Notes to Condensed Consolidated Financial Statements
(Unaudited)
Note 1 - Basis of presentation
The Brink’s Company (along with its subsidiaries, “Brink’s”, the “Company”, “we”, “us” or “our”) has four operating segments:
•North America
•Latin America
•Europe
•Rest of World
Our unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial reporting and applicable quarterly reporting regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, the unaudited condensed consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes in our Annual Report on Form 10-K for the year ended December 31, 2025.
Use of Estimates
In accordance with GAAP, we have made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these condensed consolidated financial statements. Actual results could differ materially from these estimates. The most significant estimates are related to goodwill, intangibles and other long-lived assets, pension and other retirement benefit assets and obligations, legal contingencies, allowance for doubtful accounts, deferred tax assets and purchase price allocations.
Consolidation
The condensed consolidated financial statements include our controlled subsidiaries. Control is determined based on ownership rights or, when applicable, based on whether we are considered to be the primary beneficiary of a variable interest entity. For controlled subsidiaries that are not wholly-owned, the noncontrolling interests are included in net income and in total equity.
Investments in businesses that we do not control, but for which we have the ability to exercise significant influence over operating and financial policies, are accounted for under the equity method and our proportionate share of income or loss is recorded in other operating income (expense). Investments in businesses for which we do not have the ability to exercise significant influence over operating and financial policies are accounted for at fair value, if readily determinable, with changes in fair value recognized in net income. For equity investments that do not have a readily determinable fair value, we measure these investments at cost minus impairment, if any, plus or minus changes from observable price changes. All intercompany accounts and transactions have been eliminated in consolidation.
Foreign Currency Translation
Our condensed consolidated financial statements are reported in U.S. dollars. Our foreign subsidiaries maintain their records primarily in the currency of the country in which they operate. The method of translating local currency financial information into U.S. dollars depends on whether the economy in which our foreign subsidiary operates has been designated as highly inflationary or not. Economies with a three-year cumulative inflation rate of more than 100% are considered highly inflationary.
Assets and liabilities of foreign subsidiaries in non-highly inflationary economies are translated into U.S. dollars using rates of exchange at the balance sheet date. Translation adjustments are recorded in other comprehensive income (loss). Revenues and expenses are translated at rates of exchange in effect during the year. Transaction gains and losses are recorded in net income.
Foreign subsidiaries that operate in highly inflationary countries use the U.S. dollar as their functional currency. Local currency monetary assets and liabilities are remeasured into U.S. dollars using rates of exchange as of each balance sheet date, with remeasurement adjustments and other transaction gains and losses recognized in earnings. Other than nonmonetary equity securities and available-for-sale debt securities, nonmonetary assets and liabilities do not fluctuate with changes in local currency exchange rates to the dollar. For nonmonetary equity securities traded in highly inflationary economies, the fair market values of the equity securities are remeasured at the current exchange rates to determine gain or loss to be recorded in net income. For nonmonetary available-for-sale debt securities traded in highly inflationary economies, the fair market values of these debt securities are remeasured at the current exchange rates, with changes recorded in the gains (losses) on available-for-sale securities component of accumulated other comprehensive income (loss). We reclassify amounts from accumulated other comprehensive income (loss) into earnings when these debt securities are sold. Revenues and expenses are translated at rates of exchange in effect during the year.
Argentina
We operate in Argentina through wholly owned subsidiaries and a smaller controlled subsidiary (together, "Brink's Argentina"). Revenues from Brink's Argentina represented approximately 3% of our consolidated revenues for the first three months of 2026 and 4% of our consolidated revenues for the first three months of 2025.
The operating environment in Argentina has presented business challenges in recent years driven by significant inflation and devaluation of the Argentine peso, despite modest appreciation of the currency during the first quarter of 2026. In the first three months of 2026 and 2025, the Argentine peso appreciated approximately 5% (from 1,451.6 to 1,382.0 pesos to the U.S. dollar) and declined 4% (from 1,031.0 to 1,073.1 pesos to the U.S. dollar), respectively. For the year ended December 31, 2025, the Argentine peso declined approximately 29% (from 1,031.0 to 1,451.6 pesos to the U.S. dollar).
Beginning July 1, 2018, we designated Argentina's economy as highly inflationary for accounting purposes. As a result, we consolidated Brink's Argentina using our accounting policy for subsidiaries operating in highly inflationary economies beginning with the third quarter of 2018. Argentine peso-denominated monetary assets and liabilities are remeasured at each balance sheet date using the currency exchange rate then in effect, with currency remeasurement gains and losses recognized in earnings. In the first three months of 2026, we recognized a $1.4 million pretax remeasurement gain. In the first three months of 2025, we recognized a $4.8 million pretax remeasurement loss. Argentine peso-denominated nonmonetary assets and liabilities are recorded at historical cost based on the currency exchange rate at the time the asset or liability was acquired.
At March 31, 2026, Argentina's economy remained highly inflationary for accounting purposes. At March 31, 2026, we had net monetary assets denominated in Argentine pesos of $33.0 million (including cash of $31.3 million). At March 31, 2026, we had net nonmonetary assets of $135.3 million (including $102.5 million of goodwill and $3.7 million in debt securities denominated in Argentine pesos).
At December 31, 2025, we had net monetary assets denominated in Argentine pesos of $23.4 million (including cash of $24.9 million) and net nonmonetary assets of $140.7 million (including $102.5 million of goodwill and $7.7 million in debt securities denominated in Argentine pesos).
Goodwill
Goodwill is recognized for the excess of the purchase price over the fair value of tangible and identifiable intangible net assets of businesses acquired. We review goodwill for impairment annually, as of October 1, and whenever events or circumstances in interim periods indicate that it is more-likely-than-not that an impairment may have occurred. Impairment indicators were reviewed as of March 31, 2026 and we concluded that there were no indicators that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount. We will continue to monitor results in future periods to determine whether any indicators of impairment exist that would cause us to perform an impairment review.
Acquisition of NCR Atleos Corporation ("NCR Atleos")
On February 26, 2026, we entered into a definitive agreement to acquire NCR Atleos. The estimated purchase price consideration, on a GAAP basis, is approximately $4 billion. The transaction is expected to close in the first quarter of 2027, subject to regulatory approval and other customary closing conditions. The purchase price consideration at closing will be based primarily on the outstanding shares of NCR Atleos common stock and the market price of Brink’s common stock at the time of closing. As of March 31, 2026, we have incurred $19.4 million of transaction costs, including fees to attorneys, accountants and other professional advisors, related to the future acquisition of NCR Atleos.
New Accounting Standards
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE), which requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. This ASU will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. We are currently evaluating the impact that the adoption of this standard will have on the notes to our consolidated financial statements.
Note 2 - Revenue from Contracts with Customers
Performance Obligations
We provide various services to meet the needs of our customers and we group these service offerings into two broad categories: (1) cash and valuables management ("CVM"); and (2) digital retail solutions ("DRS") and ATM managed services ("AMS").
Cash and Valuables Management
CVM services are provided to customers throughout the world. Cash-in-transit services include the secure transportation of cash, securities and other valuables between businesses, financial institutions and central banks. Basic ATM management services include cash replenishment, treasury management and first line maintenance. Our global services business provides secure transport of high-value commodities including diamonds, jewelry, precious metals, luxury goods, securities, banknotes, currency, high-tech devices, electronics and pharmaceuticals. Additional global services include pick-up, packaging, customs clearance, secure vault storage and inventory management. We also offer a variety of cash management services including money processing (e.g., counting, sorting, wrapping, checking condition of bills, etc.), check imaging and other cash management services (e.g., cashier balancing, counterfeit detection, account consolidation and electronic reporting). Our vaulting services combine cash-in-transit services, cash management services, vaulting and electronic reporting technologies to help banks expand into new markets while minimizing investment in vaults and branch facilities. In addition to providing secure storage, we process deposits, provide check imaging and reconciliation services, perform currency inventory management, process ATM replenishment orders and electronically transmit banking transactions. We provide other services to some of our customers, such as guarding, commercial security and payment services.
Digital Retail Solutions and ATM Managed Services
DRS and AMS are technology enabled services provided to customers throughout the world. DRS includes services that leverage Brink’s tech-enabled sales and software platforms to simplify cash acceptance, enables merchants to access their cash without visiting a bank and provides customers with enhanced analytics and visibility. DRS includes our patented Brink’s CompleteTM and CompuSafe® services. AMS provides comprehensive services beyond basic ATM services including cash forecasting, cash optimization, ATM remote monitoring, service call dispatching, transaction processing, and installation services. These services allow financial institutions, retailers and independent ATM owners to outsource day-to-day operation of ATMs. For certain customers, we take ownership of ATM devices as part of our managed services offering.
