BrightView Land Growth Accelerates as Development Falls

The Tip Desk · November 12, 2026 · 4 min read

Fourth-quarter net service revenue was $677.3 million, down 3.6% year over year, as Development Services fell 17.8% and Land Maintenance rose 3.3%.

BrightView Holdings (BV), the leading commercial landscaping services company in the United States, reported fourth-quarter net service revenue of $677.3 million, a 3.6% year-over-year decline that reversed the 1.3% increase in the third quarter.

The commercial landscaper said the drop was driven by a $39.9 million decrease in Development Services, partially offset by a $15.3 million increase in Maintenance Services. Development Services revenue fell 17.8% to $184.2 million. The company attributed the decline to decreased project volumes impacted by the timing and mix of projects.

Land Maintenance revenue rose 3.3% year over year to $496.2 million, marking a third consecutive quarter of growth and an acceleration from 2.3% in the third quarter. President and Chief Executive Officer Dale Asplund said improved customer retention and continued investment in the salesforce supported momentum in the recurring segment. Maintenance Services revenue increased 3.2% to $495.7 million, which the company said was underpinned by higher commercial landscape services from ancillary services and contract revenue.

Adjusted EBITDA declined 11.6% year over year to $100.3 million, with Adjusted EBITDA margin down 130 basis points to 14.8%. Maintenance Services Adjusted EBITDA was $73.6 million, with margin down 40 basis points to 14.8%. Development Services Adjusted EBITDA fell 34.4% to $26.7 million, and the segment margin dropped 370 basis points to 14.5%. The company said the margin decline was primarily driven by increased labor and material costs as a percentage of revenue.

Net income was $8.3 million, while the loss available to common shareholders was $0.7 million, or $0.01 a share. A year earlier, net income was $27.7 million and basic earnings per share were $0.13. Adjusted earnings were $0.18 a share.

For the fiscal year ended September 30, 2026, net service revenue increased 1.5% to $2.7126 billion, below the $2.750 billion to $2.780 billion range the company issued after the third quarter. Maintenance Services revenue increased 6.0% to $2.0046 billion, including a 1.9% rise in Land Maintenance to $1.7116 billion and a 39.0% increase in Snow Removal to $293.0 million. Development Services revenue decreased 9.4% to $714.9 million, with Adjusted EBITDA down 18.4% to $87.2 million and margin down 130 basis points to 12.2%.

Full-year Adjusted EBITDA decreased 6.6% to $328.9 million, with margin down 110 basis points to 12.1%, versus the $340 million to $345 million range issued after the third quarter. Adjusted Free Cash Flow swung to an outflow of $2.2 million from an inflow of $65.2 million a year earlier, versus the $70 million to $80 million range issued after the third quarter. The company said the free-cash-flow decrease was due to a decline in net cash provided by operating activities, partially offset by lower capital expenditures and higher proceeds from property sales.

Total Net Financial Debt was $1.0139 billion as of September 30, 2026, up from $802.9 million a year earlier, lifting the Total Net Financial Debt to Adjusted EBITDA ratio to 3.1x from 2.3x. The company said the increase was primarily driven by higher Total Financial Debt and lower cash and equivalents. It repurchased 1.2 million shares in the fourth quarter, bringing full-year repurchases to 4.1 million shares.

For fiscal 2027, BrightView guided total revenue of $2.535 billion to $2.720 billion, Adjusted EBITDA of $335 million to $355 million (about 13.2% margin, or about 110 basis points of expansion), and Adjusted Free Cash Flow of $110 million to $130 million. Land Maintenance revenue is guided at about $1.763 billion to $1.780 billion, or about 3% to 4% growth. Snow Removal is guided at about $210 million to $230 million, an approximate five-year average. Development Services is guided at about $572 million to $715 million, or about (20%) to flat. Asplund said the company enters fiscal 2027 expecting that Land Maintenance growth and a return to Adjusted EBITDA margin expansion.