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Call sheet · Q4'26

Alliance Entertainment Holding (AENT)

Q4'26 earnings call · held September 10, 2026 · compared with the Q3'26 call · management-credibility review
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Disclosure score
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Financial quality
Bottom line
Alliance has demonstrated revenue growth and improved annual gross economics, but not stronger cash realization. The investment case now depends on collecting and turning the assets supporting that growth while restoring exit-period profitability. January’s platform launch is a useful execution checkpoint; sustained cash conversion is the more important valuation test. [1][2][3]

What changed this quarter

MetricQ3'26Q4'26Change
Full-year revenueFY2025: $1,063.457 millionFY2026: $1,148.986 millionGrowth of 8.0%; not an organic-growth measure. [3][5]
Full-year GAAP net income / diluted EPS$15.078 million / $0.30$13.058 million / $0.26Net income declined 13.4%, despite approximately flat pretax income. [3]
Full-year management-adjusted EBITDA$36.543 million$41.532 millionUp 13.7%; includes exclusion of the vendor loss. [3]
Full-year operating cash flowPositive $26.809 millionNegative $1.700 millionCash conversion deteriorated despite higher adjusted earnings. [3]
Year-end trade receivables / inventory$95.027 million / $102.848 million$111.038 million / $126.599 millionBoth grew faster than annual revenue on matched June year-end comparisons. [3]
WebAMI launch timingCurrent prepared remarks: first quarter 2027Current Q&A: January 2027January is Q3 FY2027; the earlier wording does not explicitly identify a fiscal quarter, so a delay is not established. [1]

Accountability tracked

2 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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