Bright Horizons Family Solutions (BFAM) Financials

$81.61 +0.73 (+0.90%)

Closing price 05/5/2026 03:59 PM Eastern

Extended Trading

$81.68 +0.06 (+0.08%)

As of 05/5/2026 05:24 PM Eastern

Annual Income Statements for Bright Horizons Family Solutions

This table shows Bright Horizons Family Solutions' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	94	95	157	158	180	27	70	81	74	140	193
Consolidated Net Income / (Loss)	94	95	157	158	180	27	70	81	74	140	193
Net Income / (Loss) Continuing Operations	94	95	157	158	180	27	70	81	74	140	193
Total Pre-Tax Income	140	143	161	192	223	16	90	112	120	198	270
Total Operating Income	182	197	205	239	268	53	129	158	171	247	315
Total Gross Profit	358	391	431	473	523	305	415	479	532	620	697
Total Revenue	1,458	1,570	1,741	1,903	2,062	1,515	1,755	2,020	2,418	2,686	2,934
Operating Revenue	1,458	1,570	1,741	1,903	2,062	1,515	1,755	2,020	2,418	2,686	2,934
Total Cost of Revenue	1,101	1,179	1,310	1,430	1,539	1,211	1,340	1,542	1,887	2,066	2,236
Operating Cost of Revenue	1,101	1,179	1,310	1,430	1,539	1,211	1,340	1,542	1,887	2,066	2,236
Total Operating Expenses	176	194	225	234	255	251	286	321	360	373	383
Selling, General & Admin Expense	148	164	193	202	221	220	257	289	327	355	376
Amortization Expense	28	30	33	33	34	32	29	32	33	18	6.14
Total Other Income / (Expense), net	-41	-54	-44	-48	-45	-38	-39	-45	-52	-49	-45
Interest Expense	41	54	44	48	45	38	39	39	52	49	45
Income Tax Expense	46	48	4.44	34	42	-11	20	32	45	58	77
Basic Earnings per Share	$1.53	$3.18	$2.65	$2.72	$3.10	$0.45	$1.16	$1.38	$1.28	$2.42	$3.39
Weighted Average Basic Shares Outstanding	60.84M	118.46M	58.87M	57.81M	57.84M	59.53M	60.31M	58.34M	57.72M	57.93M	56.95M
Diluted Earnings per Share	$1.50	$1.55	$2.59	$2.66	$3.05	$0.45	$1.15	$1.37	$1.28	$2.40	$3.36
Weighted Average Diluted Shares Outstanding	62.36M	121.19M	60.25M	59.00M	58.95M	60.31M	60.87M	58.49M	57.93M	58.47M	57.42M
Weighted Average Basic & Diluted Shares Outstanding	61.40M	59.60M	59.20M	58.10M	58.20M	60.78M	59.28M	57.81M	57.96M	57.35M	55.11M

This table shows Bright Horizons Family Solutions' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	21	40	5.52	17	39	55	29	38	55	79	22
Consolidated Net Income / (Loss)	21	40	5.52	17	39	55	29	38	55	79	22
Net Income / (Loss) Continuing Operations	21	40	5.52	17	39	55	29	38	55	79	22
Total Pre-Tax Income	33	55	14	26	57	78	37	52	75	109	34
Total Operating Income	46	67	28	40	69	89	48	62	86	121	45
Total Gross Profit	137	158	116	135	162	182	141	156	183	217	142
Total Revenue	603	646	616	623	670	719	674	666	732	803	734
Operating Revenue	603	646	616	623	670	719	674	666	732	803	734
Total Cost of Revenue	467	488	500	488	508	538	534	510	549	586	592
Operating Cost of Revenue	467	488	500	488	508	538	534	510	549	586	592
Total Operating Expenses	91	91	88	95	93	92	92	93	96	96	96
Selling, General & Admin Expense	82	83	79	88	87	89	90	92	95	95	95
Amortization Expense	9.13	7.57	8.52	7.65	5.85	2.64	2.20	1.60	1.66	1.48	1.39
Total Other Income / (Expense), net	-12	-12	-14	-14	-12	-12	-11	-10	-11	-12	-12
Interest Expense	12	12	14	14	12	12	11	10	11	12	12
Income Tax Expense	13	15	8.46	9.27	18	23	7.65	14	21	30	12
Basic Earnings per Share	$0.36	$0.69	$0.09	$0.29	$0.68	$0.95	$0.50	$0.66	$0.96	$1.38	$0.39
Weighted Average Basic Shares Outstanding	57.71M	57.77M	57.72M	57.88M	57.97M	58.06M	57.93M	57.38M	57.26M	56.93M	56.95M
Diluted Earnings per Share	$0.35	$0.69	$0.10	$0.29	$0.67	$0.94	$0.50	$0.66	$0.95	$1.37	$0.38
Weighted Average Diluted Shares Outstanding	57.91M	58.05M	57.93M	58.31M	58.44M	58.70M	58.47M	57.95M	57.71M	57.38M	57.42M
Weighted Average Basic & Diluted Shares Outstanding	57.88M	57.90M	57.96M	58.00M	58.04M	58.18M	57.35M	57.25M	56.87M	56.55M	55.11M

This table details how cash moves in and out of Bright Horizons Family Solutions' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-76	3.01	19	2.01	-7.29	357	-123	-213	38	34	19
Net Cash From Operating Activities	170	213	248	295	330	210	227	188	256	337	351
Net Cash From Continuing Operating Activities	170	213	248	295	330	210	227	188	256	337	351
Net Income / (Loss) Continuing Operations	94	95	157	158	180	27	70	81	74	140	193
Consolidated Net Income / (Loss)	94	95	157	158	180	27	70	81	74	140	193
Depreciation Expense	79	85	95	101	108	112	109	106	111	98	93
Non-Cash Adjustments To Reconcile Net Income	13	25	21	20	15	48	44	46	77	75	81
Changes in Operating Assets and Liabilities, net	-19	4.47	-26	14	24	20	2.05	-44	-6.00	24	-17
Net Cash From Investing Activities	-155	-303	-105	-159	-189	-84	-117	-278	-127	-118	-104
Net Cash From Continuing Investing Activities	-155	-303	-105	-159	-189	-84	-117	-278	-127	-118	-104
Purchase of Property, Plant & Equipment	-78	-75	-88	-92	-112	-85	-63	-71	-91	-97	-92
Acquisitions	-78	-229	-21	-67	-59	-8.25	-54	-210	-40	-8.27	-6.78
Purchase of Investments	-	0.00	0.00	-0.77	-28	-26	-30	-31	-16	-53	-20
Sale of Property, Plant & Equipment	0.05	1.23	4.29	1.83	7.08	12	5.83	11	0.23	2.04	0.86
Sale and/or Maturity of Investments	-	-	0.00	0.00	3.00	23	24	23	20	38	14
Net Cash From Financing Activities	-91	94	-124	-134	-149	229	-230	-121	-92	-184	-233
Net Cash From Continuing Financing Activities	-91	94	-124	-134	-149	229	-230	-121	-92	-184	-233
Repayment of Debt	-253	-1,325	-602	-700	-417	-57	-1,037	-227	-503	-174	-984
Repurchase of Common Equity	-128	-113	-162	-127	-32	-33	-214	-183	0.00	-85	-225
Issuance of Debt	267	1,511	643	680	289	43	992	295	403	157	980
Issuance of Common Equity	3.86	3.68	27	23	27	289	38	13	11	27	12
Other Financing Activities, net	19	16	-30	-11	-16	-13	-9.26	-20	-2.82	-109	-15
Effect of Exchange Rate Changes	-0.47	-1.12	-	-	0.56	2.53	-3.02	-2.47	-0.01	-1.62	5.94
Cash Interest Paid	38	37	44	46	43	35	32	41	74	74	56
Cash Income Taxes Paid	50	35	31	42	51	11	32	50	59	76	73

