FirstService Corporation (FSV) Earnings
FirstService Corporation is expected to report next earnings on July 23, 2026 (in NaN days), with a consensus EPS estimate of $1.71. FSV has beaten EPS estimates in 8 of its last 12 reported quarters (average surprise +7.0% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 23, 2026 | $0.90 | $0.95 | +5.6% | $1.3B | +0.7% |
| Feb 4, 2026 | $1.32 | $1.37 | +3.8% | $1.4B | +6.5% |
| Oct 23, 2025 | $1.75 | $1.76 | +0.6% | $1.4B | +6.4% |
| Jul 24, 2025 | $1.45 | $1.71 | +17.9% | $1.4B | -2.2% |
| Apr 24, 2025 | $0.84 | $0.92 | +9.5% | $1.3B | -2.4% |
| Feb 5, 2025 | $1.37 | $1.34 | -2.2% | $1.4B | +5.0% |
| Oct 24, 2024 | $1.42 | $1.63 | +14.8% | $1.4B | +8.1% |
| Jul 25, 2024 | $1.26 | $1.36 | +7.9% | $1.3B | +1.5% |
| Feb 6, 2024 | $1.14 | $1.11 | -2.6% | $1.1B | +3.5% |
| Oct 26, 2023 | $1.29 | $1.25 | -3.1% | $1.1B | +3.7% |
| Jul 27, 2023 | $1.33 | $1.46 | +9.8% | $1.1B | +2.7% |
| Feb 7, 2023 | $1.20 | $1.22 | +1.7% | $1.0B | +4.3% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 23, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Total revenues were up 5% over prior year, organic growth over half; adjusted EBITDA up 2% year-over-year, margin 8%; EPS $0.95, up 3% over prior year. FirstService Residential generated revenues of $546 million, up 4% over last year's Q1, EBITDA $46 million, up 10% over prior year, EBITDA margin 8.4%, 50 basis points increase. FirstService Brands reported revenues of $771 million for the current quarter, up 6% over last year's Q1, EBITDA $64 million, down 5.5% versus prior year quarter, margin 8.3%, down 100 basis points. Consolidated operating cash flow generated $88 million during Q1, up more than double compared to Q1 2025; capital expenditures $28 million, slightly below prior year, full year CapEx now expected modestly lower than initial guidance; net-debt to EBITDA ticked down to 1.5x; liquidity exceeds $1 billion.
Guidance
FirstService Residential expects similar or slightly better organic growth in Q2 and some sequential improvement for Q3 and Q4. FirstService Brands forecasts similar year-over-year trends as Q1 across both divisions, mid-single-digit top line growth and EBITDA performance flat to slightly up compared with the prior year in Q2.
Segment performance
Total revenues were up 5% over the prior year, with organic growth accounting for over half. FirstService Residential revenues were up 4% in Q1, all organic, core contract wins/renewals strong, ancillary services like pool construction/renovation and commercial maintenance contracted labor declined; expects similar or slightly better organic growth in Q2 and sequential improvement in Q3/Q4. FirstService Brands revenues up 6%, balanced between organic growth and tuck-under acquisition; organic growth driven by Century Fire, restoration brands (First ONSITE and Paul Davis) mid-single digit up vs prior year but flat organically, roofing segment revenues up 7% over prior year driven by tuck-under acquisitions, organic flat, expects similar result in Q2; Century Fire total revenues up over 10% with high single-digit organic growth; Home Services brands revenues slightly up from year ago but lower than expectation, lead flow down double digit in Q1, expects to get close to prior year revenues in Q2.
Risks & headwinds
Macro-economic uncertainty, geopolitical developments impacting consumer sentiment and home improvement demand; intense competition in certain markets like commercial reroof; weather influencing restoration business with work from winter storms not carrying into Q2; potential prolonged downturn affecting promotional spending and cost structure adjustments.
Analyst Q&A
Q: Just wanted to ask about the roofing vertical, are you still expecting that some of those reroofing jobs are being delayed into later points in the year or beyond this period of geopolitical and macro uncertainty?
A: I think, Stephen, it has delayed a rebound. The reroof market, certainly stabilizing, but stubbornly weak. I think the persistent uncertainty does continue to impact decision-making around major projects, we do believe we'll grow organically this year. We expect to see some organic growth in Q2, but I think that the rebound has been pushed out. We do expect to see sequential improvement in Q3 and Q4. There are opportunities that were delayed last year that we're seeing scheduled now. We're bidding work, we're winning work. Generally, we're feeling optimistic. We believe that we're -- we have a very solid branch network, and we're poised to really take advantage when the market improves.
Q: Just wanted to touch on Century Fire for a second. Has there been any regulatory changes that might help explain some of the growth here in terms of maybe frequency of inspections or system retrofits or anything else that can explain that growth?
A: No. The growth has really been in the service repair and inspection side has been very consistent in the last number of years, and it continues to be a driver for them. There's just a real focus on it across all the branches. And they're still in the process of layering in service expertise at some of the branches that were primarily installation focus. So there's nothing on the regulatory environment, certainly that we're aware of that's accelerated the growth in the service side. It's just a continued focus on it.
Q: Nice to see strong margin improvement once again in the residential segment with the labor efficiency gains we've called out. So curious if you see opportunities to leverage AI and other businesses and segments, similar to what you've done in potential around client accounting and call center operations?
A: Yes. In our brands businesses, obviously, we've done it in residential, as you're aware, and that's part of the efficiencies. And the brands businesses, all of them are exploring tools to be more efficient on the front lines. I can point out 1 example of restoration where walk-throughs job estimating and scoping. AI tools are being used to speed the process, be more productive for those estimating teams and also helping enhance the accuracy, making sure nothing is missed and we captured in that scoping exercise. That would be 1 example to call out, but all of our brands are using AI in an early stages, incremental way as we speak.