FirstService Q1 Revenue Climbs 5% to $1.32B; Adjusted EPS $0.95 Beats
FirstService reported first-quarter net income of $20 million on consolidated revenue of $1.32 billion, marking a 5% year-over-year increase and topping analyst revenue forecasts of $1.30 billion. Adjusted EPS rose 3% to $0.95, surpassing the 0.90 consensus, while GAAP EPS climbed to $0.44 from $0.06 a year earlier.
1. Q1 Financial Results
FirstService delivered net income of $20 million with consolidated revenue of $1.32 billion, up 5% from the prior year. Adjusted EPS reached $0.95, beating the consensus of $0.90, while GAAP EPS improved to $0.44 from $0.06 a year ago.
2. Residential Platform Performance
The Residential segment posted revenue of $545.7 million, rising 4% year-over-year on organic growth from new property management contracts and labour services expansions. Adjusted EBITDA increased 10% to $45.9 million, and operating earnings rose to $32.1 million.
3. Brands Platform Performance
FirstService Brands generated $771.4 million in revenue, up 6% overall and 2% organically, with growth driven by Century Fire Protection. Adjusted EBITDA was $64.0 million versus $67.8 million a year earlier, reflecting margin pressures from roofing competition and promotional activity, while operating earnings climbed to $28.4 million.
4. Management Commentary
CEO Scott Patterson highlighted in-line performance across all brands and emphasized efforts to gain market share and build growth momentum throughout the rest of 2026.