BrightView Posts $2.67B Revenue, $56M Net Income in FY25

TL;DR

**BrightView's consistent revenue and strong market position make it a stable play, but watch out for weather impacts on snow removal.**

AI Summary

BrightView Holdings, Inc. (BV) reported net service revenues of $2,672.8 million for the fiscal year ended September 30, 2025, generating a net income of $56.0 million, representing a net income margin of 2.1%. The company also achieved an Adjusted EBITDA of $352.3 million, with an Adjusted EBITDA margin of 13.2%. As the largest commercial landscaping services provider in the U.S., BrightView operates through two segments: Maintenance Services and Development Services, leveraging a network of over 265 branches. Key business changes include a continued focus on its integrated national service model, serving a diverse customer base across various end markets like corporate campuses, HOAs, and educational institutions. Risks highlighted include intense competition, dependence on long-term customer relationships, and the impact of weather conditions on snow removal services. The strategic outlook emphasizes stable, recurring revenues, a scalable operating model, and strong operating margins to generate significant Adjusted Free Cash Flow.

Why It Matters

BrightView's strong revenue of $2.67 billion and net income of $56 million demonstrate its dominant position in the highly fragmented commercial landscaping market, approximately four times larger than its nearest competitor. This scale provides a significant competitive advantage, offering single-source solutions to a diverse customer base, which is crucial for investors seeking stability in a service-based industry. For employees, the company's extensive branch network and diverse service offerings suggest robust employment opportunities and operational consistency. Customers benefit from a reliable, national provider for essential, non-discretionary landscaping services, ensuring consistent quality and efficiency. The broader market sees a leader maintaining strong margins and cash flow, potentially influencing industry standards and consolidation trends.

Risk Assessment

Risk Level: medium — The risk level is medium due to the company's reliance on weather conditions for its snow removal services, which can significantly impact revenue and profitability, as explicitly stated in the filing. Additionally, the highly competitive nature of the $124 billion commercial landscape maintenance and snow removal market poses a continuous threat to market share and pricing power, despite BrightView's current leadership position.

Analyst Insight

Investors should consider BrightView's stable, recurring revenue model and market leadership as a defensive play in a volatile market. However, closely monitor regional weather forecasts and their potential impact on the snow removal segment's performance, as this can introduce quarterly volatility.

Financial Highlights

debt To Equity

1.85

revenue

$2,672.8M

operating Margin

7.5%

total Assets

$2,150.5M

total Debt

$1,200.3M

net Income

$56.0M

eps

$0.60

gross Margin

25.2%

cash Position

$155.2M

revenue Growth

+3.8%

Revenue Breakdown

Key Numbers

• $2.67B — Net Service Revenues (Generated for the fiscal year ended September 30, 2025, demonstrating market leadership.)
• $56.0M — Net Income (Achieved in fiscal 2025, reflecting a 2.1% net income margin.)
• $352.3M — Adjusted EBITDA (Reported for fiscal 2025, with a strong 13.2% Adjusted EBITDA margin.)
• 2.1% — Net Income Margin (For fiscal 2025, indicating profitability relative to revenues.)
• 13.2% — Adjusted EBITDA Margin (For fiscal 2025, showcasing operational efficiency.)
• 265+ — Branch Network (Number of branches supporting the national service model, a key competitive advantage.)
• 17% — Top Ten Customer Revenue (Percentage of fiscal 2025 revenues from top ten customers, indicating customer diversification.)
• 4% — Single Customer Revenue Cap (No single customer accounted for more than 4% of fiscal 2025 revenues, reducing customer concentration risk.)
• $124B — Commercial Landscape Market Size (Total market size, highlighting the significant opportunity for BrightView.)
• 94.7M — Common Stock Outstanding (Shares outstanding as of October 31, 2025.)

Key Players & Entities

• BrightView Holdings, Inc. (company) — Registrant
• BrightView Landscapes, LLC (company) — Wholly-owned operating subsidiary
• New York Stock Exchange (regulator) — Exchange where BV is traded
• KKR BrightView Aggregator L.P. (company) — Affiliated Investor
• Birch-OR Equity Holdings, LLC (company) — Affiliated Investor
• Major League Baseball (company) — Official Field Consultant client
• $2,672.8 million (dollar_amount) — Net service revenues for fiscal 2025
• $56.0 million (dollar_amount) — Net income for fiscal 2025
• $352.3 million (dollar_amount) — Adjusted EBITDA for fiscal 2025
• $774.1 million (dollar_amount) — Aggregate value of common stock held by non-affiliates as of March 31, 2025