This table details how cash moves in and out of Bright Horizons Family Solutions' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	17	-17	30	-20	74	-25	4.63	0.25	73	-71	17
Net Cash From Operating Activities	113	-19	95	116	109	-8.94	121	86	134	-18	148
Net Cash From Continuing Operating Activities	113	-19	95	116	109	-8.94	121	86	134	-18	148
Net Income / (Loss) Continuing Operations	21	40	5.52	17	39	55	29	38	55	79	22
Consolidated Net Income / (Loss)	21	40	5.52	17	39	55	29	38	55	79	22
Depreciation Expense	29	27	28	28	25	23	22	22	23	24	25
Non-Cash Adjustments To Reconcile Net Income	10	11	47	13	10	12	40	8.04	7.80	12	54
Changes in Operating Assets and Liabilities, net	53	-97	14	59	35	-98	29	18	49	-132	48
Net Cash From Investing Activities	-50	-23	-35	-38	-26	-29	-25	-15	-23	-26	-40
Net Cash From Continuing Investing Activities	-50	-23	-35	-38	-26	-29	-25	-15	-23	-26	-40
Purchase of Property, Plant & Equipment	-21	-20	-31	-19	-23	-23	-32	-15	-19	-25	-33
Acquisitions	-31	-6.89	-1.86	-2.50	-1.05	-4.72	-	0.00	-5.11	-	-1.67
Purchase of Investments	-2.73	-0.51	-6.59	-27	-9.21	-6.77	-9.55	-4.19	-2.14	-3.44	-9.98
Sale and/or Maturity of Investments	3.78	4.22	4.09	11	6.81	6.20	14	4.87	2.63	2.78	3.75
Net Cash From Financing Activities	-46	26	-31	-98	-9.13	11	-88	-73	-43	-27	-91
Net Cash From Continuing Financing Activities	-46	26	-31	-98	-9.13	11	-88	-73	-43	-27	-91
Repayment of Debt	-153	-37	-150	-144	-21	-4.00	-5.00	-50	-408	-114	-413
Repurchase of Common Equity	-	-	-	0.00	-	-	-	-20	-41	-44	-121
Issuance of Debt	104	62	117	140	17	-	-	0.00	405	132	443
Issuance of Common Equity	3.10	1.38	2.42	5.51	1.39	18	2.20	8.25	1.98	1.60	0.23
Other Financing Activities, net	-0.10	-0.77	-0.20	-99	-6.52	-2.97	-0.59	-13	-1.02	-1.62	-0.25
Effect of Exchange Rate Changes	-0.22	-0.95	1.27	-0.67	-0.05	2.03	-2.93	2.03	5.02	-1.26	0.15
Cash Interest Paid	18	19	19	20	19	19	17	15	14	14	13
Cash Income Taxes Paid	21	15	18	3.86	36	12	24	7.59	28	22	14

This table presents Bright Horizons Family Solutions' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	2,151	2,359	2,469	2,524	3,330	3,727	3,640	3,799	3,896	3,850	3,890
Total Current Assets	153	154	192	194	229	624	540	348	447	496	504
Cash & Equivalents	12	15	23	15	28	384	261	36	72	110	140
Accounts Receivable	97	97	117	131	149	177	211	217	282	283	294
Prepaid Expenses	44	43	52	47	52	63	68	94	94	102	70
Plant, Property, & Equipment, net	430	529	575	597	636	629	598	571	579	573	574
Total Noncurrent Assets	1,568	1,675	1,701	1,733	2,465	2,474	2,502	2,880	2,870	2,781	2,811
Goodwill	1,148	1,268	1,307	1,348	1,413	1,432	1,482	1,728	1,786	1,763	1,824
Intangible Assets	389	375	349	323	305	275	251	246	217	198	193
Other Noncurrent Operating Assets	31	33	46	63	748	767	769	906	867	821	794
Total Liabilities & Shareholders' Equity	2,151	2,359	2,469	2,524	3,330	3,727	3,640	3,799	3,896	3,850	3,890
Total Liabilities	1,423	1,671	1,720	1,745	2,359	2,443	2,461	2,718	2,683	2,572	2,550
Total Current Liabilities	305	388	461	484	483	531	622	786	799	779	966
Short-Term Debt	34	87	138	129	11	11	16	100	19	29	200
Accounts Payable	115	125	133	154	167	195	197	231	259	305	293
Current Deferred Revenue	137	147	-	170	191	198	258	223	273	305	331
Other Current Liabilities	20	29	190	30	114	128	150	233	249	141	143
Total Noncurrent Liabilities	1,118	1,284	1,259	1,261	1,876	1,912	1,839	1,932	1,884	1,793	1,584
Long-Term Debt	906	1,054	1,046	1,037	1,028	1,020	976	962	944	918	748
Noncurrent Deferred Revenue	55	66	66	-	10	10	9.69	8.93	8.66	16	15
Noncurrent Deferred & Payable Income Tax Liabilities	113	112	74	71	59	46	49	51	33	20	15
Other Noncurrent Operating Liabilities	44	52	72	153	779	836	804	911	898	838	807
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	728	688	749	779	971	1,284	1,179	1,080	1,213	1,278	1,339
Total Preferred & Common Equity	728	688	749	779	971	1,284	1,179	1,080	1,213	1,278	1,339
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	728	688	749	779	971	1,284	1,179	1,080	1,213	1,278	1,339
Common Stock	983	899	747	649	648	910	746	599	646	623	425
Retained Earnings	-217	-122	35	193	374	401	471	552	626	766	959
Accumulated Other Comprehensive Income / (Loss)	-39	-89	-33	-62	-50	-27	-37	-71	-59	-110	-45

