BRINKS COBCO
BRINKS CO Segments Disclosure
Segment Information
We identify our operating segments based on how our chief operating decision maker (“CODM”) allocates resources, assesses performance and makes decisions. Our CODM is our President and Chief Executive Officer. Our CODM evaluates performance and allocates resources to each operating segment based on a profit or loss measure which, at the reportable segment level, excludes the following:
•Corporate expenses - include costs to manage the global business and perform activities required by public companies as well as other items that are considered part of the Company's operations and revenue generating activities but are not considered when the CODM evaluates segment results. Examples include corporate staff compensation, corporate headquarters costs, regional management costs, share-based compensation, and currency transaction gains and losses.
•Other items not allocated to segments - include income and expenses that are not necessary to operate our business in the ordinary course and are not considered when the CODM evaluates segment results. These include non-recurring as well as certain recurring costs and gains which are not considered to be part of the Company's operations and revenue generating activities. As such, they have not been allocated to segment or Corporate results.
Our CODM uses segment operating profit to evaluate the performance of each of our reportable segments, comparing profitability to expected results as well as to the other segments, ultimately guiding resource allocation decisions including investment, capital allocation and staffing to optimize overall company profitability.
We currently serve customers in more than 100 countries, including 51 countries where we operate subsidiaries.
We manage our business in the following four segments:
•North America – operations in the U.S. and Canada, including the Brink’s Global Services ("BGS") line of business,
•Latin America – operations in Latin American countries where we have an ownership interest, including the BGS line of business,
•Europe – predominantly operations in European countries that primarily provide services outside of the BGS line of business, and
•Rest of World – operations in the Middle East, Africa and Asia. 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.
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.
Year Ended December 31, 2025 | |||||||||||||||||||||||||||||
(In millions) | North America | Latin America | Europe | Rest of World | Total | ||||||||||||||||||||||||
| Revenues | $ | 1,742.6 | 1,289.6 | 1,429.5 | 799.5 | 5,261.2 | |||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||
Cost of revenues: | |||||||||||||||||||||||||||||
Labor and fringe benefit costs(a) | 606.3 | 574.3 | 619.2 | 200.4 | |||||||||||||||||||||||||
Other cost of revenues segment items(b) | 667.9 | 350.9 | 474.5 | 357.3 | |||||||||||||||||||||||||
Total cost of revenues(a) | 1,274.2 | 925.2 | 1,093.7 | 557.7 | |||||||||||||||||||||||||
Selling, general, and administrative(a) | 221.7 | 120.5 | 158.6 | 63.6 | |||||||||||||||||||||||||
| Segment operating profit | $ | 246.7 | 243.9 | 177.2 | 178.2 | 846.0 | |||||||||||||||||||||||
Year Ended December 31, 2024 | |||||||||||||||||||||||||||||
(In millions) | North America | Latin America | Europe | Rest of World | Total | ||||||||||||||||||||||||
| Revenues | $ | 1,649.7 | 1,311.0 | 1,305.0 | 746.2 | 5,011.9 | |||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||
Cost of revenues: | |||||||||||||||||||||||||||||
Labor and fringe benefit costs(a) | 624.0 | 572.1 | 578.5 | 202.5 | |||||||||||||||||||||||||
Other cost of revenues segment items(b) | 608.2 | 349.3 | 425.9 | 329.7 | |||||||||||||||||||||||||
Total cost of revenues(a) | 1,232.2 | 921.4 | 1,004.4 | 532.2 | |||||||||||||||||||||||||
Selling, general, and administrative(a) | 223.5 | 117.3 | 149.5 | 58.6 | |||||||||||||||||||||||||
| Segment operating profit | $ | 194.0 | 272.3 | 151.1 | 155.4 | 772.8 | |||||||||||||||||||||||
Year Ended December 31, 2023 | |||||||||||||||||||||||||||||
(In millions) | North America | Latin America | Europe | Rest of World | Total | ||||||||||||||||||||||||
| Revenues | $ | 1,601.1 | 1,332.3 | 1,213.6 | 727.6 | 4,874.6 | |||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||
Cost of revenues: | |||||||||||||||||||||||||||||
Labor and fringe benefit costs(a) | 633.2 | 574.6 | 546.7 | 203.1 | |||||||||||||||||||||||||
Other cost of revenues segment items(b) | 583.4 | 354.1 | 405.9 | 321.7 | |||||||||||||||||||||||||
Total cost of revenues(a) | 1,216.6 | 928.7 | 952.6 | 524.8 | |||||||||||||||||||||||||
Selling, general, and administrative(a) | 199.3 | 123.3 | 124.0 | 50.7 | |||||||||||||||||||||||||
| Segment operating profit | $ | 185.2 | 280.3 | 137.0 | 152.1 | 754.6 | |||||||||||||||||||||||
(a)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Selling, general and administrative expenses include insignificant amounts reported within other operating income (expense) in the consolidated statements of operations.
(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.
| Years Ended December 31, | ||||||||||||||||||||
| (In millions) | 2025 | 2024 | 2023 | |||||||||||||||||
Segment operating profit | $ | 846.0 | 772.8 | 754.6 | ||||||||||||||||
| Reconciling Items: | ||||||||||||||||||||
| Corporate expenses: | ||||||||||||||||||||
| General, administrative and other expenses | (147.0) | (167.3) | (154.9) | |||||||||||||||||
Foreign currency transaction gains | 10.9 | 23.9 | 15.3 | |||||||||||||||||
Other items not allocated to segments(a): | ||||||||||||||||||||
Reorganization and restructuring | (1.4) | (1.5) | (17.6) | |||||||||||||||||
Acquisitions and dispositions | (78.5) | (62.5) | (70.6) | |||||||||||||||||
Argentina highly inflationary impact(b) | (10.2) | (35.0) | (86.8) | |||||||||||||||||
Transformation initiatives | (26.0) | (28.4) | (5.5) | |||||||||||||||||
DOJ/FinCEN investigations | (6.5) | (45.7) | — | |||||||||||||||||
| Chile antitrust matter | (0.8) | (1.3) | (0.5) | |||||||||||||||||
| Non-routine auto loss matter | (1.0) | (2.0) | (8.0) | |||||||||||||||||
Reporting compliance | — | — | (0.8) | |||||||||||||||||
Operating profit | $ | 585.5 | 453.0 | 425.2 | ||||||||||||||||
(a)See "Other Items not Allocated to Segments" for a description of these items.
(b)See "Depreciation Adjustment" in Note 1 for more details.
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 to 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.
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.
Argentina highly inflationary impact Beginning in the third quarter of 2018, we designated Argentina's economy as highly inflationary for accounting purposes. As a result, Argentine peso-denominated monetary assets and liabilities are now remeasured at each balance sheet date to the currency exchange rate then in effect, with currency remeasurement gains and losses recognized in earnings. In addition, nonmonetary assets retain a higher historical basis when the currency is devalued. 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 third-party professional services, project management charges and severance. These costs relate to a discrete program.
DOJ/FinCEN investigations In 2024, we recorded a charge for a probable loss in connection with U.S. Department of Justice ("DOJ") and U.S. Department of the Treasury’s (the "U.S. Treasury") Financial Crimes Enforcement Network ("FinCEN") investigations. Additionally, we have incurred third-party costs, primarily legal costs, associated with these matters, including upfront expenses that are directly attributable to establishing compliance programs. In the first quarter of 2025, we reached resolutions with both the DOJ and FinCEN.
Chile antitrust matter We have recorded charges for a contingent loss associated with an investigation initiated by the Chilean Fiscalía Nacional Económica or "FNE" (the Chilean antitrust agency). The investigation is related to potential anti-competitive practices among competitors in the cash logistics industry in Chile. Additionally, we have incurred third-party costs, primarily legal costs, associated with this matter. See Note 22 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.
Reporting compliance We incurred certain third-party compliance costs in 2023 to remediate a material weakness in internal controls over financial reporting.
