BrightView Posts Quarterly Revenue of $677.3 Million as Development Activity Slows
Key Facts
BrightView reported results for the fourth quarter and fiscal 2026 on November 10, posting quarterly revenue of $677.3 million, down 3.6% from $702.8 million in the year-earlier period. The quarter ended September 30, 2026, and the results were announced after the market close. The decline came as development services fell sharply, partly offset by growth in maintenance services. The company said development revenue fell 17.8% to $184.2 million, while maintenance revenue rose 3.2% to $495.7 million. The divergence underscores the quarter’s reliance on continued maintenance growth amid weakness in development activity.
BrightView attributed the revenue decline to a $39.9 million drop in development services, partly offset by a $15.3 million increase in maintenance services. That puts the contraction in development activity at the forefront of the factors weighing on quarterly revenue. Maintenance, by contrast, posted year-over-year growth, cushioning the impact of the decline in the other business without preventing a fall in total revenue. The chief executive said landscape maintenance growth accelerated to 3.3% in the fourth quarter. He attributed the increase to improved customer retention and continued investment in the sales team, according to the earnings statement.
Adjusted earnings per share were $0.18, compared with $0.27 a year earlier, a decline of 33.3%. Adjusted EBITDA margin also fell to 14.8% from 16.1% in the year-earlier period, a difference of 130 basis points. For the full fiscal year, revenue rose 1.5% to $2,712.6 million, compared with $2,672.8 million in the prior fiscal year. But annual net income fell 98.2% to $1.0 million from $56.0 million. The figures show a divergence between annual revenue growth and lower net profitability, alongside a decline in adjusted earnings per share in the final quarter.
Fiscal third-quarter results had shown revenue up 1.3% to $717.6 million, while net income fell $26.2 million to $6.1 million. Adjusted EBITDA for that quarter declined $17.1 million to $96.1 million. The company said adjusted EBITDA for fiscal 2026 includes a one-time $16 million self-insurance adjustment and a $4 million negative impact from higher fuel costs in the third quarter. Net financial debt was $1,013.9 million on September 30, 2026, up $211.0 million from $802.9 million on the same date a year earlier. In June, the company extended the maturities of its term loan, revolving credit facility and receivables securitization agreement.
BrightView set fiscal 2027 guidance for total revenue at a range of about $2.535 billion to $2.720 billion and forecast growth of 3% to 4% in recurring landscape maintenance revenue. The guidance follows annual revenue of $2,712.6 million in fiscal 2026, for which the company had set a range of $2.750 billion to $2.780 billion and maintenance growth of about 2% to 3%. The company also said it repurchased 1.2 million shares in the fourth quarter, bringing total shares repurchased during the fiscal year to 4.1 million. BV shares closed at $11.85 on November 9, before results were announced after the market close the following day. A reliable confirmation of the share-price move after the announcement was unavailable; the company was scheduled to discuss results on a call the morning of November 11 at 8:30 a.m. Eastern.