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What changed in BRINKS CO's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of BRINKS CO's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+280 added−315 removedSource: 10-K (2026-02-26) vs 10-K (2025-02-26)

Top changes in BRINKS CO's 2025 10-K

280 paragraphs added · 315 removed · 248 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

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Biggest changeWe offer a range of programs to develop our managers’ capabilities and enhance our leadership across the Company.
Biggest changeGlobally, we continue to communicate our vision of a winning culture to our leadership teams and reinforce our values through leadership capability-building programs (including our PowerYourTalent training) and streamlined performance reviews. We offer a range of developmental programs designed to strengthen leadership capabilities and effectiveness across the Company.
Our new purpose and values unite our team members around behaviors that guide our work across the organization and with our partners. 4 Workforce Demographics We have a culturally and geographically varied workforce that serves customers in more than 100 countries. Based upon business demand, we have a need for a flexible workforce.
Our purpose and values unite our team members around behaviors that guide our work across the organization and with our partners. 4 Workforce Demographics We have a culturally and geographically varied workforce that serves customers in more than 100 countries. Based upon business demand, we have a need for a flexible workforce.
For certain customers, we take ownership of ATM devices as part of our managed services offering. 3 Industry and Competition Brink’s competes with large multinational, regional and smaller companies throughout the world. Our largest multinational competitors are Loomis AB (Sweden); Prosegur, Compania de Seguridad, S.A. (Spain); and Garda World Security Corporation (Canada).
For certain customers, we take ownership of ATM devices as part of our managed services offering. 3 Industry and Competition Brink’s competes with large multinational, regional and smaller companies throughout the world. Our largest multinational competitors are Loomis AB (Sweden); Prosegur, Compania de Seguridad, S.A. (Spain); and GardaWorld Security Corporation (Canada).
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 – total 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.
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.
Our new purpose and values are more action-oriented and relevant to our current business, emphasize our collective effort, and continue to ensure that we work safely to protect ourselves and others, consider the customer first in all we do, display the highest standards of ethics, engage and empower employees, and continually find new ways to improve the way we work.
Our purpose and values are action-oriented and relevant to our current business, emphasize our collective effort, and ensure that we work safely to protect ourselves and others, consider the customer first in all we do, display the highest standards of ethics, engage and empower employees, and continually find new ways to improve the way we work.
CVS services generated approximately $3.8 billion of revenues in 2024 ($3.9 billion in 2023 and $3.8 billion in 2022). These services include: Cash-in-transit services – Serving customers since 1859, our success in cash-in-transit ("CIT") is driven by a combination of rigorous security practices, high-quality customer service, risk management and logistics expertise.
CVS services generated approximately $3.8 billion of revenues in 2025 ($3.8 billion in 2024 and $3.9 billion in 2023). These services include: Cash-in-transit services – Serving customers since 1859, our success in cash-in-transit ("CIT") is driven by a combination of rigorous security practices, high-quality customer service, risk management and logistics expertise.
Our efforts are aimed at increasing organizational talent and capabilities and identifying and developing potential successors for key leadership positions. Employee Safety and Wellness Employee safety is of paramount importance as we strive to bring every employee home safely every night.
These efforts are aimed at increasing organizational talent and capabilities and identifying and developing potential successors for key leadership positions. Employee Safety and Wellness Employee safety is of paramount importance as we strive to bring every employee home safely every night.
Specifically, we maintained focus on enhancing talent planning for critical roles, identifying high potential employees and enhancing our brand attractiveness by further establishing Brink’s as a company that is relevant, digital and growing. We also continued to evaluate, and sought to maintain, the competitiveness of our compensation and benefits programs to assist with talent attraction and retention.
Specifically, we maintained focus on enhancing talent planning for critical roles, identifying high potential employees and enhancing our brand attractiveness by further establishing Brink’s as a company that is relevant, digital and growing. We also continually evaluate, and seek to maintain, the competitiveness of our compensation and benefits programs to assist with talent attraction and retention.
DRS and AMS services generated approximately $1.2 billion of revenues in 2024 ($1.0 billion in 2023 and $0.7 billion in 2022). Digital Retail Solutions – Our DRS offerings are a combination of smart devices, software, analytics, and services to offer customers of all sizes an integrated and flawless solution to their cash management needs.
DRS and AMS services generated approximately $1.5 billion of revenues in 2025 ($1.2 billion in 2024 and $1.0 billion in 2023). Digital Retail Solutions – Our DRS offerings are a combination of smart devices, software, analytics, and services to offer customers of all sizes an integrated and flawless solution to their cash management needs.
Following are descriptions of our service offerings: Cash and Valuables Management ("CVS") (76% of total revenues in 2024) CVS services are provided to customers throughout the world. Revenues are affected by the level of economic activity in various markets as well as the volume of business for specific customers.
Following are descriptions of our service offerings: Cash and Valuables Management ("CVS") (72% of total revenues in 2025) CVS services are provided to customers throughout the world. Revenues are affected by the level of economic activity in various markets as well as the volume of business for specific customers.
Other Services – Guarding services, commercial security systems services, and payment services. Digital Retail Solutions ("DRS"), and ATM Managed Services ("AMS") (24% of total revenues in 2024) DRS and AMS are technology-enabled services provided to customers throughout the world. Revenues are typically contractually recurring with multi-year terms.
Other Services – Guarding services, commercial security systems services, and payment services. Digital Retail Solutions ("DRS"), and ATM Managed Services ("AMS") (28% of total revenues in 2025) DRS and AMS are technology-enabled services provided to customers throughout the world. Revenues are typically contractually recurring with multi-year terms.
We believe our high levels of service, security expertise and value-added solutions differentiate us from competitors. Seasonality Our revenues and earnings are typically higher in the second half of the year, particularly in the fourth quarter, due to generally increased activity associated with the holiday season.
We believe our high levels of service, security expertise and value-added solutions differentiate us from competitors. Seasonality Our revenues and earnings are typically higher in the second half of the year, particularly in the fourth quarter, due to generally increased customer activity associated with seasonal demand.
With our new purpose and values in mind, we also launched "Team Brink’s – Better Together," a Company-wide roadmap for our future that embraces an enterprise-first mindset and better reflects our aspirations to be a global team working together to inspire trust, create value and achieve excellence.
With our purpose and values in mind, our Company-wide roadmap for our future (#Team Brink's - Better Together) embraces an enterprise-first mindset and reflects our continuing aspirations to be a global team working together to inspire trust, create value, and achieve excellence.
Our new purpose is “Together, we build partnerships to secure commerce.” This purpose and strategic framework considers our global footprint and values-driven culture and aligns our organizational focus on: • Placing customers at the center of everything we do and understanding their current and future needs to better define our value proposition; • Leveraging technology to drive product and business innovation to maintain our competitive advantage and increase revenue; • Sharing infrastructure and best practices across our operations to increase scale and profitability; and • Establishing a workplace and employer brand that attracts, develops, and empowers the talent needed to ensure we have the best people and perspectives to achieve our goals.
Our organizational purpose, “Together, we build partnerships to secure commerce” aligns our global workforce around a common, values-driven framework with a focus on: • Placing customers at the center of everything we do and understanding their current and future needs to better define our value proposition; • Leveraging technology to drive product and business innovation to maintain our competitive advantage and increase revenue; • Sharing infrastructure and best practices across our operations to increase scale and profitability; and • Establishing a workplace and employer brand that attracts, develops, and empowers the talent needed to ensure we have the best people and perspectives to achieve our goals.
The Brink’s Company, along with its subsidiaries, is referred to as “we,” “our,”, “us,” “Brink’s,” or “the Company” throughout this Annual Report on Form 10-K for the period ended December 31, 2024 ("this Form 10-K"). 1 Strategy Our strategy continues to focus on growing Brink’s by providing a superior customer experience and driving continuous improvement.
The Brink’s Company, along with its subsidiaries, is referred to as “we,” “our,”, “us,” “Brink’s,” or “the Company” throughout this Annual Report on Form 10-K for the period ended December 31, 2025 ("this Form 10-K"). 1 Strategy Our strategy is centered on delivering a superior customer experience and driving continuous improvement.
See Note 24 to the consolidated financial statements for more detailed information on reorganization and restructuring activities. 6 Available Information and Corporate Governance Documents The following items are available free of charge on our website ( www.brinks.com ) as soon as reasonably possible after filing or furnishing them with the Securities and Exchange Commission (the “SEC”): • Annual reports on Form 10-K • Quarterly reports on Form 10-Q • Current reports on Form 8-K, and amendments to those reports The following documents are also available free of charge on our website: • Corporate Governance Guidelines • Code of Ethics • The charters of the following committees of our Board of Directors (the “Board”): Audit and Ethics, Compensation and Human Capital, Corporate Governance and Nominating, and Finance and Business Development Printed versions of these items will be mailed free of charge to shareholders upon request.
The aggregate purchase consideration for these three acquisitions was approximately $27 million. 6 Available Information and Corporate Governance Documents The following items are available free of charge on our website ( www.brinks.com ) as soon as reasonably possible after filing or furnishing them with the Securities and Exchange Commission (the “SEC”): • Annual reports on Form 10-K • Quarterly reports on Form 10-Q • Current reports on Form 8-K, and amendments to those reports The following documents are also available free of charge on our website: • Corporate Governance Guidelines • Code of Ethics • The charters of the following committees of our Board of Directors (the “Board”): Audit and Ethics, Compensation and Human Capital, Corporate Governance and Nominating, and Finance and Business Development Printed versions of these items will be mailed free of charge to shareholders upon request.
Our new values are: We Drive Customer Success, We Strive for Excellence, We Protect, We Work Together, and We Do What’s Right.
The values underpinning our company culture are: We Drive Customer Success, We Strive for Excellence, We Protect, We Work Together, and We Do What’s Right.
Of our approximately 8,100 employees in the United States, approximately 100 were classified as part-time employees. Certain employees in the United States provide corporate services for the various regions in which we operate. During 2024, we continued to take steps to develop a deep talent pool to meet the ever-changing needs of our business.
Of our approximately 7,400 employees in the United States, approximately 100 were classified as part-time employees. Certain employees in the United States provide corporate services for the various regions in which we operate. During 2025, we continued our efforts towards developing a talent pool to meet the ever-changing needs of our business.
In certain geographic regions, statutory employee protections may limit our ability to increase or decrease our workforce without significant expense. At December 31, 2024, our company had approximately 66,100 full-time and 2,000 part-time employees. Approximately 88% or 60,000 of our employees are outside the United States.
In certain geographic regions, statutory employee protections may limit our ability to increase or decrease our workforce without significant expense. At December 31, 2025, our company had approximately 63,600 full-time and 1,800 part-time employees. Approximately 89% or 58,000 of our employees are outside the United States.
We have controlling ownership interests in companies in 51 countries and agency relationships with companies in additional countries. We employ approximately 68,100 people and our operations include approximately 1,300 facilities and 16,100 vehicles.
We have controlling ownership interests in companies in 51 countries and agency relationships with companies in additional countries. We employ approximately 65,400 people and our operations include approximately 1,200 facilities and 15,900 vehicles.
Talent To maintain a competitive workforce, we continually evolve and enhance how we train, identify and promote key talent. We also regularly evaluate and improve our employee review process – encouraging regular performance reviews and feedback that set clear expectations, motivate employees and reinforce the connection between pay and performance.
We also regularly evaluate and improve our employee review process – encouraging regular performance reviews and feedback that set clear expectations, motivate employees and reinforce the connection between pay and performance.
In 2024, this program was expanded to include the Americas. Labor Relations As of December 31, 2024, approximately 30,400 of our employees in various countries in which we operate, or approximately 45% of our total workforce, were represented by trade union organizations and/or covered by collective bargaining agreements, which have various expiration dates from 2025 to 2028.
Labor Relations As of December 31, 2025, approximately 27,700 of our employees in various countries in which we operate, or approximately 42% of our total workforce, were represented by trade union organizations and/or covered by collective bargaining agreements, which have various expiration dates from 2026 to 2029. We believe our employee relations are satisfactory.
Our strategic focus areas remain the same, but in 2024, we renamed them to provide clarity for our team on what is most important. Our four strategic pillars are now: (1) Partner for Customer Success, (2) Innovate to Grow, (3) Run the Business Better and (4) Win as Team Brink’s.
Our four strategic pillars are: (1) Partner for Customer Success, (2) Innovate to Grow, (3) Run the Business Better and (4) Win as Team Brink’s.
We offer our employees a wide array of market-competitive benefits specific to the markets in which we operate, including life and health coverage, as well as mental health resources. Effective in 2025, we introduced fertility benefits for our U.S. employees to support their paths to parenthood.
We offer our employees a wide array of market-competitive benefits tailored to the jurisdictions in which we operate, including life and health coverage and mental health resources. In addition, we offer fertility benefits for our U.S. employees. Talent To maintain a competitive workforce, we continually evolve and enhance how we train, identify and promote key talent.
Our commitment to actively engage with our employees is a key component of our culture. In 2023, we launched a global employee engagement survey with the goal of better understanding the thoughts and perspectives of our employees and what they need to be more successful.
Our commitment to engaging with our employees is a key component of our culture. In 2025, we launched a global engagement survey (the Employee Voice Program) to better understand employees’ perspectives and the factors that influence their experience at work.
Our permits and licensing requirements vary by jurisdiction based on the scope of business conducted and applicable laws and regulations. In addition, in the U.S., Brink’s Capital LLC has federally registered as a Money Services Business in anticipation of offering money transmission and payment services to customers.
Our permits and licensing requirements vary by jurisdiction based on the scope of business conducted and applicable laws and regulations. Human Capital Management Purpose and Values At Brink’s, our purpose is: Together, we build partnerships to secure commerce.
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In 2024, we also refreshed our organizational purpose to inspire, energize and align our Brink’s team members around the world.
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The survey addressed key aspects of the employee experience, including workplace culture, leadership and communication, career development opportunities, and overall engagement. The insights gained from the survey are being used to help strengthen our culture, enhance employee experience, and position the organization for long-term success.
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Human Capital Management Purpose and Values As described above, in 2024, we renewed our purpose and updated the values underpinning our company culture to be more impactful, modern and reflective of our future. Our new purpose is: Together, we build partnerships to secure commerce.
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Our Talent Philosophy reflects a clear and consistent approach to how we define great performance, support development, and grow as an organization. It is built on two core principles: what we achieve and how we achieve it.
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The survey covered workplace culture, management style, employee satisfaction and other topics and provided valuable feedback that we are currently leveraging to implement Company-wide action plans. Globally, we are sharing our vision of a winning culture with our leadership and using global leadership capability building training (#PowerYourTalent) and streamlined performance reviews to reinforce our new Brink’s values throughout the organization.
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We recognize not only results, but also the behaviors and values, such as collaboration, accountability, and integrity, that strengthen our culture and drive sustainable success. This philosophy provides a shared framework for aligning expectations, fostering growth, and creating a high-performing, values-driven organization.
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In 2024, we continued our focus on onboarding and other training programs for employees, which are designed to represent our culture and values, focus on retention, increase employee engagement and ensure that employees act in accordance with applicable law and industry best practices.
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The aggregate purchase consideration for these three acquisitions was approximately $27 million. On October 3, 2022, we acquired 100% of the capital stock of NoteMachine for approximately $194 million. NoteMachine is based in the United Kingdom and manages a portfolio of ATMs. NoteMachine generated approximately $150 million in revenues in the twelve month period prior to the acquisition.
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See Note 7 to the consolidated financial statements for more detailed information on the acquired assets and liabilities from these acquisitions. Reorganization and restructuring 2022 Global Restructuring Plan In the first quarter of 2023, management completed the review and approval of remaining actions included in the previously disclosed restructuring program across our global business operations.
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In total, we have recognized $34.0 million in charges under this program, including $0.8 million in 2024. The actions under this program were substantially completed in 2024. Other Restructurings As a result of other restructuring actions, we recognized $16.6 million of net costs in 2022, primarily severance costs. We recognized $6.6 million of net costs in 2023.
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We recognized $0.7 million of net costs in 2024. The actions were substantially completed in 2024.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeForward-looking information in this document includes, but is not limited to, statements regarding future performance of The Brink’s Company and its global operations, including: the impact of the Company's ongoing transformation and other strategic initiatives; difficulty in repatriating cash; continued strengthening of the U.S. dollar; anticipated costs of our reorganization and restructuring activities; our ability to consummate acquisitions and integrate their operations successfully, collection of receivables related to the internal loss in the U.S. global services operations; support for our Venezuela business; changes in allowance calculation methods; future working capital performance; the impact of foreign currency forward and swap contracts; our effective tax rate, including the impact of Pillar Two rules; realization of deferred tax assets; the ability to meet liquidity needs; expenses and payouts for the U.S. retirement plans and the funded status of the primary pension plan; expected liability for and future contributions to the United Mine Workers of America ("UMWA") plans; liability for black lung obligations; the effect of pending legal matters, including the Chile antitrust matter; the impacts of the operating environment in Argentina; and expected future payments under contractual obligations.
