Core Insights - Resideo Technologies reported record highs in net revenue, Adjusted EBITDA, and adjusted earnings per share for the full year 2025, exceeding the high end of its 2025 outlook ranges [3][4] Financial Performance - For the full year 2025, Resideo achieved net revenue of approximately $7.5 billion, an increase of 11% year-over-year, with Adjusted EBITDA rising 20% to $833 million and adjusted EPS increasing 17% to $2.68 [6] - In Q4 2025, total net revenue was $1.895 billion, up 2% year-over-year, with Adjusted EBITDA increasing 21% to $226 million, although adjusted EPS fell to $0.50 due to higher interest expenses [6][14][15] Segment Performance - The Products and Solutions segment grew organic net revenue by 4% in 2025, driven by demand for safety products and price increases for OEM products, with gross margin expanding by 110 basis points [2] - ADI's organic net revenue increased by 3% for the year, with a gross margin expansion of 200 basis points year-over-year, attributed to a favorable product mix and sales of lower-cost inventory [1][12] Operational Developments - ADI is fully operational on its new ERP system, which has improved customer confidence and service [11] - The integration of Snap One has delivered approximately $75 million in synergies, 18 months ahead of schedule, with further synergies expected [5][21] 2026 Guidance - For 2026, Resideo expects net revenue between $7.8 billion and $7.9 billion, Adjusted EBITDA between $935 million and $985 million, and diluted EPS between $3.00 and $3.20 [5][24] - The company anticipates growth in both segments, with ADI expected to grow faster than Products and Solutions, and a modest total company gross margin expansion [19] Market Outlook - Resideo's 2026 outlook is cautious, with expectations of little growth in the U.S. residential housing market and low single-digit growth in repair and remodel sectors [18]