Bombardier Second Quarter Performance Places Corporation on Track for Full-Year Guidance while Backlog Grows Significantly
Bombardier (BDRBF) reported Q2 2025 financial results showing mixed performance but significant order growth. The company generated revenues of $2.0 billion, down 8% year-over-year, while delivering 36 aircraft. Services revenue grew 16% to $590 million.
Key financial metrics include Adjusted EBITDA of $297 million (down 11%), net income of $193 million (up $174M), and diluted EPS of $1.87. The company's backlog reached a significant milestone at $16.1 billion, boosted by a major order for 50 firm aircraft with 70 options from a new customer.
Notable developments include a credit rating upgrade from S&P to BB-, a positive outlook from Moody's, and successful refinancing of $500 million Senior Notes. The company maintains $1.2 billion in available liquidity and remains on track to meet full-year guidance.
Bombardier (BDRBF) ha riportato i risultati finanziari del secondo trimestre 2025 mostrando una performance mista ma una crescita significativa degli ordini. L'azienda ha generato ricavi per 2,0 miliardi di dollari, in calo dell'8% rispetto all'anno precedente, consegnando 36 aeromobili. I ricavi dai servizi sono cresciuti del 16%, raggiungendo 590 milioni di dollari.
I principali indicatori finanziari includono un EBITDA rettificato di 297 milioni di dollari (in calo dell'11%), un utile netto di 193 milioni di dollari (in aumento di 174 milioni) e un utile diluito per azione di 1,87 dollari. Il portafoglio ordini dell'azienda ha raggiunto una tappa importante a 16,1 miliardi di dollari, grazie a un ordine significativo di 50 aeromobili confermati con 70 opzioni da un nuovo cliente.
Tra gli sviluppi rilevanti si segnalano un upgrade del rating creditizio da S&P a BB-, un outlook positivo da Moody's e il rifinanziamento con successo di Senior Notes per 500 milioni di dollari. L'azienda mantiene una liquidità disponibile di 1,2 miliardi di dollari e rimane in linea per rispettare le previsioni annuali.
Bombardier (BDRBF) reportó resultados financieros del segundo trimestre de 2025 con un desempeño mixto pero un crecimiento significativo en pedidos. La compañía generó ingresos de 2.0 mil millones de dólares, una disminución del 8% interanual, mientras entregaba 36 aeronaves. Los ingresos por servicios crecieron un 16% hasta 590 millones de dólares.
Las métricas financieras clave incluyen un EBITDA ajustado de 297 millones de dólares (bajó un 11%), un ingreso neto de 193 millones de dólares (aumentó 174 millones) y un EPS diluido de 1.87 dólares. La cartera de pedidos de la compañía alcanzó un hito importante de 16.1 mil millones de dólares, impulsada por un pedido mayor de 50 aeronaves firmes con 70 opciones de un nuevo cliente.
Entre los desarrollos notables se incluyen una mejora en la calificación crediticia de S&P a BB-, una perspectiva positiva de Moody's y la refinanciación exitosa de Notas Senior por 500 millones de dólares. La compañía mantiene 1.2 mil millones de dólares en liquidez disponible y sigue en camino para cumplir con la guía anual completa.
봄바디어(BDRBF)는 2025년 2분기 재무 실적을 발표하며 혼재된 성과와 함께 주문 증가를 기록했습니다. 회사는 20억 달러의 매출을 올렸으며, 전년 대비 8% 감소했으나 36대의 항공기를 인도했습니다. 서비스 매출은 16% 증가하여 5억 9천만 달러에 달했습니다.
주요 재무 지표로는 조정 EBITDA 2억 9,700만 달러(11% 감소), 순이익 1억 9,300만 달러(1억 7,400만 달러 증가), 희석 주당순이익 1.87달러가 있습니다. 회사의 수주 잔고는 신규 고객으로부터 50대 확정 항공기와 70대 옵션 주문 덕분에 161억 달러로 중요한 이정표를 달성했습니다.
