BRIGHT HORIZONS FAMILY SOLUTIONS INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data BRIGHT HORIZONS FAMILY SOLUTIONS INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,570	1,741	1,903	2,062	1,515	1,755	2,020	2,418	2,686	2,934
Cost of revenue	1,179	1,310	1,430	1,539	1,211	1,340	1,542	1,887	2,066	2,236
Gross profit	391	431	473	523	305	415	479	532	620	697
Selling, general and administrative	164	189	202	221	220	257	289	327	355	376
Operating income	197	205	239	268	53.3	129	158	171	247	315
Interest expense	42.9	44	47.5				39.5	51.6	48.8	44.8
Interest income	0.08
Pre-tax income	143	161	192	223	15.7	90.3	112	120	198	270
Income tax	48.4	4.44	33.6	42.3	-11.3	19.9	31.5	45.4	57.7	76.8
Net income	94.8	157	158	180	27	70.5	80.6	74.2	140	193
EBITDA	283	300	340	376	165	238	264	282	345	408
EPS, basic	1.59	2.65	2.72	3.10	0.45	1.16	1.38	1.28	2.42	3.39
EPS, diluted	1.55	2.59	2.66	3.05	0.45	1.15	1.37	1.28	2.40	3.36
Shares, basic (weighted)	59.2	58.9	57.8	57.8	59.5	60.3	58.3	57.7	57.9	56.9
Shares, diluted (weighted)	60.6	60.3	59	58.9	60.3	60.9	58.5	57.9	58.5	57.4

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	14.6	23.2	15.5	27.9	384	261	36.2	71.6	110	140
Short-term investments			0	17.1	21.5	22.7	17.7	22	11.7	15.4
Receivables	97.2	117	131	149	177	211	217	282	283	294
Other current assets	42.6	52.1	47.3	52.2	63.2	68.3	94.3	93.6	102	69.9
Total current assets	154	192	194	229	624	540	348	447	496	504
Property, plant and equipment	529	575	597	636	629	598	571	579	573	574
Lease right-of-use assets			0	701	718	696	802	775	726	682
Goodwill	1,268	1,307	1,348	1,413	1,432	1,482	1,728	1,786	1,763	1,824
Intangible assets	375	349	323	305	275	251	246	217	198	193
Long-term investments						7.21	11.9	1.86	22	24.1
Other non-current assets	32.9	45.7	62.6	46.9	49.3	72.5	105	92.3	95.2	112
Total assets	2,359	2,469	2,524	3,330	3,727	3,640	3,799	3,896	3,850	3,890
Accounts payable	26.2	31.7	35.9	31.6	30	8.5	24.6	24.8	32.8	27.9
Accrued liabilities	59.3	56.8	67.6	76.6	89.6	102	106	126	142	150
Deferred revenue	147	156	170	191	198	258	223	273	305	331
Short-term debt	10.8	10.8	10.8	10.8	10.8	16	16	18.5	28.5	0
Total current liabilities	388	461	484	483	531	622	786	799	779	966
Long-term debt	1,054	1,046	1,037	1,028	1,020	976	962	944	918	748
Lease liabilities			71.8	686	730	704	810	797	744	703
Other non-current liabilities	52	64.2	75.4	92.9	106	100	100	101	94.5	104
Total liabilities	1,671	1,720	1,745	2,359	2,443	2,461	2,718	2,683	2,572	2,550
Total debt	1,065	1,057	1,048	1,039	1,031	992	978	963	947	748
Paid-in capital	899	747	649	648	910	746	599	646	623	425
Retained earnings	-122	35.1	193	374	401	471	552	626	766	959
Other comprehensive income	-89.4	-33.3	-62.4	-50.3	-27.1	-37.4	-70.6	-59.1	-110	-44.9
Shareholders' equity	688	749	779	971	1,284	1,179	1,080	1,213	1,278	1,339
Total equity	688	749	779	971	1,284	1,179	1,080	1,213	1,278	1,339
Total liabilities and equity	2,359	2,469	2,524	3,330	3,727	3,640	3,799	3,896	3,850	3,890
Shares outstanding	58.9	58	57.5	57.9	60.5	59.3	57.5	57.8	57.4	55.6

