Revenue declined 3.4% YoY in 2026Q3, with gross margin compressing to 21.2% from 25.1% in 2025Q4, indicating persistent cost pressures and limited pricing power.
BrightView Holdings, Inc. (BV) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Dec'16 |
|---|
| Sales/Revenue | 2.74B | 2.67B | 2.77B | 2.82B | 2.77B | 2.55B | 2.35B | 2.4B | 2.35B | 1.71B | 2.19B |
| Revenue Growth % | 1.45% | -3.41% | -1.74% | 1.49% | 8.65% | 8.85% | -2.44% | 2.17% | 37.35% | -21.59% | - |
| Cost of Goods Sold | 2.16B | 2.05B | 2.12B | 2.14B | 2.1B | 1.9B | 1.75B | 1.77B | 1.73B | 1.35B | 1.58B |
| COGS % of Revenue | - | 76.74% | 76.67% | 75.89% | 75.68% | 74.51% | 74.62% | 73.46% | 73.4% | 78.92% | 72.22% |
| Gross Profit | 575.1M | 621.7M | 645.6M | 678.9M | 674.8M | 650.8M | 595.3M | 638.2M | 626.1M | 361.27M | 607.16M |
| Gross Margin % | 21% | 23.26% | 23.33% | 24.11% | 24.32% | 25.49% | 25.38% | 26.54% | 26.6% | 21.08% | 27.78% |
| Gross Profit Growth % | - | -3.7% | -4.91% | 0.61% | 3.69% | 9.32% | -6.72% | 1.93% | 73.3% | -40.5% | - |
| Operating Expenses | 472.9M | 487.1M | 488.7M | 577.9M | 586.4M | 560.3M | 583.2M | 508.5M | 586.1M | 311.82M | 599.6M |
| OpEx % of Revenue | - | 18.22% | 17.66% | 20.52% | 21.13% | 21.94% | 24.86% | 21.15% | 24.9% | 18.2% | 27.44% |
| Selling, General & Admin | 454.6M | 457.8M | 496.5M | 533.4M | 534.9M | 508M | 527.4M | 452.2M | 481.2M | 311.82M | 468.04M |
| SG&A % of Revenue | - | 17.13% | 17.94% | 18.94% | 19.28% | 19.89% | 22.48% | 18.81% | 20.45% | 18.2% | 21.42% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 29.3M | -7.8M | 44.5M | 51.5M | 52.3M | 55.8M | 56.3M | 104.9M | 0 | 131.56M |
| Operating Income | 102.2M | 134.6M | 156.9M | 101M | 88.4M | 90.5M | 12.1M | 129.7M | 40M | 49.46M | 7.56M |
| Operating Margin % | 3.73% | 5.04% | 5.67% | 3.59% | 3.19% | 3.54% | 0.52% | 5.39% | 1.7% | 2.89% | 0.35% |
| Operating Income Growth % | - | -14.21% | 55.35% | 14.25% | -2.32% | 647.93% | -90.67% | 224.25% | -19.12% | 554.44% | - |
| EBITDA | 303.8M | 306.1M | 301.1M | 250.7M | 238.8M | 227.5M | 148.4M | 266.1M | 220.24M | 198.79M | 218.37M |
| EBITDA Margin % | 11.1% | 11.45% | 10.88% | 8.9% | 8.61% | 8.91% | 6.33% | 11.07% | 9.36% | 11.6% | 9.99% |
| EBITDA Growth % | 4.15% | 1.66% | 20.1% | 4.98% | 4.97% | 53.3% | -44.23% | 20.82% | 10.79% | -8.97% | - |
| D&A (Non-Cash Add-back) | 201.6M | 171.5M | 144.2M | 149.7M | 150.4M | 137M | 136.3M | 136.4M | 180.24M | 149.34M | 210.82M |
| EBIT | 106.6M | 135M | 158.9M | 94.3M | 72.9M | 93.2M | 13.4M | 129.7M | 6.63M | 43.07M | 9.79M |
| Net Interest Income | -56M | -53.7M | -62.4M | -97.4M | -53.3M | -42.3M | -64.6M | -72.5M | -97.8M | 0 | -94.66M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 98.08M | 0 |
| Interest Expense | 56M | 53.7M | 62.4M | 97.4M | 53.3M | 42.3M | 64.6M | 72.5M | 97.8M | 0 | 94.66M |