Biggest changeForward-looking information in this document includes, but is not limited to, statements concerning future performance of the Company and its global subsidiaries, including the anticipated results from the Company's strategic initiatives, including transformation initiatives and other technology and operational investments, which may take longer than expected to implement or may not deliver anticipated benefits; difficulty in repatriating cash; fluctuating strength of the U.S. dollar; anticipated costs of our reorganization and restructuring activities; our ability to consummate acquisitions and integrate their operations successfully; changes in allowance calculation methods; future working capital performance; our ability to generate operating and free cash flow and the timing and predictability of such cash flows; the impact of foreign currency forward and swap contracts; our effective tax rate; realization of deferred tax assets; the impact of foreign tax credit regulations; the ability to meet liquidity needs in light of operating requirements, strategic transactions, and macroeconomic conditions; expenses and payouts for the U.S. retirement plans and the funded status of the primary pension plan; expected liability for and future contributions to the UMWA plans; liability for black lung obligations; the effect of pending legal matters, including the Chile antitrust matter; the impacts of the operating environment in Argentina; and expected future payments under contractual obligations.
The risks to a successful integration and improvement of operating performance and profitability include, among others, failure to implement our business plan, unanticipated issues in integrating operations with ours, unanticipated changes in laws and regulations, labor unrest resulting from union operations, regulatory, environmental and permitting issues, unfavorable customer reactions, the effect on our 7 internal controls and compliance with the regulatory requirements under the Sarbanes-Oxley Act of 2002, and difficulties in fully identifying and evaluating potential liabilities, risks and operating issues.
The risks to a successful integration and improvement of operating performance and profitability include, among others, failure to implement our business plan, unanticipated issues in integrating operations with ours, unanticipated changes in laws and regulations, labor 7 unrest resulting from union operations, regulatory, environmental and permitting issues, unfavorable customer reactions, the effect on our internal controls and compliance with the regulatory requirements under the Sarbanes-Oxley Act of 2002, and difficulties in fully identifying and evaluating potential liabilities, risks and operating issues.
Since its inception, more geographies in which we operate have enacted laws similar to GDPR, including several countries in Asia and Latin America, as well as several states in the U.S.
Since its inception, more geographies in which we operate have enacted laws similar to the GDPR, including several countries in Asia and Latin America, as well as several states in the U.S.
Any significant cybersecurity incident, involving Brink's or its third-party service providers, could damage our reputation, expose us to the risks of litigation and liability, disrupt our business or otherwise have a material adverse effect on our business, financial condition, results of operations and cash flows.
A significant cybersecurity incident, involving Brink's or its third-party service providers, could damage our reputation, expose us to the risks of litigation and liability, disrupt our business or otherwise have a material adverse effect on our business, financial condition, results of operations and cash flows.
Pursuant to the Sarbanes-Oxley Act of 2002, we are required to document and test our internal control procedures and to provide a report by management on internal control over financial reporting, including management’s assessment of the effectiveness of such control.
Pursuant to the Sarbanes-Oxley Act of 2002, we are required to document and test our internal control procedures and to provide a report by management on internal control over financial reporting, including management’s assessment of the effectiveness of such controls.
We could incur substantial penalties or be subject to litigation related to violation of existing or future data privacy laws, including representative actions and other class action-type litigation, which could amount to significant compensation or damages liabilities, as well as associated costs, diversion of internal resources, and reputational harm, all of which may have a material adverse effect on our business, financial condition, results of operations and cash flows.
We could incur substantial penalties or be subject to litigation related to violation of existing or future data privacy laws, including representative actions and other class action-type litigation, which could result in significant compensation or damages liabilities, as well as associated costs, diversion of internal resources, and reputational harm, all of which may have a material adverse effect on our business, financial condition, results of operations and cash flows.
Business operations outside the U.S. are subject to political, economic and other risks inherent in operating in foreign countries, such as: • the difficulty of enforcing agreements, collecting receivables and protecting assets through foreign legal systems; • trade protection measures and import or export licensing requirements; • difficulty in staffing and managing widespread operations; • required compliance with a variety of foreign laws and regulations; • enforcement of our global compliance program in foreign countries with a variety of laws, cultures and customs; • varying permitting and licensing requirements in different jurisdictions; • foreign ownership laws; • changes in the general political and economic conditions in the countries where we operate, particularly in emerging markets; • threat of nationalization and expropriation; • higher costs and risks of doing business in a number of foreign jurisdictions; • laws or other requirements and restrictions associated with organized labor; • limitations on the repatriation of earnings; • the imposition of new or increased international tariffs and the impact on currency exchange rates; • fluctuations in equity, revenues and profits due to changes in foreign currency exchange rates, including measures taken by governments to devalue official currency exchange rates; • inflation levels exceeding that of the U.S.; and • the inability to collect for services provided to government entities.
Business operations outside the U.S. are subject to political, economic and other risks inherent in operating in foreign countries, such as: • the difficulty of enforcing agreements, collecting receivables and protecting assets through foreign legal systems; • trade protection measures and import or export licensing requirements; • difficulty in staffing and managing widespread operations; • required compliance with a variety of foreign laws and regulations; • enforcement of our global compliance program in foreign countries with a variety of laws, cultures and customs; • varying permitting and licensing requirements in different jurisdictions; • foreign ownership laws; • changes in the general political and economic conditions in the countries where we operate, particularly in emerging markets; • threat of nationalization and expropriation; • higher costs and risks of doing business in a number of foreign jurisdictions; • laws or other requirements and restrictions associated with organized labor; • limitations on the repatriation of earnings; • the imposition of new, increased, or otherwise changed international tariffs, including as a result of changes in trade policy or the legal authority under which tariffs are imposed, and the impact on our operations and costs; • fluctuations in equity, revenues and profits due to changes in foreign currency exchange rates, including measures taken by governments to devalue official currency exchange rates; • inflation levels exceeding that of the U.S.; and • the inability to collect for services provided to government entities.
The amount of these obligations is significantly affected by factors that are not in our control, including interest rates used to determine the present value of future payment streams, investment returns, medical inflation rates, participation rates and changes in laws and regulations. The funded status of the primary U.S. pension plan was approximately 101% as of December 31, 2024.
The amount of these obligations is significantly affected by factors that are not in our control, including interest rates used to determine the present value of future payment streams, investment returns, medical inflation rates, participation rates and changes in laws and regulations. The funded status of the primary U.S. pension plan was approximately 104% as of December 31, 2025.
Words such as “anticipates,” “assumes,” “estimates,” “expects,” “projects,” “predicts,” “intends,” “plans,” “potential,” “believes,” "could," “may,” “should” and similar expressions may identify forward-looking information.
Words such as “anticipates,” “assumes,” “estimates,” “expects,” “projects,” “predicts,” “intends,” “plans,” “potential,” “believes,” “could,” “may,” “should” and similar expressions may identify forward-looking information.
T here is a risk that these initiatives may not offset the risks associated with a decline in the overall share of cash payments and that our business, financial condition, results of operations and cash flows could be negatively impacted.
There is a risk that these initiatives may not offset the risks associated with a decline in the overall share of cash payments and that our business, financial condition, results of operations and cash flows could be negatively impacted.
These risks, uncertainties and contingencies, many of which are beyond our control, include, but are not limited to: • our ability to improve profitability and execute further cost and operational improvements and efficiencies in our core businesses; • our ability to improve service levels and quality in our core businesses; • market volatility and commodity price fluctuations; • general economic issues, including supply chain disruptions, fuel price increases, new or increased international tariffs, inflation and changes in interests rates • seasonality, pricing and other competitive industry factors; • investment in information technology ("IT") and its impact on revenue and profit growth; • risks associated with the usage of artificial intelligence ("AI") technologies; • our ability to maintain an effective IT infrastructure and safeguard confidential information and risks related to a failure of our information technology systems and networks, including cloud-based applications, and risks associated with current and emerging technology threats, and damage from computer viruses, unauthorized access, cyber attacks, including increasingly sophisticated cyber attacks incorporating the use of AI and other similar disruptions; • our ability to effectively develop and implement solutions for our customers; • risks associated with operating in foreign countries, including changing political, labor and economic conditions (including political conflict or unrest), regulatory issues (including the imposition of international sanctions, including by the U.S. government), military conflicts (including but not limited to the conflict in Israel and surrounding areas, as well as the possible expansion of such conflicts and potential geopolitical consequences), currency restrictions and devaluations, restrictions on and cost of repatriating earnings and capital, impact on the Company's financial results as a result of jurisdictions' higher-than-expected inflation and those determined to be highly inflationary, and restrictive government actions, including nationalization; • labor issues, including labor shortages, negotiations with organized labor and work stoppages; • pandemics, acts of terrorism, strikes or other extraordinary events that negatively affect global or regional cash commerce; • the strength of the U.S. dollar relative to foreign currencies and foreign currency exchange rates; • our ability to identify, evaluate and complete acquisitions and other strategic transactions and to successfully integrate acquired companies; • costs related to dispositions and product or market exits; • our ability to obtain appropriate insurance coverage, positions taken by insurers relative to claims and the financial condition of insurers; • safety and security performance and loss experience; • employee, environmental and other liabilities in connection with former coal operations, including black lung claims; • the impact of the American Rescue Plan Act and Patient Protection and Affordable Care Act on legacy liabilities and ongoing operations; • funding requirements, accounting treatment, and investment performance of our pension plans, the VEBA and other employee benefits; • changes to estimated liabilities and assets in actuarial assumptions; • the nature of hedging relationships and counterparty risk; • access to the capital and credit markets; • our ability to realize deferred tax assets; • the impact of foreign tax credit regulations; • the outcome of pending and future claims, litigation, and administrative proceedings; • public perception of our business, reputation and brand; • changes in estimates and assumptions underlying our critical accounting policies; and • the promulgation and adoption of new accounting standards, new government regulations and interpretation of existing standards and regulations.
These risks, uncertainties and contingencies, many of which are beyond our control, include, but are not limited to: • our ability to improve profitability and execute further cost and operational improvements and efficiencies in our core businesses; • our ability to improve service levels and quality in our core businesses; • market volatility and commodity price fluctuations; • general economic issues, including supply chain disruptions, fuel price increases, new or increased international tariffs and/or trade barriers, inflation, recessionary conditions and changes in interests rates; • seasonality, pricing and other competitive industry factors; • investment in information technology ("IT") and its impact on revenue and profit growth; • risks associated with the usage of artificial intelligence ("AI") technologies, including operational, regulatory, cybersecurity, data integrity and reputational risks; • our ability to maintain an effective IT infrastructure and safeguard confidential information and risks related to a failure of our IT systems and networks, including cloud-based applications, and risks associated with current and emerging technology threats, and damage from computer viruses, unauthorized access and cyber attacks, including increasingly sophisticated cyber attacks incorporating the use of AI and other similar disruptions; • our ability to effectively develop and implement solutions for our customers; • risks associated with operating in foreign countries, including changing political, labor and economic conditions (including political conflict or unrest), regulatory issues (including the imposition of international sanctions, including by the U.S. government), military conflicts (including but not limited to the conflict in Israel and surrounding areas and other regional or global conflicts, and the possible expansion of such conflicts and related geopolitical consequences, currency restrictions and devaluations, restrictions on and cost of repatriating earnings and capital, impact on the Company's financial results as a result of jurisdictions' higher-than-expected inflation and those determined to be highly inflationary, and restrictive government actions, including nationalization; • labor issues, including labor shortages, negotiations with organized labor and work stoppages; • pandemics, acts of terrorism, strikes or other extraordinary events that negatively affect global or regional cash commerce; • the strength of the U.S. dollar relative to foreign currencies and foreign currency exchange rates; • our ability to identify, evaluate and complete acquisitions and other strategic transactions and to successfully integrate acquired companies, including the costs, timing, financing arrangements, and realization of expected benefits of such transactions; • costs related to dispositions and product or market exits; • our ability to obtain appropriate insurance coverage, positions taken by insurers relative to claims and the financial condition of insurers; • safety and security performance and loss experience; • employee, environmental and other liabilities in connection with former coal operations, including black lung claims; • the impact of the American Rescue Plan Act and Patient Protection and Affordable Care Act on legacy liabilities and ongoing operations; • funding requirements, accounting treatment, and investment performance of our pension plans, the VEBA and other employee benefits; • changes to estimated liabilities and assets in actuarial assumptions; • the nature of hedging relationships and counterparty risk; • access to the capital and credit markets; • our ability to realize deferred tax assets; • the impact of foreign tax credit regulations; • the impact of significant U.S. tax or fiscal legislation, including the One Big Beautiful Bill Act ("OBBBA"); • the outcome of pending and future claims, litigation, and administrative proceedings; • our ability to comply with regulatory compliance obligations; • public perception of our business, reputation and brand; • our ability to identify, recruit and retain key employees; • changes in estimates and assumptions underlying our critical accounting policies; and 14 • the promulgation and adoption of new accounting standards, new government regulations and interpretation of existing standards and regulations.
Based on our actuarial assumptions at the end of 2024, we do not expect to make contributions until 2027. A change in assumptions could result in funding obligations that could adversely affect our liquidity and our ability to use our resources to make acquisitions and to otherwise grow our business.
Based on our actuarial assumptions at the end of 2025, we do not expect to make contributions until 2046. A change in assumptions could result in funding obligations that could adversely affect our liquidity and our ability to use our resources to make acquisitions and to otherwise grow our business.
In Canada, as of July 1, 2024, Brink’s armoured transporation operations are subject to Proceeds of Crime (Money Laundering) and Terrorist Financing Act as a federally registered “Money Services Business” with the Financial Transactions and Reports Analysis Centre of Canada ("FINTRAC").
In Canada, as of July 1, 2024, Brink’s armored transportation operations are subject to Proceeds of Crime (Money Laundering) and Terrorist Financing Act as a federally registered “Money Services Business” with the Financial Transactions and Reports Analysis Centre of Canada ("FINTRAC").
Deferred tax assets are future tax deductions that result primarily from the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial statement and income tax purposes. At December 31, 2024, we had $183 million of U.S. deferred tax assets, net of valuation allowances, primarily related to our retirement plan obligations.
Deferred tax assets are future tax deductions that result primarily from the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial statement and income tax purposes. At December 31, 2025, we had $179.8 million of U.S. deferred tax assets, net of valuation allowances, primarily related to our retirement plan obligations.
We have $274 million of actuarial losses recorded in accumulated other comprehensive income (loss) at the end of 2024. These losses relate to changes in actuarial assumptions that have increased the net liability for benefit plans. These losses have not been recognized in earnings.
We have $275 million of actuarial losses recorded in accumulated other comprehensive income (loss) at the end of 2025. These losses relate to changes in actuarial assumptions that have increased the net liability for benefit plans. These losses have not been recognized in earnings.
On November 2, 2023, the Board authorized a share repurchase program that will expire on December 31, 2025. Under this program, we are authorized to repurchase shares of common stock for an aggregate purchase price not to exceed $500 million, excluding fees, commissions and other ancillary expenses.
On November 2, 2023, the Board authorized a share repurchase program that expired on December 31, 2025. Under this program, we were authorized to repurchase shares of common stock for an aggregate purchase price not to exceed $500 million, excluding fees, commissions and other ancillary expenses.
Shareholder activism , including potential proxy contests, requires significant time and attention by management and the Board, potentially hindering the Company’s ability to execute its strategic plan and negatively affecting the trading value of our common stock.
Shareholder activism , including potential proxy contests or other forms of engagement or pressure, requires significant time and attention by management and the Board, potentially hindering the Company’s ability to execute its strategic plan and negatively affecting the trading value of our common stock.
Although the Company maintains cybersecurity insurance, the Company's insurance may not be adequate to cover all losses that may be incurred in the event of a significant disruption or failure of its information technology systems. As a global company we must adhere to applicable laws and regulations in numerous regions regarding data privacy, data protection, and data security.
Although the Company maintains cybersecurity insurance, the Company's insurance may not be adequate to cover all losses that may be incurred in the event of a significant disruption or failure of its information technology systems. As a global company we must adhere to ever changing legal and regulatory environments in numerous regions regarding data privacy, data protection, and data security.
Unplanned turnover in key leadership positions within the Company may adversely affect our ability to manage the company efficiently and effectively, could be disruptive and distracting to management and may lead to additional departures of current personnel, any of which could have a material adverse effect on our business and overall results. 13 Forward-Looking Statements This document contains both historical and forward-looking information.
Unplanned turnover in key leadership positions within the Company may adversely affect our ability to manage the company efficiently and effectively, could be disruptive and distracting to management and may lead to additional departures of current personnel, any of which could have a material adverse effect on our business and overall results. 13 Forward-Looking Statements This document contains both historical and forward-looking information which is based on management’s current expectations, assumptions and beliefs and involves risks and uncertainties that could cause actual results to differ materially.which is based on management’s current expectations, assumptions and beliefs and involves risks and uncertainties that could cause actual results to differ materially..
