Brightview Holdings Inc.

02/03/2026 | Press release | Distributed by Public on 02/03/2026 15:15

BRIGHTVIEW REPORTS FIRST QUARTER FISCAL 2026 RESULTS WITH TOP-LINE REVENUE GROWTH & IMPROVED ADJUSTED EBITDA; REAFFIRMS 2026 GUIDANCE (Form 8-K)

BRIGHTVIEW REPORTS FIRST QUARTER FISCAL 2026 RESULTS WITH TOP-LINE REVENUE GROWTH & IMPROVED ADJUSTED EBITDA; REAFFIRMS 2026 GUIDANCE

BLUE BELL, PA, February 3, 2026 -- BrightView Holdings, Inc. (NYSE: BV) (the "Company" or "BrightView"), the leading commercial landscaping services company in the United States, today reported unaudited results for the first quarter ended December 31, 2025.

FIRST QUARTER FISCAL 2026 SUMMARY

•
Net service revenues increased 2.6% year-over-year to $614.7 million,
•
Net loss expanded $4.8 million year-over-year to $15.2 million, Net loss margin of 2.5%,
•
Adjusted EBITDA2 increased $1.4 million year-over-year to $53.5 million, Adjusted EBITDA margin2 of 8.7%,
•
Repurchased 1.1 million shares of common stock.

COMPANY REAFFIRMS FISCAL YEAR 2026 GUIDANCE1

Range

Comment

Land Maintenance Revenue

$1.700 - $1.715 billion

+~1% to +2%

Development Services Revenue

$790 - $805 million

~0% to +2%

Snow Removal Revenue

$190 - $220 million

Approx 5-year avg.

Total Revenue

$2.670 to $2.730 billion

~0% to +2%

Adjusted EBITDA2

$363 - $377 million

+40 to +60 bps margin expansion

Adjusted Free Cash Flow2

$100 to $115 million

N/A

"We are off to a strong start to fiscal 2026, delivering top-line growth and improved Q1 Adjusted EBITDA while accelerating investments in our sales force and realizing efficiencies throughout the business," said BrightView President and Chief Executive Officer Dale Asplund. "Our first-quarter results were driven by sustained momentum in our key performance indicators, reflecting the progress we continue to make in transforming our business. We are reaffirming our guidance for fiscal 2026 and are well-positioned to deliver top-line profitable growth and a third consecutive year of record Adjusted EBITDA."

_______________

1 For assumptions underlying the fiscal year 2026 guidance, see the Q1 2026 presentation at investor.brightview.com

2 Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted Free Cash Flow are non-GAAP measures. Refer to the "Non-GAAP Financial Measures" section for more information. The Company is not providing quantitative reconciliations of its financial outlook for Adjusted EBITDA to net income, or Adjusted Free Cash Flow to Cash flows provided by operating activities, the corresponding GAAP measures, because the respective GAAP measures that are excluded from the non-GAAP financial outlook are difficult to reliably predict or estimate without unreasonable effort due to their dependence on future uncertainties, such as items discussed below under "Forward Looking Statements." Additionally, information that is currently not available to the Company could have a potentially unpredictable and potentially significant impact on its future GAAP financial results.

First Quarter Fiscal 2026 Results - Total BrightView

Total BrightView - Operating Highlights

Three Months Ended
December 31,

($ in millions, except per share figures)

2025

2024

Change

Revenue

$

614.7

$

599.2

2.6%

Net (Loss)

$

(15.2

)

$

(10.4

)

(46.2%)

Net (Loss) Margin

(2.5

%)

(1.7

%)

(80) bps

Adjusted EBITDA

$

53.5

$

52.1

2.7%

Adjusted EBITDA Margin

8.7

%

8.7

%

0 bps

Net loss available to common shareholders

$

(24.2

)

$

(19.4

)

(24.7%)

Weighted average number of common shares outstanding

94.7

95.2

(0.5%)