This table presents Bright Horizons Family Solutions' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	3,716	3,805	3,823	3,802	3,791	3,837	3,915	3,823	3,920	3,884
Total Current Assets	303	371	336	369	348	396	404	448	473	455
Cash & Equivalents	33	45	66	41	64	140	110	112	179	117
Accounts Receivable	194	231	181	223	220	185	232	239	198	247
Prepaid Expenses	76	96	89	105	65	71	63	97	96	91
Plant, Property, & Equipment, net	561	575	581	572	574	579	597	575	591	586
Total Noncurrent Assets	2,852	2,859	2,906	2,861	2,869	2,862	2,914	2,800	2,856	2,844
Goodwill	1,674	1,732	1,767	1,751	1,771	1,788	1,828	1,779	1,824	1,819
Intangible Assets	255	237	231	223	208	204	203	196	196	195
Other Noncurrent Operating Assets	923	890	907	887	889	870	883	824	835	830
Total Liabilities & Shareholders' Equity	3,716	3,805	3,823	3,802	3,791	3,837	3,915	3,823	3,920	3,884
Total Liabilities	2,722	2,702	2,674	2,637	2,562	2,554	2,516	2,499	2,521	2,457
Total Current Liabilities	690	788	758	743	686	712	667	744	839	841
Short-Term Debt	129	61	16	45	21	24	26	25	102	169
Accounts Payable	232	211	239	242	238	283	279	273	308	281
Current Deferred Revenue	193	264	240	210	279	259	222	309	283	243
Other Current Liabilities	136	253	263	246	149	147	140	137	147	147
Total Noncurrent Liabilities	2,032	1,914	1,916	1,894	1,876	1,842	1,849	1,755	1,682	1,616
Long-Term Debt	965	958	954	950	938	932	926	873	797	748
Noncurrent Deferred Revenue	9.95	8.76	8.82	8.48	11	13	17	16	16	16
Noncurrent Deferred & Payable Income Tax Liabilities	56	47	45	46	32	30	23	24	24	26
Other Noncurrent Operating Liabilities	1,001	900	907	889	895	867	883	843	845	826
Total Equity & Noncontrolling Interests	994	1,103	1,150	1,165	1,229	1,283	1,399	1,324	1,399	1,427
Total Preferred & Common Equity	994	1,103	1,150	1,165	1,229	1,283	1,399	1,324	1,399	1,427
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	994	1,103	1,150	1,165	1,229	1,283	1,399	1,324	1,399	1,427
Common Stock	591	616	627	636	663	673	697	609	576	537
Retained Earnings	534	560	580	620	643	682	737	804	859	937
Accumulated Other Comprehensive Income / (Loss)	-130	-73	-58	-91	-77	-72	-35	-89	-35	-47

