Bristow Group (VTOL) Q4 2025 earnings summary

Executive summary

• Achieved strong 2025 financial performance with total revenues of $1.5 billion, Adjusted EBITDA of $246 million (up 4% year-over-year), and net income of $129.1 million, all in line with guidance.

• Affirmed 2026 guidance: Adjusted EBITDA of $295–$325 million (25% growth) and total revenues of $1.58–$1.69 billion.

• Declared a quarterly cash dividend of $0.125 per share, payable March 26, 2026, and initiated a share repurchase program.

• Completed $500 million senior notes refinancing at 6.75% coupon, extending maturity to 2033, and amended ABL facility to 2031.

• Advanced air mobility initiatives progressed with electric aviation tests, new delivery slots, and expanded partnerships.

Financial highlights

• 2025 total revenues reached $1,491 million, up $75 million year-over-year, driven by Government Services and Offshore Energy Services.

• Adjusted EBITDA for 2025 was $246 million, up $8.9 million year-over-year, with margin improvement.

• Cash flow from operations reached $198.4 million in 2025, up from $177 million in 2024; Adjusted Free Cash Flow increased to $186.7 million.

• Basic EPS for 2025 was $4.47, up from $3.32 in 2024; diluted EPS was $4.32, up from $3.21.

• Q4 2025 revenues were $377 million, down $9 million sequentially; Adjusted EBITDA was $60 million, down $7 million.

Outlook and guidance

• 2026 guidance: total revenues $1.58–$1.69 billion, Adjusted EBITDA $295–$325 million, and Adjusted Free Cash Flow expected to exceed $200 million.

• OES segment: 2026 revenues $1.01–$1.1 billion, adjusted operating income $225–$235 million.

• Government services: 2026 revenues $440–$460 million, adjusted operating income $70–$80 million (double 2025 levels).

• Other services: 2026 revenues $130–$150 million, adjusted operating income $20–$25 million.

• Expect strong free cash flow and working capital improvement as supply chain constraints ease.