What changed in this filing

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Item 1. Financial Statements

2026-05-06 compared with 2025-11-05 · 176 added, 414 removed, 868 unchanged (40% of the section changed)

4 unchanged sentences

(In millions, except for per share amounts)

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Current assets:

50 unchanged sentences

Condensed Consolidated Statements of Operations

Ended September 30, Nine Months

Ended September 30,

Ended March 31,

(In millions, except for per share amounts) 2026 2025

10 unchanged sentences

Provision for income taxes

53.0 27.2 95.8 75.5

Income from continuing operations 34.8 53.9

Income (loss) from discontinued operations, net of tax

0.1 — ( 0.1 ) ( 0.1 )

Net income 34.8 53.9

3 unchanged sentences

Continuing operations 32.1 51.6

Discontinued operations 0.1 — ( 0.1 ) ( 0.1 )

Net income attributable to Brink’s $ 32.1 51.6

1 unchanged sentence

Continuing operations $ 0.78 1.20

Discontinued operations — — — —

Net income $ 0.78 1.20

Continuing operations $ 0.77 1.19

Discontinued operations — — — —

Net income $ 0.77 1.18

8 unchanged sentences

Condensed Consolidated Statements of Comprehensive Income (Loss)

Ended September 30, Nine Months

Ended September 30,

Ended March 31,

(In millions) 2026 2025

2 unchanged sentences

Net benefit plan actuarial adjustment

2.2 1.6 1.6 10.9

Net benefit plan prior service adjustment

1 unchanged sentence

Net deferred profit sharing adjustment

0.2 0.1 0.8 —

Total benefit plan adjustments 3.6 ( 2.2 )

Net foreign currency translation adjustment

9.4 15.1 135.1 ( 77.5 )

Net change on available-for-sale securities

1.7 ( 6.1 ) 4.6 ( 4.4 )

Net change on cash flow hedges

4 unchanged sentences

Comprehensive income

44.1 29.2 277.1 40.5

Less comprehensive income attributable to noncontrolling interests

0.7 10.0 11.3 13.8

Comprehensive income attributable to Brink's

$ 43.4 19.2 $ 265.8 26.7

See accompanying notes to condensed consolidated financial statements.

2 unchanged sentences

Condensed Consolidated Statements of Equity

Nine Months ended September 30, 2025

Three Months ended March 31, 2026

(In millions) Shares Common

4 unchanged sentences

Net income — — — 32.1 — 2.7 34.8

Other comprehensive income

— — — — 37.8 0.7 38.5

Shares repurchased (a)

( 0.5 ) ( 0.5 ) ( 11.0 ) ( 36.2 ) — — ( 47.7 )

Dividends to:

Brink’s common shareholders ($ 0.2425 per share)

— — — ( 10.4 ) — — ( 10.4 )

Noncontrolling interests — — — — — ( 0.4 ) ( 0.4 )

Share-based compensation:

Stock awards and options:

Compensation expense — — 5.7 — — — 5.7

Other share-based benefit transactions 0.3 0.3 ( 16.7 ) ( 0.1 ) — — ( 16.5 )

Acquisitions of noncontrolling interests (b)

— — 0.6 — ( 0.2 ) ( 7.0 ) ( 6.6 )

Balance as of March 31, 2025

42.7 $ 42.7 639.3 290.3 ( 766.5 ) 123.2 329.0

Net income — — — 43.7 — 3.7 47.4

Other comprehensive income

— — — — 89.3 3.9 93.2

Shares repurchased (a)

( 1.0 ) ( 1.0 ) ( 11.6 ) ( 69.1 ) — — ( 81.7 )

Dividends to:

Brink’s common shareholders ($ 0.2550 per share)

— — — ( 10.7 ) — — ( 10.7 )

Noncontrolling interests — — — — — ( 0.3 ) ( 0.3 )

Share-based compensation:

Stock awards and options:

Compensation expense — — 8.1 — — — 8.1

Other share-based benefit transactions 0.1 0.1 — — — — 0.1

Balance as of June 30, 2025

41.8 $ 41.8 635.8 254.2 ( 677.2 ) 130.5 385.1

Net income — — — 36.3 — 1.3 37.6

Other comprehensive income (loss)

— — — — 1.4 ( 1.0 ) 0.4

Shares repurchased (a)

9 unchanged sentences

Other share-based benefit transactions 0.3 0.3 ( 17.7 ) — — — ( 17.4 )

Balance as of September 30, 2025

Balance as of March 31, 2026

41.2 $ 41.2 619.4 265.6 ( 664.2 ) 131.1 393.1

(a) Amounts do not agree to cash paid to repurchase shares in the condensed consolidated statements of cash flows or Note 11.

The difference is due to the timing of the cash settlements for shares repurchased near the balance sheet dates plus the accrual of liabilities to pay excise taxes resulting from share repurchases.

(b) This amount represents the impact of transactions in which we acquired or disposed of noncontrolling ownership interests in certain companies where we had an existing controlling interest prior to and after the related acquisition or disposal transactions.

* Accumulated other comprehensive income (loss)

See accompanying notes to condensed consolidated financial statements.

Nine Months ended September 30, 2024

Three Months ended March 31, 2025

(In millions) Shares Common

4 unchanged sentences

Net income — — — 51.6 — 2.3 53.9

Other comprehensive loss — — — — ( 13.0 ) ( 1.8 ) ( 14.8 )

Shares repurchased (a)

( 0.3 ) ( 0.3 ) ( 2.2 ) ( 18.5 ) — — ( 21.0 )

Dividends to:

Brink’s common shareholders ($ 0.2200 per share)

— — — ( 9.8 ) — — ( 9.8 )

Share-based compensation:

Stock awards and options:

Compensation expense — — 9.3 — — — 9.3

Other share-based benefit transactions 0.4 0.4 ( 16.4 ) — — — ( 16.0 )

Acquisitions of noncontrolling interests (b)

— — 0.2 — — ( 0.4 ) ( 0.2 )

Balance as of March 31, 2024

Other comprehensive income

— — — — 37.8 0.7 38.5

Net income — — — 46.2 — 3.6 49.8

Other comprehensive loss — — — — ( 75.0 ) ( 0.9 ) ( 75.9 )

Shares repurchased (a)

8 unchanged sentences

Other share-based benefit transactions 0.3 0.3 ( 16.7 ) ( 0.1 ) — — ( 16.5 )

Balance as of June 30, 2024

44.2 $ 44.2 666.3 354.0 ( 744.0 ) 126.1 446.6

Net income — — — 28.9 — 3.0 31.9

Other comprehensive income (loss)

— — — — ( 9.7 ) 7.0 ( 2.7 )

Shares repurchased (a)

( 0.6 ) ( 0.6 ) ( 8.3 ) ( 50.1 ) — — ( 59.0 )

Dividends to:

Brink’s common shareholders ($ 0.2425 per share)

Acquisitions of noncontrolling interests (b)

— — 0.6 — ( 0.2 ) ( 7.0 ) ( 6.6 )

Noncontrolling interests — — — — — ( 5.1 ) ( 5.1 )

Share-based compensation:

Stock awards and options:

Compensation expense — — 7.5 — — — 7.5

Other share-based benefit transactions 0.1 0.1 ( 0.5 ) — — — ( 0.4 )

