The Brinks Company: financial statements

BCONYSEIndustrials · Arrangement of Transportation of Freight & Cargo

Price

$116.85

November 13, 2026Market cap $4.8B

DCF calculator

What Ploutos Investor adds for Brinks

Part of Ploutos Investor, €9.99 a month

See the plans

The full history: 17 fiscal years, from 2009
The estimated fair value, with its range and its certainty
The full analysis, 18 a month
More questions to the chat on its filings
Excel with every year
An email when it reports, changes its dividend or an officer buys

Financial statements

Each fiscal year's income statement, balance sheet and cash flow as the company filed them, and the latest quarters.

2023–2025 fiscal years

Click a line to see it on the chart.

Revenue

+3.9% a year over 2 years

Line	2023	2024	2025	Average a year
Revenue	$4.9B	$5.0B	$5.3B	+3.9%
Cost of revenue	$3.7B	$3.7B	$3.9B	+2.6%
Gross profit	$1.2B	$1.3B	$1.4B	+7.8%
Operating income	$425M	$453M	$586M	+17.3%
Net income	$88M	$163M	$200M	+50.9%
Earnings per share	$1.87	$3.63	$4.69	+58.3%
Earnings per share, basic	$1.90	$3.68	$4.73	+57.7%
Margins
Gross margin	24.0%	25.3%	25.8%
Operating margin	8.7%	9.0%	11.1%
Net margin	1.8%	3.3%	3.8%

Financial statements

BCO's revenue, profits and cash flows from 2009 to 2022, 14 more fiscal years

Part of Ploutos Investor, €9.99 a month

See the plans

By segment

Revenue and operating income by business segment or by product, as the company itself reports them in each year's 10-K. Each year from the latest filing that carries it, so a segment renamed or re-cut shows in its current form.

Segment	2023	2024	2025	Share 2025
North America	$1.6B	$1.6B	$1.7B	33%
Europe	$1.2B	$1.3B	$1.4B	27%
Latin America	$1.3B	$1.3B	$1.3B	25%
Restof World	$728M	$746M	$800M	15%

By segment

BCO's revenue by segment from 2013 to 2022, 10 more fiscal years

Part of Ploutos Investor, €9.99 a month

See the plans

From the XBRL of 11 of the company's annual reports to the SEC (ASC 280). Amounts in dollars.

Amounts are in dollars as the company filed them in its annual reports (10-K or 20-F). Those reporting in another currency are converted at each fiscal year-end rate. Shares and earnings per share are adjusted for splits.

Debt and obligations

What the company owes beyond the loans on its balance sheet, and when it pays, from the notes to its annual report: debt maturities, leases, pension plans, goodwill by segment, and how it gets to the tax it pays.

$2.9B Due within 2 years$673M Leases88% Pensions funded

When the debt falls due

Dec 31, 2025

Due within 2 years

$2.9B

Principal of loans and bonds falling due, from the annual report dated December 31, 2025, without leases and interest. The filing

Leases

Dec 31, 2025

Operating leases

$402M

Finance leases

$270M

The liability is the present value of the rent still to pay, at December 31, 2025. It is not counted in the ladder's debt. The filing

Pension plans

Dec 31, 2025

Defined-benefit pensions

88%funded

Deficit $116M.

The obligation is the present value of the pensions employees have already earned, at December 31, 2025. A deficit is the company's to fill with contributions. The filing

ObligationPlan assets

Goodwill by segment

Dec 31, 2025

Total goodwill

$1.5B

NorthAmerica$487M32%

Goodwill is what the company paid in acquisitions above the value of what it bought, at December 31, 2025. If an acquisition earns less, the goodwill is impaired and earnings fall. The filing

$1.5BTotal goodwill

From the statutory to the effective tax rate, 2025

Dec 31, 2025

Statutory rate

21.0%

Effective rate

40.5%

+19.5 pts

The company paid 40.5% in tax on its profit, 19.5 points above the US federal rate (21.0%). Below, the reasons it gives.

Statutory rate

21.0%

Foreign rate differential · Other countries

+5.2 pts

Difference the filing does not itemize

+14.3 pts

Effective rate

40.5%

One point is 1% of profit before tax. The lines are as the company states them in the notes to its annual report. The filing

Claims ahead of shareholders

What stands between the business and its shareholders besides the debt, and the financial assets on the other side, from the latest balance sheet.

$193M ahead of the shares4.0% of market value

Besides its $4.6B of debt, $193M of other claims rank ahead of the shares, about 4.0% of the market value.

