The Brink's Company (BCO) Q2 2025 earnings summary

Executive summary

• Achieved 5% organic revenue growth year-over-year in Q2 2025, with AMS/DRS segments delivering 16% organic growth and record margins, especially in North America and Europe.

• Total reported revenue grew 4% to $1,301 million, exceeding guidance, with profitability and EPS at the top end of expectations.

• Free cash flow generation accelerated, with $102 million generated in Q2 and a 48% trailing twelve-month conversion rate.

• Net income attributable to shareholders was $43.9 million for Q2, with EPS at $1.79 (non-GAAP) and $1.03 (GAAP), flat year-over-year.

• AMS/DRS and Global Services segments are expected to accelerate in the second half, supporting increased full-year guidance.

Financial highlights

• Q2 2025 revenue reached $1,301 million, up 4% year-over-year (5% in constant currency), with 5% organic growth.

• Adjusted EBITDA was $232 million, up 3% (5% constant currency), with a margin of 17.8%.

• Operating profit increased 6% (non-GAAP) to $165 million, with a record margin of 12.6%; GAAP operating profit was $134 million, up 15%.

• Diluted share count decreased 6% year-over-year due to share repurchases; $130 million used for buybacks YTD, with $166 million capacity remaining.

• Free cash flow conversion improved to 48% of adjusted EBITDA, with trailing 12-month free cash flow up $140 million.

Outlook and guidance

• Full-year 2025 revenue and EBITDA guidance increased, with organic revenue growth expected in the mid-single digits and AMS/DRS in the mid-to-high teens.

• Margin expansion of 30–50 basis points and free cash flow conversion of 40–45% expected for the year.

• Q3 2025 revenue guidance: $1,305–$1,355 million; adjusted EBITDA: $240–$260 million; non-GAAP EPS: $1.85–$2.25.

• Over 50% of free cash flow to be returned to shareholders in 2025.