0001193125-26-206439
SEC filingBrightView Holdings reported Q2 FY2026 results with 6.1% revenue growth to $702.9 million, record Adjusted EBITDA of $79.1 million, raised FY2026 revenue guidance, and extended revolving credit facility to 2031.
BrightView Holdings delivered a pivotal Q2 FY2026 with total revenue of $702.9 million, up 6.1% year-over-year, propelled by robust snow removal revenue surging 28.5% to $221.6 million due to higher snowfall and land maintenance growth of 4.0% to $333.0 million from ancillary and contract services. This marked the first YoY land revenue increase since Q3 2023, reflecting execution of the transformation strategy under CEO Dale Asplund, who highlighted employee focus, customer service, and salesforce investments. Adjusted EBITDA reached a record $79.1 million, up 7.6%, with margin expanding 20 bps to 11.3%, driven by higher volumes offset partially by sales investments and snow costs. Maintenance Services segment shone with 12.5% revenue growth and 110 bps margin expansion to 12.5%, while Development Services saw 13.0% revenue decline due to project timing, pressuring margins to 6.4%.
The company raised FY2026 guidance, lifting total revenue to $2.745-$2.795 billion (from $2.670-$2.730B), land maintenance to ~+2-3%, while narrowing Development Services to ~(5%)-~0% and boosting snow removal to ~$290 million; Adjusted EBITDA and free cash flow guidance held steady at $363-$377 million and $100-$115 million. Balance sheet shows Total Net Financial Debt at $900.1 million (2.5x Adjusted EBITDA), up from 2.3x at Q1 end, with capex at 8.6% of revenue amid higher investments.
Concurrently, Amendment No. 10 repriced and extended the $300 million revolving credit facility to April 2031, slashing margins (e.g., Term Benchmark to 1.750%, ABR/RFR to 0.75%), with no loans drawn at close. This bolsters liquidity and reduces costs, supporting share repurchases of 1.1 million shares and positioning for sustained growth and margin expansion.