FirstService (FSV) financial statements
FirstService reported revenue of $5.5B in fiscal 2025, up 15.7% a year over 9 years.
Net income was $145M and the operating margin 6.1%, against 6.1% in 2016.
Free cash flow was $318M, and the company returned $49M in dividends.
The diluted share count rose 26% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from FirstService's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.5B | $1.7B | $1.9B | $2.4B | $2.8B | $3.2B | $3.7B | $4.3B | $5.2B | $5.5B |
| Cost of revenue | — | — | $1.3B | $1.6B | $1.9B | $2.2B | $2.6B | $2.9B | $3.5B | $3.7B |
| Gross profit | — | — | $611M | $773M | $901M | $1.0B | $1.2B | $1.4B | $1.7B | $1.8B |
| Selling, general and admin | $305M | $385M | $426M | $546M | $629M | $734M | $846M | $993M | $1.2B | $1.3B |
| Operating income | $91M | $105M | $128M | -$174M | $169M | $202M | $219M | $245M | $338M | $338M |
| Pre-tax income | $82M | $97M | $115M | -$200M | $145M | $209M | $194M | $203M | $258M | $267M |
| Income tax | $27M | $22M | $25M | $27M | $36M | $53M | $49M | $56M | $70M | $76M |
| Net income | $34M | $53M | $66M | -$252M | $87M | $135M | $121M | $100M | $134M | $145M |
| EPS (diluted) | $0.92 | $1.41 | $1.80 | -$6.58 | $2.02 | $3.05 | $2.72 | $2.24 | $2.97 | $3.17 |
| Diluted shares | 36M | 37M | 37M | 39M | 43M | 44M | 44M | 45M | 45M | 46M |
| Gross margin | — | — | 31.6% | 32.1% | 32.5% | 32.2% | 31.5% | 32.0% | 32.9% | 33.6% |
| Operating margin | 6.1% | 6.1% | 6.6% | -7.2% | 6.1% | 6.2% | 5.8% | 5.6% | 6.5% | 6.1% |
| Net margin | 2.3% | 3.1% | 3.4% | -10.5% | 3.1% | 4.2% | 3.2% | 2.3% | 2.6% | 2.6% |
Balance sheet
Fiscal years, from FirstService's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $43M | $57M | $66M | $121M | $184M | $166M | $136M | $188M | $228M | $154M |
| Receivables | $164M | $186M | $240M | $394M | $419M | $552M | $636M | $842M | $948M | $922M |
| Inventory | $30M | $38M | $48M | $95M | $142M | $161M | $242M | $246M | $280M | $274M |
| Total current assets | $304M | $326M | $415M | $668M | $819M | $965M | $1.1B | $1.4B | $1.6B | $1.5B |
| Property, plant and equipment | $73M | $85M | $98M | $132M | $127M | $138M | $167M | $204M | $254M | $290M |
| Goodwill | $266M | $292M | $335M | $645M | $704M | $843M | $886M | $1.2B | $1.4B | $1.5B |
| Total assets | $771M | $848M | $1.0B | $2.0B | $2.2B | $2.5B | $2.8B | $3.6B | $4.2B | $4.3B |
| Total current liabilities | $175M | $214M | $227M | $358M | $544M | $618M | $637M | $771M | $851M | $882M |
| Long-term debt | $250M | $267M | $331M | $761M | $533M | $595M | $699M | $1.1B | $1.3B | $1.1B |
| Total liabilities | $599M | $656M | $771M | $1.5B | $1.5B | $1.7B | $1.9B | $2.6B | $3.0B | $2.9B |
| Shareholders' equity | $172M | $192M | $236M | $426M | $660M | $800M | $907M | $1.0B | $1.2B | $1.4B |
| Net debt | $206M | $210M | $264M | $640M | $349M | $430M | $563M | $957M | $1.0B | $915M |
Cash flow
Fiscal years, from FirstService's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $109M | $116M | $99M | $108M | $292M | $167M | $106M | $280M | $286M | $446M |
| Capital spending | $29M | $36M | $41M | $47M | $39M | $58M | $78M | $93M | $113M | $128M |
| Free cash flow | $80M | $79M | $59M | $61M | $252M | $109M | $28M | $188M | $173M | $318M |
| Stock-based compensation | — | — | — | $252M | — | — | — | $21M | $25M | $27M |
| Dividends paid | $15M | $17M | $19M | $22M | $27M | $31M | $35M | $39M | $44M | $49M |
| Share buybacks (net) | -$10M | -$17M | -$9M | — | — | — | — | — | — | — |
| Free cash flow margin | 5.4% | 4.6% | 3.0% | 2.5% | 9.1% | 3.4% | 0.8% | 4.3% | 3.3% | 5.8% |
| Dividends per share | $0.43 | $0.47 | $0.51 | $0.57 | $0.64 | $0.70 | $0.78 | $0.87 | $0.97 | $1.07 |
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Open FSV in InvestinglyQuestions
What was FirstService's revenue in 2025?
$5.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does FirstService generate?
$318M in fiscal 2025 (operating cash flow minus capital spending).
From FirstService's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.