On this page of StockholderLetter.com we present the latest annual shareholder letter from BrightView Holdings, Inc. — ticker symbol BV. Reading current and past BV letters to shareholders can bring important insights into the investment thesis.
ANNUAL REPORT 2 0 2 5
Dear Fellow Stockholders, As I conclude my second year at BrightView, I write to you with great pride and optimism. In just two years, we have made remarkable progress transforming this company both culturally and operationally, and this has resulted in consecutive record financial performances. This transformation has been made possible by breaking silos, streamlining our organization, incentivizing profitable growth, investing in our workforce, and focusing on providing world-class service to each of our customers. With our company united under One BrightView, we have laid the foundation to inflect meaningful top-line growth and generate value for you as a stockholder. We ve made great progress across our foundational performance metrics. Our continued investment in the health and well-being of our employees led to another year of improvement in front line employee turnover, and their unwavering commitment to our customers also led to another year of improved customer retention. We continued our accelerated fleet refreshment strategy, which has yielded multi-faceted benefits that we ll continue to reap over the coming years. We also continued to leverage our size and scale and streamlined our operating structure to generate cost savings throughout the business that we ve reinvested in our salesforce. Together, these initiatives are the driving force behind our growth trajectory. I am incredibly proud of the momentum we ve created in our business, and I believe the foundation we ve laid over the past two years positions BrightView as the investment of choice. A Year of Significant Progress Fiscal 2025 was another record year for BrightView, as we achieved our second consecutive year of record Adjusted EBITDA and Adjusted EBITDA margin while generating significant free cash flow and maintaining our financial flexibility. These results were made possible by the tireless efforts of over 18,000 employees who work each day to make BrightView the leading commercial landscaping provider in the country. During the year, we made significant investments in our fleet, deploying a record amount of capital to provide our frontline employees with new trucks, trailers, and mowers. We are already seeing the benefits of this strategy, as our refreshed fleet requires less repair and maintenance, and our crew members have the peace of mind that their equipment is reliable. This has led to both enhanced levels of customer service and EBITDA margin improvements. Going forward, as we advance upon this strategy, we expect to continue to realize benefits both in our financial results and operational excellence. The progress we ve made in streamlining operations, leveraging our size and scale, and reducing overhead drove meaningful savings in general and administrative expenses during fiscal 2025. These savings not only led to improvement in our bottom line but also gave us the ability to reinvest back into our sales organization. As we continue to invest in our salesforce, this will be the engine that drives future top-line growth. Building for the Future At our Investor Day in February 2025, we outlined our longterm financial targets for BrightView and, as I reflect on my first two years, I believe we have created a great foundation for achieving these targets. My confidence in reaching our goals is anchored in our One BrightView strategy and the levers we have available to unlock additional value in this business. Going forward, we will continue to leverage our size and scale, expand our geographical presence, cross-sell our services and deploy technology to generate profitable sales, all while continuing to invest back into the business. In total, these initiatives will lead BrightView to its unifying goal generating long-term profitable growth and creating meaningful stockholder value. As we move into the next stage of BrightView s transformation, I m confident in our direction and grateful for the steadfast support of our stockholders. Sincerely, Dale Asplund President & Chief Executive Officer
 • shareholder letter icon 1/15/2026 Letter Continued (Full PDF)
 • stockholder letter icon 1/26/2023 BV Stockholder Letter
 • stockholder letter icon 1/18/2024 BV Stockholder Letter
 • stockholder letter icon 1/16/2025 BV Stockholder Letter
 • stockholder letter icon More "Business Services & Equipment" Category Stockholder Letters
 • Benford's Law Stocks icon BV Benford's Law Stock Score = 82


BV Shareholder/Stockholder Letter Transcript:

ANNUAL
REPORT
2
0
2
5

Dear Fellow Stockholders,
As I conclude my second year at BrightView, I write to you with
great pride and optimism. In just two years, we have made
remarkable progress transforming this company both culturally
and operationally, and this has resulted in consecutive record
financial performances. This transformation has been made
possible by breaking silos, streamlining our organization,
incentivizing profitable growth, investing in our workforce,
and focusing on providing world-class service to each of our
customers. With our company united under One BrightView,
we have laid the foundation to inflect meaningful top-line
growth and generate value for you as a stockholder.
We   ve made great progress across our foundational performance
metrics. Our continued investment in the health and well-being
of our employees led to another year of improvement in front
line employee turnover, and their unwavering commitment to
our customers also led to another year of improved customer
retention. We continued our accelerated fleet refreshment
strategy, which has yielded multi-faceted benefits that we   ll
continue to reap over the coming years. We also continued
to leverage our size and scale and streamlined our operating
structure to generate cost savings throughout the business that
we   ve reinvested in our salesforce.
Together, these initiatives are the driving force behind our
growth trajectory. I am incredibly proud of the momentum
we   ve created in our business, and I believe the foundation
we   ve laid over the past two years positions BrightView as the
investment of choice.
A Year of Significant Progress
Fiscal 2025 was another record year for BrightView, as we
achieved our second consecutive year of record Adjusted
EBITDA and Adjusted EBITDA margin while generating
significant free cash flow and maintaining our financial flexibility.
These results were made possible by the tireless efforts of over
18,000 employees who work each day to make BrightView the
leading commercial landscaping provider in the country.
During the year, we made significant investments in our fleet,
deploying a record amount of capital to provide our frontline employees with new trucks, trailers, and mowers. We are
already seeing the benefits of this strategy, as our refreshed fleet
requires less repair and maintenance, and our crew members
have the peace of mind that their equipment is reliable. This has
led to both enhanced levels of customer service and EBITDA
margin improvements. Going forward, as we advance upon this
strategy, we expect to continue to realize benefits both in our
financial results and operational excellence.
The progress we   ve made in streamlining operations, leveraging
our size and scale, and reducing overhead drove meaningful
savings in general and administrative expenses during fiscal
2025. These savings not only led to improvement in our bottom
line but also gave us the ability to reinvest back into our sales
organization. As we continue to invest in our salesforce, this will
be the engine that drives future top-line growth.
Building for the Future
At our Investor Day in February 2025, we outlined our longterm financial targets for BrightView and, as I reflect on my
first two years, I believe we have created a great foundation for
achieving these targets. My confidence in reaching our goals
is anchored in our One BrightView strategy and the levers we
have available to unlock additional value in this business.
Going forward, we will continue to leverage our size and scale,
expand our geographical presence, cross-sell our services
and deploy technology to generate profitable sales, all while
continuing to invest back into the business. In total, these
initiatives will lead BrightView to its unifying goal     generating
long-term profitable growth and creating meaningful
stockholder value.
As we move into the next stage of BrightView   s transformation,
I   m confident in our direction and grateful for the steadfast
support of our stockholders.
Sincerely,
Dale Asplund
President & Chief Executive Officer



shareholder letter icon 1/15/2026 Letter Continued (Full PDF)
 

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