FAQ

Risk Factors

• Intense Competition [high — market]: The commercial landscaping market is highly fragmented with numerous local and regional competitors. BrightView faces pricing pressure and the risk of losing market share if it cannot differentiate its services or maintain competitive pricing. The company's scale and integrated model are key differentiators, but competition remains a significant threat.
• Dependence on Long-Term Customer Relationships [high — operational]: A substantial portion of revenue is derived from long-term contracts. The loss of a significant customer or a failure to renew contracts could materially impact revenue and profitability. The company's ability to maintain high service quality and customer satisfaction is critical.
• Weather Dependency [medium — operational]: The Development Services segment is susceptible to project delays due to adverse weather conditions. The Maintenance Services segment, particularly snow removal, is directly impacted by the severity and timing of winter weather. Unusually mild winters can reduce snow removal revenue.
• Interest Rate Risk [medium — financial]: The company has outstanding debt, and fluctuations in interest rates could impact its borrowing costs and financial performance. A significant increase in interest rates could lead to higher interest expenses, reducing net income.
• Labor Availability and Costs [medium — operational]: The landscaping industry is labor-intensive. Shortages of qualified labor or increases in wage rates could negatively affect the company's ability to perform services and its operating margins. The company's scale may provide some advantage in labor sourcing.
• Environmental Regulations [low — legal]: The company's operations are subject to various federal, state, and local environmental laws and regulations. Non-compliance could result in fines, penalties, or operational disruptions. Changes in regulations related to water usage, pesticide application, or waste disposal could increase compliance costs.
• Cybersecurity Risks [medium — operational]: As a large organization with extensive IT systems, BrightView is exposed to cybersecurity threats. A breach could lead to data loss, operational disruptions, reputational damage, and significant financial costs associated with remediation and potential legal liabilities.

Industry Context

BrightView operates in the large and fragmented U.S. commercial landscaping market, estimated at $124 billion. The industry is characterized by a mix of large national players like BrightView and numerous smaller regional and local providers. Key trends include increasing demand for sustainable landscaping practices, smart irrigation technologies, and integrated facility management services.

Regulatory Implications

BrightView must comply with a range of environmental regulations concerning water usage, pesticide application, and waste management. Changes in labor laws, including minimum wage increases and worker classification rules, can also impact operating costs. Adherence to cybersecurity regulations is also critical given the increasing threat landscape.

What Investors Should Do

1. Monitor Maintenance Services growth and profitability.
2. Assess the trend in Development Services revenue.
3. Evaluate the impact of labor costs and availability on margins.
4. Analyze debt levels and interest coverage.

Key Dates

• 2025-09-30: Fiscal Year End — Marks the end of the reporting period for the 10-K filing, providing the latest financial performance data.
• 2025-10-31: Common Stock Outstanding Date — Provides the number of shares outstanding as of a recent date, crucial for EPS calculations and market capitalization.

Glossary

Adjusted EBITDA

Earnings Before Interest, Taxes, Depreciation, and Amortization, adjusted for certain non-recurring or non-cash items. It's a measure of operational profitability. (Used by BrightView to highlight its core operational performance and efficiency, with a reported margin of 13.2%.)

Adjusted EBITDA Margin

Adjusted EBITDA divided by net service revenues, expressed as a percentage. It indicates how much of each revenue dollar translates into adjusted operating profit. (Demonstrates BrightView's operational efficiency, with a margin of 13.2% for fiscal 2025.)

Net Service Revenues

The total revenue generated from the company's core service operations, excluding any other income or revenue streams. (The primary top-line metric for BrightView, reported at $2,672.8 million for fiscal 2025.)

Integrated National Service Model

A business strategy where a company offers a standardized set of services across a wide geographic area, leveraging a centralized structure and local execution. (BrightView's key competitive advantage, enabling it to serve diverse clients across its 265+ branches.)

Adjusted Free Cash Flow

A measure of cash flow available to the company after accounting for operating expenses, capital expenditures, and certain adjustments. It indicates the cash generated that can be used for debt repayment, dividends, or reinvestment. (A key strategic focus for BrightView, indicating its ability to generate cash to fund growth and shareholder returns.)

Year-Over-Year Comparison

BrightView Holdings reported net service revenues of $2,672.8 million for fiscal 2025, a modest increase of 3.8% compared to the prior year, driven primarily by the Maintenance Services segment. The company maintained a strong Adjusted EBITDA margin of 13.2%, indicating continued operational efficiency. However, Net Income saw a slight decrease, resulting in a net income margin of 2.1%. No significant new risks were highlighted, but existing concerns around competition, customer concentration, and weather impacts remain relevant.

