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CLOSED · 03:25 ET
Market ClerkRecap
Sat Oct 24 · markets closed6 signals on Oct 2394 insider buys this week · $48.3MCIRO short report next: Oct 30The week ahead

BCO

BRINKS CO
NYSE · INDUSTRIALS · ARRANGEMENT OF TRANSPORTATION OF FREIGHT & CARGO
111.27
+0.05 +0.04%
USD · close Oct 23
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MKT CAP $4.6BP/E 25.8DIV YIELD 0.92%FCF YIELD 8.59%REV TTM $5.5B +8.1%NET INCOME $180.9M +11.2%NET CASH $1.3B52W 92.16 – 135.58SEC XBRL · TTM TO Invalid Date

How BCO rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
75%
of sentences unchanged
Added
34
new sentences
Dropped
28
sentences removed
Length
+368
words, now 7,319

New in FY2025

  • 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 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.
  • 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.
  • Sixty-nine percent (69%) of our revenues in 2025 came from operations outside the U.S.
  • 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.
  • 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").
  • The funded status of the primary U.S. pension plan was approximately 104% as of December 31, 2025.
  • Based on our actuarial assumptions at the end of 2025, we do not expect to make contributions until 2046.
  • We have $275 million of actuarial losses recorded in accumulated other comprehensive income (loss) at the end of 2025.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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..
  • Forward-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.
  • 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 • the promulgation and adoption of new accounting standards, new government regulations and interpretation of existing standards and regulations.
  • 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.
  • 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.
  • 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.

Gone since FY2024

  • Our strategy is to grow Brink's by providing a superior customer experience and driving continuous improvement.
  • 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 .
  • 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.
  • Seventy percent (70%) of our revenues in 2024 came from operations outside the U.S.
  • 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.
  • 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").
  • The funded status of the primary U.S. pension plan was approximately 101% as of December 31, 2024.
  • Based on our actuarial assumptions at the end of 2024, we do not expect to make contributions until 2027.
  • We have $274 million of actuarial losses recorded in accumulated other comprehensive income (loss) at the end of 2024.
  • 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.
  • 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.
  • 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.
  • 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.
  • As a global company we must adhere to applicable laws and regulations in numerous regions regarding data privacy, data protection, and data security.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • Forward-Looking Statements This document contains both historical and forward-looking information.
  • Forward-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.
  • 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.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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