The Brink's Company (BCO) Q1 2025 earnings summary

Executive summary

• Achieved 6% organic revenue growth in Q1 2025, reaching the top end of guidance, with AMS/DRS recurring revenue businesses growing over 20% and now representing over 25% of revenue.

• Adjusted EBITDA was $215 million (17.2% margin), and non-GAAP EPS was $1.62; GAAP net income rose 5% to $52 million, with share repurchases exceeding $110 million year-to-date.

• Record Q1 operating profits, with margin expansion supported by AMS/DRS growth and improved free cash flow conversion.

• Over 1.3 million shares repurchased year-to-date, nearly triple the prior year, and the quarterly dividend was increased for the third consecutive year.

• Major new customer wins in North America and Europe, and continued execution of transformation and restructuring initiatives.

Financial highlights

• Q1 2025 revenue was $1,247 million, up 1% reported and 6% in constant currency; adjusted EBITDA was $215 million (17.2% margin).

• Non-GAAP operating profit rose 4% to $151 million (12.1% margin); GAAP operating profit was $119 million (9.6% margin).

• EPS was $1.62 (non-GAAP) and $1.19 (GAAP); free cash flow conversion was 40% trailing twelve months.

• Net debt at March 31, 2025 was $2,777 million, with a leverage ratio of 3.06x adjusted EBITDA.

• Free cash flow before dividends was $(102.3) million for Q1 2025, mainly due to working capital and investment needs.

Outlook and guidance

• Full-year 2025 framework affirmed: mid-single-digit organic growth, mid-to-high teens AMS/DRS growth, 30–50 bps adjusted EBITDA margin expansion, and 40–45% free cash flow conversion.

• Q2 2025 guidance: revenue $1,250–$1,300 million, adjusted EBITDA $205–$225 million, non-GAAP EPS $1.25–$1.65.

• FX expected to be a 3–3.5% headwind in Q2, moderating in H2; margin expansion muted by currency impacts, especially in Latin America.

• Management highlights ongoing macroeconomic and currency volatility in guidance.