will remain in place and lead the company forward following the separation."
Highlights from Form 10, ADI Leadership Team and Board of Directors
The Form 10 highlights how ADI will:
Leverage its preeminent platform position as a global specialty distributor of professionally installed low-voltage products servicing the commercial and residential markets through a leading omnichannel go-to-market platform. Deliver on its distinct value proposition with over 500,000 products from more than 1,000 suppliers, curated through disciplined category management and reinforced by long-standing relationships with top suppliers and premier integrators, high product availability and superior technical sales support. Drive sustained profitable growth and disciplined capital allocation to fund high-return investments and enable a balanced capital allocation approach that will initially be focused on deleveraging. Expand upon its strong financial foundation. In fiscal year 2025, ADI on a carveout basis generated revenue of approximately $4.8 billion, $261 million net loss, $318 million in Adjusted EBITDA, 22.3% gross margin profit, 5.5% net loss margin, and 6.6% Adjusted EBITDA margin.1 The ADI leadership team will include the following individuals:
Robert Aarnes, President and Chief Executive Officer. Mr. Aarnes has served as President of ADI at Resideo since 2018. Michael Carlet, Chief Financial Officer. Mr. Carlet has served as the Chief Financial Officer of Resideo since 2024 and previously served as the Chief Financial Officer of Snap One, which was acquired by Resideo in 2024. Marco Cardazzi, Chief Merchandising Officer. Mr. Cardazzi has been with ADI since 2011 and currently serves as Chief Merchandising Officer and previously served as Chief Marketing Officer, Vice President of Global Marketing and held various leadership roles across merchandising, marketing, category management and products. Alicia Copeland, Chief Operating Officer. Ms. Copeland has been with ADI since 2016, currently serving as Chief Operating Officer and previously as Chief Commercial Officer, Chief Transformation Officer, and Vice President of Global Operations. Jeannine Lane, General Counsel, Corporate Secretary and Chief Compliance Officer. Ms. Lane has served as the General Counsel and Corporate Secretary of Resideo since 2018 and previously held various senior positions within Honeywell's legal department. James Olender, Chief Information Officer. Mr. Olender joined ADI in 2026 as Chief Information Officer and previously held various executive roles within GE, including as Chief Information Officer of GE Vernova's Wind Segment, among others. Nicole Stevens, Chief Accounting Officer. Ms. Stevens joined ADI in 2026 as Senior Vice President of Accounting, and previously served as SVP Financial Reporting at Amwins, Vice President of Financial Reporting at Snap One (prior to Resideo's acquisition) and at EY. The ADI Board will be comprised of the following individuals:
Michael Kaufmann will serve as Chairman. Mr. Kaufmann previously served in numerous executive positions at Cardinal Health, including Chief Executive Officer and Chief Financial Officer, among others. He is a seasoned board member and currently serves on the board of MSC Industrial Direct. Robert Aarnes will serve as a director, in addition to his role as President and Chief Executive Officer of ADI. William Galvin has over 35 years of experience as a senior executive and leader in the industrial distribution and supply chain services sector. Mr. Galvin was most recently President and CEO of Anixter International, a global distributor of network and security, electrical and electronic and utility power solutions. He currently serves on the boards of Integrated Power Services and Engineered & Industrial Solutions. Mr. Galvin is an operating advisor of CD&R. Christine Gorjanc is a financial expert who has served as Chief Financial Officer for various companies, including Invitae, Arlo Technologies and NETGEAR. She has held numerous public company board director roles, including as Audit Committee Chair, and currently serves on the boards of Polestar Automotive and Forward Air Corporation. Cynthia Hostetler has 26 years of leadership experience managing large investment funds (with significant global markets investments), guiding institutional investors and allocating capital resources for businesses. She is an experienced board member and currently serves on several mutual fund boards, including as trustee of Invesco Funds, director of TriLinc Global Impact Fund and board member of Investment Company Institute. Ms. Hostetler has served as a director on the Resideo board since 2020 and effective upon the spin-off, she will resign from the Resideo board. Stephen O. LeClair has decades of experience within the specialty distribution industry, including senior executive roles across operations, manufacturing, finance and sales. Mr. LeClair served as Executive Chair and Chief Executive Officer of Core & Main and previously held senior operations roles at HD Supply Waterworks, HD Supply Lumber and Building Materials, HD Supply and within GE Equipment Services. Mr. LeClair currently serves on the boards of Dycom Industries and AAON. Nathan Sleeper is the Chief Executive Officer of CD&R and chairs the investment firm's executive committee and is a member of its investment, operating review and compliance committees. Mr. Sleeper has served on numerous public company boards and is currently a member of the Columbus McKinnon Corporation board. Mr. Sleeper has served as a director on the Resideo board since 2024 and effective upon the spin-off, he will resign from the Resideo board. Brian Walker has extensive experience in the distribution sector and currently serves as Senior Vice President, Sales and Onsite Services of W.W. Grainger and previously held numerous leadership positions within its sales and supply chain functions. Resideo Leadership Team and Board of Directors
The Resideo leadership team will include the following individuals:
Thomas Surran, President and Chief Executive Officer. Mr. Surran has served as President of Resideo's Products and Solutions business since 2023. Joshua Foster, Senior Vice President, General Counsel and Corporate Secretary. Mr. Foster has served as Deputy General Counsel for Resideo since 2018 and previously spent over a decade at Honeywell in various capacities within the legal division. Scott Harkins, Senior Vice President of Sales and Marketing. Mr. Harkins has served as SVP of Resideo's Global Sales since 2020 and previously spent over 20 years with Honeywell, including as Vice President of Partner Development for Honeywell Connected Home. Amit Mehta, Senior Vice President of Strategy and Business Operations. Mr. Mehta has been with Resideo since 2019, and he will continue to lead strategy, corporate development and operational initiatives for Resideo. Patrick Murray, Senior Vice President of Integrated Supply Chain and Information Technology. Mr. Murray has been Resideo's Senior Vice President of Global Operations and Supply Chain since 2018. Ryan Strassburg, Senior Vice President and General Manager of Global Climate Solutions. Mr. Strassburg currently serves as Vice President and General Manager of Resideo's Global Climate Solutions business unit and previously held various leadership positions across Honeywell's sales, product management, and marketing teams. Scott Ziffra, Senior Vice President of Engineering. Mr. Ziffra has served as Resideo's SVP of Engineering and Product Management since 2020. Jeff Kutz, Senior Vice President and Chief Accounting Officer. Mr. Kutz will remain in his role as Resideo's Chief Accounting Officer. With the assistance of a leading search firm, the Resideo Board has an active search process underway to identify its new Chief Financial Officer.