For performance obligations related to the services described above, we generally satisfy our obligations as each action to provide the service to the customer occurs. Because the customers simultaneously receive and consume the benefits from our services, these performance obligations are deemed to be satisfied over time. We use an output method, units of service provided, to recognize revenue because that is the best method to represent the transfer of our services to the customer at the agreed upon rate for each action.
Although not as significant as our service offerings, we also sell goods to customers from time to time, such as safe devices. In those transactions, we satisfy our performance obligation at a point in time. We recognize revenue when the goods are delivered to the customer as that is the point in time that best represents when control has transferred to the customer.
Our contracts with customers describe the services we can provide along with the fees for each action to provide the service. We typically send invoices to customers for all of the services we have provided within a monthly period and payments are generally due within 30 to 60 days of the invoice date.
Although our customer contracts specify the fees for each action to provide service, the majority of the services stated in our contracts do not have a defined quantity over the contract term. Accordingly, the transaction price is considered variable as there is an unknown volume of services that will be rendered over the course of the contract. We recognize revenue for these services in the period in which they are provided to the customer based on the contractual rate at which we have the right to invoice the customer for each action.
Some of our contracts with customers contain clauses that define the level of service that the customer will receive. The service level agreements (“SLA”) within those contracts contain specific calculations to determine whether the appropriate level of service has been met within a specific period, which is typically a month. We estimate SLA penalties and recognize the amounts as a reduction to revenue.
Taxes collected from customers and remitted to governmental authorities are not included in revenues in the condensed consolidated statements of operations.
Revenue Disaggregated by Reportable Segment and Type of Service
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(In millions) | Cash and Valuables Management | | DRS and AMS | | Total |
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| Three months ended March 31, 2026 | | | | | |
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| Reportable Segments: | | | | | |
| North America | $ | 303.4 | | | 136.2 | | | 439.6 | |
| Latin America | 267.5 | | | 76.3 | | | 343.8 | |
| Europe | 205.1 | | | 160.8 | | | 365.9 | |
| Rest of World | 206.6 | | | 19.2 | | | 225.8 | |
| Total reportable segments | $ | 982.6 | | | 392.5 | | | 1,375.1 | |
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| Three months ended March 31, 2025 | | | | | |
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| Reportable Segments: | | | | | |
| North America | $ | 299.0 | | | 118.6 | | | 417.6 | |
| Latin America | 251.2 | | | 56.4 | | | 307.6 | |
| Europe | 185.6 | | | 133.4 | | | 319.0 | |
| Rest of World | 188.2 | | | 14.3 | | | 202.5 | |
| Total reportable segments | $ | 924.0 | | | 322.7 | | | 1,246.7 | |
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Certain of our services involve the leasing of assets, such as safes, to our customers along with the regular servicing of those safe devices. Revenues related to the leasing of these assets are recognized in accordance with applicable lease guidance, but are included in the above table as the amounts are a small percentage of overall revenues.
Contract Balances
Contract Assets
Although payment terms and conditions can vary, for the majority of our customer contracts, we invoice for all of the services provided to the customer within a monthly period. For certain customer contracts, the timing of our performance may precede our right to invoice the customer for the total transaction price. For example, Brink's affiliates in certain countries, primarily in Latin America, negotiate annual price adjustments with certain customers and, once the price increases are finalized, the pricing changes are made retroactive to services provided in earlier periods. These retroactive pricing adjustments are estimated and recognized as revenue with a corresponding contract asset in the same period in which the related services are performed. As the estimate of the ultimate transaction price changes, we recognize a cumulative catch-up adjustment for the change in estimate. In our Rest of World segment, certain Brink's affiliates provide services to specific customers and, per contract, a portion of the consideration is retained by the customers until the contract is completed. The retention amounts are reported as contract assets until we have the right to bill the customer for these amounts. Certain Brink's affiliates make upfront consideration payments in order to gain customer contracts. The upfront payment amounts are reported as contract assets and are amortized as a reduction to revenues over the duration of the contracts. Contract assets expected to be billed or amortized within one year ($11.7 million at March 31, 2026) are included in prepaid expenses and other on the condensed consolidated balance sheet. Amounts not expected to be billed or amortized within one year ($16.6 million at March 31, 2026) are reported in other assets on the condensed consolidated balance sheet.
Contract Liabilities
For other customer contracts, we may obtain the right to payment or receive customer payments prior to performing the related services under the contract. When the right to customer payments or receipt of payments precedes our performance, we recognize a contract liability, which is included in accrued liabilities on the condensed consolidated balance sheet.
The opening and closing balances of receivables, contract assets and contract liabilities related to contracts with customers are as follows:
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(In millions) | Receivables | | Contract Assets | | Contract Liabilities |
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| Opening (January 1, 2026) | $ | 766.0 | | | 27.6 | | | 15.0 | |
| Closing (March 31, 2026) | 833.3 | | | 28.3 | | | 18.3 | |
Increase (decrease) | $ | 67.3 | | | 0.7 | | | 3.3 | |
The amount of revenue recognized in the three months ended March 31, 2026 that was included in the January 1, 2026 contract liabilities balance was $5.6 million. This revenue consists of services provided to customers who had prepaid for those services prior to the current year.
Revenue recognized in the three months ended March 31, 2026 from performance obligations satisfied in the prior year was not significant. This revenue is a result of changes in the transaction price of our contracts with customers.
Contract Costs
Sales commissions directly related to obtaining new contracts with customers are capitalized when incurred and are then amortized to expense ratably over the term of the contracts. At March 31, 2026, the net capitalized costs to obtain contracts was included in other assets on the condensed consolidated balance sheet. The capitalized amounts at March 31, 2026 and December 31, 2025 were $15.0 million and $14.3 million, respectively.
Practical Expedients
For the majority of our contracts with customers, we invoice a fixed amount for each unit of service we have provided. These contracts provide us with the right to invoice for an amount or rate that corresponds to the value we have delivered to our customers. The volume of services that will be provided to customers over the term is not known at inception of these contracts. Therefore, while the rate per unit of service is known, the transaction price itself is variable. For this reason, we recognize revenue from these contracts equal to the amount for which we have the contractual right to invoice the customers. Because we are not required to estimate variable consideration related to the transaction price in order to recognize revenue, we are also not required to estimate the variable consideration to provide certain disclosures. As a result, we have elected to use the optional exemption related to the disclosure of transaction prices, amounts allocated to remaining performance obligations and the future periods in which revenue will be recognized, sometimes referred to as backlog.
We have also elected to use the practical expedient for financing components related to our contract liabilities. We do not recognize interest expense on contracts for which the period between our receipt of customer payments and our service to the customer is one year or less.
Note 3 - Segment information
We identify our operating segments based on how our chief operating decision maker (“CODM”) allocates resources, assesses performance and makes decisions. Our CODM is our President and Chief Executive Officer. Our CODM evaluates performance and allocates resources to each operating segment based on a profit or loss measure which, at the reportable segment level, excludes the following:
•Corporate expenses - include costs to manage the global business and perform activities required by public companies as well as other items that are considered part of the Company's operations and revenue generating activities but are not considered when the CODM evaluates segment results. Examples include corporate staff compensation, corporate headquarters costs, regional management costs, share-based compensation, and currency transaction gains and losses.
•Other items not allocated to segments - include income and expenses that are not necessary to operate our business in the ordinary course and are not considered when the CODM evaluates segment results. These include non-recurring as well as certain recurring costs and gains which are not considered to be part of the Company's operations and revenue generating activities. As such, they have not been allocated to segment or Corporate results.
Our CODM uses segment operating profit to evaluate the performance of each of our reportable segments, comparing profitability to expected results as well as to the other segments, ultimately guiding resource allocation decisions including investment, capital allocation and staffing to optimize overall company profitability.
We currently serve customers in more than 100 countries, including 51 countries where we operate subsidiaries.
We manage our business in the following four segments:
•North America – operations in the U.S. and Canada, including the Brink’s Global Services ("BGS") line of business,
•Latin America – operations in Latin American countries where we have an ownership interest, including the BGS line of business,
•Europe – predominantly operations in European countries that primarily provide services outside of the BGS line of business, and
•Rest of World – operations in the Middle East, Africa and Asia. This segment also includes total operations in European countries that primarily provide BGS services and BGS activity in Latin American countries where we do not have an ownership interest.
Operations in certain geographies were moved from the Rest of World segment to the Europe segment, effective December 31, 2025 in order to align with management reporting. We have recast all prior periods presented to provide consistent comparability.
