Bombardier (BBD-B) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenues rose 19% year-over-year to $1.52 billion, with 23 aircraft delivered, up from 20 in Q1 2024, and strong growth in services.

• Adjusted EBITDA increased 21% to $248 million (16.3% margin), and adjusted EBIT grew 25% to $177 million.

• Adjusted net income rose 55% to $68 million, while net income declined to $44 million from $110 million year-over-year.

• Free cash flow usage improved 21% to $(304) million, reflecting planned production and inventory build.

• Backlog stood at $14.2 billion as of March 31, 2025, with a unit book-to-bill of 0.9.

Financial highlights

• Q1 2025 revenues: $1.52 billion (up from $1.28 billion in Q1 2024).

• Adjusted EBITDA: $248 million (16.3% margin), up from $205 million (16.0%) in Q1 2024.

• Adjusted EBIT: $177 million (11.6% margin), up from $142 million (11.1%) in Q1 2024.

• Adjusted EPS: $0.61 in Q1 2025 vs. $0.36 in Q1 2024; diluted EPS: $0.37.

• Free cash flow usage improved to $(304) million from $(387) million year-over-year.

Outlook and guidance

• 2025 guidance: over 150 aircraft deliveries, revenues above $9.25 billion, adjusted EBITDA above $1.55 billion, and adjusted EBIT above $1.0 billion.

• Free cash flow guidance set at $500–$800 million, with the range dependent on order activity and book-to-bill ratio.

• CapEx expected at $200–$300 million; deliveries and cash flow skewed to Q4.

• Guidance incorporates all known tariff impacts and assumes ability to mitigate trade and macroeconomic risks.

• Guidance reflects a disciplined approach amid global economic uncertainty, with growth in Defense and Services segments.