Upon completion of the spin-off, the Resideo Board of Directors will comprise ten directors:
Cynthia Hostetler, Nathan Sleeper and Jay Geldmacher will resign from the Board. Andrew Campelli, a partner at CD&R, will be appointed to the Board. Andrew Teich will remain in his role as Chairman and all other current Resideo directors will continue as members of the Resideo Board. Mr. Geldmacher's retirement from Resideo will become effective upon completion of the separation, after which time, he will serve in an advisory capacity for six months. Thomas Surran will be appointed as a director, in addition to his role as President and Chief Executive Officer. Investor Days
Resideo and ADI will host separate investor days in mid-July in New York City. Members of the leadership teams will provide details on the businesses and outline their respective value creation strategies. Additional information, including dates, webcasts and registration, will be provided in the coming weeks.
Additional Information
Resideo expects the spin-off of ADI to be completed between mid-third quarter and mid-fourth quarter of 2026, subject to final approval from the Resideo Board and other customary conditions.
The planned spin-off of ADI is intended to be tax-free for Resideo and its stockholders for U.S. federal income tax purposes, except for cash that stockholders may receive (if any) in lieu of fractional shares. Consistent with the Form 10 process, the filing is an initial step in an iterative process and is subject to change. Additional information will be included in subsequent Form 10 filings. Future updates to the Form 10 will be filed with the SEC and may be viewed at www.sec.gov filings under ADI Global Distribution Inc.
ADI's common stock is expected to be listed on the New York Stock Exchange under the ticker symbol "ADIG".
About Resideo
Resideo is a leading global manufacturer, developer, and distributor of technology-driven sensing and controls products and solutions for residential and commercial end-markets. We are a leader in the home heating, ventilation, and air conditioning controls markets, smoke and carbon monoxide detection home safety and fire suppression products markets, and security products markets. Our solutions and services can be found in over 150 million residential and commercial spaces globally, with tens of millions of new devices sold annually. For more information about Resideo and our trusted, well-established brands including First Alert, Honeywell Home, BRK, Control4, and others, visit www.resideo.com.
Forward-Looking Statements
This press release contains forward-looking statements, including, but not limited to, those regarding the anticipated separation of Resideo Technologies' Products & Solutions and ADI Global Distribution businesses into two independent publicly traded companies, the expected timeline for completing the transaction, the strategic rationale and potential benefits of the separation, the anticipated financial and operational performance of each company following the separation, expected leadership transitions, future capital allocation priorities, growth initiatives, market positioning, and other future events or developments. Forward-looking statements are typically identified by such words as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "project," "should," "will," and similar expressions, although not all forward-looking statements contain these words. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Among the factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statements are the possibility that the conditions to the separation may not be obtained or satisfied within the expected timeframe or at all; that the separation may not be completed on the anticipated terms or timing or may not occur at all; that the separation may not achieve the intended strategic, operational, or financial benefits for Resideo, its businesses, or its shareholders; that Resideo may experience operational or other disruptions as a result of the separation, including those relating to information technology systems, business processes, internal controls, customer and vendor relationships, and workforce alignment. Each separated company's ability to succeed as an independent enterprise will depend on numerous factors, including the execution of their respective strategies and plans, access to capital markets, the competitive landscape, and general business and economic conditions. Other risks and uncertainties include, but are not limited to, (1) our ability to achieve our outlook regarding the full year 2026, (2) our ability to recognize the expected savings from, and the timing and impact of, our existing and anticipated cost reduction actions, and our ability to optimize our portfolio and operational footprint, (3) the ability of Resideo to drive increased customer value and financial returns and enhance strategic and operational capabilities, (4) risks and uncertainties relating to tariffs that have been or may be imposed by the United States and other governments, and (5) the other risks described under the headings "Risk Factors" and "Cautionary Statement Concerning Forward-Looking Statements" in our Annual Report on Form 10-K for the year ended December 31, 2025 and other periodic reports as well as risks described under the heading "Risk Factors" of the Form 10 filed with the SEC.
All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. Although we believe forward-looking statements are based upon reasonable assumptions, such statements involve known and unknown risks and uncertainties, which may cause the actual results or performance of the Company to differ materially from such forward-looking statements. Forward-looking statements are not guarantees of future performance, and actual results, developments, and business decisions may differ from those envisaged by our forward-looking statements. Except as required by law, we undertake no obligation to update such statements to reflect events or circumstances arising after the date of this press release and we caution investors not to place undue reliance on any such forward-looking statements.
Non-GAAP Financial Measures and Pro Forma Information
This press release includes certain "non-GAAP financial measures" as defined under the Securities Exchange Act of 1934 and in accordance with Regulation G thereunder, including Adjusted EBITDA and Adjusted EBITDA margin, as well as certain pro forma standalone financial information for ADI. Management believes the use of such non-GAAP financial measures assists investors in understanding the ongoing operating performance of the Company by presenting financial results between periods on a more comparable basis. Such non-GAAP financial measures should not be construed as an alternative to reported results determined in accordance with U.S. GAAP. Readers should also consider the limitations associated with these non-GAAP financial measures, including the potential lack of comparability of these measures from one company to another.