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| Three Months Ended March 31, 2026 |
(In millions) | North America | | Latin America | | Europe | | Rest of World | | Total |
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Revenues | $ | 439.6 | | | 343.8 | | | 365.9 | | | 225.8 | | | 1,375.1 | |
Less: | | | | | | | | | |
Cost of revenues: | | | | | | | | | |
Labor and fringe benefit costs(a) | 147.6 | | | 154.5 | | | 160.6 | | | 55.4 | | | |
Other cost of revenues segment items(b) | 170.4 | | | 99.2 | | | 123.4 | | | 96.3 | | | |
Total cost of revenues(a) | 318.0 | | | 253.7 | | | 284.0 | | | 151.7 | | | |
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Selling, general, and administrative(a) | 60.7 | | | 32.7 | | | 42.0 | | | 19.1 | | | |
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Segment operating profit | $ | 60.9 | | | 57.4 | | | 39.9 | | | 55.0 | | | 213.2 | |
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| Three Months Ended March 31, 2025 |
(In millions) | North America | | Latin America | | Europe | | Rest of World | | Total |
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Revenues | $ | 417.6 | | | 307.6 | | | 319.0 | | | 202.5 | | | 1,246.7 | |
Less: | | | | | | | | | |
Cost of revenues: | | | | | | | | | |
Labor and fringe benefit costs(a) | 153.2 | | | 140.7 | | | 141.8 | | | 49.0 | | | |
Other cost of revenues segment items(b) | 156.7 | | | 83.2 | | | 109.9 | | | 92.9 | | | |
Total cost of revenues(a) | 309.9 | | | 223.9 | | | 251.7 | | | 141.9 | | | |
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Selling, general, and administrative(a) | 54.6 | | | 29.8 | | | 39.2 | | | 13.4 | | | |
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Segment operating profit | $ | 53.1 | | | 53.9 | | | 28.1 | | | 47.2 | | | 182.3 | |
(a)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Selling, general and administrative expenses include insignificant amounts reported within other operating income (expense) in the condensed consolidated statements of operations.
(b)Other cost of revenues segment items for each reportable segment include primarily vehicle expenses, freight, equipment costs, building expense, and office and administrative expenses.
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(In millions) | | | | | 2026 | | 2025 |
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Segment operating profit | | | | | $ | 213.2 | | | 182.3 | |
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Reconciling Items: | | | | | | | |
Corporate expenses: | | | | | | | |
General, administrative and other expenses | | | | | $ | (46.4) | | | (34.9) | |
Foreign currency transaction gains | | | | | 1.6 | | | 3.2 | |
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Other items not allocated to segments: | | | | | | | |
Reorganization and restructuring | | | | | — | | | (0.5) | |
Acquisitions and dispositions | | | | | (15.6) | | | (18.5) | |
Argentina highly inflationary impact | | | | | 0.5 | | | (6.3) | |
| NCR Atleos acquisition and transformation initiatives | | | | | (38.9) | | | (5.1) | |
Non-routine legal matters | | | | | (2.8) | | | — | |
| DOJ/FinCEN investigations | | | | | (1.2) | | | (0.9) | |
Chile antitrust matter | | | | | (0.2) | | | (0.2) | |
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Operating profit | | | | | $ | 110.2 | | | 119.1 | |
Other Items not Allocated to Segments
Reorganization and restructuring Costs associated with certain reorganization and restructuring actions were excluded from reported non-GAAP results. These items included primarily severance charges and asset impairment losses. These costs related to global restructuring initiatives, completed in prior years.
Acquisitions and dispositions These items include non-cash amortization expense for acquisition-related intangible assets, as well as integration, transaction, restructuring and certain compensation costs.
Argentina highly inflationary impact Beginning in the third quarter of 2018, we designated Argentina's economy as highly inflationary for accounting purposes. As a result, Argentine peso-denominated monetary assets and liabilities are now remeasured at each balance sheet date to the currency exchange rate then in effect, with currency remeasurement gains and losses recognized in earnings. In addition, nonmonetary assets retain a higher historical basis when the currency is devalued. The higher historical basis results in incremental expense being recognized when the nonmonetary assets are consumed.
NCR Atleos acquisition and transformation initiatives On February 26, 2026, we entered into a definitive agreement to acquire NCR Atleos. The transaction is expected to close in the first quarter of 2027, subject to regulatory approval and other customary closing conditions. This acquisition represents a significant strategic step for Brink’s, expanding the scale of the combined company and supporting continued growth in our AMS and DRS offerings, which reflect an increasing portion of our business mix.
During 2023, we initiated a multi-year program intended to accelerate growth and drive margin expansion through transformation of our business model. The program is designed to help us standardize and streamline our commercial and operational systems and processes, as well as back-office functions, including finance and information technology. The efforts will drive continuous improvement and achieve operational excellence. These costs relate to discrete initiatives.
Non-routine legal matters In the first quarter of 2026, we recognized $2.8 million of probable losses in connection with non-routine legal matters. These costs relate to fact-specific matters that management does not believe are indicative of the Company's underlying operational performance for the period.
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DOJ/FinCEN investigations In 2024, we recorded a charge for a probable loss in connection with U.S. Department of Justice ("DOJ") and U.S. Department of the Treasury's Financial Crimes Enforcement Network ("FinCEN") investigations. Additionally, we have incurred third-party costs, primarily legal costs associated with these matters, including upfront expenses that are directly attributable to establishing compliance programs. In the first quarter of 2025, we reached resolutions with both the DOJ and FinCEN.
Chile antitrust matter We have recorded charges for a contingent loss associated with an investigation initiated by the Chilean Fiscalía Nacional Económica or "FNE" (the Chilean antitrust agency). The investigation is related to potential anti-competitive practices among competitors in the cash logistics industry in Chile. Additionally, we have incurred third-party costs, primarily legal costs, associated with this matter. See Note 13 for details.
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| Three Months Ended March 31, |
| (In millions) | 2026 | | 2025 |
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| Capital Expenditures by Reportable Segment | | | |
| North America | $ | 8.7 | | | 24.0 | |
| Latin America | 6.4 | | | 6.0 | |
| Europe | 13.1 | | | 14.7 | |
| Rest of World | 10.9 | | | 13.8 | |
| Total reportable segments | 39.1 | | | 58.5 | |
| Corporate items | 1.0 | | | 0.4 | |
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| Total | $ | 40.1 | | | 58.9 | |
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| | | Three Months Ended March 31, |
| (In millions) | | | | | 2026 | | 2025 |
| Depreciation and Amortization by Reportable Segment | | | | | | | |
| Depreciation and amortization of property and equipment: | | | | | | | |
| North America | | | | | $ | 23.1 | | | 19.4 | |
| Latin America | | | | | 14.7 | | | 12.7 | |
| Europe | | | | | 18.9 | | | 15.6 | |
| Rest of World | | | | | 6.5 | | | 5.8 | |
| Total reportable segments | | | | | 63.2 | | | 53.5 | |
| Corporate items | | | | | 0.6 | | | 0.7 | |
Argentina highly inflationary impact | | | | | 1.0 | | | 2.1 | |
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| Depreciation and amortization of property and equipment | | | | | 64.8 | | | 56.3 | |
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Amortization of intangible assets(a) | | | | | 14.9 | | | 14.4 | |
| Total | | | | | $ | 79.7 | | | 70.7 | |
(a)Amortization of acquisition-related intangible assets has been excluded from reportable segment amounts.
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(In millions) | March 31, 2026 | | December 31, 2025 |
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| Assets held by Reportable Segment | | | |
| North America | $ | 2,040.8 | | | 2,166.7 | |
| Latin America | 1,310.5 | | | 1,211.6 | |
| Europe | 2,413.7 | | | 2,458.9 | |
| Rest of World | 1,072.6 | | | 1,070.9 | |
| Total reportable segments | 6,837.6 | | | 6,908.1 | |
| Corporate items | 437.8 | | | 431.1 | |
| Total | $ | 7,275.4 | | | 7,339.2 | |
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Note 4 - Retirement benefits
Defined-benefit Pension Plans
We have various defined-benefit pension plans covering eligible current and former employees. Benefits under most plans are based on salary and years of service. There are limits to the amount of benefits which can be paid to participants from a U.S. qualified pension plan. We maintain a nonqualified U.S. plan to pay benefits for those eligible current and former employees in the U.S. whose benefits exceed the regulatory limits. Pension benefits provided to eligible U.S. employees were frozen on December 31, 2005.
