BRINKS CO
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 4, 2026
BCO$110.25+0.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0000078890-26-000055
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-04.
0000078890-26-000069
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 206 previous paragraphs and 217 current paragraphs.
130 unchanged; 57 reworded; 29 added; 18 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 18 previous and 18 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (29)
Current report
Analysis of Consolidated Results: Third Quarter 2026 versus Third Quarter 2025
Current report
•higher expense due to the incident-related losses ($26.6 million),
Current report
•an organic decrease in Latin America ($4.2 million), and
Current report
•higher corporate expenses on an organic basis ($4.1 million),
Current report
•organic increases in Europe ($15.7 million), Rest of World ($11.0 million), and North America ($4.7 million),
Current report
•favorable changes in currency exchange rates ($8.0 million).
Current report
Analysis of Consolidated Results: Nine Months 2026 versus Nine Months 2025
Current report
•higher expense due to the incident-related losses ($26.6 million), and
Current report
•higher corporate expenses on an organic basis ($23.5 million),
Current report
•organic increases in Europe ($31.0 million), Rest of World ($30.7 million), and North America ($19.8 million),
Current report
•favorable changes in currency exchange rates ($12.1 million), primarily driven by the Mexican peso, the euro, and Brazilian real.
Current report
Analysis of Consolidated Results: Third Quarter 2026 versus Third Quarter 2025
Current report
•organic increases in Europe ($15.7 million), Rest of World ($11.0 million), and North America ($4.7 million)
Current report
•an organic decrease in Latin America ($4.2 million),
Current report
•higher corporate expenses on an organic basis ($4.1 million), and
Current report
Analysis of Consolidated Results: Nine Months 2026 versus Nine Months 2025
Current report
•organic increases in Europe ($31.0 million), Rest of World ($30.7 million), and North America ($19.8 million) and
Current report
•favorable changes in currency exchange rates ($7.7 million),
Current report
•higher corporate expenses on an organic basis ($23.5 million) and
Current report
•an organic decrease in Latin America ($1.2 million).
Current report
•Amortization expense for acquisition-related intangible assets was $43.3 million in the first nine months of 2026.
Current report
•Net gain of $16.1 million relating to the deconsolidation of our Malaysia subsidiaries.
Current report
•Amortization expense for acquisition-related intangible assets was $44.0 million in the first nine months of 2025.
Current report
•Transaction costs related to business acquisitions were $2.5 million in the first nine months of 2025.
Current report
Incident-related losses In the first nine months of 2026, we recognized losses of $19.6 million related to a September 2026 precious metals robbery in our global services line of business, and $7.0 million related to damaged leased and owned inventory in a significant flooding incident at a North America warehouse location. These losses relate to specific incidents that, based on their nature and magnitude, management does not believe are indicative of the Company's underlying operating performance for the period. Management has excluded these amounts when evaluating internal operating performance, and accordingly, these amounts have not been allocated to segment or Corporate results and are excluded from non-GAAP results.
Current report
Non-routine auto loss matter In 2023, a Brink’s employee was involved in a motor vehicle accident with unique circumstances that resulted in the death of a third party and, in connection with the ensuing litigation, Brink’s recognized a $10.0 million charge. Due to the unusual nature of the matter, including the unique circumstances of the claim, potential magnitude of remedy, and variation from our ordinary-course litigation strategy, we consider the litigation as separate and distinct from routine legal matters. Management does not believe that similar litigation will likely recur within the next two years, and there have been no similar matters within the prior two years. Management has excluded these amounts when evaluating internal performance. Therefore, they have not been allocated to segment or Corporate results and are excluded from non-GAAP results.
Current report
(a)Represents the write-off of the contingent consideration balance associated with the Company's Malaysia operations following their deconsolidation effective July 1, 2026. See Note 1 for further explanation.
Current report
(a)Net loss on write-off of investments in deconsolidated Malaysia operations represents the write-off of investment balances associated with the Company's Malaysia operations following their deconsolidation effective July 1, 2026. See Note 1 for further explanation.