This table displays calculated financial ratios and metrics derived from Bright Horizons Family Solutions' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.79%	7.64%	10.90%	9.32%	8.35%	-26.52%	15.85%	15.11%	19.69%	11.07%	9.22%
EBITDA Growth	16.02%	8.39%	5.59%	13.23%	10.55%	-55.45%	42.65%	7.33%	9.35%	22.21%	18.44%
EBIT Growth	23.61%	8.61%	4.16%	16.38%	12.01%	-80.09%	141.91%	17.56%	12.91%	44.02%	27.59%
NOPAT Growth	29.15%	7.25%	53.07%	-1.32%	10.05%	-57.61%	9.40%	12.58%	-6.21%	64.47%	28.84%
Net Income Growth	30.39%	0.89%	65.64%	0.65%	14.18%	-85.04%	161.04%	14.45%	-7.96%	88.88%	37.75%
EPS Growth	40.19%	3.33%	67.10%	2.70%	14.66%	-85.25%	155.56%	19.13%	-6.57%	87.50%	40.00%
Operating Cash Flow Growth	-2.43%	25.38%	16.40%	18.76%	12.08%	-36.56%	8.44%	-17.07%	35.90%	31.75%	3.93%
Free Cash Flow Firm Growth	-62.12%	-155.63%	469.22%	70.05%	-7.00%	-12.63%	-16.38%	-168.05%	232.19%	51.22%	18.46%
Invested Capital Growth	4.48%	9.59%	5.28%	1.06%	2.71%	-2.62%	-1.02%	10.21%	-0.09%	0.53%	1.48%
Revenue Q/Q Growth	2.37%	1.75%	2.43%	2.06%	2.10%	-8.65%	5.13%	3.42%	3.69%	2.23%	2.07%
EBITDA Q/Q Growth	3.40%	1.86%	2.04%	4.48%	2.08%	-24.80%	12.82%	0.21%	-3.93%	4.35%	-0.07%
EBIT Q/Q Growth	4.34%	1.27%	2.45%	5.03%	1.41%	-52.77%	27.02%	-1.09%	-6.20%	8.82%	-0.86%
NOPAT Q/Q Growth	5.76%	0.66%	18.39%	-4.01%	-0.37%	-16.67%	15.79%	1.03%	-11.16%	15.78%	-3.48%
Net Income Q/Q Growth	5.65%	-6.69%	27.99%	-2.94%	0.62%	-62.62%	27.36%	0.43%	-14.43%	20.24%	-3.68%
EPS Q/Q Growth	7.91%	-6.63%	28.86%	-2.56%	0.99%	-63.71%	27.78%	2.24%	-14.09%	20.00%	-3.45%
Operating Cash Flow Q/Q Growth	-12.90%	10.62%	-5.01%	7.24%	0.88%	-7.99%	1.02%	8.95%	17.25%	8.17%	8.44%
Free Cash Flow Firm Q/Q Growth	-38.56%	-119.06%	248.71%	10.76%	-29.51%	40.62%	8.06%	-12.64%	97.88%	438.52%	-21.37%
Invested Capital Q/Q Growth	1.14%	12.09%	2.83%	1.43%	5.05%	1.86%	2.14%	2.45%	-0.78%	-5.62%	-3.65%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	24.53%	24.90%	24.73%	24.87%	25.36%	20.10%	23.64%	23.69%	21.99%	23.07%	23.77%
EBITDA Margin	18.09%	18.22%	17.35%	17.97%	18.33%	11.11%	13.68%	12.76%	11.66%	12.83%	13.91%
Operating Margin	12.45%	12.56%	11.80%	12.56%	12.99%	3.52%	7.35%	7.80%	7.08%	9.18%	10.73%
EBIT Margin	12.45%	12.56%	11.80%	12.56%	12.99%	3.52%	7.35%	7.51%	7.08%	9.18%	10.73%
Profit (Net Income) Margin	6.44%	6.04%	9.02%	8.30%	8.75%	1.78%	4.01%	3.99%	3.07%	5.22%	6.58%
Tax Burden Percent	67.02%	66.17%	97.25%	82.46%	81.01%	172.45%	77.99%	71.88%	62.04%	70.85%	71.55%
Interest Burden Percent	77.18%	72.60%	78.56%	80.13%	83.14%	29.35%	70.03%	73.97%	69.86%	80.23%	85.78%
Effective Tax Rate	32.98%	33.83%	2.75%	17.54%	18.99%	-72.45%	22.01%	28.12%	37.96%	29.15%	28.45%
Return on Invested Capital (ROIC)	7.51%	7.52%	10.73%	10.27%	11.09%	4.70%	5.24%	5.64%	5.05%	8.28%	10.57%
ROIC Less NNEP Spread (ROIC-NNEP)	4.36%	4.04%	6.99%	6.88%	7.71%	-3.14%	0.86%	1.93%	1.71%	4.28%	6.67%
Return on Net Nonoperating Assets (RNNOA)	5.19%	5.86%	11.12%	10.40%	9.51%	-2.31%	0.48%	1.50%	1.43%	2.97%	4.19%
Return on Equity (ROE)	12.71%	13.39%	21.85%	20.67%	20.61%	2.39%	5.72%	7.14%	6.47%	11.26%	14.75%
Cash Return on Invested Capital (CROIC)	3.13%	-1.63%	5.59%	9.22%	8.42%	7.35%	6.26%	-4.08%	5.14%	7.76%	9.10%
Operating Return on Assets (OROA)	8.46%	8.75%	8.51%	9.58%	9.15%	1.51%	3.50%	4.08%	4.45%	6.37%	8.13%
Return on Assets (ROA)	4.38%	4.20%	6.50%	6.33%	6.16%	0.77%	1.91%	2.17%	1.93%	3.62%	4.99%
Return on Common Equity (ROCE)	12.71%	13.39%	21.85%	20.67%	20.61%	2.39%	5.72%	7.14%	6.47%	11.26%	14.75%
Return on Equity Simple (ROE_SIMPLE)	12.91%	13.78%	20.95%	20.27%	18.57%	2.10%	5.97%	7.46%	6.12%	10.97%	0.00%
Net Operating Profit after Tax (NOPAT)	122	131	200	197	217	92	101	113	106	175	225
NOPAT Margin	8.34%	8.31%	11.48%	10.36%	10.52%	6.07%	5.73%	5.61%	4.39%	6.51%	7.67%
Net Nonoperating Expense Percent (NNEP)	3.15%	3.48%	3.75%	3.39%	3.39%	7.84%	4.38%	3.72%	3.34%	4.00%	3.90%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	5.29%	4.88%	7.85%	9.85%
Cost of Revenue to Revenue	75.47%	75.10%	75.27%	75.13%	74.64%	79.90%	76.36%	76.31%	78.01%	76.93%	76.23%
SG&A Expenses to Revenue	10.16%	10.44%	11.06%	10.59%	10.74%	14.49%	14.63%	14.31%	13.52%	13.20%	12.83%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	12.08%	12.36%	12.93%	12.30%	12.37%	16.58%	16.29%	15.89%	14.91%	13.89%	13.04%
Earnings before Interest and Taxes (EBIT)	182	197	205	239	268	53	129	152	171	247	315
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	264	286	302	342	378	168	240	258	282	345	408
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.51	6.06	7.44	8.30	9.00	8.16	6.44	3.37	4.50	5.05	4.28
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.75	2.65	3.20	3.40	4.24	6.92	4.33	1.80	2.26	2.40	1.95
Price to Earnings (P/E)	42.70	43.97	35.51	40.97	48.47	388.15	107.85	45.19	73.52	46.01	29.69
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.34%	2.27%	2.82%	2.44%	2.06%	0.26%	0.93%	2.21%	1.36%	2.17%	3.37%
Enterprise Value to Invested Capital (EV/IC)	2.98	2.92	3.53	3.95	4.92	5.76	4.36	2.22	3.02	3.45	3.05
Enterprise Value to Revenue (EV/Rev)	3.39	3.37	3.87	4.01	4.73	7.34	4.75	2.31	2.63	2.71	2.23
Enterprise Value to EBITDA (EV/EBITDA)	18.72	18.51	22.30	22.29	25.81	66.06	34.68	18.11	22.52	21.15	16.03
Enterprise Value to EBIT (EV/EBIT)	27.19	26.83	32.78	31.88	36.42	208.56	64.57	30.79	37.07	29.54	20.79
Enterprise Value to NOPAT (EV/NOPAT)	40.58	40.55	33.71	38.66	44.96	120.94	82.80	41.22	59.75	41.70	29.06
Enterprise Value to Operating Cash Flow (EV/OCF)	29.04	24.82	27.14	25.86	29.53	53.08	36.66	24.78	24.78	21.59	18.65
Enterprise Value to Free Cash Flow (EV/FCFF)	97.46	0.00	64.70	43.06	59.26	77.34	69.27	0.00	58.68	44.54	33.76
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.29	1.66	1.58	1.50	1.07	0.80	0.84	0.98	0.79	0.74	0.71
Long-Term Debt to Equity	1.24	1.53	1.40	1.33	1.06	0.79	0.83	0.89	0.78	0.72	0.56
Financial Leverage	1.19	1.45	1.59	1.51	1.23	0.74	0.56	0.78	0.84	0.69	0.63