The components of net periodic pension cost (credit) for our pension plans were as follows:
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| U.S. Plans | | Non-U.S. Plans | | Total |
| (In millions) | 2026 | | 2025 | | 2026 | | 2025 | | 2026 | | 2025 |
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| Three months ended March 31, | | | | | | | | | | | |
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| Service cost | $ | — | | | — | | | 2.4 | | | 2.0 | | | 2.4 | | | 2.0 | |
| Interest cost on projected benefit obligation | 7.4 | | | 7.9 | | | 5.0 | | | 4.2 | | | 12.4 | | | 12.1 | |
| Return on assets – expected | (9.4) | | | (11.1) | | | (3.0) | | | (2.7) | | | (12.4) | | | (13.8) | |
| Amortization of losses | 2.4 | | | 1.3 | | | 1.0 | | | 0.6 | | | 3.4 | | | 1.9 | |
| Amortization of prior service cost | — | | | — | | | — | | | 0.1 | | | — | | | 0.1 | |
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| Settlement loss | — | | | — | | | — | | | 0.3 | | | — | | | 0.3 | |
Net periodic pension cost (credit) | $ | 0.4 | | | (1.9) | | | 5.4 | | | 4.5 | | | 5.8 | | | 2.6 | |
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The components of net periodic pension cost (credit) other than the service cost component are included in interest and other nonoperating income (expense) in the condensed consolidated statements of operations.
We did not make cash contributions to the primary U.S. pension plan in 2025 or the first three months of 2026. Based on current assumptions described in our Annual Report on Form 10-K for the year ended December 31, 2025, we do not expect to make contributions to the primary U.S. pension plan for the foreseeable future.
Retirement benefits other than pensions
We provide retirement healthcare benefits for eligible current and former U.S., Canadian, and Brazilian employees. Retirement benefits related to our former U.S. coal operations include medical benefits provided by the Pittston Coal Group Companies Employee Benefit Plan for United Mine Workers of America Represented Employees (the “UMWA plans”) as well as obligations for paying lifetime black lung benefits to miners and their dependents for claims under the Federal Black Lung Benefits Act of 1972.
The components of net periodic postretirement cost (credit) related to retirement benefits other than pensions were as follows:
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| UMWA Plans | | Black Lung and Other Plans | | Total |
| (In millions) | 2026 | | 2025 | | 2026 | | 2025 | | 2026 | | 2025 |
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| Three months ended March 31, | | | | | | | | | | | |
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| Service cost | $ | — | | | — | | | 0.1 | | | — | | | 0.1 | | | — | |
| Interest cost on accumulated postretirement benefit obligations | 2.4 | | | 2.3 | | | 1.0 | | | 1.1 | | | 3.4 | | | 3.4 | |
| Return on assets – expected | (2.4) | | | (2.4) | | | — | | | — | | | (2.4) | | | (2.4) | |
| Amortization of losses | 0.5 | | | 0.3 | | | 0.7 | | | 0.9 | | | 1.2 | | | 1.2 | |
Amortization of prior service cost (credit) | (1.4) | | | (2.6) | | | — | | | — | | | (1.4) | | | (2.6) | |
Net periodic postretirement cost (credit) | $ | (0.9) | | | (2.4) | | | 1.8 | | | 2.0 | | | 0.9 | | | (0.4) | |
The components of net periodic postretirement cost (credit) other than the service cost component are included in interest and other nonoperating income (expense) in the condensed consolidated statements of operations.
Note 5 - Income taxes
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| | | Three Months Ended March 31, |
(In millions, except for effective tax rate) | | | | | 2026 | | 2025 |
| Continuing operations | | | | | | | |
Provision for income taxes | | | | | $ | 11.0 | | | 15.6 | |
| Effective tax rate | | | | | 24.0 | % | | 22.4 | % |
2026 Effective Income Tax Rate Compared to U.S. Statutory Rate
The effective income tax rate on continuing operations in the first three months of 2026 was greater than the 21% U.S. statutory rate due to the geographical mix of earnings, the seasonality of book losses for which no tax benefit can be recorded, nondeductible expenses in Mexico, taxes on cross border payments and U.S. taxable income and credit limitations.
2025 Effective Income Tax Rate Compared to U.S. Statutory Rate
The effective income tax rate on continuing operations in the first three months of 2025 was greater than the 21% U.S. statutory rate due to the geographical mix of earnings, the seasonality of book losses for which no tax benefit can be recorded, nondeductible expenses in Mexico, taxes on cross border payments and U.S. taxable income and credit limitations.
Note 6 - Accumulated other comprehensive income (loss)
Other comprehensive income (loss), including the amounts reclassified from accumulated other comprehensive income (loss) into earnings, was as follows:
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| Amounts Arising During
the Current Period | | Amounts Reclassified to
Net Income (Loss) | | |
| (In millions) | Pretax | | Income
Tax | | Pretax | | Income
Tax | | Total Other
Comprehensive
Income (Loss) |
| Three months ended March 31, 2026 | | | | | | | | | |
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| Amounts attributable to Brink's: | | | | | | | | | |
| Benefit plan adjustments | $ | 0.4 | | | (1.0) | | | 3.2 | | | (0.8) | | | 1.8 | |
Foreign currency translation adjustments(b) | 2.1 | | | (2.2) | | | (1.5) | | | 0.4 | | | (1.2) | |
Gains (losses) on available-for-sale securities | (1.0) | | | 0.4 | | | 1.6 | | | 0.1 | | | 1.1 | |
| Gains (losses) on cash flow hedges | 0.7 | | | (0.2) | | | (1.1) | | | 0.3 | | | (0.3) | |
| | 2.2 | | | (3.0) | | | 2.2 | | | — | | | 1.4 | |
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| Amounts attributable to noncontrolling interests: | | | | | | | | | |
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| Foreign currency translation adjustments | (1.0) | | | — | | | — | | | — | | | (1.0) | |
| | (1.0) | | | — | | | — | | | — | | | (1.0) | |
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| Total | | | | | | | | | |
Benefit plan adjustments(a) | 0.4 | | | (1.0) | | | 3.2 | | | (0.8) | | | 1.8 | |
Foreign currency translation adjustments(b) | 1.1 | | | (2.2) | | | (1.5) | | | 0.4 | | | (2.2) | |
Gains (losses) on available-for-sale securities(c) | (1.0) | | | 0.4 | | | 1.6 | | | 0.1 | | | 1.1 | |
Gains (losses) on cash flow hedges(d) | 0.7 | | | (0.2) | | | (1.1) | | | 0.3 | | | (0.3) | |
| | $ | 1.2 | | | (3.0) | | | 2.2 | | | — | | | 0.4 | |
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| Three months ended March 31, 2025 | | | | | | | | | |
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| Amounts attributable to Brink's: | | | | | | | | | |
| Benefit plan adjustments | $ | (3.4) | | | 0.9 | | | 1.2 | | | (0.3) | | | (1.6) | |
Foreign currency translation adjustments(b) | 38.7 | | | 2.9 | | | (1.2) | | | 0.3 | | | 40.7 | |
Gains (losses) on available-for-sale securities | 0.4 | | | (0.1) | | | 0.2 | | | 0.2 | | | 0.7 | |
| Gains (losses) on cash flow hedges | (0.1) | | | — | | | (2.5) | | | 0.6 | | | (2.0) | |
| | 35.6 | | | 3.7 | | | (2.3) | | | 0.8 | | | 37.8 | |
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| Amounts attributable to noncontrolling interests: | | | | | | | | | |
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| Foreign currency translation adjustments | 0.7 | | | — | | | — | | | — | | | 0.7 | |
| | 0.7 | | | — | | | — | | | — | | | 0.7 | |
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| Total | | | | | | | | | |
Benefit plan adjustments(a) | (3.4) | | | 0.9 | | | 1.2 | | | (0.3) | | | (1.6) | |
Foreign currency translation adjustments(b) | 39.4 | | | 2.9 | | | (1.2) | | | 0.3 | | | 41.4 | |
Gains (losses) on available-for-sale securities(c) | 0.4 | | | (0.1) | | | 0.2 | | | 0.2 | | | 0.7 | |
Gains (losses) on cash flow hedges(d) | (0.1) | | | — | | | (2.5) | | | 0.6 | | | (2.0) | |
| | $ | 36.3 | | | 3.7 | | | (2.3) | | | 0.8 | | | 38.5 | |
(a)The amortization of actuarial losses and prior service cost is part of total net periodic retirement benefit cost when reclassified to net income. Net periodic retirement benefit cost also includes service cost, interest cost, expected return on assets, and settlements. Total service cost is allocated between cost of revenues and selling, general and administrative expenses on a plan-by-plan basis and the remaining net periodic retirement benefit cost items are allocated to interest and other nonoperating expense:
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| | | Three Months Ended March 31, |
| (In millions) | | | | | 2026 | | 2025 |
| Total net periodic retirement benefit cost included in: | | | | | | | |
| Cost of revenues | | | | | $ | 1.9 | | | 1.6 | |
| Selling, general and administrative expenses | | | | | 0.6 | | | 0.5 | |
| Interest and other nonoperating expense | | | | | 4.2 | | | 0.1 | |
(b)2026 foreign currency translation adjustment amounts arising during the three months ended March 31, 2026 reflect primarily the appreciation of the the Brazilian real, the Colombian peso, the Chilean peso, and the euro. 2025 foreign currency translation adjustment amounts arising during the three months ended March 31, 2025 reflect primarily the appreciation of the euro, the Mexican peso and the Brazilian real.
