FirstService Q3 2025 Earnings Release: Residential Growth Offsets Brands Division Challenges

FirstService Corporation reported its third quarter 2025 results with consolidated revenues of $1.45 billion, marking a 4% year-over-year increase. Adjusted EBITDA rose 3% to $164.8 million, while Adjusted EPS grew 8% to $1.76. The Residential division drove growth with an 8% revenue increase to $605.4 million and 13% Adjusted EBITDA growth, benefiting from operational efficiencies. Conversely, the Brands division saw only 1% revenue growth ($842.1 million) with a 4% organic decline in restoration/roofing operations, leading to reduced margins. Corporate costs remained stable at $3.7 million. Year-to-date results showed 7% revenue growth ($4.11 billion) and 13% Adjusted EBITDA growth. CEO Scott Patterson acknowledged macroeconomic headwinds impacting Brands but expressed confidence in delivering solid annual growth. The filing includes detailed financial statements, reconciliations of non-GAAP metrics, and forward-looking statements about market challenges.