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 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 in Q3 and 78% year-to-date, with leverage reduced below 3x and share count down 5% year-to-date.

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

• Net income attributable to shareholders was $36.2 million for Q3 2025, up from $28.9 million in Q3 2024.

Financial highlights

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

• Adjusted EBITDA rose 17% to $253 million, with margin expanding to 19.0% (+180bps YoY); operating profit up 24%.

• EPS increased 28% to $2.08 (non-GAAP); GAAP EPS was $0.86, up 32% year-over-year.

• Free cash flow before dividends for the first nine months was $174.3 million, up from $98.0 million in the prior year period.

• Diluted share count reduced by 5–6% year-over-year.

Outlook and guidance

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

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

• Full-year 2025 organic growth expected in mid-single digits, AMS/DRS in mid-to-high teens, and adjusted EBITDA margin expansion of 30–50bps.

• 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.