BrightView Holdings, Inc. (BV): Results of Operations and Financial Condition
BrightView Holdings, Inc. (BV) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 BRIGHTVIEW REPORTS THIRD QUARTER FISCAL 2026 RESULTS WITH SECOND CONSECUTIVE QUARTER OF LAND MAINTENANCE REVENUE GROWTH BLUE BELL, PA, August 4, 2026 -- BrightView Holdings, Inc. (NYSE: BV) (the “Company” or “BrightView”), the leading commercial landscaping services
How this was made
The 30-second read
Why it matters
Traders can update models using the provided FY2026 revenue, land maintenance, snow removal, Adjusted EBITDA, and Adjusted Free Cash Flow ranges, and reassess margin durability given the cited self-insurance and fuel headwinds.
Market read
The filing combines quarterly performance (revenue growth but lower net income and Adjusted EBITDA) with explicit FY2026 guidance ranges, making it a direct input for near-term valuation and positioning.
What to watch
Development Services revenue is down (FY2026 guidance implies -5% to -3%), and capex fell sharply, which could affect future growth capacity and working-capital dynamics not fully captured by Adjusted metrics.
BRIGHTVIEW REPORTS THIRD QUARTER FISCAL 2026 RESULTS WITH SECOND CONSECUTIVE QUARTER OF LAND MAINTENANCE REVENUE GROWTH
Revenue and Land Maintenance revenue grew, but net income, Adjusted EBITDA, margins, and nine-month cash generation declined, while net financial debt increased.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $717.6 million | – | 1.3% |
| Net IncomeGAAP | $6.1 million | – | (81.1%) |
| Net Income MarginGAAP | 0.9 % | – | (370) bps |
| Adjusted EBITDAnon-GAAP | $96.1 million | – | (15.1%) |
| Adjusted EBITDA Marginnon-GAAP | 13.4 % | – | (260) bps |
| Net (loss) income available to common shareholdersGAAP | $ (2.8 ) | – | (118.8%) |
| Weighted average number of common shares outstandingGAAP | 93.1 | – | (2.2%) |
| Basic (Loss) per ShareGAAP | $ (0.03 ) | – | (118.8%) |
| Adjusted Net Incomenon-GAAP | $25.4 million | – | (44.2%) |
| Adjusted weighted average number of common shares outstandingnon-GAAP | 147.3 | – | (1.5%) |
| Adjusted Earnings per Sharenon-GAAP | $ 0.17 | – | (43.3%) |
| Revenue, nine months ended June 30GAAP | $ 2,035.3 | – | 3.3% |
| Net Income (Loss), nine months ended June 30GAAP | $ (7.4 ) | – | (126.1%) |
| Net Income (Loss) Margin, nine months ended June 30GAAP | (0.4 %) | – | (180) bps |
| Adjusted EBITDA, nine months ended June 30non-GAAP | $ 228.6 | – | (4.3%) |
| Adjusted EBITDA Margin, nine months ended June 30non-GAAP | 11.2 % | – | (90) bps |
| Net (loss) income available to common shareholders, nine months ended June 30GAAP | $ (34.2 ) | – | (3,520.0%) |
| Weighted average number of common shares outstanding, nine months ended June 30GAAP | 93.9 | – | (1.5%) |
| Basic (Loss) per Share, nine months ended June 30GAAP | $ (0.36 ) | – | (3,700.0%) |
| Adjusted Net Income, nine months ended June 30non-GAAP | $ 36.5 | – | (49.7%) |
| Adjusted weighted average number of common shares outstanding, nine months ended June 30non-GAAP | 148.2 | – | (0.9%) |
| Adjusted Earnings per Share, nine months ended June 30non-GAAP | $ 0.25 | – | (47.9%) |
| Maintenance Services Adjusted EBITDAnon-GAAP | $ 63.0 | – | (22.9%) |
| Maintenance Services Adjusted EBITDA Marginnon-GAAP | 12.2 % | – | (390) bps |
| Development Services Adjusted EBITDAnon-GAAP | $ 33.1 | – | 5.1% |
| Development Services Adjusted EBITDA Marginnon-GAAP | 16.4 % | – | 80 bps |
| Net Cash Provided by Operating Activities, nine months ended June 30GAAP | $ 128.3 | – | (38.1%) |
| Adjusted Free Cash Flow, nine months ended June 30non-GAAP | $ (37.2 ) | – | (244.2%) |
| Capital Expenditures, nine months ended June 30other | $ 178.8 | – | (8.7%) |
| Net Capital Expenditures, nine months ended June 30non-GAAP | $ 165.5 | – | (8.9%) |
| Total Financial Debtother | $ 990.5 | – | – |
| Total Cash & Equivalentsother | 14.4 | – | – |
| Total Net Financial Debtother | $ 976.1 | – | – |
| Total Net Financial Debt to Adjusted EBITDA ratioother | 2.9x | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Maintenance ServicesRevenue increased by $9.1 million driven by an $11.7 million, or 2.3% increase in Commercial landscaping services revenue as a result of increases in contract revenue and to a lesser extent ancillary services. | $ 517.9 | – | 1.8% |
| Landscape MaintenanceCommercial landscaping services revenue increased as a result of increases in contract revenue and to a lesser extent ancillary services. | $ 514.5 | – | 2.3% |
| Snow RemovalNo third-quarter revenue driver was provided. | $ 3.4 | – | (42.4%) |
| Development ServicesRevenue remained relatively flat, increasing by $0.6 million, or 0.3%, compared to the prior year. Adjusted EBITDA and Segment Adjusted EBITDA Margin were primarily driven by the timing and mix of projects in the period. | $ 201.9 | – | 0.3% |
Fiscal year 2026 outlook
- Revenue$2.750 to $2.780 billion
- NoteLand Maintenance Revenue: ~ +2% to ~ +3%
- NoteSnow Removal Revenue: ~ $290 million
- NoteDevelopment Services Revenue: ~ (5%) to ~ (3%)
- NoteAdjusted EBITDA: $340 to $345 million
- NoteAdjusted Free Cash Flow: $70 to $80 million
What drove it
- Total revenue increased 1.3% to $717.6 million, driven by a $11.6 million increase in the commercial landscaping business.
