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BrightView Holdings, Inc. (BV)·Q4 2025 Earnings Summary

Executive Summary

  • Q4 2025 revenue declined 3.6% YoY to $702.8M; Adjusted EBITDA rose 7.9% YoY to a Q4 record $113.5M with margin expansion of 170 bps to 16.1% . Versus Q3 2025, revenue fell ~0.8% while Adjusted EBITDA was flat-to-up, and margins ticked +10 bps .
  • Against S&P Global consensus, Q4 revenue missed ($718.0M* vs $702.8M) and Primary EPS missed ($0.317* vs $0.27). Management guided FY26 total revenue to $2.67–$2.73B and Adjusted EBITDA to $363–$377M with +40–60 bps margin expansion (company-defined) .
  • The company increased share repurchase authorization to $150M; Q4 repurchases totaled ~513K shares at $14.62 average price with ~$83.8M remaining under the original $100M authorization as of 9/30 (program subsequently expanded to $150M) .
  • Cost management (fleet, procurement, overhead) drove margin gains despite maintenance revenue softness; management expects “return to profitable top-line revenue growth in 2026” and reiterated One BrightView execution confidence .

What Went Well and What Went Wrong

What Went Well

  • Record Q4 Adjusted EBITDA of $113.5M and margin expansion to 16.1% (+170 bps YoY), driven by cost actions across vehicle/equipment and personnel .
  • Development Services margin improved 350 bps YoY to 18.2% in Q4 on overhead reductions and favorable project mix; Adjusted EBITDA up 13.1% YoY .
  • Management tone: “We delivered a second consecutive year of record Adjusted EBITDA and Adjusted EBITDA Margin… confidence in returning to profitable top-line revenue growth in 2026 and beyond” — Dale Asplund, CEO .

What Went Wrong

  • Q4 total revenue fell 3.6% YoY to $702.8M, with Maintenance down 1.3% and Development down 8.2% due to project timing; adjusted EPS declined to $0.27 from $0.30 YoY .
  • Adjusted Free Cash Flow for FY25 decreased to $65.2M (from $145.3M prior year) as Net CapEx surged to $226.6M (8.5% of revenue) amid accelerated fleet refresh .
  • Net financial debt increased to $802.9M vs $736.9M last year, primarily due to lower cash balances; net debt/Adjusted EBITDA remained 2.3x .

Financial Results

MetricQ2 2025Q3 2025Q4 2025
Revenue ($USD Millions)$662.6 $708.3 $702.8
Net Income ($USD Millions)$6.4 $32.3 $27.7
Adjusted EBITDA ($USD Millions)$73.5 $113.2 $113.5
Adjusted EBITDA Margin %11.1% 16.0% 16.1%
Adjusted EPS ($USD)$0.14 $0.30 $0.27
Diluted EPS ($USD)$(0.03) $0.15 $0.12
Net Income Margin %1.0% 4.6% 3.9%

Segment breakdown (YoY and Q/Q):

Segment MetricQ4 2024Q3 2025Q4 2025
Maintenance Services Revenue ($USD Millions)$486.5 $508.8 $480.4
Maintenance Adjusted EBITDA ($USD Millions)$69.2 $81.7 $72.8
Maintenance Adj. EBITDA Margin %14.2% 16.1% 15.2%
Development Services Revenue ($USD Millions)$244.1 $201.3 $224.1
Development Adjusted EBITDA ($USD Millions)$36.0 $31.5 $40.7
Development Adj. EBITDA Margin %14.7% 15.6% 18.2%

KPIs and cash metrics:

KPIQ2 2025Q3 2025Q4 2025
Cash from Operations (quarter) ($USD Millions)$91.3 $55.8 $84.4
Adjusted Free Cash Flow (quarter) ($USD Millions)$62.7 $(41.3) $39.4
Capital Expenditure (quarter) ($USD Millions)$33.6 $103.6 $58.4
Net Financial Debt (end of period) ($USD Millions)$718.6 $797.7 $802.9

Consensus vs actual (Q4 2025): Values retrieved from S&P Global

MetricConsensusActual
Revenue ($USD Millions)$718.0M*$702.8M
Primary EPS ($USD)$0.317*$0.27
EBITDA ($USD Millions)$113.3M*$82.0M*

Note: Company reports Adjusted EBITDA of $113.5M in Q4; S&P’s “EBITDA” definition may differ and is not directly comparable to BrightView’s non-GAAP Adjusted EBITDA . Values retrieved from S&P Global.

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Total RevenueFY26N/A$2.670B – $2.730B New
Adjusted EBITDA (company-defined)FY26N/A$363M – $377M; margin +40–60 bps New
Adjusted Free Cash FlowFY26N/A$100M – $115M; assumes Net CapEx $165–$180M, Cash Interest $55–$60M, Cash Taxes ~$5–$10M New
Land Maintenance RevenueFY26N/A$1.700–$1.715B (~+1–2%) New
Development Services RevenueFY26N/A$790–$805M (~flat to +2%) New
Snow Removal RevenueFY26N/A$190–$220M (approx. 5-year avg) New
Share Repurchase AuthorizationOngoing$100M (announced 3/13/25) $150M (increased 11/19/25) Raised

Earnings Call Themes & Trends

Note: Q4 2025 call transcript not available at time of review; themes for “Current Period” reflect Q4 press release and slides.

TopicPrevious Mentions (Q2 2025)Previous Mentions (Q3 2025)Current Period (Q4 2025)Trend
Development project timing/backlogContinued growth; delays expected to normalize; snow guidance ~$205M discussed Timing delays pushed revenue; backlog up $14M; delays concentrated in a few large projects Q4 Dev revenue down 8.2% YoY on timing; margins improved on overhead cuts and mix Stabilizing mix, margins improving
Fleet refresh & CapEx strategyElevated 2025 net CapEx to refresh fleet; flexible to tariffs/price changes; fleet age improving Record capital invested; cost benefits starting to show Net CapEx 8.5% of FY25 revenue; continued benefits to margins; trailers refresh slated for FY26 Ongoing investment, operational benefits
Margin expansion via One BrightViewSG&A reductions; cost actions; reinvestment into sales Maintenance margin +80 bps; Dev margin +280 bps Company margin expansion across segments; FY26 margin expansion guided +40–60 bps Positive
Snow contracts: fixed vs variable mix~2/3 variable; intent to shift more to fixed in certain markets Noted variability; diligence to increase fixed where feasible FY26 snow revenue guided $190–$220M vs 5-year avg; mix not quantified Neutral-to-improving mix intent
Labor/retentionTurnover down; retention up; labor inflation at low-end of 3–5% Reinforced improvements and sales investments Strategy reiteration: employees/customers focus; retention supports growth Positive

Management Commentary

  • “Our fourth-quarter and full-year results reflect the continued momentum behind our One BrightView strategy and the strengthened foundation of our business… confidence in returning to profitable top-line revenue growth in 2026 and beyond” — Dale Asplund, CEO .
  • Capital allocation: “We are increasing our share repurchase authorization to $150 million… strong balance sheet, current valuation, and long-term growth outlook… return capital to shareholders in a strategic and opportunistic way” .
  • Operational focus: Margins improved across segments via reduced vehicle/equipment and personnel costs and overhead reductions, offsetting revenue declines .

Q&A Highlights

  • Q4 transcript not available; recent quarters’ Q&A emphasized:
    • Development delays are timing-driven with backlog growth; a few large projects explain outsized impact .
    • Intent to shift snow contracts toward more fixed pricing in core markets following a year of higher variable snow; mix currently ~2/3 variable .
    • Fleet refresh strategy and elevated 2025 CapEx to reduce repairs and improve service; flexibility amid tariff/price changes; improved residuals anticipated .
    • Opportunistic share repurchases given perceived undervaluation; concurrent ability to pursue selective M&A with strengthened balance sheet .

Estimates Context

  • Q4 2025 results vs S&P Global consensus: Revenue missed ($718.0M* vs $702.8M), Primary EPS missed ($0.317* vs $0.27). EBITDA consensus $113.3M* is not directly comparable to company’s Adjusted EBITDA ($113.5M), and S&P “actual” EBITDA was $82.0M* (different definition). Values retrieved from S&P Global.
  • FY26 street positioning broadly aligns with company guidance: Revenue ~$2.697B*, EBITDA ~$375M*, and Target Price Consensus ~$18.69* (8 estimates). Values retrieved from S&P Global.

Key Takeaways for Investors

  • Near-term setup: Strong margin execution offset softer top-line; Q4 missed consensus revenue/EPS but maintained margin momentum; watch FY26 sales execution to deliver guided low-single-digit growth .
  • Cost/efficiency story intact: Fleet/procurement/overhead actions are lifting margins; continued benefits expected into FY26 with additional trailer refresh .
  • Development timing normalizing: Q4 softness was timing-driven; backlog and mix support improved Dev margins; monitor conversion from development to recurring maintenance .
  • Cash and leverage: FY25 CFO rose to $291.8M; net debt/Adj. EBITDA steady at 2.3x; FCF depressed by peak CapEx in FY25, with FY26 FCF guided to recover to $100–$115M .
  • Capital returns: Authorization increased to $150M; Q4 buybacks at $14.62 average indicate willingness to be opportunistic; potential catalyst if execution drives re-rating .
  • FY26 guide is the central catalyst: Delivery of revenue inflection (+1–2% land, flat-to-+2% dev) with further margin expansion should drive estimate revisions and sentiment .
  • Risk monitor: Project timing, snow variability, macro/tariffs, and execution in scaling salesforce remain key variables to the 2026 growth return .
Values retrieved from S&P Global

Note: Q4 2025 earnings call transcript was not available; we reviewed the full Q4 8-K and accompanying press release and slides, and incorporated Q2/Q3 filings and transcripts for trends and Q&A themes.