Current report
Valuation allowance on tax credits As a result of the One Big Beautiful Bill Act, we increased a valuation allowance on deferred tax assets and recorded a significant income tax expense in the third quarter of 2025. The gains and charges related to major tax law changes are not considered to be part of the Company's operations and revenue generating activities. Management has excluded these amounts when evaluating internal performance. Therefore, they are excluded from non-GAAP results.
Removed paragraphs (18)
Previous report
Analysis of Consolidated Results: Second Quarter 2026 versus Second Quarter 2025
Previous report
•higher corporate expenses on an organic basis ($7.9 million), and
Previous report
•unfavorable changes in currency exchange rates ($2.6 million),
Previous report
•organic increases in Rest of World ($13.7 million), Europe ($7.7 million), North America ($7.3 million), and Latin America ($2.1 million) and
Previous report
Analysis of Consolidated Results: First Half 2026 versus First Half 2025
Previous report
•higher corporate expenses on an organic basis ($19.4 million),
Previous report
•organic increases in Rest of World ($19.7 million), Europe ($15.3 million), North America ($15.1 million), and Latin America ($3.0 million),
Previous report
•favorable changes in currency exchange rates on segment profit ($13.3 million), primarily driven by the Mexican peso, the euro, and Brazilian real.
Previous report
Analysis of Consolidated Results: Second Quarter 2026 versus Second Quarter 2025
Previous report
•organic increases in Rest of World ($13.7 million), Europe ($7.7 million), North America ($7.3 million), and Latin America ($2.1 million) and
Previous report
•higher corporate expenses on an organic basis ($7.9 million).
Previous report
Analysis of Consolidated Results: First Half 2026 versus First Half 2025
Previous report
•organic increases in Rest of World ($19.7 million), Europe ($15.3 million), North America ($15.1 million), and Latin America ($3.0 million) and
Previous report
•favorable changes in currency exchange rates ($9.2 million), driven primarily by the the Mexican peso, the euro, and Brazilian real,
Previous report
•higher corporate expenses on an organic basis ($19.4 million).
Previous report
•Amortization expense for acquisition-related intangible assets was $29.3 million in the first six months of 2026.
Previous report
•Amortization expense for acquisition-related intangible assets was $29.2 million in the first six months of 2025.
Previous report
•Transaction costs related to business acquisitions were $1.1 million in the first six months of 2025.
Reworded paragraphs (57)
Previous wording
Consolidated Revenues Revenues increased $220.2 million due to the favorable impact of currency exchange rates ($108.5 million), organic increases in Rest of World ($42.0 million), North America ($30.7 million), Europe ($18.6 million), and Latin America ($18.3 million), and the favorable impact of acquisitions ($2.1 million). The favorable currency exchange rate impact was driven primarily by the euro, Mexican peso, and Brazilian real. Revenues increased 4% on an organic basis primarily due to to inflation-based price increases and organic growth in AMS and DRS revenue. See our definition of “organic growth” on page 46.
Current wording
Consolidated Revenues Revenues increased $39.6 million due to organic increases in Rest of World ($28.0 million), Europe ($8.0 million), Latin America ($6.2 million), and North America ($5.7 million) and the favorable impact of currency exchange rates ($15.1 million), partially offset by an unfavorable net impact of $23.4 million, primarily driven by the deconsolidation of our Malaysia operations. The favorable currency exchange rate impact was driven primarily by the Mexican peso, Colombian peso, and Brazilian real. Revenues increased 4% on an organic basis primarily due to organic growth in AMS and DRS revenue, inflation-based price increases, and BGS revenue. See our definition of “organic growth” on page 46.
Previous wording
Consolidated Costs and Expenses Cost of revenues increased 7% to $2,045.6 million primarily due to the impact of currency exchange rates and higher revenue. Selling, general and administrative costs increased 30% to $483.4 million primarily due to costs from the NCR Atleos acquisition and transformation initiatives, higher incentive compensation, and the impact of currency exchange rates.
Current wording
Consolidated Costs and Expenses Cost of revenues increased 5% to $1,040.3 million primarily due to the impact of incident-related losses, higher revenue, and the impact of currency exchange rates. Selling, general and administrative costs increased 13% to $224.0 million primarily due to costs from the NCR Atleos acquisition and transformation initiatives and the impact of incident-related losses.