Balance as of September 30, 2024

Balance as of March 31, 2025

42.7 $ 42.7 639.3 290.3 ( 766.5 ) 123.2 329.0

7 unchanged sentences

Condensed Consolidated Statements of Cash Flows

Ended September 30,

Ended March 31,

(In millions)

Cash flows from operating activities:

$ 138.9 133.9

Adjustments to reconcile net income to net cash provided by operating activities:

Loss from discontinued operations, net of tax

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Depreciation and amortization

3 unchanged sentences

Impairment losses

Retirement benefit funding more than expense:

( 1.3 ) ( 4.9 )

Retirement benefit funding (more) less than expense:

Other than pension

( 8.5 ) ( 6.5 )

Unrealized foreign currency gains

( 0.7 ) ( 36.4 )

Unrealized foreign currency losses

Other operating

1 unchanged sentence

Increase in accounts receivable and income taxes receivable

( 48.4 ) ( 91.2 )

Increase (decrease) in accounts payable, income taxes payable and accrued liabilities

( 48.8 ) 35.9

Decrease in restricted cash held for customers

( 31.9 ) ( 100.6 )

Increase (decrease) in customer obligations

11.8 ( 69.7 )

Increase (decrease) in restricted cash held for customers 3.2 ( 45.0 )

Increase in customer obligations

Increase in prepaid and other current assets

( 8.6 ) ( 23.7 )

( 17.4 ) ( 31.8 )

Net cash provided by operating activities

Net cash provided by (used in) operating activities

Cash flows from investing activities:

Capital expenditures

( 155.4 ) ( 159.9 )

Acquisitions, net of cash acquired — ( 5.3 )

5 unchanged sentences

Net change in economic hedges

Other ( 8.7 ) ( 0.3 )

Net cash used in investing activities

6 unchanged sentences

Other long-term debt:

Borrowings 22.4 819.8

Repayments ( 117.1 ) ( 489.5 )

Acquisition of noncontrolling interest — ( 6.6 )

Cash paid for acquisition related settlements and obligations — ( 0.8 )

Debt financing costs

5 unchanged sentences

Tax withholdings associated with share-based compensation

Other ( 1.8 ) —

Net cash (used in) provided by financing activities $ ( 216.1 ) 99.5

Net cash used in financing activities

Effect of exchange rate changes on cash

Cash, cash equivalents and restricted cash:

Increase (decrease) ( 38.5 ) ( 44.8 )

Balance at beginning of period

48 unchanged sentences

We operate in Argentina through wholly owned subsidiaries and a smaller controlled subsidiary (together, "Brink's Argentina").

Revenues from Brink's Argentina represented approximately 3 % of our consolidated revenues for the first nine months of 2025 and 4 % of our consolidated revenues for the first nine months of 2024.

The operating environment in Argentina continues to present business challenges, including ongoing devaluation of the Argentine peso and significant inflation.

In the first nine months of 2025 and 2024, the Argentine peso declined approximately 25 % (from 1,031.0 to 1,379.7 pesos to the U.S.

dollar) and 14 % (from 833.3 to 968.7 pesos to the U.S.

Revenues from Brink's Argentina represented approximately 3 % of our consolidated revenues for the first three months of 2026 and 4 % of our consolidated revenues for the first three months of 2025.

The operating environment in Argentina has presented business challenges in recent years driven by significant inflation and devaluation of the Argentine peso, despite modest appreciation of the currency during the first quarter of 2026.

In the first three months of 2026 and 2025, the Argentine peso appreciated approximately 5 % (from 1,451.6 to 1,382.0 pesos to the U.S.

dollar) and declined 4 % (from 1,031.0 to 1,073.1 pesos to the U.S.

dollar), respectively.

3 unchanged sentences

Argentine peso-denominated monetary assets and liabilities are remeasured at each balance sheet date using the currency exchange rate then in effect, with currency remeasurement gains and losses recognized in earnings.

In the first nine months of 2025, we recognized a $ 16.2 million pretax remeasurement loss.

In the first nine months of 2024, we recognized a $ 11.9 million pretax remeasurement loss.

In the first three months of 2026, we recognized a $ 1.4 million pretax remeasurement gain.

In the first three months of 2025, we recognized a $ 4.8 million pretax remeasurement loss.

Argentine peso-denominated nonmonetary assets and liabilities are recorded at historical cost based on the currency exchange rate at the time the asset or liability was acquired.

At September 30, 2025, Argentina's economy remained highly inflationary for accounting purposes.

At September 30, 2025, we had net monetary assets denominated in Argentine pesos of $ 16.3 million (including cash of $ 12.2 million).

At September 30, 2025, we had net nonmonetary assets of $ 177.8 million (including $ 102.5 million of goodwill and $ 43.4 million in debt securities denominated in Argentine pesos).

At March 31, 2026, Argentina's economy remained highly inflationary for accounting purposes.

At March 31, 2026, we had net monetary assets denominated in Argentine pesos of $ 33.0 million (including cash of $ 31.3 million).

At March 31, 2026, we had net nonmonetary assets of $ 135.3 million (including $ 102.5 million of goodwill and $ 3.7 million in debt securities denominated in Argentine pesos).

At December 31, 2025, we had net monetary assets denominated in Argentine pesos of $ 23.4 million (including cash of $ 24.9 million) and net nonmonetary assets of $ 140.7 million (including $ 102.5 million of goodwill and $ 7.7 million in debt securities denominated in Argentine pesos).

In April 2025, the Argentine government announced economic policy changes, including the removal of certain currency controls.

The official exchange rate will be allowed to fluctuate within a moving range.

Depreciation Adjustment

In accordance with our highly inflationary accounting policy, property, plant and equipment owned by Brink’s Argentina are considered nonmonetary assets.

These assets retain a higher historical basis when the currency is devalued and the higher historical basis results in incremental depreciation expense being recognized.

In the second quarter of 2025, we identified a prior period overstatement of depreciation related to Brink’s Argentina property, plant and equipment.

The accounting error was corrected resulting in a $ 13.6 million increase to second quarter 2025 net income and no impact to first half 2025 net cash provided by operating activities.

We have concluded that the impact of this accounting error was not material to any prior period financial statements.

Consistent with our treatment of the impact of Argentina highly inflationary accounting, this adjustment has been excluded from segment results and is reported as part of Other Items not Allocated to Segments.

Goodwill is recognized for the excess of the purchase price over the fair value of tangible and identifiable intangible net assets of businesses acquired.

We review goodwill for impairment annually, as of October 1, and whenever events or circumstances in interim periods indicate that it is more-likely-than-not that an impairment may have occurred.

Impairment indicators were reviewed as of September 30, 2025 and we concluded that there were no indicators that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount.

Impairment indicators were reviewed as of March 31, 2026 and we concluded that there were no indicators that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount.

We will continue to monitor results in future periods to determine whether any indicators of impairment exist that would cause us to perform an impairment review.

Acquisition of NCR Atleos Corporation ("NCR Atleos")

On February 26, 2026, we entered into a definitive agreement to acquire NCR Atleos.

The estimated purchase price consideration, on a GAAP basis, is approximately $ 4 billion.

The transaction is expected to close in the first quarter of 2027, subject to regulatory approval and other customary closing conditions.

The purchase price consideration at closing will be based primarily on the outstanding shares of NCR Atleos common stock and the market price of Brink’s common stock at the time of closing.

