The combination of strong financial performance, successful debt refinancing, initiation of a dividend, and aggressive 2026 guidance suggests Bristow is executing well on its strategy. Traders should monitor the transition of new Government Services contracts in 2026, which are expected to drive significant margin expansion. The stock may re-rate if the company delivers on its 25% Adjusted EBITDA growth target.
Price Chart
Executive Summary
Bristow Group reported solid full-year 2025 results with revenue growth of 5.3% and net income up 36.1% year-over-year, driven by strong performance in Offshore Energy Services and Government Services. The company achieved its 2025 outlook, refinanced debt at a lower rate, and initiated a quarterly dividend of $0.125 per share. Management affirmed robust 2026 guidance, projecting ~25% Adjusted EBITDA growth and over $200 million in Adjusted Free Cash Flow.
Key Financial Metrics
Key Facts
- Full-year 2025 revenue was $1.49 billion, up 5.3% YoY from $1.42 billion in 2024
- Net income was $129.1 million in 2025, up 36.1% from $94.8 million in 2024
- Adjusted EBITDA was $245.6 million in 2025, in line with guidance and up 3.7% YoY
- Company refinanced $500 million in Senior Notes at a lower 6.75% coupon and extended maturity to 2033
- Declared first quarterly dividend of $0.125 per share, signaling strong liquidity and confidence in future cash flows
- 2026 guidance calls for Adjusted EBITDA of $295-$325 million (~25% growth) and Adjusted Free Cash Flow over $200 million
Financial Impact
Revenue increased by $75 million and net income by $34.3 million year-over-year. The company generated $186.7 million in Adjusted Free Cash Flow in 2025 and expects over $200 million in 2026.
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Offshore Energy Services | $990.5M | +2.5% |
| Government Services | $379.4M | +15.1% |
| Other Services | $120.6M | +0.7% |
Risk Factors
- Government Services segment saw a 24.7% decline in Adjusted Operating Income in 2025 due to transition costs; execution risk remains on new contracts
- Other Services segment Adjusted Operating Income fell 21.0% due to higher operating expenses
- Forward-looking guidance is subject to risks including oil price volatility, contract renewals, and execution on new contracts
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001525221-26-000011 |
| Exhibit: ex992q42025.htm | 0001525221-26-000011 |
| Document: vtol-20260225.htm | 0001525221-26-000011 |
| Document: 0001525221-26-000011-index-headers.html | 0001525221-26-000011 |
| Document: 0001525221-26-000011-index.html | 0001525221-26-000011 |
| Document: 0001525221-26-000011.txt | 0001525221-26-000011 |
| CONTEXT: Previous Earnings (2026-02-25) | 0001525221-26-000011 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 23, 2026 4w ago | Insider Cluster | $42.30 $38.03 | ▼ −10.09% | ▼ −9.67% | $40.25 (−4.84%) |
Sep 22, 2026 4w ago | Insider Cluster | $42.79 $38.67 | ▼ −9.63% | ▼ −9.07% | $40.25 (−5.93%) |
Sep 15, 2026 5w ago | GOVT-CONTRACT | $41.33 $39.34 | ▼ −4.81% | ▼ −6.88% | $40.25 (−2.61%) |
Sep 3, 2026 7w ago | Insider Cluster | $43.32 $40.43 | ▼ −6.67% | ▼ −7.27% | $40.25 (−7.08%) |
Sep 2, 2026 7w ago | Insider Cluster | $43.70 $40.26 | ▼ −7.87% | ▼ −6.68% | $40.25 (−7.89%) |
Sep 2, 2026 7w ago | Insider Cluster | $45.19 $40.30 | ▼ −10.82% | ▼ −10.67% | $40.25 (−10.93%) |
Aug 27, 2026 8w ago | Insider Cluster | $45.86 $42.17 | ▼ −8.06% | ▼ −7.95% | $40.25 (−12.23%) |
Aug 21, 2026 9w ago | Insider Cluster | $45.29 $41.96 | ▼ −7.35% | ▼ −6.83% | $40.25 (−11.13%) |
Jun 26, 2026 17w ago | 8-K | $41.55 $45.71 | ▲ +10.01% | ▲ +10.29% | $40.25 (−3.13%) |
Jun 3, 2026 20w ago | 8-K | $42.09 $41.41 | ▼ −1.62% | ▼ −0.24% | $40.25 (−4.37%) |
US Market Status
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