Previous wording
Consolidated Operating Profit and Operating Profit Margin Operating profit margin decreased from 10.3% to 9.6%. Operating profit decreased $0.6 million due mainly to:
Current wording
Consolidated Operating Profit and Operating Profit Margin Operating profit margin decreased from 11.4% to 9.5%. Operating profit decreased $21.4 million due mainly to:
Previous wording
•higher expenses due to the NCR Atleos acquisition and transformation initiatives ($31.0 million),
Current wording
•higher expenses due to the NCR Atleos acquisition and transformation initiatives ($37.6 million),
Previous wording
•lower costs incurred related to business acquisitions and dispositions ($13.5 million), and
Current wording
•lower costs incurred related to business acquisitions and dispositions ($18.8 million), and
Previous wording
Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Income from continuing operations attributable to Brink’s shareholders decreased $18.9 million to $76.6 million due to the lower interest and other nonoperating income ($13.1 million), decrease in operating profit mentioned above and higher interest expense ($(8.0) million), partially offset by the lower income tax expense ($11.3 million) and lower noncontrolling interest ($0.4 million). Earnings per share from continuing operations was $1.84, down from $2.22 in the first six months of 2025.
Current wording
Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Income from continuing operations attributable to Brink’s shareholders decreased $21.6 million to $14.6 million due to lower other nonoperating income ($26.2 million), the decrease in operating profit mentioned above, higher interest expense ($2.6 million), and higher noncontrolling interest ($0.7 million), partially offset by the lower income tax expense ($29.3 million). Earnings per share from continuing operations was $0.35, down from $0.86 in the third quarter of 2025.
Previous wording
Consolidated Revenues Revenues increased $91.8 million due to the favorable impact of currency exchange rates ($37.4 million), organic increases in Rest of World ($28.8 million), North America ($10.3 million), Europe ($7.9 million), and Latin America ($6.9 million), and the favorable impact of acquisitions ($0.5 million). The favorable currency exchange rate impact was driven primarily by the Mexican peso, Brazilian real, and the euro. Revenues increased 4% on an organic basis primarily due to inflation-based price increases, and organic growth in AMS and DRS revenue, as well as BGS revenue. See our definition of “organic growth” on page 46.
Current wording
Consolidated Revenues Revenues increased $259.8 million due to organic increases in Rest of World ($70.0 million), North America ($36.4 million), Europe ($26.6 million), and Latin America ($24.5 million) and the favorable impact of currency exchange rates ($123.6 million), partially offset by an unfavorable net impact of $21.3 million, primarily driven by the deconsolidation of our Malaysia operations. The favorable currency exchange rate impact was driven primarily by the Mexican peso, euro, and Brazilian real. Revenues increased 4% on an organic basis primarily due to inflation-based price increases and organic growth in AMS and DRS revenue, as well as BGS revenue. See our definition of “organic growth” on page 46.
Previous wording
Consolidated Costs and Expenses Cost of revenues increased 5% to $1,026.2 million primarily due to the impact of currency exchange rates and the impact of higher revenue. Selling, general and administrative costs increased 26% to $232.6 million primarily due to costs from the NCR Atleos acquisition and transformation initiatives and the impact of currency exchange rates.
Current wording
Consolidated Costs and Expenses Cost of revenues increased 6% to $3,085.9 million primarily due to the impact of currency exchange rates and higher revenue. Selling, general and administrative costs increased 24% to $707.4 million primarily due to costs from the NCR Atleos acquisition and transformation initiatives and the impact of currency exchange rates.
Previous wording
Consolidated Operating Profit and Operating Profit Margin Operating profit margin decreased from 9.9% to 8.8%. Operating profit decreased $9.5 million due mainly to:
Current wording
Consolidated Operating Profit and Operating Profit Margin Operating profit margin decreased from 10.4% to 9.0%. Operating profit decreased $30.9 million due mainly to:
Previous wording
•higher expenses due to the NCR Atleos acquisition and transformation initiatives ($64.8 million) and
Current wording
•higher expenses due to the NCR Atleos acquisition and transformation initiatives ($102.4 million),
Previous wording
•lower costs incurred related to business acquisitions and dispositions ($10.1 million).
