Bristow Group (VTOL) Q4 2025 earnings summary

Executive summary

• Achieved strong 2025 financial performance with total revenues of $1.491 billion, Adjusted EBITDA of $246 million, 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–$1.7 billion.

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

• Completed $500 million senior notes refinancing at a 6.75% coupon, extended 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 billion, 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 improved to $186.7 million.

• Unrestricted cash at year-end was $294 million; total liquidity $347 million.

• Basic EPS for 2025 was $4.47, up from $3.32 in 2024.

Outlook and guidance

• 2026 guidance: revenues of $1.58–$1.7 billion, Adjusted EBITDA of $295–$325 million, and Adjusted Free Cash Flow expected to exceed $200 million.

• OES 2026 revenue guidance: $1.01–$1.08 billion; adjusted operating income: $225–$235 million.

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

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

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