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Bristow Group (VTOL) investor relations material
Bristow Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 revenues reached $386.3 million, up $9.9 million sequentially, with Adjusted EBITDA of $67.1 million and net income of $51.5 million, driven by Government and Other Services growth and lower G&A expenses.
Year-to-date revenues rose 4.8% to $1.11 billion, with net income up 75.5% to $110.8 million and diluted EPS at $3.71, supported by strong Offshore Energy and Government Services activity.
Advanced air mobility initiatives progressed, including zero & low emission aviation test flights in Norway and anticipated first deliveries of all-electric/hybrid aircraft in 2027–2028.
Management maintains a positive long-term outlook for offshore energy services, with deepwater projects expected to attract more upstream capital investment.
Government Services segment is transitioning to full operational run rate under new contracts, with profitability expected to improve significantly in 2026.
Financial highlights
Q3 2025 Adjusted EBITDA was $67.1 million, up $6.4 million sequentially; total revenues were $386.3 million, up from $376.4 million in Q2 2025.
Adjusted Operating Income for Q3 2025 was $62.2 million, up from $57.3 million in Q2 2025.
Operating cash flows year-to-date were $122 million, slightly down from $126 million prior year.
Unrestricted cash at quarter-end was $245.5 million, with total liquidity of $313.4 million.
Adjusted Free Cash Flow for Q3 2025 was $21.4 million.
Outlook and guidance
2025 Adjusted EBITDA guidance is $240–$250 million on projected revenues of $1,455–$1,525 million; 2026 Adjusted EBITDA guidance is $295–$325 million on revenues of $1,580–$1,690 million, a 27% year-over-year increase at the midpoint.
OES segment adjusted operating income guidance is ~$200 million for 2025 and $225–$235 million for 2026, a 15% year-over-year increase at the midpoint.
Free cash flow in 2026 is expected to be ~$140 million after $100 million CapEx.
Initiation of a quarterly dividend program in Q1 2026 at $0.125 per share ($0.50 annualized) is planned.
Targeting gross debt reduction to ~$500 million by end of 2026.
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