Current wording
•lower costs incurred related to business acquisitions and dispositions ($32.3 million), and
Previous wording
Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Income from continuing operations attributable to Brink’s shareholders increased $0.6 million to $44.5 million due to the lower income tax expense ($6.7 million) and lower noncontrolling interest ($0.8 million), partially offset by the decrease in operating profit mentioned above, lower interest and other nonoperating income ($4.3 million), and higher interest expense ($2.0 million). Earnings per share from continuing operations was $1.07, up from $1.03 in the second quarter of 2025.
Current wording
Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Income from continuing operations attributable to Brink’s shareholders decreased $40.5 million to $91.2 million due to lower interest and other nonoperating income ($39.3 million), the decrease in operating profit mentioned above, higher interest expense ($10.6 million), and higher noncontrolling interest ($0.3 million), partially offset by lower income tax expense ($40.6 million). Earnings per share from continuing operations was $2.20, down from $3.09 in the first nine months of 2025.
Previous wording
Non-GAAP Consolidated Operating Profit and Non-GAAP Operating Profit Margin Non-GAAP operating profit margin increased from 12.6% to 13.6%. Non-GAAP operating profit increased $25.2 million due mainly to:
Current wording
Non-GAAP Consolidated Operating Profit and Non-GAAP Operating Profit Margin Non-GAAP operating profit margin increased from 14.1% to 15.1%. Non-GAAP operating profit increased $20.0 million due mainly to:
Previous wording
Non-GAAP Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Non-GAAP income from continuing operations attributable to Brink’s shareholders increased $11.5 million to $88.2 million due to the operating profit increase mentioned above, partially offset by lower interest and other nonoperating income ($6.9 million), the higher income tax expense ($4.3 million), and higher interest expense ($2.0 million). Non-GAAP earnings per share from continuing operations was $2.13, up from $1.81 in the second quarter of 2025.
Current wording
Non-GAAP Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Non-GAAP income from continuing operations attributable to Brink’s shareholders increased $14.4 million to $102.2 million due to the operating profit increase mentioned above and higher interest and other nonoperating income ($1.2 million), partially offset by higher income tax expense ($4.7 million) and higher interest expense ($2.6 million). Non-GAAP earnings per share from continuing operations was $2.46, up from $2.09 in the third quarter of 2025.
Previous wording
Adjusted EBITDA Adjusted EBITDA increased 11% to $257.2 million primarily due to the increase in Non-GAAP operating profit ($25.2 million).
Current wording
Adjusted EBITDA Adjusted EBITDA increased 8% to $273.6 million primarily due to the increase in Non-GAAP operating profit ($20.0 million).
Previous wording
Non-GAAP Consolidated Operating Profit and Non-GAAP Operating Profit Margin Non-GAAP operating profit margin increased from 12.4% to 12.9%. Non-GAAP operating profit increased $43.0 million due mainly to:
Current wording
Non-GAAP Consolidated Operating Profit and Non-GAAP Operating Profit Margin Non-GAAP operating profit margin increased from 13.0% to 13.7%. Non-GAAP operating profit increased $63.0 million due mainly to:
Previous wording
Non-GAAP Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Non-GAAP income from continuing operations attributable to Brink’s shareholders increased $15.9 million to $163.2 million due to the operating profit increase mentioned above, and partially offset by the lower interest and other nonoperating income ($13.0 million), higher interest expense ($8.0 million), higher income tax expense ($5.6 million), and higher noncontrolling interest ($0.5 million). Earnings per share from continuing operations was $3.93, up from $3.43 in the first six months of 2025.
Current wording
Non-GAAP Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Non-GAAP income from continuing operations attributable to Brink’s shareholders increased $30.6 million to $265.7 million due to the operating profit increase mentioned above, partially offset by the lower interest and other nonoperating income ($11.8 million), higher interest expense ($10.6 million), and higher income tax expense ($10.0 million). Earnings per share from continuing operations was $6.40, up from $5.51 in the first nine months of 2025.
Previous wording
Adjusted EBITDA Adjusted EBITDA increased 11% to $494.7 million primarily due to the increase in Non-GAAP operating profit ($43.0 million).
Current wording
Adjusted EBITDA Adjusted EBITDA increased 10% to $768.3 million primarily due to the increase in Non-GAAP operating profit ($63.0 million).
