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Bright Horizons: Public-Private Partnerships in NYC—A Stable Growth Lever with Hidden Upside?

Bright Horizons Family Solutions reported a solid financial performance in 2025, marked by revenue growth, margin expansion, and continued operational progress across its primary business segments: back-up care, full-service centers, and educational advisory services. The company’s full-year revenue increased 9% to $2.93 billion, with adjusted earnings per share (EPS) growing 31% to $4.55, outpacing earlier guidance. Fourth-quarter results reflected similar trends, with 9% revenue growth to $734 million and adjusted EPS rising 17% to $1.15. Back-up care was a significant driver, posting a 19% revenue increase for the year to $728 million and delivering strong operating margins around 32% in Q4. Growth in this segment came largely from deeper penetration within existing employer clients, whose eligible populations remained flat.