The Brink's Company (BCO) Q4 2025 earnings summary

Executive summary

• Announced a $6.6 billion acquisition of NCR Atleos, combining two global financial technology infrastructure providers to enhance offerings for banking and retail customers.

• Achieved strong organic revenue growth of 5% for the full year 2025, led by 19% growth in AMS/DRS solutions, with Q4 AMS/DRS organic growth accelerating to 22%.

• Adjusted EBITDA margin expanded 40bps year-over-year to a record 18.6%, with adjusted EBITDA for 2025 reaching $977M.

• Record 2025 cash generation: $640M cash from operations and $436M free cash flow, with free cash flow conversion at 45%.

• The transaction is expected to close in Q1 2027, pending regulatory and shareholder approvals.

Financial highlights

• Combined company projected to generate approximately $10 billion in revenue and $2 billion in adjusted EBITDA, with margins approaching 20%.

• Full-year 2025 revenue increased 5% year-over-year to $5,261M; adjusted EBITDA up 7% to $977M; Q4 2025 revenue grew 9% to $1,379M.

• Delivered $436 million in free cash flow in 2025; combined free cash flow expected to exceed $1 billion annually within a few years.

• The deal is expected to be at least 35% accretive to EPS in year one.

• Operating profit rose 13% for the year and 17% in Q4; EPS up 12% for the year and 20% in Q4.

Outlook and guidance

• 2026 non-GAAP framework targets mid-single digit organic revenue growth, AMS/DRS organic growth in the mid-to-high teens, 30–50bps adjusted EBITDA margin expansion, and 40–45% free cash flow conversion.

• Q1 2026 guidance: revenue $1,335–$1,395M, adjusted EBITDA $220–$240M, EPS $1.50–$1.90.

• Guidance for Q1 2026 and full year framework available on the investor website.