Our brand reputation, particularly the trust placed in us by our customers, could be negatively impacted in the event of perceived or actual breaches in our ability to conduct our business ethically, securely and responsibly. In addition, we have licensing arrangements that permit certain entities to use Brink’s name and/or other intellectual property in connection with their businesses.
Our brand reputation, particularly the trust placed in us by our customers, could be negatively impacted if our customers perceive--or experience--any failure in our ability to operate our business ethically, securely and responsibly. In addition, we have licensing arrangements that permit certain entities to use Brink’s name and/or other intellectual property in connection with their businesses.
A significant cybersecurity incident that impacts our system, application or data center that houses sensitive and confidential data, including, but not limited to, personally identifiable information and business sensitive information, could have a material adverse effect on our business, financial condition, results of operations and cash flows.
A significant cybersecurity incident that impacts our systems, applications, cloud resources or data centers that house sensitive and confidential data, including, but not limited to, personally identifiable information and business sensitive information, could have a material adverse effect on our business, financial condition, results of operations and cash flows.
The information included in this document is representative only as of the date of this document, and The Brink’s Company undertakes no obligation to update any information contained in this document. 14 ITEM 1B. UNRESOLVED STAFF COMMENTS None.
The information included in this document is representative only as of the date of this document, and The Brink’s Company undertakes no obligation to update any information contained in this document.
If any of these entities experienced an actual or perceived breach in its ability to conduct its business ethically, securely or responsibly, it could have a negative effect on our name and/or brand. Any damage to our reputation or brand could have a material adverse effect on our business, financial condition, results of operations and cash flows.
If any of these entities were perceived as failing (or failed) to conduct business ethically, securely or responsibly, it could have a negative effect on our name and/or brand. Any damage to our reputation or brand could have a material adverse effect on our business, financial condition, results of operations and cash flows.
Seventy percent (70%) of our revenues in 2024 came from operations outside the U.S. We expect revenues outside the U.S. to continue to represent a significant portion of total revenues.
Sixty-nine percent (69%) of our revenues in 2025 came from operations outside the U.S. We expect revenues outside the U.S. to continue to represent a significant portion of total revenues.
We are a leading global provider of cash and valuables management, digital retail solutions and ATM managed services, and our success and longevity are based to a large extent on our reputation for trust, reliability and integrity.
We are a leading global provider of cash and valuables management, digital retail solutions and ATM managed services, and our long-term success depends heavily on our ability to maintain and strengthen our reputation for trust, reliability and integrity.
We are developing new services that offer current and prospective customers with opportunities to streamline their cash processing, making cash more competitive with other forms of payment .
We continue to develop new services that offer current and prospective customers the opportunity to streamline their cash processing to keep cash acceptance more competitive with other forms of payment.
We may be unable to anticipate these emerging techniques, react in a timely manner, or implement adequate preventative measures. We have experienced 11 cybersecurity incidents and unplanned system disruptions in the past, but none of these incidents or disruptions, individually or in the aggregate, have had a material adverse effect on our business, financial condition or results of operations.
We have experienced cybersecurity incidents and unplanned system disruptions in the past, but none of these incidents or disruptions, individually or in the aggregate, have had a material adverse effect on our business, financial condition or results of operations.
ITEM 1A. RISK FACTORS Business Risks Our strategy may not be successful. Our strategy is to grow Brink's by providing a superior customer experience and driving continuous improvement. We may not be successful in growing revenue in our services lines or in improving the cost to serve our customers through process improvements.
ITEM 1A. RISK FACTORS Business Risks Our strategy may not be successful. Our strategy is to grow Brink's by providing solutions that secure commerce through the delivery of customer-focused innovation while operating with excellence and efficiency. We may not be successful in growing revenue in our services lines or in improving the cost to serve our customers through process improvements.
The Company had a material weakness in its internal control over financial reporting identified during 2022, which was fully remediated by December 31, 2023; however, there can be no assurances that a material weakness will not occur in the future.
While the Company has not identified a material weakness in its internal control over financial reporting in this report, there can be no assurances that a material weakness will not occur in the future.
Hacking, phishing attacks, ransomware, insider threats, physical breaches or other actions may cause confidential information belonging to Brink’s, its employees or customers to be misused. Moreover, the techniques used to obtain unauthorized access to networks or to sabotage systems change frequently and generally are not recognized until launched against a target.
Moreover, the techniques used to obtain unauthorized access to networks or to sabotage systems change frequently and generally are not recognized until launched against a target. We may be unable to anticipate these emerging techniques, react in a timely manner, or 11 implement adequate preventative measures.
Remote work by our personnel and remote access to our systems have also increased significantly, which could increase our cybersecurity risk profile. We believe our cybersecurity risks will further increase as we expand services, complete mergers and acquisitions, and employ emerging technologies, mobile applications, third-party service providers and cloud-based services.
We believe our cybersecurity risk profile will continue to expand as we broaden services, pursue mergers and acquisitions, and employ emerging technologies, mobile applications, third-party service providers and cloud-based services. Hacking, phishing attacks, ransomware, insider threats, physical breaches or other actions may cause confidential information belonging to Brink’s, its employees or customers to be misused.
Added
Securing remote work by our personnel and remote access to our systems continues to be a priority as remote access to our systems represents a heightened level of cybersecurity risk to our business.
Added
On December 10, 2025, the Board authorized a new share repurchase program replacing the prior 2023 authorization. Under this program, which expires on December 31, 2027, we are authorized to repurchase shares of common stock for an aggregate purchase price not to exceed $750 million, excluding fees, commissions and other ancillary expenses.
Added
All risk factors and uncertainties described herein and therein should be considered in evaluating forward-looking statements, and all of the forward-looking statements in this document are expressly qualified by the cautionary statements contained or referred to herein and therein.
Added
The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on the Company or our business or operations. Readers are cautioned not to rely too heavily on the forward-looking statements contained in this document.
Added
The forward looking information included in this document is representative only as of the date of this document, and The Brink’s Company undertakes no obligation to update, revise or clarify forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. 15 ITEM 1B. UNRESOLVED STAFF COMMENTS None.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

10 edited+1 added−1 removed16 unchanged
Biggest changeThe Company also regularly updates employees on cybersecurity issues, assesses for susceptibility to email phishing and provides tools to alert the global information security team to potential phishing activity. Our employees have multiple mechanisms for reporting cybersecurity and data privacy concerns to the Company, including the Brink’s GSOC and the Brink’s Ethics Hotline.
Biggest changeThe Company builds information security awareness among our employees by conducting regular training on our cybersecurity and data protection policies and executing vulnerability testing with employee simulated email threats. The Company also regularly updates employees on cybersecurity issues, assesses for susceptibility to email phishing and provides tools to alert the global information security team to potential phishing activity.
As of December 31, 2024, management has determined that none of the cyberattacks we have experienced, individually or in the aggregate, have had a material adverse effect on our business, financial condition, or results of operations, but we cannot provide assurance that we will not be materially affected in the future by such risks or any future material incidents.
As of December 31, 2025, management has determined that none of the cyberattacks we have experienced, individually or in the aggregate, have had a material adverse effect on our business, financial condition, or results of operations, but we cannot provide assurance that we will not be materially affected in the future by such risks or any future material incidents.
He leads the development, implementation and enforcement of security policies and data breach resiliency plans, as well as works with internal and external cybersecurity and IT teams to monitor and maintain the security of our IT infrastructure. Mr. Holley holds a master's degree in computer science with a concentration in information security as well as multiple information security certifications. 16
He leads the development, implementation and enforcement of security policies and data breach resiliency plans, as well as works with internal and external cybersecurity and IT teams to monitor and maintain the security of our IT infrastructure. Mr. Holley holds a master's degree in computer science with a concentration in information security as well as multiple information security certifications. 17
The Disclosure Committee meets on a quarterly basis and more often as necessary. 15 We maintain cybersecurity insurance and regularly consult with third-party cybersecurity experts during our review of existing cybersecurity controls. We also perform periodic assessments of our key vendors, which allow the Company to identify vendor cybersecurity risks and develop reasonable mitigation plans.
The Disclosure Committee meets on a quarterly basis and more often as needed. 16 We maintain cybersecurity insurance and regularly consult with third-party cybersecurity experts during our review of existing cybersecurity controls. We also perform periodic assessments of our key vendors, which allow the Company to identify vendor cybersecurity risks and develop reasonable mitigation plans.
In addition, we have designed policies and procedures so that our Disclosure Committee, which is composed of members of management and is co-chaired by the Company’s CFO and General Counsel, is appropriately informed of significant cybersecurity matters to ensure compliance with applicable cybersecurity disclosure requirements for our public filings.
In addition, we have designed policies and procedures so that our Disclosure Committee, which is composed of members of management and is co-chaired by the Company’s CFO and Chief Legal Officer, is appropriately informed of significant cybersecurity matters to ensure compliance with applicable cybersecurity disclosure requirements for our public filings.
Sethi regularly reports to the Board regarding cybersecurity risks. James Holley, the Global CISO, oversees our information, cyber, and technology security and reports to the Company’s Global CIO. Mr. Holley has over 30 years of leadership, operational and technical experience in information security.
Ms. Sethi sets our strategic vision and roadmap to define, build and optimize our IT systems, policies and operations. James Holley, the Global CISO, oversees our information, cyber, and technology security and reports to the Company’s Global CIO. Mr. Holley has over 30 years of leadership, operational and technical experience in information security.
We believe providing ongoing training and real-world learnings to the Company’s workforce is a crucial part of ensuring security and defending against future attacks.
Our employees have multiple mechanisms for reporting cybersecurity and data privacy concerns to the Company, including the Brink’s GSOC and the Brink’s Ethics Hotline. We believe providing ongoing training and real-world learnings to the Company’s workforce is a crucial part of ensuring security and defending against future attacks.
Sethi has over 25 years of experience in the IT field and oversees all aspects of our IT, from planning and implementing enterprise IT systems to improving service quality, compliance and corporate development. Ms. Sethi sets our strategic vision and roadmap to define, build and optimize our IT systems, policies and operations. Ms.
Management’s Role in Assessing and Managing our Material Risks from Cybersecurity Threats Neelu Sethi serves as the Global CIO and reports to Kurt McMaken, the CFO. Ms. Sethi has over 25 years of experience in the IT field and oversees all aspects of our IT, from planning and implementing enterprise IT systems to improving service quality, compliance and corporate development.
We have an internal cybersecurity incident response plan designed to minimize the impact of cyber incidents and ensure consistent responses to any such incident. This plan undergoes regular reviews and updates. The Company builds information security awareness among our employees by conducting regular training on our cybersecurity and data protection policies and executing vulnerability testing with employee simulated email threats.
We have an internal cybersecurity incident response plan designed to minimize the impact of cyber incidents and ensure consistent responses to any such incident. This plan undergoes regular review and update by outside counsel.
Cybersecurity Governance Board’s Oversight of Risks from Cybersecurity Threats The Board oversees our ERM program, including the review of cybersecurity and IT risks. The Board is also regularly briefed by the Global CIO, with the support of the Global CISO, on our cybersecurity risk management framework and completed, ongoing and planned actions relating managing to cybersecurity risks.
Cybersecurity Governance Audit and Ethic Committee's Oversight of Risks from Cybersecurity Threats The Board oversees our ERM program, and has delegated responsibility for cybersecurity and IT risk oversight to the Audit and Ethics Committee.
Removed
These reports also include updates on the status of projects to strengthen our information security systems, recent assessments of the information security program and the emerging threat landscape. Management’s Role in Assessing and Managing our Material Risks from Cybersecurity Threats Neelu Sethi serves as the Global CIO and reports to Kurt McMaken, the CFO. Ms.
Added
The Committee receives regular briefings from the Global CIO, with support from the Global CISO, regarding our cybersecurity risk management framework and the actions taken, underway or planned to mitigate cybersecurity risks. These updates include assessments of our information security program, initiatives to enhance system resilience, and developments in the evolving cybersecurity threat landscape.

Item 2. Properties

Properties — owned and leased real estate

1 edited+2 added−1 removed1 unchanged
Biggest changeWe own or lease armored vehicles, panel trucks and other vehicles that are primarily service vehicles. Our armored vehicles are of bullet-resistant construction and are specially designed and equipped to provide security for the crew and cargo. The following table discloses leased and owned facilities and vehicles for Brink’s most significant operations as of December 31, 2024.
Biggest changeWe own or lease armored vehicles, panel trucks and other vehicles that are primarily service vehicles. Our armored vehicles are of bullet-resistant construction and are specially designed and equipped to provide security for the crew and cargo. The following table discloses leased and owned facilities and vehicles for Brink’s most significant operations as of December 31, 2025.
Removed
Facilities Vehicles Segments Leased Owned Total Leased Owned Total North America 231 36 267 3,310 818 4,128 Latin America 329 81 410 1,010 4,058 5,068 Europe 157 36 193 2,890 1,571 4,461 Rest of World 387 7 394 908 1,512 2,420 Corporate Items 5 — 5 — — — Total 1,109 160 1,269 8,118 7,959 16,077
Added
Facilities Vehicles Segments Leased Owned Total Leased Owned Total North America 216 36 252 3,135 703 3,838 Latin America 323 81 404 1,056 3,940 4,996 Europe (a) 164 38 202 3,005 1,588 4,593 Rest of World (a) 366 7 373 1,106 1,356 2,462 Corporate Items 7 — 7 — — — Total 1,076 162 1,238 8,302 7,587 15,889 (a) Effective December 31, 2025, operations in certain geographies were moved from the Rest of World segment to the Europe segment.
Added
See Note 3 for more information. As of December 31, 2024, the Rest of World segment had included 15 leased facilities, 112 leased vehicles, and 112 owned vehicles related to those operations.

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

4 edited+5 added−6 removed7 unchanged
Biggest changeParks was Senior Vice President, Strategy Deployment & Execution. From 2018 to January 2020, he was Senior Vice President, Integration. From 2015 to 2018 he served as the President and General Manager of Brink’s Canada. Mr. Castillo was appointed as Executive Vice President and President, North America in June 2022. Prior to that, Mr.
Biggest changePrior to that, he served as President - North, Central, Eastern Europe & Middle East and CTO & Head of Strategy - EMEA at Otis Worldwide Corporation, the leading elevator and escalator manufacturing, installation and service company, from June 2014 to May 2022. Mr. Gabay was appointed as Executive Vice President and President, Brink's Europe in April, 2025.
Eubanks was appointed President and Chief Executive Officer, effective May 2022. Prior to that, he served as Executive Vice President and Chief Operating Officer of the Company from September 2021 to May 2022. Before joining Brink’s, Mr.
Mr. Eubanks was appointed President and Chief Executive Officer, effective May 2022. Prior to that, he served as Executive Vice President and Chief Operating Officer of the Company from September 2021 to May 2022. Before joining Brink’s, Mr.
ITEM 4. MINE SAFETY DISCLOSURES Not applicable. 17 Information about Our Executive Officers The following is a list as of February 26, 2025, of the names and ages of the executive officers of the Company indicating the principal positions and offices held by each. There are no family relationships among any of the officers named.
ITEM 4. MINE SAFETY DISCLOSURES Not applicable. 18 Information about Our Executive Officers The following is a list as of February 26, 2026, of the names and ages of the executive officers of the Company indicating the principal positions and offices held by each. There are no family relationships among any of the officers named.
Name Age Positions and Offices Held Held Since Mark Eubanks 52 President and Chief Executive Officer 2022 Kurt B. McMaken 55 Executive Vice President and Chief Financial Officer 2022 Guillermo Peschard Mijares 52 Executive Vice President and President, Latin America 2024 Elizabeth A. Galloway 47 Executive Vice President and Chief Human Resources Officer 2023 Lindsay K.
Name Age Positions and Offices Held Held Since Mark Eubanks 53 President and Chief Executive Officer 2022 Kurt B. McMaken 56 Executive Vice President and Chief Financial Officer 2022 Guillermo Peschard Mijares 53 Executive Vice President and President, Latin America 2024 Elizabeth A.
Removed
Blackwood 48 Executive Vice President, General Counsel and Corporate Secretary 2021 James K. Parks 56 Executive Vice President and President, Europe, Middle East, Africa and Asia 2023 Daniel J. Castillo 56 Executive Vice President and President, North America 2022 Executive and other officers of the Company are elected annually and serve at the pleasure of the Board. Mr.
Added
Galloway 48 Executive Vice President and Chief Human Resources Officer 2023 Kristen Cook 45 Executive Vice President, Chief Legal Officer and Corporate Secretary 2025 Nader Antar 50 Executive Vice President and President, Brink's Rest of World and Brink's Global Services (BGS) 2025 Michael Gabay 50 Executive Vice President and President, Brink's Europe 2025 Executive and other officers of the Company are elected annually and serve at the pleasure of the Board.
Removed
Blackwood was appointed as the Company's Executive Vice President and General Counsel and Corporate Secretary in November 2021. Ms. Blackwood joined the Company in 2012 as assistant general counsel and served in that role until 2020, when she was named Vice President, Associate General Counsel. She has served as the Company’s Corporate Secretary since 2013.
