BRIGHTVIEW HOLDINGS, INC., 10-Q filed on 2/3/2026
Quarterly Report
v3.25.4
Document and Entity Information - shares
 3 Months Ended
Dec. 31, 2025
Jan. 31, 2026
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Dec. 31, 2025  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Entity Registrant Name BrightView Holdings, Inc.  
Trading Symbol BV  
Entity Central Index Key 0001734713  
Current Fiscal Year End Date --09-30  
Entity Current Reporting Status Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   94,200,000
Entity File Number 001-38579  
Entity Tax Identification Number 46-4190788  
Entity Address, Address Line One 980 Jolly Road  
Entity Address, City or Town Blue Bell  
Entity Address, State or Province PA  
Entity Incorporation, State or Country Code DE  
Entity Address, Country US  
Entity Address, Postal Zip Code 19422  
City Area Code 484  
Local Phone Number 567-7204  
Title of 12(b) Security Common Stock, Par Value $0.01 Per Share  
Security Exchange Name NYSE  
Document Quarterly Report true  
Document Transition Report false  
Entity Interactive Data Current Yes  
v3.25.4
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Dec. 31, 2025
Sep. 30, 2025
Current assets:    
Cash and cash equivalents $ 37.0 $ 74.5
Accounts receivable, net 367.7 393.1
Unbilled revenue 98.6 113.1
Other current assets 95.5 85.6
Total current assets 598.8 666.3
Property and equipment, net 534.4 541.6
Intangible assets, net 60.3 66.5
Goodwill 2,015.7 2,015.7
Operating lease assets 74.8 72.1
Other assets 32.3 29.8
Total assets 3,316.3 3,392.0
Current liabilities:    
Accounts payable 114.0 137.7
Deferred revenue 101.7 87.6
Current portion of self-insurance reserves 52.5 52.3
Accrued expenses and other current liabilities 182.1 212.2
Current portion of operating lease liabilities 25.2 24.7
Total current liabilities 475.5 514.5
Long-term debt, net 801.1 790.2
Deferred tax liabilities 58.3 63.8
Self-insurance reserves 118.8 122.8
Long-term operating lease liabilities 55.6 53.5
Other liabilities 45.6 47.1
Total liabilities 1,554.9 1,591.9
Stockholders’ equity:    
Preferred stock, $0.01 par value; 50,000,000 shares authorized; no shares issued or outstanding as of December 31, 2025 and September 30, 2025 0.0 0.0
Common stock, $0.01 par value; 500,000,000 shares authorized; 111,200,000 and 110,000,000 shares issued and 94,500,000 and 94,800,000 shares outstanding as of December 31, 2025 and September 30, 2025, respectively 1.1 1.1
Treasury stock, at cost; 16,700,000 and 15,200,000 shares as of December 31, 2025 and September 30, 2025, respectively (216.6) (197.8)
Additional paid-in capital 1,499.4 1,503.5
Accumulated deficit (28.1) (12.9)
Accumulated other comprehensive (loss) (1.5) (0.9)
Total stockholders’ equity 1,254.3 1,293.0
Total liabilities, mezzanine equity and stockholders' equity 3,316.3 3,392.0
Series A Convertible Preferred Stock    
Mezzanine equity:    
Convertible preferred stock $ 507.1 $ 507.1
v3.25.4
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2025
Sep. 30, 2025
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, authorized 50,000,000 50,000,000
Preferred stock, issued 0 0
Preferred stock, outstanding 0 0
Common stock, par value $ 0.01 $ 0.01
Common stock, authorized 500,000,000 500,000,000
Common stock, issued 111,200,000 110,000,000
Common stock, outstanding 94,500,000 94,800,000
Treasury stock, shares 16,700,000 15,200,000
Series A Convertible Preferred Stock    
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, issued 500,000 500,000
Preferred stock, outstanding 500,000 500,000
Percentage of cumulative dividend 7.00% 7.00%
Preferred stock, liquidation preference $ 512.0 $ 512.0
v3.25.4
Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Income Statement [Abstract]    
Net service revenues $ 614.7 $ 599.2
Cost of services provided 500.4 472.4
Gross profit 114.3 126.8
Selling, general and administrative expense 115.2 119.3
Amortization expense 6.2 8.1
(Loss) from operations (7.1) (0.6)
Other (income) (0.2) (0.2)
Interest expense, net 13.5 14.2
(Loss) before income taxes (20.4) (14.6)
Income tax (benefit) (5.2) (4.2)
Net (loss) (15.2) (10.4)
Less: Dividends on Series A convertible preferred shares 9.0 9.0
Net (loss) attributable to common stockholders $ (24.2) $ (19.4)
(Loss)per share    
Basic (loss) per share $ (0.26) $ (0.2)
Diluted (loss) per share $ (0.26) $ (0.2)
v3.25.4
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income $ (15.2) $ (10.4)
Net derivative (losses) gains and other costs arising during the period, net of tax (benefit) expense of $0.0 and $3.5, respectively [1] (0.1) 9.4
Reclassification of (gains) into net income, net of tax (expense) of $(0.2) and $(0.4), respectively (0.5) (1.2)
Other comprehensive (loss) income (0.6) 8.2
Comprehensive (loss) $ (15.8) $ (2.2)
[1] Other costs include the effects of foreign currency translation adjustments which were immaterial during the periods presented
v3.25.4
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net derivative gains (losses) and other costs arising during the period, net of tax expense $ 0.0 $ 3.5
Reclassification of (gains) into net income (loss), net of tax (expense) $ (0.2) $ (0.4)
v3.25.4
Consolidated Statements of Changes in Stockholders' Equity and Mezzanine Equity (Unaudited) - USD ($)
shares in Millions, $ in Millions
Total
Common Stock
Additional Paid-In Capital
Accumulated Deficit
Accumulated Other Comprehensive (Loss) Income
Treasury Stock
Preferred Shares
Balance at Sep. 30, 2024 $ 1,275.3 $ 1.1 $ 1,518.1 $ (68.9) $ (1.5) $ (173.5) $ 507.1
Balance, Shares at Sep. 30, 2024   108.2         0.5
Net (loss) (10.4)     (10.4)      
Other comprehensive income (loss), net of tax 8.2       8.2    
Capital contributions and issuance of common stock 2.0   2.0        
Capital contributions and issuance of common stock, Shares   1.0          
Equity-based compensation 4.5   4.5        
Repurchase of common stock and distributions (5.1)         (5.1)  
Series A Preferred Stock dividends (9.0)   (9.0)        
Balance at Dec. 31, 2024 1,265.5 $ 1.1 1,515.6 (79.3) 6.7 (178.6) $ 507.1
Balance, Shares at Dec. 31, 2024   109.2         0.5
Balance at Sep. 30, 2025 1,293.0 $ 1.1 1,503.5 (12.9) (0.9) (197.8) $ 507.1
Balance, Shares at Sep. 30, 2025   109.9         0.5
Net (loss) (15.2)     (15.2)      
Other comprehensive income (loss), net of tax (0.6)       (0.6)    
Capital contributions and issuance of common stock 1.0   1.0        
Capital contributions and issuance of common stock, Shares   2.2          
Equity-based compensation 3.9   3.9        
Repurchase of common stock and distributions (18.8)         (18.8)  
Series A Preferred Stock dividends (9.0)   (9.0)        
Balance at Dec. 31, 2025 $ 1,254.3 $ 1.1 $ 1,499.4 $ (28.1) $ (1.5) $ (216.6) $ 507.1
Balance, Shares at Dec. 31, 2025   112.1         0.5
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net (loss) $ (15.2) $ (10.4)
Adjustments to reconcile net (loss) to net cash provided by operating activities:    
Depreciation 42.9 30.4
Amortization of intangible assets 6.2 8.1
Amortization of financing costs and original issue discount 0.8 0.5
Deferred taxes (6.1) (4.2)
Equity-based compensation 3.9 4.5
Realized gain on hedges (0.7) (1.6)
Gain on disposal of property and equipment (2.1) (2.9)
Other non-cash activities 1.2 4.3
Change in operating assets and liabilities:    
Accounts receivable 24.2 20.7
Unbilled and deferred revenue 28.6 68.7
Other operating assets (6.2) (9.9)
Accounts payable and other operating liabilities (41.4) (47.7)
Net cash provided by operating activities 36.1 60.5
Cash flows from investing activities:    
Purchase of property and equipment (54.7) (58.7)
Proceeds from sale of property and equipment 3.2 2.6
Other investing activities (0.3) 0.8
Net cash (used) by investing activities (51.8) (55.3)
Cash flows from financing activities:    
Repayments of finance lease obligations (13.9) (10.7)
Repayments of receivables financing agreement 0.0 (8.4)
Proceeds from receivables financing agreement, net of issuance costs 10.1 1.6
Series A preferred stock dividend (9.0) (9.0)
Proceeds from issuance of common stock, net of share issuance costs 0.3 1.5
Repurchase of common stock and distributions (18.8) (5.1)
Contingent business acquisition payments 0.0 (0.2)
Increase (decrease) in book overdrafts 9.5 (17.0)
Net cash (used) by financing activities (21.8) (47.3)
Net change in cash and cash equivalents (37.5) (42.1)
Cash and cash equivalents, beginning of period 74.5 140.4
Cash and cash equivalents, end of period 37.0 98.3
Supplemental Cash Flow Information:    
Cash (received) paid for income taxes, net (0.1) 0.1
Cash paid for interest 15.4 15.3
Accrual for property and equipment $ 7.9 $ 26.3
v3.25.4
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Pay vs Performance Disclosure    
Net Income (Loss) $ (15.2) $ (10.4)
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Business
 3 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business

1. Business

BrightView Holdings, Inc. (the “Company” and, collectively with its consolidated subsidiaries, “BrightView”) provides landscape maintenance and enhancements, landscape development, snow removal and other landscape related services for commercial customers throughout the United States. BrightView is aligned into two reportable segments: Maintenance Services and Development Services.

Basis of Presentation

These consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim reporting and are unaudited.

In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments, including normal, recurring accruals that are necessary for a fair presentation of the Company’s operations for the periods presented in conformity with GAAP. All intercompany activity and balances have been eliminated from the consolidated financial statements. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year.

The Consolidated Balance Sheet as of September 30, 2025, presented herein, has been derived from the Company’s audited consolidated financial statements as of and for the fiscal year ended September 30, 2025, but does not include all disclosures required by GAAP, for annual financial statements. For a more complete discussion of the Company’s accounting policies and certain other information, refer to the audited consolidated financial statements and the notes thereto included in the Company’s annual report on Form 10-K for the fiscal year ended September 30, 2025, filed with the Securities and Exchange Commission (“SEC”).

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. On an ongoing basis, management reviews its estimates, including those related to allowances for doubtful accounts, revenue recognition, self-insurance reserves, estimates related to the Company’s assessment of goodwill for impairment, useful lives for depreciation and amortization, realizability of deferred tax assets, and litigation based on currently available information. Changes in facts and circumstances may result in revised estimates and actual results may differ from estimates.
v3.25.4
Recent Accounting Pronouncements
 3 Months Ended
Dec. 31, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Recent Accounting Pronouncements

2. Recent Accounting Pronouncements

Segment Reporting

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU expands public entities' segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of reportable segment's profit or loss and assets. The purpose of the guidance is to enable investors to better understand an entity's overall performance and assess potential future cash flows. The Company adopted the updated accounting guidance on a retrospective basis for the year ended September 30, 2025. The adoption of ASU No. 2023-07 did not have a material impact on the Company's consolidated financial statements. Refer to Note 12 "Segments" to our consolidated financial statements for related disclosures.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU No. 2024-03, Income Statement (Subtopic 220-40): Expense Disaggregation Disclosures. The ASU enhances disclosure of income statement expense categories to improve transparency and provide financial statement users with more detailed information about the nature, amount, and timing of expenses impacting financial performance. In January 2025, the FASB issued ASU No. 2025-01 to clarify the effective date of the update. The amendment is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The Company is in the process of evaluating the impact of ASU No. 2024-03 on its consolidated financial statements.