As of March 31, 2026, we have incurred $ 19.4 million of transaction costs, including fees to attorneys, accountants and other professional advisors, related to the future acquisition of NCR Atleos.

New Accounting Standards

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures , which expands annual disclosures in an entity’s income tax rate reconciliation table and requires annual disclosures regarding cash taxes paid both in the U.S.

(federal and state) and foreign jurisdictions.

The amendments in this ASU are effective for annual periods beginning after December 15, 2024, although early adoption is permitted.

This new guidance will result in increased disclosures in the notes to our financial statements.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE) , which requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses.

41 unchanged sentences

Cash and Valuables Management DRS and AMS Total

Three months ended September 30, 2025

Reportable Segments:

North America $ 300.8 134.0 434.8

Latin America 259.5 67.3 326.8

Europe 201.1 152.0 353.1

Rest of World 196.7 23.6 220.3

Total reportable segments $ 958.1 376.9 1,335.0

Three months ended September 30, 2024

Reportable Segments:

North America $ 298.2 114.4 412.6

Latin America 266.3 54.7 321.0

Europe 193.4 122.1 315.5

Rest of World 190.3 19.1 209.4

Total reportable segments $ 948.2 310.3 1,258.5

Nine months ended September 30, 2025

Three months ended March 31, 2026

Reportable Segments:

4 unchanged sentences

Total reportable segments $ 982.6 392.5 1,375.1

Nine months ended September 30, 2024

Three months ended March 31, 2025

Reportable Segments:

17 unchanged sentences

The upfront payment amounts are reported as contract assets and are amortized as a reduction to revenues over the duration of the contracts.

Contract assets expected to be billed or amortized within one year ($ 7.8 million at September 30, 2025) are included in prepaid expenses and other on the condensed consolidated balance sheet.

Amounts not expected to be billed or amortized within one year ($ 18.5 million at September 30, 2025) are reported in other assets on the condensed consolidated balance sheet.

Contract assets expected to be billed or amortized within one year ($ 11.7 million at March 31, 2026) are included in prepaid expenses and other on the condensed consolidated balance sheet.

Amounts not expected to be billed or amortized within one year ($ 16.6 million at March 31, 2026) are reported in other assets on the condensed consolidated balance sheet.

Contract Liabilities

5 unchanged sentences

Opening (January 1, 2026) $ 766.0 27.6 15.0

Closing (September 30, 2025) 801.0 26.3 12.7

Closing (March 31, 2026) 833.3 28.3 18.3

Increase (decrease)

$ 67.3 0.7 3.3

The amount of revenue recognized in the nine months ended September 30, 2025 that was included in the January 1, 2025 contract liabilities balance was $ 11.5 million.

The amount of revenue recognized in the three months ended March 31, 2026 that was included in the January 1, 2026 contract liabilities balance was $ 5.6 million.

This revenue consists of services provided to customers who had prepaid for those services prior to the current year.

Revenue recognized in the nine months ended September 30, 2025 from performance obligations satisfied in the prior year was not significant.

Revenue recognized in the three months ended March 31, 2026 from performance obligations satisfied in the prior year was not significant.

This revenue is a result of changes in the transaction price of our contracts with customers.

1 unchanged sentence

Sales commissions directly related to obtaining new contracts with customers are capitalized when incurred and are then amortized to expense ratably over the term of the contracts.

At September 30, 2025, the net capitalized costs to obtain contracts was included in other assets on the condensed consolidated balance sheet.

The capitalized amounts at September 30, 2025 and December 31, 2024 were $ 13.3 million and $ 12.8 million, respectively.

At March 31, 2026, the net capitalized costs to obtain contracts was included in other assets on the condensed consolidated balance sheet.

The capitalized amounts at March 31, 2026 and December 31, 2025 were $ 15.0 million and $ 14.3 million, respectively.

Practical Expedients

26 unchanged sentences

This segment also includes total operations in European countries that primarily provide BGS services and BGS activity in Latin American countries where we do not have an ownership interest.

Three Months Ended September 30, 2025

Operations in certain geographies were moved from the Rest of World segment to the Europe segment, effective December 31, 2025 in order to align with management reporting.

We have recast all prior periods presented to provide consistent comparability.

Three Months Ended March 31, 2026

(In millions)

North America Latin America Europe Rest of World Total

Revenues $ 434.8 326.8 353.1 220.3 1,335.0

Cost of revenues:

Labor and fringe benefit costs (a)

151.8 143.4 150.4 58.9

Other cost of revenues segment items (b)

171.6 87.6 118.6 94.7

Total cost of revenues (a)

323.4 231.0 269.0 153.6

Selling, general, and administrative (a)

North America

Latin America

Rest of World Total

$ 439.6 343.8 365.9 225.8 1,375.1

Segment operating profit $ 56.8 65.9 46.2 47.8 216.7

Three Months Ended September 30, 2024

(In millions)

North America Latin America Europe Rest of World Total

Revenues $ 412.6 321.0 315.5 209.4 1,258.5

Cost of revenues:

Labor and fringe benefit costs (a)

159.7 142.3 137.2 59.9

Other cost of revenues segment items (b)

156.7 82.5 100.9 88.1

Total cost of revenues (a)

316.4 224.8 238.1 148.0

Selling, general, and administrative (a)

54.7 25.9 37.3 17.6

Segment operating profit

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2025

(In millions)

North America Latin America Europe Rest of World Total

Revenues $ 1,286.7 953.8 990.0 651.7 3,882.2

Cost of revenues:

Labor and fringe benefit costs (a)

459.4 429.6 430.2 177.5

Other cost of revenues segment items (b)

488.9 259.3 337.0 283.6

Total cost of revenues (a)

948.3 688.9 767.2 461.1

Selling, general, and administrative (a)

North America

Latin America

Rest of World Total

$ 417.6 307.6 319.0 202.5 1,246.7

Segment operating profit $ 172.2 174.8 110.9 139.1 597.0

Nine Months Ended September 30, 2024

(In millions)

North America Latin America Europe Rest of World Total

Revenues $ 1,230.1 987.4 916.6 613.6 3,747.7

Cost of revenues:

Labor and fringe benefit costs (a)

470.7 436.4 407.7 178.2

Other cost of revenues segment items (b)

452.0 265.1 303.1 260.5

Total cost of revenues (a)

922.7 701.5 710.8 438.7

Selling, general, and administrative (a)

165.8 89.4 107.6 51.0

Segment operating profit

2 unchanged sentences

(b) Other cost of revenues segment items for each reportable segment include primarily vehicle expenses, freight, equipment costs, building expense, and office and administrative expenses.

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

(In millions)

2025 2024 2025 2024

Segment operating profit

3 unchanged sentences

General, administrative and other expenses

$ ( 31.1 ) ( 46.4 ) $ ( 101.3 ) ( 119.7 )

Foreign currency transaction gains

2.6 2.3 7.6 11.7

Other items not allocated to segments (b) :

Other items not allocated to segments:

Reorganization and restructuring

( 0.3 ) ( 0.4 ) ( 1.0 ) ( 1.9 )

Acquisitions and dispositions

( 17.8 ) ( 16.5 ) ( 62.1 ) ( 47.2 )

Argentina highly inflationary impact (c)

( 4.7 ) ( 10.8 ) ( 9.1 ) ( 23.8 )

Transformation initiatives

( 8.1 ) ( 9.5 ) ( 18.6 ) ( 21.5 )

Argentina highly inflationary impact

NCR Atleos acquisition and transformation initiatives ( 38.9 ) ( 5.1 )

Non-routine legal matters

DOJ/FinCEN investigations ( 1.2 ) ( 0.9 )

1 unchanged sentence

( 0.2 ) ( 0.2 )

Non-routine auto loss matter

( 1.0 ) ( 0.5 ) ( 1.0 ) ( 0.5 )

Operating profit

$ 152.4 111.6 $ 405.4 348.5

(a) This line item includes adjustments to bad debt expense and a Mexico profit sharing plan accrual reported by the segments to the estimated consolidated amounts required by U.S.