Added
Cook was appointed as the Company's Executive Vice President, Chief Legal Officer and Corporate Secretary in August 2025. Prior to joining Brink's, Ms. Cook held multiple senior leadership roles during her 15-year tenure at 7-Eleven, Inc., a global convenience retailer, including Chief of Staff to the Chief Executive Officer from 2023 to 2025 and Deputy General Counsel. Mr.
Removed
Prior to joining Brink’s, she served as Associate Chief Counsel and Corporate Secretary for Cigna Corporation, a multinational healthcare and insurance company. Mr. Parks was appointed as Executive Vice President and President, Europe, Middle East, Africa and Asia in May 2023.
Added
Antar was appointed Executive Vice President and President, Brink's Rest of World and Brink's Global Services (BGS) in April 2025. He initially joined Brink's in October 2024 as Executive Vice President and President of BGS.
Removed
Prior to that, he served as Executive Vice President and President of Europe from September 2021 to May 2023 and, before that, as Senior Vice President from December 2020 to September 2021. He has oversight responsibility for the Company's operations in Europe, Middle East, Africa and Asia. From January to December 2020 Mr.
Added
Prior to joining Brink's, he served as President of Saur International, an environmental services company specializing in water management treatment, from June 2022 to September 2024.
Removed
Castillo served as the Executive Vice President, North America at JELD-WEN, Inc. ("JELD-WEN"), one of the world's largest building products manufacturers, from 2020 to May 2022. Mr. Castillo joined JELD-WEN in February in 2018 as Senior Vice President, North America - Doors.
Added
From 2021 to March 2025, he served a General Manager of Brink's France. Prior to that time, he held various management positions within the Company. 19 PART II
Removed
Previously, he served as president of Cree Lighting, an LED lighting company, from 2016 until 2017, and, between 2001 and 2015, he held positions at Cooper Industries, an electrical product manufacturer, and Cooper Lighting, an LED lighting company, in various roles of increasing responsibility. 18 PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

11 edited+1 added−6 removed2 unchanged
Biggest changePeriod (a) Total Number of Shares Purchased (b) Average Price Paid per Share (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) (d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet be Purchased Under the Plans or Programs (1) October 1 through October 31, 2024 51,403 $105.31 51,403 $ 369,292,101 November 1 through November 30, 2024 338,700 $96.57 390,103 336,584,974 December 1 through December 31, 2024 427,217 $93.96 817,320 296,443,422 (1) In the fourth quarter of 2023, we entered into a $500 million share repurchase program that expires on December 31, 2025.
Biggest changePeriod (a) Total Number of Shares Purchased (b) Average Price Paid per Share (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) (d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet be Purchased Under the Plans or Programs (1) October 1 through October 31, 2025 45,807 $112.80 45,807 $ 137,725,565 November 1 through November 30, 2025 193,852 $111.71 239,659 116,071,030 December 1 through December 31, 2025 246,648 $117.83 486,307 87,009,159 (1) In the fourth quarter of 2023, the Company's Board of Directors approved a $500 million share repurchase program that expired on December 31, 2025. 20 The following graph compares the cumulative 5-year total return provided to shareholders of The Brink’s Company’s common stock compared to the cumulative total returns of the S&P Midcap 400 index and the common stocks of a selected peer group of companies.
Under the 2023 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.
Under the 2025 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.
The performance of The Brink’s Company’s common stock assumes that the shareholder reinvested all dividends received during the period. *$100 invested on 12/31/19 in stock or index, including reinvestment of dividends Fiscal Year ending December 31. Source: Zacks Investment Research, Inc.
The performance of The Brink’s Company’s common stock assumes that the shareholder reinvested all dividends received during the period. *$100 invested on 12/31/20 in stock or index, including reinvestment of dividends Fiscal Year ending December 31. Source: Zacks Investment Research, Inc.
The companies included in the peer group are Cintas Corporation, Iron Mountain, Inc., Euronet Worldwide, Inc., UniFirst Corporation and Waste Management, Inc. The graph tracks the performance of a $100 investment in our common stock and in each index from December 31, 2019, through December 31, 2024.
The companies included in the peer group are Cintas Corporation, Iron Mountain, Inc., Euronet Worldwide, Inc., UniFirst Corporation and Waste Management, Inc. The graph tracks the performance of a $100 investment in our common stock and in each index from December 31, 2020, through December 31, 2025.
The cumulative return for each index is measured on an annual basis for the periods from December 31, 2019, through December 31, 2024, with the value of each index set to $100 on December 31, 2019. Total return assumes reinvestment of dividends.
The cumulative return for each index is measured on an annual basis for the periods from December 31, 2020, through December 31, 2025, with the value of each index set to $100 on December 31, 2020. Total return assumes reinvestment of dividends.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Our common stock trades on the New York Stock Exchange under the symbol “BCO.” As of February 21, 2025, there were 955 shareholders of record of common stock.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Our common stock trades on the New York Stock Exchange under the symbol “BCO.” As of February 20, 2026, there were 914 shareholders of record of common stock.
The number of record holders does not include beneficial owners of our securities whose shares are held in the names of various security brokers, dealers and registered clearing agencies. Share Repurchase Program On November 2, 2023, our Board authorized a $500 million share repurchase program that expires on December 31, 2025 (the “2023 Repurchase Program”).
The number of record holders does not include beneficial owners of our securities whose shares are held in the names of various security brokers, dealers and registered clearing agencies. 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 2021 Repurchase Program, in 2023, we repurchased a total of 2,297,955 shares of our common stock for an aggregate of $169.9 million and an average price of $73.92 per share. In 2022, we repurchased a total of 948,395 shares of our common stock for an aggregate of $52.2 million and an average price of $55.01 per share.
These shares were retired upon repurchase. In October 2021, we announced that our Board authorized a $250 million share repurchase program (the "2021 Repurchase Program"). Under the 2021 Repurchase Program, in 2023, we repurchased a total of 2,297,955 shares of our common stock for an aggregate of $169.9 million and an average price of $73.92 per share.
Share repurchases under the 2023 Repurchase Program may be made in the open market, in privately negotiated transactions, or otherwise. During the twelve months ended December 31, 2024, we repurchased a total of 2,108,544 shares of our common stock for an aggregate of $203.6 million and an average price of $96.54 per share. These shares were retired upon repurchase.
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. In 2024, we repurchased a total of 2,108,544 shares of our common stock for an aggregate of $203.6 million and an average price of $96.54 per share.
Comparison of Five-Year Cumulative Total Return (a) Years Ended December 31, 2019 2020 2021 2022 2023 2024 The Brink's Company $ 100.00 80.42 73.98 61.40 101.81 108.43 S&P MidCap 400 Index 100.00 113.66 141.80 123.28 143.54 163.54 Peer Group 100.00 112.78 153.57 151.53 190.06 231.65 (a) For the line designated as “The Brink’s Company” the graph depicts the cumulative return on $100 invested in The Brink’s Company’s common stock at December 31, 2019.
Comparison of Five-Year Cumulative Total Return (a) Years Ended December 31, 2020 2021 2022 2023 2024 2025 The Brink's Company $ 100.00 91.99 76.35 126.60 134.83 171.45 S&P MidCap 400 Index 100.00 124.76 108.47 126.29 143.89 154.68 Peer Group 100.00 136.16 134.35 168.52 205.40 210.59 (a) For the line designated as “The Brink’s Company” the graph depicts the cumulative return on $100 invested in The Brink’s Company’s common stock at December 31, 2020.
Each ASR met the applicable criteria for equity classification, and, as a result, none were accounted for as a derivative instrument. The following table provides information about common stock repurchases by the Company during the quarter then ended December 31, 2024.
These shares were retired upon repurchase. The 2021 Repurchase Program expired on December 31, 2023. The following table provides information about common stock repurchases by the Company during the quarter then ended December 31, 2025.
Removed
At December 31, 2024, $296 million remained available under the 2023 Repurchase Program. In October 2021, we announced that our Board authorized a $250 million share repurchase program (the "2021 Repurchase Program").
Added
Share repurchases under the 2025 Repurchase Program may be made in the open market, in privately negotiated transactions, or otherwise. On November 2, 2023, our Board authorized a $500 million share repurchase program (the “2023 Repurchase Program”).
Removed
These shares were retired upon repurchase. The 2021 Repurchase Program expired on December 31, 2023 with approximately $28 million remaining available. Our Board previously authorized a $250 million repurchase program in February 2020 (the “2020 Repurchase Program”). Under the 2020 Repurchase Program, we entered into three accelerated share repurchase arrangements (each, an "ASR") with a financial institution.
Removed
In each case, in exchange for an upfront payment at the beginning of each purchase period, the financial institution delivered to us shares of our common stock. The shares received were retired in the period they were delivered to us, and the upfront payment was accounted for as a reduction to shareholders' equity in the consolidated balance sheet.
Removed
In 2022, we received 546,993 additional shares upon the early termination of an ASR. For purposes of calculating earnings per share, we reported each ASR as a repurchase of our common stock and as a forward contract indexed to our common stock.
Removed
Shares repurchases under this program may be made in the open market, in privately negotiated transactions, or otherwise. 19 The following graph compares the cumulative 5-year total return provided to shareholders of The Brink’s Company’s common stock compared to the cumulative total returns of the S&P Midcap 400 index and the common stocks of a selected peer group of companies.
Removed
In 2024, we removed Stericycle, Inc. from our custom peer group because it was acquired by Waste Management, Inc. during the year.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

157 edited+15 added−43 removed104 unchanged
Biggest change(c) See “Other Items Not Allocated To Segments” on pages 26 - 29 for details. 36 Years Ended December 31, (In millions, except for per share amounts) 2024 2023 2022 Operating profit: GAAP $ 453.0 425.2 361.3 Reorganization and restructuring (a) 1.5 17.6 38.8 Acquisitions and dispositions (a) 62.5 70.6 86.6 Argentina highly inflationary impact (a) 35.0 86.8 41.7 Transformation initiatives (a) 28.4 5.5 — DOJ/FinCEN investigations (a) 45.7 — — Chile antitrust matter (a) 1.3 0.5 1.4 Non-routine auto loss matter (a) 2.0 8.0 — Ship loss matter (a) — — 4.9 Reporting compliance (a) — 0.8 — Change in allowance estimate (a) — — 15.6 Non-GAAP $ 629.4 615.0 550.3 Income from continuing operations attributable to Brink's: GAAP $ 161.8 86.0 173.5 Reorganization and restructuring (a) 1.3 14.2 30.5 Acquisitions and dispositions (a) 55.9 62.7 63.5 Argentina highly inflationary impact (a) 41.4 146.5 47.6 Transformation initiatives (a) 27.7 5.4 — DOJ/FinCEN investigations (a) 45.7 — — Chile antitrust matter (a) 1.0 0.4 0.9 Non-routine auto loss matter (a) 2.0 7.8 — Ship loss matter (a) — — 3.6 Reporting compliance (a) — 0.8 — Retirement plans (b) (8.3) (7.0) 8.1 Change in allowance estimate (a) — — 11.9 Valuation allowance on tax credits (b) (7.1) 27.8 (53.2) Non-GAAP $ 321.4 344.6 286.4 Adjusted EBITDA: Net income attributable to Brink's $ 162.9 87.7 170.6 Interest expense 235.4 203.8 138.8 Income tax provision 92.7 139.2 41.4 Depreciation and amortization 293.3 275.8 245.8 EBITDA $ 784.3 706.5 596.6 Discontinued operations (1.1) (1.7) 2.9 Reorganization and restructuring (a) 1.5 16.4 37.7 Acquisitions and dispositions (a) 2.8 13.0 30.9 Argentina highly inflationary impact (a) 24.3 136.6 42.7 Transformation initiatives (a) 28.4 5.5 — DOJ/FinCEN investigations (a) 45.7 — — Chile antitrust matter (a) 1.3 0.5 1.4 Non-routine auto loss matter (a) 2.0 8.0 — Ship loss matter (a) — — 4.9 Reporting compliance (a) — 0.8 — Retirement plans (b) (8.4) (9.0) 11.0 Change in allowance estimate (a) — — 15.6 Valuation allowance on tax credits (b) — — — Share-based compensation (c) 36.6 33.0 48.6 Marketable securities (gain) loss (d) (5.5) (42.4) (4.0) Adjusted EBITDA $ 911.9 867.2 788.3 37 Years Ended December 31, (In millions, except for per share amounts) 2024 2023 2022 Diluted EPS: GAAP $ 3.61 1.83 3.63 Reorganization and restructuring (a) 0.03 0.30 0.64 Acquisitions and dispositions (a) 1.25 1.33 1.33 Argentina highly inflationary impact (a) 0.92 3.13 1.00 Transformation initiatives (a) 0.62 0.12 — DOJ/FinCEN investigations (a) 1.02 — — Chile antitrust matter (a) 0.02 0.01 0.02 Non-routine auto loss matter (a) 0.05 0.17 — Ship loss matter (a) — — 0.08 Reporting compliance (a) — 0.02 — Retirement plans (b) (0.19) (0.15) 0.17 Change in allowance estimate (a) — — 0.25 Valuation allowance on tax credits (b) (0.16) 0.59 (1.11) Non-GAAP $ 7.17 7.35 5.99 Amounts may not add due to rounding.
Biggest change(d) Related to the impairment of specific debt securities in Argentina in 2025. 36 Years Ended December 31, (In millions, except for per share amounts) 2025 2024 2023 Operating profit: GAAP $ 585.5 453.0 425.2 Reorganization and restructuring (a) 1.4 1.5 17.6 Acquisitions and dispositions (a) 78.5 62.5 70.6 Argentina highly inflationary impact (a) 10.2 35.0 86.8 Transformation initiatives (a) 26.0 28.4 5.5 DOJ/FinCEN investigations (a) 6.5 45.7 — Chile antitrust matter (a) 0.8 1.3 0.5 Non-routine auto loss matter (a) 1.0 2.0 8.0 Reporting compliance (a) — — 0.8 Non-GAAP $ 709.9 629.4 615.0 Income from continuing operations attributable to Brink's: GAAP $ 200.1 161.8 86.0 Reorganization and restructuring (a) 1.2 1.3 14.2 Acquisitions and dispositions (a) 64.6 55.9 62.7 Argentina highly inflationary impact (a) 26.8 41.4 146.5 Transformation initiatives (a) 25.2 27.7 5.4 DOJ/FinCEN investigations (a) 6.4 45.7 — Chile antitrust matter (a) 0.6 1.0 0.4 Non-routine auto loss matter (a) 1.0 2.0 7.8 Argentina debt securities impairment (e) 1.0 — — Retirement plans (b) (4.7) (8.3) (7.0) Tax on return of capital (b) 5.4 — — Valuation allowance on tax credits (b) 14.4 (7.1) 27.8 Non-GAAP $ 342.0 321.4 344.6 Adjusted EBITDA: Net income attributable to Brink's $ 199.7 162.9 87.7 Interest expense 245.5 235.4 203.8 Income tax provision 143.3 92.7 139.2 Depreciation and amortization 290.8 293.3 275.8 EBITDA $ 879.3 784.3 706.5 Discontinued operations 0.4 (1.1) (1.7) Reorganization and restructuring (a) 1.4 1.5 16.4 Acquisitions and dispositions (a) 20.3 2.8 13.0 Argentina highly inflationary impact (a) 30.5 24.3 136.6 Transformation initiatives (a) 26.0 28.4 5.5 DOJ/FinCEN investigations (a) 6.5 45.7 — Chile antitrust matter (a) 0.8 1.3 0.5 Non-routine auto loss matter (a) 1.0 2.0 8.0 Argentina debt securities impairment (e) 1.5 — — Reporting compliance (a) — — 0.8 Retirement plans (b) (6.4) (8.4) (9.0) Share-based compensation (c) 26.0 36.6 33.0 Marketable securities (gain) loss (d) (10.2) (5.5) (42.4) Adjusted EBITDA $ 977.1 911.9 867.2 37 Years Ended December 31, (In millions, except for per share amounts) 2025 2024 2023 Diluted EPS: GAAP $ 4.70 3.61 1.83 Reorganization and restructuring (a) 0.03 0.03 0.30 Acquisitions and dispositions (a) 1.52 1.25 1.33 Argentina highly inflationary impact (a) 0.63 0.92 3.13 Transformation initiatives (a) 0.59 0.62 0.12 DOJ/FinCEN investigations (a) 0.15 1.02 — Chile antitrust matter (a) 0.01 0.02 0.01 Non-routine auto loss matter (a) 0.02 0.05 0.17 Argentina debt securities impairment (e) 0.02 — — Reporting compliance (a) — — 0.02 Retirement plans (b) (0.11) (0.19) (0.15) Tax on return of capital (b) 0.13 — — Valuation allowance on tax credits (b) 0.34 (0.16) 0.59 Non-GAAP $ 8.05 7.17 7.35 Amounts may not add due to rounding.