Accounting for Software Costs

In August 2025, the FASB issued ASU No. 2025-06, Intangibles (Subtopic 350-40): Goodwill and Other Internal-Use Software. The ASU removes all reference to prescriptive and sequential software development stages and requires entities to start capitalizing software costs when both management has authorized and committed to funding the software project and it is probable that the project will be completed and the software will be used to perform the function intended. The amendment is effective for annual periods beginning after December 15, 2027, and interim periods within those annual reporting periods. The Company is in the process of evaluating the impact of ASU No. 2025-06 on its consolidated financial statements.
v3.25.4
Revenue
 3 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue

3. Revenue

The Company’s revenue is generated from Maintenance Services and Development Services. The Company generally recognizes revenue from the sale of services as the services are performed, typically ratably over the term of the contract(s), which the Company believes to be the best measure of progress. The Company recognizes revenues as it transfers control of products and services to its customers. The Company recognizes revenue in an amount reflecting the total consideration it expects to receive from the customer. Revenue is recognized according to the following five step model: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenues when a performance obligation is satisfied. The Company determined that for contracts containing multiple performance obligations, stand-alone selling price is readily determinable for each performance obligation and therefore allocation of the transaction price to multiple performance obligations is not necessary. The transaction price will include estimates of variable consideration, such as returns and provisions for doubtful accounts and sales incentives, to the extent it is probable that a significant reversal of revenue recognized will not occur. In all cases, when a sale is recorded by the Company, no significant uncertainty exists surrounding the purchaser’s obligation to pay.

Maintenance Services

The Company’s Maintenance Services revenues are generated primarily through landscape maintenance services and snow removal services. Landscape maintenance services that are primarily viewed as non-discretionary, such as lawn care, mowing, gardening, mulching, leaf removal, irrigation and tree care, are provided under recurring annual contracts, which typically range from one to three years in duration and are generally cancellable by the customer with 30-90 days’ notice. Snow removal services are provided on either fixed fee based contracts or per occurrence contracts. Both landscape maintenance services and snow removal services can also include enhancement services that represent supplemental maintenance or improvement services generally provided under contracts of short duration related to specific services. Revenue for landscape maintenance and snow removal services under fixed fee models is recognized over time using an output based method. Additionally, a portion of the Company’s recurring fixed fee landscape maintenance and snow removal services are recorded under the series guidance. The right to invoice practical expedient is generally applied to revenue related to landscape maintenance and snow removal services performed in relation to per occurrence contracts as well as enhancement services. When use of the practical expedient is not appropriate for these contracts, revenue is recognized using a cost-to-cost input method. Fees for contracted landscape maintenance services are typically billed on an equal monthly basis. Fees for fixed fee snow removal services are typically billed on an equal monthly basis during snow season, while fees for time and material or other activity-based snow removal services are typically billed as the services are performed. Fees for enhancement services are typically billed as the services are performed.

Development Services

Development Services revenues are generated primarily through landscape architecture and development services. These revenues are primarily recognized over time using the cost-to-cost input method, measured by the percentage of cost incurred to date to the estimated total cost for each contract, which we believe to be the best measure of progress. The full amount of anticipated losses on contracts is recorded as soon as such losses can be estimated. These losses are immaterial to current and historical operations. Changes in job performance, job conditions, and estimated profitability, including final contract settlements, may result in revisions to costs and revenue and are recognized in the period in which the revisions are determined.

Disaggregation of revenue

The following table presents the Company’s reportable segment revenues, disaggregated by revenue type. The Company disaggregates revenue from contracts with customers into major services lines. The Company has determined that disaggregating revenue into these categories depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. As noted in the business segment reporting information in Note 12 “Segments”, the Company’s reportable segments are Maintenance Services and Development Services.

 

 

 

Three Months Ended
December 31,

 

 

 

2025

 

 

2024

 

Landscape Maintenance

 

$

368.0

 

 

$

376.9

 

Snow Removal

 

 

68.4

 

 

 

32.4

 

Maintenance Services

 

 

436.4

 

 

 

409.3

 

Development Services

 

 

179.2

 

 

 

191.8

 

Eliminations

 

 

(0.9

)

 

 

(1.9

)

Net service revenues

 

$

614.7

 

 

$

599.2

 

Remaining Performance Obligations

Remaining performance obligations represent the estimated revenue expected to be recognized in the future related to performance obligations which are fully or partially unsatisfied at the end of the period.

As of December 31, 2025, the estimated future revenues for remaining performance obligations that are part of a contract that has an original expected duration of greater than one year was approximately $452.0. The Company expects to recognize revenue on 55% of the remaining performance obligations over the next 12 months and an additional 45% thereafter.

Contract Assets and Liabilities

When a contract results in revenue being recognized in excess of the amount the Company has invoiced or has the right to invoice to the customer, a contract asset is recognized. Contract assets are transferred to Accounts receivable, net when the rights to the consideration become unconditional. Contract assets are presented as Unbilled revenue on the Consolidated Balance Sheets.

There were $32.9 of amounts billed and $18.4 of additions to our unbilled revenue balance during the three month period ended December 31, 2025.

Contract liabilities consist of payments received from customers, or such consideration that is contractually due, in advance of providing the product or performing services such that control has not passed to the customer. Contract liabilities are presented as Deferred revenue on the Consolidated Balance Sheets.

Changes in Deferred revenue for the three month period ended December 31, 2025 were as follows:

 

 

 

Deferred
Revenue

 

Balance, September 30, 2025

 

$

87.6

 

Recognition of revenue

 

 

(256.7

)

Deferral of revenue

 

 

270.8

 

Balance, December 31, 2025

 

$

101.7

 

Practical Expedients and Exemptions

The Company offers certain interest-free contracts to customers where payments are received over a period not exceeding one year. Additionally, certain Maintenance Services and Development Services customers may pay in advance for services. The Company does not adjust the promised amount of consideration for the effects of these financing components. At contract inception, the period of time between the performance of services and the customer payment is one year or less.

As permitted under the practical expedient available under ASU No. 2014-09, the Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, (ii) contracts with variable consideration that is allocated entirely to unsatisfied performance obligations or to a wholly unsatisfied promise accounted for under the series guidance and (iii) contracts for which the Company recognizes revenue at the amount which we have the right to invoice for services performed.
v3.25.4
Accounts Receivable, net
 3 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Accounts Receivable, net

4. Accounts Receivable, net

Accounts receivable of $367.7 and $393.1, is net of an allowance for doubtful accounts of $10.9 and $9.8 and includes amounts of retention on incomplete projects to be completed within one year of $58.5 and $58.3 as of December 31, 2025 and September 30, 2025, respectively.
v3.25.4
Property and Equipment, net
 3 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment, net

5. Property and Equipment, net

Property and equipment, net consists of the following:

 

 

 

Useful Life

 

December 31,
2025

 

 

September 30,
2025

 

Land

 

—

 

$

42.9

 

 

$

42.9

 

Buildings and leasehold improvements

 

2-40 yrs.

 

 

48.6

 

 

 

48.5

 

Operating equipment

 

2-7 yrs.

 

 

445.3

 

 

 

443.3

 

Transportation vehicles

 

3-7 yrs.

 

 

507.8

 

 

 

491.9

 

Office equipment and software

 

3-10 yrs.

 

 

57.4

 

 

 

56.3

 

Construction in progress

 

—

 

 

4.1

 

 

 

9.6

 

Property and equipment

 

 

 

 

1,106.1

 

 

 

1,092.5

 

Less: Accumulated depreciation

 

 

 

 

571.7

 

 

 

550.9

 

Property and equipment, net

 

 

 

$

534.4

 

 

$

541.6

 

Construction in progress includes costs incurred for software and other assets that have not yet been placed in service. Depreciation expense related to property and equipment was $42.9 and $30.4 for the three months ended December 31, 2025 and 2024, respectively.
v3.25.4
Intangible Assets, Goodwill, Acquisitions and Divestitures
 3 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Goodwill and Acquisitions

6. Intangible Assets, Goodwill, Acquisitions, and Divestitures

Intangible Assets, net

Identifiable intangible assets consist of acquired customer contracts and relationships. Amortization expense related to intangible assets was $6.2 and $8.1 for the three months ended December 31, 2025 and 2024, respectively. These assets are amortized over their estimated useful lives of which the reasonableness is continually evaluated by the Company. There were no intangible assets acquired during the three months ended December 31, 2025 and 2024, respectively.

Intangible assets, net, as of December 31, 2025 and September 30, 2025 consisted of the following:

 

 

 

 

 

December 31, 2025

 

 

September 30, 2025

 

 

 

Estimated
Useful Life

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

Customer relationships

 

6-21 yrs.

 

$

689.3

 

 

$

(629.0

)

 

$

715.9

 

 

$

(649.4

)

Total intangible assets

 

 

 

$

689.3

 

 

$

(629.0

)

 

$

715.9

 

 

$

(649.4

)

 

Goodwill

As of September 30, 2024, September 30, 2025, and December 31, 2025, the Company had goodwill of $2,015.7. As of each of these dates, $1,797.7 of the Company's goodwill was attributable to the Maintenance Services segment, and $218.0 million of the Company's goodwill was attributable to the Development Services segment.
v3.25.4
Long-Term Debt
 3 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Long-Term Debt

7. Long-term Debt

Long-term debt consists of the following:

 

 

 

December 31,
2025

 

 

September 30, 2025

 

Series B term loan

 

$

734.2

 

 

$

733.9

 

Receivables financing agreement

 

 

71.7

 

 

 

61.6

 

Financing costs, net

 

 

(4.8

)

 

 

(5.3

)

Total debt, net

 

$

801.1

 

 

$

790.2

 

Less: Current portion of long-term debt

 

 

—

 

 

 

—

 

Long-term debt, net

 

$

801.1

 

 

$

790.2

 

 

First Lien credit facility term loans and Series B Term Loan due 2029

On December 18, 2013, the Company and a group of financial institutions entered into a credit agreement (the “Credit Agreement”). The Credit Agreement consisted of seven-year $1,460.0 term loans and a five-year $210.0 revolving credit facility. All amounts outstanding under the Credit Agreement were collateralized by substantially all of the assets of the Company. The Credit Agreement, as amended, provides for: (i) a $1,200.0 seven-year term loan (the “Series B Term Loan”) and (ii) a $300.0 five-year revolving credit facility (the “Revolving Credit Facility”). The Series B Term Loan matures on April 22, 2029. An original issue discount of $12.0 was incurred when the Series B Term Loan was issued and is being amortized using the effective interest method over the life of the debt, resulting in an effective yield of 3.42%. There were no debt repayments for the Series B Term Loan for the three months ended December 31, 2025 and 2024, respectively.

On August 28, 2023, the Company voluntarily repaid $450.0 of the amount outstanding under the Company’s Agreement.

On January 29, 2025, the Company entered into Amendment No. 9 to the Credit Agreement (the "Ninth Credit Agreement Amendment"). Under the Ninth Credit Agreement Amendment, the existing Series B Term Loans were amended to bear interest at a rate per annum based on a secured overnight funding rate ("Term SOFR"), plus a margin of 2.00% or a base rate ("ABR") plus a margin of 1.00%, subject to SOFR and ABR floors of 0.50% and 1.50%, respectively.

Revolving credit facility

The Revolving Credit Facility matures on April 22, 2027. The Revolving Credit Facility currently bears interest at a rate per annum equal to Term SOFR plus a margin ranging from 2.00% to 2.50% or ABR plus a margin ranging from 1.00% to 1.50%, subject to SOFR and ABR floors of 0.00% and 1.00%, respectively, with the margin on the Revolving Credit Facility determined based on the Company's first lien net leverage ratio. There were no borrowings or repayments under the facility during the three months ended December 31, 2025 and 2024. The Company had no letters of credit issued and outstanding as of December 31, 2025 and September 30, 2025.