| Years Ended December 31, | |||||||||||||||||
| (In millions) | 2025 | 2024 | 2023 | ||||||||||||||
| Capital Expenditures by Reportable Segment | |||||||||||||||||
| North America | $ | 59.7 | 62.6 | 43.8 | |||||||||||||
| Latin America | 24.2 | 33.0 | 48.8 | ||||||||||||||
| Europe | 73.3 | 79.9 | 77.5 | ||||||||||||||
| Rest of World | 43.4 | 42.6 | 25.2 | ||||||||||||||
| Total reportable segments | 200.6 | 218.1 | 195.3 | ||||||||||||||
| Corporate items | 2.5 | 4.4 | 7.4 | ||||||||||||||
| Total | $ | 203.1 | 222.5 | 202.7 | |||||||||||||
| Depreciation and Amortization by Reportable Segment | |||||||||||||||||
| Depreciation and amortization of property and equipment: | |||||||||||||||||
| North America | $ | 85.1 | 82.4 | 73.9 | |||||||||||||
| Latin America | 56.2 | 53.9 | 53.6 | ||||||||||||||
| Europe | 71.5 | 61.0 | 58.0 | ||||||||||||||
| Rest of World | 24.3 | 22.2 | 20.6 | ||||||||||||||
| Total reportable segments | 237.1 | 219.5 | 206.1 | ||||||||||||||
| Corporate items | 2.6 | 3.5 | 5.3 | ||||||||||||||
| Argentina highly inflationary impact | (7.8) | 12.0 | 5.4 | ||||||||||||||
Reorganization and restructuring | — | — | 1.2 | ||||||||||||||
| Depreciation and amortization of property and equipment | 231.9 | 235.0 | 218.0 | ||||||||||||||
Amortization of intangible assets(a) | 58.9 | 58.3 | 57.8 | ||||||||||||||
| Total | $ | 290.8 | 293.3 | 275.8 | |||||||||||||
(a)Amortization of acquisition-related intangible assets has been excluded from reportable segment amounts.
| December 31, | |||||||||||
| (In millions) | 2025 | 2024 | |||||||||
| Assets held by Reportable Segment | |||||||||||
| North America | $ | 2,166.7 | 2,089.8 | ||||||||
| Latin America | 1,211.6 | 1,171.7 | |||||||||
| Europe | 2,458.9 | 1,988.3 | |||||||||
| Rest of World | 1,070.9 | 991.5 | |||||||||
| Total reportable segments | 6,908.1 | 6,241.3 | |||||||||
| Corporate items | 431.1 | 381.8 | |||||||||
| Total | $ | 7,339.2 | 6,623.1 | ||||||||
| December 31, | |||||||||||
| (In millions) | 2025 | 2024 | |||||||||
Long-Lived Assets by Significant Country(a) | |||||||||||
| Non-U.S.: | |||||||||||
| France | $ | 143.1 | 113.2 | ||||||||
| Mexico | 125.0 | 106.5 | |||||||||
| Other | 544.7 | 432.0 | |||||||||
| Subtotal | 812.8 | 651.7 | |||||||||
| U.S. | 317.7 | 331.0 | |||||||||
| Total | $ | 1,130.5 | 982.7 | ||||||||
(a)Long-lived assets include only property and equipment, net.
| Years Ended December 31, | |||||||||||||||||
| (In millions) | 2025 | 2024 | 2023 | ||||||||||||||
Revenues by Significant Country(a) | |||||||||||||||||
| Outside the U.S.: | |||||||||||||||||
| Mexico | $ | 576.4 | 582.8 | 563.8 | |||||||||||||
| France | 470.8 | 447.1 | 413.2 | ||||||||||||||
| Brazil | 285.2 | 283.2 | 309.8 | ||||||||||||||
United Kingdom | 236.1 | 190.7 | 188.7 | ||||||||||||||
| Netherlands | 183.6 | 170.3 | 149.7 | ||||||||||||||
| Argentina | 168.2 | 190.7 | 207.1 | ||||||||||||||
| Canada | 129.7 | 123.1 | 118.0 | ||||||||||||||
| Other | 1,598.3 | 1,497.4 | 1,441.2 | ||||||||||||||
| Subtotal | 3,648.3 | 3,485.3 | 3,391.5 | ||||||||||||||
| U.S. | 1,612.9 | 1,526.6 | 1,483.1 | ||||||||||||||
| Total | $ | 5,261.2 | 5,011.9 | 4,874.6 | |||||||||||||
(a)Revenues are recorded in the country where service is initiated or performed. No single customer represents more than 10% of total revenue.
| December 31, | |||||||||||
| (In millions) | 2025 | 2024 | |||||||||
Net assets outside the U.S. by Geographic Area | |||||||||||
Canada | $ | 46.6 | 46.9 | ||||||||
Latin America(a) | 676.8 | 750.4 | |||||||||
Europe(a)(b) | 1,354.9 | 1,061.7 | |||||||||
Middle East, Africa and Asia ("MEAA") (a)(b) | 556.7 | 606.5 | |||||||||
| Total | $ | 2,635.0 | 2,465.5 | ||||||||
(a)Amounts include net assets of Corporate entities domiciled outside the U.S.
(b)European countries that primarily provide BGS services from our Rest of World segment are included in the Europe geographic area. The remainder of our Rest of World segment primarily represents operations in the MEAA geographic area.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 29, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.