Previous wording
Revenues and Operating Profit by Segment: Second Quarter 2026 versus Second Quarter 2025
Current wording
Revenues and Operating Profit by Segment: Third Quarter 2026 versus Third Quarter 2025
Previous wording
Analysis of Segment Results: Second Quarter 2026 versus Second Quarter 2025
Current wording
Analysis of Segment Results: Third Quarter 2026 versus Third Quarter 2025
Previous wording
Revenues increased 2% ($10.2 million) driven almost entirely by organic growth. Organic revenue increased primarily due to revenue growth in AMS and DRS, as well as BGS. Operating profit increased 12% ($7.3 million) driven entirely by organic growth. The organic increase was primarily driven by higher revenue, the net impact of revenue mix, and cost productivity.
Current wording
Revenues increased 1% ($5.1 million) driven almost entirely by organic growth. Organic revenue increased primarily due to revenue growth in AMS and DRS. Operating profit increased 8% ($4.7 million) driven entirely by organic growth. The organic increase was primarily driven by higher revenue, the net impact of revenue mix, and cost productivity.
Previous wording
Revenues increased 10% ($32.2 million) due to the favorable impact of currency exchange rates ($24.8 million) primarily from the Mexican peso and the Brazilian real and a 2% organic increase ($6.9 million). The organic increase was primarily driven by price increases across the segment as well as growth in AMS and DRS revenue. Operating profit increased 10% ($5.5 million) primarily due to the favorable impact of currency exchange rates ($3.6 million) and a 4% organic increase ($2.1 million). The organic increase was primarily driven by higher revenue, AMS and DRS revenue mix, and cost productivity.
Current wording
Revenues increased 8% ($27.6 million) due to the favorable impact of currency exchange rates ($21.2 million) primarily from the Mexican peso, Colombian peso, and the Brazilian real and a 2% organic increase ($6.2 million). The organic increase was primarily driven by price increases across the segment as well as growth in AMS and DRS revenue. Operating profit decreased 2% ($1.3 million) primarily due to a 6% organic decrease ($4.2 million) and partially offset by the favorable impact of currency exchange rates ($3.0 million). The organic decrease was primarily driven by higher labor costs.
Previous wording
Revenues increased 5% ($19.0 million) primarily due to favorable impact of currency exchange rates ($11.1 million) and a 2% organic increase ($7.9 million). Organic revenue increased primarily due the growth of AMS and DRS revenue. Operating profit increased 21% ($9.1 million) primarily due to a 18% organic increase ($7.7 million) and the favorable impact of currency exchange rates ($1.4 million). The organic increase was driven by the mix benefit of higher AMS and DRS revenue and cost productivity initiatives.
Current wording
Revenues increased 1% ($5.0 million) due to a 2% organic increase ($8.0 million) partially offset by the unfavorable impact of currency exchange rates ($3.0 million). Organic revenue increased primarily due the growth of AMS and DRS revenue. Operating profit increased 31% ($15.3 million) primarily due to a 31% organic increase ($15.7 million). The organic increase was driven by the mix benefit of higher AMS and DRS revenue and cost productivity initiatives.
Previous wording
Revenues increased 16% ($30.4 million) due to a 15% organic increase ($28.8 million) and the favorable impact of currency exchange rates ($1.6 million). Organic growth in the segment was primarily due to growth in BGS revenue, AMS and DRS revenue, and pricing discipline. Operating profit increased 36% ($13.7 million) due to a 36% organic increase ($13.7 million). The organic increase was primarily driven by a favorable BGS mix and higher revenue.
Current wording
Revenues increased 1% ($1.9 million) due to a 14% organic increase ($28.0 million) partially offset by the deconsolidation of our Malaysia operations ($23.6 million) and the unfavorable impact of currency exchange rates ($2.5 million). Organic growth in the segment was primarily due to growth in BGS revenue, AMS and DRS revenue, and pricing discipline. Operating profit increased 20% ($9.0 million) due to a 25% organic increase ($11.0 million). The organic increase was primarily driven by a favorable BGS mix and higher revenue.