Basic (Loss) per Share

$

(0.26

)

$

(0.20

)

(30.0%)

Adjusted Net (Loss) Income

$

(2.2

)

$

5.6

(139.3%)

Adjusted weighted average number of common shares outstanding

148.9

149.4

(0.3%)

Adjusted (Loss) Earnings per Share

$

(0.01

)

$

0.04

(125.0%)

Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net (Loss) Income, Adjusted Earnings (Loss) per Share, and Adjusted weighted average number of common shares outstanding are non-GAAP measures. Refer to the "Non-GAAP Financial Measures" and "Reconciliation of GAAP to Non-GAAP Financial Measures" sections for more information. Basic Earnings (Loss) per Share is determined by dividing Net Income (Loss) available to common shareholders by the Weighted average number of common shares outstanding. Net income (Loss) available to common shareholders is calculated as Net Income (Loss) less dividends declared on Series A Convertible Preferred Shares and Earnings allocated to Convertible Preferred Shares

For the three months ended December 31, 2025, total revenue increased 2.6% to $614.7 million driven by a $36.0 million increase in snow removal revenue. The increase was partially offset by decreases in our Development Services revenue and our commercial landscaping business.

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First Quarter Fiscal 2026 Results - Segments

Maintenance Services - Operating Highlights

Three Months Ended
December 31,

($ in millions)

2025

2024

Change

Landscape Maintenance

$

368.0

$

376.9

(2.4%)

Snow Removal

$

68.4

$

32.4

111.1%

Total Revenue

$

436.4

$

409.3

6.6%

Adjusted EBITDA

$

35.4

$

34.6

2.3%

Adjusted EBITDA Margin

8.1

%

8.5

%

(40) bps

Capital Expenditures

$

48.7

$

41.7

16.8%

For the first quarter of fiscal 2026, revenue in the Maintenance Services Segment increased by $27.1 million, or 6.6%, from the 2024 period. The increase was driven by a $36 million increase in snow removal services revenue partially offset by an $8.9 million decrease in commercial landscaping, which was driven by a decline in ancillary services as a result of weather related impacts.

Adjusted EBITDA for the Maintenance Services Segment for the three months ended December 31, 2025, increased by $0.8 million to $35.4 million from $34.6 million in the 2024 period. Segment Adjusted EBITDA Margin decreased 40 basis points, to 8.1%, in the three months ended December 31, 2025, from 8.5% in the 2024 period. The increase in Segment Adjusted EBITDA was primarily driven by increased snow removal services revenue described above, partially offset by increased investments in our sales force, which contributed to the decrease in Adjusted EBITDA Margin.

Development Services - Operating Highlights

Three Months Ended
December 31,

($ in millions)

2025

2024

Change

Revenue

$

179.2

$

191.8

(6.6%)

Adjusted EBITDA

$

18.1

$

17.5

3.4%

Adjusted EBITDA Margin

10.1

%

9.1

%

100 bps

Capital Expenditures

$

6.0

$

17.0

(64.7%)

For the first quarter of fiscal 2026, revenue in the Development Services Segment decreased by $12.6 million, or 6.6%, compared to the prior year. The decrease was driven by the timing and mix of Development Services projects.

Adjusted EBITDA for the Development Services Segment for the three months ended December 31, 2025, increased $0.6 million, to $18.1 million, compared to the prior year. Segment Adjusted EBITDA Margin increased 100 basis points, to 10.1% for the quarter from 9.1% in the 2024 period. The increases in Segment Adjusted EBITDA and Segment Adjusted EBITDA Margin were primarily driven by the timing and mix of projects in the period.

