Free cash flow remains erratic, oscillating between a peak of $70.7 million in 2024Q2 and a trough of -$47.8 million in 2025Q3, further complicated by capital expenditures that reached 14.6% of revenue in 2025Q3.
| Cash from Operations | 222.4M | 291.8M | 205.6M | 129.9M | 106.9M | 148.4M | 245.1M | 169.7M | 180.4M | 78.9M | 111.95M |
| Operating CF Margin % | - | 10.92% | 7.43% | 4.61% | 3.85% | 5.81% | 10.45% | 7.06% | 7.66% | 4.6% | 5.12% |
| Operating CF Growth % | -1.16% | 41.93% | 58.28% | 21.52% | -27.96% | -39.45% | 44.43% | -5.93% | 128.65% | -29.52% | - |
| Net Income | 37.7M | 56M | 66.4M | -7.7M | 14M | 46.3M | -41.6M | 44.4M | -15.1M | -13.96M | -52.36M |
| Depreciation & Amortization | 148.4M | 171.5M | 144.2M | 149.7M | 150.4M | 137M | 136.3M | 136.4M | 180.2M | 149.34M | 210.82M |
| Stock-Based Compensation | 13M | 18.2M | 20.2M | 22.1M | 18.9M | 19.7M | 23.6M | 15.7M | 28.8M | 2.85M | 2.77M |
| Deferred Taxes | 19.3M | 21M | 1.7M | -21.5M | -6.6M | 28.9M | -27.1M | -2.3M | -63.4M | -34.83M | -42.76M |
| Other Non-Cash Items | 19.5M | -15.9M | -59.9M | -8.7M | 13.6M | 4.2M | 44.6M | 10.4M | 46.8M | 318.13M | 16.07M |
| Working Capital Changes | -24.3M | 41M | 33M | -4M | -83.4M | -87.7M | 109.3M | -34.9M | 3M | -39.81M | -22.58M |
| Change in Receivables | 24.6M | 12.2M | 19.9M | -52.6M | -6.3M | -41.9M | 18.6M | -12.8M | 25.2M | -24.24M | -23.72M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 700K | -2.4M | 1.7M | 6.16M | 720K |
| Change in Payables | -19.4M | 8M | -20.4M | 36.9M | -59.7M | 8.4M | 74M | -2M | -9.9M | 16.78M | 46.46M |
| Cash from Investing | -192.3M | -223.9M | -5.6M | -61.4M | -193.7M | -158.7M | -108.8M | -145.5M | -179.3M | -97.46M | -69.53M |
| Capital Expenditures | -216.6M | -254.2M | -78.4M | -71.3M | -107.3M | -61.2M | -52.7M | -89.9M | -86.4M | -50.63M | -75.61M |
| CapEx % of Revenue | 7.94% | 9.51% | 2.83% | 2.53% | 3.87% | 2.4% | 2.25% | 3.74% | 3.67% | 2.95% | 3.46% |
| Acquisitions | -300K | -500K | -5.1M | -13.8M | -93.1M | -107.7M | -61.8M | -64M | -104.4M | -47.49M | 5.96M |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 24.6M | 30.8M | 77.9M | 23.7M | 6.7M | 10.2M | 5.7M | 8.4M | 11.5M | 657K | 6.07M |
| Cash from Financing | -88.2M | -133.8M | -126.6M | -21.6M | -16.8M | -23.1M | -18.3M | -20.3M | 21.3M | -36.62M | -46.45M |
| Debt Issued (Net) | -41.3M | -63M | -123.1M | -491.6M | 164.1M | -21M | -20.3M | 101.2M | -368.3M | -185.52M | -18.13M |
| Equity Issued (Net) | -34.6M | -21.1M | -100K | 494M | -162.2M | -100K | 300K | -1.2M | 498.3M | -1.1M | -28.31M |
| Dividends Paid | -26.8M | -35.8M | -17.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -36.2M | -24.2M | -3.1M | -2.2M | -163.8M | -1.9M | -1.5M | -1.2M | -2.9M | -1.23M | -30.23M |
| Other Financing | 14.5M | -13.9M | 14.4M | -24M | -18.7M | -2M | 1.7M | -120.3M | -108.7M | 144.57M | 0 |
| Net Change in Cash | -104.3M | -65.9M | 73.4M | 46.9M | -103.6M | -33.4M | 118M | 3.9M | 22.4M | -55.19M | -4.03M |
| Free Cash Flow | 5.8M | 37.6M | 127.2M | 58.6M | -400K | 87.2M | 192.4M | 79.8M | 94M | 28.27M | 36.34M |
| FCF Margin % | 0.21% | 1.41% | 4.6% | 2.08% | -0.01% | 3.41% | 8.2% | 3.32% | 3.99% | 1.65% | 1.66% |
| FCF Growth % | -94.19% | -70.44% | 117.06% | 14750% | -100.46% | -54.68% | 141.1% | -15.11% | 232.55% | -22.21% | - |
| FCF per Share | 0.06 | 0.38 | 1.32 | 0.63 | -0.00 | 0.83 | 1.86 | 0.77 | 1.13 | 0.36 | 0.37 |
