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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.
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Q2 2025 earnings summary24 Jul, 2025

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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Frequently asked questions

FirstService Corporation, provides residential property management and other essential property services to residential and commercial customers in the United States and Canada. It operates in three divisions: FirstService Residential, FirstService Brands, and Property Services. The FirstService Residential division engages in the management of residential communities and portfolios; sale of ancillary products comprising resident and community association insurance policies on behalf of third-party insurers, as well as property insurance; rent collection services; evictions; maintenance contracts; and repair services for community association boards or owners for a fee basis. FirstService Corporation was founded in 1989 and is headquartered in Toronto, Canada.

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