Brinks Co (NYSE: BCO)

The Brink’s Company is a leading global provider of cash and valuables management, digital retail solutions, and ATM managed services. The company serves financial institutions, retailers, government agencies, mints, jewelers, and other commercial operations across more than 100 countries. It operates through a network of approximately 1,200 facilities and 15,900 vehicles, employing around 65,400 people worldwide.

Revenue is generated through three primary service lines: Cash and Valuables Management (CVS), Digital Retail Solutions (DRS), and ATM Managed Services (AMS). CVS accounted for 72% of total revenues in 2025, amounting to approximately $3.8 billion, and includes cash-in-transit, valuables transport, cash processing, vaulting, and guarding services. DRS and AMS together contributed 28% of revenues in 2025, totaling about $1.5 billion, with offerings such as Brink’s Complete™, CompuSafe®, iDeposit, and Daily Credit for DRS, and cash forecasting, remote monitoring, and full ATM outsourcing for AMS.

The company operates through the following segments: North America, Latin America, Europe, and Rest of World.

• North America: This segment covers operations in the United States and Canada, including the Brink’s Global Services ("BGS") line of business. BGS provides secure transport of high-value commodities such as diamonds, jewelry, luxury goods, precious metals, securities, banknotes, currency, high-tech devices, electronics, pharmaceuticals, and fine art. Additional BGS services include pick-up, packaging, customs clearance, secure storage, and inventory management, with specialized diamond and jewelry operations in major global centers.

• Latin America: This segment includes operations in Latin American countries where the company has an ownership interest, including the BGS line of business. BGS services in this region mirror the global offering, providing secure transport and logistics for valuables and high-risk goods. The segment benefits from integrated infrastructure and shared best practices across the Brink’s Business System to enhance scale and profitability.

• Europe: This segment predominantly covers operations in European countries that primarily provide services outside of the BGS line of business. These operations focus on traditional cash and valuables management, including cash-in-transit, cash management, and vaulting services for financial institutions and retailers. The segment leverages the company’s reputation for security and service quality to maintain a strong regional presence.

• Rest of World: This segment includes operations in the Middle East, Africa, and Asia, as well as total operations in European countries that primarily provide BGS services and BGS activity in Latin American countries where the company does not have an ownership interest. It enables the delivery of BGS’s secure transport and logistics solutions across diverse markets, supporting clients in the movement of banknotes, precious metals, luxury goods, and other high-value items. The segment also includes specialized services such as secure storage, inventory management, and customs clearance for international shipments.

The Brink’s Company competes with large multinational firms such as Loomis AB (Sweden), Prosegur, Compania de Seguridad, S. A. (Spain), and GardaWorld Security Corporation (Canada). Its competitive advantages include strong brand name recognition, a reputation for high-level service and security, risk management and logistics expertise, a global network and customer base, proven operational excellence, and high-quality insurance coverage and financial strength. The company differentiates itself through value-added solutions and technology-enabled services rather than competing solely on price.

The company’s customer base includes financial institutions, retailers, government agencies, mints, jewelers, and other commercial operations worldwide. Specific customer types served include banks, credit unions, central banks, retail chains, luxury goods manufacturers, and pharmaceutical companies requiring secure logistics and cash management solutions.