| Other Income/Expense | -69.6M | -53.3M | -60.4M | -104.1M | -68.8M | -39.6M | -63.3M | -72.5M | -121.3M | -72.7M | -92.42M |
| Pretax Income | 32.6M | 81.3M | 96.5M | -3.1M | 19.6M | 50.9M | -51.2M | 57.2M | -81.3M | -23.24M | -84.87M |
| Pretax Margin % | 1.19% | 3.04% | 3.49% | -0.11% | 0.71% | 1.99% | -2.18% | 2.38% | -3.45% | -1.36% | -3.88% |
| Income Tax | 12.3M | 25.3M | 30.1M | 4.6M | 5.6M | 4.6M | -9.6M | 12.8M | -66.2M | -9.29M | -32.5M |
| Effective Tax Rate % | 37.73% | 31.12% | 31.19% | -148.39% | 28.57% | 9.04% | 18.75% | 22.38% | 81.43% | 39.95% | 38.3% |
| Net Income | 11.4M | 56M | 66.4M | -7.7M | 14M | 46.3M | -41.6M | 44.4M | -15.1M | -13.96M | -52.36M |
| Net Margin % | 0.42% | 2.1% | 2.4% | -0.27% | 0.5% | 1.81% | -1.77% | 1.85% | -0.64% | -0.81% | -2.4% |
| Net Income Growth % | -78.85% | -15.66% | 962.34% | -155% | -69.76% | 211.3% | -193.69% | 394.04% | -8.2% | 73.35% | - |
| Net Income (Continuing) | 20.3M | 56M | 66.4M | -7.7M | 14M | 46.3M | -41.6M | 44.4M | -15.1M | -13.96M | -52.36M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.12 | 0.57 | 0.20 | -0.08 | 0.14 | 0.44 | -0.40 | 0.43 | -0.18 | -0.18 | -0.53 |
| EPS Growth % | -232.33% | 185% | 342.72% | -158.86% | -68.18% | 210% | -193.02% | 338.89% | 0% | 66.04% | - |
| EPS (Basic) | - | 0.59 | 0.21 | -0.08 | 0.14 | 0.44 | -0.40 | 0.43 | -0.18 | -0.18 | -0.53 |
| Diluted Shares Outstanding | 93.09M | 97.74M | 96.08M | 93.41M | 98.16M | 105.69M | 103.67M | 103.36M | 83.37M | 77.89M | 99.18M |
| Basic Shares Outstanding | 93.09M | 95.23M | 94.67M | 93.41M | 97.9M | 105.18M | 103.67M | 102.8M | 83.37M | 77.89M | 99.18M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying BV stock.
For fiscal year 2025, BrightView Holdings, Inc. (BV) reported total revenue of $2.67B. This represents a 22.3% increase compared to $2.19B in 2016.
BrightView Holdings, Inc. (BV) is profitable, generating $56.0M in net income for the fiscal year ending 2025 with a net profit margin of 2.1%.
BrightView Holdings, Inc. (BV) reported an operating income of $134.6M, resulting in an operating profit margin of 5.0%. This margin reflects the operational efficiency of the business before interest and taxes.
BrightView Holdings, Inc. (BV) generated $621.7M in gross profit for the year, representing a gross profit margin of 23.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Labor cost inflation pressure
Metrics are mathematically derived from official filings.
Revenue Contraction Persists
BrightView's revenue declined 3.4% year-over-year in the latest quarter, marking the fifth consecutive quarter of contraction, according to recent financial statements. The decline appears concentrated in Development Services, while Land Maintenance shows signs of stabilization.
