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Did Bright Horizons beat or miss consensus estimates last quarter?

- **Revenue Beats Expectations**: Q4 revenue $734M (+9%), full year $2.93B (+9%). Adjusted EPS $1.15 (+17%) and $4.55 (+31%).
- **Segment Strength**: Back-up care up 19% annually; full service U.K. profitable; ed advisory expands through counseling and EdAssist.
- **2026 Guidance**: Revenue $3.075B-$3.125B, EPS $4.90-$5.10. Back-up care +11%-13%, full service +3.5%-4.5%.
- **Margin Improvements**: Full service 25-50bps up; back-up care 27%-30% margin. Enrollment gains in lower cohorts drive 100bps annual growth.

**【CEO Summary Section】**
- **Q4 and Full-Year Growth**: Revenue rose 9% to $734M in Q4 and 9% annually to $2.93B. Adjusted EPS increased 17% to $1.15 in Q4 and 31% annually to $4.55. Back-up care revenue grew 17% in Q4 and 19% annually, while full service and ed advisory expanded 6% and 10% respectively.
- **Segment Highlights**: Back-up care utilization driven by unplanned and planned needs; full service saw enrollment gains and U.K. profitability; ed advisory grew through college counseling and EdAssist expansions.
- **2026 Outlook**: Revenue $3.075B-$3.125B, adjusted EPS $4.90-$5.10. Q1 guidance: 6%-7.5% revenue growth, $0.75-$0.80 EPS.

**【CFO Financial Commentary】**
- **Q4 Financials**: Adjusted operating income up 14% to $91M (12.3% margin), EBITDA $123M (17% margin). Back-up care margins 32%; full service improved 40bps to 4%.
- **2026 Guidance**: Full service revenue +3.5%-4.5% (offset by 200bps closures); back-up care +11%-13%; ed advisory mid-single digits. Free cash flow used for $225M share buybacks in 2025.
- **Leverage**: 1.7x net debt/EBITDA, $140M cash.

**【Q&A Highlights】**
- **Full Service Margins**: 25-50bps improvement in 2026, driven by closures of loss-making centers (100bps headwind from closures). U.K. growth slows but remains positive.
- **Backup Care Growth**: 19% annual growth from deeper penetration in existing clients; 10%+ unique user growth. Employers see ROI, no tightening of benefits.
- **Enrollment Trends**: Mid-60% occupancy; 100bps annual gain. Lower cohorts (sub-40%) improved from 16% to 12% of portfolio.
- **Pricing**: 4% tuition increases offset 3% wage costs. Parents understand labor-driven costs.
- **New York City UPK**: 70% centers in NYC have UPK contracts; pilot for younger age groups expected.

Bright Horizons Family Solutions Inc. (BFAM) Q4 2025 Earnings Call Transcript

- **Revenue Growth**: Q3 revenue up 12% to $803 million, with back-up care driving 26% segment growth.
- **Margin Expansion**: Adjusted EBITDA margin 19%, operating margin 15.5%, and 38% back-up care margin.
- **2025 Guidance**: Full year revenue $2.925 billion, adjusted EPS $4.48-$4.53, reflecting 9% growth.
- **Sustainability**: 2026 back-up care growth projected at 11-13%, with 10 million eligible employees and <10% penetration.
- **Strategic Focus**: Capacity expansion, personalized marketing, and client retention initiatives.
- **Risk Management**: 25-30 center closures in 2026, with 50-100 basis point margin expansion.


**【CEO Summary Section】**
- Q3 revenue increased 12% to $803 million, with back-up care revenue up 26% to $253 million.
- Full service centers saw 6% growth, with 3 new centers opened, including partnerships with MIT and Dartmouth Hitchcock Medical Center.
- 2025 full year guidance updated to $2.925 billion revenue and adjusted EPS of $4.48-$4.53, reflecting 9% revenue growth and 18% back-up care expansion.
- Emphasis on long-term growth through personalized marketing, capacity expansion, and strategic client relationships.