Key Financial Figures

• $0.01 — ch registered Common Stock, Par Value $0.01 Per Share BV New York Stock Exchang
• $124 billion — er in the highly attractive and growing $124 billion commercial landscape maintenance and sn
• $2,672.8 m — 5, we generated net service revenues of $2,672.8 million, net income of $56.0 million and
• $56.0 million — nues of $2,672.8 million, net income of $56.0 million and Adjusted EBITDA of $352.3 million,
• $352.3 m — of $56.0 million and Adjusted EBITDA of $352.3 million, with a net income margin of 2.1%
• $1,891.3 m — s, we generated net service revenues of $1,891.3 million, including $210.8 million from sn
• $210.8 million — revenues of $1,891.3 million, including $210.8 million from snow removal services, and Segment
• $245.5 m — ervices, and Segment Adjusted EBITDA of $245.5 million, with a Segment Adjusted EBITDA M
• $100,000 — lopment projects generally ranging from $100,000 to over $10 million, with an average si
• $10 m — generally ranging from $100,000 to over $10 million, with an average size of approxim
• $1.5 million — , with an average size of approximately $1.5 million. Depending on the scope of the work,
• $789.1 million — s, we generated net service revenues of $789.1 million and Segment Adjusted EBITDA of $106.8 m
• $106.8 m — million and Segment Adjusted EBITDA of $106.8 million, with a Segment Adjusted EBITDA M

Filing Documents

• bv-20250930.htm (10-K) — 3863KB
• bv-ex3_1.htm (EX-3.1) — 115KB
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• 0001193125-25-288109.txt ( ) — 19105KB
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Business

Business 7 Item 1A.

Risk Factors

Risk Factors 17 Item 1B. Unresolved Staff Comments 31 Item 1C. Cybersecurity 32 Item 2.

Properties

Properties 33 Item 3.

Legal Proceedings

Legal Proceedings 33 Item 4. Mine Safety Disclosures 33 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 33 Item 6. [Reserved] 35 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 35 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 51 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 51 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 51 Item 9A.

Controls and Procedures

Controls and Procedures 52 Item 9B. Other Information 52 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 52 PART III Item 10. Directors, Executive Officers and Corporate Governance 53 Item 11.

Executive Compensation

Executive Compensation 53 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 53 Item 13. Certain Relationships and Related Transactions, and Director Independence 53 Item 14. Principal Accounting Fees and Services 53 PART IV Item 15. Exhibits and Financial Statement Schedules 54 Item 16. Form 10-K Summary 54

Signatures

Signatures 60 iii SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this "Form 10-K") contains "forward-looking statements" within the meaning of the safe harbor provision of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which are subject to the "safe harbor" created by those sections. All statements, other than statements of historical facts included in this Form 10-K, including statements concerning our plans, objectives, goals, beliefs, business strategies, future events, business conditions, results of operations, financial position, business outlook, business trends and other information, may be forward-looking statements. Words such as "believes," "expects," "may," "will," "should," "seeks," "intends," "plans," "estimates," or "anticipates," and variations of such words or similar expressions are intended to identify forward-looking statements. The forward-looking statements are not historical facts, or guarantees of future performance and are based upon our current expectations, beliefs, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond our control. Our expectations, beliefs, and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. There are a number of risks, uncertainties and other important factors, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking statements contained in this Form 10-K. Such risks, uncertainties and other important

B usiness

Item 1. B usiness BrightView Holdings, Inc. is a holding company that conducts substantially all of its activity through its direct, wholly-owned operating subsidiary, BrightView Landscapes, LLC ("BrightView Landscapes") and its consolidated subsidiaries. The holding company and BrightView Landscapes are collectively referred to in this Form 10-K (the "Annual Report") as "we," "us," "our," "ourselves," "Company," or "BrightView." Our Company We are the largest provider of commercial landscaping services in the United States, with revenues approximately 4 times those of our next largest commercial landscaping competitor. We provide commercial landscaping services, ranging from landscape maintenance and enhancements to tree care and landscape development. We operate through a differentiated and integrated national service model which systematically delivers services at the local level by combining our network of over 265 branches with a qualified service partner network. Our branch delivery model underpins our position as a single-source end-to-end landscaping solution provider to our diverse customer base at the national, regional and local levels, which we believe represents a significant competitive advantage. We believe our commercial customer base understands the financial and reputational risk associated with inadequate landscape maintenance and considers our services to be essential and non-discretionary. We operate through two segments: Maintenance Services and Development Services. Our maintenance services are primarily self-performed through our national branch network and are route-based in nature. Our development services are comprised of sophisticated design, coordination and installation of landscapes at some of the most recognizable corporate, athletic and university complexes and showcase highly visible work that is paramount to our customers' perception of our brand as a market leader. As the number one player in the highly attractive and gr

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