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FirstService (FSV) investor relations material
FirstService Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved 9% year-over-year revenue growth in Q2 2025, reaching $1.42B, with strong margin expansion and profitability despite macroeconomic uncertainty.
Adjusted EBITDA rose 19% to $157.1M, and Adjusted EPS increased 26% to $1.71 compared to Q2 2024.
Six-month revenues grew 9% to $2.67B, with Adjusted EBITDA up 21% and Adjusted EPS up 30% year-over-year.
Management highlighted resilience and strong performance, reaffirming confidence in 2025 goals.
Operating teams achieved margin gains across divisions, with strong performance in Residential, Century Fire, and Restoration brands.
Financial highlights
Q2 2025 revenues: $1,415.7M, up 9% year-over-year; Adjusted EBITDA: $157.1M, up 19%.
Adjusted EPS for Q2: $1.71, up 26%; GAAP diluted EPS: $1.01, up from $0.78.
Year-to-date revenues: $2.7B, up 9%; Adjusted EBITDA: $260M, up 21% with a 9.8% margin.
Operating cash flow in Q2 was $163M, up 25% year-over-year.
Net earnings for Q2 2025: $55.4M, up from $44.9M in Q2 2024.
Outlook and guidance
Management expects to meet 2025 targets, citing strong first-half performance and ongoing resilience.
Q3 and Q4 expected to show similar year-over-year growth; Residential to return to mid-single-digit organic growth.
Restoration Q3 revenues expected down 5–10% year-over-year due to strong prior-year comparables, but sequential growth anticipated.
Roofing Q3 revenues projected up over 10% year-over-year, with organic revenues flat.
Forward-looking statements caution that results may be affected by economic conditions, regulatory changes, and integration of acquisitions.
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