BRINKS CO

For the period ended Dec 31, 2025. Filed Feb 26, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 26, 2026

BCO$116.60+1.8%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

	Years Ended December 31,
(In millions)	2025	2024	2023
Cash flows from operating activities:
Net income	$210.2	174.7	98.3
Adjustments to reconcile net income to net cash provided by operating activities:
(Income) loss from discontinued operations, net of tax	0.4	(1.1)	(1.7)
Depreciation and amortization	290.8	293.3	275.8
Share-based compensation expense	26.0	36.5	32.1
Deferred income taxes	21.3	(18.0)	22.7
(Gain) loss on marketable securities, sale of property and equipment and derivatives	23.3	(15.5)	10.9
Impairment losses	8.7	4.8	10.3
Retirement benefit funding (more) less than expense:
Pension	(2.1)	(6.1)	(10.2)
Other than pension	(6.6)	(8.1)	(5.5)
Unrealized foreign currency (gains) losses	10.1	(41.8)	79.1
Other operating	(0.5)	16.0	26.1
Changes in operating assets and liabilities, net of effects of acquisitions:
(Increase) decrease in accounts receivable and income taxes receivable	(1.5)	15.6	69.0
Increase (decrease) in accounts payable, income taxes payable and accrued liabilities	(6.4)	122.4	(36.3)
Increase (decrease) in restricted cash held for customers	46.1	(42.9)	59.5
Increase (decrease) in customer obligations	16.5	(77.7)	66.0
(Increase) decrease in prepaid and other current assets	15.8	(15.5)	24.6
Other	(12.6)	(10.6)	(18.3)
Net cash provided by operating activities	639.5	426.0	702.4
Cash flows from investing activities:
Capital expenditures	(203.1)	(222.5)	(202.7)
Acquisitions, net of cash acquired	(6.0)	(19.1)	(1.5)
Dispositions, net of cash disposed	—	—	1.1
Marketable securities:
Purchases	(123.2)	(71.8)	(134.7)
Sales	135.1	57.2	150.4
Cash proceeds from sale of property and equipment	18.5	29.2	18.4
Net change in loans held for investment	7.0	7.1	(11.1)
Net change in economic hedges	(22.1)	4.0	—
Other	(8.6)	(0.3)	(0.6)
Discontinued operations	—	—	0.9
Net cash used in investing activities	(202.4)	(216.2)	(179.8)
Cash flows from financing activities:
Borrowings (repayments) of debt:
Short-term borrowings	78.1	12.9	98.6
Long-term revolving credit facilities:
Borrowings	18,103.2	12,857.3	9,265.7
Repayments	(17,886.2)	(12,865.0)	(9,273.8)
Other long-term debt:
Borrowings	43.9	847.4	25.4
Repayments	(164.0)	(527.4)	(97.1)
Acquisition of noncontrolling interests	(6.6)	(0.2)	(0.6)
Cash paid for acquisition related settlements and obligations	—	(0.8)	(11.1)
Debt financing costs	(1.0)	(10.6)	—
Repurchase shares of Brink's common stock	(209.4)	(203.6)	(169.9)
Dividends to:
Shareholders of Brink’s	(42.3)	(41.8)	(39.6)
Noncontrolling interests in subsidiaries	(6.5)	(6.1)	(7.7)
Proceeds from exercise of stock options	0.6	—	—
Tax withholdings associated with share-based compensation	(21.6)	(18.6)	(8.0)
Other	(2.3)	(1.3)	11.0
Net cash provided by (used in) financing activities	(114.1)	42.2	(207.1)
Effect of exchange rate changes on cash	103.5	(95.2)	(42.4)
Cash, cash equivalents and restricted cash:
Increase	426.5	156.8	273.1
Balance at beginning of period	1,840.4	1,683.6	1,410.5
Balance at end of period	$2,266.9	1,840.4	1,683.6

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