(b) See "Other Items not Allocated to Segments" for a description of these items.

Other Items not Allocated to Segments

Reorganization and restructuring Net charges incurred in relation to certain restructuring actions 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 mitigate the potential impact of external economic conditions in light of the COVID-19 pandemic.

Other restructuring actions were primarily in response to the COVID-19 pandemic and a decision to exit a line of business in our Canada operating unit.

Reorganization and restructuring Costs associated with certain reorganization and restructuring actions were excluded from reported non-GAAP results.

These items included primarily severance charges and asset impairment losses.

These costs related to global restructuring initiatives, completed in prior years.

Acquisitions and dispositions These items include non-cash amortization expense for acquisition-related intangible assets, as well as integration, transaction, restructuring and certain compensation costs.

3 unchanged sentences

The higher historical basis results in incremental expense being recognized when the nonmonetary assets are consumed.

Transformation initiatives During 2023, we initiated a multi-year program intended to accelerate growth and drive margin expansion through transformation of our business model.

The program is designed to help us standardize our commercial and operational systems and processes, drive continuous improvement and achieve operational excellence.

The transformation costs primarily include project management charges and third party professional services.

These costs relate to a discrete program.

NCR Atleos acquisition and transformation initiatives On February 26, 2026, we entered into a definitive agreement to acquire NCR Atleos.

The transaction is expected to close in the first quarter of 2027, subject to regulatory approval and other customary closing conditions.

This acquisition represents a significant strategic step for Brink’s, expanding the scale of the combined company and supporting continued growth in our AMS and DRS offerings, which reflect an increasing portion of our business mix.

During 2023, we initiated a multi-year program intended to accelerate growth and drive margin expansion through transformation of our business model.

The program is designed to help us standardize and streamline our commercial and operational systems and processes, as well as back-office functions, including finance and information technology.

The efforts will drive continuous improvement and achieve operational excellence.

These costs relate to discrete initiatives.

Non-routine legal matters In the first quarter of 2026, we recognized $ 2.8 million of probable losses in connection with non-routine legal matters.

These costs relate to fact-specific matters that management does not believe are indicative of the Company's underlying operational performance for the period.

DOJ/FinCEN investigations In 2024, we recorded a charge for a probable loss in connection with U.S.

7 unchanged sentences

See Note 13 for details.

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.

In connection with the ensuing litigation, Brink’s recognized a charge.

Additionally, we have incurred third-party costs, primarily legal costs, associated with this matter.

Nine Months Ended September 30,

Three Months Ended March 31,

(In millions) 2026 2025

7 unchanged sentences

Total $ 40.1 58.9

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

(In millions) 2026 2025

7 unchanged sentences

Corporate items 0.6 0.7

Argentina highly inflationary impact (b)

1.8 4.2 ( 8.7 ) 9.1

Argentina highly inflationary impact

Depreciation and amortization of property and equipment 64.8 56.3

Amortization of intangible assets (a)

14.8 14.7 44.0 43.8

Total $ 79.7 70.7

(a) Amortization of acquisition-related intangible assets has been excluded from reportable segment amounts.

(b) See "Depreciation Adjustment" in Note 1 for more details.

(In millions)

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Assets held by Reportable Segment

20 unchanged sentences

(In millions) 2026 2025 2026 2025 2026 2025

Three months ended September 30,

Service cost $ — — 2.2 2.1 2.2 2.1

Interest cost on projected benefit obligation 7.8 7.7 4.6 4.4 12.4 12.1

Return on assets – expected ( 11.1 ) ( 11.6 ) ( 3.0 ) ( 2.9 ) ( 14.1 ) ( 14.5 )

Amortization of losses 1.2 1.2 0.8 0.6 2.0 1.8

Amortization of prior service credit — — 0.1 0.1 0.1 0.1

Settlement loss — — 0.3 0.6 0.3 0.6

Net periodic pension cost (credit)

$ ( 2.1 ) ( 2.7 ) 5.0 4.9 2.9 2.2

Nine months ended September 30,

Three months ended March 31,

Service cost $ — — 2.4 2.0 2.4 2.0

8 unchanged sentences

We did not make cash contributions to the primary U.S.

pension plan in 2024 or the first nine months of 2025.

pension plan in 2025 or the first three months of 2026.

Based on current assumptions described in our Annual Report on Form 10-K for the year ended December 31, 2025, we do not expect to make contributions to the primary U.S.

pension plan until 2027.

pension plan for the foreseeable future.

Retirement benefits other than pensions

5 unchanged sentences

(In millions) 2026 2025 2026 2025 2026 2025

Three months ended September 30,

Interest cost on accumulated postretirement benefit obligations $ 2.4 2.2 1.1 1.1 3.5 3.3

Return on assets – expected ( 2.3 ) ( 2.6 ) — — ( 2.3 ) ( 2.6 )

Amortization of losses 0.5 0.1 0.8 1.2 1.3 1.3

Amortization of prior service cost (credit)

( 2.5 ) ( 2.4 ) ( 0.1 ) ( 0.1 ) ( 2.6 ) ( 2.5 )

Net periodic postretirement cost (credit)

$ ( 1.9 ) ( 2.7 ) 1.8 2.2 ( 0.1 ) ( 0.5 )

Nine months ended September 30,

Three months ended March 31,

Service cost $ — — 0.1 — 0.1 —

8 unchanged sentences

Note 5 - Income taxes

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

(In millions, except for effective tax rate)

2025 2024 2025 2024

Continuing operations

Provision for income taxes

$ 53.0 27.2 $ 95.8 75.5

Effective tax rate 24.0 % 22.4 %

1 unchanged sentence

Statutory Rate

On July 4, 2025, the One Big Beautiful Bill Act (the "OBBBA") was enacted in the U.S.

The OBBBA includes modifications to the U.S.

taxation of worldwide income and the deductibility of interest expense, among other tax changes.

The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027.

As a result of the enactment of the OBBBA, we recorded a tax expense of $ 18.7 million from an increased valuation allowance on U.S.

tax credit carryforwards.

The effective income tax rate on continuing operations in the first nine months of 2025 was greater than the 21% U.S.

statutory rate due to the geographical mix of earnings, the seasonality of book losses for which no tax benefit can be recorded, nondeductible expenses in Mexico, taxes on cross border payments, the tax expense recorded related to the enactment of OBBBA and U.S.

The effective income tax rate on continuing operations in the first three months of 2026 was greater than the 21% U.S.

taxable income and credit limitations.

1 unchanged sentence

Statutory Rate

The effective income tax rate on continuing operations in the first nine months of 2024 was greater than the 21% U.S.

The effective income tax rate on continuing operations in the first three months of 2025 was greater than the 21% U.S.

