FirstService Corporation reported higher first‑quarter 2026 results, with steady growth across its two segments. Revenue rose 5% to $1,317.1 million and operating earnings increased to $46.7 million, lifting the operating margin to 3.5% from 3.1% a year earlier.
Net earnings climbed to $23.6 million, and net earnings attributable to the Company rose to $20.0 million, or $0.44 per diluted share, compared with $0.06 per share in the prior‑year quarter. Adjusted EBITDA edged up to $105.7 million, though the Adjusted EBITDA margin eased to 8.0% from 8.3%, mainly due to lower profitability in the FirstService Brands segment.
FirstService Residential revenue grew 4% to $545.7 million, entirely from organic growth, with better margins supported by labour cost management. FirstService Brands revenue increased 6% to $771.4 million, but segment Adjusted EBITDA fell, reflecting roofing industry pressures and promotional activity at home services brands.
Cash generation was strong: net cash from operating activities was $88.2 million, helping reduce net indebtedness to $864.3 million. The Company added a new uncommitted accounts receivable sale program with up to $300 million of capacity and ended the quarter with $843.0 million of undrawn credit available.
FirstService Corporation reported solid first-quarter 2026 results, with revenues of $1,317.1 million, up 5% from the prior-year quarter. Adjusted EBITDA rose 2% to $105.7 million, and Adjusted EPS increased 3% to $0.95. GAAP operating earnings were $46.7 million, and GAAP diluted EPS climbed to $0.44 from $0.06, helped by lower acquisition-related items.
FirstService Residential delivered fully organic revenue growth to $545.7 million and boosted Adjusted EBITDA to $45.9 million, supported by new management contracts and labor efficiency gains. FirstService Brands grew revenues to $771.4 million, though Adjusted EBITDA eased to $64.0 million amid roofing competition and promotional pressure in home services. Operating cash flow strengthened to $88.2 million, while total debt net of cash declined to $864.3 million.
FirstService Corporation filed a Form 6-K describing an Uncommitted Receivables Purchase Agreement dated April 10, 2026 with Canadian Imperial Bank of Commerce. FirstOnsite Restoration Limited, a FirstService subsidiary, is the initial seller of trade receivables, and FirstService acts as guarantor.
The agreement allows CIBC, as purchaser, to buy specified receivables from participating sellers on a true-sale basis, with discounts, buffer periods and settlement mechanics set in purchase requests. Sellers service and collect the receivables, face joint and several liability, and must indemnify the bank for certain taxes and costs, while FirstService guarantees all seller obligations.
FirstService Corporation reported the results of its annual and special shareholder meeting held on April 1, 2026. Shareholders elected eight director nominees listed in the February 13, 2026 circular, each receiving strong majority support.
They also approved the appointment of PricewaterhouseCoopers LLP as independent auditor, amendments to the FirstService stock option plan to increase the maximum number of Common Shares reserved for issuance by 2,000,000 and add an annual grant limit for non-employee directors, and a non-binding advisory resolution supporting FirstService’s approach to executive compensation.
FirstService Corporation is holding a virtual-only annual and special shareholders meeting on April 1, 2026. Shareholders of record as of February 27, 2026, when 45,961,761 common shares were outstanding, may vote online on director elections, auditor appointment, a non-binding say-on-pay resolution, and a resolution to amend the stock option plan to increase the maximum shares reserved and add an annual grant limit for non-employee directors. The circular also details proxy-voting procedures for registered and non-registered shareholders, outlines board and committee structure, governance and ESG practices, and explains the executive compensation framework, including a performance-based bonus plan tied to three-year average adjusted earnings per share and organic revenue growth.
FirstService Corporation files its annual report on Form 40-F and discloses 45,722,486 Common Shares outstanding as of the close of the period covered by the annual report. The filing includes audited consolidated financial statements for the years ended December 31, 2025 and December 31, 2024 (Exhibit 2) and Management’s Discussion and Analysis for the year ended December 31, 2025 (Exhibit 3). Management reports that disclosure controls and internal control over financial reporting were effective as of December 31, 2025, and notes that nine acquired entities from 2025 were excluded from the assessment, representing 1.4% of total assets and 2.8% of total revenues. PricewaterhouseCoopers LLP audited the internal control assessment and reported audit fees of $1,727,000 for 2025 and total fees of $2,016,000 for 2025 (see table).
A holder of the issuer’s common stock has filed a Rule 144 notice to sell 6,000 shares of FSV common stock through Fidelity Brokerage Services LLC on the NASDAQ exchange. The filing lists an aggregate market value of 971,280.00 for these shares.
The shares were originally acquired on 02/18/2025 as a stock award from the issuer, described as compensation. The notice states that 45,722,486 shares of this class are outstanding, providing context for the size of the proposed sale.
FirstService Corporation reported higher revenue and earnings for 2025. Full-year revenues reached $5.50 billion, up 5% from 2024, driven mainly by tuck-under acquisitions. Adjusted EBITDA rose 10% to $562.8 million, and Adjusted EPS increased 15% to $5.75, while GAAP diluted EPS improved to $3.17 from $2.97.
In the fourth quarter, revenue was $1.38 billion, up 1% year over year. Adjusted EBITDA was essentially flat at $137.6 million, and Adjusted EPS edged up to $1.37, with GAAP diluted EPS rising to $0.85 from $0.71.
FirstService Residential delivered 2025 revenue of $2.29 billion, up 7% with 4% organic growth, and Adjusted EBITDA of $225.0 million, up 13%. FirstService Brands generated $3.21 billion of revenue, up 4% but down 3% on an organic basis, with Adjusted EBITDA of $353.6 million, up 4% while operating earnings declined. Cash flow from operations strengthened to $445.9 million, and total debt fell to $1.08 billion.
FirstService Corporation is increasing its shareholder payout. The Board approved an 11% rise in the quarterly cash dividend on its Common Shares to US$0.305 per share, up from US$0.275. This implies an annual dividend of US$1.22, compared with US$1.10 previously.
The dividend will be paid on April 7, 2026 to shareholders of record on March 31, 2026, and is designated an eligible dividend for Canadian tax purposes. Management highlights more than a decade of at least 10% annual dividend growth, supported by earnings and free cash flow, and notes it is maintaining a conservative balance sheet.