ADT

As of March 31, 2026, cash was about 119 million dollars with no borrowings on the 800 million dollar revolver. Total debt carrying amount was about 7.67 billion dollars, implying net debt of roughly 7.55 billion dollars.

The remaining 2026 notes were redeemed in April 2026, with next material maturity in 2027. Interest expense fell year over year in Q1 2026 due to lower rates and fewer unrealized swap losses.

On cash metrics, TTM adjusted FCF is about 1.05 billion dollars, and adjusted EBITDA for 2025 was ~2.68 billion dollars, implying net leverage in the high‑2x range and a glidepath to the 2.5x target. Balance sheet is sound for a contract‑based, cash‑generative model, though absolute debt is not trivial and warrants ongoing monitoring.