Leverage Ratio	2.90	3.19	3.36	3.27	3.34	3.13	2.99	3.29	3.36	3.11	2.96
Compound Leverage Factor	2.24	2.31	2.64	2.62	2.78	0.92	2.09	2.43	2.34	2.49	2.54
Debt to Total Capital	56.35%	62.38%	61.25%	59.93%	51.68%	44.54%	45.70%	49.56%	44.26%	42.55%	41.43%
Short-Term Debt to Total Capital	2.01%	4.74%	7.13%	6.63%	0.53%	0.46%	0.74%	4.67%	0.85%	1.28%	8.73%
Long-Term Debt to Total Capital	54.33%	57.64%	54.12%	53.30%	51.15%	44.07%	44.96%	44.89%	43.41%	41.27%	32.70%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	43.65%	37.62%	38.75%	40.07%	48.32%	55.46%	54.30%	50.44%	55.74%	57.45%	58.57%
Debt to EBITDA	3.56	3.99	3.92	3.41	2.75	6.12	4.13	4.12	3.42	2.75	2.32
Net Debt to EBITDA	3.52	3.94	3.84	3.36	2.67	3.84	3.04	3.98	3.16	2.43	1.98
Long-Term Debt to EBITDA	3.43	3.69	3.46	3.03	2.72	6.06	4.06	3.73	3.35	2.67	1.83
Debt to NOPAT	7.72	8.74	5.93	5.91	4.79	11.21	9.86	9.37	9.06	5.42	4.21
Net Debt to NOPAT	7.62	8.63	5.81	5.83	4.66	7.03	7.27	9.05	8.39	4.79	3.58
Long-Term Debt to NOPAT	7.44	8.08	5.24	5.26	4.74	11.09	9.70	8.49	8.89	5.26	3.32
Altman Z-Score	2.42	2.25	2.81	3.26	3.17	3.21	2.61	1.53	2.10	2.60	2.57
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.50	0.40	0.42	0.40	0.47	1.18	0.87	0.44	0.56	0.64	0.52
Quick Ratio	0.36	0.29	0.30	0.30	0.37	1.06	0.76	0.32	0.44	0.51	0.45
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	51	-28	104	177	165	144	120	-82	108	164	194
Operating Cash Flow to CapEx	218.76%	287.74%	296.04%	325.09%	315.33%	287.74%	394.11%	314.07%	282.11%	354.20%	384.08%
Free Cash Flow to Firm to Interest Expense	1.22	-0.52	2.36	3.73	3.65	3.82	3.11	-2.07	2.10	3.36	4.33
Operating Cash Flow to Interest Expense	4.10	3.95	5.64	6.20	7.32	5.56	5.88	4.77	4.96	6.92	7.84
Operating Cash Flow Less CapEx to Interest Expense	2.23	2.57	3.73	4.30	5.00	3.63	4.39	3.25	3.20	4.97	5.80
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.68	0.70	0.72	0.76	0.70	0.43	0.48	0.54	0.63	0.69	0.76
Accounts Receivable Turnover	16.17	16.14	16.24	15.33	14.73	9.31	9.06	9.44	9.69	9.51	10.16
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	3.52	3.27	3.15	3.25	3.34	2.40	2.86	3.46	4.20	4.66	5.11
Accounts Payable Turnover	9.52	9.82	10.15	9.96	9.58	6.70	6.84	7.20	7.70	7.33	7.49
Days Sales Outstanding (DSO)	22.57	22.61	22.47	23.81	24.78	39.20	40.30	38.67	37.65	38.39	35.92
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	38.33	37.18	35.98	36.64	38.09	54.52	53.37	50.66	47.37	49.78	48.75
Cash Conversion Cycle (CCC)	-15.77	-14.57	-13.51	-12.83	-13.31	-15.31	-13.07	-11.99	-9.72	-11.39	-12.83
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,655	1,814	1,910	1,930	1,982	1,930	1,911	2,106	2,104	2,115	2,146
Invested Capital Turnover	0.90	0.91	0.94	0.99	1.05	0.77	0.91	1.01	1.15	1.27	1.38
Increase / (Decrease) in Invested Capital	71	159	96	20	52	-52	-20	195	-1.94	11	31
Enterprise Value (EV)	4,938	5,293	6,735	7,622	9,755	11,124	8,331	4,669	6,348	7,286	6,542
Market Capitalization	4,011	4,166	5,574	6,472	8,744	10,477	7,599	3,644	5,457	6,450	5,735
Book Value per Share	$12.12	$11.56	$12.63	$13.42	$16.69	$21.20	$19.53	$18.71	$20.94	$21.97	$23.68
Tangible Book Value per Share	($13.48)	($16.04)	($15.28)	($15.35)	($12.83)	($6.98)	($9.17)	($15.46)	($13.65)	($11.72)	($11.99)
Total Capital	1,667	1,829	1,933	1,945	2,010	2,315	2,172	2,142	2,175	2,225	2,286
Total Debt	939	1,141	1,184	1,166	1,039	1,031	992	1,062	963	947	947
Total Long-Term Debt	906	1,054	1,046	1,037	1,028	1,020	976	962	944	918	748
Net Debt	928	1,126	1,161	1,150	1,011	647	731	1,025	891	837	807
Capital Expenditures (CapEx)	78	74	84	91	105	73	58	60	91	95	91
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-131	-161	-154	-176	-272	-280	-327	-375	-406	-365	-403
Debt-free Net Working Capital (DFNWC)	-119	-146	-130	-161	-244	104	-66	-339	-334	-255	-263
Net Working Capital (NWC)	-153	-233	-268	-290	-254	93	-82	-439	-353	-283	-462
Net Nonoperating Expense (NNE)	28	36	43	39	37	65	30	33	32	35	32
Net Nonoperating Obligations (NNO)	928	1,126	1,161	1,150	1,011	647	731	1,025	891	837	807
Total Depreciation and Amortization (D&A)	82	89	97	103	110	115	111	106	111	98	93
Debt-free, Cash-free Net Working Capital to Revenue	-8.96%	-10.26%	-8.82%	-9.27%	-13.17%	-18.50%	-18.62%	-18.55%	-16.77%	-13.60%	-13.73%
Debt-free Net Working Capital to Revenue	-8.16%	-9.33%	-7.49%	-8.46%	-11.82%	6.87%	-3.75%	-16.76%	-13.81%	-9.49%	-8.95%
Net Working Capital to Revenue	-10.47%	-14.85%	-15.41%	-15.23%	-12.34%	6.16%	-4.67%	-21.71%	-14.58%	-10.55%	-15.76%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.53	$1.59	$2.65	$5.44	$3.10	$0.45	$1.16	$1.38	$1.28	$2.42	$3.39
Adjusted Weighted Average Basic Shares Outstanding	60.84M	59.23M	58.87M	115.63M	57.84M	59.53M	60.31M	58.34M	57.72M	57.93M	56.95M
Adjusted Diluted Earnings per Share	$1.50	$1.55	$2.59	$2.66	$3.05	$0.45	$1.15	$1.37	$1.28	$2.40	$3.36
Adjusted Weighted Average Diluted Shares Outstanding	62.36M	60.59M	60.25M	118.00M	58.95M	60.31M	60.87M	58.49M	57.93M	58.47M	57.42M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	59.76M	59.51M	58.57M	57.95M	58.20M	60.78M	59.28M	57.81M	57.96M	57.35M	55.11M
Normalized Net Operating Profit after Tax (NOPAT)	122	131	200	197	217	37	101	113	106	175	225
Normalized NOPAT Margin	8.34%	8.31%	11.48%	10.36%	10.52%	2.46%	5.73%	5.61%	4.39%	6.51%	7.67%
Pre Tax Income Margin	9.61%	9.12%	9.27%	10.07%	10.80%	1.03%	5.15%	5.55%	4.95%	7.37%	9.20%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.38	3.65	4.66	5.03	5.93	1.42	3.34	3.84	3.32	5.06	7.03
NOPAT to Interest Expense	2.94	2.42	4.54	4.15	4.81	2.44	2.60	2.87	2.06	3.58	5.03
EBIT Less CapEx to Interest Expense	2.51	2.28	2.76	3.12	3.61	-0.52	1.85	2.32	1.56	3.10	4.99
NOPAT Less CapEx to Interest Expense	1.06	1.04	2.63	2.24	2.48	0.51	1.11	1.35	0.30	1.63	2.99
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	136.39%	119.03%	103.33%	80.19%	17.49%	120.99%	303.48%	226.40%	0.00%	60.34%	116.72%

