BrightView’s third quarter results for 2025 fell short of Wall Street expectations, with revenue declining year over year and non-GAAP profit below consensus estimates. Management attributed these results to ongoing macroeconomic headwinds and delayed discretionary spending in its land maintenance business. CEO Dale Asplund cited improvements in employee retention and customer satisfaction, stating, “Our unwavering focus on delivering world-class service to our customers continues to yield meaningful momentum in customer retention.” The company also made significant investments in refreshing its fleet and expanding its sales force, which management believes will lay the groundwork for future growth despite near-term challenges.
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BrightView (BV) Q3 CY2025 Highlights:
- Revenue: $702.8 million vs analyst estimates of $722.9 million (3.6% year-on-year decline, 2.8% miss)
- Adjusted EPS: $0.27 vs analyst expectations of $0.32 (14.7% miss)
- Adjusted EBITDA: $113.5 million vs analyst estimates of $113.3 million (16.1% margin, in line)
- EBITDA guidance for the upcoming financial year 2026 is $370 million at the midpoint, below analyst estimates of $375.8 million
- Operating Margin: 7.9%, in line with the same quarter last year
- Market Capitalization: $1.18 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From BrightView’s Q3 Earnings Call
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Benjamin Luke McFadden (William Blair) asked about discretionary spending trends in land maintenance. CEO Dale Asplund noted positive momentum in ancillary demand and expects improvement as delayed projects resume.
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Bob Labick (CJS Securities) questioned the remaining opportunity for improvement in employee retention and its impact on customer retention. Asplund responded that the company is only halfway through its retention improvement roadmap, with further gains possible.
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Andrew J. Wittmann (Baird) inquired about elevated capital expenditures and the impact of fleet investments. CFO Brett Urban explained that 2026 will see continued above-average investment to complete fleet refreshment, after which spending should normalize.
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Jeffrey Stevenson (Loop Capital) sought details on the rollout of the field service management system and development project delays. Asplund clarified that the system will be fully implemented in the first half of the year and that development backlogs are expected to clear, supporting growth.
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Greg Palm (Craig-Hallum) asked about labor market pressures and immigration policy impacts. Asplund stated that investments in workforce stability have positioned BrightView to benefit from competitors’ labor challenges and support potential share gains.
Catalysts in Upcoming Quarters
In the coming quarters, the StockStory team will closely monitor (1) the ramp-up in salesforce productivity and whether it translates into sustained revenue growth, (2) the rollout and impact of the new field service management system on operational efficiency, and (3) continued progress in customer and employee retention rates. We will also track the pace of ancillary service adoption and any signs of recovery in discretionary spending within core segments.
BrightView currently trades at $12.50, up from $11.85 just before the earnings. Is there an opportunity in the stock?Find out in our full research report (it’s free for active Edge members).
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