10-Q · August 5, 2026
Brink's delivered 7% second-quarter revenue growth to $1.3923 billion and lifted GAAP EPS 4% to $1.07, with all four segments growing and Rest of World leading at 16%. Adjusted results strengthened, including a 100-bp…
Earnings analysis · 10-Q
BCO earnings analysis
Filed November 4, 2026 · Our reading of the company's report
The latest report
Brink’s delivered solid underlying third-quarter growth, with revenue up 3% to $1,374.6M, non-GAAP EPS up 18% to $2.46 and adjusted EBITDA up 8% to $273.6M. However, GAAP operating margin contracted to 9.5% from 11.4%…
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Brink’s delivered solid underlying third-quarter growth, with revenue up 3% to $1,374.6M, non-GAAP EPS up 18% to $2.46 and adjusted EBITDA up 8% to $273.6M. However, GAAP operating margin contracted to 9.5% from 11.4% and GAAP EPS fell 59% to $0.35 because of $45.7M of NCR Atleos-related costs, $26.6M of incident losses and weaker nonoperating income. Segment trends were favorable outside Latin America, but free cash flow declined to $151.7M year to date and net debt rose to $2,731.7M, leaving the overall outlook mixed.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.35
What stood out
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Revenue grew 3% with 4% organic growth
Third-quarter revenue increased 3% year over year to $1,374.6M, including 4% organic growth, driven by AMS, DRS, BGS and inflation-based price increases. Revenue was modestly below the $1,385.9M consensus estimate.
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Adjusted earnings and margin improved
Non-GAAP diluted EPS increased 18% to $2.46 from $2.09, exceeding the $2.41 consensus estimate. Adjusted EBITDA rose 8% to $273.6M and non-GAAP operating margin expanded to 15.1% from 14.1%.
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Europe and Rest of World led profit growth
Europe operating profit increased 31% to $65.2M, supported by a 2% organic revenue increase of $8.0M, favorable AMS/DRS mix and cost productivity. Rest of World operating profit rose 20% to $53.1M on 14% organic revenue growth of $28.0M.
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Underlying performance masked by charges
GAAP operating profit declined 14% to $131.0M, with operating margin falling to 9.5% from 11.4%. Third-quarter results included $45.7M of NCR Atleos acquisition and transformation costs and $26.6M of incident-related losses.
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Lower capex moderated cash-flow pressure
Nine-month free cash flow before dividends was $151.7M, down from $174.3M, while capital expenditures declined to $112.1M from $155.4M. Capex represented approximately 2.7% of nine-month revenue of $4,142.0M.
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Liquidity supports near-term needs
Liquidity remained substantial, with $1,563.2M of cash and $541M available under the Revolving Credit Facility at September 30, 2026. Management said existing cash, operating cash flow and available facilities should meet liquidity needs for the next 12 months and foreseeable future.
What to watch
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GAAP earnings deteriorated sharply
GAAP diluted EPS fell 59% to $0.35 from $0.86, while GAAP income from continuing operations declined 60% to $14.6M. The effective tax rate was 58.8% in the quarter, amplifying the impact of operating and nonoperating charges.
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Net debt rose as available cash declined
Net debt increased to $2,731.7M from $2,594.8M at December 31, 2025, despite total debt declining to $4,155.1M from $4,214.3M, because cash available for general corporate purposes fell to $1,423.4M from $1,619.5M.
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Acquisition timing and execution risk
The NCR Atleos transaction is now expected to close in early January 2027, subject to regulatory approval and customary conditions. The company incurred $121.0M of related acquisition and transformation costs in the first nine months, compared with $18.6M in the prior-year period.
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Incident losses remain material
Brink’s recorded $19.6M of losses from a September 2026 precious-metals robbery and $7.0M from flooding-related damage to inventory. These $26.6M of incident-related losses reduced reported operating profit and highlight security and operational-loss exposure.
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Labor costs and interest expense pressure
Latin America organic operating profit declined 6%, or $4.2M, despite revenue increasing 8% to $354.4M; management attributed the organic profit decline to higher labor costs. Higher interest expense also reduced earnings, rising 4% to $66.0M in the quarter.
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International and currency exposure
The company states that it operates in more than 100 countries, including 51 countries with subsidiaries, and remains exposed to currency, inflation, political, regulatory and repatriation risks. Malaysia deconsolidation reduced third-quarter revenue by $23.6M and led to a $25.0M investment write-off.
Management's outlook
The 10-Q provides no new quantitative revenue or EPS guidance. Management expects the NCR Atleos acquisition to close in early January 2027 and states that available liquidity should meet needs for the next 12 months and the foreseeable future; $541M was available under the Revolving Credit Facility at September 30, 2026.
Earlier filings 4
10-Q · May 6, 2026
In Q1 2026, Brink's Company reported revenues of $1.375 billion, a 10% year-over-year increase, but fell short of the $1.362 billion estimate. Earnings per share (EPS) declined to $0.77 from $1.19 in the previous year,…
10-K · February 26, 2026
Brink’s 2025 10-K emphasizes a strategy of customer-centric, tech-enabled growth across Cash & Valuables Management (CVS) and Digital Retail/ATM services (DRS/AMS). Revenue mix remained weighted to CVS (~$3.8B; 72% of…
10-Q · November 6, 2024
Brink’s reported Q3 revenues of $1,258.5M, up $31.1M (3% YoY) with 13% organic growth, but operating profit fell to $111.6M (8.9% margin) and GAAP diluted EPS from continuing operations declined to $0.65 from $0.97.…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.