| FCF Conversion (FCF/Net Income) | 0.15x | 5.21x | 3.10x | -16.87x | 7.64x | 3.21x | -5.89x | 3.82x | -11.95x | -5.65x | -2.14x |
| Interest Paid | -29.8M | 56.7M | 67.7M | 0 | 48.7M | 40.1M | 61.4M | 71.7M | 84.3M | 0 | 86.37M |
| Taxes Paid | -1.2M | 6.3M | 34.4M | 0 | 17.3M | 19.5M | 8.6M | 1.9M | 16.2M | 0 | 18.67M |
Seasonal working capital volatility
As reported in recent financial filings, BrightView’s operating cash flow frequently diverges from net income, with OCF/NI ratios swinging from -6.51 in 2026Q2 to 14.25 in 2025Q2, suggesting that accounting earnings are poor proxies for the actual cash-generating capacity of the underlying landscaping service operations.
The significant volatility in the OCF/NI ratio indicates that accrual-based accounting adjustments, likely related to seasonal billing and contract timing, mask the true cash performance of the business. Investors should monitor whether this disconnect reflects genuine operational friction or merely the timing of service delivery versus cash collection.
Based on the provided quarterly data, BrightView’s free cash flow trajectory is highly inconsistent, oscillating between a peak of $70.7 million in 2024Q2 and a trough of -$47.8 million in 2025Q3, highlighting the company's struggle to maintain positive cash generation across all seasonal cycles.
The inability to sustain positive FCF margins suggests that the business model is highly sensitive to seasonal working capital requirements and capital expenditure spikes. This inconsistency complicates long-term valuation, as the company appears to rely on specific high-activity quarters to offset cash burn during slower periods.
According to historical cash flow statements, BrightView’s capital expenditure as a percentage of revenue has reached as high as 14.6% in 2025Q3, indicating that the firm must continuously reinvest significant capital to maintain its fleet and equipment base, which limits overall free cash flow conversion.
The high level of maintenance capex relative to revenue suggests that the company's asset base is aging or requires constant renewal to support its service delivery model. This capital intensity acts as a structural drag on profitability, preventing the company from achieving the higher margins seen in less asset-heavy service peers.
As evidenced by the quarterly cash flow data, BrightView experiences massive swings in working capital, such as the $56.2 million inflow in 2024Q2 followed by a $25.9 million outflow in 2025Q3, reflecting the inherent difficulty of managing cash cycles in a highly seasonal service industry.
These dramatic fluctuations suggest that the company's cash position is heavily dependent on the timing of client payments and the seasonal nature of landscaping contracts. Analysts should interpret these movements as a sign of operational complexity rather than a failure of management, though it does increase liquidity risk during off-peak quarters.
Quick answers to the most common questions about buying BV stock.
BrightView Holdings, Inc. (BV) generated $291.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
BrightView Holdings, Inc. (BV) generated $37.6M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
BrightView Holdings, Inc. (BV) spent $254.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, BrightView Holdings, Inc. (BV) returned $35.8M to shareholders via cash dividends and spent $24.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.