This table displays calculated financial ratios and metrics derived from Bright Horizons Family Solutions' official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	23.02%	19.54%	16.26%	12.48%	11.08%	11.35%	9.50%	6.88%	9.18%	11.64%	8.83%
EBITDA Growth	11.14%	40.67%	-17.04%	16.59%	26.96%	19.90%	25.55%	24.53%	15.09%	29.49%	-0.43%
EBIT Growth	8.66%	71.13%	-28.60%	30.32%	51.67%	33.78%	70.78%	55.93%	24.61%	35.18%	-5.66%
NOPAT Growth	-19.86%	87.74%	-58.18%	83.98%	68.48%	28.97%	242.48%	76.60%	31.65%	38.48%	-23.51%
Net Income Growth	-17.44%	119.09%	-69.38%	109.07%	90.22%	37.33%	427.21%	123.96%	39.82%	43.07%	-25.35%
EPS Growth	-16.67%	122.58%	-67.74%	107.14%	91.43%	36.23%	400.00%	127.59%	41.79%	45.74%	-24.00%
Operating Cash Flow Growth	67.72%	-466.19%	65.53%	72.78%	-2.91%	53.14%	26.77%	-25.90%	22.61%	-96.73%	22.62%
Free Cash Flow Firm Growth	-339.50%	89.92%	107.77%	86.42%	101.57%	-259.11%	106.63%	380.42%	1,304.10%	275.11%	-107.89%
Invested Capital Growth	12.02%	3.16%	-0.09%	2.28%	2.16%	5.69%	0.53%	-0.70%	0.95%	-0.59%	1.48%
Revenue Q/Q Growth	8.96%	7.06%	-4.67%	1.15%	7.60%	7.32%	-6.25%	-1.28%	9.92%	9.74%	-8.61%
EBITDA Q/Q Growth	28.46%	25.35%	-39.79%	20.25%	39.89%	18.38%	-36.96%	19.28%	29.28%	33.19%	-51.52%
EBIT Q/Q Growth	48.58%	46.76%	-57.74%	41.42%	72.92%	29.45%	-46.05%	29.12%	38.19%	40.43%	-62.35%
NOPAT Q/Q Growth	100.40%	73.83%	-77.21%	131.71%	83.52%	33.06%	-39.47%	19.48%	36.81%	39.96%	-66.57%
Net Income Q/Q Growth	153.43%	94.13%	-86.18%	207.55%	130.58%	40.16%	-46.96%	30.65%	43.96%	43.41%	-72.32%
EPS Q/Q Growth	150.00%	97.14%	-85.51%	190.00%	131.03%	40.30%	-46.81%	32.00%	43.94%	44.21%	-72.26%
Operating Cash Flow Q/Q Growth	67.47%	-116.92%	599.02%	22.20%	-5.89%	-108.17%	1,449.99%	-28.57%	55.72%	-113.10%	941.39%
Free Cash Flow Firm Q/Q Growth	-20.77%	91.68%	181.83%	-265.12%	113.97%	-2,001.97%	147.08%	124.09%	-30.03%	137.20%	-102.12%
Invested Capital Q/Q Growth	-1.12%	3.23%	-0.78%	0.99%	-1.24%	6.79%	-5.62%	-0.25%	0.41%	5.16%	-3.65%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	22.64%	24.41%	18.83%	21.70%	24.24%	25.24%	20.85%	23.40%	24.95%	27.04%	19.33%
EBITDA Margin	12.34%	14.45%	9.13%	10.85%	14.11%	15.56%	10.46%	12.64%	14.87%	18.05%	9.57%
Operating Margin	7.55%	10.35%	4.59%	6.41%	10.31%	12.43%	7.15%	9.36%	11.76%	15.05%	6.20%
EBIT Margin	7.55%	10.35%	4.59%	6.41%	10.31%	12.43%	7.15%	9.36%	11.76%	15.05%	6.20%
Profit (Net Income) Margin	3.41%	6.19%	0.90%	2.73%	5.85%	7.64%	4.32%	5.72%	7.49%	9.78%	2.96%
Tax Burden Percent	61.82%	73.22%	39.49%	64.71%	68.67%	70.59%	79.20%	73.28%	72.55%	72.31%	64.22%
Interest Burden Percent	73.16%	81.71%	49.53%	65.74%	82.60%	87.01%	76.25%	83.38%	87.73%	89.89%	74.41%
Effective Tax Rate	38.18%	26.78%	60.51%	35.29%	31.33%	29.41%	20.80%	26.72%	27.45%	27.69%	35.79%
Return on Invested Capital (ROIC)	5.35%	8.46%	2.08%	4.91%	8.71%	10.57%	7.21%	8.84%	11.29%	14.00%	5.48%
ROIC Less NNEP Spread (ROIC-NNEP)	4.41%	7.58%	1.49%	3.97%	7.75%	9.66%	6.16%	7.94%	10.30%	12.93%	4.57%
Return on Net Nonoperating Assets (RNNOA)	3.15%	7.08%	1.25%	3.18%	5.47%	6.77%	4.28%	5.22%	5.89%	7.51%	2.87%
Return on Equity (ROE)	8.49%	15.54%	3.33%	8.09%	14.18%	17.34%	11.49%	14.06%	17.18%	21.51%	8.35%
Cash Return on Invested Capital (CROIC)	-6.41%	2.62%	5.14%	3.31%	4.44%	1.39%	7.76%	9.87%	8.96%	11.03%	9.10%
Operating Return on Assets (OROA)	4.57%	6.42%	2.88%	4.20%	6.87%	8.47%	4.96%	6.71%	8.46%	11.09%	4.70%
Return on Assets (ROA)	2.07%	3.84%	0.56%	1.79%	3.90%	5.20%	3.00%	4.10%	5.39%	7.21%	2.25%
Return on Common Equity (ROCE)	8.49%	15.54%	3.33%	8.09%	14.18%	17.34%	11.49%	14.06%	17.18%	21.51%	8.35%
Return on Equity Simple (ROE_SIMPLE)	5.65%	7.44%	0.00%	6.76%	7.92%	8.33%	0.00%	12.18%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	28	49	11	26	47	63	38	46	62	87	29
NOPAT Margin	4.67%	7.58%	1.81%	4.15%	7.08%	8.78%	5.67%	6.86%	8.53%	10.88%	3.98%
Net Nonoperating Expense Percent (NNEP)	0.93%	0.89%	0.59%	0.95%	0.96%	0.91%	1.05%	0.90%	1.00%	1.08%	0.91%
Return On Investment Capital (ROIC_SIMPLE)	-	-	0.51%	-	-	-	1.72%	2.05%	2.72%	3.73%	1.28%
Cost of Revenue to Revenue	77.36%	75.59%	81.17%	78.30%	75.76%	74.76%	79.15%	76.60%	75.05%	72.96%	80.67%
SG&A Expenses to Revenue	13.58%	12.89%	12.86%	14.06%	13.06%	12.45%	13.37%	13.80%	12.96%	11.80%	12.94%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	15.09%	14.06%	14.24%	15.29%	13.93%	12.81%	13.69%	14.04%	13.19%	11.98%	13.13%
Earnings before Interest and Taxes (EBIT)	46	67	28	40	69	89	48	62	86	121	45
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	74	93	56	68	95	112	71	84	109	145	70
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.65	4.05	4.50	5.34	4.98	5.81	5.05	5.50	5.06	4.33	4.28
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.40	2.02	2.26	2.64	2.50	3.10	2.40	2.67	2.54	2.15	1.95
Price to Earnings (P/E)	82.21	54.35	73.52	79.00	62.80	69.76	46.01	45.19	40.01	30.80	29.69
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.22%	1.84%	1.36%	1.27%	1.59%	1.43%	2.17%	2.21%	2.50%	3.25%	3.37%
Enterprise Value to Invested Capital (EV/IC)	3.04	2.67	3.02	3.51	3.43	4.01	3.45	3.83	3.68	3.13	3.05
Enterprise Value to Revenue (EV/Rev)	2.81	2.43	2.63	3.00	2.82	3.42	2.71	2.96	2.79	2.43	2.23
Enterprise Value to EBITDA (EV/EBITDA)	23.45	19.32	22.52	25.59	23.11	27.18	21.15	22.35	20.77	17.08	16.03
Enterprise Value to EBIT (EV/EBIT)	40.37	31.06	37.07	41.32	35.28	39.60	29.54	30.01	27.26	21.98	20.79
Enterprise Value to NOPAT (EV/NOPAT)	65.30	47.41	59.75	63.73	52.72	59.47	41.70	41.60	37.30	29.90	29.06
Enterprise Value to Operating Cash Flow (EV/OCF)	25.74	25.95	24.78	24.45	23.85	28.77	21.59	26.26	23.47	21.56	18.65
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	103.71	58.68	107.20	78.11	295.45	44.54	38.62	41.25	28.30	33.76
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.84	0.85	0.79	0.78	0.74	0.68	0.74	0.68	0.64	0.64	0.71
Long-Term Debt to Equity	0.83	0.82	0.78	0.76	0.73	0.66	0.72	0.66	0.57	0.52	0.56