"Adjusted EBITDA" represents ADI's net income before interest expense, income tax expense (benefit), depreciation and amortization, adjusted to exclude the effects of unique and/or non-cash items that are not closely associated with ongoing operations, and provides management and investors with meaningful measures of our performance that increase the period-to-period comparability by highlighting the results from ongoing operations and the underlying profitability factors. "Adjusted EBITDA margin" is calculated as Adjusted EBITDA as a percentage of revenue.
The standalone financial information presented for ADI in this press release has been derived from the consolidated financial statements and accounting records of Resideo and reflects certain assumptions and allocations. The pro forma standalone financial information includes all revenues and costs directly attributable to ADI, as well as allocations of certain corporate expenses. These allocations may not be reflective of the actual expenses that ADI would have incurred as an independent, publicly traded company or of the costs it will incur in the future. For additional information regarding the basis of presentation, please see the Form 10 filed with the SEC.
The following table provides a reconciliation of net (loss) income and net (loss) income margin, the most closely comparable GAAP financial measures, to Adjusted EBITDA and Adjusted EBITDA margin:
ADI's Adjusted EBITDA and Adjusted EBITDA margin
2025
Net revenue
$
4,784
Net (loss) income
$
(261)
Net (loss) income margin
(5.5) %
Provision for income taxes
11
Income before taxes
(250)
Depreciation and amortization
115
Interest expense
50
Interest income
(8)
Indemnification Agreement expense (1)
364
Stock-based compensation expense (2)
24
Restructuring, impairment and extinguishment costs (3)
9
Transaction related expenses (4)
16
Other (5)
(2)
Adjusted EBITDA
$
318
Adjusted EBITDA margin
6.6 %
(1)
Consists of charges associated with the Indemnification Agreement that were allocated to the Combined Financial Statements. Refer to Note 10. Indemnification Agreement within the Combined Financial Statements for additional information.
(2)
Represents non-cash compensation expenses recognized for stock-based compensation arrangements.
(3)
Consists of non-recurring charges associated with restructuring initiatives as well as non-cash asset impairment charges and the allocation of debt extinguishment costs associated with third-party debt instruments.
(4)
Represents expenses incurred in 2025 for integration costs related to the Snap One Acquisition of $9 million and allocated transaction costs primarily related to third party vendors incurred due to the Spin-off of $7 million.
(5)
Represents amounts included in Other Expense reported on the Combined Statement of Operations.
Contacts:
Investors:
Christopher T. Lee
Global Head of Strategic Finance
[email protected]
Media:
Garrett Terry
Corporate Communications Manager
[email protected]
or
Dan Moore, Jim Golden, Tali Epstein
Collected Strategies
[email protected]
(1)
This press release includes certain "non-GAAP financial measures" as defined under the Securities Exchange Act of 1934. See reconciliations of U.S. GAAP results to adjusted results in the accompanying tables.
Net revenue of $1.91 billion, up 8% year-over-year and above the high-end of outlook range; P&S up 9% and ADI up 8% Total company gross margin of 28.8%; 12 consecutive quarters of year-over-year gross margin expansion achieved at P&S Net income of $38 million, compared to net income of $6 million in first quarter of 2025; Adjusted EBITDA(1) of $215 million, up 28% year-over-year and above the high-end of outlook range GAAP diluted EPS of $0.17; Adjusted EPS(1) of $0.65, up 3% year-over-year and above the high-end of outlook range , /PRNewswire/ -- Resideo Technologies, Inc. (NYSE: REZI), a leading global manufacturer, developer, and distributor of technology-driven sensing and controls products and solutions for residential and commercial end-markets, today announced preliminary financial results for the first quarter ended April 4, 2026.
First Quarter 2026 Financial Highlights
Net revenue of $1,912 million, up 8% compared to $1,770 million in first quarter 2025, and above the high-end of outlook range Total company gross margin of 28.8%, down 10 basis points year-over-year Net income of $38 million, compared to net income of $6 million in first quarter 2025 Adjusted EBITDA(1) of $215 million, up 28% compared to $168 million in first quarter 2025, and above the high-end of outlook range Diluted EPS of $0.17 and Adjusted EPS(1) of $0.65 compared to diluted loss per share of $0.02 and Adjusted EPS(1) of $0.63 in the first quarter 2025; first quarter 2026 Adjusted EPS(1) was above the high-end of outlook range Reported cash used by operating activities was $145 million compared to cash used by operating activities of $65 million in first quarter 2025 Management Remarks
"Our first quarter results reflect the continued strong operational execution of both businesses in a dynamic macro-economic environment, resulting in results that exceeded the high end of our outlook range for all financial metrics," said Jay Geldmacher, Resideo's President and CEO.
"I am very pleased with the focus, discipline, and leadership demonstrated by the P&S and ADI teams. The team's operational performance, along with the achievement of key business separation milestones, builds momentum and conviction for each company as we approach completion of the ADI spin-off later this year."
(1)
This press release includes certain "non-GAAP financial measures" as defined under the Securities Exchange Act of 1934. Resideo management believes the use of such non-GAAP financial measures, including Adjusted EBITDA, Adjusted Net Income, Adjusted EPS, and Adjusted Cash Provided by Operations, assists investors in understanding the ongoing operating performance of Resideo by presenting the financial results between periods on a more comparable basis. See reconciliations of U.S. GAAP results to adjusted results in the accompanying tables.