These items primarily include severance charges and asset impairment losses. The 2022 Global Restructuring Plan was designed to, among other things, enable growth, reduce costs and related infrastructure, and to mitigate the potential impact of external economic conditions in light of the COVID-19 pandemic.
These items include primarily severance charges and asset impairment losses. The 2022 Global Restructuring Plan was designed to, among other things, enable growth, reduce costs and related infrastructure, and to mitigate the potential impact of external economic conditions in light of the COVID-19 pandemic.
These services include: Cash and Valuables Management • Cash-in-transit ("CIT") services – armored vehicle transportation of cash and coin • Basic ATM services – cash replenishment and treasury management of automated teller machines ("ATMs") • Brink's Global Services ("BGS") – secure international transportation, pick-up, packaging, customs clearance, secure vault storage, and inventory management of high-value commodities and goods • Cash management services – counting, sorting, wrapping, check imaging, cashier balancing, counterfeit detection, account consolidation and electronic reporting • Vaulting services – combines CIT services, cash management, vaulting and electronic reporting technologies for banks • Other Services – guarding, commercial security, and payment services Digital Retail Solutions ("DRS") and ATM Managed Services ("AMS") • DRS – services that facilitate faster access to cash deposits leveraging Brink’s tech-enabled devices and software platforms that enable enhanced customer analytics and visibility • AMS – comprehensive solutions for ATM management, including cash forecasting, cash optimization, ATM remote monitoring, service call dispatching, transaction processing, first and second line maintenance, parts provisioning, funds settlements and installation services We manage our business in the following four segments: • North America – operations in the U.S. and Canada, including the BGS line of business, • Latin America – operations in Latin American countries where we have an ownership interest, including the BGS line of business, • Europe – total 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.
These services include: Cash and Valuables Management • Cash-in-transit ("CIT") services – armored vehicle transportation of cash and coin • Basic ATM services – cash replenishment and treasury management of automated teller machines ("ATMs") • Brink's Global Services ("BGS") – secure international transportation, pick-up, packaging, customs clearance, secure vault storage, and inventory management of high-value commodities and goods • Cash management services – counting, sorting, wrapping, check imaging, cashier balancing, counterfeit detection, account consolidation and electronic reporting • Vaulting services – combines CIT services, cash management, vaulting and electronic reporting technologies for banks • Other Services – guarding, commercial security, and payment services Digital Retail Solutions ("DRS") and ATM Managed Services ("AMS") • DRS – services that facilitate faster access to cash deposits leveraging Brink’s tech-enabled devices and software platforms that enable enhanced customer analytics and visibility • AMS – comprehensive solutions for ATM management, including cash forecasting, cash optimization, ATM remote monitoring, service call dispatching, transaction processing, first and second line maintenance, parts provisioning, funds settlements and installation services We manage our business in the following four segments: • North America – operations in the U.S. and Canada, including the 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.
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.
Examples include corporate staff compensation, corporate headquarters costs, global and 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.
In addition to the matters discussed above, 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.
In addition to the matter discussed above, 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.
The provisions effective in 2024 did not have a material impact on our results of operations, financial position or cash flows, and we do not expect the provisions in 2025 to have a materially adverse impact on our results of operations, financial position or cash flows. 2024 Effective Income Tax Rate Compared to U.S.
The provisions effective in 2024 and 2025 did not have a material impact on our results of operations, financial position or cash flows, and we do not expect the provisions in 2026 to have a materially adverse impact on our results of operations, financial position or cash flows. 2025 Effective Income Tax Rate Compared to U.S.
Workers’ Compensation Besides the effects of changes in medical costs, worker’s compensation costs are affected by the severity and types of injuries, changes in state and federal regulations and their application and the quality of programs which assist an employee’s return to work.
Workers’ Compensation Besides the effects of changes in medical costs, workers' compensation costs are affected by the severity and types of injuries, changes in state and federal regulations and their application and the quality of programs which assist an employee’s return to work.
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. 49 APPLICATION OF CRITICAL ACCOUNTING POLICIES The application of accounting principles requires the use of assumptions, estimates and judgments.
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. 48 APPLICATION OF CRITICAL ACCOUNTING POLICIES The application of accounting principles requires the use of assumptions, estimates and judgments.
See Note 4 to the consolidated financial statements for information about these non-U.S. plans' benefit obligation and estimated future benefit payments over the next 10 years. 47 Summary of Total Expenses Related to All U.S. Retirement Liabilities This table summarizes actual and projected expense (income) related to U.S. retirement liabilities. These expenses are not allocated to segment results.
See Note 4 to the consolidated financial statements for information about these non-U.S. plans' benefit obligation and estimated future benefit payments over the next 10 years. 46 Summary of Total Expenses Related to All U.S. Retirement Liabilities This table summarizes actual and projected expense (income) related to U.S. retirement liabilities. These expenses are not allocated to segment results.
Management's Discussion and Analysis of Financial Conditions and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2023 ("2023 10-K"), starting on page 22. 21 OPERATIONS The Brink’s Company is a leading global provider of cash and valuables management, digital retail solutions, and ATM managed services throughout the world.
Management's Discussion and Analysis of Financial Conditions and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2024 ("2024 10-K"), starting on page 21. 22 OPERATIONS The Brink’s Company is a leading global provider of cash and valuables management, digital retail solutions, and ATM managed services throughout the world.
Federal Tax Rate (In percentages) 2024 2023 2022 U.S. federal tax rate 21.0 % 21.0 % 21.0 % Increases (reductions) in taxes due to: Foreign rate differential 7.5 4.7 7.5 Taxes on cross border income, net of credits 2.9 7.9 6.9 Adjustments to valuation allowances (2.8) 18.5 (21.1) Foreign income taxes (1.0) 6.0 (0.7) French business tax 0.3 0.4 0.8 State income taxes, net 2.0 0.6 0.7 Share-based compensation 1.3 1.8 1.3 Acquisition costs — 0.2 — Nondeductible fines and penalties 3.8 — — Other (0.2) (2.1) 1.9 Effective income tax rate on continuing operations 34.8 % 59.0 % 18.3 % Overview Our effective tax rate has varied in the past three years from the statutory U.S. federal rate due to various factors, including • changes in judgment about the need for valuation allowances, • changes in the geographical mix of earnings, • changes in laws in the U.S., France, Mexico, Brazil and Argentina, • timing of benefit recognition for uncertain tax positions, • state income taxes, and • tax benefit for distributions of share-based payments.
Federal Tax Rate (In percentages) 2025 2024 2023 U.S. federal tax rate 21.0 % 21.0 % 21.0 % Increases (reductions) in taxes due to: Foreign rate differential 4.0 7.5 4.7 Taxes on cross border income, net of credits 3.2 2.9 7.9 Adjustments to valuation allowances 3.2 (2.8) 18.5 Foreign income taxes 5.7 (1.0) 6.0 French business tax 0.3 0.3 0.4 State income taxes, net 1.6 2.0 0.6 Share-based compensation 0.6 1.3 1.8 Acquisition costs 0.1 — 0.2 Nondeductible fines and penalties 0.1 3.8 — Other 0.7 (0.2) (2.1) Effective income tax rate on continuing operations 40.5 % 34.8 % 59.0 % Overview Our effective tax rate has varied in the past three years from the statutory U.S. federal rate due to various factors, including • changes in judgment about the need for valuation allowances, • changes in the geographical mix of earnings, • changes in laws in the U.S., France, Brazil and Argentina, • timing of benefit recognition for uncertain tax positions, • state income taxes, and • tax benefit for distributions of share-based payments.
These short term foreign currency forward and swap contracts primarily offset exposures in the euro, the Mexican peso, and the British pound and are not designated as hedges for accounting purposes. Accordingly, changes in their fair value are recorded immediately in earnings. See Note 12 for more details regarding our economic hedges.
These short term foreign currency forward and swap contracts primarily offset exposures in the euro, the Mexican peso, and the British pound and are not designated as hedges for accounting purposes. Accordingly, changes in their fair value are recorded immediately in earnings. See Note 11 for more details regarding our economic hedges.
Statutory Rate The effective income tax rate on continuing operations in 2024 was greater than the 21% U.S. statutory tax rate primarily due to the geographical mix of earnings, nondeductible expenses in Mexico, taxes on cross border payments and U.S. taxable income and credit limitations, U.S. taxable income and credit limitations, and Argentina nondeductible inflation, net of deductible Argentina inflation adjustments. 2023 Effective Income Tax Rate Compared to U.S.
Statutory Rate The effective income tax rate on continuing operations in 2025 was greater than the 21% U.S. statutory tax rate primarily due to the geographical mix of earnings, nondeductible expenses in Mexico, taxes on cross border payments, U.S. taxable income and credit limitations, and Argentina nondeductible inflation, net of deductible Argentina inflation adjustments. 2024 Effective Income Tax Rate Compared to U.S.
Debt and Net Debt at the end of 2024 increased versus the prior year to provide funding for corporate purposes and other working capital needs. Liquidity Needs Our liquidity needs include not only the working capital requirements of our operations but also investments in our operations, business development activities, payments on outstanding debt, dividend payments and share repurchases.
Debt and Net Debt at the end of 2025 increased versus the prior year to provide funding for corporate purposes and other working capital needs. Liquidity Needs Our liquidity needs include not only the working capital requirements of our operations but also investments in our operations, business development activities, payments on outstanding debt, dividend payments and share repurchases.
The company does not expect to make contributions to these plans until 2040, based on our actuarial assumptions. Black Lung Under the Federal Black Lung Benefits Act of 1972, Brink’s is responsible for paying lifetime black lung benefits to miners and their dependents for claims filed and approved after June 30, 1973.
The company does not expect to make contributions to these plans until 2039, based on our actuarial assumptions. Black Lung Under the Federal Black Lung Benefits Act of 1972, Brink’s is responsible for paying lifetime black lung benefits to miners and their dependents for claims filed and approved after June 30, 1973.
Our operating liquidity needs are typically financed by cash from operations, short-term borrowings and the available borrowing capacity under our Revolving Credit Facility (our debt facilities are described in more detail in Note 15 to the consolidated financial statements, 44 including certain limitations and considerations related to the cash and borrowing capacity).
Our operating liquidity needs are typically financed by cash from operations, short-term borrowings and the available borrowing capacity under our Revolving Credit Facility (our debt facilities are described in more detail in Note 14 to the consolidated financial statements, 44 including certain limitations and considerations related to the cash and borrowing capacity).
Because the U.S. pension plan has been frozen, the number of its participants will also decline over time. 56 Foreign Currency Translation The majority of our subsidiaries outside the U.S. conduct business in their local currencies. Our financial results are reported in U.S. dollars, which include the results of these subsidiaries.
Because the U.S. pension plan has been frozen, the number of its participants will also decline over time. 55 Foreign Currency Translation The majority of our subsidiaries outside the U.S. conduct business in their local currencies. Our financial results are reported in U.S. dollars, which include the results of these subsidiaries.
(a) See “Other Items Not Allocated To Segments” on pages 26 - 29 for details. (b) See "Reconciliations of GAAP to Non-GAAP Measures" on page 35 for details. (c) Due to reorganization and restructuring activities, there was a $0.9 million non-GAAP adjustment to share-based compensation in 2023.
(a) See “Other Items Not Allocated To Segments” on pages 27 - 29 for details. (b) See "Reconciliations of GAAP to Non-GAAP Measures" on page 35 for details. (c) Due to reorganization and restructuring activities, there was a $0.9 million non-GAAP adjustment to share-based compensation in 2023.
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. See Note 12 for more details regarding these contracts.
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. See Note 11 for more details regarding these contracts.
Our overall medical inflation rate assumption, including the assumption that medical inflation rates will gradually decline over the next seven years and hold at 5%, is based on macroeconomic assumptions of gross domestic growth rates, the excess of national health expenditures over other goods and services, and population growth.
Our overall medical inflation rate assumption, including the assumption that medical inflation rates will gradually decline over the next nine years and hold at 5%, is based on macroeconomic assumptions of gross domestic growth rates, the excess of national health expenditures over other goods and services, and population growth.
For example, if we did not have growth in either the U.S. or non-U.S. jurisdictions with respect to the GILTI inclusions or using different assumptions, we might have concluded that we require a full valuation allowance offsetting our U.S. deferred tax assets. Non-U.S.
For example, if we did not have growth in either the U.S. or non-U.S. jurisdictions with respect to the NCTI inclusions or using different assumptions, we might have concluded that we require a full valuation allowance offsetting our U.S. deferred tax assets. Non-U.S.
The tables below compare hypothetical plan obligation valuations for our largest plans as of December 31, 2024, actual expenses for 2024 and projected expenses for 2025 assuming we had used discount rates that were one percentage point lower or higher.
The tables below compare hypothetical plan obligation valuations for our largest plans as of December 31, 2025, actual expenses for 2025 and projected expenses for 2026 assuming we had used discount rates that were one percentage point lower or higher.
We believe that operating leases are an important component of our capital structure. 46 U.S. Retirement Liabilities Assumptions for U.S. Retirement Obligations We have made various assumptions to estimate the amount of payments to be made in the future.
We believe that operating leases are an important component of our capital structure. 45 U.S. Retirement Liabilities Assumptions for U.S. Retirement Obligations We have made various assumptions to estimate the amount of payments to be made in the future.
Our funded status at December 31, 2025, and our 2026 expense will be different from currently projected amounts if our projected 2025 returns are better or worse than the returns we have assumed for each plan.
Our funded status at December 31, 2026, and our 2027 expense will be different from currently projected amounts if our projected 2026 returns are better or worse than the returns we have assumed for each plan.
Our reinvestment ratio, which we define as the annual amount of property and equipment acquired during the year divided by the annual amount of depreciation, was 1.3 in 2024, 1.4 in 2023, and 1.3 in 2022. Capital expenditures in 2024 for our operating units were primarily for cash devices, information technology, armored vehicles, and machinery and equipment.
Our reinvestment ratio, which we define as the annual amount of property and equipment acquired during the year divided by the annual amount of depreciation, was 1.2 in 2025, 1.3 in 2024, and 1.4 in 2023. Capital expenditures in 2025 for our operating units were primarily for cash devices, information technology, armored vehicles, and machinery and equipment.
Adjusted EBITDA equals EBITDA excluding the applicable impacts of Other Items not Allocated to Segments as well as certain retirement plan expenses/gains, unusual adjustments to deferred tax asset valuation allowances, income tax rate adjustments, share-based compensation and marketable securities (gain) loss. • Non-GAAP diluted earnings per share ("EPS") from continuing operations attributable to Brink's common shareholders : This measure equals non-GAAP income from continuing operations attributable to Brink's divided by diluted shares. • Organic change and organic growth : Organic change represents the change in revenues or operating profit between the current and prior period excluding the effect of acquisitions and dispositions for one year after the transaction and changes in currency exchange rates.
Adjusted EBITDA equals EBITDA excluding the applicable impacts of Other Items not Allocated to Segments as well as certain retirement plan expenses/gains, taxes on return of capital, impairment of certain debt securities, unusual adjustments to deferred tax asset valuation allowances, income tax rate adjustments, share-based compensation and marketable securities (gain) loss. • Non-GAAP diluted earnings per share ("EPS") from continuing operations attributable to Brink's common shareholders : This measure equals non-GAAP income from continuing operations attributable to Brink's divided by diluted shares. • Organic change and organic growth : Organic change represents the change in revenues or operating profit between the current and prior period excluding the effect of acquisitions and dispositions for one year after the transaction and changes in currency exchange rates.
The number of participants by major plan in the past five years is as follows: Number of participants Plan 2024 2023 2022 2021 2020 UMWA plans 2,200 2,400 2,500 2,700 2,900 Black Lung 700 700 800 800 700 U.S. pension 10,300 10,500 10,700 10,800 11,000 Because we are no longer operating in the coal industry, we anticipate that the number of participants in the UMWA retirement medical plan will decline over time due to mortality.
The number of participants by major plan in the past five years is as follows: Number of participants Plan 2025 2024 2023 2022 2021 UMWA plans 2,000 2,200 2,400 2,500 2,700 Black Lung 500 700 700 800 800 U.S. pension 10,200 10,300 10,500 10,700 10,800 Because we are no longer operating in the coal industry, we anticipate that the number of participants in the UMWA retirement medical plan will decline over time due to mortality.
As of December 31, 2024, $600 million was available under the Revolving Credit Facility. Based on our current cash generated from operations, and amounts available under our credit facilities and our ability to access capital from financial markets, we believe that we will be able to meet our liquidity needs for the next 12 months and thereafter the foreseeable future.
As of December 31, 2025, $580 million was available under the Revolving Credit Facility. Based on our current cash generated from operations, and amounts available under our credit facilities and our ability to access capital from financial markets, we believe that we will be able to meet our liquidity needs for the next 12 months and thereafter the foreseeable future.
Plans to Participants This table summarizes actual and estimated payments from the plans to participants. Actual Projected (In millions) 2024 2025 2026 2027 2028 2029 Payments from U.S.
Plans to Participants This table summarizes actual and estimated payments from the plans to participants. Actual Projected (In millions) 2025 2026 2027 2028 2029 2030 Payments from U.S.
