greeksoup/ stock research
Stock research / United States / BCO / FY2025

Brinks (BCO) FY2025 results: revenue $5.3 billion, up 5.0% on the year

Brinks Co. (BCO) reported revenue of $5.3 billion for fiscal 2025, the year ended 31 December 2025, up 5.0% on the year before. Net income was $200 million, up 22.6%, and diluted earnings per share $4.69. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.

Revenue
$5.3 billion
+5.0% on the year
FY2018FY2025
Operating margin
11.1%
9.0% a year earlier
FY2018FY2025
Net income
$200 million
+22.6% on the year
FY2018FY2025
Diluted EPS
$4.69
+29.2% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 3 new, 2 kept.

  • Fourth-quarter revenue up 9%: Q4 revenue was $1,379 million, up 9% reported and 5% organic; currency added $43 million. GAAP operating profit was $180 million, up 72%.
  • Adjusted EBITDA $977 million, margin 18.6%: Adjusted EBITDA was $977 million, up 7% reported and 10% at constant currency. Management said margin rose 40 basis points to 18.6%.
  • AMS/DRS organic growth 22% in Q4: AMS and DRS organic growth was 22% in the fourth quarter, compared with 19% reported for the third quarter.
  • Q4 non-GAAP margin up 100bps: Q4 non-GAAP operating margin was 15.0%, up 100 basis points. GAAP operating margin was 13.1%, up 480 basis points, and 170 basis points at constant currency.
  • Record cash generation for 2025: Cash from operations was $639.5 million for 2025, against $426.0 million in 2024. Free cash flow before dividends was $435.5 million, against $399.9 million.
Read the Q4 FY2025 earnings call summary

From this 10-K

Brink's moves, stores and manages cash and valuables, and runs cash-handling technology and ATMs for its customers. Those customers include financial institutions, retailers, government agencies, mints and jewelers in more than 100 countries. It employs approximately 65,400 people and operates approximately 1,200 facilities and 15,900 vehicles.

Brinks Co., the 10-K for 2025

Brink's moves, stores and manages cash and valuables, and runs cash-handling technology and ATMs for its customers. Those customers include financial institutions, retailers, government agencies, mints and jewelers in more than 100 countries. It employs approximately 65,400 people and operates approximately 1,200 facilities and 15,900 vehicles.

History and structure

Brink's was founded in 1859. The holding company was first incorporated in Delaware in 1930 as The Pittston Company and was renamed The Brink's Company in 2003. Its headquarters are in Richmond, Virginia. It has controlling ownership interests in companies in 51 countries and agency relationships with companies in others. The business is reported in four segments: North America, covering the U.S. and Canada; Latin America; Europe; and Rest of World, covering the Middle East, Africa and Asia.

Cash and valuables management

This service line was 72% of what the company took in during 2025. Cash-in-transit, which Brink's has offered since 1859, moves cash between retailers and banks, valuables between commercial and central banks and brokerage firms, and new currency, coins, bullion and precious metals for central banks. Basic ATM services cover cash replenishment, treasury management and first line maintenance. Brink's Global Services transports high-value goods such as diamonds, jewelry, precious metals, banknotes, electronics, pharmaceuticals and fine art, and adds packaging, customs clearance and secure storage. Cash management services count, sort and check notes, and vaulting services let banks use Brink's vaults and processing instead of building their own. Guarding, commercial security systems and payment services make up the rest.

Digital retail and ATM managed services

These technology-based services made up the other 28% in 2025, and are typically sold on multi-year contracts. Digital Retail Solutions combine smart devices, software, analytics and services, including its patented Brink's Complete and CompuSafe services, so retailers can handle cash with more visibility and quicker access to their money. ATM Managed Services take over the day-to-day running of ATMs for banks, retailers and independent owners: cash forecasting, remote monitoring, maintenance, transaction processing and installation. For some customers Brink's owns the ATM devices.

Contracts and competition

Cash logistics contracts usually run at least one year, often one to three, and continue until either side cancels. Contracts for cash management, digital retail solutions and ATM managed services are typically longer. The filing names Loomis AB of Sweden and Prosegur among its largest multinational competitors, alongside regional and smaller companies.

People

At December 31, 2025 approximately 27,700 employees, or approximately 42% of the workforce, were represented by trade unions or covered by collective bargaining agreements, which expire at various dates from 2026 to 2029.

From Brink's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 26 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue5,2615,0124,875+5.0%
Cost of revenue3,9033,7433,707+4.3%
Gross profit1,3581,2691,168+7.0%
Gross margin25.8%25.3%24.0%
Operating income586453425+29.2%
Operating margin11.1%9.0%8.7%
Interest expense246235204+4.3%
Pre-tax income354266236+32.9%
Income tax14392.7139+54.6%
Effective tax rate40.5%34.8%59.0%
Net income20016387.7+22.6%
Net margin3.8%3.3%1.8%
Diluted EPS$4.69$3.63$1.87+29.2%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow640426702+50.1%
Capital expenditure203222203-8.7%
Free cash flow436204500+114.4%
Free cash flow margin8.3%4.1%10.3%
Cash from investing-202-216-180
Cash from financing-11442.2-207
Depreciation and amortisation291293276-0.9%
Share-based compensation26.036.532.1-28.8%
Buybacks209204170+2.8%
Dividends paid42.341.839.6+1.2%
Dividend per share$1.01$0.95$0.86+6.3%
Diluted shares, weighted42m45m47m-5.1%
Shares outstanding at period end41m43m44m-4.2%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity278185397+50.2%
Non-controlling interest130128123+1.6%
Debt4,2143,8963,531+8.2%
Operating lease liabilities310279266+11.3%
Finance lease liabilities198174176+13.8%
Other liabilities2,2101,9622,108+12.6%
Total liabilities and equity7,3396,6236,602+10.8%
Fixed assets1,1309831,013+15.0%
Goodwill1,5151,4351,474+5.6%
Intangible assets385422488-8.8%
Investments19.131.316.9-39.0%
Cash and equivalents1,7261,3951,177+23.7%
Receivables766734779+4.4%
Other assets1,7971,6231,654+10.7%
Total assets7,3396,6236,602+10.8%

10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.