(c)Unrealized gains and losses on available-for-sale debt securities are initially recognized in accumulated other comprehensive income (loss). When sold, gains and losses are then realized and reclassified to the condensed consolidated statements of operations in the same period. Pretax amounts are classified in the condensed consolidated statements of operations as interest and other income (expense).
(d)Pretax gains and losses on cash flow hedges are classified in the condensed consolidated statements of operations as interest expense ($1.1 million reduction to expense in the three months ended March 31, 2026 and $2.5 million reduction to expense in the three months ended March 31, 2025).
The changes in accumulated other comprehensive loss attributable to Brink’s are as follows:
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| Benefit Plan Adjustments | | Foreign Currency Translation Adjustments | | Gains (Losses) on Available-for-Sale Securities | | Gains (Losses) on Cash Flow Hedges | | Total |
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| Balance as of December 31, 2025 | $ | (267.0) | | | (406.8) | | | (0.9) | | | 9.1 | | | (665.6) | |
| Other comprehensive income (loss) before reclassifications | (0.6) | | | (0.1) | | | (0.6) | | | 0.5 | | | (0.8) | |
| Amounts reclassified from accumulated other comprehensive loss to net income | 2.4 | | | (1.1) | | | 1.7 | | | (0.8) | | | 2.2 | |
Other comprehensive loss attributable to Brink's | 1.8 | | | (1.2) | | | 1.1 | | | (0.3) | | | 1.4 | |
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| Balance as of March 31, 2026 | $ | (265.2) | | | (408.0) | | | 0.2 | | | 8.8 | | | (664.2) | |
Note 7 - Fair value of financial instruments
Investments in Marketable Securities
We have investments in mutual funds, equity securities and available-for-sale debt securities that are carried at fair value in the condensed financial statements and are included in other assets on the condensed consolidated balance sheet. For these investments, fair value was based on quoted market prices, which we have categorized as a Level 1 valuation.
Fixed-Rate Debt
The fair value and carrying value of our material fixed-rate debt, excluding any unamortized debt issuance costs, are as follows:
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(In millions) | March 31, 2026 | | December 31, 2025 |
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2027 Senior Unsecured Notes | | | |
| Carrying value | $ | 600.0 | | | 600.0 | |
| Fair value | 571.5 | | | 579.0 | |
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| 2029 Senior Unsecured Notes | | | |
| Carrying value | $ | 400.0 | | | 400.0 | |
| Fair value | 405.8 | | | 412.2 | |
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| 2032 Senior Unsecured Notes | | | |
| Carrying value | $ | 400.0 | | | 400.0 | |
| Fair value | 402.9 | | | 416.0 | |
Pricing inputs for nonpublic debt are often not observable. The fair value estimates of our senior notes reflect unobservable estimates and assumptions, which we have categorized as a Level 3 valuation. Our fair value estimates were based on the present value of future cash flows, discounted at rates for public debt at the measurement date. The rates for public debt were additionally adjusted for a factor which represented the change in the interest spreads between the inception rates and the public debt rates at the measurement date.
Forward and Swap Contracts
The fair values of our forward and swap contracts are based on the present value of net future cash payments and receipts, as well as inputs
related to forward interest rates and forward currency rates that are derived principally from, or corroborated by, observable market data,
which we have categorized as a Level 2 valuation.
Economic Hedges
We have outstanding foreign currency forward and swap contracts to hedge transactional risks associated with foreign currencies. At March 31, 2026, the notional value of our outstanding foreign currency forward and swap contracts was $653 million, with average maturities of approximately one month. These foreign currency forward and swap contracts primarily offset exposures in the euro, the British pound, and the Mexican peso and are not designated as hedges for accounting purposes. Accordingly, changes in their fair value are recorded immediately in earnings.
Cash flows related to economic hedges are reported in the condensed consolidated statements of cash flows based on the nature of the underlying items being hedged. For the periods presented, such cash flows are reported in operating activities or investing activities.
The fair value of these contracts were recognized in the condensed consolidated balance sheet as follows:
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(In millions) | March 31, 2026 | | December 31, 2025 |
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Prepaid expenses and other | $ | 9.2 | | | 4.2 | |
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Accrued liabilities | (2.9) | | | (5.3) | |
Net asset | $ | 6.3 | | | (1.1) | |
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Amounts under these contracts were recognized in other operating income (expense) as follows:
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| | | Three Months
Ended March 31, |
| (in millions) | | | | | 2026 | | 2025 |
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Derivative instrument gains (losses) included in other operating income (expense)(a) | | | | | $ | 10.4 | | | (12.6) | |
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(a)Derivative instrument gains in the three months ended March 31, 2026, and derivative instrument losses in the three months ended March 31, 2025, were primarily driven by the impact of hedging currency exposures on intercompany loans denominated in the euro, the British pound, and the Mexican peso.
Net Investment Hedges
We have entered into cross currency swaps and foreign exchange forward swap contracts to hedge a portion of our net investments in certain of our subsidiaries with euro and other functional currencies. We elected to use the spot method to assess effectiveness for these derivatives that are designated as net investment hedges for accounting purposes. Accordingly, changes in fair value attributable to changes in the undiscounted spot rates are recorded in the foreign currency translation adjustments component of accumulated other comprehensive income (loss) and will remain there until the hedged net investments are sold or substantially liquidated. We have elected to exclude the spot-forward difference from the assessment of hedge effectiveness and are amortizing this amount separately on a straight-line basis over the term of the cross currency swaps.
In 2023, we entered into a zero cost foreign exchange collar contract with a $215 million notional amount and a May 2026 expiration date. We sold a put option with a lower strike price and bought a call option with a higher strike price to manage the foreign exchange risk related to the final settlement of the $215 million notional cross currency swaps. Upon the execution of the zero cost foreign exchange collar contract, we de-designated the existing $215 million notional cross currency swaps and re-designated the combined $215 million notional cross currency swaps and zero cost collar into a new hedging instrument. At re-designation, the existing $215 million notional cross currency swaps had a non-zero fair value representing an off-market component of the participating cross currency swaps. The off-market value is being ratably amortized into earnings through May 2026. The combined cross currency swaps and zero cost collar has been designated as a net investment hedge for accounting purposes.
The fair value of these contracts were recognized in the condensed consolidated balance sheet as follows:
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(In millions) | March 31, 2026 | | December 31, 2025 |
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Euro net investment hedge(a) | | | |
Prepaid expenses and other | $ | 2.1 | | | 2.1 | |
Accrued liabilities | (31.2) | | | (34.2) | |
Other noncurrent liabilities | (25.1) | | | (28.3) | |
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Zero cost collar | | | |
| Prepaid expenses and other | $ | — | | | 0.2 | |
Other noncurrent asset | — | | | — | |
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Other currency net investment hedges(b) | | | |
Prepaid expenses and other | $ | 0.9 | | | 0.5 | |
| Other noncurrent asset | 0.3 | | | 0.2 | |
| Accrued liabilities | (0.2) | | | (0.7) | |
| Other noncurrent liabilities | (1.6) | | | (1.1) | |
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| Net asset (liability) | $ | (54.8) | | | (61.3) | |
(a)At March 31, 2026, swaps with a total notional value of $215 million will terminate in May 2026 and have a weighted average maturity of 0.1 years. Swaps with a total notional value of $185 million will terminate in April 2031 and have a weighted average maturity of 4.5 years.
(b)At March 31, 2026, the total notional value was $145 million with a weighted average maturity of 1.0 years. These contracts hedge portions of our net investments in subsidiaries with functional currencies of Hong Kong dollar; Singapore dollar; Japanese yen; Israeli shekel; Swiss franc; and Canadian dollar.
The effect of the amortization of the spot-forward difference on the net investment hedges cross currency swaps and foreign exchange forward swap contract is included as a benefit in interest expense as follows:
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| | | Three Months
Ended March 31, |
| (In millions) | | | | | 2026 | | 2025 |
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Cross currency swaps designated as net investment hedges | | | | | $ | (1.5) | | | (1.2) | |
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Cash flows related to the amortization of the off-market component of net investment hedges are reported in investing activities. Cash flows from the termination and final settlement of net investment hedges are reported in investing activities. All other cash flows from net investment hedges are reported in operating activities.
Interest Rate Swaps - Cash Flow Hedges
We have periodically entered into interest rate swaps to hedge cash flow risk associated with changes in variable interest rates and we have designated the interest rate swaps as cash flow hedges for accounting purposes. Accordingly, changes in the fair value of these cash flow hedges are initially recorded in the gains (losses) on cash flow hedges component of accumulated other comprehensive income (loss). We
reclassify amounts from accumulated other comprehensive income (loss) into earnings in the same periods that the hedged debt affects earnings.