**【CFO Financial Commentary】**
- Q3 adjusted operating income rose 39% to $124 million, with a 15.5% operating margin and $156 million adjusted EBITDA (19% margin).
- Back-up care operating margin improved to 38%, driven by strong demand and cost efficiency.
- Full year 2025 outlook includes $203 million cash from operations, $105 million stock repurchases, and net leverage ratio of 1.7x.

**【Q&A Highlights】**
- **Sustainability of Back-up Care Growth**: CEO projects 11-13% 2026 growth, with 10 million eligible employees and <10% penetration.
- **Enrollment Trends**: Full service enrollment growth expected to moderate to 1% Q4, with focus on improving customer experience.
- **Pricing Strategy**: 4% average tuition increase, with localized adjustments for demand variability.
- **U.K. Market**: 2025 contribution to be modestly positive, with 2026 margin expansion of 50-100 basis points.
- **Capacity Management**: 25-30 centers expected to close in 2026, prioritizing high-demand locations.
- **Economic Impact**: Clients maintain back-up care investment despite workforce reductions, with 90%+ retention rates.


Bright Horizons Family Solutions Inc. (BFAM) Q3 2025 Earnings Call Transcript

- **Revenue Beats Expectations**: Q2 revenue $732 million (+9% YoY), EPS $1.07 (+22% YoY), driven by back-up care growth and margin expansion.
- **Segment Strength**: Back-up care up 19%, full-service +7%, ed advisory +8%. Full-service operating margin 7.5%, back-up care 25%.
- **Guidance Update**: Full-year revenue $2.9B-$2.92B (8-9% growth), EPS $4.15-$4.25. Q3 EPS $1.29-$1.34.
- **Strategic Momentum**: Cross-selling services to clients, 45F tax credit opportunities, and U.K. market recovery.
- **Operational Focus**: Streamlining enrollment process, rationalizing underperforming centers, and expanding back-up care network.

**【CEO Summary Section】**
- **Revenue Growth**: Q2 revenue of $732 million, up 9% YoY, driven by full-service (7%), back-up care (19%), and educational advisory (8%) segments. Adjusted EPS of $1.07 exceeded expectations, up 22% YoY.
- **Full Service Segment**: 5 new centers opened, including 2 for University of Virginia. Enrollment in centers >1 year grew low single digits, with occupancy at 67% (high 60s). Top-performing centers (>80% occupancy) remain stable, while middle cohort (40-70%) saw mid-single-digit growth.
- **Back-Up Care**: $163 million revenue, up 19% YoY, with strong summer demand. New client McKesson highlights employer demand for flexible care solutions.
- **Educational Advisory**: $29 million revenue, up 8% YoY, driven by College Coach demand.
- **One Bright Horizons Strategy**: Cross-selling services to clients, e.g., Centene adding back-up care and Northwell Health expanding to College Coach.
- **2025 Guidance Update**: Full-year revenue $2.9B-$2.92B (8-9% growth), adjusted EPS $4.15-$4.25.

**【CFO Financial Commentary】**
- **Q2 Financials**: Adjusted operating income $86 million (25% YoY growth), EBITDA $116 million (13% YoY). Full-service segment operating margin 7.5%, back-up care 25%, ed advisory 17%.
- **Segment Breakdown**: Full-service revenue $540 million (+7%), back-up care $163 million (+19%), ed advisory $29 million (+8%).
- **Cash Flow & Balance Sheet**: $134 million cash from ops, $41 million stock buybacks, $179 million cash on hand. Leverage ratio 1.7x.
- **2025 Outlook**: Full-service revenue +5.75-6.75%, back-up care +14-16%, ed advisory mid-single digits. Q3 EPS $1.29-$1.34.

