# EDGAR Filing Document

**Accession Number:** 0000277638
**File Stem:** 0001628280-25-054088
**Filing Date:** 2025-11
**Character Count:** 16257
**Document Hash:** 01fc308d2e51f415e4ffd474094885c7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-054088.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001628280-25-054088

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20251126

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DAVEY TREE EXPERT CO
- **CENTRAL INDEX KEY:** 0000277638
- **STANDARD INDUSTRIAL CLASSIFICATION:** AGRICULTURE SERVICES [0700]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 340176110
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-11917
- **FILM NUMBER:** 251525840

**BUSINESS ADDRESS:**
- **STREET 1:** 1500 N MANTUA ST
- **STREET 2:** P O BOX 5193
- **CITY:** KENT
- **STATE:** OH
- **ZIP:** 44240-5193
- **BUSINESS PHONE:** 3306739511

**MAIL ADDRESS:**
- **STREET 1:** 1500 NORTH MANTUA STREET
- **STREET 2:** P O BOX 5193
- **CITY:** KENT
- **STATE:** OH
- **ZIP:** 44240-5193

?xml version='1.0' encoding='ASCII'? davey-20251126

    

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**______________**

**FORM 8-K** 

**______________**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): 11/26/2025**

![davlogoc.jpg](davey-20251126_g1.jpg)

**THE DAVEY TREE EXPERT COMPANY** 

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Ohio** | **000-11917** | **34-0176110** |
| (State or other jurisdiction<br>of incorporation) | (Commission<br>File Number) | (Employer Identification <br>Number) |

---

**1500 North Mantua Street** 

**P.O. Box 5193** 

**Kent, OH 44240** 

(Address of principal executive offices) (Zip Code)

**(330) 673-9511** 

(Registrant's telephone number, including area code)

**Not Applicable**

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol(s)** | **Name of Each Exchange on Which Registered** |
| N/A | N/A | N/A |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

    

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**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition**

On November 26, 2025, The Davey Tree Expert Company issued its Quarterly Shareholder Report, including abbreviated financial and operating results for the quarter ended September 27, 2025. A copy of the Quarterly Shareholder Report is attached as Exhibit 99.1.

The information contained in this Current Report on Form 8-K, including the exhibit attached hereto, is being furnished and shall not be deemed to be filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to liability under that section nor shall it be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, unless such subsequent filing specifically references this Form 8-K.

**Item 9.01 Financial Statements and Exhibits**

(d) Exhibits

---

| | |
|:---|:---|
| **<u>Exhibit Number</u>** | **<u>Description to Exhibit</u>** |
| <u>[99.1](dt2025q38kexhibit991.htm)</u> | <u>[Quarterly Shareholder Report](dt2025q38kexhibit991.htm)</u> |
| 104 | Cover Page Interactive Data File |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| | **THE DAVEY TREE EXPERT COMPANY** |
| By: | /s/ Joseph R. Paul |
|  | Joseph R. Paul, Executive Vice President,<br>Chief Financial Officer and Assistant Secretary |

---

Date: November 26, 2025

## Exhibit 99.1

![imagea.jpg](imagea.jpg)

**Exhibit 99.1**

**To Our Shareholders,**

As we focus our efforts into optimizing the final quarter of 2025, I want to take a moment to recognize and thank our employees for their continued dedication and commitment to delivering exceptional service to our customers. Their hard work has set us up for another strong year of performance for the Company. During the third quarter, the Company reported record revenues of $500.7 million, an increase of $21.3 million, or 4.4%, compared to the same period in 2024. Revenue growth was driven by increases in each reporting segment, with Residential/Commercial ("R/C") up 4.9% and Utility up 4.6% year over year. Income from operations was $37.5 million, down $3.4 million, or 8.4%, from the third quarter of 2024, while net income declined to $21.6 million, a decrease of $4.4 million.

For the first nine months of 2025, the Company reported record revenues of $1.4 billion, an increase of $82.0 million, or 6.0%, compared to the same period in 2024. The R/C segment grew by $45.5 million, or 7.5%, while the Utility segment increased by $38.7 million, or 5.1% year over year. Within the R/C segment, Commercial Landscape Services and Canadian Residential delivered strong year-to-date growth of 25.4% and 9.4%, respectively. In the Utility segment, Western Utility grew by 16.6%, and Eastern Utility achieved an 8.3% increase over the prior year. This performance is especially notable given the absence of storm-related cleanup work that significantly benefited results in 2024. Overall, the Company's results for the first nine months surpassed last year's record-setting levels, reflecting continued strong demand for our services and positive momentum heading into the fourth quarter.

For the first nine months of 2025, income from operations totaled $85.1 million, a 3.0% decline from the prior year, while net income was $51.1 million, down 4.4% compared to the same period in 2024. Operational profitability was adversely affected by weather-related conditions in the first half of the year, which delayed many of our high-margin services. In addition, delays and changes in federal spending necessitated reallocating resources to support workforce retention. Ongoing tariff uncertainty with key suppliers and customers further contributed to volatility in equipment and material costs, making short-term recovery challenging. In many cases, cost increases and the adverse impacts on productivity caused by the uncertainties of federal polices, outpaced our ability to recover margins through pricing adjustments or operational adjustments. As we plan for 2026, our management team has a heightened focus on cost discipline, production improvements and the need to align workforce levels with market demand, all without sacrificing our mission to exceed client expectations.

During the quarter, we proudly celebrated the opening of the Davey SEED (Science, Employee Education, and Development) Campus, a transformative milestone that advances the Company's long-term growth strategy. The SEED Campus reinforces our commitment to safety and innovation, workforce development, and operational excellence, providing a state-of-the-art environment to cultivate talent, enhance skills, and drive operational efficiencies. This achievement was made possible through the hard work of our employees and the support of our trusted business partners. It positions the Company for sustained success as we continue investing in initiatives that enhance our competitive advantage and deliver lasting value to our clients.