Products and Solutions First Quarter 2026 Highlights
Net revenue of $706 million, up 9% compared to 2025 Gross margin of 41.8%, up 40 basis points compared to 2025 Income from operations of $128 million, compared to $136 million in 2025 Adjusted EBITDA(1) of $177 million, or 25.1% of revenue, compared to $158 million, or 24.3% of revenue in 2025 P&S delivered net revenue of $706 million in the first quarter 2026, up 9% compared to first quarter 2025, including a favorable impact of approximately 200 basis points from foreign currency. Revenue grew year-over-year across substantially all our sales channels and product families. Revenue growth was driven by a combination of price realization, primarily in our OEM and security channels, and by customer demand for our new products, primarily in our retail and electrical distribution channels.
Gross margin was 41.8%, compared to 41.4% in first quarter 2025 due primarily to the continued achievement of structural operating efficiencies. Research and development expenses increased $9 million due primarily to investments supporting new product launches to drive future growth. Selling, general and administrative expenses were up $18 million driven primarily by a one-time litigation settlement. Restructuring expenses increased $7 million as we strategically optimize our global manufacturing footprint. Income from operations of $128 million in first quarter 2026 was down from $136 million in first quarter 2025 due primarily to the one-time litigation settlement and restructuring expenses. Adjusted EBITDA(1) grew 12% year-over-year to $177 million compared to $158 million in 2025.
ADI Global Distribution First Quarter 2026 Highlights
Net revenue of $1,206 million, up 8% compared to 2025 Gross margin of 21.2%, down 40 basis points compared to 2025 Income from operations of $34 million, compared to $34 million in 2025 Adjusted EBITDA(1) of $66 million, or 5.5% of revenue, compared to $72 million or 6.4% of revenue in 2025 ADI first quarter 2026 net revenue of $1,206 million was up 8% year-over-year, and reflects average daily sales growth of 1% year-over-year and four extra sales days in the current quarter. Both growth metrics include an approximate 1% favorable impact from foreign currency. Net revenue growth was driven by demand in the security, professional audio-visual, and data communications categories, partially offset by the residential audio-visual category due primarily to a continued soft U.S. residential market. E-commerce revenue grew 12% year-over-year, driven primarily by greater customer adoption. Exclusive Brands revenue also grew 7% year-over-year driven by positive momentum for our new products.
Gross margin was 21.2%, compared to 21.6% in first quarter 2025 due primarily to higher fuel costs for freight and unfavorable product sales mix. Research and development expenses increased $4 million due primarily to investments supporting new product launches that are intended to drive future growth. Selling, general and administrative were up $13 million driven primarily by higher variable costs during the four extra sales days. Income from operations of $34 million in first quarter 2026 was consistent with first quarter 2025 results. Adjusted EBITDA(1) decreased 8% to $66 million compared to $72 million in 2025.
Cash Flow and Liquidity
Net cash used by operating activities was $145 million in first quarter 2026, compared to cash used in operating activities of $65 million in first quarter 2025. The decrease was primarily driven by business separation activities, higher cash interest paid, and working capital dynamics. At April 4, 2026, Resideo had cash and cash equivalents of $438 million and total outstanding debt of $3.23 billion.
Outlook
The Company re-affirms its full year 2026 outlook and initiates its outlook for the second quarter 2026.
($ in millions, except per share data)
Q2 2026
2026
Net revenue
$1,916 - $1,940
$7,800 - $7,900
Non-GAAP Adjusted EBITDA(1)
$216 - $230
$935 - $985
Non-GAAP Adjusted Earnings Per Share(1)
$0.71 - $0.75
$3.00 - $3.20
Conference Call and Webcast Details
Resideo will hold a conference call with investors on May 12, 2026, at 5:00 p.m. ET. The webcast can be accessed at https://investor.resideo.com, where the webcast link and related materials will be posted before the call. A replay of the webcast will be available following the presentation.
About Resideo
Resideo is a leading manufacturer, developer, and distributor of technology-driven sensing and controls products and solutions for residential and commercial end-markets. We are a leader in the home heating, ventilation, and air conditioning controls markets, smoke and carbon monoxide detection home safety and fire suppression products markets, and security products markets. Our solutions and services can be found in over 150 million residential and commercial spaces globally, with tens of millions of new devices sold annually. For more information about Resideo and our trusted, well-established brands including First Alert, Honeywell Home, BRK, Control4, and others, visit www.resideo.com.
Contacts:
Investors:
Media:
Christopher T. Lee
Garrett Terry
Global Head of Strategic Finance
Corporate Communications Manager
[email protected]
[email protected]
Forward-Looking Statements
This release and the related conference call contain "forward-looking statements." All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. Although we believe forward-looking statements are based upon reasonable assumptions, such statements involve known and unknown risks and uncertainties, which may cause the actual results or performance of the Company to differ materially from such forward-looking statements. Such risks and uncertainties include, but are not limited to, (1) our ability to achieve our outlook regarding the second quarter 2026 and full year 2026, (2) our ability to recognize the expected savings from, and the timing and impact of, our existing and anticipated cost reduction actions, and our ability to optimize our portfolio and operational footprint, (3) the amount of our obligations and nature of our contractual restrictions pursuant to, and disputes that have or may hereafter arise under the agreements we entered into with Honeywell in connection with the spin-off of Resideo from Honeywell, (4) the ability of Resideo to drive increased customer value and financial returns and enhance strategic and operational capabilities, (5) risks and uncertainties relating to tariffs that have been or may be imposed by the United States and other governments, (6) risks related to our anticipated separation of Resideo Technologies' Products & Solutions and ADI Global Distribution businesses into two independent publicly traded companies, including the timing thereof and that we may experience operational or other disruptions as a result of the separation and the planning therefor, and (7) the other risks described under the headings "Risk Factors" and "Cautionary Statement Concerning Forward-Looking Statements" in our Annual Report on Form 10-K for the year ended December 31, 2025 and other periodic filings we make from time to time with the Securities and Exchange Commission. Forward-looking statements are not guarantees of future performance, and actual results, developments, and business decisions may differ from those envisaged by our forward-looking statements. Except as required by law, we undertake no obligation to update such statements to reflect events or circumstances arising after the date of this press release and we caution investors not to place undue reliance on any such forward-looking statements.