The -3.4% YoY revenue decline in 2025Q4 follows a pattern of negative growth throughout 2025, with the only positive quarter being 2024Q2 at +3.5%. This suggests a structural slowdown rather than a temporary blip. The recent two quarters of Land Maintenance growth, as noted in the context, may indicate that the core recurring business is stabilizing, but the overall top line remains pressured by weakness in project-based Development Services. Investors should monitor whether this segment can return to growth, as the current trajectory implies limited organic expansion.
Gross Margin Ceiling at 25%
Gross margin peaked at 25.1% in 2025Q4, but the trailing twelve-month average is only 22.5%, according to reported figures. This suggests a structural ceiling near 25%, limiting pricing power in a competitive, labor-intensive industry.
The gross margin has fluctuated between 18.6% and 25.1% over the past ten quarters, with the highest levels occurring in Q4 (seasonally strong). The inability to sustain margins above 25% indicates that BrightView faces intense competition and cost pressures, particularly from labor and fuel. The recent quarter's 21.2% gross margin is below the year-ago level of 24.1%, suggesting that input cost inflation or mix shift is eroding profitability. Without a shift toward higher-margin ancillary services, margin expansion appears limited.
Operating Leverage Elusive
Operating income swung from a $55.2M profit in 2025Q4 to a $32.3M profit in 2026Q3, with operating margin compressing from 7.9% to 4.5%, based on SEC filings. SG&A costs have remained sticky, preventing operating leverage despite revenue growth.
SG&A expenses have hovered around $110-120M per quarter, even as revenue declined, indicating that overhead is not scaling down with revenue. This has caused operating margin to compress from 9.2% in 2024Q2 to 4.5% in 2026Q3. The lack of operating leverage suggests that the company's cost structure is too rigid for its revenue volatility. Management's ability to control SG&A will be critical to margin recovery, but the recent trend does not show improvement.
EPS Volatility Masks Core
Reported EPS swung from $0.17 in 2024Q2 to -$0.26 in 2026Q1, with net income often near breakeven, according to income statement data. Stock-based compensation of ~$4.5M per quarter adds a modest drag, but the primary volatility stems from seasonal and one-time items.
The net margin has ranged from -2.5% to 5.0% over the past ten quarters, with the most recent quarter showing a net loss of $2.8M despite an operating profit. This suggests that non-operating items, such as interest expense or tax adjustments, are impacting the bottom line. The EPS beat in the latest quarter (reported $0.17 vs. estimate $0.10) appears quality-driven, but the maintained guidance implies limited upside. Investors should scrutinize the sustainability of these earnings, as the thin net margin leaves little room for error.
Labor and Fuel Cost Pressures
COGS as a percentage of revenue rose to 78.8% in 2026Q3, up from 74.9% in 2025Q4, according to reported figures. This indicates that input costs, particularly labor and fuel, are outpacing pricing power, squeezing gross margins.
The increase in COGS ratio suggests that BrightView is unable to pass on cost increases to clients, likely due to fixed-price contracts and competitive bidding. The company's heavy reliance on low-skilled labor makes it vulnerable to wage inflation, and any spikes in fuel prices directly impact margins. Management's expense discipline appears insufficient to offset these pressures, as evidenced by the declining operating margin. Investors should monitor whether contract escalators can keep pace with cost inflation.
Margin Compression Risk Intensifies
Despite an EPS beat, operating margin remains compressed at 5.0%, leaving little buffer against rising labor costs or a softening in discretionary property spending, as per recent filings. The Land Maintenance growth may be achieved at the expense of margin quality.
The recent Land Maintenance growth, while positive, may be coming from lower-margin contracts or increased volume without corresponding pricing power. If this trend continues, the company could see revenue stabilize but margins deteriorate further. Additionally, the Development segment's cyclicality poses a risk if commercial construction slows. Short-sellers would argue that the company's moat is narrow and that its scale does not translate into pricing power, making it vulnerable to cost inflation and competitive pressures. The maintained guidance suggests management sees limited upside, which may indicate that the current earnings level is near its peak.