FirstService (FSV) Q1 2026 earnings summary

Executive summary

• Q1 consolidated revenues rose 5% year-over-year to $1.32 billion, with Adjusted EBITDA up 2% and Adjusted EPS increasing 3% to $0.95.

• Organic growth accounted for over half of the revenue increase, with strong contract wins and renewals in core management.

• GAAP operating earnings reached $46.7 million, up from $39.3 million in the prior year, and GAAP diluted EPS was $0.44 versus $0.06.

• Results were in line with expectations, with a focus on market share gains and growth momentum for the remainder of 2026.

Financial highlights

• Consolidated revenues reached $1.32 billion, up 5% from $1.25 billion last year.

• Adjusted EBITDA was $106 million, up 2% year-over-year, with an 8% margin (down 30 bps from Q1 2025).

• Adjusted EPS was $0.95, a 3% increase over the prior year.

• Operating cash flow was $88 million, more than double Q1 2025.

• Cash and cash equivalents increased to $191.4 million from $154.4 million at year-end 2025.

Outlook and guidance

• Q2 is expected to show similar year-over-year trends as Q1, with mid-single digit top-line growth and flat to slightly up EBITDA.

• FirstService Residential is forecasted to continue margin expansion, while Brands division faces ongoing margin pressures.

• Restoration revenues expected to be flat to slightly down in Q2, with improvement anticipated in the back half of the year.

• Roofing segment expects single-digit growth from acquisitions and flat organic revenue in Q2.

• Home services revenues expected to be close to prior year in Q2 despite depressed lead flow.