**【Q&A Highlights】**
- **Margin Expectations**: Back-up care 25-30% operating margin, full-service +125bps YoY, ed advisory high teens.
- **Enrollment Trends**: Low single-digit growth expected, with focus on streamlining inquiry-to-enrollment process.
- **45F Tax Credit**: Potential to boost employer childcare spending, but early days to assess impact.
- **M&A Activity**: Disciplined approach, prioritizing high-quality, strategically located centers.
- **U.K. Recovery**: On track for breakeven in full-service segment, supported by expanded government funding.
- **Sales Cycle**: Longer macro-driven cycles, but improved lead gen and enrollment support tools mitigate impact.

Bright Horizons Family Solutions Inc. (BFAM) Q2 2025 Earnings Call Transcript

- **Revenue Growth**: Q1 2025 revenue up 7% to $666 million, driven by 6% full-service and 12% backup care growth. Raised 2025 guidance to 6.5%-8.5% growth.
- **Margin Expansion**: Full-service operating margin improved 210 bps to 6.5%, U.K. recovery on track for 2025 break-even. Backup care margin remains strong at 21%.
- **Enrollment Dynamics**: U.S. enrollment growth 2%-3% for 2025, slower than prior expectations due to macro uncertainty. U.K. recovery continues, but remains a margin headwind.
- **Strategic Initiatives**: Cross-selling services (e.g., full-service to backup care) and improving enrollment pipelines to drive margin expansion. Q2 adjusted EPS guidance: $0.99-$1.04.

**【CEO Summary Section】**
- Q1 2025 revenue grew 7% to $666 million, with adjusted EPS up 51% to $0.77. Full-service child care revenue rose 6% to $511 million, backup care revenue increased 12% to $129 million, and educational advisory revenue grew 8% to $26 million.
- Enrollment in centers open over one year expanded at a low single-digit rate, with mid-60s occupancy (sequential improvement from Q4). U.S. business districts show encouraging enrollment trends, while slower velocity in some markets reflects macroeconomic uncertainty.
- U.K. segment shows strong progress, with enrollment growth and margin recovery, targeting 2025 earnings break-even. Backup care reservations for summer programs are strong, with 95% client retention.
- Strategic focus on cross-selling services (e.g., full-service to backup care) and improving enrollment pipelines to drive margin expansion. Raised 2025 revenue guidance to 6.5%-8.5% growth, reaffirming adjusted EPS of $3.95-$4.15.

**【CFO Financial Commentary】**
- Q1 adjusted operating income was $62 million (9.4% of revenue), up 56% YoY. Adjusted EBITDA was $92 million (13.9% of revenue), up 23% YoY. Full-service segment operating margin expanded 210 bps to 6.5%, driven by U.S. and U.K. cost control.
- FX headwinds reduced full-service growth by ~100 bps, but backup care margin remained strong at 21%. Q2 revenue guidance: $720-730 million (7.5%-9% growth), with adjusted EPS $0.99-$1.04.
- Balance sheet: $112 million cash, 1.8x leverage ratio. Q1 free cash flow $86 million, with $20 million stock buybacks.

**【Q&A Key Highlights】**
- **Enrollment Trends**: CEO notes U.S. enrollment growth is 2%-3% for 2025, slower than prior expectations due to macro uncertainty. U.K. recovery continues, but remains a margin headwind (~100 bps). Backup care summer reservations strong, with 13%-15% Q2 growth.
- **Margin Sustainability**: Full-service margin expansion expected to slow to ~125 bps YoY (vs. 210 bps in Q1), as U.K. lapping effects and enrollment conservatism weigh. Backup care margin stability reflects disciplined cost management.
- **FX Impact**: 2025 guidance includes $30 million FX tailwind, partially offset by enrollment conservatism. Q2 FX tailwind ~100 bps YoY.
- **Capital Allocation**: CFO emphasizes share buybacks (Q1: $20 million) and disciplined M&A, with priority on organic growth and margin expansion.