Receivables financing agreement

On April 28, 2017, the Company, through a wholly-owned subsidiary, entered into a receivables financing agreement (the “Receivables Financing Agreement”).

On June 27, 2024, the Company, through a wholly-owned subsidiary, entered into the Fifth Amendment to the Receivables Financing Agreement (the “Fifth Amendment”). The Fifth Amendment (i) increased the borrowing capacity to $325.0, (ii) extended the term through June 27, 2027, and (iii) established a swingline facility of up to $50.0.

All amounts outstanding under the Receivables Financing Agreement are collateralized by substantially all of the accounts receivable and unbilled revenue of the Company. During the three months ended December 31, 2025 the Company borrowed $10.1

against the capacity and had no voluntarily repayments. During the three months ended December 31, 2024 the Company borrowed $1.6 against the capacity and voluntarily repaid $8.4. The Company had $90.2 of letters of credit issued and outstanding as of December 31, 2025 and $82.3 of letters of credit issued and outstanding as of September 30, 2025.

The following are the scheduled maturities of long-term debt for the remainder of fiscal 2026 and the following four fiscal years and thereafter, which do not include any estimated excess cash flow payments:

 

2026

 

$

—

 

2027

 

 

71.7

 

2028

 

 

—

 

2029

 

 

738.0

 

2030

 

 

—

 

2031 and thereafter

 

 

—

 

Total long-term debt

 

 

809.7

 

Less: Current maturities

 

 

—

 

Less: Original issue discount

 

 

3.8

 

Less: Financing costs

 

 

4.8

 

Total long-term debt, net

 

$

801.1

 

 

The Company has estimated the fair value of its long-term debt to be approximately $809.7 and $796.8 as of December 31, 2025 and September 30, 2025, respectively. Fair value is based on market bid prices around period-end (Level 2 inputs).
v3.25.4
Fair Value Measurements and Derivative Instruments
 3 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements and Derivative Instruments

8. Fair Value Measurements and Derivative Instruments

Fair value is defined as the price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the liability).

Fair Value Hierarchy

The following hierarchy for inputs used in measuring fair value should maximize the use of observable inputs and minimize the use of unobservable inputs by requiring that the most observable inputs be used when available:

Level 1 Quoted prices in active markets for identical assets or liabilities that are accessible at the measurement dates.

Level 2 Significant observable inputs that are used by market participants in pricing the asset or liability based on market data obtained from independent sources.

Level 3 Significant unobservable inputs the Company believes market participants would use in pricing the asset or liability based on the best information available.

The carrying amounts shown for the Company’s cash and cash equivalents, restricted cash, accounts receivable and accounts payable approximate fair value due to the short-term maturity of those instruments. The valuation is based on settlements of similar financial instruments all of which are short-term in nature and are generally settled at or near cost.

Investments held in Rabbi Trust

A non-qualified deferred compensation plan is available to certain executives. Under this plan, participants may elect to defer up to 70% of their compensation. The Company invests the deferrals in participant-selected diversified investments that are held in a Rabbi Trust and which are classified within Other assets on the Consolidated Balance Sheets. The fair value of the investments held in the Rabbi Trust is based on the quoted market prices of the underlying mutual fund investments. These investments are based on the participants’ selected investments, which represent the underlying liabilities to the participants in the non-qualified deferred compensation plan. Gains and losses on these investments are included in Other (income) on the Consolidated Statements of Operations.

Derivatives

The Company’s objective in entering into derivative transactions is to manage its exposure to interest rate movements associated with its variable rate debt and changes in fuel prices. The Company recognizes derivatives as either assets or liabilities on the

balance sheet and measures those instruments at fair value. The fair values of the derivative financial instruments are determined using widely accepted valuation techniques including discounted cash flow analysis based on the expected cash flows of each derivative. Although the Company has determined that the significant inputs, such as interest yield curve and discount rate, used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with the Company’s counterparties and its own credit risk utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2025 and September 30, 2025, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

The following tables summarize the financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and September 30, 2025:

 

 

 

December 31, 2025

 

 

 

Carrying Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Other assets:

 

 

 

 

 

 

 

 

 

 

 

 

Investments held by Rabbi Trust

 

$

8.4

 

 

$

8.4

 

 

$

—

 

 

$

—

 

Total assets

 

$

8.4

 

 

$

8.4

 

 

$

—

 

 

$

—

 

Accrued expenses and other current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Fuel derivative contracts

 

$

0.5

 

 

$

—

 

 

$

0.5

 

 

$

—

 

Other liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate derivative contracts

 

 

1.9

 

 

 

—

 

 

 

1.9

 

 

 

—

 

Obligation to Rabbi Trust

 

 

8.4

 

 

 

8.4

 

 

 

—

 

 

 

—

 

Total liabilities

 

$

10.8

 

 

$

8.4

 

 

$

2.4

 

 

$

—

 

 

 

 

September 30, 2025

 

 

 

Carrying Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Other assets:

 

 

 

 

 

 

 

 

 

 

 

 

Investments held by Rabbi Trust

 

$

7.9

 

 

$

7.9

 

 

$

—

 

 

$

—

 

Total assets

 

$

7.9

 

 

$

7.9

 

 

$

—

 

 

$

—

 

Accrued expenses and other current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Fuel derivative contracts

 

$

0.1

 

 

$

—

 

 

$

0.1

 

 

$

—

 

Other liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate derivative contracts

 

 

1.5

 

 

 

—

 

 

 

1.5

 

 

 

—

 

Obligation to Rabbi Trust

 

 

7.9

 

 

 

7.9

 

 

 

—

 

 

 

—

 

Total liabilities

 

$

9.5

 

 

$

7.9

 

 

$

1.6

 

 

$

—

 

 

Hedging Activities

As of December 31, 2025 and September 30, 2025, the Company’s outstanding derivatives qualified as cash flow hedges. The Company assesses whether derivatives used in hedging transactions are “highly effective” in offsetting changes in the cash flow of the hedged forecasted transactions. Regression analysis is used for the hedge relationships and high effectiveness is achieved when a statistically valid relationship reflects a high degree of offset and correlation between the fair values of the derivative and the hedged forecasted transaction. The entire change in the fair value for highly effective derivatives is reported in Other comprehensive (loss) income and subsequently reclassified into Interest expense, net (in the case of interest rate contracts) and Cost of services provided (in the case of fuel hedge contracts) in the Consolidated Statements of Operations when the hedged item affects earnings. If the hedged forecasted transaction is no longer probable of occurring, then the amount recognized in Accumulated other comprehensive (loss) is released to earnings. Cash flows from the derivatives are classified in the same category as the cash flows from the underlying hedged transaction.

Interest Rate Contracts

The Company has exposures to variability in interest rates associated with its variable interest rate debt, which includes the Series B Term Loan. As such, the Company has entered into interest rate contracts to help manage interest rate exposure by economically converting a portion of its variable-rate debt to fixed-rate debt. In January 2023, the Company entered into an interest rate swap

agreement with a notional amount of $500.0 and an interest rate collar agreement with a notional amount of $500.0, each effective for the period January 31, 2023 through January 31, 2028.

On August 28, 2023, the Company terminated $400.0 of the notional amount of its outstanding interest rate collar agreement.

The notional amount of interest rate contracts was $600.0 at December 31, 2025 and September 30, 2025. As of December 31, 2025, net deferred gain on the interest rate contracts of $0.2, net of taxes, is expected to be recognized in Interest expense over the next 12 months.

The effects on the consolidated financial statements of the interest rate contracts which were designated as cash flow hedges were as follows:

 

 

 

Three Months Ended
December 31,

 

 

 

2025

 

 

2024

 

Income recognized in Other comprehensive (loss) income

 

$

0.3

 

 

$

13.1

 

Net income reclassified from Accumulated other comprehensive (loss) into Interest expense

 

 

0.8

 

 

 

2.0

 

Fuel Contracts

The Company has exposures to variability in fuel pricing associated with its purchase and usage of fuel during the ordinary course of business operating a large fleet of vehicles and equipment. As such, the Company has entered into gasoline hedge contracts to help reduce its exposure to volatility in the fuel markets. In March 2025, the Company entered into a fuel swap agreement with a notional volume of 2.5 million gallons covering the period March 3, 2025 through February 23, 2026. In April 2025, the Company entered into three fuel swap agreements with a combined notional volume of 5.5 million gallons covering the period April 2025 through April 2026. In October 2025, the Company entered into a fuel swap agreement with a notional volume of 3.0 million gallons covering the period April 6, 2026 through March 29, 2027. The net deferred loss on the fuel swaps as of December 31, 2025 was immaterial and is expected to be recognized in Cost of services provided over the next 15 months.

The effects on the consolidated financial statements of the fuel swap contracts which were designated as cash flow hedges were as follows:

 

 

 

Three Months Ended
December 31,

 

 

 

2025

 

 

2024

 

(Loss) recognized in Other comprehensive (loss) income

 

$

(0.5

)

 

$

—

 

Net (loss) reclassified from Accumulated other comprehensive (loss) into Cost of services provided

 

 

(0.1

)

 

 

(0.4

)

 
v3.25.4
Income Taxes
 3 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

9. Income Taxes

The following table summarizes the Company’s income tax (benefit) and effective income tax rate for the three months ended December 31, 2025 and 2024.

 

 

 

Three Months Ended
December 31,

 

 

 

2025

 

 

2024

 

(Loss) before income taxes

 

$

(20.4

)

 

$

(14.6

)

Income tax (benefit)

 

 

(5.2

)

 

 

(4.2

)

Effective income tax rate

 

 

25.5

%

 

 

28.8

%

 

The decrease in the effective tax rate for the three months ended December 31, 2025, when compared to the three months ended December 31, 2024, is primarily attributable to equity-based compensation shifting from a windfall position to a shortfall position, as a result of recent decreases in the share price of the Company's common stock.
v3.25.4
Equity-Based Compensation
 3 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Equity-Based Compensation

10. Equity-Based Compensation

Amended and Restated 2018 Omnibus Incentive Plan

On June 28, 2018 (and as amended and restated on March 10, 2020 and March 5, 2024), in connection with the IPO, the Company’s Board of Directors adopted, and its stockholders approved, the BrightView Holdings, Inc. 2018 Omnibus Incentive Plan (the “2018 Omnibus Incentive Plan”). The total number of shares of common stock that may be issued under the 2018 Omnibus Incentive Plan is 24,650,000. Under the 2018 Omnibus Incentive Plan, the Company may grant stock options, stock appreciation rights, restricted stock, other equity-based awards and other cash-based awards to employees, directors, officers, consultants and advisors.

2023 Employment Inducement Incentive Award Plan

On September 11, 2023, the Company adopted the BrightView Holdings, Inc. 2023 Employment Inducement Incentive Award Plan (the “Inducement Plan”). Pursuant to the Inducement Plan, the Company may grant equity incentive compensation as a material inducement for certain individuals to commence employment with the Company. A total of 1,750,000 shares of common stock were reserved for grant under the Inducement Plan. Awards granted under the Inducement Plan may be in the form of non-qualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, unrestricted stock awards, dividend equivalent rights and other equity-based awards, or any combination of those awards.

Restricted Stock Awards

A summary of the Company’s restricted stock award activity for the three month period ended December 31, 2025 is presented in the following table:

 

 

 

Shares

 

 

Weighted-Avg Distribution Price per Share

 

Outstanding at September 30, 2025

 

 

86,000

 

 

$

14.66

 

Less: Forfeited

 

 

1,000

 

 

$

14.66

 

Outstanding at December 31, 2025

 

 

85,000

 

 

$

14.66

 

Restricted Stock Units

A summary of the Company’s restricted stock unit activity for the three month period ended December 31, 2025 is presented in the following table:

 

 

 

Shares

 

 

Weighted-Avg Distribution Price per Share

 

Outstanding at September 30, 2025

 

 

2,779,000

 

 

$

10.51

 

Granted

 

 

773,000

 

 

$

12.72

 

Less: Vested

 

 

815,000

 

 

$

9.65

 

Less: Forfeited

 

 

37,000

 

 

$

12.79

 

Outstanding at December 31, 2025

 

 

2,700,000

 

 

$

11.36

 

 

During the three month period ended December 31, 2025, the Company issued 773,000 restricted stock units (“RSUs”) at a weighted average grant date fair value of $12.72 per share, all of which are subject to vesting. The majority of these RSUs vest ratably over a four-year period commencing on the grant date. Non-cash equity-based compensation expense associated with the new grants will total approximately $8.0 over the requisite service period.

