The quarter beat on earnings, while revenue was essentially in line to slightly soft. Non-GAAP EPS of $2.13 exceeded the published consensus of about $2.05, but revenue of $1.392 billion came in just below the roughly $1.40 billion expectation. The more important quality marker was margin: adjusted EBITDA rose 11% to $257 million and margin expanded 70 basis points to 18.5%, showing profit grew faster than sales. (Second-Quarter 2026 Results)
| Metric | Q2 2026 | Q2 2025 | Expectation / prior guidance |
|---|---|---|---|
| Revenue | $1.392B (+7%; +4% organic) | $1.301B | Published consensus: ~$1.40B; prior guidance: $1.370B-$1.430B (Second-Quarter 2026 Results; Q2 2026 Guidance) |
| Adjusted EBITDA | $257M (+11%) | $232M | Prior guidance: $245M-$265M (Second-Quarter 2026 Results; Q2 2026 Guidance) |
| Adjusted EBITDA margin | 18.5% (+70 bps) | 17.8% | — (Second-Quarter 2026 Results) |
| Non-GAAP EPS | $2.13 (+18%) | $1.81 | Published consensus: ~$2.05; prior guidance: $1.85-$2.25 (Second-Quarter 2026 Results; Q2 2026 Guidance) |
| TTM free cash flow before dividends | $468M (+7%) | $436M | 46% conversion versus 48% a year earlier (Second-Quarter 2026 Results) |
| Q3 EPS guidance | $2.23-$2.63 | — | Midpoint $2.43 versus published consensus of ~$2.54 (Third Quarter 2026 Guidance) |
The forward setup is the offset to the EPS beat. Q3 EPS guidance of $2.23-$2.63 brackets consensus, but its $2.43 midpoint is below the published ~$2.54 estimate. Revenue guidance of $1.365 billion-$1.415 billion and EBITDA guidance of $263 million-$283 million imply sequential improvement, yet Brink's did not raise its full-year framework despite the strong margin quarter. That makes this a solid execution report rather than a clear upgrade to the standing earnings picture. (Full Year 2026 Framework and Third Quarter 2026 Guidance)
Growth remains concentrated in the higher-growth services businesses, supporting the margin story. AMS/DRS organic revenue grew 14%, versus 4% total organic growth, while North America adjusted EBITDA margin reached 20.7%. But underlying organic growth in North America, Latin America, and Europe was only 2% each; the stronger aggregate result depended heavily on Rest of World and the services mix. (AMS/DRS Continues Strong Performance; Revenue & Adjusted EBITDA by Segment)
Cash generation is improving, but leverage has not yet declined ahead of the acquisition. Trailing free cash flow increased $32 million year over year to $468 million, although conversion eased to 46% from 48%. Net debt rose to $2.730 billion from $2.595 billion at year-end, leaving leverage unchanged at 2.7x. The NCR Atleos deal remains targeted for early Q1 2027, with regulatory processes described as on track; that is a confirmation of the existing timetable, not a new acceleration in closing. (Second Quarter Performance Highlights; Net Debt and Net Leverage; NCR Atleos Acquisition Update)
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