BRIGHT HORIZONS FAMILY SOLUTIONS INC.
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
BFAM$51.74-0.4%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Years ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In thousands) | |||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income | $193,116 | $140,191 | $74,223 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 93,402 | 97,918 | 110,681 |
| Impairment losses and other non-cash items | 50,673 | 41,379 | 48,399 |
| Stock-based compensation expense | 30,614 | 33,615 | 28,834 |
| Deferred income taxes | (2,281) | (9,929) | (11,716) |
| Changes in assets and liabilities: | |||
| Accounts receivable | (8,841) | (993) | (64,503) |
| Prepaid expenses and other current assets | (1,969) | 2,711 | (11,265) |
| Accounts payable and accrued expenses | (1,737) | 30,644 | 25,999 |
| Income taxes | 5,066 | (7,298) | 3,477 |
| Deferred revenue | 20,320 | 40,182 | 48,362 |
| Leases | (11,354) | (16,587) | (2,083) |
| Other assets | (17,819) | (9,040) | (5,379) |
| Other current and long-term liabilities | 1,536 | (5,331) | 11,111 |
| Net cash provided by operating activities | 350,726 | 337,462 | 256,140 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Purchases of fixed assets | (92,177) | (97,311) | (91,020) |
| Proceeds from the disposal of fixed assets | 860 | 2,036 | 225 |
| Purchases of debt securities and other investments | (19,737) | (52,597) | (16,050) |
| Proceeds from debt securities and other investments | 14,035 | 38,375 | 19,538 |
| Payments and settlements for acquisitions — net of cash acquired | (6,775) | (8,267) | (39,629) |
| Net cash used in investing activities | (103,794) | (117,764) | (126,936) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Borrowings under revolving credit facility | 979,768 | 156,500 | 402,500 |
| Payments under revolving credit facility | (480,322) | (156,500) | (486,500) |
| Principal payments of long-term debt | (501,000) | (17,000) | (16,000) |
| Payments of debt issuance costs | (3,046) | — | — |
| Purchases of treasury stock | (225,411) | (84,597) | — |
| Proceeds from issuance of common stock upon exercise of options | 12,057 | 27,005 | 11,184 |
| Taxes paid related to the net share settlement of stock options and restricted stock | (15,474) | (5,350) | (2,592) |
| Payments of deferred and contingent consideration for acquisitions | — | (103,872) | (225) |
| Net cash used in financing activities | (233,428) | (183,814) | (91,633) |
| Effect of exchange rates on cash, cash equivalents and restricted cash | 5,939 | (1,620) | (14) |
| Net increase in cash, cash equivalents and restricted cash | 19,443 | 34,264 | 37,557 |
| Cash, cash equivalents and restricted cash — beginning of year | 123,715 | 89,451 | 51,894 |
| Cash, cash equivalents and restricted cash — end of year | $143,158 | $123,715 | $89,451 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
| Years ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In thousands) | |||
| RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS: | |||
| Cash and cash equivalents | $140,091 | $110,327 | $71,568 |
| Restricted cash, included in prepaid expenses and other current assets | 493 | 11,244 | 15,756 |
| Restricted cash, included in other assets | 2,574 | 2,144 | 2,127 |
| Total cash, cash equivalents and restricted cash — end of year | $143,158 | $123,715 | $89,451 |
| SUPPLEMENTAL CASH FLOW INFORMATION: | |||
| Cash payments of interest | $55,857 | $73,904 | $73,996 |
| Cash received from cash flow hedges of interest rate risk | $13,761 | $23,589 | $31,826 |
| Cash payments of income taxes (net of refunds in 2025) | $72,590 | $75,653 | $58,736 |
| Cash paid for amounts included in the measurement of lease liabilities | $160,308 | $162,882 | $156,324 |
| NON-CASH TRANSACTIONS: | |||
| Fixed asset purchases recorded in accounts payable and accrued expenses | $1,690 | $2,473 | $2,127 |
| Operating right-of-use assets obtained in exchange for operating lease liabilities — net | $45,910 | $69,066 | $54,741 |
| Restricted stock reclassified from other current liabilities to equity upon vesting | $2,401 | $6,488 | $8,451 |
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