The Brink's Company (BCO) Q3 2025 earnings summary

Executive summary

• Achieved 6% year-over-year revenue growth in Q3 2025, with AMS/DRS organic growth accelerating to 19% and now comprising 27–28% of total revenue.

• Delivered record Q3 operating profit and EBITDA margins, with all performance metrics above the midpoint of guidance.

• Free cash flow increased 30% year-over-year to $175 million in Q3, up 78% year-to-date, driven by improved profitability and working capital.

• Reduced leverage below 3x and share count by 5–6% year-to-date, with $153.6–$154 million in share repurchases.

• Strategic focus on organic growth, margin expansion, and maximizing shareholder value through capital returns and operational efficiency.

Financial highlights

• Q3 2025 revenue: $1,335M, up 6% year-over-year, with 5% organic growth and 1% FX tailwind.

• Adjusted EBITDA rose 17% to $253M, with margin expanding to 19.0% (+180bps YoY).

• Operating profit up 24–37% year-over-year; GAAP operating profit $152M, non-GAAP $188M.

• EPS increased 28–32% to $2.08 (non-GAAP) and $0.86 (GAAP); share count reduced by 5–6%.

• Free cash flow conversion improved to 50% of Adjusted EBITDA on a trailing 12-month basis.

Outlook and guidance

• Affirmed full-year framework, passing Q3 outperformance through to year-end.

• Q4 2025 revenue guidance: $1,330M–$1,380M; adjusted EBITDA: $267M–$287M; non-GAAP EPS: $2.28–$2.68.

• Full-year 2025 organic growth expected in mid-single digits, AMS/DRS in mid-to-high teens, with 30–50bps EBITDA margin expansion and 40–45% free cash flow conversion.

• Free cash flow conversion targeted at 40–45%, with at least 50% of FCF returned to shareholders.

• Guidance incorporates currency volatility and assumes continuation of current economic trends.