Bristow Group (VTOL) Q2 2025 earnings summary

Executive summary

• Q2 2025 delivered strong sequential and year-over-year revenue growth, with net income rising to $31.7 million and Adjusted EBITDA reaching $61 million, prompting raised financial guidance for 2025 and 2026.

• Robust cash flow enabled accelerated debt paydown, share repurchases totaling $3.9 million, and continued investment in new government contracts.

• Safety and sustainability remained priorities, with no injuries from a single aircraft incident and the release of the 2024 Sustainability Report.

• Expanded partnerships in advanced air mobility and eVTOL deployment, and plans to initiate a quarterly dividend program in Q1 2026.

• Major government contract transitions and fleet upgrades, including new AW189 helicopter orders, are underway.

Financial highlights

• Q2 2025 revenues were $376.4 million, up from $350.5 million in Q1 2025 and 4.6% higher year-over-year.

• Adjusted EBITDA reached $61 million, up from $58 million sequentially; net income for Q2 was $31.7 million.

• Free Cash Flow for Q2 2025 was $94.5 million, and net cash from operating activities was $99 million.

• Available liquidity as of June 30, 2025, was $316.5 million, with unrestricted cash of $251.8 million.

• Stock repurchases in Q2 2025 totaled $3.9 million; $121.1 million remains under the $125 million buyback program.

Outlook and guidance

• 2025 Adjusted EBITDA guidance raised to $240–$260 million; 2026 guidance increased to $300–$335 million.

• 2025 revenue guidance set at $1.46–$1.56 billion; 2026 at $1.62–$1.74 billion.

• Initiating a quarterly dividend program in Q1 2026 at $0.125 per share.

• OES segment expected to generate $200–$205 million in adjusted operating income on $982 million in revenue for 2025.

• Full earning potential of government contracts anticipated in 2026 and beyond.