Stock Option Awards

A summary of the Company’s stock option activity for the three month period ended December 31, 2025 is presented in the following table:

 

 

 

Shares

 

 

Weighted-Avg Exercise Price per Share

 

Outstanding at September 30, 2025

 

 

2,338,000

 

 

$

19.11

 

Less: Exercised

 

 

9,000

 

 

$

13.49

 

Less: Forfeited

 

 

21,000

 

 

$

17.07

 

Outstanding at December 31, 2025

 

 

2,308,000

 

 

$

19.16

 

Vested and exercisable at December 31, 2025

 

 

2,064,000

 

 

$

18.82

 

Expected to vest after December 31, 2025

 

 

244,000

 

 

$

22.00

 

Performance Stock Unit Awards

A summary of the Company’s performance stock unit activity for the three month period ended December 31, 2025 is presented in the following table:

 

 

 

Shares*

 

 

Weighted-Avg Distribution Price per Share

 

Outstanding at September 30, 2025

 

 

1,328,000

 

 

$

9.40

 

Granted

 

 

499,000

 

 

$

12.76

 

Less: Vested

 

 

262,000

 

 

$

7.48

 

Outstanding at December 31, 2025

 

 

1,565,000

 

 

$

10.80

 

* Awards above presented assuming 100% attainment

During the three month period ended December 31, 2025, the Company issued 499,000 performance stock units (“PSUs”) at a weighted average distribution price of $12.76 per share and a weighted average grant date fair value of $12.76 per share, which cliff vest at the end of the three-year performance period. The number of the PSUs that vest upon completion of the performance period can range from 0% to 200% of the original grant, subject to certain limitations, contingent upon performance conditions. The performance condition metrics are the Company’s three-year average Adjusted EBITDA margin, return on invested capital, and compound annual growth rate of the Company’s land organic revenue. The fair value of these awards is determined based on the trading price of the company’s common shares on the date of grant. Expected non-cash equity-based compensation expense associated with the grant will be approximately $5.4 over the requisite service period. During the three month period ended December 31, 2025, no PSUs were forfeited.

Equity-Based Compensation Expense

The Company recognizes equity-based compensation expense using the estimated fair value as of the grant date over the requisite service or performance period applicable to the grant. Estimates of future forfeitures are made at the date of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.

The Company recognized $3.9 and $4.5 in equity-based compensation expense for the three months ended December 31, 2025 and 2024, respectively, included in Selling, general and administrative expense in the accompanying Consolidated Statements of Operations. The resulting charges increased Additional paid in capital by the same amount for each applicable period. Total unrecognized compensation cost was $34.0 and $24.3 as of December 31, 2025 and September 30, 2025, respectively, which is expected to be recognized over a weighted average period of 1.3 and 1.2 years as of December 31, 2025 and September 30, 2025, respectively.

2018 Employee Stock Purchase Plan

The Company’s Stockholders have approved the Company’s 2018 Employee Stock Purchase Plan, (the “ESPP”). A total of 2,100,000 shares of the Company’s common stock were made available for sale under the Company’s 2018 Employee Stock Purchase Plan, of which 103,000 were issued on November 17, 2025, and 73,000 were issued on November 18, 2024. An additional portion thereof is expected to be issued in November 2026.
v3.25.4
Commitment and Contingencies
 3 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

11. Commitments and Contingencies

Risk Management

The Company carries general liability, auto liability, workers’ compensation, and employee health care insurance policies. In addition, the Company carries other reasonable and customary insurance policies for a Company of our size and scope, as well as umbrella liability insurance policies to cover claims over the liability limits contained in the primary policies. The Company’s insurance programs, for workers’ compensation, general liability, auto liability and employee health care for certain employees contain self-insured retention amounts, deductibles and other coverage limits (“self-insured liability”). Claims that are not self-insured as well as claims in excess of the self-insured liability amounts are insured. The Company uses estimates in the determination of the required reserves. These estimates are based upon calculations performed by third-party actuaries, as well as examination of historical trends and industry claims experience. The Company’s reserve for unpaid and incurred but not reported claims under these programs at December 31, 2025 was $171.3, of which $52.5 was classified in current liabilities and $118.8 was classified in non-current liabilities in the accompanying unaudited Consolidated Balance Sheet. The Company’s reserve for unpaid and incurred but not reported claims under these programs at September 30, 2025 was $175.1, of which $52.3 was classified in current liabilities and $122.8 was classified in non-current liabilities in the accompanying Consolidated Balance Sheet. While the ultimate amount of these claims is dependent on future developments, in management’s opinion, recorded reserves are adequate to cover these claims. The Company’s reserve for unpaid and incurred but not reported claims at December 31, 2025 includes $21.5 related to claims recoverable from third-party insurance carriers. Corresponding assets of $6.4 and $15.1 are recorded at December 31, 2025, as Other current assets and Other assets, respectively. The Company’s reserve for unpaid and incurred but not reported claims at September 30, 2025 includes $24.2 related to claims recoverable from third-party insurance carriers. Corresponding assets of $7.0 and $17.2 were recorded at September 30, 2025, as Other current assets and Other assets, respectively.

Litigation Contingency

From time to time, the Company is subject to legal proceedings and claims in the ordinary course of its business, principally claims made alleging injuries (including vehicle and general liability matters as well as workers’ compensation and property casualty claims). Such claims, even if lacking merit, can result in expenditures of significant financial and managerial resources. In the ordinary course of its business, the Company is also subject to investigations or claims involving current and/or former employees and disputes involving commercial and regulatory matters. Regulatory matters include, among other things, audits and reviews of local and federal tax compliance, safety and employment practices, and environmental matters. Although the process of resolving regulatory matters and claims through litigation and other means is inherently uncertain, the Company is not aware of any such matter, legal proceeding or claim that it believes will have, individually or in the aggregate, a material effect on the Company, its financial condition, and results of operations or cash flows. For all legal matters, an estimated liability is established in accordance with the loss contingencies accounting guidance. This estimated liability is included in Accrued expenses and other current liabilities in the accompanying Consolidated Balance Sheets.

v3.25.4
Segments
 3 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segments

12. Segments

The operations of the Company are conducted through two operating segments: Maintenance Services and Development Services, which are also its reportable segments.

Maintenance Services primarily consists of recurring landscape maintenance services and snow removal services as well as supplemental landscape enhancement services.

Development Services primarily consists of landscape architecture and development services for new construction and large scale redesign projects.

The operating segments identified above are determined based on the services provided, and they reflect the manner in which operating results are regularly reviewed by the Chief Operating Decision Maker (“CODM”) to allocate resources and assess performance. The CODM is the Company’s Chief Executive Officer. The CODM uses Adjusted EBITDA as the measure of profitability

to evaluate the performance of the Company's operating segments. The CODM utilizes the identified metrics as part of the annual budgeting and forecasting process and during the monthly business reviews when making decisions about the allocation of resources.

As part of the CODM's review of operating results, the CODM considers direct costs, which include direct labor and materials, as a significant segment expense. The CODM evaluates segment performance each period against historical results factoring in macroeconomic factors such as direct labor and materials to assess segment performance.

The accounting policies of the segments are the same as those described in Note 2 “Summary of Significant Accounting Policies” in the notes to our consolidated financial statements in the Annual Report on Form 10-K for the fiscal year ended September 30, 2025. Eliminations represent eliminations of intersegment revenues. Intersegment revenue transactions are recorded at current market price. The Company does not currently provide asset information by segment, as this information is not used by management when allocating resources or evaluating performance.

The following is a summary of certain financial data for each of the segments and reconciliation of Segment Adjusted EBITDA to (Loss) before income taxes:

 

 

Three Months Ended December 31, 2025

 

 

 

Maintenance

 

 

Development

 

 

Eliminations

 

 

Total

 

Net Service Revenues

 

$

436.4

 

 

$

179.2

 

 

$

(0.9

)

 

$

614.7

 

Less segment expenses

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs(a)

 

 

252.9

 

 

 

132.9

 

 

 

(0.9

)

 

 

 

Other segment items(b)

 

 

148.1

 

 

 

28.2

 

 

 

—

 

 

 

 

Segment Adjusted EBITDA

 

 

35.4

 

 

 

18.1

 

 

 

—

 

 

 

53.5

 

Reconciliation of total segment Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

13.5

 

Depreciation expense

 

 

 

 

 

 

 

 

 

 

 

42.9

 

Amortization expense

 

 

 

 

 

 

 

 

 

 

 

6.2

 

Business transformation and integration costs (c)

 

 

 

 

 

 

 

 

 

 

 

7.0

 

Equity-based compensation (d)

 

 

 

 

 

 

 

 

 

 

 

4.3

 

(Loss) before income taxes

 

 

 

 

 

 

 

 

 

 

$

(20.4

)

 

 

 

Three Months Ended December 31, 2024

 

 

 

Maintenance

 

 

Development

 

 

Eliminations

 

 

Total

 

Net Service Revenues

 

$

409.3

 

 

$

191.8

 

 

$

(1.9

)

 

$

599.2

 

Less segment expenses

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs(a)

 

 

230.1

 

 

 

146.0

 

 

 

(1.8

)

 

 

 

Other segment items(b)

 

 

144.6

 

 

 

28.3

 

 

 

(0.1

)

 

 

 

Segment Adjusted EBITDA

 

 

34.6

 

 

 

17.5

 

 

 

—

 

 

 

52.1

 

Reconciliation of total segment Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

14.2

 

Depreciation expense

 

 

 

 

 

 

 

 

 

 

 

30.4

 

Amortization expense

 

 

 

 

 

 

 

 

 

 

 

8.1

 

Business transformation and integration costs (c)

 

 

 

 

 

 

 

 

 

 

 

9.2

 

Equity-based compensation (d)

 

 

 

 

 

 

 

 

 

 

 

4.8

 

(Loss) before income taxes

 

 

 

 

 

 

 

 

 

 

$

(14.6

)

 

 

 

Three Months Ended December 31,

 

Capital Expenditures

 

2025

 

 

2024

 

Maintenance Services

 

$

48.7

 

 

$

41.7

 

Development Services

 

 

6.0

 

 

 

17.0

 

Capital Expenditures

 

$

54.7

 

 

$

58.7

 

 

(a)
The Company's significant segment expense, direct costs, aligns with the segment level information that is regularly provided to our CODM. Direct costs include direct labor, materials, and other costs that are directly incurred as a result of the delivery of services. Direct costs do not include costs of sales that are allocated to services including fuel and depreciation. Intersegment expenses are included within the amounts shown.
(b)
Other segment items for both segments primarily include indirect compensation costs, auto and equipment costs, selling, general, and administrative costs and allocation of corporate expenses.
(c)
Business transformation and integration costs consist of severance and related costs, information technology, infrastructure, transformation, and other costs. These costs represent expenses related to distinct initiatives, typically significant enterprise-wide changes, including actions taken as part of the Company's One BrightView initiative. Such expenses are excluded from Segment Adjusted EBITDA disclosed above since such expenses vary in amount based on occurrence as well as factors specific to each of the activities, are outside of the normal operations of the business, and create a lack of comparability between periods.
(d)
Represents equity-based compensation expense and related taxes recognized for equity incentive plans outstanding
v3.25.4
Mezzanine Equity
 3 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Mezzanine Equity

13. Mezzanine Equity

Series A Convertible Preferred Stock

On August 28, 2023 (the “Original Issuance Date”), BrightView Holdings, Inc. entered into an Investment Agreement with each of Birch Equity Holdings, LP, a Delaware limited partnership, and Birch-OR Equity Holdings, LLC, a Delaware limited liability company (collectively, the “Investors”), pursuant to which the Company issued and sold, in a private placement, an aggregate of 500,000 shares of the Company’s Series A Convertible Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”), for an aggregate purchase price of $500.0 (the “Issuance”), excluding issuance costs.

On December 11, 2025 the Company declared a cash dividend of $9.0 in aggregate on the Series A Preferred Stock, which was paid to the Investors on January 2, 2026. The accrued dividend is presented within Accrued expense and other current liabilities on the Consolidated Balance Sheet as of December 31, 2025.
v3.25.4
(Loss) Per Share of Common Stock
 3 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
(Loss) Per Share of Common Stock

14. (Loss) Per Share of Common Stock

The Company calculates basic and diluted (loss) earnings per common share using the two-class method. The two-class method is an allocation formula that determines net (loss) income per common share for each share of common stock and Series A Convertible Preferred Stock, a participating security, according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and Series A Convertible Preferred Stock based on their respective rights to receive dividends. The holders of the Series A Convertible Preferred Stock do not participate in losses. The holders of Series A Convertible Preferred Stock participate in cash dividends that the Company pays on its common stock on an as-converted basis. Diluted net (loss) income per common share is computed based on the weighted average number of shares of common stock outstanding during each period, plus potential common shares considered outstanding during the period, as long as the inclusion of such awards is not antidilutive. Potential common shares consist of unvested and unexercised stock compensation awards and the Series A Convertible Preferred Stock, using the more dilutive of either the two-class method or if-converted stock method.

Set forth below is a reconciliation of the numerator and denominator for basic and diluted (loss) earnings per share calculation for the periods indicated:

 

 

Three Months Ended
December 31,

 

 

2025

 

 

2024

 

Basic earnings per common share

 

 

 

 

 

Numerator:

 

 

 

 

 

Net (loss)

$

(15.2

)

 

$

(10.4

)

 Less: Dividends on Series A convertible preferred shares

 

(9.0

)

 

 

(9.0

)

 Less: Earnings allocated to Convertible Preferred Shares

 

—

 

 

 

—

 

Net loss available to common shareholders

$

(24.2

)

 

$

(19.4

)

 

 

 

 

 

 

Denominator:

 

 

 

 

 

Weighted average number of common shares outstanding – basic

 

94,672,000

 

 

 

95,166,000

 

 

 

 

 

 

 

Basic loss per share

$

(0.26

)

 

$

(0.20

)

 

 

 

 

 

 

Diluted earnings per common share

 

 

 

 

 

Numerator:

 

 

 

 

 

Net loss available to common shareholders – diluted

$

(24.2

)

 

$

(19.4

)

 

 

 

 

 

 

Denominator:

 

 

 

 

 

Weighted average number of common shares outstanding – basic

 

94,672,000

 

 

 

95,166,000

 

Dilutive effect of:

 

 

 

 

 

Stock compensation awards

 

—

 

 

 

—

 

Series A convertible preferred stock

 

—

 

 

 

—

 

Weighted average number of common shares outstanding – diluted

 

94,672,000

 

 

 

95,166,000

 

 

 

 

 

 

 

Diluted loss per share

$

(0.26

)

 

$

(0.20

)

 

 

 

 

 

 

Other Information:

 

 

 

 

 

Weighted average number of anti-dilutive Series A convertible preferred shares, options and restricted stock(a)

 

58,834,000

 

 

 

58,942,000

 

 

(a)
Weighted average number of anti-dilutive options is based upon the average closing price of the Company’s common stock on the NYSE for the period.
v3.25.4
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

These consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim reporting and are unaudited.

In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments, including normal, recurring accruals that are necessary for a fair presentation of the Company’s operations for the periods presented in conformity with GAAP. All intercompany activity and balances have been eliminated from the consolidated financial statements. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year.

The Consolidated Balance Sheet as of September 30, 2025, presented herein, has been derived from the Company’s audited consolidated financial statements as of and for the fiscal year ended September 30, 2025, but does not include all disclosures required by GAAP, for annual financial statements. For a more complete discussion of the Company’s accounting policies and certain other information, refer to the audited consolidated financial statements and the notes thereto included in the Company’s annual report on Form 10-K for the fiscal year ended September 30, 2025, filed with the Securities and Exchange Commission (“SEC”).
Use of Estimates

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. On an ongoing basis, management reviews its estimates, including those related to allowances for doubtful accounts, revenue recognition, self-insurance reserves, estimates related to the Company’s assessment of goodwill for impairment, useful lives for depreciation and amortization, realizability of deferred tax assets, and litigation based on currently available information. Changes in facts and circumstances may result in revised estimates and actual results may differ from estimates.
v3.25.4
Revenue (Tables)
 3 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Reportable Segment Revenues, Disaggregated by Revenue

The following table presents the Company’s reportable segment revenues, disaggregated by revenue type. The Company disaggregates revenue from contracts with customers into major services lines. The Company has determined that disaggregating revenue into these categories depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. As noted in the business segment reporting information in Note 12 “Segments”, the Company’s reportable segments are Maintenance Services and Development Services.

 

 

 

Three Months Ended
December 31,

 

 

 

2025

 

 

2024

 

Landscape Maintenance

 

$

368.0

 

 

$

376.9

 

Snow Removal

 

 

68.4

 

 

 

32.4

 

Maintenance Services

 

 

436.4

 

 

 

409.3

 

Development Services

 

 

179.2

 

 

 

191.8

 

Eliminations

 

 

(0.9

)

 

 

(1.9

)

Net service revenues

 

$

614.7

 

 

$

599.2

 
Schedule of Contract Balances

Changes in Deferred revenue for the three month period ended December 31, 2025 were as follows:

 

 

 

Deferred
Revenue

 

Balance, September 30, 2025

 

$

87.6

 

Recognition of revenue

 

 

(256.7

)

Deferral of revenue

 

 

270.8

 

Balance, December 31, 2025

 

$

101.7

 
v3.25.4
Property and Equipment, net (Tables)
 3 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment, Net

Property and equipment, net consists of the following:

 

 

 

Useful Life

 

December 31,
2025

 

 

September 30,
2025

 

Land

 

—

 

$

42.9

 

 

$

42.9

 

Buildings and leasehold improvements

 

2-40 yrs.

 

 

48.6

 

 

 

48.5

 

Operating equipment

 

2-7 yrs.

 

 

445.3

 

 

 

443.3

 

Transportation vehicles

 

3-7 yrs.

 

 

507.8

 

 

 

491.9

 

Office equipment and software

 

3-10 yrs.

 

 

57.4

 

 

 

56.3

 

Construction in progress

 

—

 

 

4.1

 

 

 

9.6

 

Property and equipment

 

 

 

 

1,106.1

 

 

 

1,092.5

 

Less: Accumulated depreciation

 

 

 

 

571.7

 

 

 

550.9

 

Property and equipment, net

 

 

 

$

534.4

 

 

$

541.6

 
v3.25.4
Intangible Assets, Goodwill, Acquisitions and Divestitures (Tables)
 3 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets

Intangible assets, net, as of December 31, 2025 and September 30, 2025 consisted of the following:

 

 

 

 

 

December 31, 2025

 

 

September 30, 2025

 

 

 

Estimated
Useful Life

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

Customer relationships

 

6-21 yrs.

 

$

689.3

 

 

$

(629.0

)

 

$

715.9

 

 

$

(649.4

)

Total intangible assets

 

 

 

$

689.3

 

 

$

(629.0

)

 

$

715.9

 

 

$

(649.4

)

 
v3.25.4
Long-Term Debt (Tables)
 3 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt

Long-term debt consists of the following:

 

 

 

December 31,
2025

 

 

September 30, 2025

 

Series B term loan

 

$

734.2

 

 

$

733.9

 

Receivables financing agreement

 

 

71.7

 

 

 

61.6

 

Financing costs, net

 

 

(4.8

)

 

 

(5.3

)

Total debt, net

 

$

801.1

 

 

$

790.2

 

Less: Current portion of long-term debt

 

 

—

 

 

 

—

 

Long-term debt, net

 

$

801.1

 

 

$

790.2

 
Scheduled Maturities of Long-Term Debt

The following are the scheduled maturities of long-term debt for the remainder of fiscal 2026 and the following four fiscal years and thereafter, which do not include any estimated excess cash flow payments:

 

2026

 

$

—

 

2027

 

 

71.7

 

2028

 

 

—

 

2029

 

 

738.0

 

2030

 

 

—

 

2031 and thereafter

 

 

—

 

Total long-term debt

 

 

809.7

 

Less: Current maturities

 

 

—

 

Less: Original issue discount

 

 

3.8

 

Less: Financing costs

 

 

4.8

 

Total long-term debt, net

 

$

801.1

 
v3.25.4
Fair Value Measurements and Derivative Instruments (Tables)
 3 Months Ended
Dec. 31, 2025
Derivative Instruments Gain Loss [Line Items]  
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables summarize the financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and September 30, 2025:

 

 

 

December 31, 2025

 

 

 

Carrying Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Other assets:

 

 

 

 

 

 

 

 

 

 

 

 

Investments held by Rabbi Trust

 

$

8.4

 

 

$

8.4

 

 

$

—

 

 

$

—

 

Total assets

 

$

8.4

 

 

$

8.4

 

 

$

—

 

 

$

—

 

Accrued expenses and other current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Fuel derivative contracts

 

$

0.5

 

 

$

—

 

 

$

0.5

 

 

$

—

 

Other liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate derivative contracts

 

 

1.9

 

 

 

—

 

 

 

1.9

 

 

 

—

 

Obligation to Rabbi Trust

 

 

8.4

 

 

 

8.4

 

 

 

—

 

 

 

—

 

Total liabilities

 

$

10.8

 

 

$

8.4

 

 

$

2.4

 

 

$

—

 

 

 

 

September 30, 2025

 

 

 

Carrying Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Other assets:

 

 

 

 

 

 

 

 

 

 

 

 

Investments held by Rabbi Trust

 

$

7.9

 

 

$

7.9

 

 

$

—

 

 

$

—

 

Total assets

 

$

7.9

 

 

$

7.9

 

 

$

—

 

 

$

—

 

Accrued expenses and other current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Fuel derivative contracts

 

$

0.1

 

 

$

—

 

 

$

0.1

 

 

$

—

 

Other liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate derivative contracts

 

 

1.5

 

 

 

—

 

 

 

1.5

 

 

 

—

 

Obligation to Rabbi Trust

 

 

7.9

 

 

 

7.9

 

 

 

—

 

 

 

—

 

Total liabilities

 

$

9.5

 

 

$

7.9

 

 

$

1.6

 

 

$

—

 
Interest Rate Contracts  
Derivative Instruments Gain Loss [Line Items]  
Summary of Effects on Consolidated Financial Statements of Designated As Cash Flow Hedges

The effects on the consolidated financial statements of the interest rate contracts which were designated as cash flow hedges were as follows:

 

 

 

Three Months Ended
December 31,

 

 

 

2025

 

 

2024

 

Income recognized in Other comprehensive (loss) income

 

$

0.3

 

 

$

13.1

 

Net income reclassified from Accumulated other comprehensive (loss) into Interest expense

 

 

0.8

 

 

 

2.0

 
Fuel Swap Contracts  
Derivative Instruments Gain Loss [Line Items]  
Summary of Effects on Consolidated Financial Statements of Designated As Cash Flow Hedges

The effects on the consolidated financial statements of the fuel swap contracts which were designated as cash flow hedges were as follows:

 

 

 

Three Months Ended
December 31,

 

 

 

2025

 

 

2024

 

(Loss) recognized in Other comprehensive (loss) income

 

$

(0.5

)

 

$

—

 

Net (loss) reclassified from Accumulated other comprehensive (loss) into Cost of services provided

 

 

(0.1

)

 

 

(0.4

)
v3.25.4
Income Taxes (Tables)
 3 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax (Benefit) and Effective Income Tax Rate

The following table summarizes the Company’s income tax (benefit) and effective income tax rate for the three months ended December 31, 2025 and 2024.

 

 

 

Three Months Ended
December 31,

 

 

 

2025

 

 

2024

 

(Loss) before income taxes

 

$

(20.4

)

 

$

(14.6

)

Income tax (benefit)

 

 

(5.2

)

 

 

(4.2

)

Effective income tax rate

 

 

25.5

%

 

 

28.8

%
v3.25.4
Equity-Based Compensation (Tables)
 3 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Restricted Stock Award Activity

A summary of the Company’s restricted stock award activity for the three month period ended December 31, 2025 is presented in the following table:

 

 

 

Shares

 

 

Weighted-Avg Distribution Price per Share

 

Outstanding at September 30, 2025

 

 

86,000

 

 

$

14.66

 

Less: Forfeited

 

 

1,000

 

 

$

14.66

 

Outstanding at December 31, 2025

 

 

85,000

 

 

$

14.66

 
Schedule of Restricted Stock Unit Activity

A summary of the Company’s restricted stock unit activity for the three month period ended December 31, 2025 is presented in the following table:

 

 

 

Shares

 

 

Weighted-Avg Distribution Price per Share

 

Outstanding at September 30, 2025

 

 

2,779,000

 

 

$

10.51

 

Granted

 

 

773,000

 

 

$

12.72

 

Less: Vested

 

 

815,000

 

 

$

9.65

 

Less: Forfeited

 

 

37,000

 

 

$

12.79

 

Outstanding at December 31, 2025

 

 

2,700,000

 

 

$

11.36

 
Summary of Stock Options Activity

A summary of the Company’s stock option activity for the three month period ended December 31, 2025 is presented in the following table:

 

 

 

Shares

 

 

Weighted-Avg Exercise Price per Share

 

Outstanding at September 30, 2025

 

 

2,338,000

 

 

$

19.11

 

Less: Exercised

 

 

9,000

 

 

$

13.49

 

Less: Forfeited

 

 

21,000

 

 

$

17.07

 

Outstanding at December 31, 2025

 

 

2,308,000

 

 

$

19.16

 

Vested and exercisable at December 31, 2025

 

 

2,064,000

 

 

$

18.82

 

Expected to vest after December 31, 2025

 

 

244,000

 

 

$

22.00

 
Summary of Company's Performance Stock Unit Activity

A summary of the Company’s performance stock unit activity for the three month period ended December 31, 2025 is presented in the following table:

 

 

 

Shares*

 

 

Weighted-Avg Distribution Price per Share

 

Outstanding at September 30, 2025

 

 

1,328,000

 

 

$

9.40

 

Granted

 

 

499,000

 

 

$

12.76

 

Less: Vested

 

 

262,000

 

 

$

7.48

 

Outstanding at December 31, 2025

 

 

1,565,000

 

 

$

10.80

 
v3.25.4
Segments (Tables)
 3 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Summary of Certain Financial Data For Each of Segments and Reconciliation of Segment Adjusted EBITDA to (Loss) Before Income Taxes

The following is a summary of certain financial data for each of the segments and reconciliation of Segment Adjusted EBITDA to (Loss) before income taxes:

 

 

Three Months Ended December 31, 2025

 

 

 

Maintenance

 

 

Development

 

 

Eliminations

 

 

Total

 

Net Service Revenues

 

$

436.4

 

 

$

179.2

 

 

$

(0.9

)

 

$

614.7

 

Less segment expenses

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs(a)

 

 

252.9

 

 

 

132.9

 

 

 

(0.9

)

 

 

 

Other segment items(b)

 

 

148.1

 

 

 

28.2

 

 

 

—

 

 

 

 

Segment Adjusted EBITDA

 

 

35.4

 

 

 

18.1

 

 

 

—

 

 

 

53.5

 

Reconciliation of total segment Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

13.5

 

Depreciation expense

 

 

 

 

 

 

 

 

 

 

 

42.9

 

Amortization expense

 

 

 

 

 

 

 

 

 

 

 

6.2

 

Business transformation and integration costs (c)

 

 

 

 

 

 

 

 

 

 

 

7.0

 

Equity-based compensation (d)

 

 

 

 

 

 

 

 

 

 

 

4.3

 

(Loss) before income taxes

 

 

 

 

 

 

 

 

 

 

$

(20.4

)

 

 

 

Three Months Ended December 31, 2024

 

 

 

Maintenance

 

 

Development

 

 

Eliminations

 

 

Total

 

Net Service Revenues

 

$

409.3

 

 

$

191.8

 

 

$

(1.9

)

 

$

599.2

 

Less segment expenses

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs(a)

 

 

230.1

 

 

 

146.0

 

 

 

(1.8

)

 

 

 

Other segment items(b)

 

 

144.6

 

 

 

28.3

 

 

 

(0.1

)

 

 

 

Segment Adjusted EBITDA

 

 

34.6

 

 

 

17.5

 

 

 

—

 

 

 

52.1

 

Reconciliation of total segment Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

14.2

 

Depreciation expense

 

 

 

 

 

 

 

 

 

 

 

30.4

 

Amortization expense

 

 

 

 

 

 

 

 

 

 

 

8.1

 

Business transformation and integration costs (c)

 

 

 

 

 

 

 

 

 

 

 

9.2

 

Equity-based compensation (d)

 

 

 

 

 

 

 

 

 

 

 

4.8

 

(Loss) before income taxes

 

 

 

 

 

 

 

 

 

 

$

(14.6

)

 

 

 

Three Months Ended December 31,

 

Capital Expenditures

 

2025

 

 

2024

 

Maintenance Services

 

$

48.7

 

 

$

41.7

 

Development Services

 

 

6.0

 

 

 

17.0

 

Capital Expenditures

 

$

54.7

 

 

$

58.7

 

 

(a)
The Company's significant segment expense, direct costs, aligns with the segment level information that is regularly provided to our CODM. Direct costs include direct labor, materials, and other costs that are directly incurred as a result of the delivery of services. Direct costs do not include costs of sales that are allocated to services including fuel and depreciation. Intersegment expenses are included within the amounts shown.
(b)
Other segment items for both segments primarily include indirect compensation costs, auto and equipment costs, selling, general, and administrative costs and allocation of corporate expenses.
(c)
Business transformation and integration costs consist of severance and related costs, information technology, infrastructure, transformation, and other costs. These costs represent expenses related to distinct initiatives, typically significant enterprise-wide changes, including actions taken as part of the Company's One BrightView initiative. Such expenses are excluded from Segment Adjusted EBITDA disclosed above since such expenses vary in amount based on occurrence as well as factors specific to each of the activities, are outside of the normal operations of the business, and create a lack of comparability between periods.
(d)
Represents equity-based compensation expense and related taxes recognized for equity incentive plans outstanding
v3.25.4
(Loss) Per Share of Common Stock (Tables)
 3 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Reconciliation of Numerator and Denominator for Basic and Diluted (Loss) Earnings Per Share Calculation

Set forth below is a reconciliation of the numerator and denominator for basic and diluted (loss) earnings per share calculation for the periods indicated:

 

 

Three Months Ended
December 31,

 

 

2025

 

 

2024

 

Basic earnings per common share

 

 

 

 

 

Numerator:

 

 

 

 

 

Net (loss)

$

(15.2

)

 

$

(10.4

)

 Less: Dividends on Series A convertible preferred shares

 

(9.0

)

 

 

(9.0

)

 Less: Earnings allocated to Convertible Preferred Shares

 

—

 

 

 

—

 

Net loss available to common shareholders

$

(24.2

)

 

$

(19.4

)

 

 

 

 

 

 

Denominator:

 

 

 

 

 

Weighted average number of common shares outstanding – basic

 

94,672,000

 

 

 

95,166,000

 

 

 

 

 

 

 

Basic loss per share

$

(0.26

)

 

$

(0.20

)

 

 

 

 

 

 

Diluted earnings per common share

 

 

 

 

 

Numerator:

 

 

 

 

 

Net loss available to common shareholders – diluted

$

(24.2

)

 

$

(19.4

)

 

 

 

 

 

 

Denominator:

 

 

 

 

 

Weighted average number of common shares outstanding – basic

 

94,672,000

 

 

 

95,166,000

 

Dilutive effect of:

 

 

 

 

 

Stock compensation awards

 

—

 

 

 

—

 

Series A convertible preferred stock

 

—

 

 

 

—

 

Weighted average number of common shares outstanding – diluted

 

94,672,000

 

 

 

95,166,000

 

 

 

 

 

 

 

Diluted loss per share

$

(0.26

)

 

$

(0.20

)

 

 

 

 

 

 

Other Information:

 

 

 

 

 

Weighted average number of anti-dilutive Series A convertible preferred shares, options and restricted stock(a)

 

58,834,000

 

 

 

58,942,000

 

 

(a)
Weighted average number of anti-dilutive options is based upon the average closing price of the Company’s common stock on the NYSE for the period.
v3.25.4
Business - Additional Information (Details)
 3 Months Ended
Dec. 31, 2025
Segment
Business [Line Items]  
Number of reportable segments 2
v3.25.4
Revenue - Additional Information (Details)
$ in Millions
 3 Months Ended
Dec. 31, 2025
USD ($)
Disaggregation Of Revenue [Line Items]  
Revenue, remaining performance obligations, amount $ 452.0
Contract with customer billed revenue 32.9
Contract with customer unbilled revenue additions $ 18.4
Revenue, practical expedient, financing component true
v3.25.4
Revenue - Schedule of Reportable Segment Revenues, Disaggregated by Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Disaggregation Of Revenue [Line Items]    
Net service revenues $ 614.7 $ 599.2
Operating Segments | Landscape Maintenance    
Disaggregation Of Revenue [Line Items]    
Net service revenues 368.0 376.9
Operating Segments | Snow Removal    
Disaggregation Of Revenue [Line Items]    
Net service revenues 68.4 32.4
Operating Segments | Maintenance Services    
Disaggregation Of Revenue [Line Items]    
Net service revenues 436.4 409.3
Operating Segments | Development Services    
Disaggregation Of Revenue [Line Items]    
Net service revenues 179.2 191.8
Eliminations    
Disaggregation Of Revenue [Line Items]    
Net service revenues $ (0.9) $ (1.9)
v3.25.4
Revenue - Additional Information (Details 1)
Dec. 31, 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01  
Revenue from Contract with Customer [Abstract]  
Remaining performance obligations, percentage 55.00%
Remaining performance obligations, expected satisfaction period 12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-10-01  
Revenue from Contract with Customer [Abstract]  
Remaining performance obligations, percentage 45.00%
Remaining performance obligations, expected satisfaction period 12 months
v3.25.4
Revenue - Schedule of Changes in Deferred Revenue (Details)
$ in Millions
 3 Months Ended
Dec. 31, 2025
USD ($)
Revenue from Contract with Customer [Abstract]  
Balance, September 30, 2025 $ 87.6
Recognition of revenue (256.7)
Deferral of revenue 270.8
Balance, December 31, 2025 $ 101.7
v3.25.4
Accounts Receivable, Net - Additional Information (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Sep. 30, 2025
Receivables [Abstract]    
Accounts receivable $ 367.7 $ 393.1
Allowance for doubtful accounts 10.9 9.8
Amounts of retention on incomplete project $ 58.5 $ 58.3
v3.25.4
Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Sep. 30, 2025
Property Plant And Equipment [Line Items]    
Property and equipment $ 1,106.1 $ 1,092.5
Less: Accumulated depreciation 571.7 550.9
Property and equipment, net 534.4 541.6
Land    
Property Plant And Equipment [Line Items]    
Property and equipment 42.9 42.9
Buildings and Leasehold Improvements    
Property Plant And Equipment [Line Items]    
Property and equipment 48.6 48.5
Operating Equipment    
Property Plant And Equipment [Line Items]    
Property and equipment 445.3 443.3
Transportation Vehicles    
Property Plant And Equipment [Line Items]    
Property and equipment 507.8 491.9
Office Equipment and Software    
Property Plant And Equipment [Line Items]    
Property and equipment 57.4 56.3
Construction in Progress    
Property Plant And Equipment [Line Items]    
Property and equipment $ 4.1 $ 9.6
Minimum | Buildings and Leasehold Improvements    
Property Plant And Equipment [Line Items]    
Property and equipment, Useful Life 2 years  
Minimum | Operating Equipment    
Property Plant And Equipment [Line Items]    
Property and equipment, Useful Life 2 years  
Minimum | Transportation Vehicles    
Property Plant And Equipment [Line Items]    
Property and equipment, Useful Life 3 years  
Minimum | Office Equipment and Software    
Property Plant And Equipment [Line Items]    
Property and equipment, Useful Life 3 years  
Maximum | Buildings and Leasehold Improvements    
Property Plant And Equipment [Line Items]    
Property and equipment, Useful Life 40 years  
Maximum | Operating Equipment    
Property Plant And Equipment [Line Items]    
Property and equipment, Useful Life 7 years  
Maximum | Transportation Vehicles    
Property Plant And Equipment [Line Items]    
Property and equipment, Useful Life 7 years  
Maximum | Office Equipment and Software    
Property Plant And Equipment [Line Items]    
Property and equipment, Useful Life 10 years  
v3.25.4
Property and Equipment, Net - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Abstract]    
Depreciation $ 42.9 $ 30.4
v3.25.4
Intangible Assets, Goodwill, Acquisitions and Divestitures - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Finite Lived Intangible Assets [Line Items]        
Amortization of intangible assets $ 6.2 $ 8.1    
Intangible assets acquired 0.0 0.0    
Goodwill 2,015.7   $ 2,015.7 $ 2,015.7
Net service revenues 614.7 $ 599.2    
Maintenance Services segment        
Finite Lived Intangible Assets [Line Items]        
Goodwill 1,797.7   1,797.7 1,797.7
Development Services segment.        
Finite Lived Intangible Assets [Line Items]        
Goodwill $ 218.0   $ 218.0 $ 218.0
v3.25.4
Intangible Assets, Goodwill, Acquisitions and Divestitures - Schedule of Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Sep. 30, 2025
Finite Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 689.3 $ 715.9
Accumulated Amortization (629.0) (649.4)
Customer Relationships    
Finite Lived Intangible Assets [Line Items]    
Gross Carrying Amount 689.3 715.9
Accumulated Amortization $ (629.0) $ (649.4)
Customer Relationships | Minimum    
Finite Lived Intangible Assets [Line Items]    
Estimated Useful Life 6 years  
Customer Relationships | Maximum    
Finite Lived Intangible Assets [Line Items]    
Estimated Useful Life 21 years  
v3.25.4
Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Sep. 30, 2025
Debt Instrument [Line Items]    
Financing costs, net $ (4.8) $ (5.3)
Total debt, net 801.1 790.2
Less: Current portion of long-term debt 0.0 0.0
Long-term debt, net 801.1 790.2
Series B Term Loan    
Debt Instrument [Line Items]    
Debt instruments net of original issue discount 734.2 733.9
Receivables Financing Agreement    
Debt Instrument [Line Items]    
Debt instruments net of original issue discount $ 71.7 $ 61.6
v3.25.4
Long-Term Debt - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Jan. 29, 2025
Aug. 28, 2023
Dec. 18, 2013
Dec. 31, 2025
Dec. 31, 2024
Sep. 30, 2025
Jun. 27, 2024
Debt Instrument [Line Items]              
Debt voluntary repayment       $ 0.0 $ 8.4    
Debt borrowings during the period       10.1 1.6    
Long-term debt, fair value       809.7   $ 796.8  
Receivables Financing Agreement | Wholly-owned Subsidiary              
Debt Instrument [Line Items]              
Credit agreement, maximum borrowing capacity             $ 325.0
Weighted average interest rate             $ 50.0
Interest period term       90.2 8.4 82.3  
Debt voluntary repayment       10.1 1.6    
SOFR              
Debt Instrument [Line Items]              
Debt instrument, basis spread on variable rate 0.50%            
ABR              
Debt Instrument [Line Items]              
Debt instrument, basis spread on variable rate 1.50%            
Series B Term Loan              
Debt Instrument [Line Items]              
Debt repayments       0.0 0.0    
Credit Agreement | First Lien Credit Facility Term Loans              
Debt Instrument [Line Items]              
Credit agreement date     Dec. 18, 2013        
Debt instrument, term     7 years        
Credit agreement, maximum borrowing capacity     $ 1,460.0        
Credit Agreement | First Lien Revolving Credit Facility              
Debt Instrument [Line Items]              
Debt instrument, term     5 years        
Credit agreement, maximum borrowing capacity     $ 210.0        
Amended Credit Agreement              
Debt Instrument [Line Items]              
Debt borrowings during the period   $ 450.0          
Amended Credit Agreement | SOFR              
Debt Instrument [Line Items]              
Debt instrument, basis spread on variable rate 2.00%            
Amended Credit Agreement | ABR              
Debt Instrument [Line Items]              
Debt instrument, basis spread on variable rate 1.00%            
Amended Credit Agreement | First Lien Revolving Credit Facility              
Debt Instrument [Line Items]              
Debt instrument, term     5 years        
Credit agreement, maximum borrowing capacity     $ 300.0        
Amended Credit Agreement | Series B Term Loan              
Debt Instrument [Line Items]              
Debt instrument, term     7 years        
Credit agreement, maximum borrowing capacity     $ 1,200.0        
Debt instrument, original discount     $ 12.0        
Debt instrument, maturity date     Apr. 22, 2029        
Debt instrument, effective interest rate     3.42%        
Previous Revolving Credit Facility | First Lien Revolving Credit Facility              
Debt Instrument [Line Items]              
Interest period term       $ 0.0   $ 0.0  
Revolving Credit Facility | SOFR              
Debt Instrument [Line Items]              
Debt instrument, basis spread on variable rate       0.00%      
Revolving Credit Facility | ABR              
Debt Instrument [Line Items]              
Debt instrument, basis spread on variable rate       1.00%      
Revolving Credit Facility | ABR | Maximum              
Debt Instrument [Line Items]              
Debt instrument, basis spread on variable rate       1.50%      
Revolving Credit Facility | ABR | Minimum              
Debt Instrument [Line Items]              
Debt instrument, basis spread on variable rate       1.00%      
Revolving Credit Facility | First Lien Revolving Credit Facility              
Debt Instrument [Line Items]              
Debt repayments       $ 0.0 $ 0.0    
Debt instrument, maturity date       Apr. 22, 2027      
Revolving Credit Facility | First Lien Revolving Credit Facility | LIBOR | Maximum              
Debt Instrument [Line Items]              
Debt instrument, basis spread on variable rate       2.50%      
Revolving Credit Facility | First Lien Revolving Credit Facility | LIBOR | Minimum              
Debt Instrument [Line Items]              
Debt instrument, basis spread on variable rate       2.00%      
v3.25.4
Long-Term Debt - Scheduled Maturities of Long-Term Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Sep. 30, 2025
Debt Disclosure [Abstract]    
2026 $ 0.0  
2027 71.7  
2028 0.0  
2029 738.0  
2030 0.0  
2031 and thereafter 0.0  
Total long term debt 809.7  
Less: Current maturities 0.0 $ 0.0
Less: Original issue discount 3.8  
Less: Financing costs 4.8  
Total long-term debt, net $ 801.1 $ 790.2
v3.25.4
Fair Value Measurements and Derivative Instruments - Additional Information (Details)
gal in Millions, $ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2025
USD ($)
Mar. 29, 2027
gal
Apr. 30, 2026
gal
Feb. 23, 2026
gal
Sep. 30, 2025
USD ($)
Aug. 28, 2023
USD ($)
Jan. 31, 2023
USD ($)
Interest Rate Contracts              
Derivative [Line Items]              
Notional amount $ 600.0       $ 600.0    
Interest Rate Swaps              
Derivative [Line Items]              
Notional amount             $ 500.0
Net deferred gain on interest rate swap net of taxes expected to be recognized over the next 12 months $ 0.2            
Interest Rate Collar Agreement              
Derivative [Line Items]              
Notional amount             $ 500.0
Terminated notional amount           $ 400.0  
Subsequent Event | Fuel Contracts [Member]              
Derivative [Line Items]              
Notional volume | gal       2.5      
Forecast | Fuel Contracts [Member]              
Derivative [Line Items]              
Notional volume | gal   3.0 5.5        
Maximum              
Derivative [Line Items]              
Percentage of participants compensation deferred 70.00%            
v3.25.4
Fair Value Measurements and Derivative Instruments - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Recurring - USD ($)
$ in Millions
Dec. 31, 2025
Sep. 30, 2025
Carrying Value | Other Assets    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total assets $ 8.4 $ 7.9
Carrying Value | Other Liabilities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total liabilities 10.8 9.5
Carrying Value | Other Liabilities | Interest Rate Derivative Contracts    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total liabilities 1.9 1.5
Carrying Value | Accrued Expenses and Other Current Liabilities | Fuel Derivative Contracts    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total liabilities 0.5 0.1
Investment Held by Rabbi Trust | Carrying Value | Other Assets    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total assets 8.4 7.9
Investment Held by Rabbi Trust | Carrying Value | Other Liabilities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total liabilities 8.4 7.9
Level 1 | Other Assets    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total assets 8.4 7.9
Level 1 | Other Liabilities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total liabilities 8.4 7.9
Level 1 | Other Liabilities | Interest Rate Derivative Contracts    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total liabilities 0.0 0.0
Level 1 | Accrued Expenses and Other Current Liabilities | Fuel Derivative Contracts    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total liabilities 0.0 0.0
Level 1 | Investment Held by Rabbi Trust | Other Assets    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total assets 8.4 7.9
Level 1 | Investment Held by Rabbi Trust | Other Liabilities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total liabilities 8.4 7.9
Level 2 | Other Assets    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total assets 0.0 0.0
Level 2 | Other Liabilities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total liabilities 2.4 1.6
Level 2 | Other Liabilities | Interest Rate Derivative Contracts    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total liabilities 1.9 1.5
Level 2 | Accrued Expenses and Other Current Liabilities | Fuel Derivative Contracts    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total liabilities 0.5 0.1
Level 2 | Investment Held by Rabbi Trust | Other Assets    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total assets 0.0 0.0
Level 2 | Investment Held by Rabbi Trust | Other Liabilities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total liabilities 0.0 0.0
Level 3 | Other Assets    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total assets 0.0 0.0
Level 3 | Other Liabilities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total liabilities 0.0 0.0
Level 3 | Other Liabilities | Interest Rate Derivative Contracts    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total liabilities 0.0 0.0
Level 3 | Accrued Expenses and Other Current Liabilities | Fuel Derivative Contracts    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total liabilities 0.0 0.0
Level 3 | Investment Held by Rabbi Trust | Other Assets    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total assets 0.0 0.0
Level 3 | Investment Held by Rabbi Trust | Other Liabilities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total liabilities $ 0.0 $ 0.0
v3.25.4
Fair Value Measurements and Derivative Instruments - Summary of Effects on Consolidated Financial Statements of Designated As Cash Flow Hedges (Details) - Cash Flow Hedges - Designated - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Interest Rate Contracts    
Derivative Instruments Gain Loss [Line Items]    
Income (loss) recognized in Other comprehensive (loss) income $ 0.3 $ 13.1
Net income (loss) reclassified from Accumulated other comprehensive (loss) into Interest expense 0.8 2.0
Fuel Contracts [Member]    
Derivative Instruments Gain Loss [Line Items]    
Income (loss) recognized in Other comprehensive (loss) income (0.5) 0.0
Net income (loss) reclassified from Accumulated other comprehensive (loss) into Interest expense $ (0.1) $ (0.4)
v3.25.4
Income Taxes - Schedule of Components of Income Tax (Benefit) and Effective Income Tax Rate (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]    
(Loss) before income taxes $ (20.4) $ (14.6)
Income tax (benefit) $ (5.2) $ (4.2)
Effective income tax rate 25.50% 28.80%
v3.25.4
Leases - Summary of Lease-Related Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Sep. 30, 2025
Operating leases:    
Right-of-use asset $ 74.8 $ 72.1
Current portion of lease liabilities 25.2 24.7
Lease liabilities $ 55.6 $ 53.5
v3.25.4
Leases - Summary of Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash paid for amounts included in the measurement of lease liabilities:    
Financing cash flows from finance leases $ 13.9 $ 10.7
v3.25.4
Leases - Summary of Maturities of Operating and Finance Lease Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Sep. 30, 2025
Operating Lease Liability, Payment Due [Abstract]    
Less: Current portion of lease liabilities $ (25.2) $ (24.7)
Non-current lease liabilities $ 55.6 $ 53.5
v3.25.4
Equity-Based Compensation - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Nov. 17, 2025
Nov. 18, 2024
Dec. 31, 2025
Dec. 31, 2024
Sep. 30, 2025
Sep. 11, 2023
Mar. 10, 2020
Oct. 22, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                
Equity-based compensation     $ 3.9 $ 4.5        
Unrecognized compensation cost     $ 34.0   $ 24.3      
Unamortized value of outstanding stock-based compensation, weighted average remaining life     1 year 3 months 18 days   1 year 2 months 12 days      
Amended and Restated 2018 Omnibus Incentive Plan                
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                
Number of shares of common stock that may be issued             24,650,000  
2023 Employment Inducement Incentive Award Plan                
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                
Number of shares of common stock that may be issued           1,750,000    
ESPP                
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                
Common stock shares available for sale               2,100,000
Common stock shares issued 103,000 73,000            
Restricted Stock Units (RSU) [Member]                
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                
Vesting period     4 years          
Non-cash equity-based compensation expense over the requisite service period     $ 8.0          
Performance stock unit awards vested     815,000          
PSUs Forfeited     37,000          
Stock options weighted average grant date fair value     $ 12.72          
Common stock shares issued     773,000          
Performance stock units issued     773,000          
Weighted average distribution price per share of PSU     $ 12.72          
Employee Stock Option                
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                
Non-cash equity-based compensation expense over the requisite service period     $ 5.4          
Performance Shares                
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                
Performance stock unit awards vested     262,000          
PSUs Forfeited     0          
Weighted average exercise price     $ 12.76          
Performance stock units issued     499,000          
Weighted average distribution price per share of PSU     $ 12.76          
Performance Shares | Minimum                
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                
Performance Stock unit awards vesting rights percentage     0.00%          
Performance Shares | Maximum                
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                
Performance Stock unit awards vesting rights percentage     200.00%          
v3.25.4
Equity-Based Compensation - Summary of Company's Restricted Stock Award Activity (Details)
 3 Months Ended
Dec. 31, 2025
$ / shares
shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Weighted Average Exercise Price, Outstanding at September 30, 2025 $ 19.11
Forfeited, weighted average exercise price 17.07
Weighted Average Exercise Price, Outstanding at December 31, 2025 $ 19.16
Restricted Stock Awards  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Beginning balance, Outstanding | shares 86,000
Forfeited | shares 1,000
Ending balance, Outstanding | shares 85,000
Weighted Average Exercise Price, Outstanding at September 30, 2025 $ 14.66
Forfeited, weighted average exercise price 14.66
Weighted Average Exercise Price, Outstanding at December 31, 2025 $ 14.66
v3.25.4
Equity-Based Compensation - Summary of Company's Restricted Stock Unit Activity (Details)
 3 Months Ended
Dec. 31, 2025
$ / shares
shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Weighted Average Exercise Price, Outstanding at September 30, 2025 $ 19.11
Forfeited, weighted average exercise price 17.07
Weighted Average Exercise Price, Outstanding at December 31, 2025 $ 19.16
Restricted Stock Units (RSU) [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Beginning balance, Outstanding | shares 2,779,000
Granted | shares 773,000
Vested | shares 815,000
Forfeited | shares 37,000
Ending balance, Outstanding | shares 2,700,000
Weighted Average Exercise Price, Outstanding at September 30, 2025 $ 10.51
Granted, weighted average exercise price 12.72
Vested, weighted average exercise price 9.65
Forfeited, weighted average exercise price 12.79
Weighted Average Exercise Price, Outstanding at December 31, 2025 $ 11.36
v3.25.4
Equity-Based Compensation - Summary of Company's Stock Options Activity (Details)
 3 Months Ended
Dec. 31, 2025
$ / shares
shares
Share-Based Payment Arrangement [Abstract]  
Outstanding at September 30, 2025 | shares 2,338,000
Exercised | shares 9,000
Forfeited | shares 21,000
Outstanding at December 31, 2025 | shares 2,308,000
Stock option vested and exercisable upon issuance | shares 2,064,000
Expected to vest after December 31, 2025 | shares 244,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]  
Weighted Average Exercise Price, Outstanding at September 30, 2025 | $ / shares $ 19.11
Exercised, Weighted Average Exercise Price | $ / shares 13.49
Forfeited, weighted average exercise price | $ / shares 17.07
Weighted Average Exercise Price, Outstanding at December 31, 2025 | $ / shares 19.16
Weighted Average Exercise Price, Vested and Exercisable at December 31, 2025 | $ / shares 18.82
Weighted Average Exercise Price, Expected to vest after December 31, 2025 | $ / shares $ 22
v3.25.4
Equity-Based Compensation - Summary of Company's Performance Stock Unit Activity (Details)
 3 Months Ended
Dec. 31, 2025
$ / shares
shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Weighted Average Exercise Price, Outstanding at September 30, 2025 $ 19.11
Weighted Average Exercise Price, Outstanding at December 31, 2025 $ 19.16
Performance Shares  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Beginning balance, Outstanding | shares 1,328,000
Granted | shares 499,000
Vested | shares 262,000
Ending balance, Outstanding | shares 1,565,000
Weighted Average Exercise Price, Outstanding at September 30, 2025 $ 9.4
Granted, weighted average exercise price 12.76
Vested, weighted average exercise price 7.48
Weighted Average Exercise Price, Outstanding at December 31, 2025 $ 10.8
v3.25.4
Commitment and Contingencies - Additional Information (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Sep. 30, 2025
Commitments And Contingencies [Line Items]    
Reserve for unpaid and incurred but not reported claims, amount $ 171.3 $ 175.1
Reserve for unpaid and incurred but not reported claims, classified in current liabilities 52.5 52.3
Reserve for unpaid and incurred but not reported claims, classified in non-current liabilities 118.8 122.8
Claims recoverable from third party insurance carriers 21.5 24.2
Other Current Assets    
Commitments And Contingencies [Line Items]    
Claims recoverable from third party insurance carriers 6.4 7.0
Other Assets    
Commitments And Contingencies [Line Items]    
Claims recoverable from third party insurance carriers $ 15.1 $ 17.2
v3.25.4
Segments - Additional Information (Details)
 3 Months Ended
Dec. 31, 2025
Segment
Segment Reporting [Abstract]  
Number of operating segments 2
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description The CODM uses Adjusted EBITDA as the measure of profitability to evaluate the performance of the Company's operating segments. The CODM utilizes the identified metrics as part of the annual budgeting and forecasting process and during the monthly business reviews when making decisions about the allocation of resources.
Number of reportable segments 2
v3.25.4
Segments - Summary of Certain Financial Data For Each of Segments and Reconciliation of Segment Adjusted EBITDA to Income (Loss) Before Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]    
Net Service Revenues $ 614.7 $ 599.2
Segment Adjusted EBITDA 53.5 52.1
Interest expense, net 13.5 14.2
Depreciation expense 42.9 30.4
Amortization expense 6.2 8.1
Business transformation and integration costs [1] 7.0 9.2
Equity-based compensation [2] 4.3 4.8
(Loss) before income taxes (20.4) (14.6)
Capital Expenditures 54.7 58.7
Operating Segments | Maintenance Services    
Segment Reporting Information [Line Items]    
Net Service Revenues 436.4 409.3
Direct costs [3] 252.9 230.1
Other segment items [4] 148.1 144.6
Segment Adjusted EBITDA 35.4 34.6
Capital Expenditures 48.7 41.7
Operating Segments | Development Services    
Segment Reporting Information [Line Items]    
Net Service Revenues 179.2 191.8
Direct costs [3] 132.9 146.0
Other segment items [4] 28.2 28.3
Segment Adjusted EBITDA 18.1 17.5
Capital Expenditures 6.0 17.0
Eliminations    
Segment Reporting Information [Line Items]    
Net Service Revenues (0.9) (1.9)
Direct costs [3] (0.9) (1.8)
Other segment items [4] 0.0 (0.1)
Segment Adjusted EBITDA $ 0.0 $ 0.0
[1] Business transformation and integration costs consist of severance and related costs, information technology, infrastructure, transformation, and other costs. These costs represent expenses related to distinct initiatives, typically significant enterprise-wide changes, including actions taken as part of the Company's One BrightView initiative. Such expenses are excluded from Segment Adjusted EBITDA disclosed above since such expenses vary in amount based on occurrence as well as factors specific to each of the activities, are outside of the normal operations of the business, and create a lack of comparability between periods.
[2] Represents equity-based compensation expense and related taxes recognized for equity incentive plans outstanding
[3] The Company's significant segment expense, direct costs, aligns with the segment level information that is regularly provided to our CODM. Direct costs include direct labor, materials, and other costs that are directly incurred as a result of the delivery of services. Direct costs do not include costs of sales that are allocated to services including fuel and depreciation. Intersegment expenses are included within the amounts shown.
[4] Other segment items for both segments primarily include indirect compensation costs, auto and equipment costs, selling, general, and administrative costs and allocation of corporate expenses.
v3.25.4
Mezzanine Equity - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
Dec. 11, 2025
Dec. 31, 2025
Sep. 30, 2025
Aug. 28, 2023
Class of Stock [Line Items]        
Preferred stock, issued   0 0  
Preferred stock, par value   $ 0.01 $ 0.01  
Preferred Stock, net of issuance costs   $ 0.0 $ 0.0  
Series A Convertible Preferred Stock        
Class of Stock [Line Items]        
Preferred stock, issued   500,000 500,000 500,000
Preferred stock, par value   $ 0.01 $ 0.01 $ 0.01
Aggregate purchase price       $ 500
Cash dividend $ 9.0      
v3.25.4
(Loss) Per Share of Common Stock - Reconciliation of Numerator and Denominator for Basic and Diluted (Loss) Earnings Per Share Calculation (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Earnings Per Share [Abstract]    
Net (loss) $ (15.2) $ (10.4)
Less: Dividends on Series A convertible preferred shares (9.0) (9.0)
Less: Earnings allocated to Convertible Preferred Shares 0.0 0.0
Net loss available to common shareholders $ (24.2) $ (19.4)
Weighted average number of common shares outstanding – basic 94,672,000 95,166,000
Basic loss per share $ (0.26) $ (0.2)
Net loss available to common shareholders - diluted $ (24.2) $ (19.4)
Stock compensation awards 0 0
Weighted average number of common shares outstanding - diluted 94,672,000 95,166,000
Diluted loss per share $ (0.26) $ (0.2)
Weighted average number of anti-dilutive Series A convertible preferred shares, options and restricted stock(a) [1] 58,834,000 58,942,000
[1] Weighted average number of anti-dilutive options is based upon the average closing price of the Company’s common stock on the NYSE for the period.