BCO earnings analysis
What we found in BCO's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- 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%.
- 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.
- 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.
- 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.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- 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.
- 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.
- 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.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.07
- Gross margin
- 26.3%
- Operating margin
- 9.6%
- Segment
- North America revenue: $444.5 million, up 2% year over year (organic growth: 2%)
- Segment
- Latin America revenue: $351.6 million, up 10% year over year (organic growth: 2%)
- Segment
- Europe revenue: $377.0 million, up 5% year over year (organic growth: 2%)
- Segment
- Rest of World revenue: $219.2 million, up 16% year over year (organic growth: 15%)
What they said about what is next.
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.
The filing reads about the same as the one before it.
What came before.
- 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,…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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