BrightView Holdings (BV) FY2025 results: revenue $2.7 billion, down 3.4% on the year
BrightView Holdings, Inc. (BV) reported revenue of $2.7 billion for fiscal 2025, the year ended 30 September 2025, down 3.4% on the year before. Net income was $56 million, down 15.7%, and diluted earnings per share $0.13. The figures are the company's own, from the 10-K it filed with the SEC on 19 November 2025.
Revenue
$2.7 billion
-3.4% on the year
FY2018FY2025
Operating margin
5.0%
5.7% a year earlier
FY2018FY2025
Net income
$56 million
-15.7% on the year
FY2018FY2025
Diluted EPS
$0.13
-35.0% 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: 1 raised, 7 new.
Fourth-quarter revenue fell 3.6%: Total revenue was $702.8 million, down 3.6%. Management attributed the decline to Maintenance Services, down 1.3%, and Development Services, down 8.2%.
Fourth-quarter Adjusted EBITDA rose 7.9%: Adjusted EBITDA reached $113.5 million, up 7.9%, which the company described as a fourth quarter record. Adjusted EBITDA margin was 16.1%, up 170 basis points.
Maintenance margin rose on cost management: Maintenance Services fourth-quarter Adjusted EBITDA was $72.8 million, up $3.6 million. Management attributed the margin gain to cost management, including lower vehicle, equipment and personnel costs.
Development revenue fell on project timing: Development Services revenue was $224.1 million in the quarter, reduced by project timing. Segment Adjusted EBITDA rose to $40.7 million, with margin up 350 basis points to 18.2%.
Operating cash flow rose 41.9%: Operating cash flow was $291.8 million, up $86.2 million, from higher net income adjusted for non-cash items and higher payables and other operating liabilities.
$ 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
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
292
206
130
+41.9%
Capital expenditure
254
78.4
71.3
+224.2%
Free cash flow
37.6
127
58.6
-70.4%
Free cash flow margin
1.4%
4.6%
2.1%
Cash from investing
-224
-5.6
-61.4
Cash from financing
-134
-127
-21.6
Depreciation and amortisation
172
144
150
+18.9%
Share-based compensation
18.2
20.2
22.1
-9.9%
Buybacks
24.2
3.1
2.2
+680.6%
Diluted shares, weighted
97m
96m
93m
+0.4%
Shares outstanding at period end
95m
95m
94m
0.0%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,293
1,275
1,243
+1.4%
Debt
790
802
888
-1.5%
Operating lease liabilities
53.5
62.6
65.1
-14.5%
Finance lease liabilities
37.1
31.2
21.3
+18.9%
Other liabilities
1,218
1,220
1,134
-0.2%
Total liabilities and equity
3,392
3,392
3,352
+0.0%
Fixed assets
542
392
315
+38.2%
Goodwill
2,016
2,016
2,021
0.0%
Intangible assets
66.5
95.8
132
-30.6%
Cash and equivalents
74.5
140
67.0
-46.9%
Receivables
393
415
442
-5.3%
Other assets
301
333
374
-9.7%
Total assets
3,392
3,392
3,352
+0.0%
10-K for the year ended 30 September 2025, filed 19 November 2025: the filing.