BLUE BELL, PA — BrightView Holdings, Inc. (NYSE: BV) reported first-quarter fiscal 2026 results showing modest top-line growth and improved adjusted earnings, even as net losses deepened and cash flow weakened during the period ended December 31, 2025.
Net service revenues rose 2.6% year over year to $614.7 million, up from $599.2 million in the prior-year quarter . The increase was driven primarily by a $36.0 million surge in snow removal revenue, partially offset by declines in development services and commercial landscaping.
Net loss widened to $15.2 million, compared with a $10.4 million loss a year earlier . Net loss margin expanded to 2.5%, from 1.7% in the prior-year period . Net loss attributable to common stockholders totaled $24.2 million, or $0.26 per share, compared with $19.4 million, or $0.20 per share, in the same quarter last year.
Adjusted EBITDA increased 2.7% to $53.5 million from $52.1 million, while adjusted EBITDA margin held steady at 8.7%.
“We are off to a strong start to fiscal 2026, delivering top-line growth and improved Q1 Adjusted EBITDA while accelerating investments in our sales force and realizing efficiencies throughout the business,” President and Chief Executive Officer Dale Asplund said in the earnings release . The company reaffirmed its full-year fiscal 2026 guidance, targeting total revenue between $2.670 billion and $2.730 billion and adjusted EBITDA of $363 million to $377 million.
Segment performance was mixed. Maintenance Services revenue climbed 6.6% to $436.4 million, fueled by a 111.1% jump in snow removal revenue to $68.4 million. Landscape maintenance revenue declined 2.4% to $368.0 million. Maintenance segment adjusted EBITDA rose to $35.4 million, though margin narrowed 40 basis points to 8.1%.
Development Services revenue fell 6.6% to $179.2 million, reflecting project timing and mix. However, adjusted EBITDA in the segment increased to $18.1 million, and margin improved to 10.1% from 9.1% .
Cash flow metrics weakened. Net cash provided by operating activities declined to $36.1 million from $60.5 million a year earlier . Adjusted free cash flow swung to an outflow of $15.4 million, compared with an inflow of $4.4 million in the prior-year quarter.
As of December 31, 2025, total net financial debt stood at $844.2 million, up from $802.9 million at September 30, 2025. The company’s total net financial debt to adjusted EBITDA ratio increased to 2.4x from 2.3x.
BrightView, the nation’s largest commercial landscaping services company, designs, builds and maintains landscapes for business parks, healthcare facilities, educational institutions, municipalities, golf courses and other properties across the United States.
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