Key Highlights

  • Non-GAAP diluted EPS rose 18% to USD 2.46, above the USD 2.21 estimate, while GAAP EPS fell to USD 0.35.
  • Revenue grew 3% to USD 1,374.6 million, slightly below the USD 1.39 billion estimate, with organic growth of 4%.
  • Non-GAAP Operating Margin widened to 15.1% from 14.1%, and adjusted EBITDA increased 8% to USD 273.6 million.
  • Incident losses and deal costs cut GAAP operating profit 14% to USD 131.0 million; net Debt was USD 2,731.7 million.

The Brink's Company (NYSE:BCO) reported third quarter Revenue of USD 1,374.6 million, up 3% from USD 1,335.0 million and a little under the USD 1.39 billion estimate. Non-GAAP diluted EPS from continuing operations was USD 2.46 against USD 2.09 a year earlier and the USD 2.21 estimate. GAAP diluted EPS from continuing operations was USD 0.35, compared with USD 0.86.

Organic Growth Lifts Underlying Profit

Organic revenue growth of USD 47.9 million came from Rest of World (USD 28.0 million), Europe (USD 8.0 million), Latin America (USD 6.2 million) and North America (USD 5.7 million). Currency added USD 15.1 million, mainly from the Mexican peso, Colombian peso and Brazilian real, while the deconsolidation of Malaysia operations and other changes subtracted USD 23.4 million. Organic growth came from ATM managed services, digital retail solutions, price increases and global services.

Non-GAAP operating profit rose 11% to USD 208.2 million, and non-GAAP income from continuing operations attributable to shareholders increased 16% to USD 102.2 million. Adjusted EBITDA reached USD 273.6 million, up from USD 253.3 million. For nine months, non-GAAP EPS was USD 6.40 against USD 5.51, and adjusted EBITDA was USD 768.3 million.

Why GAAP Results Trailed

GAAP operating profit fell USD 21.4 million to USD 131.0 million, and the GAAP margin dropped to 9.5% from 11.4%. Higher expenses tied to the NCR Atleos Acquisition and transformation initiatives accounted for USD 37.6 million of the decline, and incident-related losses added USD 26.6 million. The company recognized USD 19.6 million for a September 2026 precious metals robbery in its global services Business and USD 7.0 million for inventory damaged in a flood at a North America warehouse.

Cost of revenues rose 5% to USD 1,040.3 million, and selling, general and administrative costs climbed 13% to USD 224.0 million. GAAP income from continuing operations attributable to shareholders was USD 14.6 million, down from USD 36.2 million. Nine month GAAP revenue was USD 4,142.0 million, up 7%.

Cash Flow, Debt and the NCR Atleos Deal

Free Cash Flow before dividends for the first nine months was USD 151.7 million, compared with USD 174.3 million a year earlier, as capital expenditures fell to USD 112.1 million from USD 155.4 million. Restricted cash held for customers fell USD 106.2 million, against a USD 31.9 million decline in the prior year period.

Total debt was USD 4,155.1 million, and cash and equivalents were USD 1,563.2 million, leaving net debt at USD 2,731.7 million versus USD 2,594.8 million at year end 2025. The March 2026 Credit Facility amendment provides a USD 1 billion revolver, USD 1.2 billion of term loans and a USD 1.0 billion delayed draw term Loan commitment.

The NCR Atleos purchase agreement dates to February 26, 2026, and closing is now targeted for early January 2027, subject to regulatory approval. The UK Competition and Markets Authority accepted in principle a proposed divestiture of NoteMachine and TestLink UK, which is now held for sale with USD 240.5 million of assets. The board declared a quarterly Dividend of USD 0.255 per share.

Next Reporting Checkpoints

Non-GAAP EPS of USD 2.46 compares with the USD 2.21 estimate and GAAP EPS of USD 0.35. Revenue of USD 1,374.6 million compares with the USD 1.39 billion estimate. Non-GAAP operating profit of USD 208.2 million sits above GAAP operating profit of USD 131.0 million, and net debt of USD 2,731.7 million compares with cash available for general purposes of USD 1,423.4 million.