------

![imagea.jpg](imagea.jpg)

Our balance sheet remains strong even as we continue to advance key initiatives, including the SAP S/4HANA® transition, investments in field office facilities, and other strategic projects. Beginning in January 2026, Principal, who already manages our 401(k) plan, will serve as the Company's Transfer Agent for our shareholders, providing them with a secure online platform to view, plan, and transact their stock holdings. Paper stock certificates will no longer be issued, with all shares, including prior certificates, being recorded electronically. This change enhances shareholder experience and establishes modern, scalable processes that support the Company's long-term growth strategy.

Due to planned investments in long-term growth initiatives, our debt level at the end of the third quarter of 2025 increased over 2024 third quarter debt levels. A modest decline in interest rates helped keep interest expense largely unchanged at $14.4 million for the first nine months of 2025, compared to $14.6 million in the same period last year. During the quarter, we issued $100 million in long-term debt at an attractive interest rate of 5.19%, using the proceeds to pay down our credit facility. These actions strengthen liquidity, preserve financial flexibility, and position the Company to continue executing on its strategic initiatives. We appreciate the ongoing support, commitment and partnership of all our lenders.

As we approach the end of 2025, we remain focused on finishing the year strong by driving operational efficiency and maintaining disciplined cost management. Thanks to the dedication and efforts of our employees, we have built strong momentum across the business. We also extend our sincere gratitude to our shareholders for their continued confidence and support, which empowers our management team to execute on our strategic priorities and position the Company for continued success in 2026.

Best wishes to you and your families, for a safe and happy holiday season.

For additional information and news on the Company, please go to:

**https://www.davey.com/shareholders**

**Patrick M. Covey**

*Chairman, President and Chief Executive Officer*

------

![q12024abbreviatedinterimfia.jpg](q12024abbreviatedinterimfia.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 27, 2025** | **September 28, 2024** | **September 27, 2025** | **September 28, 2024** |
| **Operating Statement Data:** | | | | |
| Revenues | $**500666** | $479440 | $**1447947** | $1365903 |
| Costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;Operating | **321065** | 300535 | **938318** | 881620 |
| &nbsp;&nbsp;Selling | **86813** | 84319 | **253769** | 235806 |
| &nbsp;&nbsp;General and administrative | **37309** | 36956 | **116945** | 112817 |
| &nbsp;&nbsp;Depreciation and amortization | **19969** | 17860 | **57870** | 51639 |
| &nbsp;&nbsp;Gain on sale of assets, net | **(2008)** | (1190) | **(4023)** | (3651) |
| **Income from operations** | **37518** | 40960 | **85068** | 87672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | **(5066)** | (5319) | **(14428)** | (14608) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | **568** | 970 | **1876** | 2494 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | **(2041)** | (1111) | **(3333)** | (4644) |
| **Income before income taxes** | **30979** | 35500 | **69183** | 70914 |
| &nbsp;&nbsp;Income taxes | **9365** | 9476 | **18057** | 17445 |
| &nbsp;&nbsp;**Net income** | $**21614** | $26024 | $**51126** | $53469 |
| **Net income per share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $**.53** | $.63 | $**1.24** | $1.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $**.52** | $.60 | $**1.20** | $1.21 |
| **Weighted average shares outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | **40569** | 41629 | **41216** | 42209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | **41893** | 43302 | **42719** | 44059 |
| Dividends per share | $**.025** | $.025 | $**.075** | $.075 |

---

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| | | |
|:---|:---|:---|
| **Balance Sheet Data:** | **September 27, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;Cash and accounts receivable | $**439277** | $414548 |
| &nbsp;&nbsp;Current: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets | **562648** | 538953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities | **382147** | 322481 |
| &nbsp;&nbsp;Net working capital | $**180501** | $216472 |
| &nbsp;&nbsp;Long-term debt | $**329962** | $338655 |
| &nbsp;&nbsp;Other long-term liabilities | **384161** | 377275 |
| &nbsp;&nbsp;Total equity | **391814** | 369140 |
| &nbsp;&nbsp;Total assets | $**1488084** | $1407551 |
| Common shares, net outstanding | **40062** | 40474 |

---

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![imagea.jpg](imagea.jpg)

This information and other statements by the Company may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements relate to future events or our future financial performance. In some cases, forward-looking statements may be identified by terminology such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to differ materially from what is expressed or implied in these forward-looking statements.

Forward-looking statements are subject to a number of risks and uncertainties, and actual performance or results could differ materially from that anticipated by any forward-looking statements. Factors that may adversely impact our actual results include the effects on us, or our customers or vendors, of epidemics, pandemics, severe weather events, terrorism, other external events and natural disasters, including wildfires in California and other areas, our ability to attract and retain a sufficient number of qualified employees and management, our liability risk exposure under contracts and cost and availability of adequate insurance coverage or our self-insurance accruals, seasonality and weather-dependence of our business (other than tree services to utility customers), litigation and third-party and governmental regulatory claims, competition, increases in fuel prices, general and local economic conditions, credit and financial markets, and any impact on our customers' spending, pricing for our services, and collections of accounts receivable, cyber and other disruptions of our information technology systems, governmental regulations, including climate, environmental, social, governance, health care, immigration and data privacy, and cost of compliance or resulting liabilities and penalties, damage to our reputation, foreign currency fluctuations, no established market for our stock, and such additional factors that are discussed in "Part I - Item 1A. Risk Factors." of our annual report on Form 10-K for the year ended December 31, 2024, and in our subsequent filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. We are under no duty to update any of the forward-looking statements.

<br>