10 unchanged sentences

Income (Loss)

Three months ended September 30, 2025

Amounts attributable to Brink's:

Benefit plan adjustments $ ( 1.4 ) 0.3 1.2 ( 0.3 ) ( 0.2 )

Foreign currency translation adjustments (b)

11.2 ( 0.9 ) ( 1.2 ) 0.2 9.3

Gains (losses) on available-for-sale securities

2.8 ( 2.4 ) ( 1.1 ) ( 0.1 ) ( 0.8 )

Gains (losses) on cash flow hedges 0.1 — ( 1.7 ) 0.4 ( 1.2 )

12.7 ( 3.0 ) ( 2.8 ) 0.2 7.1

Amounts attributable to noncontrolling interests:

Foreign currency translation adjustments ( 0.6 ) — — — ( 0.6 )

( 0.6 ) — — — ( 0.6 )

Benefit plan adjustments (a)

( 1.4 ) 0.3 1.2 ( 0.3 ) ( 0.2 )

Foreign currency translation adjustments (b)

10.6 ( 0.9 ) ( 1.2 ) 0.2 8.7

Gains (losses) on available-for-sale securities (c)

2.8 ( 2.4 ) ( 1.1 ) ( 0.1 ) ( 0.8 )

Gains (losses) on cash flow hedges (d)

0.1 — ( 1.7 ) 0.4 ( 1.2 )

$ 12.1 ( 3.0 ) ( 2.8 ) 0.2 6.5

Three months ended September 30, 2024

Amounts attributable to Brink's:

Benefit plan adjustments $ ( 2.1 ) 0.6 1.5 ( 0.4 ) ( 0.4 )

Foreign currency translation adjustments (b)

9.2 3.2 ( 1.1 ) 0.3 11.6

Gains (losses) on available-for-sale securities

( 1.6 ) 1.8 ( 4.5 ) — ( 4.3 )

Gains (losses) on cash flow hedges ( 17.0 ) 4.0 ( 4.6 ) 1.0 ( 16.6 )

( 11.5 ) 9.6 ( 8.7 ) 0.9 ( 9.7 )

Amounts attributable to noncontrolling interests:

Foreign currency translation adjustments 7.0 — — — 7.0

7.0 — — — 7.0

Benefit plan adjustments (a)

( 2.1 ) 0.6 1.5 ( 0.4 ) ( 0.4 )

Foreign currency translation adjustments (b)

16.2 3.2 ( 1.1 ) 0.3 18.6

Gains (losses) on available-for-sale securities (c)

( 1.6 ) 1.8 ( 4.5 ) — ( 4.3 )

Gains (losses) on cash flow hedges (d)

( 17.0 ) 4.0 ( 4.6 ) 1.0 ( 16.6 )

$ ( 4.5 ) 9.6 ( 8.7 ) 0.9 ( 2.7 )

Amounts Arising During

the Current Period Amounts Reclassified to

Net Income (Loss)

(In millions) Pretax Income

Tax Pretax Income

Tax Total Other

Comprehensive

Income (Loss)

Nine months ended September 30, 2025

Three months ended March 31, 2026

Amounts attributable to Brink's:

18 unchanged sentences

$ 1.2 ( 3.0 ) 2.2 — 0.4

Nine months ended September 30, 2024

Three months ended March 31, 2025

Amounts attributable to Brink's:

21 unchanged sentences

Total service cost is allocated between cost of revenues and selling, general and administrative expenses on a plan-by-plan basis and the remaining net periodic retirement benefit cost items are allocated to interest and other nonoperating expense:

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

(In millions) 2026 2025

3 unchanged sentences

Interest and other nonoperating expense 4.2 0.1

2025 foreign currency translation adjustment amounts arising during the three months ended September 30, 2025 reflect primarily the appreciation of the the Mexican peso.

2024 foreign currency translation adjustment amounts arising during the three months ended September 30, 2024 reflect primarily the appreciation of the euro and the Malaysian ringgit, partially offset by the devaluation of the Mexican peso.

2025 foreign currency translation adjustment amounts arising during the nine months ended September 30, 2025 reflect primarily the appreciation of the euro, the Mexican peso, the Brazilian real, the Malaysian ringgit, and the Romanian leu.

2024 foreign currency translation adjustment amounts arising during the nine months ended September 30, 2024 reflect primarily the devaluation of the Mexican peso and the Brazilian real, partially offset by the appreciation of the Malaysian ringgit and the euro.

(b) Unrealized gains and losses on available-for-sale debt securities are initially recognized in accumulated other comprehensive income (loss).

(b) 2026 foreign currency translation adjustment amounts arising during the three months ended March 31, 2026 reflect primarily the appreciation of the the Brazilian real, the Colombian peso, the Chilean peso, and the euro.

2025 foreign currency translation adjustment amounts arising during the three months ended March 31, 2025 reflect primarily the appreciation of the euro, the Mexican peso and the Brazilian real.

(c) Unrealized gains and losses on available-for-sale debt securities are initially recognized in accumulated other comprehensive income (loss).

When sold, gains and losses are then realized and reclassified to the condensed consolidated statements of operations in the same period.

Pretax amounts are classified in the condensed consolidated statements of operations as interest and other income (expense).

(c) Pretax gains and losses on cash flow hedges are classified in the condensed consolidated statements of operations as in terest expense ( $ 1.7 million reduction to expense in the three months ended September 30, 2025 and $ 4.6 million reduction to expense in the three months ended September 30, 2024;

as well as $ 6.3 million reduction to expense in the nine months ended September 30, 2025 and $ 14.3 million reduction to expense in the nine months ended September 30, 2024).

(d) Pretax gains and losses on cash flow hedges are classified in the condensed consolidated statements of operations as in terest expense ( $ 1.1 million reduction to expense in the three months ended March 31, 2026 and $ 2.5 million reduction to expense in the three months ended March 31, 2025).

The changes in accumulated other comprehensive loss attributable to Brink’s are as follows:

6 unchanged sentences

1.8 ( 1.2 ) 1.1 ( 0.3 ) 1.4

Acquisitions of noncontrolling interests — ( 0.2 ) — — ( 0.2 )

Balance as of September 30, 2025 $ ( 264.1 ) ( 415.0 ) ( 2.3 ) 11.3 ( 670.1 )

Balance as of March 31, 2026 $ ( 265.2 ) ( 408.0 ) 0.2 8.8 ( 664.2 )

Note 7 - Fair value of financial instruments

5 unchanged sentences

(In millions)

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

2027 Senior Unsecured Notes

17 unchanged sentences

We have outstanding foreign currency forward and swap contracts to hedge transactional risks associated with foreign currencies.

At September 30, 2025, the notional value of our outstanding foreign currency forward and swap contracts was $ 773 million, with average maturities of approximately one month .

At March 31, 2026, the notional value of our outstanding foreign currency forward and swap contracts was $ 653 million, with average maturities of approximately one month .

These foreign currency forward and swap contracts primarily offset exposures in the euro, the British pound, and the Mexican peso and are not designated as hedges for accounting purposes.

4 unchanged sentences

(In millions)

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Prepaid expenses and other

1 unchanged sentence

( 2.9 ) ( 5.3 )

$ 6.3 ( 1.1 )

Amounts under these contracts were recognized in other operating income (expense) as follows:

Ended September 30, Nine Months

Ended September 30,

Ended March 31,

(in millions) 2026 2025

1 unchanged sentence

$ 10.4 ( 12.6 )

(a) Derivative instrument losses in the nine months ended September 30, 2025, and derivative instrument gains in the three months ended September 30, 2025, as compared to the corresponding prior year periods are primarily due to the impact of hedging currency exposures on intercompany loans denominated in the euro, the British pound, and the Mexican peso.