Our liability for future payments for workers’ compensation claims is evaluated annually with the assistance of an actuary. 55 Numbers of Participants Mortality tables.
Our liability for future payments for workers’ compensation claims is evaluated annually with the assistance of an actuary. 54 Numbers of Participants Mortality tables.
In 2023, we recognized a tax expense of $2 million through income from continuing operations from a change in judgment about the need for valuation allowances for deferred tax assets in certain non-U.S. jurisdictions. Business Acquisitions Accounting Policy In the three years ended December 31, 2024, we have completed multiple business acquisitions.
In 2024, we recognized a tax expense of $1 million through income from continuing operations from a change in judgment about the need for valuation allowances for deferred tax assets in certain non-U.S. jurisdictions. Business Acquisitions Accounting Policy In the three years ended December 31, 2025, we have completed multiple business acquisitions.
Primary U.S. Pension Plan Pension benefits provided to eligible U.S. employees were frozen on December 31, 2005, and benefits are not provided to employees hired after 2005 or to those covered by a collective bargaining agreement. We did not make cash contributions to the primary U.S. pension plan in 2024. There are approximately 10,300 beneficiaries in the plan.
Primary U.S. Pension Plan Pension benefits provided to eligible U.S. employees were frozen on December 31, 2005, and benefits are not provided to employees hired after 2005 or to those covered by a collective bargaining agreement. We did not make cash contributions to the primary U.S. pension plan in 2025. There are approximately 10,200 beneficiaries in the plan.
See Note 12 for more details about this contract. 39 LIQUIDITY AND CAPITAL RESOURCES Overview The discussion of liquidity and capital resources comparing 2023 versus 2022 can be found in Item 7. Management's Discussion and Analysis of Financial Conditions and Results of Operations of our 2023 10-K, starting on page 40.
See Note 11 for more details about this contract. 39 LIQUIDITY AND CAPITAL RESOURCES Overview The discussion of liquidity and capital resources comparing 2024 versus 2023 can be found in Item 7. Management's Discussion and Analysis of Financial Conditions and Results of Operations of our 2024 10-K, starting on page 40.
Borrowings were used to fund general corporate initiatives and other working capital needs. See Note 15 for further information.
Borrowings were used to fund general corporate initiatives and other working capital needs. See Note 14 for further information.
We selected 7.00% as the expected-return-on-assets assumption for our primary U.S. pension plan and 8.00% for our UMWA retiree medical plans for actual 2024 expense. We selected 7.00% as the expected-return-on-assets assumption for our primary U.S. pension plan and 8.00% for our UMWA retiree medical plans for projected 2025 expense. Sensitivity Analysis Effect of using different expected-rate-of-return assumptions.
We selected 7.00% as the expected-return-on-assets assumption for our primary U.S. pension plan and 8.00% for our UMWA retiree medical plans for actual 2025 expense. We selected 6.25% as the expected-return-on-assets assumption for our primary U.S. pension plan and 8.00% for our UMWA retiree medical plans for projected 2026 expense. Sensitivity Analysis Effect of using different expected-rate-of-return assumptions.
Our 2024 and projected 2025 expense would have been different if we had used different expected-rate-of-return assumptions.
Our 2025 and projected 2026 expense would have been different if we had used different expected-rate-of-return assumptions.
For every hypothetical change of one percentage point in the assumed long-term rate of return on plan assets (and holding other assumptions constant), our actual 2024 and projected 2025 expense would be as follows: (In millions, except for percentages) Hypothetical sensitivity analysis for expected-return-on asset assumption Hypothetical sensitivity analysis for expected-return-on asset assumption Actual 1% lower 1% higher Projected 1% lower 1% higher Years Ending December 31, 2024 2024 2024 2025 2025 2025 Expected-return-on-asset assumption Primary U.S. pension plan 7.00 % 6.00 % 8.00 % 7.00 % 6.00 % 8.00 % UMWA plans 8.00 % 7.00 % 9.00 % 8.00 % 7.00 % 9.00 % Primary U.S. pension plan $ (10.9) (4.3) (17.5) $ (8.1) (1.7) (14.5) UMWA plans (8.3) (7.0) (9.6) (9.5) (8.3) (10.7) 54 Effect of improving or deteriorating actual future market returns.
For every hypothetical change of one percentage point in the assumed long-term rate of return on plan assets (and holding other assumptions constant), our actual 2025 and projected 2026 expense would be as follows: (In millions, except for percentages) Hypothetical sensitivity analysis for expected-return-on asset assumption Hypothetical sensitivity analysis for expected-return-on asset assumption Actual 1% lower 1% higher Projected 1% lower 1% higher Years Ending December 31, 2025 2025 2025 2026 2026 2026 Expected-return-on-asset assumption Primary U.S. pension plan 7.00 % 6.00 % 8.00 % 6.25 % 5.25 % 7.25 % UMWA plans 8.00 % 7.00 % 9.00 % 8.00 % 7.00 % 9.00 % Primary U.S. pension plan $ (8.3) (1.9) (14.7) $ 1.3 7.3 (4.7) UMWA plans (8.1) (7.0) (9.4) (3.7) (2.5) (4.9) 53 Effect of improving or deteriorating actual future market returns.
Monthly currency changes represent the accumulation throughout the year of the impact on current period results of changes in foreign currency rates from the prior year period. • Non-GAAP pre-tax income, Non-GAAP income tax and Non-GAAP effective income tax rate : Non-GAAP pre-tax income and non-GAAP income tax equal their GAAP counterparts excluding the applicable impacts of Other Items not Allocated to Segments as well as certain retirement plan expenses/gains and unusual adjustments to deferred tax asset valuation allowances.
Monthly currency changes represent the accumulation throughout the year of the impact on current period results of changes in foreign currency rates from the prior year period. • Non-GAAP pre-tax income, Non-GAAP income tax and Non-GAAP effective income tax rate : Non-GAAP pre-tax income and non-GAAP income tax equal their GAAP counterparts excluding the applicable impacts of Other Items not Allocated to Segments as well as certain retirement plan expenses/gains, taxes on return of capital, impairment of certain debt securities, and unusual adjustments to deferred tax asset valuation allowances.
Our projections assumed continued growth of our revenues and operating profit both in the U.S. and outside the U.S. Our conclusions regarding asset impairment may have been different if we had used different assumptions. 52 Retirement and Post employment Benefit Obligations We provide benefits through defined benefit pension plans and retiree medical benefit plans and under statutory requirements.
Our projections assumed continued growth of our revenues and operating profit both in the U.S. and outside the U.S. Our conclusions regarding asset impairment may have been different if we had used different assumptions. 51 Retirement and Postemployment Benefit Obligations We provide benefits through defined benefit pension plans and retiree medical benefit plans and under statutory requirements.
Non-GAAP operating margin equals non-GAAP operating profit divided by revenues. • Non-GAAP income from continuing operations attributable to Brink's : This measure equals GAAP income from continuing operations attributable to Brink's excluding Other Items not Allocated to Segments as well as certain retirement plan expenses/gains and unusual adjustments to deferred tax asset valuation allowances. • Earnings Before Interest Expense, Income Taxes, Depreciation and Amortization ("EBITDA") and Adjusted EBITDA: EBITDA is calculated by starting with net income attributable to Brink's and adding back the amounts for interest expense, income taxes, depreciation and amortization.
Non-GAAP operating margin equals non-GAAP operating profit divided by revenues. • Non-GAAP income from continuing operations attributable to Brink's : This measure equals GAAP income from continuing operations attributable to Brink's excluding Other Items not Allocated to Segments as well as certain retirement plan expenses/gains, taxes on return of capital, impairment of certain debt securities, and unusual adjustments to deferred tax asset valuation allowances. • Earnings Before Interest Expense, Income Taxes, Depreciation and Amortization ("EBITDA") and Adjusted EBITDA: EBITDA is calculated by starting with net income attributable to Brink's and adding back the amounts for interest expense, income taxes, depreciation and amortization.
These items are described below: 2024 Acquisitions and Dispositions Items • Amortization expense for acquisition-related intangible assets was $58.3 million in 2024. • Net charges of $2.4 million were incurred for post-acquisition adjustments to indemnification assets related to previous business acquisitions. • We incurred $1.1 million in integration costs in 2024. • A net credit of $1.3 million related to the reversal of a retention liability for key PAI employees was recorded in 2024. 27 2023 Acquisitions and Dispositions Items • Amortization expense for acquisition-related intangible assets was $57.8 million in 2023. • We derecognized a contingent consideration liability related to the NoteMachine business acquisition and recognized a gain of $4.8 million.
These items are described below: 2025 Acquisitions and Dispositions Items • Amortization expense for acquisition-related intangible assets was $58.9 million in 2025. • Restructuring costs related to acquisitions were $11.8 million in 2025. • Net charges of $2.2 million were incurred for post-acquisition adjustments to indemnification assets related to previous business acquisitions. • We incurred $3.8 million in integration costs in 2025. • Transaction costs related to business acquisitions were $2.7 million in 2025. 2024 Acquisitions and Dispositions Items • Amortization expense for acquisition-related intangible assets was $58.3 million in 2024. • Net charges of $2.4 million were incurred for post-acquisition adjustments to indemnification assets related to previous business acquisitions. • We incurred $1.1 million in integration costs in 2024. • A net credit of $1.3 million related to the reversal of a retention liability for key PAI employees was recorded in 2024. 2023 Acquisitions and Dispositions Items • Amortization expense for acquisition-related intangible assets was $57.8 million in 2023. • We derecognized a contingent consideration liability related to the NoteMachine business acquisition and recognized a gain of $4.8 million.
Plan UMWA Plans Black Lung 2024 2023 2022 2024 2023 2022 2024 2023 2022 Discount rate: Retirement cost 5.1 % 5.4 % 2.8 % 5.1 % 5.4 % 2.8 % 5.1 % 5.4 % 2.7 % Benefit obligation at year end 5.6 % 5.1 % 5.4 % 5.6 % 5.1 % 5.4 % 5.5 % 5.1 % 5.4 % Sensitivity Analysis The discount rate we select at year end materially affects the valuations of plan obligations at year end and the calculations of net periodic expenses for the following year.
Plan UMWA Plans Black Lung 2025 2024 2023 2025 2024 2023 2025 2024 2023 Discount rate: Retirement cost 5.6 % 5.1 % 5.4 % 5.6 % 5.1 % 5.4 % 5.5 % 5.1 % 5.4 % Benefit obligation at year end 5.4 % 5.6 % 5.1 % 5.3 % 5.6 % 5.1 % 5.2 % 5.5 % 5.1 % Sensitivity Analysis The discount rate we select at year end materially affects the valuations of plan obligations at year end and the calculations of net periodic expenses for the following year.
There are approximately 700 black lung beneficiaries as of December 31, 2024. Non-U.S. defined-benefit pension plans We have various defined-benefit pension plans covering eligible current and former employees of some of our international operations.
There are approximately 500 black lung beneficiaries as of December 31, 2025. Non-U.S. defined-benefit pension plans We have various defined-benefit pension plans covering eligible current and former employees of some of our international operations.
Deferred Tax Assets In 2024, we recognized a tax expense of $1 million through income from continuing operations from a change in judgment about the need for valuation allowances for deferred tax assets in certain non-U.S. jurisdictions.
Deferred Tax Assets In 2025, we recognized a tax benefit of $1 million through income from continuing operations from a change in judgment about the need for valuation allowances for deferred tax assets in certain non-U.S. jurisdictions.
Based on our current assumptions, we do not expect to make contributions until 2027. UMWA Plan Retirement benefits related to former coal operations include medical benefits provided by the Pittston Coal Group Companies Employee Benefit Plan for UMWA Represented Employees. There are approximately 2,200 beneficiaries in the UMWA plans.
Based on our current assumptions, we do not expect to make contributions for the foreseeable future. UMWA Plan Retirement benefits related to former coal operations include medical benefits provided by the Pittston Coal Group Companies Employee Benefit Plan for UMWA Represented Employees. There are approximately 2,000 beneficiaries in the UMWA plans.
See below for our definition of “organic change” and "organic growth." Consolidated Costs and Expenses Cost of revenues increased 1% to $3,743.1 million primarily due to higher revenue partially offset by the impact of currency exchange rates.
See below for our definition of “organic change” and "organic growth." Consolidated Costs and Expenses Cost of revenues increased 4% to $3,903.2 million primarily due to the impact of higher revenue partially offset by the impact of currency exchange rates.
Actual Projected (In millions) 2024 2025 2026 2027 2028 2029 Primary U.S. pension plan $ (10.9) (8.1) (0.6) 6.6 4.9 3.9 UMWA plans (8.3) (9.5) (4.8) (4.6) (4.5) (4.3) Black Lung plans 8.2 7.7 7.1 6.6 6.1 5.6 Total $ (11.0) (9.9) 1.7 8.6 6.5 5.2 Summary of Total Payments from U.S.
Actual Projected (In millions) 2025 2026 2027 2028 2029 2030 Primary U.S. pension plan $ (8.3) 1.3 7.2 5.2 4.1 2.3 UMWA plans (8.1) (3.7) (3.7) (3.5) (3.4) (3.2) Black Lung plans 7.1 6.5 6.1 5.6 5.1 4.7 Total $ (9.3) 4.1 9.6 7.3 5.8 3.8 Summary of Total Payments from U.S.
These non-GAAP measures are described in more detail on page 34 and are reconciled to comparable GAAP measures on pages 35 - 38 . Non-GAAP Consolidated Operating Profit and Non-GAAP Operating Profit Margin Non-GAAP operating profit margin was 12.6%.
These non-GAAP measures are described in more detail on page 34 and are reconciled to comparable GAAP measures on pages 35 - 38 . Non-GAAP Consolidated Operating Profit and Non-GAAP Operating Profit Margin Non-GAAP operating profit margin was 13.5%.
We also derecognized a contingent consideration liability related to the Touchpoint 21 acquisition and recognized a gain of $1.4 million. • We recognized $4.9 million in charges in Argentina in 2023 for an inflation-adjusted labor increase to expected payments to union workers of the Maco Transportadora and Maco Litoral businesses (together, "Maco"). • Net charges of $3.4 million were incurred for post-acquisition adjustments to indemnification assets related to previous business acquisitions. • We incurred $2.2 million in integration costs, primarily related to PAI, in 2023. • Transaction costs related to business acquisitions were $4.2 million in 2023. • We recognized a $2.0 million loss on the disposition of Russia-based operations in 2023. • Compensation expense related to the retention of key PAI employees was $1.6 million in 2023. 2022 Acquisitions and Dispositions Items • Amortization expense for acquisition-related intangible assets was $52.0 million in 2022. • We recognized $12.5 million in charges in Argentina in 2022 for expected payments to union workers of the Maco businesses. • Net charges of $7.8 million were incurred for post-acquisition adjustments to indemnification assets related to previous business acquisitions. • We incurred $4.8 million in integration costs, primarily related to PAI and G4S, in 2022. • Transaction costs related to business acquisitions were $5.6 million in 2022. • Restructuring costs related to acquisitions were $0.2 million in 2022. • Compensation expense related to the retention of key PAI employees was $3.5 million in 2022.
We also derecognized a contingent consideration liability related to the Touchpoint 21 acquisition and recognized a gain of $1.4 million. • We recognized $4.9 million in charges in Argentina in 2023 for an inflation-adjusted labor increase to expected payments to union workers of the Maco Transportadora and Maco Litoral businesses (together, "Maco"). • Net charges of $3.4 million were incurred for post-acquisition adjustments to indemnification assets related to previous business acquisitions. • We incurred $2.2 million in integration costs, primarily related to PAI, in 2023. • Transaction costs related to business acquisitions were $4.2 million in 2023. • We recognized a $2.0 million loss on the disposition of Russia-based operations in 2023. • Compensation expense related to the retention of key PAI employees was $1.6 million in 2023.
Statutory Rate The effective income tax rate on continuing operations in 2023 was greater than the 21% U.S. statutory tax rate primarily due to the geographical mix of earnings, nondeductible expenses in Mexico, taxes on cross border payments and U.S. taxable income and credit limitations, the increase of valuation allowances on U.S. foreign tax credits, and Argentina nondeductible inflation, net of deductible Argentina inflation adjustments. 32 Noncontrolling Interests Years Ended December 31, % change (In millions, except for percentages) 2024 2023 2022 2024 2023 Net income attributable to noncontrolling interests $ 11.8 10.6 11.3 11 (6) The increase in the net income attributable to noncontrolling interests in 2024, in comparison to 2023, is primarily attributable to higher 2024 operating results reported by certain subsidiaries that are not wholly-owned.
