FirstService Reports Second Quarter 2025 Results
FirstService Corporation (NASDAQ: FSV) reported strong Q2 2025 financial results with consolidated revenues reaching $1.42 billion, a 9% increase year-over-year. The company achieved significant profitability improvements with Adjusted EBITDA rising 19% to $157.1 million and Adjusted EPS growing 26% to $1.71.
Performance was driven by both divisions: FirstService Residential revenues grew 6% to $593.0 million with 3% organic growth, while FirstService Brands revenues increased 11% to $822.7 million. Notable margin improvements came from operational efficiencies in property management and process improvements in restoration and home services.
For the first half of 2025, consolidated revenues were $2.67 billion, up 9%, with Adjusted EBITDA increasing 21% to $260.4 million and Adjusted EPS growing 30% to $2.63, positioning the company well to achieve its 2025 goals despite macroeconomic uncertainty.
FirstService Corporation (NASDAQ: FSV) ha annunciato solidi risultati finanziari per il secondo trimestre del 2025, con ricavi consolidati che hanno raggiunto 1,42 miliardi di dollari, registrando un aumento del 9% rispetto all'anno precedente. L'azienda ha ottenuto significativi miglioramenti nella redditività, con un EBITDA rettificato in crescita del 19% a 157,1 milioni di dollari e un utile per azione rettificato aumentato del 26% a 1,71 dollari.
La performance è stata trainata da entrambe le divisioni: i ricavi di FirstService Residential sono cresciuti del 6% raggiungendo 593,0 milioni di dollari, con una crescita organica del 3%, mentre i ricavi di FirstService Brands sono aumentati dell'11% a 822,7 milioni di dollari. Importanti miglioramenti nei margini derivano da efficienze operative nella gestione immobiliare e da ottimizzazioni nei processi di restauro e servizi per la casa.
Per la prima metà del 2025, i ricavi consolidati sono stati pari a 2,67 miliardi di dollari, in crescita del 9%, con un EBITDA rettificato aumentato del 21% a 260,4 milioni di dollari e un utile per azione rettificato cresciuto del 30% a 2,63 dollari, posizionando l’azienda favorevolmente per raggiungere i propri obiettivi del 2025 nonostante l'incertezza macroeconomica.
FirstService Corporation (NASDAQ: FSV) reportó sólidos resultados financieros en el segundo trimestre de 2025, con ingresos consolidados que alcanzaron los 1.420 millones de dólares, un aumento del 9% interanual. La compañía logró mejoras significativas en la rentabilidad, con un EBITDA ajustado que creció un 19% hasta 157,1 millones de dólares y un beneficio por acción ajustado que aumentó un 26% hasta 1,71 dólares.
El desempeño fue impulsado por ambas divisiones: los ingresos de FirstService Residential crecieron un 6% hasta 593,0 millones de dólares con un crecimiento orgánico del 3%, mientras que los ingresos de FirstService Brands aumentaron un 11% hasta 822,7 millones de dólares. Las mejoras notables en los márgenes provinieron de eficiencias operativas en la gestión de propiedades y mejoras en los procesos de restauración y servicios para el hogar.
En el primer semestre de 2025, los ingresos consolidados fueron de 2.670 millones de dólares, un aumento del 9%, con un EBITDA ajustado que creció un 21% hasta 260,4 millones de dólares y un beneficio por acción ajustado que aumentó un 30% hasta 2,63 dólares, posicionando a la empresa favorablemente para alcanzar sus objetivos de 2025 a pesar de la incertidumbre macroeconómica.
퍼스트서비스 코퍼레이션 (NASDAQ: FSV)은 2025년 2분기 강력한 재무 실적을 보고했으며, 연결 매출은 14억 2천만 달러로 전년 대비 9% 증가했습니다. 회사는 조정 EBITDA가 19% 상승하여 1억 5,710만 달러에 달했고, 조정 주당순이익(EPS)은 26% 증가하여 1.71달러를 기록하는 등 수익성 개선을 크게 이루었습니다.
