Rentokil Initial plc filed its Annual Report and Financial Statements for the year ended 31 December 2025 with the Financial Conduct Authority on 25 March 2026. The full, unedited report, the 2026 Annual General Meeting notice, and the AGM proxy form are now available for inspection via the FCA’s National Storage Mechanism and have been posted on the company’s investor‑relations website.
The company reported full‑year revenue of $6.91 billion, a 4.4 % year‑over‑year increase from $6.617 billion in 2024. Adjusted earnings per share rose to $0.2591, up 2.4 % from the previous year, and the company’s free cash flow grew 24.5 % to $615 million, with a conversion rate of 98 % that exceeded guidance.
Operating margin expansion was driven by a 19.8 % adjusted operating margin in the International business and a 2.3 % organic revenue growth in North America, which rose 2.6 % in the fourth quarter. These gains offset modest margin pressure in other segments and helped lift overall profitability.
Segment performance highlights a rebound in North America, where organic revenue growth improved throughout the year, and a strong International business that delivered 4.8 % revenue growth at constant currency. The company’s marketing and multi‑brand strategy in North America continues to focus on cost reductions and margin improvement, while the International segment has benefited from a series of acquisitions completed in the first half of 2024.
Strategic initiatives include the ongoing evolution of the North American marketing approach and the completion of 24 acquisitions in the International region during H1 2024. Rentokil’s acquisition history is extensive, with over 200 deals in the five years leading up to 2023, including the $6.7 billion purchase of Terminix in 2022, which has been a transformational addition to the portfolio.
Overall, the 2025 results demonstrate steady revenue growth, improved free cash flow, and a resilient international presence. The company’s focus on cost discipline, strategic acquisitions, and a multi‑brand North American strategy positions it to sustain profitability and support future growth initiatives.
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