Ahead of the shares

at Sep 30, 2026: $85M
at Dec 31, 2025; $116M before tax, after tax at 38%: $72M
at Dec 31, 2025: $36M

From the balance sheet of September 30, 2026. The retirement and environmental lines and the pension deficit come from the latest annual report when the quarter's filing does not state them, each with its own date. Market value at the price of November 13, 2026. A line is listed when it is at least 0.5% of the market value. A description of the balance sheet, not a valuation.

Earnings quality

How the reported earnings were made, read from the filings. A description, not a score: our tests found no link between these measures and later share returns.

Where the change in earnings per share came from

Diluted earnings per share went from $3.64 in the fiscal year to Dec 31, 2024 to $4.70 in the year to Dec 31, 2025, a change of +$1.06.

Measured by size, 41.2% of the movement came from outside sales and operating margin: interest and other items, the tax rate, what went to others and the share count.

: +$0.34
: +$1.45
: -$0.61
: -$0.38
: +$0.04
: +$0.22

Earnings per share is split as sales times operating margin, plus interest and other items, after tax, times the part that goes to the common shareholders, divided by the diluted share count. Each source's part is its average effect over every order in which the six can change, so the parts add up exactly to the change. From the annual reports; net income over the diluted count matches the earnings per share the company filed within 2%.

Receivables and inventory against sales

In the quarter to Sep 30, 2026, sales were +3.0% on the same quarter a year earlier, and receivables +7.6%.

a year earlier 55 days: 57 days

Balances at Sep 30, 2026 and Sep 30, 2025, against the sales and cost of sales of the quarter ending on each date; a fourth quarter is the fiscal year less its first nine months. Same quarter against same quarter, so the season is the same.

Allowance for doubtful accounts

The allowance for receivables that may not be collected was 2.0% of gross receivables at Sep 30, 2026, against 2.3% a year earlier.

At last year's share it would be $3.1M larger. A smaller allowance means a smaller charge for bad debts in profit.

a year earlier $19M: $18M

Taxes: deferred and paid

The deferred part was 14.9% of the tax charge in the year to Dec 31, 2025. The rows show the last 3 years.

Cash taxes paid were 111.2% of the current tax charge in the year to Dec 31, 2025.

Deferred share, year to Dec 31, 2025$21M of $143M: 14.9%
Deferred share, year to Dec 31, 2024-$18M of $93M: -19.4%
Deferred share, year to Dec 31, 2023$23M of $139M: 16.3%
$136M paid, $122M current: 111.2%

When profit in the accounts runs ahead of taxable profit, the deferred part grows. It also moves for reasons unrelated to how earnings are booked: tax-law changes, the use of past losses, and the US rule since 2022 that spreads research costs over five years. Where the notes report it, the tax-rate bridge under Debt and obligations shows how the rate gets from the statutory one to the effective one.

A reading is called out when it is above the 90th percentile of the same reading across the S&P 500, or, for a fall, below the 10th, as measured on 9 November 2026. Each part uses only the company's own filings.

The full analysis

What do Brinks's filings show?

These are Brinks's figures from its filings. The full Ploutos AI analysis reads everything the company has filed and shows what stands behind it, with a source for every figure.

A fair value range built from the filings
Earnings quality, debt and red flags
Insider and institutional moves
The case for and the case against

Questions about BCO's financials

Didn't find what you were looking for?

Ask us

How much revenue did BCO have in 2025?

Brinks had revenue of $5.3B and net income of $200M in fiscal 2025, a net margin of 3.8%.

How much debt does BCO have?

On December 31, 2025 Brinks had total assets of $7.3B, debt of $4.1B and shareholders' equity of $278M.

How much free cash flow does BCO have?

In fiscal 2025 Brinks had cash from operations of $640M and spent $203M on capital expenditure, leaving $436M of free cash flow.

Where are the figures from?

From The Brinks Company's annual and quarterly reports to the SEC, read from the structured data (XBRL) it files itself.

The other pages on US stocks, free to read. On the company pages, the last three fiscal years are open to everyone, five with a free account, and every year with Ploutos Investor.

US stocksThe market today, the sectors, the largest companies and the week's results.The market's sectorsThe 11 sectors side by side: returns, share of the market, median P/E and dividend.Compare stocksTwo companies side by side: price over up to ten years, with and without dividends, and every figure.US dividend stocksEach dividend's yield next to whether the company's cash covers it and whether it was ever cut.

The figures come from the company's SEC filings and the share price, and describe what it has reported. They are not a score or a fair value.