Bright Horizons Family Solutions (BFAM)-5 May 25-2025 Q1 Earnings call transcript

- **Revenue and EPS Surpass Expectations**: Q4 revenue up 10% to $674M, adjusted EPS of $0.98 (+18%). Full-year revenue +11%, EPS +22%.
- **Backup Care Growth Engine**: $610M annual revenue, $170M EBIT. Q4 Backup Care up 15% to $157M, driving 33% segment margin.
- **2025 Outlook**: $2.85-$2.9B revenue (6%-8% growth), $3.95-$4.15 EPS (+15%-20%). Full-service margin expansion 150 bps.
- **U.K. Turnaround**: Narrowing losses, targeting 2025 breakeven with enrollment growth and operational efficiency.
- **Share Repurchases**: $85M in Q4, first since 2022, signaling confidence in cash generation and valuation.


**【CEO Summary Section】**
- **Revenue and EPS Beat Expectations**: Q4 revenue grew 10% to $674 million, with adjusted EPS of $0.98, up 18%. Full-year revenue increased 11% to $2.6 billion, and adjusted EPS rose 22%.
- **Backup Care Dominance**: Backup Care revenue reached $610 million annually, with $170 million in EBIT, surpassing the full-service segment's pre-pandemic contribution. Q4 Backup Care revenue grew 15% to $157 million.
- **Center Expansion**: Opened 26 centers in 2024, including 17 for new clients. Enrollment in centers over 1 year old grew low-single-digit, with top 40% centers averaging 80%+ occupancy.
- **U.K. Progress**: Narrowed losses in the U.K., with plans for breakeven in 2025 through enrollment growth and operational efficiency.
- **2025 Outlook**: Guided for $2.85-$2.9 billion revenue (6%-8% growth) and $3.95-$4.15 EPS (15%-20% growth), driven by Backup Care and full-service expansion.

**【CFO Financial Commentary】**
- **Q4 Financials**: Adjusted operating income of $79 million (11.8% of revenue), up 25% YoY. Adjusted EBITDA of $111 million (16.4% of revenue), up 12%.
- **Segment Performance**: Full-service revenue grew 8% to $485 million, Backup Care up 15% to $157 million. Ed Advisory revenue was $32.5 million with 29% margin.
- **Cash Flow and Repurchases**: Generated $337 million in cash from operations, repurchased $85 million in stock in Q4. Ended with $110 million cash and 2x net debt/EBITDA.
- **2025 Guidance**: Full-service revenue growth 4.5%-6.5% (6%-8% constant currency), Backup Care up 11%-13%. Margins expected to expand 150 bps in full-service, stable in Backup Care.

**【Q&A Highlights】**
- **Enrollment Trends**: Q4 occupancy 60%+ (consistent with Q3). 2025 enrollment growth 2.5%-3.5%, targeting mid-60s occupancy by year-end.
- **Center Closures**: 0.5% drag from net closures, 26 centers opened in 2024. U.K. centers improving with 30-hour free entitlement policy.
- **Labor Costs**: Wage investments stable; no immediate plans to raise prices for inflation.
- **Share Repurchases**: $85 million in Q4, first since 2022, driven by cash generation and opportunistic capital deployment.
- **Backup Care Growth**: 16% annual growth in 2024, guided for 11%-13% in 2025. Expansion of use cases and employer adoption key drivers.
- **U.K. Breakeven**: 2025 target through enrollment growth, staff retention, and reduced agency spend.


Bright Horizons Family Solutions (BFAM)-13 Feb 25-2024 Q4 Earnings call transcript

Bright Horizons Family Solutions (BFAM)-4 Nov 24-2024 Q3 Earnings call transcript

Bright Horizons Family Solutions (BFAM)-1 Aug 24-2024 Q2 Earnings call transcript

Bright Horizons Family Solutions (BFAM)-2 May 24-2024 Q1 Earnings call transcript

Bright Horizons Family Solutions (BFAM)-13 Feb 24-2023 Q4 Earnings call transcript

Bright Horizons Family Solutions (BFAM)-1 Nov 23-2023 Q3 Earnings call transcript

Bright Horizons Family Solutions (BFAM)-1 Aug 23-2023 Q2 Earnings call transcript

Bright Horizons Family Solutions (BFAM)-2 May 23-2023 Q1 Earnings call transcript