- Maintenance Services revenue increased by $9.1 million, or 1.8%, driven by commercial landscaping contract revenue and, to a lesser extent, ancillary services.
- Development Services quarterly revenue increased by $0.6 million, or 0.3%, and its Adjusted EBITDA increased $1.6 million to $33.1 million, primarily driven by the timing and mix of projects.
- Nine-month revenue increased 3.3% to $2,035.3 million, driven by a $82.7 million increase in snow removal revenue and a $15.3 million increase in the commercial landscaping business, partially offset by a $34.3 million decrease in Development Services revenue.
- The nine-month snow removal services increase was attributed to increased snowfall in the period.
Concerns
- Net Income decreased $26.2 million year-over-year to $6.1 million and Net Income margin was 0.9%.
- Adjusted EBITDA decreased $17.1 million year-over-year to $96.1 million and Adjusted EBITDA margin was 13.4%.
- Maintenance Services Adjusted EBITDA Margin decreased 390 basis points to 12.2%, primarily due to a non-routine self-insurance adjustment, higher fuel prices, and continued investments in the sales force.
- Adjusted Free Cash Flow was an outflow of $37.2 million for the nine months ended June 30, 2026, compared with an inflow of $25.8 million in the prior year.
- Total Net Financial Debt was $ 976.1 at June 30, 2026, compared with $ 802.9 at September 30, 2025, and the Total Net Financial Debt to Adjusted EBITDA ratio was 2.9x compared with 2.3x.
What to watch
- Delivery against fiscal year 2026 Total Revenue guidance of $2.750 to $2.780 billion.
- Delivery against Land Maintenance Revenue guidance of ~ +2% to ~ +3% and Development Services Revenue guidance of ~ (5%) to ~ (3%).
- The effect of the $16 million non-routine self-insurance adjustment and $4 million fuel headwind included in fiscal 2026 Adjusted EBITDA.
- Delivery against fiscal year 2026 Adjusted EBITDA guidance of $340 to $345 million and Adjusted Free Cash Flow guidance of $70 to $80 million.
- Cash conversion after the nine-month decrease in net cash provided by operating activities and the Adjusted Free Cash Flow outflow.
Balance sheet and cash flow
- Net Cash Provided by Operating Activities for the nine months ended June 30, 2026: $ 128.3, compared with $ 207.4 in the prior year.
- Adjusted Free Cash Flow for the nine months ended June 30, 2026: $ (37.2 ), compared with $ 25.8 in the prior year.
- Capital Expenditures for the nine months ended June 30, 2026: $ 178.8, compared with $ 195.8 in the prior year.
- Net Capital Expenditures for the nine months ended June 30, 2026: $ 165.5, compared with $ 181.6 in the prior year.
- Proceeds from the sale of property and equipment for the nine months ended June 30, 2026: $13.3 million, compared with $14.2 million during the nine months ended June 30, 2025.
- Total Financial Debt at June 30, 2026: $ 990.5, compared with $ 877.4 at September 30, 2025.
- Total Cash & Equivalents at June 30, 2026: 14.4, compared with 74.5 at September 30, 2025.
- Total Net Financial Debt at June 30, 2026: $ 976.1, compared with $ 802.9 at September 30, 2025.
- Total Net Financial Debt to Adjusted EBITDA ratio at June 30, 2026: 2.9x, compared with 2.3x at September 30, 2025.
