Allegion PLC

allegion.com

What Do They Do?

Sells locks, door systems and electronic access-control products, plus related services, to commercial, institutional and residential customers worldwide.

How Do They Make Money?

Mechanical products bring in money when goods ship or at another agreed delivery point; electronic products follow the same timing. Service revenue comes as work is completed, while on-premise software sales occur when customers can use it.

revenue

Segment	Share	How money arrives
Mechanical products Sold outright	67% FY2022: 70%	Sold outright
Electronic products Sold outright	26% FY2022: 25%	Sold outright
Service	6.8% FY2022: 4.9%

Who Are Their Customers?

Most products move through specialty distributors, wholesalers, retail stores and online platforms; channel partners help commercial and institutional buyers choose and install solutions. Some businesses, including automatic entrances and workforce software, also sell directly to end users.

Do Revenues Turn Into Profits?

Yes. It kept 16 cents of every revenue dollar as net income in FY2025 and turned 17 cents into free cash flow.

Operating income, FY2025

21% of revenue

▲ +10% vs FY2024 ($780.7M, 21%)

Net income, FY2025

16% of revenue

▲ +8% vs FY2024 ($597.5M, 16%)

Free cash flow, FY2025

17% of revenue

▲ +18% vs FY2024 ($582.9M, 15%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 30, 2026

Revenue: ▲ +10%; vs $1.1B in Q3 FY2025
Net income: ▲ +17%; vs $188.4M in Q3 FY2025

Jul 23, 2026 Raised its full-year 2026 revenue and earnings outlook Revenue growth outlook is 7.5% to 8.5%, and adjusted EPS outlook is $8.85 to $9.00.

Growing. Revenue grew 42% in 4 years, from $2.9B in FY2021 to $4.1B in FY2025, about 9% a year.

Revenue over time

Mechanical products Electronic products Service

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Assa Abloy, dormakaba Group, and Fortune Brands Innovations

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