Use of Non-GAAP Measures
This press release includes certain "non-GAAP financial measures" as defined under the Securities Exchange Act of 1934 and in accordance with Regulation G thereunder. Management believes the use of such non-GAAP financial measures assists investors in understanding the ongoing operating performance of the Company by presenting financial results between periods on a more comparable basis. Such non-GAAP financial measures should not be construed as an alternative to reported results determined in accordance with U.S. GAAP. Readers should also consider the limitations associated with these non-GAAP financial measures, including the potential lack of comparability of these measures from one company to another.
We have included reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and provided in accordance with U.S. GAAP at the end of this release. A reconciliation of the forecasted range for Adjusted EBITDA and Adjusted Earnings Per Share for the second quarter of 2026 and for the full year 2026 are not included in this release due to the number of variables in the projected range and because we are currently unable to quantify accurately without unreasonable efforts certain amounts that would be required to be included in the U.S. GAAP measure or the individual adjustments for such reconciliation. In addition, we believe such reconciliation would imply a degree of precision that would be confusing or misleading to investors. However, for the second quarter of 2026 and full year 2026 respectively, we anticipate the following expenses in our GAAP to non-GAAP reconciliation: depreciation and amortization of $53 million and $212 million, interest expense, net of $46 million and $181 million, and stock-based compensation expense of $14 million and $58 million.
Table 1: CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended
(in millions, except per share data)
April 4, 2026
March 29, 2025
Net revenue
$ 1,912
$ 1,770
Cost of goods sold
1,361
1,259
Gross profit
551
511
Operating expenses:
Research and development expenses
48
35
Selling, general and administrative expenses
340
306
Intangible asset amortization
31
30
Restructuring expenses
6
4
Business separation costs
24
—
Total operating expenses
449
375
Income from operations
102
136
Indemnification Agreement expense (1)
—
90
Other expense (income), net
—
6
Interest expense, net
47
25
Net income before taxes
55
15
Provision for income taxes
17
9
Net income
38
6
Less: preferred stock dividends
9
9
Less: undistributed income allocated to preferred stockholders
3
—
Net income (loss) available to common stockholders
$ 26
$ (3)
Earnings (loss) per common share:
Basic
$ 0.17
$ (0.02)
Diluted
$ 0.17
$ (0.02)
Weighted average common shares outstanding:
Basic
151
148
Diluted
155
148
(1)
Represents the expense incurred pursuant to the Indemnification Agreement, which, prior to its termination, had an annual cash payment cap of $140 million. The following table summarizes information concerning the Indemnification Agreement:
Three Months Ended
(in millions)
April 4, 2026
March 29, 2025
Accrual for Indemnification Agreement liabilities deemed probable and reasonably
estimable
$ —
$ 90
Cash payments made to Honeywell prior to the third quarter of 2025
—
(35)
Indemnification Agreement non-GAAP adjustment
$ —
$ 55
Table 2: CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in millions, except par value)
April 4, 2026
December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents
$ 438
$ 661
Accounts receivable, net
1,114
1,073
Inventories, net
1,357
1,354
Other current assets
265
270
Total current assets
3,174
3,358
Property, plant and equipment, net
444
447
Goodwill
3,096
3,100
Intangible assets, net
1,069
1,091
Other assets
424
437
Total assets
$ 8,207
$ 8,433
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$ 1,015
$ 1,131
Accrued liabilities
516
624
Total current liabilities
1,531
1,755
Long-term debt
3,165
3,167
Other liabilities
589
594
Total liabilities
5,285
5,516
Stockholders' equity:
Preferred stock, $0.001 par value: 100 shares authorized, 0.5 shares issued
and outstanding, and $500 liquidation preference at April 4, 2026 and
December 31, 2025
482
482
Common stock, $0.001 par value: 700 shares authorized, 160 and 151
shares issued and outstanding at April 4, 2026, respectively, and 158 and
150 shares issued and outstanding at December 31, 2025, respectively
—
—
Additional paid-in capital
2,410
2,391
Retained earnings
374
345
Accumulated other comprehensive loss
(168)
(157)
Treasury stock at cost
(176)
(144)
Total stockholders' equity
2,922
2,917
Total liabilities and stockholders' equity
$ 8,207
$ 8,433
Table 3: CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Three Months Ended
(in millions)
April 4, 2026
March 29, 2025
Cash Flows From Operating Activities:
Net income
$ 38
$ 6
Adjustments to reconcile net income to net cash in operating activities:
Depreciation and amortization
51
47
Restructuring expenses
6
4
Stock-based compensation expense
14
15
Other, net
—
6
Changes in assets and liabilities:
Accounts receivable, net
(42)
(13)
Inventories, net
(6)
17
Other current assets
6
9
Accounts payable
(106)
(101)
Accrued liabilities
(114)
(112)
Non-current obligations payable under the Indemnification Agreement
—
54
Other, net
8
3
Net cash used in operating activities
(145)
(65)
Cash Flows From Investing Activities:
Capital expenditures
(36)
(31)