Bright Horizons Family Solutions (BFAM)-16 Feb 23-2022 Q4 Earnings call transcript

Bright Horizons Family Solutions (BFAM)-2 Nov 22-2022 Q3 Earnings call transcript

Bright Horizons Family Solutions (BFAM)-3 Aug 22-2022 Q2 Earnings call transcript

Bright Horizons Family Solutions (BFAM)-4 May 22-2022 Q1 Earnings call transcript

Bright Horizons Family Solutions (BFAM)-17 Feb 22-2021 Q4 Earnings call transcript

Bright Horizons Family Solutions (BFAM)-3 Nov 21-2021 Q3 Earnings call transcript

Bright Horizons Family Solutions (BFAM)-5 Aug 21-2021 Q2 Earnings call transcript

Bright Horizons Family Solutions (BFAM)-8 May 21-2021 Q1 Earnings call transcript

Bright Horizons Family Solutions (BFAM)-18 Feb 21-2020 Q4 Earnings call transcript

Bright Horizons Family Solutions (BFAM)-8 Nov 20-2020 Q3 Earnings call transcript

Bright Horizons Family Solutions (BFAM)-9 Aug 20-2020 Q2 Earnings call transcript

Bright Horizons Family Solutions (BFAM)-10 May 20-2020 Q1 Earnings call transcript

Bright Horizons Family Solutions (BFAM)-14 Feb 20-2019 Q4 Earnings call transcript

Bright Horizons Family Solutions (BFAM)-30 Oct 19-2019 Q3 Earnings call transcript

Bright Horizons Family Solutions (BFAM)-2 Aug 19-2019 Q2 Earnings call transcript

Bright Horizons Family Solutions (BFAM)-30 Apr 19-2019 Q1 Earnings call transcript

Bright Horizons Family Solutions (BFAM)-12 Feb 19-2018 Q4 Earnings call transcript

Bright Horizons Family Solutions (BFAM)-4 Nov 18-2018 Q3 Earnings call transcript

Bright Horizons Family Solutions (BFAM)-2 Aug 18-2018 Q2 Earnings call transcript

Bright Horizons Family Solutions (BFAM)-30 Apr 18-2018 Q1 Earnings call transcript

Bright Horizons Family Solutions (BFAM)-8 Feb 18-2017 Q4 Earnings call transcript

Bright Horizons Family Solutions (BFAM)-1 Nov 17-2017 Q3 Earnings call transcript

Actual											0.74	0.44	0.02	0.36	0.23	0.49	0.64	0.65	0.47	0.71	0.66	0.77	0.49	0.64	0.88	0.83	0.51	0.88	1.11	0.98	0.77	1.07	1.57	1.15
Forecast											0.7728	-0.5817	-0.4936	-0.2244	0.1401	0.3484	0.6297	0.6263	0.4216	0.6969	0.6432	0.7576	0.3915	0.6087	0.8309	0.7344	0.4575	0.7296	1.0628	0.9067	0.6458	1.0112	1.3212	1.122
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-4.24%	+175.64%	+104.05%	+260.43%	+64.17%	+40.64%	+1.64%	+3.78%	+11.48%	+1.88%	+2.61%	+1.64%	+25.16%	+5.14%	+5.91%	+13.02%	+11.48%	+20.61%	+4.44%	+8.08%	+19.23%	+5.81%	+18.83%	+2.50%

BFAM

BFAM fundamentals

BFAM Q4 2025 Earnings

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BFAM

BFAM fundamentals

BFAM Q4 2025 Earnings

Earnings Call

BFAM Earnings Call Summary for Q4/20255:00 PM on Feb 12, 2026

BFAM Earnings Call Summary for Q3/20255:00 PM on Oct 30, 2025

BFAM Earnings Call Summary for Q2/20255:00 PM on Jul 31, 2025

BFAM Earnings Call Summary for Q1/20255:00 PM on May 5, 2025

BFAM Earnings Call Summary for Q4/20245:00 PM on Feb 13, 2025

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