Statutory Rate The effective income tax rate on continuing operations in 2024 was greater than the 21% U.S. statutory tax rate primarily due to the geographical mix of earnings, nondeductible expenses in Mexico, taxes on cross border payments, U.S. taxable income and credit limitations, and Argentina nondeductible inflation, net of deductible Argentina inflation adjustments. 32 Noncontrolling Interests Years Ended December 31, % change (In millions, except for percentages) 2025 2024 2023 2025 2024 Net income attributable to noncontrolling interests $ 10.5 11.8 10.6 (11) 11 The decrease in the net income attributable to noncontrolling interests in 2025, in comparison to 2024, is primarily attributable to lower 2025 operating results reported by certain subsidiaries that are not wholly-owned.
Diluted earnings per share from continuing operations was $3.61, up from $1.83 in 2023. 23 Non-GAAP Basis Analysis of Consolidated Results: 2024 versus 2023 Non-GAAP Financial Measures The non-GAAP measures included in the table above and the analysis below present our operating profit, operating profit margin, income from continuing operations, adjusted EBITDA and earnings per share without certain income and expense items that do not reflect the regular earnings of the Company's operations.
Diluted earnings per share from continuing operations was $4.70, up from $3.61 in 2024. 24 Non-GAAP Basis Analysis of Consolidated Results: 2025 versus 2024 Non-GAAP Financial Measures The non-GAAP measures included in the table above and the analysis below present our operating profit, operating profit margin, income from continuing operations, adjusted EBITDA and earnings per share without certain income and expense items that do not reflect the regular earnings of the Company's operations.
The unfavorable currency impact was driven primarily by the Argentine peso. Revenues increased 12% on an organic basis primarily due to inflation-based price increases and growth in AMS and DRS revenue.
The unfavorable currency impact was driven primarily by the Mexican peso, Argentine peso, and Brazilian real. Revenues increased 5% on an organic basis primarily due to inflation-based price increases and organic growth in AMS and DRS revenue.
Over the last three years, we used cash generated from our operations and borrowings to • invest in the infrastructure of our business (new facilities, cash sorting and other equipment for our cash management services operations, armored trucks, DRS devices, and information technology) ($608 million), • repurchase shares of Brink's common stock ($426 million), • acquire new business operations ($209 million), and • pay dividends to Brink’s shareholders ($119 million).
Over the last three years, we used cash generated from our operations and borrowings to • invest in the infrastructure of our business (new facilities, cash sorting and other equipment for our cash management services operations, armored trucks, DRS devices, and information technology) ($628 million), • repurchase shares of Brink's common stock ($583 million), • pay dividends to Brink’s shareholders ($124 million), and • acquire new business operations ($39 million).
Cash and Cash Equivalents At December 31, 2024, we had $1,395.3 million in cash and cash equivalents, compared to $1,176.6 million at December 31, 2023. We plan to use the current cash and cash equivalents for working capital needs, capital expenditures, acquisitions, share repurchases, and other general corporate purposes.
Cash and Cash Equivalents At December 31, 2025, we had $1,725.9 million in cash and cash equivalents, compared to $1,395.3 million at December 31, 2024. We plan to use the current cash and cash equivalents for working capital needs, capital expenditures, acquisitions, share repurchases, and other general corporate purposes.
(In millions) Based on market-related value of assets Hypothetical (a) Actual Projected Projected Years Ending December 31, 2024 2025 2026 2024 2025 2026 Primary U.S. pension plan expense $ (10.9) (8.1) (0.6) $ 5.3 5.3 4.0 (a) Assumes that our accounting policy was to use the fair market value of assets instead of the market-related value of assets to determine our expense related to our primary U.S. pension plan.
(In millions) Based on market-related value of assets Hypothetical (a) Actual Projected Projected Years Ending December 31, 2025 2026 2027 2025 2026 2027 Primary U.S. pension plan expense $ (8.3) 1.3 7.2 $ 7.9 4.9 3.9 (a) Assumes that our accounting policy was to use the fair market value of assets instead of the market-related value of assets to determine our expense related to our primary U.S. pension plan.
Pension Plan UMWA Plans Black Lung Plans Total Projected payments 2025 $ — — 9.0 9.0 2026 — — 8.3 8.3 2027 1.3 — 7.6 8.9 2028 5.5 — 7.0 12.5 2029 1.5 — 6.4 7.9 2030 — — 5.9 5.9 2031 — — 5.5 5.5 2032 — — 5.2 5.2 2033 — — 4.8 4.8 2034 — — 4.5 4.5 2035 — — 4.2 4.2 2036 — — 3.9 3.9 2037 — — 3.6 3.6 2038 — — 3.3 3.3 2039 and thereafter — 82.0 31.8 113.8 Total projected payments $ 8.3 82.0 111.0 201.3 The amounts in the tables above are based on a variety of estimates, including actuarial assumptions as of December 31, 2024.
Pension Plan UMWA Plans Black Lung Plans Total Projected payments 2026 $ — — 7.2 7.2 2027 — — 7.1 7.1 2028 — — 6.6 6.6 2029 — — 6.8 6.8 2030 — — 6.3 6.3 2031 — — 5.7 5.7 2032 — — 5.2 5.2 2033 — — 4.7 4.7 2034 — — 4.3 4.3 2035 — — 3.9 3.9 2036 — — 3.6 3.6 2037 — — 3.4 3.4 2038 — — 3.1 3.1 2039 — 3.7 2.9 6.6 2040 and thereafter — 101.0 26.4 127.4 Total projected payments $ — 104.7 97.2 201.9 The amounts in the tables above are based on a variety of estimates, including actuarial assumptions as of December 31, 2025.
Years Ended December 31, % change (In millions, except for percentages) 2024 2023 2022 2024 2023 Foreign currency items: Transaction gains (losses) $ 16.5 (85.1) (68.7) fav 24 Derivative instrument gains (losses) (11.0) 21.3 42.0 unfav (49) Royalty income 8.0 7.5 9.1 7 (18) Impairment losses (4.8) (10.3) (9.0) (53) 14 Indemnification asset adjustments (2.4) (3.4) (7.8) (29) (56) Contingent consideration liability adjustments — 6.2 — (100) fav Gains on sale of property and other assets 3.9 1.9 2.7 fav (30) Share in earnings of equity method affiliates 3.0 2.8 2.1 7 33 Other 5.5 4.9 4.3 12 14 Other operating income (expense) $ 18.7 (54.2) (25.3) fav unfav 2024 versus 2023 We reported other operating income of $18.7 million in 2024 versus other operating expense of $54.2 million in the prior year.
Years Ended December 31, % change (In millions, except for percentages) 2025 2024 2023 2025 2024 Foreign currency items: Transaction gains (losses) $ 11.7 16.5 (85.1) (29) fav Derivative instrument gains (losses) (17.9) (11.0) 21.3 63 unfav Royalty income 10.2 8.0 7.5 28 7 Impairment losses (4.1) (4.8) (10.3) (15) (53) Indemnification asset adjustments 0.2 (2.4) (3.4) fav (29) Contingent consideration liability adjustments — — 6.2 — (100) Gains (losses) on sale of property and other assets (0.6) 3.9 1.9 unfav fav Share in earnings of equity method affiliates 2.8 3.0 2.8 (7) 7 Other 3.2 5.5 4.9 (42) 12 Other operating income (expense) $ 5.5 18.7 (54.2) (71) fav 2025 versus 2024 We reported other operating income of $5.5 million in 2025 versus other operating income of $18.7 million in the prior year.
See Note 23 for details. 28 Non-routine auto loss matter In 2023, a Brink’s employee was involved in a motor vehicle accident with unique circumstances that resulted in the death of a third party and, in connection with the ensuing litigation, Brink’s recognized an $10.0 million charge.
Non-routine auto loss matter In 2023, a Brink’s employee was involved in a motor vehicle accident with unique circumstances that resulted in the death of a third party and, in connection with the ensuing litigation, Brink’s recognized a $10.0 million charge.
Our assumption is based on recent plan experience and industry trends. For the UMWA plans, our largest retiree medical plans, we have assumed a medical inflation rate of 6.5% for 2025, and we project this rate to decline to 5% in 2031 and hold at 5% thereafter.
Our assumption is based on recent plan experience and industry trends. For the UMWA plans, our largest retiree medical plans, we have assumed a medical inflation rate of 7.0% for 2026, and we project this rate to decline to 5% in 2034 and hold at 5% thereafter.
Operating Activities Years Ended December 31, $ change (In millions) 2024 2023 2022 2024 2023 Cash flows provided from (used in) operating activities - GAAP $ 426.0 702.4 479.9 $ (276.4) 222.5 (Increase) decrease in restricted cash held for customers (see Note 20) 42.9 (59.5) (50.0) 102.4 (9.5) (Increase) decrease in customer obligations 77.7 (66.0) (50.0) 143.7 (16.0) Capital expenditures (222.5) (202.7) (182.6) (19.8) (20.1) Cash proceeds from sale of property and equipment 29.2 18.4 5.7 10.8 12.7 Proceeds from lessor debt financing (see Note 20) 46.6 7.5 19.4 39.1 (11.9) Free cash flow before dividends (a) $ 399.9 400.1 222.4 $ (0.2) 177.7 (a) Free cash flow before dividends is a supplemental financial measure that is not required by, or presented in accordance with, GAAP.
Operating Activities Years Ended December 31, $ change (In millions) 2025 2024 2023 2025 2024 Cash flows provided from (used in) operating activities - GAAP $ 639.5 426.0 702.4 $ 213.5 (276.4) (Increase) decrease in restricted cash held for customers (see Note 19) (46.1) 42.9 (59.5) (89.0) 102.4 (Increase) decrease in customer obligations (16.5) 77.7 (66.0) (94.2) 143.7 Capital expenditures (203.1) (222.5) (202.7) 19.4 (19.8) Cash proceeds from sale of property and equipment 18.5 29.2 18.4 (10.7) 10.8 Proceeds from lessor debt financing (see Note 19) 43.2 46.6 7.5 (3.4) 39.1 Free cash flow before dividends (a) $ 435.5 399.9 400.1 $ 35.6 (0.2) (a) Free cash flow before dividends is a supplemental financial measure that is not required by, or presented in accordance with, GAAP.
Equity Common Stock At December 31, 2024, we had 100 million shares of common stock authorized and 42.9 million shares issued and outstanding. Preferred Stock At December 31, 2024, we had the authority to issue up to 2 million shares of preferred stock, par value $10 per share.
Equity Common Stock At December 31, 2025, we had 100 million shares of common stock authorized and 41.1 million shares issued and outstanding. Preferred Stock At December 31, 2025, we had the authority to issue up to 2 million shares of preferred stock, par value $10 per share.
The organic increase was primarily driven by the net impact of revenue mix and cost productivity improvements from transformation initiatives in the U.S., partially offset by technology and operational investments.
The organic increase was primarily driven by the net impact of revenue mix and cost productivity improvements from transformation initiatives in the U.S.
Other Items Not Allocated to Segments Years Ended December 31, % change (In millions, except for percentages) 2024 2023 2022 2024 2023 Reorganization and restructuring $ (1.5) (17.6) (38.8) (91) (55) Acquisitions and dispositions (62.5) (70.6) (86.6) (11) (18) Argentina highly inflationary impact (35.0) (86.8) (41.7) (60) unfav Transformation initiatives (28.4) (5.5) — unfav unfav DOJ/FinCEN investigations (45.7) — — unfav — Non-routine auto loss matter (2.0) (8.0) — (75) unfav Change in allowance estimate — — (15.6) — (100) Ship loss matter — — (4.9) — (100) Chile antitrust matter (1.3) (0.5) (1.4) unfav (64) Reporting compliance — (0.8) — (100) — Total Other items not allocated to segments $ (176.4) (189.8) (189.0) (7) — 26 Reorganization and restructuring Costs associated with certain reorganization and restructuring actions are excluded from reported non-GAAP results.
Other Items Not Allocated to Segments Years Ended December 31, % change (In millions, except for percentages) 2025 2024 2023 2025 2024 Reorganization and restructuring $ (1.4) (1.5) (17.6) (7) (91) Acquisitions and dispositions (78.5) (62.5) (70.6) 26 (11) Argentina highly inflationary impact (10.2) (35.0) (86.8) (71) (60) Transformation initiatives (26.0) (28.4) (5.5) (8) unfav DOJ/FinCEN investigations (6.5) (45.7) — (86) unfav Chile antitrust matter (0.8) (1.3) (0.5) (38) unfav Non-routine auto loss matter (1.0) (2.0) (8.0) (50) (75) Reporting compliance — — (0.8) — (100) Total Other items not allocated to segments $ (124.4) (176.4) (189.8) (29) (7) 27 Reorganization and restructuring Costs associated with certain reorganization and restructuring actions are excluded from reported non-GAAP results.
Plans to participants Primary U.S. pension plan $ 44.4 47.8 47.7 47.3 46.9 46.3 UMWA plans 20.7 16.2 16.0 15.8 15.7 15.4 Black Lung plans 8.0 9.0 8.3 7.6 7.0 6.4 Total $ 73.1 73.0 72.0 70.7 69.6 68.1 Summary of Projected Payments from Brink’s to U.S. Plans This table summarizes estimated payments from Brink’s to U.S. retirement plans.
Plans to participants Primary U.S. pension plan $ 44.7 46.3 46.0 45.7 45.3 44.9 UMWA plans 17.8 16.5 16.6 16.6 16.5 16.3 Black Lung plans 7.4 7.2 7.1 6.6 6.8 6.3 Total $ 69.9 70.0 69.7 68.9 68.6 67.5 Summary of Projected Payments from Brink’s to U.S. Plans This table summarizes estimated payments from Brink’s to U.S. retirement plans.
These actions contributed to an increase in trade accounts payable (amounts increased by $78.7 million in 2024 compared to a decrease of $18.0 million in 2023) included in the consolidated statements of cash flows line “Increase (decrease) in accounts payable, income taxes payable, and accrued liabilities” as well as continued improvements in trade accounts receivable (amounts decreased $40.2 million in 2024 and decreased $56.0 million in 2023) included in the consolidated statements of cash flows line “(Increase) decrease in accounts receivable and income taxes receivable”.
These actions contributed to an increase in trade accounts payable (amounts increased by $7.3 million in 2025 compared to an increase of $78.7 million in 2024) included in the consolidated statements of cash flows line “Increase (decrease) in accounts payable, income taxes payable, and accrued liabilities” as well as sustained improvements in trade accounts receivable (amounts increased $1.2 million in 2025 compared to a decrease of $40.2 million in 2024) included in the consolidated statements of cash flows line “(Increase) decrease in accounts receivable and income taxes receivable”.
Accounting Policy We account for pension and other retirement benefit obligations under FASB ASC Topic 715, Compensation – Retirement Benefits. We account for post employment benefit obligations, including workers’ compensation obligations, under FASB ASC Topic 712, Compensation – Non retirement Post employment Benefits .
Accounting Policy We account for pension and other retirement benefit obligations under FASB ASC Topic 715, Compensation – Retirement Benefits. We account for postemployment benefit obligations, including workers’ compensation obligations, under FASB ASC Topic 712, Compensation – Nonretirement Postemployment Benefits .
These included 50 • projected revenues and operating income for our U.S. entities, • projected royalties and management fees paid to U.S. entities from subsidiaries outside the U.S., • projected Global Intangible Low-Taxed Income ("GILTI") inclusion in our U.S. taxable income, • estimated required contributions to our U.S. retirement plans, • the estimated impact of U.S. tax reform and other U.S. tax legislation, and • interest rates on projected U.S. borrowings.
These included • projected revenues and operating income for our U.S. entities, • projected royalties and management fees paid to U.S. entities from subsidiaries outside the U.S., • projected Net CFC Tested Income ("NCTI") inclusion in our U.S. taxable income, • estimated required contributions to our U.S. retirement plans, • the estimated impact of U.S. tax reform and other U.S. tax legislation, and • interest rates on projected U.S. borrowings.
The decrease in 2024 was due to the strengthening of the U.S. dollar in 2024, primarily against the euro, Mexican peso, and Argentine peso. 43 Capitalization We use a combination of debt, leases and equity to capitalize our operations.
The increase in 2025 was due to the weakening of the U.S. dollar in 2025, primarily against the euro and Mexican peso. 43 Capitalization We use a combination of debt, leases and equity to capitalize our operations.
The organic increase was primarily due to the revenue mix benefit of higher AMS and DRS revenue. 25 Analysis of Income and Expenses Not Allocated to Segments: 2024 versus 2023 Income and expenses not allocated to segments are reported either as “Corporate Expenses” or “Other Items not Allocated to Segments.” 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 chief operating decision maker ("CODM") evaluates segment results.
The organic increase was driven by a favorable BGS revenue mix impact. 26 Analysis of Income and Expenses Not Allocated to Segments: 2025 versus 2024 Income and expenses not allocated to segments are reported either as “Corporate Expenses” or “Other Items not Allocated to Segments.” 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 chief operating decision maker ("CODM") evaluates segment results.
Share Repurchase Program In November 2023, our Board of Directors authorized a $500 million share repurchase program that expires on December 31, 2025 (the "2023 Repurchase Program"). Under the 2023 Repurchase Program, we are not obligated to repurchase any specific dollar amount or number of shares.
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 Repurchase Program, we are not obligated to repurchase any specific dollar amount or number of shares.
