BrightView Signals Financial Strength with Ninth Cash Dividend

BLUE BELL, PA – March 12, 2026 – BrightView Holdings, Inc. (NYSE: BV), the largest commercial landscaping company in the United States, has reinforced its commitment to shareholder value by declaring its ninth consecutive quarterly cash dividend for its preferred stockholders. The $8.8 million payment signals a position of financial strength and disciplined capital management, even as the company navigates a complex market landscape.

The dividend, which covers the period from December 31, 2025, to March 30, 2026, will be paid on April 1, 2026, to holders of record as of March 15, 2026. This consistent payout is a direct reflection of the company's strategy to leverage its balance sheet and maintain investor confidence.

A Strategic Choice to Prioritize Cash

At the heart of BrightView's announcement is the deliberate choice to pay the dividend in cash rather than exercising its option for a payment-in-kind (PIK). The dividend stems from the company's 500,000 shares of Series A Convertible Preferred Stock, issued in August 2023 for an aggregate price of $500 million. Holders of this stock are entitled to a 7.0% annual dividend, which the company can elect to pay in cash or through additional shares.

A PIK dividend, while conserving cash for the company, dilutes the value of existing shares by increasing the total number of shares outstanding. By consistently opting for cash payments, BrightView is sending a clear message to the market about its liquidity and robust cash flow. The company's press release explicitly noted this move was made possible by its “continued balance sheet flexibility and commitment to avoid the dilutive impact caused by payment in kind.”

This decision is particularly noteworthy for both preferred and common stockholders. For preferred shareholders, it provides a direct cash return. For common shareholders, it prevents the value of their holdings from being eroded by the issuance of new equity to satisfy dividend obligations. This financial prudence demonstrates management’s confidence in its operational performance and its ability to generate sufficient cash to meet its obligations without diluting ownership.

Navigating a Mixed Financial Landscape

The consistent dividend payments come against a backdrop of mixed, yet resilient, financial performance. For its fiscal year 2025, which ended on September 30, 2025, BrightView reported a record Adjusted EBITDA of $352.3 million, an 8.5% increase over the prior year. However, the company missed earnings per share (EPS) and revenue expectations for its fourth quarter, leading to a temporary dip in its stock price and a revised price target from some analysts, including Morgan Stanley, which lowered its target to $12 from $16 in November 2025.

More recently, for the first quarter of fiscal year 2026, which ended December 31, 2025, the company reported revenue of $614.7 million, beating analyst estimates. However, its adjusted EPS and Adjusted EBITDA for the quarter fell slightly short of expectations. Free cash flow also saw a decrease compared to the same period in the prior year.

Despite these fluctuations, the company’s ability to generate strong operating cash flow—which increased by nearly 42% in fiscal 2025—provides the foundation for its capital allocation decisions. The consistent cash dividend serves as a stabilizing signal, demonstrating that the core business remains strong enough to support shareholder returns while navigating quarterly performance pressures.

A Forward-Looking Capital Strategy

BrightView’s dividend policy is one component of a broader, forward-looking capital allocation strategy designed to drive long-term value. The company has provided optimistic guidance for fiscal year 2026, projecting total revenue growth and an expansion of its Adjusted EBITDA margin by 40 to 60 basis points. Critically, it forecasts a significant rebound in adjusted free cash flow to between $100 million and $115 million.

This projected financial strength supports other key initiatives aimed at rewarding shareholders and fueling growth. The company recently increased its share repurchase authorization to $150 million, signaling that management views its own stock as a worthwhile investment. This complements the dividend payments as another method of returning capital to shareholders.

These financial moves are underpinned by the company's “One BrightView” strategic plan, which aims to unify its operations and unlock further value. The company is also making significant capital investments in its business, including deploying a record amount of capital into its fleet of trucks, trailers, and mowers to enhance efficiency and support its front-line teams.

Leading a Stable and Growing Industry

BrightView operates as the market leader in the vast and resilient commercial landscaping sector. The combined U.S. market for commercial landscape maintenance and snow removal was valued at $124 billion in 2025, with stable growth expected in the coming years. This provides a durable foundation for BrightView’s business, which serves a diverse client base including corporate campuses, homeowners' associations, healthcare facilities, and sports venues, including its role as the Official Field Consultant to Major League Baseball.

In an industry that can be subject to seasonal and economic cycles, BrightView’s scale and financial discipline are significant competitive advantages. The ability to consistently pay cash dividends, invest in its fleet, and repurchase shares demonstrates a level of financial maturity and stability that reinforces its leadership position. By successfully managing its capital, the company is well-positioned to continue cultivating growth and delivering value to its clients and investors alike.