Analysis
BrightView reported third-quarter revenue growth, with Revenue increasing 1.3% to $717.6 million. The principal contributor was commercial landscaping, while Landscape Maintenance revenue increased 2.3% to $ 514.5. This was the second consecutive quarter of Land Maintenance revenue growth, according to the company.
Profitability moved materially lower. Net Income decreased $26.2 million year-over-year to $6.1 million, with Net Income Margin of 0.9 %. Adjusted EBITDA decreased $17.1 million year-over-year to $96.1 million, and Adjusted EBITDA Margin declined to 13.4 % from 16.0 %. The company identified a $16 million non-routine self-insurance adjustment, a $4 million fuel headwind, and continued sales force investments as important cost factors.
Segment performance was uneven. Maintenance Services revenue increased 1.8% to $ 517.9, but its Adjusted EBITDA fell to $ 63.0 and margin declined 390 basis points to 12.2 %. Development Services revenue was nearly flat at $ 201.9, while Adjusted EBITDA increased to $ 33.1 and margin improved 80 bps to 16.4 %, attributed primarily to project timing and mix. Over the nine-month period, Development Services revenue decreased 6.1% to $ 530.7, while snow removal revenue increased 39.3% to $ 293.4 due to increased snowfall.
Cash generation weakened in the nine-month period. Net Cash Provided by Operating Activities declined to $ 128.3 from $ 207.4, and Adjusted Free Cash Flow changed to an outflow of $ (37.2 ) from an inflow of $ 25.8. Capital Expenditures declined to $ 178.8, but Total Net Financial Debt increased to $ 976.1 at June 30, 2026, with the Total Net Financial Debt to Adjusted EBITDA ratio at 2.9x.
The company updated fiscal 2026 guidance to Total Revenue of $2.750 to $2.780 billion, Land Maintenance Revenue of ~ +2% to ~ +3%, Snow Removal Revenue of ~ $290 million, Development Services Revenue of ~ (5%) to ~ (3%), Adjusted EBITDA of $340 to $345 million, and Adjusted Free Cash Flow of $70 to $80 million. The outlook retains revenue growth and positive free-cash-flow targets despite the reported nine-month Adjusted Free Cash Flow outflow and third-quarter margin pressure.
Management, verbatim
We delivered our second consecutive quarter of Land Maintenance revenue growth, underpinned by the strategic investments we’ve made in our business
Dale Asplund, BrightView President and Chief Executive Officer
Our continued focus on prioritizing our front-line employees and customers, expanding our salesforce, and commitment to operational excellence continue to strengthen our business and positions us to deliver sustainable growth over the near and long term. While this quarter had non-routine headwinds related to our self-insurance adjustment and higher fuel prices, we believe these costs don’t impact the long-term trajectory of the business and we remain focused and optimistic on delivering against our long-term outlook.
Dale Asplund, BrightView President and Chief Executive Officer
Not in the filing
stated, not guessed- Prior fiscal 2026 outlook was not provided, so no comparison of reported results with prior guidance is available.
- Gross profit and gross margin were not reported in the provided filing text.
- Operating income, operating margin, and operating expenses were not reported in the provided filing text.
- Diluted earnings per share was not reported in the provided filing text.
- Quarterly operating cash flow, quarterly free cash flow, and quarterly capital expenditures were not reported in the provided filing text.
- Share repurchases, common-stock dividends, and other capital-return activity were not reported in the provided filing text.
- The provided filing text is truncated in the balance-sheet section after the definition of Total Net Financial Debt; any subsequent balance-sheet disclosures are unavailable from the supplied text.
- Prior-quarter comparisons were not reported for the listed metrics.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is an SEC Form 8-K (Item 2.02) with Exhibit 99.1 reporting BrightView’s unaudited Q3 FY2026 results and FY2026 guidance.
Ticker impact
BrightView reported Q3 FY2026 results and updated FY2026 guidance, including revenue, Adjusted EBITDA, and Adjusted Free Cash Flow ranges.
Moderate volatility around guidance interpretation, with focus on whether land maintenance growth offsets margin drag.
The filing provides fresh quarterly datapoints (revenue up 1.3% YoY, net income down) and explicit FY2026 guidance ranges, but lacks detailed reconciliation and does not indicate a discrete one-off beyond the cited headwinds.
Market effects
Commercial landscaping and snow removal operators may see read-across on margin sensitivity to fuel and self-insurance adjustments.
Limited direct regional impact; results are US-focused but could influence sentiment toward winter services demand.
Low global relevance; primarily a domestic services margin and guidance story.
Counterpoint
Investors may discount the net income and Adjusted EBITDA declines as non-routine self-insurance and fuel timing effects, focusing instead on the second consecutive quarter of land maintenance revenue growth.
Key entities
- companyBrightView Holdings, Inc.
Commercial landscaping services company reporting Q3 FY2026 results and FY2026 guidance.
- executiveDale Asplund
CEO who commented on land maintenance growth and headwinds from self-insurance and fuel prices.
