2Q26: Full Service Challenges Persist: Bright Horizons Family Solutions Inc | North America

研报英文原文证据摘录

2Q26: Full Service Challenges Persist: Bright Horizons Family Solutions Inc | North America

Idea

July 31, 2026 01:14 AM GMT

Morgan Stanley & Co. LLCMBright Horizons Family Solutions Inc | North Toni Kaplan

America Equity Analyst

Toni.Kaplan@morganstanley.com +1 212 761-3620

Yehuda Silverman

Research Associate2Q26: Full Service Challenges Yehuda.Silverman@morganstanley.com +1 212 761-4196

Bright Horizons Family Solutions Inc (BFAM.N, BFAMPersist

UN)

What’s Changed Business & Education Services | United States of America

Bright Horizons Family Solutions Inc (BFAM.N) From To Stock Rating Underweight

Price Target $70.00 $68.00 Industry View In-Line

Price target $68.00

Shr price, close (Jul 30, 2026) $77.95

Mkt cap, curr (mm) $4,092

AlphaSignals Earnings Reaction 52-Week Range $128.99-57.65

Unchanged Modest upside Largely unchanged Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

Impact to our thesis Financial results versus consensus Direction of next 12-month

Rpt'd sales grth (%) 9.2 5.4 5.2 6.3

consensus EPS

Prior EPS ($)** - 4.97 5.63 6.38

Source: Company data, Morgan Stanley Research EPS ($)** 4.55 5.07 5.89 6.78

EPS ($)§ - 5.03 5.76 6.43

2Q estimates largely beat MSe/Cons, but the full year outlook P/E 22.3 15.4 13.2 11.5

was reduced in Full Service and Ed Advisory with 3Q seeing Unlessframeworkotherwise noted, all metrics are based on Morgan Stanley ModelWare

significant headwinds in closures, Australia, and FX. Back-Up **§ ==ConsensusBased on consensusdata is providedmethodologyby Refinitiv Estimates

e = Morgan Stanley Research estimates

remained a bright spot. Maintain UW, PT of $68 (from $70). Quarterly EPS ($)

2026e 2026e 2027e 2027e

Quarter 2025 Prior Current Prior Current

Key Takeaways Q1 0.77 - 0.82a 0.91 0.91

Q2 1.07 - 1.28a 1.35 1.45

Revenue and adj.