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Integrated freight & logistics · Industrials · Fiscal year ends Dec 31
Brinks reported revenue of $5.3B in the fiscal year ended Dec 2025, up 5.0% from the year before. Operating income was $586M, an operating margin of 11.1%, and net income was $200M. Operating cash flow of $640M less capital expenditure of $203M left free cash flow of $436M. Net debt was $2.2B.
Ranks among the 10 integrated freight & logistics companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 4,200 | 4,536 | 4,875 | 5,012 | 5,261 |
| Cost of revenue | 3,236 | 3,462 | 3,707 | 3,743 | 3,903 |
| Gross profit | 964 | 1,074 | 1,168 | 1,269 | 1,358 |
| Operating income | 355 | 361 | 425 | 453 | 586 |
| Interest expense | 112 | 139 | 204 | 235 | 246 |
| Pre-tax income | 236 | 226 | 236 | 266 | 354 |
| Income tax | 120 | 41.4 | 139 | 92.7 | 143 |
| Net income | 105 | 171 | 87.7 | 163 | 200 |
| Diluted EPS | 2.10 | 3.57 | 1.87 | 3.63 | 4.69 |
| Diluted shares | 50.1 | 47.8 | 46.9 | 44.8 | 42.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 710 | 972 | 1,177 | 1,395 | 1,726 |
| Receivables | 702 | 862 | 779 | 734 | 766 |
| Current assets | 2,000 | 2,597 | 2,788 | 2,888 | 3,329 |
| Net PP&E | 866 | 935 | 1,013 | 983 | 1,131 |
| Goodwill | 1,412 | 1,451 | 1,474 | 1,435 | 1,515 |
| Total assets | 5,567 | 6,366 | 6,602 | 6,623 | 7,339 |
| Payables | 211 | 297 | 250 | 317 | 319 |
| Deferred revenue | 17.9 | 17.0 | 21.4 | 15.0 | 15.0 |
| Current liabilities | 1,429 | 1,675 | 1,944 | 1,898 | 2,198 |
| Short-term debt | 115 | 82.4 | 117 | 142 | 163 |
| Long-term debt | 2,842 | 3,273 | 3,263 | 3,605 | 3,810 |
| Total liabilities | 5,314 | 5,796 | 6,082 | 6,311 | 6,932 |
| Shareholders' equity | 123 | 447 | 397 | 185 | 278 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 478 | 480 | 702 | 426 | 640 |
| Capital expenditure | 168 | 183 | 203 | 223 | 203 |
| Free cash flow | 310 | 297 | 500 | 204 | 436 |
| Depreciation & amortisation | 240 | 246 | 276 | 293 | 291 |
| Stock-based compensation | 33.1 | 48.6 | 32.1 | 36.5 | 26.0 |
| Acquisitions | 313 | 174 | 1.5 | 19.1 | 6.0 |
| Share buybacks | 200 | 52.2 | 170 | 204 | 209 |
| Dividends paid | 37.2 | 37.6 | 39.6 | 41.8 | 42.3 |
| Dividend per share | 0.75 | 0.80 | 0.86 | 0.95 | 1.01 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 8.0% | 7.5% | 2.8% | 5.0% |
| Operating income growth (YoY) | – | 1.9% | 17.7% | 6.5% | 29.2% |
| EPS growth (YoY) | – | 70.0% | −47.6% | 94.1% | 29.2% |
| Gross margin | 23.0% | 23.7% | 24.0% | 25.3% | 25.8% |
| Operating margin | 8.4% | 8.0% | 8.7% | 9.0% | 11.1% |
| Net margin | 2.5% | 3.8% | 1.8% | 3.3% | 3.8% |
| Return on equityBlank when equity is negative | 85.5% | 38.2% | 22.1% | 88.1% | 71.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 8.6% | 7.7% | 9.1% | 9.6% | 11.4% |
| Free cash flow margin | 7.4% | 6.6% | 10.3% | 4.1% | 8.3% |
| Cash conversion (CFO ÷ net income) | 4.54x | 2.81x | 8.01x | 2.62x | 3.20x |
| Receivable days | 61 | 69 | 58 | 53 | 53 |
| Payable days | 24 | 31 | 25 | 31 | 30 |
| Interest cover | 3.16x | 2.60x | 2.09x | 1.92x | 2.38x |
| Debt ÷ equity | 24.0x | 7.51x | 8.50x | 20.3x | 14.3x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,247 | 2,384 | 2,203 | 2,352 | 2,247 |
| Current ratio | 1.40x | 1.55x | 1.43x | 1.52x | 1.51x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.