The sharp EPS miss and negative operating cash flow signal rising cost pressures (D&A, interest, operating expenses) that are overwhelming revenue growth. Monitor Q2 2026 for margin recovery or further deterioration; the affirmed guidance suggests management expects the second half to improve, but credibility is at risk.
Price Chart
Executive Summary
Bristow Group reported Q1 2026 revenue of $388.7M (+10.9% YoY) but diluted EPS of $0.44 missed the $1.01 consensus by 56%. Net income fell to $13.1M from $18.4M in Q4 2025, pressured by accelerated depreciation, higher interest expense, and a debt extinguishment charge. The 2026 Adjusted EBITDA outlook of $295-$325M was affirmed.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $388.7M vs $350.5M in Q1 2025 (+10.9% YoY)
- Diluted EPS $0.44 vs consensus $1.01 (56% miss)
- Net income $13.1M vs $18.4M in Q4 2025 and $26.3M in Q1 2025 (est.)
- Adjusted EBITDA $59.3M vs $60.1M in Q4 2025; FY2026 guidance reaffirmed at $295-$325M
- Operating cash flow turned negative at ($8.3M) vs +$76.9M in Q4 2025, driven by working capital
- Accelerated depreciation of $6.0M on S76D helicopters, loss on debt extinguishment $2.8M
Financial Impact
EPS miss of 56% ($0.57 below consensus) despite 10.9% revenue growth; net income down ~50% YoY
Risk Factors
- Further EPS erosion if cost headwinds persist (accelerated D&A, higher interest)
- Negative operating cash flow may constrain investment and dividends
- Government contract transitions (IRCG, UKSAR2G) carry execution risk
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001525221-26-000081 |
| Exhibit: ex992q12026ep.htm | 0001525221-26-000081 |
| Document: vtol-20260505.htm | 0001525221-26-000081 |
| Document: 0001525221-26-000081-index-headers.html | 0001525221-26-000081 |
| Document: 0001525221-26-000081-index.html | 0001525221-26-000081 |
| Document: 0001525221-26-000081.txt | 0001525221-26-000081 |
| 8-K Data (Synthetic) | 0001525221-26-000081 |
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