(a) Derivative instrument gains in the three months ended March 31, 2026, and derivative instrument losses in the three months ended March 31, 2025, were primarily driven by the impact of hedging currency exposures on intercompany loans denominated in the euro, the British pound, and the Mexican peso.

Net Investment Hedges

We have entered into cross currency swaps and foreign exchange forward swap contracts to hedge a portion of our net investments in certain of our subsidiaries with euro and Hong Kong dollar functional currencies.

We have entered into cross currency swaps and foreign exchange forward swap contracts to hedge a portion of our net investments in certain of our subsidiaries with euro and other functional currencies.

We elected to use the spot method to assess effectiveness for these derivatives that are designated as net investment hedges for accounting purposes.

9 unchanged sentences

(In millions)

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Euro net investment hedge (a)

1 unchanged sentence

Accrued liabilities

( 31.2 ) ( 34.2 )

Other noncurrent liabilities

3 unchanged sentences

Other noncurrent asset

Hong Kong dollar net investment hedge (b)

Other currency net investment hedges (b)

Prepaid expenses and other

Net liability

$ ( 61.5 ) ( 12.8 )

(a) At September 30, 2025, swaps with a total notional value of $ 215 million will terminate in May 2026 and have a weighted average maturity of 0.6 years.

Other noncurrent asset 0.3 0.2

Accrued liabilities ( 0.2 ) ( 0.7 )

Other noncurrent liabilities ( 1.6 ) ( 1.1 )

Net asset (liability) $ ( 54.8 ) ( 61.3 )

(a) At March 31, 2026, swaps with a total notional value of $ 215 million will terminate in May 2026 and have a weighted average maturity of 0.1 years.

Swaps with a total notional value of $ 185 million will terminate in April 2031 and have a weighted average maturity of 4.5 years.

(b) At September 30, 2025, the total notional value was $ 55 million with a weighted average maturity of 0.1 years.

(b) At March 31, 2026, the total notional value was $ 145 million with a weighted average maturity of 1.0 years.

These contracts hedge portions of our net investments in subsidiaries with functional currencies of Hong Kong dollar;

Singapore dollar;

Japanese yen;

Israeli shekel;

and Canadian dollar.

The effect of the amortization of the spot-forward difference on the net investment hedges cross currency swaps and foreign exchange forward swap contract is included as a benefit in interest expense as follows:

Ended September 30, Nine Months

Ended September 30,

Ended March 31,

(In millions) 2026 2025

7 unchanged sentences

Accordingly, changes in the fair value of these cash flow hedges are initially recorded in the gains (losses) on cash flow hedges component of accumulated other comprehensive income (loss).

We reclassify amounts from accumulated other comprehensive income (loss) into earnings in the same periods that the hedged debt affects earnings.

In the fourth quarter of 2024, we elected to early terminate interest rate swaps with an aggregate notional value of $ 775 million and we received approximately $ 19 million in cash proceeds upon termination.

The cash proceeds for terminating the swaps were reported as cash flows from operating activities.

reclassify amounts from accumulated other comprehensive income (loss) into earnings in the same periods that the hedged debt affects earnings.

In the first and third quarters of 2025, we entered into interest rate swaps totaling $ 150 million in notional value, all maturing in June 2027.

1 unchanged sentence

(In millions)

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

$100 million notional - June 2027 maturity (a)

Accrued liabilities

$ ( 0.1 ) ( 0.3 )

Other noncurrent liabilities

$50 million notional - June 2027 maturity (a)

Prepaid expenses and other $ 0.1 —

Accrued liabilities — ( 0.1 )

Other noncurrent liabilities

Net liability

(a) At September 30, 2025, swaps with a total notional value of $ 150 million will terminate in June 2027 and have a weighted average maturity of 0.9 years.

Net asset (liability) $ — ( 0.8 )

(a) At March 31, 2026, swaps with a total notional value of $ 150 million will terminate in June 2027 and have a weighted average maturity of 0.7 years.

Amounts under our interest rate swap contracts were recognized in interest expense as follows:

Ended September 30, Nine Months

Ended September 30,

Ended March 31,

(In millions) 2026 2025

6 unchanged sentences

We used a probability-weighted approach to estimate the fair value of the contingent consideration.

The fair value of the contingent consideration is the full $ 24 million that remains potentially payable as of September 30, 2025, as we believe it is unlikely that the contingent consideration payments will be reduced.

The fair value of the contingent consideration is the full $ 24 million that remains potentially payable as of March 31, 2026, as we believe it is unlikely that the contingent consideration payments will be reduced.

Other Financial Instruments

1 unchanged sentence

The financial statement carrying amounts of these items approximate the fair value.

There were no transfers in or out of any of the levels of the valuation hierarchy in the first nine months of 2025.

There were no transfers in or out of any of the levels of the valuation hierarchy in the first three months of 2026.

Note 8 - Debt

September 30, December 31,

March 31, December 31,

(In millions) 2026 2025

15 unchanged sentences

Total debt $ 4,155.9 4,214.3

(a) Amounts outstanding are net of unamortized debt costs of $ 2.0 million as of September 30, 2025 and $ 2.8 million as of December 31, 2024.

(b) Amounts outstanding are net of unamortized debt costs of $ 10.2 million as of September 30, 2025 and $ 12.2 million as of December 31, 2024.

(c) Includes Other Revolving Credit Facilities of $ 308 million at September 30, 2025 and $ 359 million at December 31, 2024.

(a) Amounts outstanding are net of unamortized debt costs of $ 6.9 million as of March 31, 2026 and $ 1.7 million as of December 31, 2025.

(b) Amounts outstanding are net of unamortized debt costs of $ 8.9 million as of March 31, 2026 and $ 9.6 million as of December 31, 2025.

(c) Includes Other Revolving Credit Facilities of $ 477 million at March 31, 2026 and $ 557 million at December 31, 2025.

Long-Term Debt

Senior Secured Credit Facility

In June 2022, we amended our senior secured credit facility (the “Senior Secured Credit Facility”) with Bank of America, N.A., as administrative agent.

In March 2026, we amended our senior secured credit facility (the “Senior Secured Credit Facility”) with Bank of America, N.A., as administrative agent.

After the amendment, the Senior Secured Credit Facility consisted of a $ 1 billion revolving credit facility (the "Revolving Credit Facility") and $ 1.2 billion of term loans (the "Term Loans").

All loans under the Revolving Credit Facility and the Term Loans mature on June 23, 2027.

Principal payments for the Term Loans are due quarterly in an amount equal to 0.625 % of the initial loan amount for the first eight quarterly installment payments and 1.25 % for subsequent payments with a final lump sum payment due on June 23, 2027.

The amendment also provides for $ 1.0 billion in a senior secured delayed draw term loan commitment (the "Delayed Draw Term Loan Facility") and up to $ 600 million of additional revolving commitments ("Upsized Revolver").

The proceeds under the Delayed Draw Term Loan Facility and the Upsized Revolver are intended to be used in the NCR Atleos transaction and are not available for use until the future acquisition date.