Previous wording
Revenues and Operating Profit by Segment: First Half 2026 versus First Half 2025
Current wording
Revenues and Operating Profit by Segment: Nine Months 2026 versus Nine Months 2025
Previous wording
Analysis of Segment Results: First Half 2026 versus First Half 2025
Current wording
Analysis of Segment Results: Nine Months 2026 versus Nine Months 2025
Previous wording
Revenues increased 4% ($32.2 million) primarily due to a 4% organic increase ($30.7 million) and the favorable impact of currency exchange rates ($1.5 million). Organic revenue increased primarily due to price increases and growth in AMS and DRS revenue, as well as BGS revenue. Operating profit increased 13% ($15.1 million) due to a 13% organic increase ($15.1 million). The organic increase was primarily driven by the net impact of revenue mix and cost productivity.
Current wording
Revenues increased 3% ($37.3 million) primarily due to a 3% organic increase ($36.4 million). Organic revenue increased primarily due to price increases and growth in AMS and DRS revenue, as well as BGS revenue. Operating profit increased 11% ($19.8 million) due to a 11% organic increase ($19.8 million). The organic increase was primarily driven by the net impact of revenue mix and cost productivity.
Previous wording
Revenues increased 11% ($68.4 million) due to the favorable impact of currency exchange rates ($49.1 million), primarily from the Mexican peso and Brazilian real, and a 3% organic increase ($18.3 million). The organic increase was driven by price increases across the segment, as well as growth in AMS and DRS revenue. Operating profit increased 8% ($9.0 million) due to the favorable impact of currency exchange rates ($6.4 million) and a 3% organic increase ($3.0 million). The organic increase was driven by higher revenue and cost productivity.
Current wording
Revenues increased 10% ($96.0 million) due to the favorable impact of currency exchange rates ($70.3 million), primarily from the Mexican peso, Brazilian real, and Colombian peso, and a 3% organic increase ($24.5 million). The organic increase was driven by price increases across the segment, as well as growth in AMS and DRS revenue. Operating profit increased 4% ($7.7 million) due to the favorable impact of currency exchange rates ($9.4 million) partially offset by a 1% organic decrease ($1.2 million). The organic decrease was driven by higher labor costs.
Previous wording
Revenues increased 10% ($65.9 million) due to the favorable impact of currency exchange rates ($46.2 million) and a 3% organic increase ($18.6 million). The organic increase was primarily due to the growth of AMS and DRS revenue. Operating profit increased 30% ($20.9 million), primarily due to a 22% organic increase ($15.3 million). The organic increase was primarily driven by the mix benefit of higher AMS and DRS revenue.
Current wording
Revenues increased 7% ($70.9 million) due to the favorable impact of currency exchange rates ($43.2 million) and a 3% organic increase ($26.6 million). The organic increase was primarily due to the growth of AMS and DRS revenue. Operating profit increased 30% ($36.2 million), primarily due to a 26% organic increase ($31.0 million). The organic increase was primarily driven by the mix benefit of higher AMS and DRS revenue and cost productivity.
Previous wording
Revenues increased 14% ($53.7 million) due to a 11% organic increase ($42.0 million) and the favorable impact of currency exchange rates ($11.7 million). Organic growth in the segment was primarily due to growth in BGS revenue, AMS and DRS revenue, and pricing discipline. Operating profit increased 25% ($21.5 million) due to a 23% organic increase ($19.7 million) and the favorable impact of currency exchange rates ($1.8 million). The organic increase was driven by a favorable BGS revenue mix impact and higher revenue.
Current wording
Revenues increased 9% ($55.6 million) due to a 12% organic increase ($70.0 million) and the favorable impact of currency exchange rates ($9.2 million) partially offset by the deconsolidation of our Malaysia operations ($23.6 million). Organic growth in the segment was primarily due to growth in BGS revenue, AMS and DRS revenue, and pricing discipline. Operating profit increased 24% ($30.5 million) due to a 24% organic increase ($30.7 million). The organic increase was driven by a favorable BGS revenue mix impact and higher revenue.
Previous wording
Corporate expenses for the three months ended June 30, 2026 increased $10.4 million versus the prior year period. This was primarily driven by higher costs for investments in global capabilities, primarily in AMS and DRS, and higher net incentive compensation costs.
