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NEW YORK - BrightView Holdings , Inc. (NYSE:BV), the leading U.S. commercial landscaping company, reported third-quarter fiscal 2025 results that fell short of analyst expectations, with revenue declining 4.1% YoY to $708.3 million, below the consensus estimate of $725.71 million. Adjusted earnings per share came in at $0.30, missing analyst expectations of $0.33.
Despite the revenue decline, the company reported a 37.4% increase in net income to $32.3 million and a 4.9% rise in adjusted EBITDA to $113.2 million. Adjusted EBITDA margin expanded 140 basis points to 16.0%, reflecting the company’s ongoing cost management initiatives.
"We continue to execute on our One BrightView strategy, which is underpinned by prioritizing our employees and delivering best-in-class service to our customers," said Dale Asplund, BrightView President and Chief Executive Officer. "Our record year-to-date Adjusted EBITDA and Adjusted EBITDA margin reflect the meaningful progress of our transformation as we continue to focus on driving sustained, long-term profitable growth and shareholder value."
The revenue decrease was primarily driven by a $13.7 million reduction in development services due to timing delays in projects, combined with a $13.3 million decline in the commercial landscaping business. Snow removal services also decreased by 30.6% to $5.9 million.
BrightView maintained its full-year 2025 guidance, projecting total revenue between $2.68 billion and $2.73 billion, and adjusted EBITDA between $348 million and $362 million. The company expects adjusted EBITDA margin to improve by approximately 130 basis points and adjusted free cash flow to range from $60 million to $75 million.
For the nine months ended June 30, 2025, BrightView reported net cash provided by operating activities of $207.4 million, an increase of $55.3 million YoY, while adjusted free cash flow decreased to $25.8 million from $120.2 million in the prior year period, primarily due to higher capital expenditures.
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