All loans under the Revolving Credit Facility and the Term Loans mature on March 31, 2031.

There are no Term Loan principal payments due in the first four quarters.

Thereafter, principal payments for the Term Loans are due quarterly in an amount equal to 0.625 % of the initial loan amount for the first eight quarterly installment payments and 1.25 % for subsequent payments with a final lump sum payment due on March 31, 2031.

Interest rates for the Senior Secured Credit Facility are based on the Secured Overnight Financing Rate ("SOFR") plus a margin or an alternate base rate plus a margin.

The Revolving Credit Facility allows us to borrow money or issue letters of credit (or otherwise satisfy credit needs) on a revolving basis over the term of the facility.

As of September 30, 2025, $ 509 million was available under the Revolving Credit Facility.

As of March 31, 2026, $ 540 million was available under the Revolving Credit Facility.

The obligations under the Senior Secured Credit Facility are secured by a first-priority lien on all or substantially all of the assets of the Company and certain of its domestic subsidiaries, including a first-priority lien on equity interests of certain of the Company’s direct and indirect subsidiaries.

1 unchanged sentence

The margin on both SOFR and alternate base rate borrowings under the Senior Secured Credit Facility is based on the Company’s total net debt leverage ratio.

The margin on SOFR borrowings, which can range from 1.25 % to 1.75 %, was 1.50 % at September 30, 2025.

The margin on alternate base rate borrowings, which can range from 0.25 % to 0.75 %, was 0.50 % as of September 30, 2025.

The margin on SOFR borrowings, which can range from 1.25 % to 1.75 %, was 1.50 % at March 31, 2026.

The margin on alternate base rate borrowings, which can range from 0.25 % to 0.75 %, was 0.50 % as of March 31, 2026.

We also pay an annual commitment fee on the unused portion of the Revolving Credit Facility based on the Company’s total net leverage ratio.

The commitment fee, which can range from 0.15 % to 0.28 %, was 0.23 % as of September 30, 2025.

The commitment fee, which can range from 0.15 % to 0.28 %, was 0.23 % as of March 31, 2026.

Senior Unsecured Notes

20 unchanged sentences

Other facilities consists primarily of revolving credit facilities in our North America, Latin America and Europe segments ("Other Revolving Credit Facilities").

On an aggregate basis, borrowings under these facilities total $ 498 million with an additional $ 350 million available as of September 30, 2025, including $ 189 million in Short-term borrowings and $ 309 million in Other long-term debt.

On an aggregate basis, borrowings under these facilities total $ 668 million with an additional $ 182 million available as of March 31, 2026, including $ 191 million in Short-term borrowings and $ 477 million in Other long-term debt.

Maturity dates of the long-term facilities range from July 2027 to June 2028 and interest rates range from 4.80 % to 5.00 %.

5 unchanged sentences

An acceleration of the repayment terms under one agreement could trigger the acceleration of the repayment terms under the other financing agreements.

We were in compliance with all of these covenants at September 30, 2025.

We were in compliance with all of these covenants at March 31, 2026.

Note 9 - Credit losses

9 unchanged sentences

We also monitor any significant economic events to identify any current or expected trends and risks within a pool that could impact the collectability of outstanding accounts receivables balances that were not contemplated or relevant during a previous period.

The following table is a rollforward of the allowance for doubtful accounts for the nine month period ended September 30, 2025.

The following table is a rollforward of the allowance for doubtful accounts for the three month period ended March 31, 2026.

Allowance for doubtful accounts:

4 unchanged sentences

Foreign currency exchange effects ( 0.2 )

September 30, 2025 $ 19.2

March 31, 2026 $ 20.3

Note 10 - Share-based compensation plans

6 unchanged sentences

No further grants of awards will be made under the 2017 Plan.

We have outstanding deferred stock units granted to directors under the 2017 Plan and the 2024 Plan.

We also have outstanding deferred stock units granted to directors under the 2017 Plan and the 2024 Plan.

Share-based awards were previously granted to directors and remain outstanding under the Non-Employee Directors' Equity Plan and the Directors’ Stock Accumulation Plan, each of which has expired.

Outstanding awards at September 30, 2025 include performance stock units, restricted stock units, deferred stock units, time-based stock options and certain awards that will be settled in cash.

Outstanding awards at March 31, 2026 include performance stock units, restricted stock units, deferred stock units, time-based stock options and certain awards that will be settled in cash.

Compensation Expense

Compensation expense is measured using the fair-value-based method.

For all share-based awards outstanding at September 30, 2025, the retirement eligibility provisions require a minimum of a one year service period in order to meet the retirement eligible conditions.

For all share-based awards outstanding at March 31, 2026, the retirement eligibility provisions require a minimum of a one year service period in order to meet the retirement-eligible conditions.

We recognize expense from the grant date to the earlier of the retirement-eligible date (provided it is not less than one year from the grant date) or the vesting date.

2 unchanged sentences

Compensation expenses for the share-based awards were as follows:

Compensation Expense Compensation Expense

Three Months Ended September 30, Nine Months Ended September 30,

Compensation Expense

Three Months Ended March 31,

(In millions)

2025 2024 2025 2024

Performance stock units

$ 2.0 4.7 $ 9.7 15.5

Restricted stock units 2.7 2.3

9 unchanged sentences

Options granted to employees have a maximum term of six years .

The following table summarizes time-based stock option activity during the first nine months of 2025:

The following table summarizes time-based stock option activity during the first three months of 2026:

(in thousands)

2 unchanged sentences

Exercised ( 2.8 ) 19.75

Outstanding balance as of September 30, 2025

Outstanding balance as of March 31, 2026

Restricted Stock Units (“RSUs”)

3 unchanged sentences

We measure the fair value of RSUs based on the price of Brink’s stock at the grant date, adjusted for a discount for dividends not received or accrued during the vesting period.

The following table summarizes RSU activity during the first nine months of 2025:

The following table summarizes RSU activity during the first three months of 2026:

(in thousands)

5 unchanged sentences

Vested ( 94.6 ) 78.61

Nonvested balance as of September 30, 2025

Nonvested balance as of March 31, 2026

272.5 $ 102.44

3 unchanged sentences

We measure the fair value of these PSUs based on the price of Brink’s stock at the grant date, adjusted for a discount for dividends not received or accrued during the vesting period.

For IM PSUs granted in 2021, the performance period was from January 1, 2021 to December 31, 2022 with an additional one year of service requirement after 2022.

For IM PSUs granted in 2022, the performance period was from January 1, 2022 to December 31, 2024.

For IM PSUs granted in 2023, the performance period is from January 1, 2023 to December 31, 2025.

For IM PSUs granted in 2024, the performance period is from January 1, 2024 to December 31, 2026.

For IMP PSUs granted in 2024, the performance period is from January 1, 2024, to December 31, 2026.

For IM PSUs granted in 2025, the performance period is from January 1, 2025 to December 31, 2027.

For the majority of IM PSUs granted in 2026, the performance period is from January 1, 2026 to December 31, 2028.

In 2025 and 2026, we also granted IM PSUs to certain employees which contain a market condition (in the form of a relative TSR modifier), a performance condition, and a service condition.

3 unchanged sentences

Shares are not paid out if the financial results do not meet a pre-established threshold level of performance.

Before 2023, we granted TSR PSUs containing a market condition as well as a service condition.

We measure the fair value of TSR PSUs at the grant date using a Monte Carlo simulation model.