실적은 두 부문 모두에 의해 견인되었습니다: 퍼스트서비스 레지덴셜 매출은 6% 증가한 5억 9,300만 달러로, 3%의 유기적 성장을 보였으며, 퍼스트서비스 브랜드 매출은 11% 증가한 8억 2,270만 달러를 기록했습니다. 주목할 만한 마진 개선은 부동산 관리의 운영 효율성과 복원 및 주택 서비스 프로세스 개선에서 비롯되었습니다.
2025년 상반기 연결 매출은 26억 7천만 달러로 9% 증가했으며, 조정 EBITDA는 21% 증가한 2억 6,040만 달러, 조정 EPS는 30% 증가한 2.63달러로, 거시경제 불확실성에도 불구하고 회사가 2025년 목표를 달성할 수 있는 좋은 위치에 있음을 보여줍니다.
FirstService Corporation (NASDAQ : FSV) a annoncé de solides résultats financiers pour le deuxième trimestre 2025, avec un chiffre d'affaires consolidé atteignant 1,42 milliard de dollars, soit une hausse de 9 % par rapport à l'année précédente. La société a réalisé des améliorations significatives de sa rentabilité, avec un EBITDA ajusté en hausse de 19 % à 157,1 millions de dollars et un BPA ajusté en croissance de 26 % à 1,71 dollar.
La performance a été portée par les deux divisions : les revenus de FirstService Residential ont augmenté de 6 % pour atteindre 593,0 millions de dollars, avec une croissance organique de 3 %, tandis que les revenus de FirstService Brands ont progressé de 11 % pour atteindre 822,7 millions de dollars. Des améliorations notables des marges ont résulté d'efficiences opérationnelles dans la gestion immobilière et d'améliorations des processus dans la restauration et les services à domicile.
Pour le premier semestre 2025, les revenus consolidés se sont élevés à 2,67 milliards de dollars, en hausse de 9 %, avec un EBITDA ajusté en progression de 21 % à 260,4 millions de dollars et un BPA ajusté en croissance de 30 % à 2,63 dollars, positionnant favorablement la société pour atteindre ses objectifs 2025 malgré l'incertitude macroéconomique.
FirstService Corporation (NASDAQ: FSV) meldete starke Finanzergebnisse für das zweite Quartal 2025 mit konsolidierten Umsätzen von 1,42 Milliarden US-Dollar, was einem Anstieg von 9 % gegenüber dem Vorjahr entspricht. Das Unternehmen erzielte erhebliche Profitabilitätssteigerungen mit einem bereinigten EBITDA, das um 19 % auf 157,1 Millionen US-Dollar stieg, und einem bereinigten Ergebnis je Aktie (EPS), das um 26 % auf 1,71 US-Dollar zunahm.
Die Leistung wurde von beiden Geschäftsbereichen getragen: Die Umsätze von FirstService Residential wuchsen um 6 % auf 593,0 Millionen US-Dollar bei 3 % organischem Wachstum, während die Umsätze von FirstService Brands um 11 % auf 822,7 Millionen US-Dollar stiegen. Bedeutende Margenverbesserungen resultierten aus operativen Effizienzsteigerungen im Immobilienmanagement sowie Prozessoptimierungen in der Restaurierung und im Heimservice.
Für das erste Halbjahr 2025 lagen die konsolidierten Umsätze bei 2,67 Milliarden US-Dollar, ein Plus von 9 %, mit einem bereinigten EBITDA, das um 21 % auf 260,4 Millionen US-Dollar stieg, und einem bereinigten EPS, das um 30 % auf 2,63 US-Dollar wuchs. Dies positioniert das Unternehmen gut, um seine Ziele für 2025 trotz makroökonomischer Unsicherheiten zu erreichen.
