What happened
FirstService Corporation (NASDAQ: FSV) reported third-quarter 2026 revenue of $1.53 billion and adjusted EPS of $1.89 on Oct. 22, 2026. Revenue rose 6% from $1.45 billion a year earlier. Adjusted EBITDA increased 3% to $169.7 million. GAAP operating earnings fell to $107.4 million from $115.6 million, and GAAP diluted EPS dropped to $0.99 from $1.24.
For the nine months ended September 30, 2026, revenue reached $4.30 billion, adjusted EBITDA was $437.1 million, and adjusted EPS was $4.57.
FirstService Residential generated $633.3 million of revenue, up 5% and all from organic growth, while its adjusted EBITDA rose to $71.3 million. FirstService Brands generated $898.4 million, up 7%, while its adjusted EBITDA slipped to $101.8 million from $102.1 million. Net cash provided by operating activities was $84.2 million in the quarter, down from $126.4 million a year earlier. Cash and cash equivalents were $160.8 million at Sept. 30, 2026.
Key numbers
| Metric | Latest | Change | Source |
|---|---|---|---|
| Third-quarter revenue | $1.53 billion | from $1.45 billion, +6% | FirstService Q3 2026 press release |
| Third-quarter adjusted EBITDA | $169.7 million | from $164.8 million, +3% | FirstService Q3 2026 press release |
| Third-quarter adjusted EPS | $1.89 | from $1.76, +7% | FirstService Q3 2026 press release |
| Nine-month revenue | $4.30 billion | from $4.11 billion, +4% | FirstService Q3 2026 press release |
| Third-quarter GAAP operating earnings | $107.4 million | from $115.6 million, -$8.2 million | FirstService Q3 2026 press release |
| FirstService Brands adjusted EBITDA | $101.8 million | from $102.1 million, -$0.3 million | FirstService Q3 2026 press release |
Read more: FirstService (FSV) stock analysis and investment case
Why it matters
The nine-month revenue gain was about $183.9 million, using $4.30 billion versus $4.11 billion. That matters because the release shows higher revenue and higher adjusted EPS. Investors use both to judge whether sales growth is turning into per-share results.
Cash generation weakened even as adjusted earnings rose. The mix was also uneven because GAAP operating earnings declined and FirstService Brands adjusted EBITDA eased.
Total debt rose to $1.55 billion from $1.08 billion at Dec. 31, 2025. Adjusted results exclude acquisition-related items, share-based compensation and intangible amortization, so GAAP earnings remain the stricter test.
Stock perps: every US stock that trades as a perpetual future, by leverage, live
What's next
FirstService will hold a conference call on Thursday, Oct. 22, 2026 at 11:00 a.m. Eastern Time to discuss the quarter. Investors will listen for whether management says organic growth is still improving and whether Brands margins stabilize after the third quarter. If the call confirms that revenue gains are carrying into earnings, the release looks more supportive. If management points to more margin pressure, the quarter stays a mixed read.
More from OptimistFi
- FSV stock: the FirstService thesis, its status and the next test to watch
- Stock research on every company OptimistFi covers
From OptimistFi Perps
- Stock perps vs tokenized stocks: how US shares trade around the clock
- Weekend market prices: US stock indexes, gold and oil now
- Perps news: leveraged stocks, gold, FX and crypto on-chain
- Prop firms that fund crypto and stock perps traders: rules, prices and payouts
- Top perps movers today: stocks, commodities, FX and indices
- Open interest live: crypto and stock perps by exchange
Sources
- FirstService third-quarter 2026 earnings press release — Exhibit 99.1 press release filed with the SEC on Oct. 22, 2026.
- FirstService Form 6-K — Report of foreign private issuer furnished on Oct. 22, 2026.
Read the full OptimistFi thesis on FirstService Corporation: https://optimistfi.com/stocks/FSV
See what would break the FirstService Corporation thesis and track it live on the OptimistFi Thesis-Break Engine.
Browse every company OptimistFi covers at optimistfi.com/stocks, or read the latest evidence-first research.
The full FirstService Corporation investment case, its status and the next test to watch live on the FirstService Corporation thesis page.
Originally published on OptimistFi, evidence-first equity research. More at optimistfi.com.