In the first and third quarters of 2025, we entered into interest rate swaps totaling $150 million in notional value, all maturing in June 2027.
The fair values of our interest rate swaps were recognized in the condensed consolidated balance sheet as follows: | | | | | | | | | | | |
(In millions) | March 31, 2026 | | December 31, 2025 |
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$100 million notional - June 2027 maturity (a) | | | |
Accrued liabilities | $ | (0.1) | | | (0.3) | |
Other noncurrent liabilities | — | | | (0.3) | |
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$50 million notional - June 2027 maturity (a) | | | |
| Prepaid expenses and other | $ | 0.1 | | | — | |
| Accrued liabilities | — | | | (0.1) | |
Other noncurrent liabilities | — | | | (0.1) | |
| Net asset (liability) | $ | — | | | (0.8) | |
(a)At March 31, 2026, swaps with a total notional value of $150 million will terminate in June 2027 and have a weighted average maturity of 0.7 years.
Amounts under our interest rate swap contracts were recognized in interest expense as follows: | | | | | | | | | | | | | | | |
| | | Three Months
Ended March 31, |
| (In millions) | | | | | 2026 | | 2025 |
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Impact to interest expense - (benefit) cost | | | | | $ | (1.1) | | | (2.5) | |
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Cash flows related to interest rate swaps are reported as operating activities.
Contingent Consideration
In the second quarter of 2020, we acquired cash management operations in Malaysia from U.K.-based G4S Plc ("G4S") and have recorded a payable for contingent consideration. The contingent consideration will be paid when minimum dividend distributions are received by Brink's relating to cash on the balance sheets of the Malaysia subsidiaries as of the acquisition date. We used a probability-weighted approach to estimate the fair value of the contingent consideration. The fair value of the contingent consideration is the full $24 million that remains potentially payable as of March 31, 2026, as we believe it is unlikely that the contingent consideration payments will be reduced.
Other Financial Instruments
Other financial instruments include cash and cash equivalents, accounts receivable, floating rate debt, accounts payable and accrued liabilities. The financial statement carrying amounts of these items approximate the fair value.
There were no transfers in or out of any of the levels of the valuation hierarchy in the first three months of 2026.
Note 8 - Debt
| | | | | | | | | | | |
| March 31, | | December 31, |
| (In millions) | 2026 | | 2025 |
| Debt: | | | |
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| Short-term borrowings | $ | 229.2 | | | 241.1 | |
| Total short-term borrowings | $ | 229.2 | | | 241.1 | |
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| Long-term debt | | | |
| Bank credit facilities: | | | |
Term loans(a) | $ | 1,218.1 | | | 1,223.3 | |
Senior unsecured notes(b) | 1,391.1 | | | 1,390.4 | |
| Revolving Credit Facility | 460.0 | | | 420.0 | |
Other facilities(c) | 586.9 | | | 669.1 | |
| Financing leases | 270.6 | | | 270.4 | |
| Total long-term debt | $ | 3,926.7 | | | 3,973.2 | |
| | | |
| Total debt | $ | 4,155.9 | | | 4,214.3 | |
| | | |
| Included in: | | | |
| Current liabilities | $ | 322.0 | | | 404.2 | |
| Noncurrent liabilities | 3,833.9 | | | 3,810.1 | |
| Total debt | $ | 4,155.9 | | | 4,214.3 | |
(a)Amounts outstanding are net of unamortized debt costs of $6.9 million as of March 31, 2026 and $1.7 million as of December 31, 2025.
(b)Amounts outstanding are net of unamortized debt costs of $8.9 million as of March 31, 2026 and $9.6 million as of December 31, 2025.
(c)Includes Other Revolving Credit Facilities of $477 million at March 31, 2026 and $557 million at December 31, 2025.
Long-Term Debt
Senior Secured Credit Facility
In March 2026, we amended our senior secured credit facility (the “Senior Secured Credit Facility”) with Bank of America, N.A., as administrative agent. After the amendment, the Senior Secured Credit Facility consisted of a $1 billion revolving credit facility (the "Revolving Credit Facility") and $1.2 billion of term loans (the "Term Loans"). The amendment also provides for $1.0 billion in a senior secured delayed draw term loan commitment (the "Delayed Draw Term Loan Facility") and up to $600 million of additional revolving commitments ("Upsized Revolver"). The proceeds under the Delayed Draw Term Loan Facility and the Upsized Revolver are intended to be used in the NCR Atleos transaction and are not available for use until the future acquisition date.
All loans under the Revolving Credit Facility and the Term Loans mature on March 31, 2031. There are no Term Loan principal payments due in the first four quarters. Thereafter, principal payments for the Term Loans are due quarterly in an amount equal to 0.625% of the initial loan amount for the first eight quarterly installment payments and 1.25% for subsequent payments with a final lump sum payment due on March 31, 2031. Interest rates for the Senior Secured Credit Facility are based on the Secured Overnight Financing Rate ("SOFR") plus a margin or an alternate base rate plus a margin. The Revolving Credit Facility allows us to borrow money or issue letters of credit (or otherwise satisfy credit needs) on a revolving basis over the term of the facility. As of March 31, 2026, $540 million was available under the Revolving Credit Facility. The obligations under the Senior Secured Credit Facility are secured by a first-priority lien on all or substantially all of the assets of the Company and certain of its domestic subsidiaries, including a first-priority lien on equity interests of certain of the Company’s direct and indirect subsidiaries. The Company and certain of its domestic subsidiaries also guarantee the obligations under the Senior Secured Credit Facility.
The margin on both SOFR and alternate base rate borrowings under the Senior Secured Credit Facility is based on the Company’s total net debt leverage ratio. The margin on SOFR borrowings, which can range from 1.25% to 1.75%, was 1.50% at March 31, 2026. The margin on alternate base rate borrowings, which can range from 0.25% to 0.75%, was 0.50% as of March 31, 2026. We also pay an annual commitment fee on the unused portion of the Revolving Credit Facility based on the Company’s total net leverage ratio. The commitment fee, which can range from 0.15% to 0.28%, was 0.23% as of March 31, 2026.
Senior Unsecured Notes
In June 2024, we issued at par five-year senior unsecured notes (the "2029 Senior Unsecured Notes") in the aggregate principal amount of $400 million. The 2029 Senior Unsecured Notes will mature on June 15, 2029 and bear an annual interest rate of 6.5%. The 2029 Senior Unsecured Notes are general unsecured obligations guaranteed by certain of the Company’s existing and future U.S. subsidiaries, which are also guarantors under the Senior Secured Credit Facility.
In June 2024, we issued at par eight-year senior unsecured notes (the "2032 Senior Unsecured Notes") in the aggregate principal amount of $400 million. The 2032 Senior Unsecured Notes will mature on June 15, 2032 and bear an annual interest rate of 6.75%. The 2032 Senior Unsecured Notes are general unsecured obligations guaranteed by certain of the Company’s existing and future U.S. subsidiaries, which are also guarantors under the Senior Secured Credit Facility.
In October 2017, we issued at par ten-year senior unsecured notes (the "2027 Senior Unsecured Notes") in the aggregate principal amount of $600 million. The 2027 Senior Unsecured Notes will mature on October 15, 2027, bearing an annual interest rate of 4.625%. The 2027 Senior Unsecured Notes are general unsecured obligations guaranteed by certain of the Company’s existing and future U.S. subsidiaries, which are also guarantors under the Senior Secured Credit Facility.
The 2027 Senior Unsecured Notes, the 2029 Senior Unsecured Notes and the 2032 Senior Unsecured Notes (the "Senior Unsecured Notes") have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”) or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The notes were offered in the United States only to persons reasonably believed to be qualified institutional buyers in reliance on the exemption from registration set forth in Rule 144A under the Securities Act and outside the United States to non-U.S. persons pursuant to Regulation S under the Securities Act.
The aggregate proceeds from the Senior Secured Credit Facility and the 2027 Senior Unsecured Notes were used in part to repay certain prior indebtedness and certain fees and expenses related to the closing of certain transactions. The remaining borrowings were used for working capital needs, capital expenditures, acquisitions and other general corporate purposes. The aggregate proceeds from the 2029 Senior Unsecured Notes and 2032 Senior Unsecured Notes were used to redeem the $400 million outstanding principal amount of our five-year senior unsecured notes issued in June 2020 (the "2025 Senior Unsecured Notes") prior to maturity and to repay a portion of the outstanding indebtedness under our Revolving Credit Facility. Before applying a portion of the net proceeds from this offering to redeem or repurchase the 2025 Senior Unsecured Notes as described above, we used such portion of the net proceeds for general corporate purposes and to temporarily repay additional amounts outstanding under our Revolving Credit Facility.
