Bristow Group (VTOL) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose to $437.920 million from $411.755 million QoQ, while Adjusted EBITDA increased to $89.552 million from $79.808 million; BSM and stronger activity in select regions contributed to growth.

• 2026 Adjusted EBITDA guidance midpoint was reaffirmed; offshore conditions remain supportive, while supply-chain delays weigh on Government Services margins.

Financial highlights

• Q3 revenue was $437.920 million vs. $411.755 million QoQ; net income was $27.770 million vs. $21.180 million, and diluted EPS was $0.93 vs. $0.70.

• EBITDA was $78.315 million vs. $62.405 million QoQ; Adjusted EBITDA was $89.552 million vs. $79.808 million.

• Operating income was $47.7 million vs. $39.6 million QoQ.

• Net cash from operating activities was $61.161 million; Free Cash Flow was $56.028 million and Adjusted Free Cash Flow was $64.301 million.

Outlook and guidance

• 2026 revenue guidance: $1.640–$1.700 billion; Adjusted EBITDA: $300–$320 million, with the midpoint reaffirmed.

• 2026 segment revenue guidance: Offshore Energy Services $1.015–$1.035 billion; Government Services $470–$490 million; Other Services $155–$175 million.

• 2026 Adjusted Operating Income guidance: Offshore Energy Services $240–$250 million; Government Services $35–$45 million; Other Services $25–$30 million. Cash interest is $45 million, cash taxes $30 million and maintenance capex $25–$30 million.

• Supply-chain challenges are expected to stabilize in 2027; Special Missions growth is expected to accelerate in Q4 and FY2027.