- Q2 revenue increased 9% to $1.42 billion year-over-year
- Adjusted EBITDA grew 19% to $157.1 million in Q2
- Adjusted EPS rose 26% to $1.71
- FirstService Brands achieved 11% revenue growth to $822.7 million
- Operating margins improved across both major divisions
- Strong H1 2025 performance with 21% Adjusted EBITDA growth
- Organic growth in FirstService Brands limited to 1%
- Lower quarter-over-quarter results in Roofing Corp of America operations
Insights
FirstService posts strong Q2 with 9% revenue growth, 19% EBITDA increase, and significant margin expansion across both divisions.
FirstService Corporation has delivered a solid second quarter with revenue reaching
The performance reflects exceptional operational execution across both business segments. FirstService Residential grew revenues by
More impressive was FirstService Brands, which increased revenues by
The company's six-month performance mirrors these positive trends, with year-to-date revenue up
What's particularly noteworthy is FirstService's ability to expand margins during a period of macroeconomic uncertainty. Both segments achieved this through structural improvements to their service delivery models rather than short-term cost-cutting. The
With half-year results showing consistent growth patterns between Q1 and Q2, management appears confident in meeting their full-year 2025 objectives. The combination of steady organic growth, strategic tuck-in acquisitions, and continued margin expansion positions FirstService well for sustainable profitability improvements.
Solid Top-Line Growth and Operating Margin Expansion Drive Strong Profitability
Operating highlights:
| Three months ended | Six months ended | ||||||||||
| June 30 | June 30 | ||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||
| Revenues (millions) | $ | 1,415.7 | $ | 1,297.5 | $ | 2,666.6 | $ | 2,455.5 | |||
| Adjusted EBITDA (millions) (note 1) | 157.1 | 132.5 | 260.4 | 215.9 | |||||||
| Adjusted EPS (note 2) | 1.71 | 1.36 | 2.63 | 2.03 | |||||||
| GAAP Operating Earnings | 97.3 | 83.9 | 136.5 | 122.0 | |||||||
| GAAP Diluted EPS | 1.01 | 0.78 | 1.07 | 0.92 | |||||||
TORONTO, July 24, 2025 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX: FSV; NASDAQ: FSV) today reported results for its second quarter ended June 30, 2025. All amounts are in US dollars.
Consolidated revenues for the second quarter were
For the six months ended June 30, 2025, consolidated revenues were
“We are pleased to report strong financial results which largely mirrored the year-over-year growth profile we saw in the first quarter,” said Scott Patterson, Chief Executive Officer of FirstService. “Despite continued macroeconomic uncertainty, the resilient top-line performance and strong profitability across our operations during the first half of the year put us well on track to deliver on our goals for 2025,” he concluded.
About FirstService Corporation
FirstService Corporation is a North American leader in the essential outsourced property services sector, serving its customers through two industry-leading service platforms: FirstService Residential - North America’s largest manager of residential communities; and FirstService Brands - one of North America’s largest providers of essential property services delivered through individually branded company-owned operations and franchise systems.
FirstService generates more than US
Segmented Quarterly Results
FirstService Residential revenues were
FirstService Brands revenues during the second quarter grew to
Corporate costs, as presented in Adjusted EBITDA (note 1), were
Conference Call
FirstService will be holding a conference call on Thursday, July 24, 2025 at 11:00 a.m. Eastern Time to discuss the quarter’s results. This call is being webcast live at the Company’s website at www.firstservice.com. Participants may register for the call here https://register.vevent.com/register/BI4a1fa34337944f40a129a667fecbe126 to receive the dial-in number and their unique PIN.
To join the webcast in listen only mode, use this link: https://edge.media-server.com/mmc/p/b34k52bt . It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call).