Net cash used in investing activities
(36)
(31)
Cash Flows From Financing Activities:
Repayments of long-term debt
(5)
—
Acquisition of treasury stock to cover stock award tax withholding
(32)
(15)
Preferred stock dividend payments
(9)
(9)
Other financing activities, net
4
2
Net cash used in financing activities
(42)
(22)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash
1
3
Net decrease in cash, cash equivalents and restricted cash
(222)
(115)
Cash, cash equivalents and restricted cash at beginning of period
662
693
Cash, cash equivalents and restricted cash at end of period
$ 440
$ 578
Table 4: SUMMARY OF FINANCIAL RESULTS (UNAUDITED)
Q1 2026
(in millions)
Products
and
Solutions
ADI Global
Distribution
Corporate
Total
Company
Net revenue
$ 706
$ 1,206
$ —
$ 1,912
Cost of goods sold
411
950
—
1,361
Gross profit
295
256
—
551
Research and development expenses
36
12
—
48
Selling, general and administrative expenses
119
186
35
340
Intangible asset amortization
6
24
1
31
Restructuring expenses
6
—
—
6
Business separation costs
—
—
24
24
Income (loss) from operations
$ 128
$ 34
$ (60)
$ 102
Q1 2025
(in millions)
Products
and
Solutions
ADI Global
Distribution
Corporate
Total
Company
Net revenue
$ 649
$ 1,121
$ —
$ 1,770
Cost of goods sold
380
879
—
1,259
Gross profit
269
242
—
511
Research and development expenses
27
8
—
35
Selling, general and administrative expenses
101
173
32
306
Intangible asset amortization
6
23
1
30
Restructuring expenses
(1)
4
1
4
Income (loss) from operations
$ 136
$ 34
$ (34)
$ 136
Q1 2026 % change compared with prior period
Products
and
Solutions
ADI Global
Distribution
Corporate
Total
Company
Net revenue
9 %
8 %
N/A
8 %
Cost of goods sold
8 %
8 %
N/A
8 %
Gross profit
10 %
6 %
N/A
8 %
Research and development expenses
33 %
50 %
N/A
37 %
Selling, general and administrative expenses
18 %
8 %
9 %
11 %
Intangible asset amortization
— %
4 %
— %
3 %
Income (loss) from operations
(6) %
— %
76 %
(25) %
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
ADJUSTED DILUTED EARNINGS PER SHARE AND NET INCOME (LOSS) COMPARISON
(Unaudited)
RESIDEO TECHNOLOGIES, INC.
Three Months Ended
(in millions, except per share data)
April 4, 2026
March 29, 2025
GAAP Net income
$ 38
$ 6
Less: preferred stock dividends
9
9
Less: undistributed income allocated to preferred stockholders
3
—
GAAP Net income (loss) available to common stockholders
26
(3)
Indemnification Agreement non-GAAP adjustment (1)
—
55
Intangible asset amortization
31
30
Business separation costs
24
—
Litigation settlement
18
—
Stock-based compensation expense
14
15
Restructuring expenses
6
4
Undistributed income allocated to preferred stockholders
3
—
Other (2)
1
7
Tax effect of applicable non-GAAP adjustments (3)
(22)
(14)
Non-GAAP Adjusted net income
$ 101
$ 94
Three Months Ended
April 4, 2026
March 29, 2025
GAAP Net income (loss) available to common shareholders per diluted
common share
$ 0.17
$ (0.02)
Indemnification Agreement non-GAAP adjustment (1)
—
0.37
Intangible asset amortization
0.20
0.20
Business separation costs
0.15
—
Litigation settlement
0.12
—
Stock-based compensation expense
0.09
0.10
Restructuring expenses
0.04
0.03
Undistributed income allocated to preferred stockholders
0.02
—
Other (2)
—
0.05
Tax effect of applicable non-GAAP adjustments (3)
(0.14)
(0.10)
Non-GAAP Adjusted diluted earnings per share
$ 0.65
$ 0.63
(1)
Refer to the Unaudited Consolidated Statements of Operations herein.
(2)
Other includes net periodic pension benefit costs, excluding service costs, foreign exchange transaction loss (income), acquisition and miscellaneous other non-recurring, non-operating income and losses.
(3)
We calculate the tax effect of relevant non-GAAP adjustments by applying a flat statutory tax rate of 25% for all non-deductible and taxable adjustments.
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
ADJUSTED EBITDA AND NET INCOME COMPARISON
(Unaudited)
RESIDEO TECHNOLOGIES, INC.
Three Months Ended
(in millions)
April 4, 2026
March 29, 2025
Net revenue
$ 1,912
$ 1,770
GAAP Net income
$ 38
$ 6
GAAP Net income as a % of net revenue
2.0 %
0.3 %
Provision for income taxes
17
9
GAAP Net income before taxes
55
15
Indemnification Agreement non-GAAP adjustment (1)
—
55
Depreciation and amortization
51
47
Interest expense, net
47
25
Business separation costs
24
—
Litigation settlement
18
—
Stock-based compensation expense
14
15
Restructuring expenses
6
4
Other (2)
—
7
Non-GAAP Adjusted EBITDA
$ 215
$ 168
Non-GAAP Adjusted EBITDA as a % of net revenue
11.2 %
9.5 %
(1)
Refer to the Unaudited Consolidated Statements of Operations herein.
(2)
Other includes net periodic pension benefit costs, excluding service costs, foreign exchange transaction loss (income), acquisition and miscellaneous other non-recurring, non-operating income and losses.
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
(Unaudited)
PRODUCTS AND SOLUTIONS SEGMENT
Three Months Ended
(in millions)
April 4, 2026
March 29, 2025
Net revenue
$ 706
$ 649
GAAP Income from operations
$ 128
$ 136
GAAP Income from operations as a % of net revenue
18.1 %
21.0 %
Litigation settlement
18
—
Restructuring expenses
6
(1)
Stock-based compensation expense
5
5
Other (1)
$ (1)
$ (1)
Non-GAAP Adjusted Income from Operations
$ 156
$ 140
Depreciation and amortization
21
18
Non-GAAP Adjusted EBITDA
$ 177
$ 158
Non-GAAP Adjusted EBITDA as a % of net revenue
25.1 %
24.3 %
(1)
Other includes other miscellaneous adjustments.