See page 34 for further information on this non-GAAP measure, and see page 35 for descriptions of the adjustments. 2024 versus 2023 Cash flows from operating activities - GAAP Cash flows from operating activities decreased by $276.4 million in 2024 compared to 2023.
See page 34 for further information on this non-GAAP measure, and see page 35 for descriptions of the adjustments. 2025 versus 2024 Cash flows from operating activities - GAAP Cash flows from operating activities increased by $213.5 million in 2025 compared to 2024.
We believe that the exclusion of this cash balance from our non-GAAP Net Debt measure is helpful to the users of our financial statements as it presents this financial measure consistent with how our management assesses this liquidity measure. 35 Non-GAAP Reconciled to GAAP 2024 2023 2022 (In millions, except for percentages) Pre-tax income (a) Income tax Effective income tax rate (a) Pre-tax income (a) Income tax Effective income tax rate (a) Pre-tax income (a) Income tax Effective income tax rate (a) GAAP $ 266.3 92.7 34.8 % $ 235.8 139.2 59.0 % $ 226.2 41.4 18.3 % Reorganization and restructuring (c) 1.5 0.2 17.6 3.4 38.8 8.2 Acquisitions and dispositions (c) 62.1 5.2 72.6 8.9 85.2 20.7 Argentina highly inflationary impact (c) 36.3 (5.1) 142.0 (4.5) 45.6 (2.0) Transformation initiatives (c) 28.4 0.7 5.5 0.1 — — DOJ/FinCEN investigations (c) 45.7 — — — — — Chile antitrust matter (c) 1.3 0.3 0.5 0.1 1.4 0.5 Non-routine auto loss matter (c) 2.0 — 8.0 0.2 — — Change in allowance estimate (c) — — — — 15.6 3.7 Ship loss matter (c) — — — — 4.9 1.3 Reporting compliance (c) — — 0.8 — — — Retirement plans (b) (8.4) (0.1) (9.0) (2.0) 11.1 2.9 Valuation allowance on tax credits (b) — 7.1 — (27.8) — 53.2 Non-GAAP $ 435.2 101.0 23.2 % $ 473.8 117.6 24.8 % $ 428.8 129.9 30.3 % Amounts may not add due to rounding.
We believe that the exclusion of this cash balance from our non-GAAP Net Debt measure is helpful to the users of our financial statements as it presents this financial measure consistent with how our management assesses this liquidity measure. 35 Non-GAAP Reconciled to GAAP 2025 2024 2023 (In millions, except for percentages) Pre-tax income (a) Income tax Effective income tax rate (a) Pre-tax income (a) Income tax Effective income tax rate (a) Pre-tax income (a) Income tax Effective income tax rate (a) GAAP $ 353.9 143.3 40.5 % $ 266.3 92.7 34.8 % $ 235.8 139.2 59.0 % Reorganization and restructuring (c) 1.4 0.2 1.5 0.2 17.6 3.4 Acquisitions and dispositions (c) 80.2 14.6 62.1 5.2 72.6 8.9 Argentina highly inflationary impact (c) 22.7 (4.1) 36.3 (5.1) 142.0 (4.5) Transformation initiatives (c) 26.0 0.8 28.4 0.7 5.5 0.1 DOJ/FinCEN investigations (c) 6.5 0.1 45.7 — — — Chile antitrust matter (c) 0.8 0.2 1.3 0.3 0.5 0.1 Non-routine auto loss matter (c) 1.0 — 2.0 — 8.0 0.2 Argentina debt securities impairment (d) 1.5 0.5 — — — — Reporting compliance (c) — — — — 0.8 — Retirement plans (b) (6.4) (1.7) (8.4) (0.1) (9.0) (2.0) Tax on return of capital (b) — (5.4) — — — — Valuation allowance on tax credits (b) — (14.4) — 7.1 — (27.8) Non-GAAP $ 487.6 134.1 27.5 % $ 435.2 101.0 23.2 % $ 473.8 117.6 24.8 % Amounts may not add due to rounding.
Therefore, these amounts have not been allocated to segment or Corporate results and are excluded from non-GAAP results.
Therefore, these amounts have not been allocated to segment or Corporate results and are excluded from non-GAAP results. See Note 22 for details.
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.
Actual amounts could differ materially from the estimated amounts. 47 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 2022, we concluded that we were more-likely-than-not to realize assets related to certain attributes with a limited statutory carryforward and we recorded a $56 million valuation allowance benefit through income from continuing operations and an additional $14 million valuation allowance reduction through other comprehensive income (loss).
In 2025, we concluded that we were not more-likely-than-not to realize assets related to certain attributes with a limited statutory carryforward, and we recorded a $12 million valuation allowance detriment through income from continuing operations and an additional $1 million valuation allowance increase through other comprehensive income (loss).
Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Income from continuing operations attributable to Brink’s shareholders increased $75.8 million to $161.8 million due to lower income tax expense ($46.5 million), higher interest and other nonoperating income ($34.3 million), and the increase in operating profit mentioned above, partially offset by higher interest expense ($31.6 million).
Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Income from continuing operations attributable to Brink’s shareholders increased $38.3 million to $200.1 million primarily due to the increase in operating profit mentioned above, partially offset by higher income tax expense ($50.6 million), lower interest and other nonoperating income ($34.8 million), and higher interest expense ($10.1 million).
See Note 1 for more details about our Argentina operations including a description of how we account for currency remeasurement for our Argentine subsidiaries and the potential impacts of converting local currency into U.S. dollars. Our international operations conduct a majority of their business in local currencies.
At December 31, 2025, Argentina's economy remained highly inflationary for accounting purposes. See Note 1 for more details about our Argentina operations including a description of how we account for currency remeasurement for our Argentine subsidiaries and the potential impacts of converting local currency into U.S. dollars. Our international operations conduct a majority of their business in local currencies.
Corporate capital expenditures in the last three years were primarily for IT investments. 42 Financing Activities Years Ended December 31, $ change (In millions) 2024 2023 2022 2024 2023 Cash flows from financing activities Borrowings and repayments: Short-term borrowings $ 12.9 98.6 37.7 $ (85.7) 60.9 Long-term revolving credit facilities, net (7.7) (8.1) 226.0 0.4 (234.1) Other long-term debt, net 320.0 (71.7) 102.9 391.7 (174.6) Borrowings (repayments) 325.2 18.8 366.6 306.4 (347.8) Acquisition of noncontrolling interest (0.2) (0.6) (7.8) 0.4 7.2 Debt financing costs (10.6) — (5.6) (10.6) 5.6 Repurchase shares of Brink's common stock (203.6) (169.9) (52.2) (33.7) (117.7) Dividends to: Shareholders of Brink’s (41.8) (39.6) (37.6) (2.2) (2.0) Noncontrolling interests in subsidiaries (6.1) (7.7) (7.1) 1.6 (0.6) Payment of acquisition-related obligation (0.8) (11.1) (2.8) 10.3 (8.3) Tax withholdings associated with share-based compensation (18.6) (8.0) (12.2) (10.6) 4.2 Other (1.3) 11.0 3.9 (12.3) 7.1 Financing activities $ 42.2 (207.1) 245.2 $ 249.3 (452.3) Debt borrowings and repayments Cash flows from financing activities increased by $249.3 million in 2024 compared to 2023 as we had net cash provided by financing activities of $42.3 million in 2024 compared to net cash used in financing activities of $207.1 million in 2023.
Corporate capital expenditures in the last three years were primarily for IT investments. 42 Financing Activities Years Ended December 31, $ change (In millions) 2025 2024 2023 2025 2024 Cash flows from financing activities Borrowings and repayments: Short-term borrowings $ 78.1 12.9 98.6 $ 65.2 (85.7) Long-term revolving credit facilities, net 217.0 (7.7) (8.1) 224.7 0.4 Other long-term debt, net (120.1) 320.0 (71.7) (440.1) 391.7 Borrowings (repayments) 175.0 325.2 18.8 (150.2) 306.4 Acquisition of noncontrolling interest (6.6) (0.2) (0.6) (6.4) 0.4 Debt financing costs (1.0) (10.6) — 9.6 (10.6) Repurchase shares of Brink's common stock (209.4) (203.6) (169.9) (5.8) (33.7) Dividends to: Shareholders of Brink’s (42.3) (41.8) (39.6) (0.5) (2.2) Noncontrolling interests in subsidiaries (6.5) (6.1) (7.7) (0.4) 1.6 Payment of acquisition-related obligation — (0.8) (11.1) 0.8 10.3 Proceeds from exercise of stock options 0.6 — — 0.6 — Tax withholdings associated with share-based compensation (21.6) (18.6) (8.0) (3.0) (10.6) Other (2.3) (1.3) 11.0 (1.0) (12.3) Financing activities $ (114.1) 42.2 (207.1) $ (156.3) 249.3 Debt borrowings and repayments Cash used in financing activities increased by $156.3 million in 2025 compared to 2024, as we had net cash used in financing activities of $114.1 million in 2025 compared to net cash provided by financing activities of $42.2 million in 2024.
Plan Obligations at December 31, 2024 (In millions) Hypothetical 1% lower Actual Hypothetical 1% higher Primary U.S. pension plan $ 635.7 579.5 531.7 UMWA plans 186.8 172.2 159.7 53 Actual 2024 and Projected 2025 Expense (Income) (In millions, except for percentages) Hypothetical sensitivity analysis for discount rate assumption Hypothetical sensitivity analysis for discount rate assumption Actual 1% lower 1% higher Projected 1% lower 1% higher Years Ending December 31, 2024 2024 2024 2025 2025 2025 Primary U.S. pension plan Discount rate assumption 5.1 % 4.1 % 6.1 % 5.6 % 4.6 % 6.6 % Retirement cost $ (10.9) (5.6) (13.3) $ (8.1) (3.6) (11.0) UMWA plans Discount rate assumption 5.1 % 4.1 % 6.1 % 5.6 % 4.6 % 6.6 % Retirement cost $ (8.3) (7.9) (8.7) $ (9.5) (9.2) (9.9) Expected-Return-on-Assets Assumption Our expected-return-on-assets assumption, which materially affects our net periodic benefit cost, reflects the long-term average rate of return we expect the plan assets to earn.
Plan Obligations at December 31, 2025 (In millions) Hypothetical 1% lower Actual Hypothetical 1% higher Primary U.S. pension plan $ 624.2 568.3 520.7 UMWA plans 201.0 185.2 171.4 52 Actual 2025 and Projected 2026 Expense (Income) (In millions, except for percentages) Hypothetical sensitivity analysis for discount rate assumption Hypothetical sensitivity analysis for discount rate assumption Actual 1% lower 1% higher Projected 1% lower 1% higher Years Ending December 31, 2025 2025 2025 2026 2026 2026 Primary U.S. pension plan Discount rate assumption 5.6 % 4.6 % 6.6 % 5.4 % 4.4 % 6.4 % Retirement cost $ (8.3) (2.6) (11.3) $ 1.3 5.4 (2.3) UMWA plans Discount rate assumption 5.6 % 4.6 % 6.6 % 5.3 % 4.3 % 6.3 % Retirement cost $ (8.1) (7.7) (8.5) $ (3.7) (3.3) (4.1) Expected-Return-on-Assets Assumption Our expected-return-on-assets assumption, which materially affects our net periodic benefit cost, reflects the long-term average rate of return we expect the plan assets to earn.
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. In 2022, we recognized $41.7 million in pretax charges related to highly inflationary accounting, including currency remeasurement losses of $37.6 million.
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. In 2023, we recognized $86.8 million in pretax charges related to highly inflationary accounting, including currency remeasurement losses of $79.1 million.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

8 edited+0 added−2 removed8 unchanged
Biggest changeThe effect on the fair value of these cross currency swaps of a hypothetical 10% appreciation in the forward May 2026 euro exchange rate and a hypothetical 10% appreciation in the forward April 2031 euro exchange rate from year-end 2024 levels would result in a $38.2 million change in fair values, changing the December 31, 2024 net liability of $16.1 million to a net liability of $54.3 million. 58 The effects of a hypothetical simultaneous 10% appreciation in the U.S. dollar from the 2024 levels against all other currencies of countries in which we have continuing operations are as follows: (In millions) Hypothetical Effects Increase/ (decrease) Effect on Earnings: Translation of 2024 earnings into U.S. dollars $ (49.6) Transaction gains (losses) (a) (13.2) Effect on Other Comprehensive Income (Loss): Translation of net assets of foreign subsidiaries (a) (164.0) (a) Net of outstanding foreign currency swap and forward contracts.
Biggest changeThe effect on the fair value of these cross currency swaps of a hypothetical 10% appreciation in the forward May 2026 euro exchange rate and a hypothetical 10% appreciation in the forward April 2031 euro exchange rate from year-end 2025 levels would result in a $44.0 million change in fair values, changing the December 31, 2025 net liability of $60.4 million to a net liability of $104.4 million. 57 The effects of a hypothetical simultaneous 10% appreciation in the U.S. dollar from the 2025 levels against all other currencies of countries in which we have continuing operations are as follows: (In millions) Hypothetical Effects Increase/ (decrease) Effect on Earnings: Translation of 2025 earnings into U.S. dollars $ (48.5) Transaction gains (losses) (a) (2.2) Effect on Other Comprehensive Income (Loss): Translation of net assets of foreign subsidiaries (a) (164.1) (a) Net of outstanding foreign currency swap and forward contracts.
The hypothetical foreign currency effects above detail the consolidated effect attributable to Brink’s of a simultaneous change in the value of a large number of foreign currencies relative to the U. S. dollar. The foreign currency exposure effect related to a change in an individual currency could be significantly different. 59
The hypothetical foreign currency effects above detail the consolidated effect attributable to Brink’s of a simultaneous change in the value of a large number of foreign currencies relative to the U. S. dollar. The foreign currency exposure effect related to a change in an individual currency could be significantly different. 58
We do not use derivative financial instruments for purposes other than hedging underlying financial exposures. The sensitivity analyses discussed below for the market risk exposures were based on the facts and circumstances in effect at December 31, 2024.
We do not use derivative financial instruments for purposes other than hedging underlying financial exposures. The sensitivity analyses discussed below for the market risk exposures were based on the facts and circumstances in effect at December 31, 2025.
Our floating rate debt typically is based on an underlying floating rate component as well as a fixed rate margin component. Based on the contractual interest rates on our floating rate debt at December 31, 2024, a hypothetical 10% increase in rates would increase cash outflows by approximately $6.4 million over a twelve-month period.
Our floating rate debt typically is based on an underlying floating rate component as well as a fixed rate margin component. Based on the contractual interest rates on our floating rate debt at December 31, 2025, a hypothetical 10% increase in rates would increase cash outflows by approximately $7.7 million over a twelve-month period.
At December 31, 2024, the notional value of our shorter outstanding foreign currency forward and swap contracts was $1,158 million with average contract maturities of approximately one month. These contracts primarily offset exposures in the euro, the Mexican peso, and the British pound.
At December 31, 2025, the notional value of our shorter outstanding foreign currency forward and swap contracts was $982 million with average contract maturities of approximately one month. These contracts primarily offset exposures in the euro, the Mexican peso, and the British pound.
The effect on the fair values of our cumulative $1.4 billion of unsecured senior notes of a hypothetical 10% decrease in the yield curve from year-end 2024 levels would result in a $37.7 million increase in the fair value of our unsecured senior notes.
The effect on the fair values of our cumulative $1.4 billion of unsecured senior notes of a hypothetical 10% decrease in the yield curve from year-end 2025 levels would result in a $27.5 million increase in the fair value of our unsecured senior notes.
At December 31, 2024, the notional value of these cross currency swaps contracts was $400 million with a weighted-average remaining maturity of 1.1 years for the cross currency swaps maturing in May 2026 and a remaining weighted average maturity of 5.3 years for the cross currency swaps maturing in April 2031.
At December 31, 2025, the notional value of these cross currency swaps contracts was $400 million with a weighted-average remaining maturity of 0.3 years for the cross currency swaps maturing in May 2026 and a remaining weighted average maturity of 4.8 years for the cross currency swaps maturing in April 2031.
In other words, the weighted-average interest rate on our floating rate instruments (including any fixed rate margin component) was 6.14% per annum at December 31, 2024. If the underlying floating rate component were to increase by 10%, our average rate on this debt would increase by 0.50 percentage points to 6.64%.
In other words, the weighted-average interest rate on our floating rate instruments (including any fixed rate margin component) was 4.81% per annum at December 31, 2025. If the underlying floating rate component were to increase by 10%, our average rate on this debt would increase by 0.37 percentage points to 5.18%.
Removed
In July 2022, we terminated the cross currency swap contracts hedging a portion of our net investment in certain euro functional currency subsidiaries and received $67 million in cash for the fair value of the derivative assets at the settlement date.
Removed
We subsequently entered into new cross currency swaps with a total notional value of $400 million to hedge a portion of our net investments in certain of our subsidiaries with euro functional currency.

Other BCO 10-K year-over-year comparisons