Current wording
Corporate expenses for the three months ended September 30, 2026 increased $7.7 million versus the prior year period. This was primarily driven by higher costs for investments in global capabilities, primarily in AMS and DRS, and higher net incentive compensation costs.
Previous wording
Corporate expenses for the first six months of 2026 increased $23.5 million versus the prior year period. This was primarily driven by higher costs for investments in global capabilities, primarily in AMS and DRS, and higher net incentive compensation costs.
Current wording
Corporate expenses for the first nine months of 2026 increased $31.2 million versus the prior year period. This was primarily driven by higher costs for investments in global capabilities, primarily in AMS and DRS, and higher net incentive compensation costs.
Previous wording
•Restructuring costs related to acquisitions were $9.7 million in the first six months of 2025.
Current wording
•Restructuring costs related to acquisitions were $10.3 million in the first nine months of 2025.
Previous wording
•We incurred $1.6 million in integration costs in the first six months of 2025.
Current wording
•We incurred $2.7 million in integration costs in the first nine months of 2025.
Previous wording
Argentina highly inflationary impact Beginning in the third quarter of 2018, we designated Argentina's economy as highly inflationary for accounting purposes. As a result, Argentine peso-denominated monetary assets and liabilities are now remeasured at each balance sheet date to the currency exchange rate then in effect, with currency remeasurement gains and losses recognized in earnings. In addition, nonmonetary assets retain a higher historical basis when the currency is devalued. The higher historical basis results in incremental expense being recognized when the nonmonetary assets are consumed. In the first six months of 2026, we recognized $2.8 million in pretax charges in operating profit related to highly inflationary accounting, including currency remeasurement losses of $0.8 million. In the first six months of 2025, we recognized $4.4 million in pretax charges in operating profit related to highly inflationary accounting, including currency remeasurement loss of $14.1 million. Highly inflationary adjustments also impact gains and losses on marketable securities due to the change in exchange rates. These non-cash charges are not part of the Company's operations and revenue generating activities. Management has excluded these amounts when evaluating internal performance. As such, they have not been allocated to segment or Corporate results and are excluded from non-GAAP results.
Current wording
Argentina highly inflationary impact Beginning in the third quarter of 2018, we designated Argentina's economy as highly inflationary for accounting purposes. As a result, Argentine peso-denominated monetary assets and liabilities are now remeasured at each balance sheet date to the currency exchange rate then in effect, with currency remeasurement gains and losses recognized in earnings. In addition, nonmonetary assets retain a higher historical basis when the currency is devalued. The higher historical basis results in incremental expense being recognized when the nonmonetary assets are consumed. In the first nine months of 2026, we recognized $4.8 million in pretax charges in operating profit related to highly inflationary accounting, including currency remeasurement losses of $1.6 million. In the first nine months of 2025, we recognized $9.1 million in pretax charges in operating profit related to highly inflationary accounting, including currency remeasurement loss of $16.2 million. Highly inflationary adjustments also impact gains and losses on marketable securities due to the change in exchange rates. These non-cash charges are not part of the Company's operations and revenue generating activities. Management has excluded these amounts when evaluating internal performance. As such, they have not been allocated to segment or Corporate results and are excluded from non-GAAP results.
Previous wording
NCR Atleos acquisition and transformation initiatives On February 26, 2026, we entered into a definitive agreement to acquire NCR Atleos. The transaction is expected to close in the first quarter of 2027, subject to regulatory approval and other customary closing conditions. This acquisition represents a significant strategic step for Brink’s, expanding the scale of the combined company and supporting continued growth in our AMS and DRS offerings, which reflect an increasing portion of our business mix.
Current wording
NCR Atleos acquisition and transformation initiatives On February 26, 2026, we entered into a definitive agreement to acquire NCR Atleos. The transaction is now expected to close in early January 2027, subject to regulatory approval and other customary closing conditions. This acquisition represents a significant strategic step for Brink’s, expanding the scale of the combined company and supporting continued growth in our AMS and DRS offerings, which reflect an increasing portion of our business mix.
