Results are in-line with modest growth expectations. The organic decline at FirstService Brands (Roofing Corp) is a watch item for future quarters. Monitor the NCIB expiry on Aug 25, 2026 for potential further buyback activity. The AR Facility ($300M capacity) provides additional liquidity flexibility.
Price Chart
Executive Summary
FirstService Corp reported Q2 2026 results with modest revenue growth of 2% to $1.45B and operating earnings up 2.4% to $99.7M. Net earnings attributable to the company were essentially flat at $45.3M vs $46.1M YoY, with GAAP diluted EPS of $1.00 vs $1.01. The FirstService Brands segment saw organic revenue decline of 3% driven by weakness at Roofing Corp of America, partially offset by growth at Century Fire Protection. The company repurchased 1.83M shares for $248.4M during the half-year, funded partly by increased debt (net debt rose to $1.08B from $928M). Overall results are in-line with modest growth trends, with the Brands segment organic decline a notable negative offset by Residential segment strength and lower interest expense.
Key Facts
- Q2 2026 revenue $1.449B, up 2% YoY from $1.416B
- Q2 2026 GAAP diluted EPS $1.00 vs $1.01 YoY
- FirstService Brands organic revenue declined 3% in Q2, driven by Roofing Corp of America weakness
- FirstService Residential organic growth of 5% in Q2
- Company repurchased 1,827,750 shares for $248.4M in H1 2026 at avg $135.91/share
- Net debt increased to $1.08B from $928M at Dec 2025
- Adjusted EBITDA Q2 $161.7M vs $157.1M YoY, margin 11.2% vs 11.1%
- Backlog $1.116B at June 30, 2026 vs $1.028B at Dec 2025
Financial Impact
Modest revenue growth of 2% with flat EPS; $248.4M share buyback funded by debt increase
Risk Factors
- FirstService Brands organic revenue decline of 3% driven by roofing weakness
- Net debt increased to $1.08B, leverage up from year-end
- Goodwill impairment risk in one Brands reporting unit (fair value exceeded carrying by <5%)
- Competitive pressures in roofing and margin compression in home services
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001171843-26-005106 |
| Document: f6k_073126.htm | 0001171843-26-005106 |
| Document: 0001171843-26-005106-index-headers.html | 0001171843-26-005106 |
| Document: 0001171843-26-005106-index.html | 0001171843-26-005106 |
| Document: 0001171843-26-005106.txt | 0001171843-26-005106 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | 6-K | $147.22 | awaiting T+60 | — | $144.16 (−2.08%) |
Oct 22, 2026 4d ago | Press Release | $147.22 | awaiting T+60 | — | $144.16 (−2.08%) |
Oct 21, 2026 5d ago | SC 13G | $136.59 | awaiting T+60 | — | $144.16 (+5.54%) |
Oct 19, 2026 7d ago | Press Release | $138.51 | awaiting T+60 | — | $144.16 (+4.08%) |
Sep 17, 2026 5w ago | 6-K | $132.55 | awaiting T+60 | — | $144.16 (+8.76%) |
Sep 17, 2026 5w ago | Press Release | $132.24 | awaiting T+60 | — | $144.16 (+9.02%) |
Aug 20, 2026 9w ago | 6-K / PRESS-RELEASE | $144.49 | awaiting T+60 | — | $144.16 (−0.23%) |
Jul 31, 2026 12w ago | 6-K | $140.89 $144.16 | ▲ +2.32% | ▼ −0.13% | $144.16 (+2.32%) |
Jul 23, 2026 13w ago | 6-K | $131.14 $135.07 | ▲ +3.00% | ▼ −1.56% | $144.16 (+9.93%) |
Jun 11, 2026 19w ago | Institutional Cluster | $141.46 $144.11 | ▲ +1.87% | ▼ −2.52% | $144.16 (+1.91%) |
US Market Status
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