Financial Leverage	0.71	0.93	0.84	0.80	0.71	0.70	0.69	0.66	0.57	0.58	0.63
Leverage Ratio	3.24	3.48	3.36	3.26	3.15	3.01	3.11	2.98	2.89	2.76	2.96
Compound Leverage Factor	2.37	2.85	1.66	2.14	2.60	2.62	2.37	2.49	2.54	2.48	2.20
Debt to Total Capital	45.76%	46.08%	44.26%	43.83%	42.68%	40.48%	42.55%	40.41%	39.10%	39.11%	41.43%
Short-Term Debt to Total Capital	0.75%	2.10%	0.85%	0.96%	1.05%	1.11%	1.28%	1.13%	4.42%	7.22%	8.73%
Long-Term Debt to Total Capital	45.01%	43.98%	43.41%	42.87%	41.63%	39.38%	41.27%	39.28%	34.69%	31.89%	32.70%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	54.24%	53.92%	55.74%	56.17%	57.32%	59.52%	57.45%	59.59%	60.90%	60.89%	58.57%
Debt to EBITDA	3.64	3.39	3.42	3.29	3.07	2.88	2.75	2.49	2.39	2.25	2.32
Net Debt to EBITDA	3.39	3.25	3.16	3.07	2.62	2.55	2.43	2.18	1.92	1.96	1.98
Long-Term Debt to EBITDA	3.58	3.24	3.35	3.22	2.99	2.80	2.67	2.42	2.12	1.83	1.83
Debt to NOPAT	10.14	8.33	9.06	8.19	6.99	6.31	5.42	4.63	4.30	3.93	4.21
Net Debt to NOPAT	9.45	7.98	8.39	7.65	5.97	5.58	4.79	4.05	3.44	3.43	3.58
Long-Term Debt to NOPAT	9.97	7.95	8.89	8.01	6.82	6.13	5.26	4.50	3.81	3.20	3.32
Altman Z-Score	1.90	1.85	1.98	2.36	2.37	2.87	2.43	2.72	2.66	2.57	2.34
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.44	0.50	0.56	0.51	0.56	0.61	0.64	0.60	0.56	0.54	0.52
Quick Ratio	0.33	0.36	0.44	0.41	0.46	0.51	0.51	0.47	0.45	0.43	0.45
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-192	-16	13	-22	3.02	-57	27	61	42	101	-2.13
Operating Cash Flow to CapEx	542.44%	-94.83%	309.04%	600.39%	483.33%	-38.46%	376.36%	565.81%	713.35%	-70.71%	444.65%
Free Cash Flow to Firm to Interest Expense	-15.73	-1.31	0.92	-1.58	0.25	-4.95	2.36	5.86	4.02	8.24	-0.18
Operating Cash Flow to Interest Expense	9.23	-1.56	6.68	8.50	9.11	-0.77	10.53	8.33	12.71	-1.44	12.71
Operating Cash Flow Less CapEx to Interest Expense	7.52	-3.21	4.52	7.09	7.23	-2.77	7.73	6.85	10.93	-3.48	9.85
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.61	0.62	0.63	0.65	0.67	0.68	0.69	0.72	0.72	0.74	0.76
Accounts Receivable Turnover	12.64	11.17	9.69	11.04	13.95	11.55	9.51	11.89	14.58	12.02	10.16
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	3.91	4.11	4.20	4.33	4.40	4.49	4.66	4.75	4.77	4.86	5.11
Accounts Payable Turnover	7.73	7.62	7.70	8.66	7.60	7.81	7.33	8.17	7.21	7.79	7.49
Days Sales Outstanding (DSO)	28.88	32.69	37.65	33.06	26.17	31.59	38.39	30.69	25.04	30.36	35.92
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	47.23	47.89	47.37	42.14	48.00	46.71	49.78	44.68	50.62	46.88	48.75
Cash Conversion Cycle (CCC)	-18.35	-15.20	-9.72	-9.09	-21.83	-15.12	-11.39	-13.99	-25.58	-16.52	-12.83
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,054	2,120	2,104	2,125	2,098	2,241	2,115	2,110	2,118	2,228	2,146
Invested Capital Turnover	1.15	1.12	1.15	1.18	1.23	1.20	1.27	1.29	1.32	1.29	1.38
Increase / (Decrease) in Invested Capital	220	65	-1.94	47	44	121	11	-15	20	-13	31
Enterprise Value (EV)	6,249	5,670	6,348	7,459	7,200	8,975	7,286	8,072	7,795	6,975	6,542
Market Capitalization	5,345	4,715	5,457	6,564	6,385	8,134	6,450	7,286	7,076	6,175	5,735
Book Value per Share	$19.89	$20.14	$20.94	$21.24	$22.12	$24.11	$21.97	$23.08	$24.44	$25.10	$23.68
Tangible Book Value per Share	($14.69)	($13.97)	($13.65)	($12.97)	($12.22)	($10.88)	($11.72)	($11.36)	($10.86)	($10.31)	($11.99)
Total Capital	2,120	2,161	2,175	2,188	2,239	2,351	2,225	2,222	2,298	2,344	2,286
Total Debt	970	996	963	959	955	952	947	898	898	917	947
Total Long-Term Debt	954	950	944	938	932	926	918	873	797	748	748
Net Debt	904	955	891	895	815	842	837	786	719	800	807
Capital Expenditures (CapEx)	21	20	31	19	23	23	32	15	19	25	33
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-472	-370	-406	-381	-433	-347	-365	-383	-444	-334	-403
Debt-free Net Working Capital (DFNWC)	-406	-329	-334	-317	-293	-237	-255	-271	-265	-217	-263
Net Working Capital (NWC)	-422	-374	-353	-338	-316	-263	-283	-296	-366	-386	-462
Net Nonoperating Expense (NNE)	7.55	8.95	5.63	8.85	8.25	8.20	9.07	7.59	7.66	8.83	7.47
Net Nonoperating Obligations (NNO)	904	955	891	895	815	842	837	786	719	800	807
Total Depreciation and Amortization (D&A)	29	27	28	28	25	23	22	22	23	24	25
Debt-free, Cash-free Net Working Capital to Revenue	-21.19%	-15.85%	-16.77%	-15.31%	-16.96%	-13.20%	-13.60%	-14.03%	-15.91%	-11.61%	-13.73%
Debt-free Net Working Capital to Revenue	-18.23%	-14.10%	-13.81%	-12.75%	-11.47%	-9.02%	-9.49%	-9.92%	-9.49%	-7.55%	-8.95%
Net Working Capital to Revenue	-18.94%	-16.04%	-14.58%	-13.60%	-12.39%	-10.00%	-10.55%	-10.84%	-13.13%	-13.45%	-15.76%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.36	$0.69	$0.09	$0.29	$0.68	$0.95	$0.50	$0.66	$0.96	$1.38	$0.39
Adjusted Weighted Average Basic Shares Outstanding	57.71M	57.77M	57.72M	57.88M	57.97M	58.06M	57.93M	57.38M	57.26M	56.93M	56.95M
Adjusted Diluted Earnings per Share	$0.35	$0.69	$0.10	$0.29	$0.67	$0.94	$0.50	$0.66	$0.95	$1.37	$0.38
Adjusted Weighted Average Diluted Shares Outstanding	57.91M	58.05M	57.93M	58.31M	58.44M	58.70M	58.47M	57.95M	57.71M	57.38M	57.42M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	57.88M	57.90M	57.96M	58.00M	58.04M	58.18M	57.35M	57.25M	56.87M	56.55M	55.11M
Normalized Net Operating Profit after Tax (NOPAT)	28	49	20	26	47	63	38	46	62	87	29
Normalized NOPAT Margin	4.67%	7.58%	3.21%	4.15%	7.08%	8.78%	5.67%	6.86%	8.53%	10.88%	3.98%
Pre Tax Income Margin	5.52%	8.46%	2.27%	4.22%	8.51%	10.82%	5.45%	7.80%	10.32%	13.53%	4.61%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.73	5.47	1.98	2.92	5.75	7.70	4.21	6.02	8.15	9.90	3.91
NOPAT to Interest Expense	2.30	4.00	0.78	1.89	3.95	5.43	3.33	4.41	5.92	7.16	2.51
EBIT Less CapEx to Interest Expense	2.03	3.82	-0.18	1.50	3.86	5.70	1.41	4.54	6.37	7.86	1.05
NOPAT Less CapEx to Interest Expense	0.60	2.36	-1.38	0.47	2.06	3.43	0.54	2.94	4.13	5.12	-0.35
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	60.34%	64.60%	81.95%	94.40%	116.72%