Other Facilities
Other facilities consists primarily of revolving credit facilities in our North America, Latin America and Europe segments ("Other Revolving Credit Facilities"). On an aggregate basis, borrowings under these facilities total $668 million with an additional $182 million available as of March 31, 2026, including $191 million in Short-term borrowings and $477 million in Other long-term debt. Maturity dates of the long-term facilities range from July 2027 to June 2028 and interest rates range from 4.80% to 5.00%. Borrowings under these facilities are secured by cash and certain receivables held by Brink's. In July 2024, we increased the capacity of the largest of these credit facilities from $250 million to $500 million.
The Senior Secured Credit Facility, Senior Unsecured Notes, Other Revolving Credit Facilities, and other debt facilities contain various financial and other covenants. The covenants, among other things, limit our ability to provide liens, restrict fundamental changes, limit transactions with affiliates and unrestricted subsidiaries, restrict changes to our fiscal year and to organizational documents, limit asset dispositions, limit the use of proceeds from asset sales, limit sale and leaseback transactions, limit investments, limit the ability to incur debt, restrict certain payments to shareholders, limit negative pledges, limit the ability to change the nature of our business, provide for a maximum consolidated net leverage ratio and provide for minimum coverage of interest costs. If we were not to comply with the terms of our various financing agreements, the repayment terms could be accelerated and the commitments could be withdrawn. An acceleration of the repayment terms under one agreement could trigger the acceleration of the repayment terms under the other financing agreements. We were in compliance with all of these covenants at March 31, 2026.
Note 9 - Credit losses
We are exposed to credit losses primarily through sales of our cash and valuable management services and DRS and AMS services to customers with operations in the U.S. as well as customers in more than 100 countries outside the U.S. We typically invoice our customers on a monthly basis and payment terms are generally between 30 and 60 days.
We assess currently expected credit losses in our financial assets on a pool basis by aggregating financial assets with similar risk characteristics. We have pooled financial assets by geographic location because of the similarities within each location such as customers, payment terms, and services offered. Loss experience is monitored for each pool and we determine historical loss rates for each pool. These historical loss rates are the main assumption used in estimating expected credit losses over the life of the financial assets. We also considered current and expected economic conditions in determining an appropriate allowance.
We monitor the aging of accounts receivables by country and write off any accounts that are deemed uncollectible. We also monitor any significant economic events to identify any current or expected trends and risks within a pool that could impact the collectability of outstanding accounts receivables balances that were not contemplated or relevant during a previous period.
The following table is a rollforward of the allowance for doubtful accounts for the three month period ended March 31, 2026.
Allowance for doubtful accounts:
| | | | | |
(In millions) | |
| |
| December 31, 2025 | $ | 20.6 | |
| |
| Provision for uncollectible accounts receivable | 1.0 | |
| |
| Write-offs and recoveries | (1.1) | |
| Foreign currency exchange effects | (0.2) | |
| March 31, 2026 | $ | 20.3 | |
Note 10 - Share-based compensation plans
We have share-based compensation plans to attract and retain employees and non-employee directors and to more closely align their interests with those of our shareholders.
We have outstanding share-based awards granted to employees under the 2017 Equity Incentive Plan (the "2017 Plan") and under the 2024 Equity Incentive Plan (the "2024 Plan"). The 2017 Plan and the 2024 Plan each permit grants of restricted stock, restricted stock units, performance stock, performance stock units, stock appreciation rights, and stock options, as well as other share-based awards to eligible employees. The 2017 Plan and the 2024 Plan also permit cash awards to eligible employees. The 2017 Plan became effective May 2017. The 2024 Plan became effective May 2024. No further grants of awards will be made under the 2017 Plan.
We also have outstanding deferred stock units granted to directors under the 2017 Plan and the 2024 Plan. Share-based awards were previously granted to directors and remain outstanding under the Non-Employee Directors' Equity Plan and the Directors’ Stock Accumulation Plan, each of which has expired.
Outstanding awards at March 31, 2026 include performance stock units, restricted stock units, deferred stock units, time-based stock options and certain awards that will be settled in cash.
Compensation Expense
Compensation expense is measured using the fair-value-based method. For all share-based awards outstanding at March 31, 2026, the retirement eligibility provisions require a minimum of a one year service period in order to meet the retirement-eligible conditions. We recognize expense from the grant date to the earlier of the retirement-eligible date (provided it is not less than one year from the grant date) or the vesting date.
For awards considered liability awards, compensation cost is based on the change in the fair value of the instrument for each reporting period and the percentage of the requisite service that has been rendered.
Compensation expenses are classified as selling, general and administrative expenses in the condensed consolidated statements of operations. Compensation expenses for the share-based awards were as follows:
| | | | | | | | | | | | | | | |
| | | Compensation Expense |
| | | Three Months Ended March 31, |
(In millions) | | | | | 2026 | | 2025 |
| | | | | | | |
Performance stock units | | | | | $ | 4.0 | | | 3.0 | |
| | | | | | | |
| Restricted stock units | | | | | 2.7 | | | 2.3 | |
| Deferred stock units and fees paid in stock | | | | | 0.4 | | | 0.4 | |
| | | | | | | |
| | | | | | | |
| Cash based awards | | | | | 0.3 | | | 0.3 | |
| Share-based payment expense | | | | | 7.4 | | | 6.0 | |
| Income tax benefit | | | | | (1.7) | | | (1.4) | |
| Share-based payment expense, net of tax | | | | | $ | 5.7 | | | 4.6 | |
Time-Based Stock Options
In 2020, we granted time-based stock options to certain senior executives. We measure the fair value of these time-based options at the grant date using a Black-Scholes-Merton option pricing model. When vested, options entitle the holder to purchase a specified number of shares of Brink's stock at a price set at the date the options were granted. Options granted to employees have a maximum term of six years.
The following table summarizes time-based stock option activity during the first three months of 2026:
| | | | | | | | | | | |
| Shares (in thousands) | | Weighted-Average Grant-Date Fair Value |
Outstanding balance as of December 31, 2025 | 2.8 | | | $ | 19.75 | |
| | | |
| | | |
| Exercised | (2.8) | | | 19.75 | |
Outstanding balance as of March 31, 2026 | — | | | $ | — | |
Restricted Stock Units (“RSUs”)
We granted RSUs, which contain only a service condition, as part of our compensation program. RSUs are paid out in shares of Brink's stock when the awards vest. For RSUs granted during the last three years, the units generally vest in three equal annual installments following the grant date. We measure the fair value of RSUs based on the price of Brink’s stock at the grant date, adjusted for a discount for dividends not received or accrued during the vesting period.
The following table summarizes RSU activity during the first three months of 2026:
| | | | | | | | | | | |
| Shares (in thousands) | | Weighted-Average Grant-Date Fair Value |
Nonvested balance as of December 31, 2025 | 263.7 | | | $ | 84.52 | |
| Granted | 110.1 | | | 123.91 | |
| Forfeited | (6.7) | | | 86.76 | |
| | | |
| Vested | (94.6) | | | 78.61 | |
Nonvested balance as of March 31, 2026 | 272.5 | | | $ | 102.44 | |
Performance Stock Units ("PSUs”)
Historically, we have granted Internal Metric PSUs ("IM PSUs") and Relative Total Shareholder Return PSUs ("TSR PSUs") as part of our compensation program.
The majority of outstanding IM PSUs contain a performance condition as well as a service condition. We measure the fair value of these PSUs based on the price of Brink’s stock at the grant date, adjusted for a discount for dividends not received or accrued during the vesting period. For IMP PSUs granted in 2024, the performance period is from January 1, 2024, to December 31, 2026. For IM PSUs granted in 2025, the performance period is from January 1, 2025 to December 31, 2027. For the majority of IM PSUs granted in 2026, the performance period is from January 1, 2026 to December 31, 2028. In 2025 and 2026, we also granted IM PSUs to certain employees which contain a market condition (in the form of a relative TSR modifier), a performance condition, and a service condition. We measure the fair value of IM PSUs containing a market condition at the grant date using a Monte Carlo simulation model. IM PSUs are paid out in shares of Brink's stock when the awards vest. For IM PSUs granted in 2024, 2025 and 2026, the number of shares paid out ranges from 0% to 200% of an employee's award, depending on the achievement of pre-established financial goals over the performance period. Shares are not paid out if the financial results do not meet a pre-established threshold level of performance.
The following table summarizes all PSU activity during the first three months of 2026:
| | | | | | | | | | | |
| Shares (in thousands) | | Weighted-Average Grant-Date Fair Value |
Nonvested balance as of December 31, 2025 | 522.4 | | | $ | 80.75 | |
| Granted | 342.3 | | | 118.31 | |
Forfeited or expired | (10.0) | | | 80.94 | |
| | | |
Vested(a) | (167.8) | | | 69.24 | |
Nonvested balance as of March 31, 2026 | 686.9 | | | $ | 102.27 | |
(a)The vested PSUs presented are based on the target amount of the award. In accordance with the terms of the underlying award agreements, the actual shares earned and distributed for the performance period ended December 31, 2025 were 358.9 thousand, compared to target shares of 167.8 thousand.
Deferred Stock Units ("DSUs")
We granted DSUs to our non-employee directors as part of our compensation program. We measure the fair value of DSUs at the grant date, based on the price of Brink's stock, and, if applicable, adjusted for a discount for dividends not received or accrued during the vesting period.
DSUs granted after 2014 will be paid out in shares of Brink's stock approximately one year after the grant date, provided that the director has not elected to defer the distribution of shares until a later date. DSUs granted prior to 2015, in general, will be paid out in shares of stock following separation from service.
The following table summarizes all DSU activity during the first three months of 2026:
| | | | | | | | | | | |
| Shares (in thousands) | | Weighted-Average Grant-Date Fair Value |
Nonvested balance as of December 31, 2025 | 14.8 | | | $ | 92.19 | |
| Granted | — | | | — | |
| | | |
| Vested | — | | | — | |
Nonvested balance as of March 31, 2026 | 14.8 | | | $ | 92.19 | |
Note 11 - Capital Stock
Common Stock
At March 31, 2026, we had 100 million shares of common stock authorized and 41.2 million shares issued and outstanding.
Dividends
We paid regular quarterly dividends on our common stock during the last two years. On January 15, 2026, the Board declared a regular quarterly dividend of $0.2550 per share payable on March 2, 2026, to shareholders of record on February 2, 2026. The payment of future dividends is at the discretion of the Board of Directors and is dependent on our future earnings, financial condition, shareholder equity levels, cash flow, business requirements and other factors.
Preferred Stock
At March 31, 2026, we had the authority to issue up to 2.0 million shares of preferred stock with a par value of $10 per share, and no shares were issued and outstanding.
Share Repurchase Program
In December 2025, our Board authorized a $750 million share repurchase program that expires on December 31, 2027 (the "2025 Repurchase Program").
Under the 2025 Share Repurchase Program, we are not obligated to repurchase any specific dollar amount or number of shares. The timing and volume of share repurchases may be executed at the discretion of management on an opportunistic basis, or pursuant to trading plans or other arrangements. Share repurchases under this program may be made in the open market, in privately negotiated transactions, or otherwise.
In November 2023, our Board authorized a $500 million share repurchase program (the "2023 Repurchase Program"). Under the 2023 Repurchase Program, in 2025, we repurchased a total of 2,210,616 shares of our common stock for an aggregate of $209.4 million and an average price of $94.74 per share. These shares were retired upon repurchase. The 2023 Repurchase Program expired on December 31, 2025, with approximately $87 million remaining available.
During the three months ended March 31, 2026, we repurchased a total of 241,321 shares of our common stock for an aggregate amount of $30.2 million and an average price of $125.12 per share under the 2025 Repurchase Program. These shares were retired upon repurchase. At March 31, 2026, $720 million remained available under the 2025 Repurchase Program.
Shares Used to Calculate Earnings per Share
| | | | | | | | | | | | | | | |
| | | Three Months
Ended March 31, |
| (In millions) | | | | | 2026 | | 2025 |
| | | | | | | |
| Weighted-average shares: | | | | | | | |
Basic(a) | | | | | 41.3 | | | 43.1 | |
| Effect of dilutive stock awards and options | | | | | 0.2 | | | 0.4 | |
| Diluted | | | | | 41.5 | | | 43.5 | |
| | | | | | | |
Antidilutive stock awards and options excluded from denominator | | | | | 0.1 | | | — | |
(a)We have deferred compensation plans for directors and certain of our employees. Some amounts owed to participants are denominated in common stock units. Each unit represents one share of common stock. The number of shares used to calculate basic earnings per share includes the weighted-average common stock units credited to employees and directors under the deferred compensation plans. Additionally, nonvested units containing only a service requirement are also included in the computation of basic weighted-average shares when the requisite service period has been completed. Accordingly, basic shares include weighted-average units of 0.1 million in the three months ended March 31, 2026, and 0.2 million in the three months ended March 31, 2025.
Note 12 - Supplemental cash flow information
| | | | | | | | | | | |
| Three Months
Ended March 31, |
| (In millions) | 2026 | | 2025 |
| Cash paid for: | | | |
| Interest | $ | 55.9 | | | 52.9 | |
| Income taxes, net | 30.4 | | | 28.3 | |
Argentina Marketable Securities
We have historically used available Argentine pesos to purchase equity and available-for-sale debt securities. There were no cash outflows through the first three months of 2026. Cash inflows for the sale of these financial instruments totaled $4.5 million. There were no cash outflows for purchases of these financial instruments through the first three months of 2025. Cash inflows for the sale of these financial instruments totaled $0.8 million during the first three months of 2025. At the time of any future sale of these financial instruments, proceeds received will be solely in Argentine pesos. These cash flows are reported in investing activities.
Non-cash Investing and Financing Activities
We acquired $21.7 million in armored vehicles, DRS devices and other equipment under financing lease arrangements in the first three months of 2026 compared to $13.9 million in armored vehicles, DRS devices and other equipment acquired under financing lease arrangements in the first three months of 2025.
Loans Held for Investment
In France, as part of an ATM managed services contract for a large customer, we purchase the ATMs at the beginning of the contract. However, since these ATMs are specifically for the benefit of the customer and transfer back to the customer at the end of the contract, this is recorded as a financing transaction. As a result, the loan to the customer, net of payments received, is treated as investing cash flows.
Restricted Cash (Cash Supply Chain Services)
In France, we offer services to certain of our customers where we manage some or all of their cash supply chains. Providing this service requires our French subsidiary to take temporary title to the cash received from the management of our customers' cash supply chains until the cash is returned to the customers. The cash for which we have temporary title is restricted and cannot be used for any other purpose other than to service our customers who participate in this service offering.
In Malaysia, we offer ATM replenishment services to certain of our financial institution customers. Providing this service requires our Malaysia subsidiary to take temporary title to the cash received in advance of ATM replenishment. The cash for which we have temporary title is restricted and cannot be used for any other purpose other than to service our customers who participate in this service offering.
In accordance with a revolving credit facility, we are required to maintain a restricted cash reserve of $55.7 million ($45.7 million at December 31, 2025) and, due to this contractual restriction, we have classified these amounts as restricted cash.
At March 31, 2026, we held $548.2 million of restricted cash ($290.9 million represented restricted cash held for customers and $199.9 million represented accrued liabilities). At December 31, 2025, we held $541.0 million of restricted cash ($294.2 million represented restricted cash held for customers and $199.3 million represented accrued liabilities).
Lessor Debt Financing
In certain leasing transactions, we acquire assets through capital expenditures that are then sold to lessors in which the cash received is classified as borrowings from financing activities rather than proceeds from investing activities. Cash inflows related to these transactions totaled $3.2 million in the first three months of 2026 compared to $8.1 million in the first three months of 2025 and are included in Other long-term debt borrowings within financing activities in the condensed consolidated statements of cash flows.
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows.
| | | | | | | | | | | |
| March 31, | | December 31, |
| (In millions) | 2026 | | 2025 |
| Cash and cash equivalents | $ | 1,547.3 | | | 1,725.9 | |
| Restricted cash | 548.2 | | | 541.0 | |
| Total, cash, cash equivalents, and restricted cash in the condensed consolidated statements of cash flows | $ | 2,095.5 | | | 2,266.9 | |
Note 13 - Contingent matters
At the end of the fourth quarter of 2018, we became aware of an investigation initiated by the Chilean Fiscalía Nacional Económica (the Chilean antitrust agency) (“FNE”) related to potential anti-competitive practices among competitors in the cash logistics industry in Chile. In October 2021, the FNE filed a complaint before the Chilean antitrust court alleging that Brink’s Chile (as well as competitor companies) engaged in collusion in 2017 and 2018 and requested that the court approve a fine of $30.5 million. The Company filed its response to the complaint in November 2022, which signaled the beginning of the evidentiary phase. The Company intends to vigorously defend itself against the FNE's complaint. Based on available information to date, the Company recorded a charge of $9.5 million in the third quarter of 2021 in connection with this matter. After the third quarter of 2021, all adjustments to the contingent liability have resulted primarily from changes in currency rates.
In addition, we are involved in various other lawsuits and claims in the ordinary course of business. We are not able to estimate the loss or range of losses for some of these matters. We have recorded accruals for losses that are considered probable and reasonably estimable. Except as otherwise noted, we do not believe that it is reasonably possible the ultimate disposition of any of the legal matters currently pending against the Company could have a material adverse effect on our liquidity, financial position or results of operations.
THE BRINK’S COMPANY
and subsidiaries