BLUE BELL, PA — BrightView Holdings, Inc. (NYSE: BV) reported improved profitability for its fiscal third quarter despite lower revenues, as cost management initiatives bolstered margins across its business segments.
For the quarter ended June 30, 2025, net service revenues fell 4.1% year-over-year to $708.3 million, reflecting project delays in development services and a decline in commercial landscaping activity. However, net income rose to $32.3 million, up $8.8 million from a year earlier, with net income margin improving by 140 basis points. Adjusted EBITDA grew 4.9% to $113.2 million, also lifting margin by 140 basis points.
Segment performance showed a mixed picture. Maintenance Services revenue declined 3% to $514.5 million, with commercial landscaping down 2.6% and snow removal down 30.6%. Still, segment Adjusted EBITDA edged up to $81.7 million, with margin gains driven by lower vehicle, equipment, and personnel costs. Development Services revenue dropped 6.4% to $193.8 million, but Adjusted EBITDA jumped 14.5% to $31.5 million, aided by reduced overhead and favorable project mix.
Year-to-date results reflected similar trends. Total revenue for the first nine months of fiscal 2025 fell 3.4% to $1.97 billion, largely due to strategic exits from non-core businesses and softer demand in core landscaping and snow services. Yet, Maintenance Services Adjusted EBITDA rose 3.5% to $172.7 million, while Development Services Adjusted EBITDA surged 25.7% to $66.1 million.
Operating cash flow for the first nine months climbed to $207.4 million, up $55.3 million from the prior year. Adjusted free cash flow, however, declined sharply to $25.8 million, pressured by a steep increase in capital expenditures to $195.8 million from $46.0 million a year earlier.
BrightView ended the quarter with $797.7 million in total net financial debt, maintaining a debt-to-Adjusted EBITDA ratio of 2.3x. The company reaffirmed its full-year fiscal 2025 guidance, citing continued progress on its “One BrightView” strategy to drive long-term growth and shareholder value.
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