FirstService Corporation Q3 2025 Financial Results

FirstService Corporation reported its financial results for the third quarter of 2025, with consolidated revenues of $1.45 billion, a 4% increase compared to the prior year quarter. Operating earnings were $115.6 million, down from $125.9 million in the previous year, resulting in an operating margin of 8.0%. Adjusted EBITDA for the quarter was $164.8 million, up from $160.0 million in the prior year, with an Adjusted EBITDA margin of 11.4%. The FirstService Residential segment saw revenues of $605.4 million, an 8% increase, driven by new contract wins. The FirstService Brands segment reported revenues of $842.1 million, a 1% increase, though organic growth declined by 4%. Net earnings for the quarter were $70.9 million, down from $77.8 million in the prior year, primarily due to fair value adjustments to contingent earn-out structures. The company also completed seven acquisitions during the nine months ended September 30, 2025, contributing to its growth.