3

Total BrightView Cash Flow Metrics

Three Months Ended
December 31,

($ in millions)

2025

2024

Change

Net Cash Provided by Operating Activities

$

36.1

$

60.5

(40.3%)

Adjusted Free Cash Flow

$

(15.4

)

$

4.4

(450.0%)

Capital Expenditures

$

54.7

$

58.7

(6.8%)

Net Capital Expenditures

$

51.5

$

56.1

(8.2%)

Net Capital Expenditures is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures" and "Reconciliation of GAAP to Non-GAAP Financial Measures" sections for more information

Net cash provided by operating activities for the three months ended December 31, 2025, decreased $24.4 million, to $36.1 million, from $60.5 million in the prior year. This decrease was due to an increase in cash used by unbilled and deferred revenue partially offset by decreases in cash used by accounts payable and other operating liabilities, other operating assets, and accounts receivable.

Adjusted Free Cash Flow decreased $19.8 million to an outflow of $15.4 million for the three months ended December 31, 2025, from an inflow of $4.4 million in the prior year. The decrease in Adjusted Free Cash Flow was due to a decrease in net cash provided by operating activities partially offset by a decrease in cash used for capital expenditures.

For the three months ended December 31, 2025, capital expenditures were $54.7 million, compared with $58.7 million in the prior year. The Company also generated proceeds from the sale of property and equipment of $3.2 million and $2.6 million during the three months ended December 31, 2025 and 2024, respectively. Net of proceeds from the sale of property and equipment, net capital expenditures represented 8.4% of revenue in the three months ended December 31, 2025, compared to 9.4% for the three months ended December 31, 2024.

Total BrightView Balance Sheet Metrics

($ in millions)

December 31,
2025

September 30,
2025

December 31,
2024

Total Financial Debt1

$

881.2

$

877.4

$

864.4

Minus:

Total Cash & Equivalents

37.0

74.5

98.3

Total Net Financial Debt2

$

844.2

$

802.9

$

766.1

Total Net Financial Debt to Adjusted EBITDA ratio3

2.4x

2.3x

2.3x

1Total Financial Debt includes total long-term debt, net of original issue discount, and finance lease obligations.

2Total Net Financial Debt equals Total Financial Debt minus Total Cash & Equivalents.

3Total Net Financial Debt to Adjusted EBITDA ratio equals Total Net Financial Debt divided by the trailing twelve month Adjusted EBITDA.

As of December 31, 2025, the Company's Total Net Financial Debt was $844.2 million, an increase of $41.3 million compared to $802.9 million as of September 30, 2025. The Company's Total Net Financial Debt to Adjusted EBITDA ratio was 2.4x as of December 31, 2025, compared to 2.3x as of September 30, 2025.

Conference Call Information

A conference call to discuss the first quarter fiscal 2026 financial results is scheduled for February 4, 2026, at 8:30 a.m. EST. The U.S. toll-free dial-in for the conference call is (800) 274-8461 and the international dial-in is +1 (203) 518-9814. The Conference Access Code is BRIGHT. A live audio webcast of the conference call will be available on the Company's investor website https://investor.brightview.com, where presentation materials will be posted prior to the call.

A replay of the call will be available until 11:59 p.m. EST on February 18, 2026. To access the recording, dial (800) 839-5130 (Access Code 27525). A link to the current Earnings Call slides can be found at investor.brightview.com.

4

About BrightView

BrightView (NYSE: BV), the nation's largest commercial landscaper, proudly designs, creates, and maintains some of the best landscapes on Earth and provides the most efficient and comprehensive snow and ice removal services. With a dependable service commitment, BrightView brings brilliant landscapes to life at premier properties across the United States, including business parks and corporate offices, homeowners' associations, healthcare facilities, educational institutions, retail centers, resorts and theme parks, municipalities, golf courses, and sports venues. BrightView also serves as the Official Field Consultant to Major League Baseball. Through industry-leading best practices and sustainable solutions, BrightView is invested in taking care of our team members, engaging our clients, inspiring our communities, and preserving our planet. Visit www.BrightView.com and connect with us on X, Facebook, and LinkedIn.

Brightview Holdings Inc. published this content on February 03, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on February 03, 2026 at 21:15 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]