주요 소식으로는 S&P의 신용 등급이 BB-로 상향 조정되고, 무디스의 긍정적 전망, 5억 달러 규모의 선순위 채권 성공적 재융자가 포함됩니다. 회사는 12억 달러의 가용 유동성을 유지하며 연간 가이던스를 달성할 계획입니다.
Bombardier (BDRBF) a publié ses résultats financiers du deuxième trimestre 2025, affichant des performances mitigées mais une croissance significative des commandes. La société a généré 2,0 milliards de dollars de revenus, en baisse de 8 % par rapport à l'année précédente, tout en livrant 36 avions. Les revenus des services ont augmenté de 16 % pour atteindre 590 millions de dollars.
Les principaux indicateurs financiers comprennent un EBITDA ajusté de 297 millions de dollars (en baisse de 11 %), un bénéfice net de 193 millions de dollars (en hausse de 174 millions) et un bénéfice dilué par action de 1,87 dollar. Le carnet de commandes de la société a atteint un jalon important à 16,1 milliards de dollars, soutenu par une commande majeure de 50 avions fermes avec 70 options d'un nouveau client.
Parmi les développements notables figurent une amélioration de la note de crédit de S&P à BB-, une perspective positive de Moody's et le refinancement réussi de billets seniors pour 500 millions de dollars. La société dispose de 1,2 milliard de dollars de liquidités disponibles et reste en bonne voie pour atteindre ses objectifs annuels.
Bombardier (BDRBF) meldete die Finanzergebnisse für das zweite Quartal 2025 mit gemischten Ergebnissen, jedoch einem deutlichen Wachstum bei den Aufträgen. Das Unternehmen erzielte Umsätze von 2,0 Milliarden US-Dollar, was einem Rückgang von 8 % im Jahresvergleich entspricht, und lieferte 36 Flugzeuge aus. Die Serviceerlöse stiegen um 16 % auf 590 Millionen US-Dollar.
Wichtige Finanzkennzahlen sind ein bereinigtes EBITDA von 297 Millionen US-Dollar (minus 11 %), ein Nettoeinkommen von 193 Millionen US-Dollar (plus 174 Millionen) und ein verwässertes Ergebnis je Aktie von 1,87 US-Dollar. Der Auftragsbestand des Unternehmens erreichte mit 16,1 Milliarden US-Dollar einen bedeutenden Meilenstein, gestützt durch einen Großauftrag über 50 feste Flugzeuge mit 70 Optionen von einem neuen Kunden.
Bemerkenswerte Entwicklungen umfassen ein Rating-Upgrade von S&P auf BB-, einen positiven Ausblick von Moody's und die erfolgreiche Refinanzierung von Senior Notes in Höhe von 500 Millionen US-Dollar. Das Unternehmen hält 1,2 Milliarden US-Dollar an verfügbarer Liquidität und liegt im Plan, die Jahresprognose zu erfüllen.
- Record backlog of $16.1 billion, highest single-quarter business jet order volume in over a decade
- Services revenue grew 16% year-over-year to $590 million
- Net income increased by $174 million to $193 million year-over-year
- Credit rating upgrade to BB- from S&P and positive outlook from Moody's
- Successfully secured order for 50 firm aircraft plus 70 options from new customer
- Revenue declined 8% year-over-year to $2.0 billion
- Adjusted EBITDA decreased 11% to $297 million
- Free cash flow usage increased to $164 million from $68 million year-over-year
- Available liquidity decreased 42% to $1.2 billion from $2.1 billion in December 2024
- Second quarter revenues totaled
$2.0 billion , including$590 million Services contribution, reflecting an8% decline and16% increase respectively year-over-year; Corporation delivered 36 aircraft for the quarter. - Adjusted EBITDA(1) totaled
$297 million and reported EBIT was$205 million for the quarter, down11% and up7% year-over-year respectively. - Net income(2) and adjusted net income(1) were
$193 million and$117 million , respectively, up$174 million and$6 million compared to the second quarter of 2024. Diluted EPS(2) reached$1.87 , while adjusted EPS(3) was at$1.11 . - Free cash flow usage(1) came in at
$164 million , compared to$68 million free cash flow usage(1) for the same quarter of 2024, due primarily to planned inventory build for higher second half output; cash flow usage from operating activities(2) and net additions to PP&E and intangible assets(4) were at$128 million and$36 million respectively. - Unit book-to-bill(5) reached 2.3; backlog(6) jumped to
$16.1 billion as at June 30, 2025. This marks Bombardier’s highest single-quarter business jet unit order volume in more than a decade. - Available liquidity(1) at
$1.2 billion ; cash and cash equivalents were$811 million as at June 30, 2025. - Second quarter showcases a credit rating upgrade from S&P Global Ratings to BB- with a stable outlook, an outlook upgrade to positive from Moody’s Ratings and a refinancing of
$500 million of Senior Notes due 2027.
