BRINKS CO
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
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Investing Activities
| Years Ended December 31, · $ change | |||||
|---|---|---|---|---|---|
| (In millions) | 2025 | 2024 | 2023 | 2025 | 2024 |
| Cash flows from investing activities | |||||
| Capital expenditures | $(203.1) | (222.5) | (202.7) | $19.4 | (19.8) |
| Acquisitions, net of cash acquired | (6.0) | (19.1) | (1.5) | 13.1 | (17.6) |
| Dispositions, net of cash disposed | — | — | 1.1 | — | (1.1) |
| Marketable securities: | |||||
| Purchases | (123.2) | (71.8) | (134.7) | (51.4) | 62.9 |
| Sales | 135.1 | 57.2 | 150.4 | 77.9 | (93.2) |
| Proceeds from sale of property and equipment | 18.5 | 29.2 | 18.4 | (10.7) | 10.8 |
| Net change in loans held for investment | 7.0 | 7.1 | (11.1) | (0.1) | 18.2 |
| Net change in economic hedges | (22.1) | 4.0 | — | (26.1) | 4.0 |
| Other | (8.6) | (0.3) | (0.6) | (8.3) | 0.3 |
| Discontinued operations | — | — | 0.9 | — | (0.9) |
| Investing activities | $(202.4) | (216.2) | (179.8) | $13.8 | (36.4) |
Cash used by investing activities decreased by $13.8 million in 2025 as compared to 2024. The decrease was primarily due to changes in the net cash impact related to the purchases and sales of marketable securities in 2025 (we had $11.9 million in net cash received in 2025 compared to $14.6 million in net cash paid in 2024), lower amounts paid for capital expenditures, and lower amounts paid for acquisitions in 2025. This was partially offset by the cash payments related to the net change in economic hedge contracts in 2025, as discussed in Note 11, and lower amounts received from proceeds from sale of property and equipment.
Capital expenditures and depreciation and amortization were as follows:
| Years Ended December 31, · $ change | |||||
|---|---|---|---|---|---|
| (In millions) | 2025 | 2024 | 2023 | 2025 | 2024 |
| Property and Equipment Acquired during the year | |||||
| Capital expenditures(a): | |||||
| North America | $59.7 | 62.6 | 43.8 | $(2.9) | 18.8 |
| Latin America | 24.2 | 33.0 | 48.8 | (8.8) | (15.8) |
| Europe | 73.3 | 79.9 | 77.5 | (6.6) | 2.4 |
| Rest of World | 43.4 | 42.6 | 25.2 | 0.8 | 17.4 |
| Corporate | 2.5 | 4.4 | 7.4 | (1.9) | (3.0) |
| Capital expenditures | $203.1 | 222.5 | 202.7 | $(19.4) | 19.8 |
| Financing leases: | |||||
| North America | $23.8 | 38.4 | 59.4 | $(14.6) | (21.0) |
| Latin America | 37.6 | 21.4 | 11.0 | 16.2 | 10.4 |
| Europe | 13.7 | 13.4 | 21.5 | 0.3 | (8.1) |
| Rest of World | 1.1 | 1.9 | 0.1 | (0.8) | 1.8 |
| Financing leases | $76.2 | 75.1 | 92.0 | $1.1 | (16.9) |
| Total: | |||||
| North America | $83.5 | 101.0 | 103.2 | $(17.5) | (2.2) |
| Latin America | 61.8 | 54.4 | 59.8 | 7.4 | (5.4) |
| Europe | 87.0 | 93.3 | 99.0 | (6.3) | (5.7) |
| Rest of World | 44.5 | 44.5 | 25.3 | — | 19.2 |
| Corporate | 2.5 | 4.4 | 7.4 | (1.9) | (3.0) |
| Total property and equipment acquired | $279.3 | 297.6 | 294.7 | $(18.3) | 2.9 |
| Depreciation and amortization(a) | |||||
| North America | $85.1 | 82.4 | 73.9 | $2.7 | 8.5 |
| Latin America | 56.2 | 53.9 | 53.6 | 2.3 | 0.3 |
| Europe | 71.5 | 61.0 | 58.0 | 10.5 | 3.0 |
| Rest of World | 24.3 | 22.2 | 20.6 | 2.1 | 1.6 |
| Total reportable segments | 237.1 | 219.5 | 206.1 | 17.6 | 13.4 |
| Corporate | 2.6 | 3.5 | 5.3 | (0.9) | (1.8) |
| Argentina highly inflationary impact | (7.8) | 12.0 | 5.4 | (19.8) | 6.6 |
| Reorganization and restructuring | — | — | 1.2 | — | (1.2) |
| Depreciation and amortization of property and equipment | 231.9 | 235.0 | 218.0 | (3.1) | 17.0 |
| Amortization of intangible assets(a) | 58.9 | 58.3 | 57.8 | 0.6 | 0.5 |
| Total depreciation and amortization | $290.8 | 293.3 | 275.8 | $(2.5) | 17.5 |
(a)Amortization of acquisition-related intangible assets has been excluded from reportable segment amounts.
Our reinvestment ratio, which we define as the annual amount of property and equipment acquired during the year divided by the annual amount of depreciation, was 1.2 in 2025, 1.3 in 2024, and 1.4 in 2023.
Capital expenditures in 2025 for our operating units were primarily for cash devices, information technology, armored vehicles, and machinery and equipment. Capital expenditures in 2025 were $19.4 million lower compared to 2024. Total property and equipment acquired in 2025 was $18.3 million lower than the prior year. This decrease was primarily due to a decrease in investments in armored vehicles and DRS devices.
Corporate capital expenditures in the last three years were primarily for IT investments.
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