Forward-looking Statements
This press release includes or may include forward-looking statements. Much of this information can be identified by words such as “expect to,” “expected,” “will,” “estimated” or similar expressions suggesting future outcomes or events. FirstService believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results, performance or achievements contemplated in the forward-looking statements. Such factors include: (i) general economic and business conditions, which will, among other things, impact demand for FirstService’s services and the cost of providing services; (ii) the ability of FirstService to implement its business strategy, including FirstService’s ability to acquire suitable acquisition candidates on acceptable terms and successfully integrate newly acquired businesses with its existing businesses; (iii) changes in or the failure to comply with government regulations; and (iv) other factors which are described in FirstService’s annual information form for the year ended December 31, 2024 under the heading “Risk factors” (a copy of which may be obtained at www.sedarplus.ca) and Annual Report on Form 40-F filed with the United States Securities and Exchange Commission (a copy of which may be obtained at www.sec.gov), and subsequent filings (which factors are adopted herein). Forward-looking statements contained in this press release are made as of the date hereof and are subject to change. All forward-looking statements in this press release are qualified by these cautionary statements. Unless otherwise required by applicable securities laws, we do not intend, nor do we undertake any obligation, to update or revise any forward-looking statements contained in this press release to reflect subsequent information, events, results or circumstances or otherwise.
Summary financial information is provided in this press release. This press release should be read in conjunction with the Company's consolidated financial statements and MD&A to be made available on SEDAR+ at www.sedarplus.ca.
Notes
1. Reconciliation of net earnings to adjusted EBITDA:
Adjusted EBITDA is defined as net earnings, adjusted to exclude: (i) income tax; (ii) other (income) expense; (iii) interest expense; (iv) depreciation and amortization; (v) acquisition-related items; and (vi) stock-based compensation expense. The Company uses Consolidated adjusted EBITDA and segment adjusted EBITDA to evaluate its own operating performance, its ability to service debt, and as an integral part of its planning and reporting systems. Additionally, this measure is used in conjunction with discounted cash flow models to determine the Company’s overall enterprise valuation and to evaluate acquisition targets. Consolidated adjusted EBITDA and segment adjusted EBITDA are presented as a supplemental measure because the Company believes such a measure is useful to investors as a reasonable indicator of operating performance, due to the low capital intensity of the Company’s service operations. The Company believes this measure is a financial metric used by many investors to compare companies, especially in the services industry. This measure is not a recognized measure of financial performance under GAAP in the United States, and should not be considered as a substitute for operating earnings, net earnings or cash flow from operating activities, as determined in accordance with GAAP. The Company’s method of calculating adjusted EBITDA and segment adjusted EBITDA may differ from other issuers and accordingly, this measure may not be comparable to measures used by other issuers. A reconciliation of net earnings to adjusted EBITDA appears below.
| Three months ended | Six months ended | ||||||||||||||
| (in thousands of US$) | June 30 | June 30 | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net earnings | $ | 55,431 | $ | 44,937 | $ | 69,511 | $ | 59,834 | |||||||
| Income tax | 23,677 | 18,584 | 29,677 | 24,599 | |||||||||||
| Other income, net | (996 | ) | (115 | ) | (1,082 | ) | (1,995 | ) | |||||||
| Interest expense, net | 19,166 | 20,531 | 38,430 | 39,557 | |||||||||||
| Operating earnings | 97,278 | 83,937 | 136,536 | 121,995 | |||||||||||
| Depreciation and amortization | 45,632 | 39,225 | 89,808 | 76,032 | |||||||||||
| Acquisition-related items | 7,662 | 2,306 | 19,895 | 3,906 | |||||||||||
| Stock-based compensation expense | 6,556 | 7,019 | 14,155 | 13,927 | |||||||||||
| Adjusted EBITDA | $ | 157,128 | $ | 132,487 | $ | 260,394 | $ | 215,860 | |||||||
| A reconciliation of segment operating earnings to segment Adjusted EBITDA appears below. | |||||||||||
| (in thousands of US$) | |||||||||||
| Three months ended, June 30, 2025 | FirstService | FirstService | |||||||||
| Residential | Brands | Corporate(1) | |||||||||
| Operating earnings (loss) | $ | 51,606 | $ | 56,522 | $ | (10,850 | ) | ||||
| Depreciation and amortization | 11,789 | 33,820 | 23 | ||||||||
| Acquisition-related items | 2,100 | 4,873 | 689 | ||||||||
| Stock-based compensation expense | - | - | 6,556 | ||||||||
| Adjusted EBITDA | $ | 65,495 | $ | 95,215 | $ | (3,582 | ) | ||||
| Three months ended, June 30, 2024 | FirstService | FirstService | |||||||||
| Residential | Brands | Corporate(1) | |||||||||
| Operating earnings (loss) | $ | 49,107 | $ | 46,308 | $ | (11,478 | ) | ||||
| Depreciation and amortization | 9,773 | 29,429 | 23 | ||||||||
| Acquisition-related items | 207 | 1,827 | 272 | ||||||||
| Stock-based compensation expense | - | - | 7,019 | ||||||||
| Adjusted EBITDA | $ | 59,087 | $ | 77,564 | $ | (4,164 | ) | ||||
| Six months ended, June 30, 2025 | FirstService | FirstService | |||||||||
| Residential | Brands | Corporate(1) | |||||||||
| Operating earnings (loss) | $ | 80,873 | $ | 81,008 | $ | (25,345 | ) | ||||
| Depreciation and amortization | 22,425 | 67,337 | 46 | ||||||||
| Acquisition-related items | 3,828 | 14,637 | 1,430 | ||||||||
| Stock-based compensation expense | - | - | 14,155 | ||||||||
| Adjusted EBITDA | $ | 107,126 | $ | 162,982 | $ | (9,714 | ) | ||||
| Six months ended, June 30, 2024 | FirstService | FirstService | |||||||||
| Residential | Brands | Corporate(1) | |||||||||
| Operating earnings (loss) | $ | 75,765 | $ | 73,107 | $ | (26,877 | ) | ||||
| Depreciation and amortization | 18,196 | 57,790 | 46 | ||||||||
| Acquisition-related items | 725 | 2,129 | 1,052 | ||||||||
| Stock-based compensation expense | - | - | 13,927 | ||||||||
| Adjusted EBITDA | $ | 94,686 | $ | 133,026 | $ | (11,852 | ) | ||||
| Segment Adjusted EBITDA margin is defined as segment Adjusted EBITDA divided by segment revenues. | |||||||||||
| (1) Corporate is not an operating segment, but rather represent corporate overhead expenses not directly attributable to reportable segments and are therefore unallocated within segment operating earnings (loss) and Segment Adjusted EBITDA. | |||||||||||
2. Reconciliation of net earnings and diluted net earnings per share to adjusted net earnings and adjusted net earnings per share:
Adjusted EPS is defined as diluted net earnings per share, adjusted for the effect, after income tax, of: (i) the non-controlling interest redemption increment; (ii) acquisition-related items; (iii) amortization expense related to intangible assets recognized in connection with acquisitions; and (iv) stock-based compensation expense. The Company believes this measure is useful to investors because it provides a supplemental way to understand the underlying operating performance of the Company and enhances the comparability of operating results from period to period. Adjusted EPS is not a recognized measure of financial performance under GAAP, and should not be considered as a substitute for diluted net earnings per share, as determined in accordance with GAAP. The Company’s method of calculating this non-GAAP measure may differ from other issuers and, accordingly, this measure may not be comparable to measures used by other issuers. A reconciliation of net earnings to adjusted net earnings and of diluted net earnings per share to adjusted EPS appears below.
| Three months ended | Six months ended | ||||||||||||||
| (in thousands of US$) | June 30 | June 30 | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net earnings | $ | 55,431 | $ | 44,937 | $ | 69,511 | $ | 59,834 | |||||||
| Non-controlling interest share of earnings | (3,478 | ) | (2,696 | ) | (4,721 | ) | (4,229 | ) | |||||||
| Acquisition-related items | 7,662 | 2,306 | 19,895 | 3,906 | |||||||||||
| Amortization of intangible assets | 19,706 | 17,009 | 38,223 | 32,240 | |||||||||||
| Stock-based compensation expense | 6,556 | 7,019 | 14,155 | 13,927 | |||||||||||
| Income tax on adjustments | (7,567 | ) | (6,968 | ) | (16,142 | ) | (13,389 | ) | |||||||
| Non-controlling interest on adjustments | (447 | ) | (320 | ) | (989 | ) | (584 | ) | |||||||
| Adjusted net earnings | $ | 77,863 | $ | 61,287 | $ | 119,932 | $ | 91,705 | |||||||
| Three months ended | Six months ended | ||||||||||||||
| (in US$) | June 30 | June 30 | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Diluted net earnings per share | $ | 1.01 | $ | 0.78 | $ | 1.07 | $ | 0.92 | |||||||
| Non-controlling interest redemption increment | 0.13 | 0.16 | 0.35 | 0.32 | |||||||||||
| Acquisition-related items | 0.14 | 0.05 | 0.35 | 0.08 | |||||||||||
| Amortization of intangible assets, net of tax | 0.30 | 0.26 | 0.57 | 0.49 | |||||||||||
| Stock-based compensation expense, net of tax | 0.13 | 0.11 | 0.29 | 0.22 | |||||||||||
| Adjusted earnings per share | $ | 1.71 | $ | 1.36 | $ | 2.63 | $ | 2.03 | |||||||
| Organic growth is defined as revenue growth adjusted to exclude the revenue attributable to acquired businesses for a period of twelve months following their acquisition. | |||||||||||||||
| FIRSTSERVICE CORPORATION | ||||||||||||||||
| Condensed Consolidated Statements of Earnings | ||||||||||||||||
| (in thousands of US dollars, except per share amounts) | ||||||||||||||||
| Three months | Six months | |||||||||||||||
| ended June 30 | ended June 30 | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues | $ | 1,415,733 | $ | 1,297,459 | $ | 2,666,559 | $ | 2,455,504 | ||||||||
| Cost of revenues | 935,334 | 862,463 | 1,776,802 | 1,651,040 | ||||||||||||
| Selling, general and administrative expenses | 329,827 | 309,528 | 643,518 | 602,531 | ||||||||||||
| Depreciation | 25,926 | 22,216 | 51,585 | 43,792 | ||||||||||||
| Amortization of intangible assets | 19,706 | 17,009 | 38,223 | 32,240 | ||||||||||||
| Acquisition-related items (1) | 7,662 | 2,306 | 19,895 | 3,906 | ||||||||||||
| Operating earnings | 97,278 | 83,937 | 136,536 | 121,995 | ||||||||||||
| Interest expense, net | 19,166 | 20,531 | 38,430 | 39,557 | ||||||||||||
| Other income, net | (996 | ) | (115 | ) | (1,082 | ) | (1,995 | ) | ||||||||
| Earnings before income tax | 79,108 | 63,521 | 99,188 | 84,433 | ||||||||||||
| Income tax | 23,677 | 18,584 | 29,677 | 24,599 | ||||||||||||
| Net earnings | 55,431 | 44,937 | 69,511 | 59,834 | ||||||||||||
| Non-controlling interest share of earnings | 3,478 | 2,696 | 4,721 | 4,229 | ||||||||||||
| Non-controlling interest redemption increment | 5,855 | 7,183 | 15,889 | 14,239 | ||||||||||||
| Net earnings attributable to Company | $ | 46,098 | $ | 35,058 | $ | 48,901 | $ | 41,366 | ||||||||
| Net earnings per common share | ||||||||||||||||
| Basic | $ | 1.01 | $ | 0.78 | $ | 1.08 | $ | 0.92 | ||||||||
| Diluted | 1.01 | 0.78 | 1.07 | 0.92 | ||||||||||||
| Adjusted earnings per share (2) | $ | 1.71 | $ | 1.36 | $ | 2.63 | $ | 2.03 | ||||||||
| Weighted average common shares (thousands) | ||||||||||||||||
| Basic | 45,449 | 44,984 | 45,409 | 44,917 | ||||||||||||
| Diluted | 45,656 | 45,100 | 45,632 | 45,087 | ||||||||||||
| Notes to Condensed Consolidated Statements of Earnings (1) Acquisition-related items include contingent acquisition consideration fair value adjustments, and transaction costs. (2) See definition and reconciliation above. | ||||||||||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (in thousands of US dollars) | ||||||||
| June 30, 2025 | December 31, 2024 | |||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 201,806 | $ | 227,598 | ||||
| Restricted cash | 23,064 | 16,088 | ||||||
| Accounts receivable | 983,049 | 947,517 | ||||||
| Prepaid and other current assets | 414,837 | 368,150 | ||||||
| Current assets | 1,622,756 | 1,559,353 | ||||||
| Other non-current assets | 28,118 | 28,007 | ||||||
| Deferred income tax | 2,128 | 2,114 | ||||||
| Fixed assets | 271,867 | 253,994 | ||||||
| Operating lease right-of-use assets | 276,378 | 240,518 | ||||||
| Goodwill and intangible assets | 2,167,862 | 2,110,866 | ||||||
| Total assets | $ | 4,369,109 | $ | 4,194,852 | ||||
| Liabilities and shareholders' equity | ||||||||
| Accounts payable and accrued liabilities | $ | 577,159 | $ | 541,509 | ||||
| Unearned revenues | 243,678 | 190,885 | ||||||
| Other current liabilities | 40,977 | 23,690 | ||||||
| Operating lease liabilities - current | 56,938 | 53,115 | ||||||
| Long-term debt - current | 13,230 | 41,567 | ||||||
| Current liabilities | 931,982 | 850,766 | ||||||
| Long-term debt - non-current | 1,229,053 | 1,257,143 | ||||||
| Operating lease liabilities - non-current | 249,529 | 214,423 | ||||||
| Other liabilities | 151,694 | 150,542 | ||||||
| Deferred income tax | 94,029 | 84,895 | ||||||
| Redeemable non-controlling interests | 460,997 | 449,337 | ||||||
| Shareholders' equity | 1,251,825 | 1,187,746 | ||||||
| Total liabilities and equity | $ | 4,369,109 | $ | 4,194,852 | ||||
| Supplemental balance sheet information | ||||||||
| Total debt | $ | 1,242,283 | $ | 1,298,710 | ||||
| Total debt, net of cash | 1,040,477 | 1,071,112 | ||||||
| Consolidated Statements of Cash Flows | ||||||||||||||||
| (in thousands of US dollars) | ||||||||||||||||
| Three months ended | Six months ended | |||||||||||||||
| June 30 | June 30 | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Cash provided by (used in) | ||||||||||||||||
| Operating activities | ||||||||||||||||
| Net earnings | $ | 55,431 | $ | 44,937 | $ | 69,511 | $ | 59,834 | ||||||||
| Items not affecting cash: | ||||||||||||||||
| Depreciation and amortization | 45,632 | 39,225 | 89,808 | 76,032 | ||||||||||||
| Deferred income tax | (771 | ) | (2,275 | ) | (1,590 | ) | (4,549 | ) | ||||||||
| Other | 11,153 | 8,052 | 29,352 | 14,384 | ||||||||||||
| 111,445 | 89,939 | 187,081 | 145,701 | |||||||||||||
| Changes in non-cash working capital | ||||||||||||||||
| Accounts receivable | (24,815 | ) | (22,637 | ) | (14,821 | ) | (2,640 | ) | ||||||||
| Payables and accruals | 56,573 | 33,002 | (13,163 | ) | (23,282 | ) | ||||||||||
| Other | 19,631 | 30,440 | 44,987 | 2,165 | ||||||||||||
| Net cash provided by operating activities | 162,834 | 130,744 | 204,084 | 121,944 | ||||||||||||
| Investing activities | ||||||||||||||||
| Acquisition of businesses, net of cash acquired | (43,280 | ) | (123,031 | ) | (51,916 | ) | (154,649 | ) | ||||||||
| Purchases of fixed assets | (33,375 | ) | (29,301 | ) | (62,938 | ) | (54,322 | ) | ||||||||
| Other investing activities | (1,624 | ) | (299 | ) | (8,670 | ) | (1,000 | ) | ||||||||
| Net cash used in investing activities | (78,279 | ) | (152,631 | ) | (123,524 | ) | (209,971 | ) | ||||||||
| Financing activities | ||||||||||||||||
| Increase (decrease) in long-term debt, net | (67,833 | ) | 90,473 | (54,827 | ) | 136,728 | ||||||||||
| Purchases of non-controlling interests, net | (14,850 | ) | (10,221 | ) | (29,346 | ) | (21,442 | ) | ||||||||
| Dividends paid to common shareholders | (12,497 | ) | (11,244 | ) | (23,814 | ) | (21,298 | ) | ||||||||
| Distributions paid to non-controlling interests | (5,825 | ) | (3,817 | ) | (11,602 | ) | (4,470 | ) | ||||||||
| Other financing activities | 1,720 | 3,987 | 20,906 | 22,790 | ||||||||||||
| Net cash provided by (used in) financing activities | (99,285 | ) | 69,178 | (98,683 | ) | 112,308 | ||||||||||
| Effect of exchange rate changes on cash | (678 | ) | 123 | (693 | ) | 351 | ||||||||||
| Increase (decrease) in cash, cash equivalents and restricted cash | (15,408 | ) | 47,414 | (18,816 | ) | 24,632 | ||||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 240,278 | 184,095 | 243,686 | 206,877 | ||||||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 224,870 | $ | 231,509 | $ | 224,870 | $ | 231,509 | ||||||||
| Segmented Results | ||||||||||||||||
| (in thousands of US dollars) | ||||||||||||||||
| FirstService | FirstService | |||||||||||||||
| Residential | Brands | Corporate | Consolidated | |||||||||||||
| Three months ended June 30 | ||||||||||||||||
| 2025 | ||||||||||||||||
| Revenues | $ | 593,023 | $ | 822,710 | $ | - | $ | 1,415,733 | ||||||||
| Adjusted EBITDA | 65,495 | 95,215 | (3,582 | ) | 157,128 | |||||||||||
| Operating earnings | 51,606 | 56,522 | (10,850 | ) | 97,278 | |||||||||||
| 2024 | ||||||||||||||||
| Revenues | $ | 557,504 | $ | 739,955 | $ | - | $ | 1,297,459 | ||||||||
| Adjusted EBITDA | 59,087 | 77,564 | (4,164 | ) | 132,487 | |||||||||||
| Operating earnings | 49,107 | 46,308 | (11,478 | ) | 83,937 | |||||||||||
| FirstService | FirstService | |||||||||||||||
| Residential | Brands | Corporate | Consolidated | |||||||||||||
| Six months ended June 30 | ||||||||||||||||
| 2025 | ||||||||||||||||
| Revenues | $ | 1,118,110 | $ | 1,548,449 | $ | - | $ | 2,666,559 | ||||||||
| Adjusted EBITDA | 107,126 | 162,982 | (9,714 | ) | 260,394 | |||||||||||
| Operating earnings | 80,873 | 81,008 | (25,345 | ) | 136,536 | |||||||||||
| 2024 | ||||||||||||||||
| Revenues | $ | 1,053,628 | $ | 1,401,876 | $ | - | $ | 2,455,504 | ||||||||
| Adjusted EBITDA | 94,686 | 133,026 | (11,852 | ) | 215,860 | |||||||||||
| Operating earnings | 75,765 | 73,107 | (26,877 | ) | 121,995 | |||||||||||
COMPANY CONTACTS:
D. Scott Patterson
Chief Executive Officer
Jeremy Rakusin
Chief Financial Officer
(416) 960-9566
FAQ
What were FirstService (FSV) Q2 2025 earnings results?
How did FirstService Residential perform in Q2 2025?
What was FirstService Brands revenue in Q2 2025?
How much did FirstService's (FSV) operating earnings grow in Q2 2025?
What is FirstService's outlook for 2025?