Previous wording
Accordingly, we incurred $10.5 million of expense in the first six months of 2025, which primarily included third-party professional services. During the first six months of 2026, we incurred $75.3 million of related costs, including severance costs; fees to attorneys, accountants and other professional advisors related to the NCR Atleos acquisition; as well as third-party professional services. Because these expenses are associated with discrete transformation initiatives, they are not reflective of our ongoing operating cost structure and are not indicative of our core operating expenses or normal activities. Accordingly, management has excluded these amounts when evaluating internal performance. As such, they have not been allocated to segment or Corporate results and are excluded from non-GAAP results.
Current wording
Accordingly, we incurred $18.6 million of expense in the first nine months of 2025, which primarily included third-party professional services. During the first nine months of 2026, we incurred $121.0 million of related costs, including severance costs; fees to attorneys, accountants and other professional advisors related to the NCR Atleos acquisition; as well as third-party professional services. Because these expenses are associated with discrete transformation initiatives, they are not reflective of our ongoing operating cost structure and are not indicative of our core operating expenses or normal activities. Accordingly, management has excluded these amounts when evaluating internal performance. As such, they have not been allocated to segment or Corporate results and are excluded from non-GAAP results.
Previous wording
Non-routine legal matters In the first six months of 2026, we recognized $2.9 million of probable losses and related legal costs in connection with non-routine legal matters. These costs relate to fact-specific matters that management does not believe are indicative of the Company's underlying operational performance for the period. Additionally, the nature of these amounts and the underlying claims are such that they are not reasonably likely to recur based on the Company's historical experience within two years, nor were there similar charges for such matters within the prior two years. Management has excluded these amounts when evaluating internal operating performance, and accordingly, these amounts have not been allocated to segment or Corporate results and are excluded from non-GAAP results.
Current wording
Non-routine legal matters In the first nine months of 2026, we recognized $3.2 million of probable losses and related legal costs in connection with non-routine legal matters. These costs relate to fact-specific matters that management does not believe are indicative of the Company's underlying operational performance for the period. Additionally, the nature of these amounts and the underlying claims are such that they are not reasonably likely to recur based on the Company's historical experience within two years, nor were there similar charges for such matters within the prior two years. Management has excluded these amounts when evaluating internal operating performance, and accordingly, these amounts have not been allocated to segment or Corporate results and are excluded from non-GAAP results.
Previous wording
DOJ/FinCEN investigations During the first six months of 2026, we accrued $2.1 million in connection with the DOJ and FinCEN investigations, which represents third-party legal costs associated with these matters. In the first quarter of 2025, we reached resolutions with both the DOJ and FinCEN. These costs are not considered part of the Company's operations and revenue generating activities. Additionally, the nature of these amounts and the underlying investigations are such that they are not reasonably likely to recur within two years, nor were there similar charges within the prior two years. Management has excluded these amounts when evaluating internal performance. Therefore, these amounts have not been allocated to segment or Corporate results and are excluded from non-GAAP results.
Current wording
DOJ/FinCEN investigations During the first nine months of 2026, we accrued $6.2 million in connection with the DOJ and FinCEN investigations, which represents third-party legal costs associated with these matters. In the first quarter of 2025, we reached resolutions with both the DOJ and FinCEN. These costs are not considered part of the Company's operations and revenue generating activities. Additionally, the nature of these amounts and the underlying investigations are such that they are not reasonably likely to recur within two years, nor were there similar charges within the prior two years. Management has excluded these amounts when evaluating internal performance. Therefore, these amounts have not been allocated to segment or Corporate results and are excluded from non-GAAP results.
Previous wording
Interest expense was higher for the three and six months ended June 30, 2026, compared to the same prior year periods due to higher interest rates on corporate debt and overall higher borrowing levels. Borrowings were primarily used to fund growth in our DRS business and other general corporate initiatives.
Current wording
Interest expense was higher for the three and nine months ended September 30, 2026, compared to the same prior year periods due to higher interest rates on corporate debt and overall higher borrowing levels. Borrowings were primarily used to fund growth in our DRS business and other general corporate initiatives.
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Current report — wording carried from elsewhere
•unfavorable changes in currency exchange rates ($1.5 million).
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
•favorable changes in currency exchange rates ($2.5 million), driven primarily by the Mexican peso, the euro, and Brazilian real, and