Allegion plc Stock

Allegion plc (ALLE) – FY2025 Annual Report

Allegion appears to have closed fiscal 2025 in a position of steady expansion, with revenue reaching roughly $4.07 billion and net income of about $644 million. Both top and bottom lines extended a multi-year growth trajectory, while margins held firm and the balance sheet shifted meaningfully as the company leaned into acquisitions. The overall picture seems to be one of stable core performance overlaid with a more aggressive deployment of capital toward inorganic growth.

Revenue growth of nearly 8% appears to have been broadly based, with the Americas segment still supplying the bulk of sales but Allegion International growing somewhat faster. Notably, electronic products rebounded to roughly $1.08 billion after a slight dip the prior year, which could suggest renewed momentum in the digital and connected-access categories that management has emphasized. Gross margin edged up to about 45% and operating margin to roughly 21%, continuing a gradual upward drift over the five-year window. Net margin held essentially flat near 15.8%, in part because the effective tax burden rose; the provision for income taxes increased even as pre-tax earnings grew, and the geographic mix of that tax expense shifted dramatically—Ireland-based tax fell sharply while non-Ireland tax jumped, a change that may warrant a closer read of the underlying tax notes.