BrightView Holdings, Inc.

BrightView reported third-quarter 2026 total revenue of $718 million, up 1.3% year over year. Land Maintenance revenue increased 2.3% year over year, and management said the contract book grew 4% from Q2 2025. Reported adjusted EBITDA was $96 million at a 13.3% margin; excluding a $4 million fuel headwind and a $16 million self-insurance adjustment, EBITDA would have been $116 million at a 16.2% margin. For 2026, the company reaffirmed Land revenue growth of 2% to 3%, guided total revenue to $2.75 billion to $2.78 billion, and lowered adjusted free cash flow guidance to $70 million to $80 million. Management also said that excluding the fuel and self-insurance impacts, adjusted EBITDA guidance would have been about $365 million to $370 million.

Dale Asplund framed the quarter as evidence that BrightView’s transformation is translating into better retention, a larger contract book, and more predictable growth. He emphasized second-quarter and third-quarter organic Land Maintenance growth, improved frontline turnover and customer retention, and the decision to keep a long-term customer-first approach rather than impose short-term fuel surcharges. His tone was upbeat and confident, repeatedly pointing to “momentum” and saying the company is on track to deliver on long-term targets despite near-term headwinds.

Brett Urban focused on the numbers behind the quarter and the guidance reset. He highlighted $718 million of revenue, $96 million of reported adjusted EBITDA, a $4 million fuel headwind, and a $16 million self-insurance adjustment, then noted that excluding those items EBITDA would have been $116 million at a 16.2% margin. He also said the company extended all three debt tranches, received more than 2x the financial commitments on the term loan extension, and added $100 million of capacity, while free cash flow guidance moved to $70 million to $80 million.

Analysts pressed management on how much of the Land Maintenance momentum is durable into Q4 and 2027, and whether the 3% to 6% Q4 Land growth range depends on ancillary pricing. Management said the contract book is the main driver, but ancillary can swing the quarter depending on pricing and customer acceptance. They also discussed fuel pricing and said annual renewals are concentrated in Q4 in southern markets and in March-April in northern markets, which creates a pricing opportunity next year. On cash flow, Urban said next year should benefit from lower CapEx as fleet refresh winds down, and that the business should show higher cash conversion in 2027.