For TSR PSUs granted in 2022, the service period was from January 1, 2022 to December 31, 2024.

The following table summarizes all PSU activity during the first nine months of 2025:

The following table summarizes all PSU activity during the first three months of 2026:

(in thousands)

6 unchanged sentences

( 167.8 ) 69.24

Nonvested balance as of September 30, 2025

Nonvested balance as of March 31, 2026

686.9 $ 102.27

6 unchanged sentences

DSUs granted prior to 2015, in general, will be paid out in shares of stock following separation from service.

The following table summarizes all DSU activity during the first nine months of 2025:

The following table summarizes all DSU activity during the first three months of 2026:

(in thousands)

1 unchanged sentence

Nonvested balance as of December 31, 2025

Granted 14.8 92.19

Vested ( 13.6 ) 87.93

Nonvested balance as of September 30, 2025

Nonvested balance as of March 31, 2026

Note 11 - Capital Stock

At September 30, 2025, we had 100 million shares of common stock authorized and 41.6 million shares issued and outstanding.

At March 31, 2026, we had 100 million shares of common stock authorized and 41.2 million shares issued and outstanding.

We paid regular quarterly dividends on our common stock during the last two years.

On July 11, 2025, the Board declared a regular quarterly dividend of $ 0.2550 per share payable on September 2, 2025, to shareholders of record on July 28, 2025.

On September 17, 2025, the Board declared a regular quarterly dividend of $ 0.2550 per share payable on December 1, 2025, to shareholders of record on November 3, 2025.

On January 15, 2026, the Board declared a regular quarterly dividend of $ 0.2550 per share payable on March 2, 2026, to shareholders of record on February 2, 2026.

The payment of future dividends is at the discretion of the Board of Directors and is dependent on our future earnings, financial condition, shareholder equity levels, cash flow, business requirements and other factors.

Preferred Stock

At September 30, 2025, we had the authority to issue up to 2.0 million shares of preferred stock with a par value of $ 10 per share, and no shares were issued and outstanding.

At March 31, 2026, we had the authority to issue up to 2.0 million shares of preferred stock with a par value of $ 10 per share, and no shares were issued and outstanding.

Share Repurchase Program

In November 2023, our Board of Directors authorized a $ 500 million share repurchase program that expires on December 31, 2025 (the "2023 Repurchase Program").

In December 2025, our Board authorized a $ 750 million share repurchase program that expires on December 31, 2027 (the "2025 Repurchase Program").

Under the 2025 Share Repurchase Program, we are not obligated to repurchase any specific dollar amount or number of shares.

1 unchanged sentence

Share repurchases under this program may be made in the open market, in privately negotiated transactions, or otherwise.

During the nine months ended September 30, 2025, we repurchased a total of 1,724,309 shares of our common stock for an aggregate amount of $ 153.6 million and an average price of $ 89.05 per share.

In November 2023, our Board authorized a $ 500 million share repurchase program (the "2023 Repurchase Program").

Under the 2023 Repurchase Program, in 2025, we repurchased a total of 2,210,616 shares of our common stock for an aggregate of $ 209.4 million and an average price of $ 94.74 per share.

These shares were retired upon repurchase.

At September 30, 2025, $ 143 million remained available under the 2023 Repurchase Program.

The 2023 Repurchase Program expired on December 31, 2025, with approximately $ 87 million remaining available.

During the three months ended March 31, 2026, we repurchased a total of 241,321 shares of our common stock for an aggregate amount of $ 30.2 million and an average price of $ 125.12 per share under the 2025 Repurchase Program.

These shares were retired upon repurchase.

At March 31, 2026, $ 720 million remained available under the 2025 Repurchase Program.

Shares Used to Calculate Earnings per Share

Ended September 30, Nine Months

Ended September 30,

Ended March 31,

(In millions) 2026 2025

Weighted-average shares:

41.9 44.2 42.4 44.5

Effect of dilutive stock awards and options 0.2 0.4

6 unchanged sentences

Additionally, nonvested units containing only a service requirement are also included in the computation of basic weighted-average shares when the requisite service period has been completed.

Accordingly, basic shares include weighted-average units of 0.2 million in the three months and 0.2 million in the nine months ended September 30, 2025, and 0.2 million in the three months and 0.2 million in the nine months ended September 30, 2024.

Accordingly, basic shares include weighted-average units of 0.1 million in the three months ended March 31, 2026, and 0.2 million in the three months ended March 31, 2025.

Note 12 - Supplemental cash flow information

Ended September 30,

Ended March 31,

(In millions) 2026 2025

3 unchanged sentences

Argentina Marketable Securities

In the first nine months of 2025, we have used available Argentine pesos to purchase equity and available-for-sale debt securities.

Cash outflows for the purchase of these financial instruments totaled $ 67.9 million through the first nine months of 2025.

We have historically used available Argentine pesos to purchase equity and available-for-sale debt securities.

There were no cash outflows through the first three months of 2026.

Cash inflows for the sale of these financial instruments totaled $ 4.5 million.

There were purchases of $ 29.7 million and sales of $ 13.3 million during the first nine months of 2024.

There were no cash outflows for purchases of these financial instruments through the first three months of 2025.

Cash inflows for the sale of these financial instruments totaled $ 0.8 million during the first three months of 2025.

At the time of any future sale of these financial instruments, proceeds received will be solely in Argentine pesos.

1 unchanged sentence

Non-cash Investing and Financing Activities

We acquired $ 47.9 million in armored vehicles, DRS devices and other equipment under financing lease arrangements in the first nine months of 2025 compared to $ 44.2 million in armored vehicles, DRS devices and other equipment acquired under financing lease arrangements in the first nine months of 2024.

We acquired $ 21.7 million in armored vehicles, DRS devices and other equipment under financing lease arrangements in the first three months of 2026 compared to $ 13.9 million in armored vehicles, DRS devices and other equipment acquired under financing lease arrangements in the first three months of 2025.

Loans Held for Investment

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In accordance with a revolving credit facility, we are required to maintain a restricted cash reserve of $ 55.7 million ($ 45.7 million at December 31, 2025) and, due to this contractual restriction, we have classified these amounts as restricted cash.

At September 30, 2025, we held $ 461.6 million of restricted cash ($ 215.4 million represented restricted cash held for customers and $ 198.9 million represented accrued liabilities).

At March 31, 2026, we held $ 548.2 million of restricted cash ($ 290.9 million represented restricted cash held for customers and $ 199.9 million represented accrued liabilities).

At December 31, 2025, we held $ 541.0 million of restricted cash ($ 294.2 million represented restricted cash held for customers and $ 199.3 million represented accrued liabilities).

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In certain leasing transactions, we acquire assets through capital expenditures that are then sold to lessors in which the cash received is classified as borrowings from financing activities rather than proceeds from investing activities.

Cash inflows related to these transactions totaled $ 21.9 million in the first nine months of 2025 compared to $ 19.4 million in the first nine months of 2024 and are included in Other long-term debt borrowings within financing activities in the condensed consolidated statements of cash flows.

Cash inflows related to these transactions totaled $ 3.2 million in the first three months of 2026 compared to $ 8.1 million in the first three months of 2025 and are included in Other long-term debt borrowings within financing activities in the condensed consolidated statements of cash flows.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows.

September 30, December 31,

March 31, December 31,

(In millions) 2026 2025

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements