BrightView Reports Third Quarter Fiscal 2026 Results With Second Consecutive Quarter of Land Maintenance Revenue Growth

BLUE BELL, Pa.--(BUSINESS WIRE)--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 third quarter ended June 30, 2026. THIRD QUARTER FISCAL 2026 SUMMARY Net service revenues increased 1.3% year-over-year to $717.6 million, including an increase in land maintenance revenue of 2.3%, Net income decreased $26.2 million year-over-year to $6.1 million, Net Income margin of 0.9%, Adjusted EBITDA2 decreased $17.1 million year-over-year to $96.1 million, Adjusted EBITDA margin2 of 13.4%, Fiscal 2026 Adjusted EBITDA2 includes $16 million non-routine self-insurance adjustment and $4 million fuel headwind. Extended term loan, revolving credit facility and accounts receivable securitization agreement. COMPANY UPDATES FISCAL YEAR 2026 GUIDANCE1 2026 Guidance Total Revenue $2.750 to $2.780 billion Land Maintenance Revenue ~ +2% to ~ +3% Snow Removal Revenue ~ $290 million Development Services Revenue ~ (5%) to ~ (3%) Adjusted EBITDA2 $340 to $345 million Adjusted Free Cash Flow2 $70 to $80 million “We delivered our second consecutive quarter of Land Maintenance revenue growth, underpinned by the strategic investments we’ve made in our business,” said Dale Asplund, BrightView President and Chief Executive Officer. “Our continued focus on prioritizing our front-line employees and customers, expanding our salesforce, and commitment to operational excellence continue to strengthen our business and positions us to deliver sustainable growth over the near and long term. While this quarter had non-routine headwinds related to our self-insurance adjustment and higher fuel prices, we believe these costs don’t impact the long-term trajectory of the business and we remain focused and optimistic on delivering against our long-term outlook.” 1 For assumptions underlying the fiscal year 2026 guidance, see the Q3 2026 presentation at investor.brightview.com 2 Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted Free Cash Flow are non-GAAP measures. Refer to the “Non-GAAP Financial Measures” section for more information. The Company is not providing quantitative reconciliations of its financial outlook for Adjusted EBITDA to net income, or Adjusted Free Cash Flow to Cash flows provided by operating activities, the corresponding GAAP measures, because the respective GAAP measures that are excluded from the non-GAAP financial outlook are difficult to reliably predict or estimate without unreasonable effort due to their dependence on future uncertainties, such as items discussed below under "Forward Looking Statements." Additionally, information that is currently not available to the Company could have a potentially unpredictable and potentially significant impact on its future GAAP financial results. Third Quarter Fiscal 2026 Results – Total BrightView Total BrightView - Operating Highlights Three Months Ended June 30, Nine Months Ended June 30, ($ in millions, except per share figures) 2026 2025 Change 2026 2025 Change Revenue $ 717.6 $ 708.3 1.3% $ 2,035.3 $ 1,970.0 3.3% Net Income (Loss) $ 6.1 $ 32.3 (81.1%) $ (7.4 ) $ 28.3 (126.1%) Net Income (Loss) Margin 0.9 % 4.6 % (370) bps (0.4 %) 1.4 % (180) bps Adjusted EBITDA $ 96.1 $ 113.2 (15.1%) $ 228.6 $ 238.8 (4.3%) Adjusted EBITDA Margin 13.4 % 16.0 % (260) bps 11.2 % 12.1 % (90) bps Net (loss) income available to common shareholders $ (2.8 ) $ 14.9 (118.8%) $ (34.2 ) $ 1.0 (3,520.0%) Weighted average number of common shares outstanding 93.1 95.2 (2.2%) 93.9 95.3 (1.5%) Basic (Loss) per Share $ (0.03 ) $ 0.16 (118.8%) $ (0.36 ) $ 0.01 (3,700.0%) Adjusted Net Income $ 25.4 $ 45.5 (44.2%) $ 36.5 $ 72.6 (49.7%) Adjusted weighted average number of common shares outstanding 147.3 149.5 (1.5%) 148.2 149.6 (0.9%) Adjusted Earnings per Share $ 0.17 $ 0.30 (43.3%) $ 0.25 $ 0.48 (47.9%) 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 June 30, 2026, total revenue increased 1.3% to $717.6 million driven by a $11.6 million increase in our commercial landscaping business. For the nine months ended June 30, 2026, total revenue increased 3.3% to $2,035.3 million driven by a $82.7 million increase in snow removal revenue, combined with a $15.3 million increase in our commercial landscaping business. The increase was partially offset by a $34.3 million decrease in our Development Services revenue. Third Quarter Fiscal 2026 Results – Segments Maintenance Services - Operating Highlights Three Months Ended June 30, Nine Months Ended June 30, ($ in millions) 2026 2025 Change 2026 2025 Change Landscape Maintenance $ 514.5 $ 502.9 2.3 % $ 1,215.5 $ 1,200.2 1.3 % Snow Removal $ 3.4 $ 5.9 (42.4 %) $ 293.4 $ 210.7 39.3 % Total Revenue $ 517.9 $ 508.8 1.8 % $ 1,508.9 $ 1,410.9 6.9 % Adjusted EBITDA $ 63.0 $ 81.7 (22.9 %) $ 168.0 $ 172.7 (2.7 %) Adjusted EBITDA Margin 12.2 % 16.1 % (390) bps 11.1 % 12.2 % (110) bps Capital Expenditures $ 55.4 $ 98.3 (43.6 %) $ 157.4 $ 171.3 (8.1 %) For the third quarter of fiscal 2026, revenue in the Maintenance Services Segment increased by $9.1 million, or 1.8%, from the 2025 period driven by an $11.7 million, or 2.3% increase in Commercial landscaping services revenue as a result of increases in contract revenue and to a lesser extent ancillary services. Adjusted EBITDA for the Maintenance Services Segment for the three months ended June 30, 2026, decreased by $18.7 million to $63.0 million from $81.7 million in the 2025 period. Segment Adjusted EBITDA Margin decreased 390 basis points, to 12.2%, in the three months ended June 30, 2026, from 16.1% in the 2025 period. The decrease in Segment Adjusted EBITDA and Adjusted EBITDA Margin was primarily driven by a non-routine self-insurance adjustment, higher fuel prices, and continued investments in our sales force, partially offset by increased commercial landscaping revenue described above. For the nine months ended June 30, 2026, Maintenance Services net service revenues increased by $98.0 million, or 6.9%, from the 2025 period. Snow removal services increased by $82.7 million, or 39.2%, due to increased snowfall in the period1 and Commercial Landscaping services increased by $15.3 million, or 1.3%. The increase in Commercial Landscaping services revenue was driven by increases in contract and ancillary service revenues. Adjusted EBITDA for the Maintenance Services Segment for the nine months ended June 30, 2026 decreased by $4.7 million to $168.0 million from $172.7 million in the 2025 period. Segment Adjusted EBITDA Margin decreased 110 basis points, to 11.1%, in the nine months ended June 30, 2026, from 12.2% in the 2025 period. The decreases in Segment Adjusted EBITDA and Adjusted EBITDA Margin were primarily driven by a non-routine self-insurance adjustment, and continued investments in our sales force, partially offset by increased snow removal services and commercial landscaping revenue described above. 1As defined by the National Oceanic Atmospheric Administration, U.S. Department of Commerce (“NOAA”) for the Company's footprint during the respective three-month periods and six-month periods Development Services - Operating Highlights Three Months Ended June 30, Nine Months Ended June 30, ($ in millions) 2026 2025 Change 2026 2025 Change Revenue $ 201.9 $ 201.3 0.3% $ 530.7 $ 565.0 (6.1%) Adjusted EBITDA $ 33.1 $ 31.5 5.1% $ 60.6 $ 66.1 (8.3%) Adjusted EBITDA Margin 16.4 % 15.6 % 80 bps 11.4 % 11.7 % (30) bps Capital Expenditures $ 9.8 $ 5.2 88.5% $ 21.4 $ 24.5 (12.7%) For the third quarter of fiscal 2026, revenue in the Development Services Segment remained relatively flat, increasing by $0.6 million, or 0.3%, compared to the prior year. Adjusted EBITDA for the Development Services Segment for the three months ended June 30, 2026, increased $1.6 million, to $33.1 million, compared to the prior year. Segment Adjusted EBITDA Margin increased 80 basis points, to 16.4% for the quarter from 15.6% in the 2025 period. The increase in Segment Adjusted EBITDA and Segment Adjusted EBITDA Margin were primarily driven by the timing and mix of projects in the period, partially offset by a non-routine self insurance adjustment and increased investments in our sales force. For the nine months ended June 30, 2026, revenue in the Development Services Segment decreased by $34.3 million, or 6.1%, compared to the 2025 period. The decrease was driven by the timing and mix of Development Services projects. Adjusted EBITDA for the Development Services Segment for the nine months ended June 30, 2026, decreased $5.5 million, to $60.6 million, compared to the 2025 period. Segment Adjusted EBITDA Margin decreased 30 basis points, to 11.4%, for the period from 11.7% in the 2025 period. The decrease in Segment Adjusted EBITDA and Segment Adjusted EBITDA Margin were primarily driven by revenue described above, as well as a non-routine self insurance adjustment and increased investments in our sales force. Total BrightView Cash Flow Metrics Nine Months Ended June 30, ($ in millions) 2026 2025 Change Net Cash Provided by Operating Activities $ 128.3 $ 207.4 (38.1%) Adjusted Free Cash Flow $ (37.2 ) $ 25.8 (244.2%) Capital Expenditures $ 178.8 $ 195.8 (8.7%) Net Capital Expenditures $ 165.5 $ 181.6 (8.9%) Adjusted Free Cash Flow and Net Capital Expenditures are non-GAAP financial measures. 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 nine months ended June 30, 2026 decreased $79.1 million, to $128.3 million, from $207.4 million in the prior year. This decrease was due to a decrease in cash provided by unbilled and deferred revenue, and accounts receivable. Adjusted Free Cash Flow decreased $63.0 million to an outflow of $37.2 million for the nine months ended June 30, 2026, from an inflow of $25.8 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 nine months ended June 30, 2026, capital expenditures were $178.8 million, compared with $195.8 million in the prior year, representing 8.8% and 9.9% of revenue, respectively. The Company also generated proceeds from the sale of property and equipment of $13.3 million and $14.2 million during the nine months ended June 30, 2026 and 2025, respectively. Net of proceeds from the sale of property and equipment, net capital expenditures represented 8.1% of revenue in the nine months ended June 30, 2026, compared to 9.2% for the nine months ended June 30, 2025. Total BrightView Balance Sheet Metrics ($ in millions) June 30, 2026 September 30, 2025 Total Financial Debt1 $ 990.5 $ 877.4 Minus: Total Cash & Equivalents 14.4 74.5 Total Net Financial Debt2 $ 976.1 $ 802.9 Total Net Financial Debt to Adjusted EBITDA ratio3 2.9x 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. Total Financial Debt, Total Net Financial Debt, and Total Net Financial Debt to Adjusted EBITDA ratio are non-GAAP financial measures. Refer to the "Non-GAAP Financial Measures" and "Reconciliation of GAAP to Non-GAAP Financial Measures" sections for more information. As of June 30, 2026, the Company’s Total Net Financial Debt was $976.1 million, an increase of $173.2 million compared to $802.9 million as of September 30, 2025. The Company’s Total Net Financial Debt to Adjusted EBITDA ratio was 2.9x as of June 30, 2026, compared to 2.3x as of September 30, 2025. Conference Call InformationRead the full story here

BrightView Reports Third Quarter Fiscal 2026 Results With Second Consecutive Quarter of Land Maintenance Revenue Growth

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