ADI GLOBAL DISTRIBUTION SEGMENT
Three Months Ended
(in millions)
April 4, 2026
March 29, 2025
Net revenue
$ 1,206
$ 1,121
GAAP Income from operations
$ 34
$ 34
GAAP Income from operations as a % of net revenue
2.8 %
3.0 %
Stock-based compensation expense
4
4
Restructuring expense
—
4
Other (1)
(1)
2
Non-GAAP Adjusted Income from Operations
$ 37
$ 44
Depreciation and amortization
29
28
Non-GAAP Adjusted EBITDA
$ 66
$ 72
Non-GAAP Adjusted EBITDA as a % of net revenue
5.5 %
6.4 %
(1)
Other includes other miscellaneous adjustments and acquisition costs.
Resideo Technologies (REZI) came out with quarterly earnings of $0.65 per share, beating the Zacks Consensus Estimate of $0.61 per share. This compares to earnings of $0.63 per share a year ago.
Shares in residential and commercial sensing and controls company Resideo Technologies (REZI +2.73%) slumped by 15.5% by 11:30 a.m. today. The move comes due to the company's earnings report, and more pertinently, its second-quarter guidance and management's commentary on evolving market conditions.
Resideo Technologies disappoints the market Despite beating market expectations for the first quarter and reaffirming its 2026 outlook, the market focused on the lower-than-anticipated second quarter guidance and the pressures on profit margins coming from rising freight and fuel costs, and CEO Jay Geldmacher noting that "the high-end residential audio visual market has been softening."
Today's Change
(
2.73
%) $
0.85
Current Price
$
32.02
The margin pressures from fuel and freight costs aren't surprising in an environment where the ongoing closure of the Strait of Hormuz has sent oil prices gushing higher and impacted shipping costs due to diversions caused by the inability to ship through the Strait.
Given that backdrop, the last thing investors want to hear about is a softening in one of its higher-ticket price end markets.
Management intends to raise prices to offset cost increases, and it maintained full-year guidance for total net revenue of $7.8 billion to $7.9 billion and adjusted earnings per share (EPS) of $3 to $3.20. Still, the market stressed the guidance for second-quarter net revenue of $1.916 billion to $1.94 billion and adjusted EPS of $0.71 to $0.75, compared to Wall Street consensus expectations of $1.978 billion and $0.84, according to S&P Global Market Intelligence.
Image source: Getty Images.
Where next for Resideo Technologies Management believes the implementation of price increases will offset the cost increase. That remains to be seen, and the weakness in the high-end residential market is a watch item. Still, a swift resolution to the conflict and a successful price increase could put the stock back in favor.
Lee Samaha has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Resideo Technologies delivered Q1 revenue and adjusted EPS above expectations, reaffirming full-year guidance despite a 17.9% share price drop. REZI's upcoming spin-off of ADI Global Distribution is expected to unlock significant standalone value, with both segments positioned for improved operational focus. Valuation scenarios suggest REZI offers 28.1% to 187.2% upside, with current multiples already attractive relative to peers.
Dueling Insider Moves: Heavy Buying Here, Big Selling ThereResideo Technologies NYSE: REZI reported first-quarter 2026 results above its outlook ranges and reaffirmed its full-year guidance, as executives cited solid execution across both its Products and Solutions and ADI Global Distribution businesses despite inflationary pressures and soft end markets.
Chief Executive Officer Jay Geldmacher said total net revenue rose 8% year over year to more than $1.9 billion. Total adjusted EBITDA was $215 million, and adjusted earnings per share were $0.65. Chief Financial Officer Mike Carlet said revenue exceeded the high end of the company’s outlook range, while adjusted EPS rose from $0.63 in the prior-year period.
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“Resideo’s execution continues to be steady in an uncertain global macroeconomic environment and with end markets still soft,” Geldmacher said.
Products and Solutions posts broad growth Tom Surran, president of Products and Solutions, said the segment delivered 9% year-over-year net revenue growth, including an approximately 200-basis-point favorable currency impact. The quarter also included four extra days, which added about 300 basis points to net revenue growth.
Surran said revenue grew across substantially all sales channels and product families, supported by both price and volume. In retail, growth was driven primarily by volume, with stronger demand for safety and thermostat products due to weather and regulatory changes. He said First Alert products, including the First Alert SC5 connected smoke and carbon monoxide detectors, showed increasing adoption.
The OEM channel posted its sixth consecutive quarter of year-over-year revenue growth, driven by both price and volume, while electrical distribution revenue rose on demand for BRK-branded non-connected safety products. Security channel revenue also increased, primarily from price increases on existing products.
The HVAC channel was down 1% year over year, with volume declines partially offset by higher prices tied to new products. Surran said residential HVAC conditions stabilized during the quarter, and the company saw reduced channel inventory at large HVAC distribution partners over the past three quarters.
Products and Solutions gross margin was 41.8%, up 40 basis points from a year earlier, marking the segment’s 12th consecutive quarter of year-over-year gross margin expansion. Surran said the increase was driven by factory utilization improvements, partially offset by product mix and higher fuel costs. Adjusted EBITDA rose 12% year over year.
ADI revenue rises as residential AV remains soft Rob Aarnes, president of ADI Global Distribution, said ADI net revenue increased 8% year over year. Adjusted for four extra sales days, average daily sales rose 1%. Both measures included about a 1% favorable currency impact.
Aarnes said ADI’s growth was led by security, professional audiovisual and data communications categories, partially offset by weakness in residential audiovisual tied to a soft U.S. residential market. He highlighted sequential growth in security categories, including an expected rebound in video surveillance, and stronger contributions from large accounts.
E-commerce remained a focus area for ADI, with revenue up 12% year over year and average daily sales up 5%. Exclusive brands revenue increased 7%, while generating 13% more gross margin dollars. Aarnes said ADI added approximately 60 SKUs in the quarter, including new Luma security cameras, Triad premium residential sound products and Araknis networking products.