Financials Breakdown Chart

Key Financial Trends

Bright Horizons Family Solutions (BFAM) has shown a multi-year revenue growth trend with generally stable gross margins and positive operating cash flow in recent periods. At the same time, liquidity appears tight on a quarterly basis, and cash flows used for investing and financing have been meaningful in several quarters. Here are the key takeaways drawn from the last four years of quarterly statements.

Revenue growth trend: Operating revenue rises from about $529.5 million in 2022 Q4 to about $733.7 million in 2025 Q4, reflecting a sustained multi-year expansion.
Stable gross margins: Total gross profit margins have generally hovered in the mid-to-high teens to low twenties (roughly 18%–22%) across 2022–2025, indicating stable profitability at the gross level despite rising revenue.
Positive cash generation from operations (most quarters): Net cash from continuing operating activities was strong in several recent quarters (e.g., about $147.9 million in 2025 Q4 and around $134.2 million in 2025 Q2), signaling solid cash generation from core operations.
Equity base and balance sheet scale: Total equity has remained substantial (roughly in the low-to-mid billions on an aggregate basis over 2022–2025), supporting a sizable balance sheet alongside growing assets.
Debt financing activity: The company has relied on debt issuances to support financing needs in 2024–2025 (notable issuances such as about $442.7 million in 2025 Q4, ~$405 million in 2025 Q2, and ~$132.1 million in 2025 Q3), providing liquidity to fund operations and investments.
Liquidity profile in quarterly snapshots: Current assets versus current liabilities show negative working capital in several quarters (for example, 2025 Q3: Total Current Assets ≈ $454.7M vs. Total Current Liabilities ≈ $841.1M), indicating a tight short-term liquidity position on those dates.
Earnings volatility: Net income to common shareholders can vary meaningfully by quarter (e.g., 2022 Q4 ≈ $18.0M vs. 2023 Q4 ≈ $5.5M; 2024–2025 quarters show intermittent improvements but not a straight quarterly rise), suggesting earnings are cyclical or sensitive to rate and milestone events.
Investing cash outflows: Net cash used in investing activities has been consistently negative, reflecting ongoing capital expenditures and acquisitions (typical quarterly net investing outflows in the 20–40 million range, varying by quarter).
Financing outflows in several periods: Net cash from financing activities has been meaningfully negative in multiple quarters due to debt repayments and share repurchases, with notable negative flows such as about $90.6 million in 2025 Q4.
Rising leverage risk in some periods: Long-term debt levels appear elevated in several quarters (with figures near or above the $0.9B range in certain periods), which could weigh on interest expense and balance-sheet risk if operating performance slows.

05/06/26 03:31 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Bright Horizons Family Solutions' Financials

When does Bright Horizons Family Solutions' financial year end?

According to the most recent income statement we have on file, Bright Horizons Family Solutions' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

How has Bright Horizons Family Solutions' net income changed over the last 10 years?

Over the last 10 years, Bright Horizons Family Solutions' net income changed from $93.93 million in 2015 to $193.12 million in 2025, a change of 105.6%. See where experts think Bright Horizons Family Solutions is headed by visiting Bright Horizons Family Solutions' forecast page.

What is Bright Horizons Family Solutions' operating income?

Bright Horizons Family Solutions' total operating income in 2025 was $314.67 million, based on the following breakdown:

Total Gross Profit: $697.19 million
Total Operating Expenses: $382.52 million

How has Bright Horizons Family Solutions' revenue changed over the last 10 years?

Over the last 10 years, Bright Horizons Family Solutions' total revenue changed from $1.46 billion in 2015 to $2.93 billion in 2025, a change of 101.1%.

How much debt does Bright Horizons Family Solutions have?

Bright Horizons Family Solutions' total liabilities were at $2.55 billion at the end of 2025, a 0.8% decrease from 2024, and a 79.2% increase since 2015.

How much cash does Bright Horizons Family Solutions have?

In the past 10 years, Bright Horizons Family Solutions' cash and equivalents has ranged from $11.54 million in 2015 to $384.34 million in 2020, and is currently $140.09 million as of their latest financial filing in 2025.

How has Bright Horizons Family Solutions' book value per share changed over the last 10 years?

Over the last 10 years, Bright Horizons Family Solutions' book value per share changed from 12.12 in 2015 to 23.68 in 2025, a change of 95.4%.

Related Companies

Financial statements for NYSE:BFAM last updated on 2/27/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Bright Horizons Family Solutions (BFAM) Financials

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Bright Horizons Family Solutions (BFAM) Financials

Annual Income Statements for Bright Horizons Family Solutions

Quarterly Income Statements for Bright Horizons Family Solutions

Annual Cash Flow Statements for Bright Horizons Family Solutions

Quarterly Cash Flow Statements for Bright Horizons Family Solutions

Annual Balance Sheets for Bright Horizons Family Solutions

Quarterly Balance Sheets for Bright Horizons Family Solutions

Annual Metrics And Ratios for Bright Horizons Family Solutions

Quarterly Metrics And Ratios for Bright Horizons Family Solutions

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Bright Horizons Family Solutions' Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools