Bristow Group (VTOL) Q3 2025 earnings summary

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.