10-Q · May 6, 2026
In Q1 2026, Brink's Company reported revenues of $1.375 billion, a 10% year-over-year increase, but fell short of the $1.362 billion estimate. Earnings per share (EPS) declined to $0.77 from $1.19 in the previous year,…
Earnings analysis · 10-Q
BCO earnings analysis
Filed August 5, 2026 · Our reading of the company's report
The latest report
Brink's delivered 7% second-quarter revenue growth to $1.3923 billion and lifted GAAP EPS 4% to $1.07, with all four segments growing and Rest of World leading at 16%. Adjusted results strengthened, including a 100-bp…
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Brink's delivered 7% second-quarter revenue growth to $1.3923 billion and lifted GAAP EPS 4% to $1.07, with all four segments growing and Rest of World leading at 16%. Adjusted results strengthened, including a 100-bp increase in non-GAAP operating margin to 13.6%, but GAAP operating margin declined 70 bps to 9.6% as NCR Atleos acquisition and transformation costs reached $36.4 million. Liquidity remains adequate with $500 million available on the revolving credit facility, although net debt rose $135.1 million from year-end and first-half GAAP operating cash flow decreased $78.6 million.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.07
What stood out
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Revenue rose 7% year over year
Second-quarter revenue increased 7% year over year to $1.3923 billion, including $53.9 million of organic growth and a $37.4 million favorable currency effect. Revenue was approximately 1% above the $1.38 billion reported in 2026Q1.
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EPS and adjusted profitability improved
GAAP diluted EPS from continuing operations increased 4% to $1.07 from $1.03, while non-GAAP EPS increased 18% to $2.13 from $1.81. Non-GAAP operating margin expanded 100 bps to 13.6%.
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Rest of World and Europe led segment growth
All four operating segments grew, led by Rest of World: revenue rose 16% to $219.2 million and segment operating profit increased 36% to $52.0 million. Europe operating profit rose 21% to $51.5 million.
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Americas segment profit expanded
North America operating profit increased 12% to $69.6 million on $444.5 million of revenue, while Latin America operating profit rose 10% to $60.5 million on $351.6 million of revenue.
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First-half free cash flow turned positive
First-half free cash flow before dividends improved to $32.0 million from a $0.4 million outflow, principally as capital expenditures fell $35.8 million to $74.9 million.
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NCR Atleos deal targets 2027 close
Management expects the NCR Atleos transaction to close in the first quarter of 2027, subject to regulatory approval and customary conditions; it views the deal as expanding AMS and DRS scale.
What to watch
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GAAP margin fell amid transformation costs
GAAP operating profit was effectively flat at $133.3 million versus $133.9 million, and GAAP operating margin declined 70 bps to 9.6%. The decline reflected $36.4 million of NCR Atleos acquisition and transformation costs during the quarter.
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Net debt rose $135.1 million
Net debt increased to $2.7299 billion at June 30, 2026 from $2.5948 billion at December 31, 2025. Total debt rose to $4.2423 billion, while cash available for general corporate purposes declined to $1.5124 billion from $1.6195 billion.
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Operating cash flow declined in first half
GAAP operating cash flow fell $78.6 million year over year to $65.2 million in the first half, with management citing lower operating profit and customer restricted-cash movements.
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Atleos execution and cost exposure remains
NCR Atleos acquisition and transformation costs totaled $75.3 million in the first six months of 2026, compared with $10.5 million in the prior-year period. The proposed transaction remains subject to regulatory approval and other closing conditions.
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No material risk-factor updates
Item 1A states there were no material changes to risk factors disclosed in the 2025 Form 10-K. Accordingly, the filing does not identify a newly added or materially revised risk factor.
Management's outlook
The 10-Q provides no explicit quantitative revenue or EPS outlook. Management states that the NCR Atleos acquisition is expected to close in the first quarter of 2027, subject to regulatory approval and customary closing conditions.
Earlier filings 4
10-K · February 26, 2026
Brink’s 2025 10-K emphasizes a strategy of customer-centric, tech-enabled growth across Cash & Valuables Management (CVS) and Digital Retail/ATM services (DRS/AMS). Revenue mix remained weighted to CVS (~$3.8B; 72% of…
10-Q · November 6, 2024
Brink’s reported Q3 revenues of $1,258.5M, up $31.1M (3% YoY) with 13% organic growth, but operating profit fell to $111.6M (8.9% margin) and GAAP diluted EPS from continuing operations declined to $0.65 from $0.97.…
10-Q · May 8, 2024
Brink’s reported 1Q24 revenue of $1,236.1M, up $50.7M year-over-year, with GAAP operating profit rising to $120.9M (+$41.1M) and GAAP diluted EPS from continuing operations of $1.09 (vs. $0.30 prior year). Non‑GAAP…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.