ADI gross margin was 21.2%, down 40 basis points year over year, primarily due to higher fuel costs for freight. Operating expenses rose because of variable costs tied to the extra sales days and duplicate costs related to store and distribution center optimization. ADI income from operations was flat, while adjusted EBITDA declined by $6 million.
Inflation, pricing actions and supply chain Executives said higher freight and fuel costs affected both business segments in the first quarter. Geldmacher said Resideo has largely absorbed cost inflation in its reported results and intends to raise prices later in the second quarter to address increasing costs.
Carlet said the company expects higher fuel and freight costs during 2026 but does not anticipate material cost increases from new Section 232 tariffs or memory chips. He said pricing actions are intended to fully mitigate the increasing costs, though the timing could create a slight gross margin headwind in the second quarter.
During the question-and-answer session, Surran said Products and Solutions had worked with suppliers since last year to secure memory allocation commitments for 2026. He said only a minority of the segment’s products use memory, and those products generally use smaller-capacity memory rather than the higher-demand products used in data centers.
Separation plans advance Resideo also provided an update on its planned business separation. Geldmacher said the company achieved key milestones, including the public filing of ADI’s Form 10. He said Resideo and ADI plan to hold investor day events in New York in mid-July to introduce leadership teams and discuss each company’s strategy and value creation model.
The company expects the spin-off to be completed between the middle of the third quarter and the middle of the fourth quarter. Geldmacher said the separation is expected to create two pure-play companies with sharper strategic focus and greater financial flexibility.
Carlet said both companies are expected to focus on deleveraging, with a gross leverage target of 3 times for each business, though he said more specific details would come closer to investor day.
Outlook reaffirmed Resideo reaffirmed its full-year 2026 outlook. Carlet said the remainder of the year is now more weighted toward the second half, primarily because of a shift across fiscal quarters for ADI. The company continues to expect both business segments to deliver year-over-year revenue growth in 2026, with ADI and Products and Solutions now forecast to grow at approximately the same rate.
For the second quarter of 2026, Resideo guided for total company net revenue of $1.916 billion to $1.940 billion, adjusted EBITDA of $216 million to $230 million and fully diluted adjusted earnings per share of $0.71 to $0.75. Carlet noted the second quarter has one fewer day than the same period last year.
“Based upon what we can see today, we feel real good about how we’re thinking about the full year,” Carlet said.
About Resideo Technologies NYSE: REZIResideo Technologies, Inc, headquartered in Austin, Texas, is a global provider of home comfort, security and energy management solutions. Formed as an independent company in 2018 following its spin-off from Honeywell, Resideo leverages decades of engineering experience to deliver connected products and services to residential and light commercial customers.
The company’s core offerings include smart thermostats, security systems, video doorbells, water leak and freeze detection devices, and indoor air quality monitors.
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, /PRNewswire/ -- Resideo Technologies, Inc. (NYSE: REZI), a leading global manufacturer, developer, and distributor of technology-driven sensing and controls products and solutions for residential and commercial end-markets, today announced that it is scheduled to participate at the following investor events.
JP Morgan 2026 Global Technology, Media and Communications Conference in Boston, MA on Monday, May 18, 2026. Michael Carlet, Resideo's Chief Financial Officer, will participate in a fireside chat starting at 3:30 PM ET.
Baird's 2026 Global Consumer, Technology and Services Conference in New York City on Tuesday, June 2, 2026. Michael Carlet, Resideo's Chief Financial Officer, will participate in a fireside chat starting at 12:15 PM ET.
Wells Fargo's 16th Annual Industrials & Materials Conference in Chicago, IL on Wednesday, June 10, 2026. Michael Carlet, Resideo's Chief Financial Officer, will participate in a fireside chat starting at 9:30 AM CT.
The fireside chats will be webcast live and available for replay on the Investor Relations page of the Resideo website at investor.resideo.com and archived on the Investor Relations page for a period of 30 days.
About Resideo
Resideo is a leading global manufacturer, developer, and distributor of technology-driven sensing and controls products and solutions for residential and commercial end-markets. We are a leader in the home heating, ventilation, and air conditioning controls markets, smoke and carbon monoxide detection home safety and fire suppression products markets, and security products markets. Our solutions and services can be found in over 150 million residential and commercial spaces globally, with tens of millions new devices sold annually. For more information about Resideo and our trusted, well-established brands including First Alert, Honeywell Home, BRK, Control4, and others, visit www.resideo.com.
On May 19, 2026, Resideo Technologies Inc (REZI) shares fell 5.2%, bringing the current price to $26.79. The stock has seen a significant decline, trading withi
Resideo Technologies' (REZI) transformation initiatives, Snap One integration, and product launches are expected to drive margin and EBITDA growth, especially in 2H 2026. Despite negative free cash flow and macro risks, REZI maintains robust liquidity and improved leverage, supporting resilience amid ongoing market uncertainty. With an EV/EBITDA multiple below peers and 4–6% EBITDA growth projected, REZI offers ~98% near-term upside, presenting an attractive accumulation opportunity.
Files Amended Form 10 Registration Statement Announces Scheduling Details for Resideo and ADI Investor Days Reaffirms Previously Announced Second Quarter and Full Year 2026 Outlook; Releases Segmented P&S and ADI Second Quarter 2026 Financial Outlook SCOTTSDALE, Ariz., June 4, 2026 /PRNewswire/ -- Resideo Technologies, Inc. (NYSE: REZI) ("Resideo" or the "Company"), a leading global manufacturer, developer, and distributor of technology-driven sensing and controls products and solutions for residential and commercial end-markets, today announced that in connection with the planned spin-off of its ADI Global Distribution business ("ADI") and consistent with the typical spin-off process, Resideo has filed an amended Form 10 registration statement to include the ADI financial statements for the three months ended April 4, 2026, with the U.S. Securities and Exchange Commission ("SEC"), a copy of which is available on the SEC website as well as Resideo's Investor Relations website.