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	94.8	157	158	180	27	70.5	80.6	74.2	140	193
Depreciation and amortization	85.3	94.8	101	108	112	109	106	111	97.9	93.4
Stock-based compensation	11.6	12.1	13.8	17.3	21	23.1	28.1	28.8	33.6	30.6
Deferred income tax	-12.1	-37.6	-5.47	-11.3	-12.3	-5	-9.64	-11.7	-9.93	-2.28
Change in receivables	-0.08	-18.7	-14.5	-15.7	-27.5	-34.6	-4.88	-64.5	-0.99	-8.84
Change in payables	-6.86	5.91	15.9	9.03	23	6.24	20	26	30.6	-1.74
Cash from operations	213	248	295	330	210	227	188	256	337	351
Capital expenditures	-75.3	-88.1	-92.5	-112	-84.7	-63.5	-70.6	-91	-97.3	-92.2
Acquisitions	-229	-21.5	-67.1	-53.4	-8.25	-53.9	-210	-39.6	-8.27	-6.78
Purchases of investments	0	0	-0.77	-28	-25.7	-29.9	-25.1	-16.1	-52.6	-19.7
Cash from investing	-303	-105	-159	-189	-83.8	-117	-278	-127	-118	-104
Debt issued				0	0	992	0	0
Debt repaid	-7.16	-8.06	-10.8	0	0	-1,027	0	-16	-17	-501
Stock issued	11.7	22.6	0	0	250	0	0
Share buybacks	-113	-162	-127	-31.6	-32.7	-214	-183	0	-84.6	-225
Cash from financing	93.8	-124	-134	-149	229	-230	-121	-91.6	-184	-233
Exchange rate effect	-1.12	1.51	-0.1	0.56	2.53	-3.02	-2.47	-0.01	-1.62	5.94
Net change in cash	3.09	8.59	1.91	-7.29	357	-123	-213	37.6	34.3	19.4
Free cash flow	138	160	202	219	125	164	118	165	240	259
Interest paid	37.1	44.5	46.1	43.1	35.3	32.2	40.9	74	73.9	55.9
Income taxes paid	34.7	31.3	41.9	50.6	11	31.7	50.2	58.7	75.7	72.6

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $65.86 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	23.5%	Gross profit / revenue.
Operating margin	10.3%	Operating income / revenue.
EBITDA margin	13.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	8.6%	Pre-tax income / revenue.
Net margin	5.8%	Net income / revenue.
FCF margin	7.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.0%	Cash from operations / revenue.
Effective tax rate	33.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	18.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.6%	Net income / average total assets.
Return on invested capital (ROIC)	11.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	13.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.2%	Capital expenditures / revenue.
D&A / revenue	3.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	13.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	14.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	12.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	13.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	18.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	27.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	25.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	42.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	18.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	15.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	19.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	37.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	33.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	48.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	40.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	34.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	49.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	3.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	23.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	10.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	7.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	29.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	15.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	4.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	7.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	0.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.48x	Current assets / current liabilities.
Quick ratio	0.38x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.17x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.15x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	28.5%	Total debt / total assets.
Liabilities / assets	75.1%	Total liabilities / total assets.
Net debt	$917.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.25x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	6.23x	Operating income / interest expense.
Working capital	-$506.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	53.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.07B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.80x	Revenue / average total assets.
Fixed asset turnover	5.41x	Revenue / average property, plant and equipment.
Receivables turnover	14.5x	Revenue / average receivables.
Days sales outstanding	25 days	365 x average receivables / revenue.
Days payables	49 days	365 x average accounts payable / cost of revenue.
FCF conversion	134.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	29.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.38	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$58.50	Revenue / diluted weighted shares.
FCF per share	$4.56	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.44	Cash from operations / diluted weighted shares.
Book value per share	$19.16	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$21.66	Tangible book value / shares outstanding.
Cash per share	$3.32	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	269.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.20B	Share price x shares outstanding.
Enterprise value	$4.12B	Market cap + total debt - cash - short-term investments.
P/E	18.3x	Market cap / net income. Only when net income is positive.
P/S	1.06x	Market cap / revenue.
P/B	3.39x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	13.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.61x	Market cap / cash from operations, when positive.
EV/Sales	1.36x	Enterprise value / revenue.
EV/EBIT	13.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	10.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	17.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.4%	Free cash flow / market cap.
Earnings yield	5.5%	Net income / market cap (the inverse of P/E).
Shareholder yield	19.9%	(Dividends paid + share buybacks) / market cap.
PEG	0.53x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was BRIGHT HORIZONS FAMILY SOLUTIONS INC.'s revenue in fiscal 2025?

BRIGHT HORIZONS FAMILY SOLUTIONS INC. reported revenue of $2.93B for fiscal 2025, 9.2% higher than the year before.

Was BRIGHT HORIZONS FAMILY SOLUTIONS INC. profitable in fiscal 2025?

Yes. Net income was $193.1M, a net margin of 6.6%.

How much free cash flow did BRIGHT HORIZONS FAMILY SOLUTIONS INC. generate in fiscal 2025?

Cash from operations of $350.7M minus capital expenditures of $92.2M left free cash flow of $258.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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