All amounts in this press release are in U.S. dollars, unless otherwise indicated.
Amounts in tables are in millions except per share amounts, unless otherwise indicated.
MONTREAL, July 31, 2025 (GLOBE NEWSWIRE) -- Bombardier Inc. (TSX: BBD.B) today announced its financial results for the second quarter of 2025, placing the company on track to meet full-year guidance(7). The second quarter saw a sharp increase in orders, boosted by solid Bombardier Defense activity and a large-scale order for 50 firm aircraft and 70 options from a new customer. Services revenues also increased by an impressive
“The Bombardier team has performed at a very high level in the first half of the year, setting our company on the path to meet 2025 guidance and confidently step into the future with a large, diversified backlog, an expanding service infrastructure, new Defense opportunities and the world’s fastest business jet, the Global 8000, crowning a second-to-none portfolio,” said Éric Martel, President and Chief Executive Officer, Bombardier. “Demand for our products and services remains strong in traditional business jet markets, and continues to garner new opportunities in defense markets. Our diversified growth mindset took center stage at the Paris Airshow where Bombardier Defense deepened existing ties, forged new ones and secured strategic orders. We have the right ingredients in place to succeed in the near-term and the right foundations to sustainably grow our business long-term.”
Services Continues Expansion, Aircraft Deliveries in First-Half of 2025 Equal Year-Over-Year
The company's Services business maintained impressive revenue momentum reporting
The service network is well equipped to serve the growing fleet, to which Bombardier added 36 Challenger and Global aircraft in the second quarter, with the quarter-specific delivery mix leaning toward Challenger jets based on planned schedule. First-half deliveries totaled 59 aircraft, consistent year-over-year, placing the company on a steady pace to meet year-end guidance(7).
The company generated
The company ended the quarter with free cash flow usage(1) of
A Significant Backlog Jump
The backlog(6) reached a total value of
Solid Liquidity and Improved Debt Position
The company maintained sound financial management with available liquidity(1) at
| (1) | Non-GAAP financial measure. A non-GAAP financial measure is not a standardized financial measure under the financial reporting framework used to prepare our financial statements and might not be comparable to similar financial measures used by other issuers. Refer to the section entitled Caution regarding non-GAAP and other financial measures of this press release and to the Non-GAAP and other financial measures section in the Management Discussion & Analysis of the Corporation’s Interim Financial Report for the quarter ended June 30, 2025 ("MD&A") for definitions of these metrics and reconciliations to the most comparable IFRS measures. |
| (2) | Only from continuing operations. |
| (3) | Non-GAAP financial ratio. A non-GAAP financial ratio is not a standardized financial measure under the financial reporting framework used to prepare our financial statements and might not be comparable to similar financial measures used by other issuers. Refer to the section entitled Caution regarding non-GAAP and other financial measures of this press release and to the Non-GAAP and other financial measures section in the MD&A for definitions of these metrics and reconciliations to the most comparable IFRS measures. |
| (4) | Supplementary financial measure. Refer to the section entitled Caution regarding non-GAAP and other financial measures of this press release and to the Non-GAAP and other financial measures section in the MD&A for definitions of these metrics. |
| (5) | Defined as net new aircraft orders in units over aircraft deliveries in units. |
| (6) | Represents order backlog for both manufacturing and Services. |
| (7) | Forward-looking statement. See the forward-looking statements disclaimer in this press release and the Forward-looking statements -Assumptions section in the MD&A of the Corporation’s Financial Report for the quarter ended March 31, 2025 for further details. |
| (8) | Forward-looking statement. See the forward-looking statements disclaimer in this press release. |
SELECTED RESULTS
| Results of the quarter | |||||||||||||
| Three-month periods ended June 30 | 2025 | 2024 | Variance | ||||||||||
| Revenues | $ | 2,028 | $ | 2,203 | (8 | )% | |||||||
| Adjusted EBITDA(1) | $ | 297 | $ | 335 | (11 | )% | |||||||
| Adjusted EBITDA margin(2) | 14.6 | % | 15.2 | % | (60) bps | ||||||||
| Adjusted EBIT(1) | $ | 205 | $ | 216 | (5 | )% | |||||||
| Adjusted EBIT margin(2) | 10.1 | % | 9.8 | % | 30 bps | ||||||||
| EBIT | $ | 205 | $ | 191 | 7 | % | |||||||
| EBIT margin(3) | 10.1 | % | 8.7 | % | 140 bps | ||||||||
| Net income (loss) from continuing operations | $ | 193 | $ | 19 | $ | 174 | |||||||
| Net income (loss) from discontinued operations(4) | $ | (15 | ) | $ | — | $ | (15 | ) | |||||
| Net income | $ | 178 | $ | 19 | $ | 159 | |||||||
| Diluted EPS from continuing operations (in dollars) | $ | 1.87 | $ | 0.12 | $ | 1.75 | |||||||
| Diluted EPS from discontinued operations (in dollars)(4) | $ | (0.15 | ) | $ | 0.00 | $ | (0.15 | ) | |||||
| $ | 1.72 | $ | 0.12 | $ | 1.60 | ||||||||
| Adjusted net income(1) | $ | 117 | $ | 111 | $ | 6 | |||||||
| Adjusted EPS (in dollars)(2) | $ | 1.11 | $ | 1.04 | $ | 0.07 | |||||||
| Cash flows from operating activities(5) | $ | (128 | ) | $ | (31 | ) | $ | (97 | ) | ||||
| Net additions to PP&E and intangible assets(3) | $ | (36 | ) | $ | (37 | ) | $ | 1 | |||||
| Free cash flow usage(1) | $ | (164 | ) | $ | (68 | ) | $ | (96 | ) | ||||
| As at | June 30, 2025 | December 31, 2024 | Variance | ||||||||||
| Cash and cash equivalents | $ | 811 | $ | 1,653 | (51 | )% | |||||||
| Available liquidity(1) | $ | 1,212 | $ | 2,082 | (42 | )% | |||||||
| Order backlog (in billions of dollars)(6) | $ | 16.1 | $ | 14.4 | 12 | % | |||||||
bps: basis points
| (1) | Non-GAAP financial measure. A non-GAAP financial measure is not a standardized financial measure under the financial reporting framework used to prepare our financial statements and might not be comparable to similar financial measures used by other issuers. Refer to the section entitled Caution regarding non-GAAP and other financial measures section of this press release and the Non-GAAP and other financial measures section in the MD&A for definitions of these metrics and reconciliations to the most comparable IFRS measures. |
| (2) | Non-GAAP financial ratio. A non-GAAP financial ratio is not a standardized financial measure under the financial reporting framework used to prepare our financial statements and might not be comparable to similar financial measures used by other issuers. Refer to the section entitled Caution regarding non-GAAP and other financial measures section of this press release and the Non-GAAP and other financial measures section in the MD&A for definitions of these metrics and reconciliations to the most comparable IFRS measures. |
| (3) | Supplementary financial measure. Refer to the section entitled Caution regarding non-GAAP and other financial measures of this press release and to the Non-GAAP and other financial measures section in the MD&A for definitions of these metrics. |
| (4) | Discontinued operations are related to the sale of the Transportation business. The expenses recorded in discontinued operations for the three- and six-month periods ended June 30, 2025 principally relate to change in estimates of a provision for professional fees. |
| (5) | Only from continuing operations. |
| (6) | Represents order backlog for both manufacturing and Services. |
About Bombardier
At Bombardier (BBD-B.TO), we design, build, modify and maintain the world’s best-performing aircraft for the world’s most discerning people and businesses, governments and militaries. That means not simply exceeding standards, but understanding customers well enough to anticipate their unspoken needs.
For them, we are committed to pioneering the future of aviation - innovating to make flying more reliable, efficient and sustainable. And we are passionate about delivering unrivaled craftsmanship and care, giving our customers greater confidence and the elevated experience they deserve and expect. Because people who shape the world will always need the most productive and responsible ways to move through it.
Bombardier customers operate a fleet of more than 5,100 aircraft, supported by a vast network of Bombardier team members worldwide and 10 service facilities across six countries. Bombardier’s performance-leading jets are proudly manufactured in aerostructure, assembly and completion facilities in Canada, the United States and Mexico. In 2024, Bombardier was honoured with the prestigious “Red Dot: Best of the Best” award for Brands and Communication Design.
For Information
For corporate news and information, including Bombardier’s Sustainability report, as well as the company’s plans to cover all its flight operations with a Sustainable Aviation Fuel (SAF) blend utilizing the Book and Claim system visit bombardier.com.
Learn more about Bombardier’s industry-leading products and customer service network at bombardier.com. Follow us on X @Bombardier.
Bombardier, Challenger and Global are registered trademarks of Bombardier Inc. or its subsidiaries.
Media Contacts
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| Francis Richer de La Flèche Vice President, Financial Planning and Investor Relations Bombardier +1 514 240-9649 | Mark Masluch Senior Director, Communications Bombardier +1 514 855-7167 |
The Management’s Discussion and Analysis and the Interim Consolidated Financial Statements are available at ir.bombardier.com.
CAUTION REGARDING NON-GAAP AND OTHER FINANCIAL MEASURES
This press release is based on reported earnings in accordance with IFRS and on the following non-GAAP and other financial measures:
| Non-GAAP and Other Financial Measures | |
| Non-GAAP Financial Measures | |
| Adjusted EBIT | EBIT excluding certain items which do not reflect the Corporation’s core performance or where their separate presentation will assist users of the consolidated financial statements in understanding the Corporation’s results for the period. Such items include restructuring charges (reversals), loss (gain) related to disposal of business, impairment and program termination (reversals), certain one-time pension related items included in other expense (income) such as loss (gain) on pension annuity purchases, and non-commercial legal claims. |
| Adjusted EBITDA | Adjusted EBIT plus amortization charges on PP&E and intangible assets. |
| Adjusted net income (loss) | Net income (loss) from continuing operations excluding restructuring charges (reversals), loss (gain) related to disposal of business, impairment and program termination (reversals), certain one-time pension related items included in other expense (income) such as loss (gain) on pension annuity purchases, non-commercial legal claims, certain net gains and losses arising from changes in measurement of provisions and of financial instruments carried at FVTP&L, accretion on net retirement benefit obligation, losses (gains) on repayment of long-term debt, changes in discount rates of provisions and the related tax impacts of these items. |
| Free cash flow (usage) | Cash flows from operating activities - continuing operations less net additions to PP&E and intangible assets. |
| Available liquidity | Cash and cash equivalents, plus undrawn amounts under credit facilities. |
| Non-GAAP Financial Ratios | |
| Adjusted EPS | EPS calculated based on adjusted net income attributable to equity holders of Bombardier Inc., using the treasury stock method, giving effect to the exercise of all dilutive elements. |
| Adjusted EBIT margin | Adjusted EBIT, as a percentage of total revenues. |
| Adjusted EBITDA margin | Adjusted EBITDA, as a percentage of total revenues. |
| Supplementary Financial Measures | |
| EBIT margin | EBIT, as a percentage of total revenues. |
| Net additions to PP&E and intangible assets | Additions to PP&E and intangible assets less proceeds from disposals of PP&E and intangible assets. |
Non-GAAP and other financial measures are measures mainly derived from the consolidated financial statements but are not standardized financial measures under the financial reporting framework used to prepare our financial statements. Therefore, these might not be comparable to similar non-GAAP and other financial measures used by other issuers. The exclusion of certain items from non-GAAP or other financial measures does not imply that these items are necessarily non-recurring.
Adjusted EBIT
Adjusted EBIT is defined as the EBIT excluding certain items which do not reflect the Corporations core performance or where their separate presentation will assist users of the consolidated financial statements in understanding the Corporation’s results for the period. Such items include restructuring charges (reversals)(1), loss (gain) related to disposal of business(2), impairment and program termination (reversals)(3), certain one-time pension related items included in other expense (income) such as loss (gain) on pension annuity purchases, and non-commercial legal claims. Management uses adjusted EBIT for purposes of evaluating underlying business performance. Management believes presentation of this non-GAAP operating earnings measure in addition to IFRS measures provides users of our Financial Report with enhanced understanding of our results and related trends and increases the transparency and clarity of the core results of our business. For these reasons, a significant number of users of the MD&A analyze our results based on this financial measure. Management believes this measure helps users of the MD&A to better analyze results, enabling better comparability of our results from one period to another and with peers.
| (1) | Include severance charges or related reversal, as well as curtailment losses (gains), if any. |
| (2) | Includes changes in provisions related to past divestitures. |
| (3) | Includes impairment or reversal of impairment of PP&E and intangible assets, as well as provisions related to program termination or their related reversal, if any. |
Adjusted EBITDA
Adjusted EBITDA is defined as the EBIT excluding restructuring charges (reversals)(1), loss (gain) related to disposal of business(2), impairment and program termination (reversals)(3), certain one-time pension related items included in other expense (income) such as loss (gain) on pension annuity purchases, non-commercial legal claims, and amortization charges on PP&E and intangible assets. Management uses adjusted EBITDA for purposes of evaluating underlying business performance. Management believes this non-GAAP operating earnings measure in addition to IFRS measures provides users of our Financial Report with enhanced understanding of our results and related trends and increases the transparency and clarity of the core results of our business, since it excludes the effects of items that are usually associated with investing or financing activities and items that do not reflect our core performance or where their exclusion will assist users in understanding our results for the period. For these reasons, a significant number of users of the MD&A analyze our results based on this financial measure. Management believes this measure helps users of the MD&A to better analyze results, enabling better comparability of our results from one period to another and with peers.
Adjusted net income (loss)
Adjusted net income (loss) is defined as the net income (loss) from continuing operations adjusted for certain specific items that are significant but are not, based on management’s judgment, reflective of the Corporation’s underlying operations. These include adjustments related to restructuring charges (reversals)(1), loss (gain) related to disposal of business(2), impairment and program termination (reversals)(3), certain one-time pension related items included in other expense (income) such as loss (gain) on pension annuity purchases, non-commercial legal claims, certain net gains and losses arising from changes in measurement of provisions and of financial instruments carried at FVTP&L, accretion on net retirement benefit obligation, losses (gains) on repayment of long-term debt, changes in discount rates of provisions and the related tax impacts of these items. Management uses adjusted net income (loss) for purposes of evaluating underlying business performance. Management believes this non-GAAP earnings measure in addition to IFRS measures provides users of our Financial Report with enhanced understanding of our results and related trends and increase the transparency and clarity of the core results of our business. Adjusted net income (loss) excludes items that do not reflect our core performance or where their exclusion will assist users in understanding our results for the period. For these reasons, a significant number of users of the MD&A analyze our results based on this financial measure. Management believes this measure helps users of the MD&A to better analyze results, enabling better comparability of our results from one period to another and with peers.
Free cash flow (usage)
Free cash flow (usage) is defined as cash flows from operating activities - continuing operations less net additions to PP&E and intangible assets. Management believes that this non-GAAP cash flow measure provides investors with an important perspective on the Corporation’s generation of cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long-term value creation. This non-GAAP cash flow measure does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow (usage) as a measure to assess both business performance and overall liquidity generation.
Available liquidity
Available liquidity is defined as cash and cash equivalents plus undrawn amounts under credit facilities. Management believes that this non-GAAP financial measure provides investors with an important perspective on the Corporation’s ability to meet expected liquidity requirements, including the support of product development initiatives and to ensure financial flexibility. This measure does not have any standardized meaning prescribed by IFRS and therefore, may not be comparable to similar measures presented by other companies.
| (1) | Include severance charges or related reversal, as well as curtailment losses (gains), if any. |
| (2) | Includes changes in provisions related to past divestitures. |
| (3) | Includes impairment or reversal of impairment of PP&E and intangible assets, as well as provisions related to program termination or their related reversal, if any. |
Adjusted EPS
Adjusted EPS is defined as the adjusted net income (loss) attributable to equity shareholders of Bombardier Inc., divided by the weighted-average diluted number of common shares for the period. Management uses adjusted EPS for purposes of evaluating underlying business performance. Management believes this non-GAAP financial ratio in addition to IFRS measures provides users of our Financial Report with enhanced understanding of our results and related trends and increases the transparency and clarity of the core results of our business. Adjusted EPS excludes items that do not reflect our core performance or where their exclusion will assist users in understanding our results for the period. For these reasons, a significant number of users of the MD&A analyze our results based on this financial measure. Management believes this measure helps users of the MD&A to better analyze results, enabling better comparability of our results from one period to another and with peers.
Adjusted EBIT margin
Adjusted EBIT margin is defined as the adjusted EBIT expressed as a percentage of total revenues. Management uses adjusted EBIT margin for purposes of evaluating underlying business performance. Management believes this non-GAAP financial ratio in addition to IFRS measures provides users of our Financial Report with enhanced understanding of our results and related trends and increase the transparency and clarity of the core results of our business. Adjusted EBIT margin excludes items that do not reflect our core performance or where their exclusion will assist users in understanding our results for the period. For these reasons, a significant number of users of the MD&A analyze our results based on this financial measure. Management believes this measure helps users of the MD&A to better analyze results, enabling better comparability of our results from one period to another and with peers.
Adjusted EBITDA margin
Adjusted EBITDA margin is defined as the adjusted EBITDA expressed as a percentage of total revenues. Management uses adjusted EBITDA margin for purposes of evaluating underlying business performance. Management believes this non-GAAP financial ratio in addition to IFRS measures provides users of our Financial Report with enhanced understanding of our results and related trends and increase the transparency and clarity of the core results of our business. Adjusted EBITDA margin excludes items that do not reflect our core performance or where their exclusion will assist users in understanding our results for the period. For these reasons, a significant number of users of the MD&A analyze our results based on this financial measure. Management believes this measure helps users of the MD&A to better analyze results, enabling better comparability of our results from one period to another and with peers.
| Reconciliation of adjusted EBIT to EBIT and computation of adjusted EBIT margin | ||||||||||||||||
| Three-month periods ended June 30 | Six-month periods ended June 30 | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| EBIT | $ | 205 | $ | 191 | $ | 382 | $ | 335 | ||||||||
| Restructuring charges (reversals)(1) | — | — | — | (1 | ) | |||||||||||
| Impairment and program termination (reversals)(2) | — | — | — | (1 | ) | |||||||||||
| Non-commercial legal claims | — | 25 | — | 25 | ||||||||||||
| Adjusted EBIT | $ | 205 | $ | 216 | $ | 382 | $ | 358 | ||||||||
| Total revenues | $ | 2,028 | $ | 2,203 | $ | 3,550 | $ | 3,484 | ||||||||
| Adjusted EBIT margin | 10.1 | % | 9.8 | % | 10.8 | % | 10.3 | % | ||||||||
| (1) | Include severance charges or related reversal, as well as curtailment losses (gains), if any. |
| (2) | Includes impairment or reversal of impairment of PP&E and intangible assets, as well as provisions related to program termination or their related reversal, if any. |
| Reconciliation of adjusted EBITDA to EBIT and computation of adjusted EBITDA margin | ||||||||||||||||
| Three-month periods ended June 30 | Six-month periods ended June 30 | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| EBIT | $ | 205 | $ | 191 | $ | 382 | $ | 335 | ||||||||
| Amortization | 92 | 119 | 163 | 182 | ||||||||||||
| Restructuring charges (reversals)(1) | — | — | — | (1 | ) | |||||||||||
| Impairment and program termination (reversals)(2) | — | — | — | (1 | ) | |||||||||||
| Non-commercial legal claims | — | 25 | — | 25 | ||||||||||||
| Adjusted EBITDA | $ | 297 | $ | 335 | $ | 545 | $ | 540 | ||||||||
| Total revenues | $ | 2,028 | $ | 2,203 | $ | 3,550 | $ | 3,484 | ||||||||
| Adjusted EBITDA margin | 14.6 | % | 15.2 | % | 15.4 | % | 15.5 | % | ||||||||
| Reconciliation of adjusted net income to net income and computation of adjusted EPS | ||||||||||||||
| Three-month periods ended June 30 | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| (per share) | (per share) | |||||||||||||
| Net income from continuing operations | $ | 193 | $ | 19 | ||||||||||
| Adjustments to EBIT related to: | ||||||||||||||
| Non-commercial legal claims | — | 0.00 | 25 | 0.25 | ||||||||||
| Adjustments to net financing expense related to: | ||||||||||||||
| Net gain on certain financial instruments | (128 | ) | (1.28 | ) | (69 | ) | (0.70 | ) | ||||||
| Accretion on net retirement benefit obligations | 8 | 0.08 | 9 | 0.09 | ||||||||||
| Losses on repayments of long-term debt | 44 | 0.44 | 127 | 1.28 | ||||||||||
| Adjusted net income | 117 | 111 | ||||||||||||
| Preferred share dividends, including taxes | (7 | ) | (8 | ) | ||||||||||
| Adjusted net income attributable to equity holders of Bombardier Inc. | $ | 110 | $ | 103 | ||||||||||
| Weighted-average diluted number of common shares (in thousands) | 99,511 | 99,505 | ||||||||||||
| Adjusted EPS (in dollars) | $ | 1.11 | $ | 1.04 | ||||||||||
| Reconciliation of adjusted EPS to diluted EPS (in dollars) | ||||||||
| Three-month periods ended June 30 | ||||||||
| 2025 | 2024 | |||||||
| Diluted EPS from continuing operations | $ | 1.87 | $ | 0.12 | ||||
| Impact of adjustments to EBIT related to: | ||||||||
| Non-commercial legal claims | 0.00 | 0.25 | ||||||
| Adjustments to net financing expense related to: | ||||||||
| Net gain on certain financial instruments | (1.28 | ) | (0.70 | ) | ||||
| Accretion on net retirement benefit obligations | 0.08 | 0.09 | ||||||
| Losses on repayments of long-term debt | 0.44 | 1.28 | ||||||
| Adjusted EPS | $ | 1.11 | $ | 1.04 | ||||
| (1) | Include severance charges or related reversal, as well as curtailment losses (gains), if any. |
| (2) | Includes impairment or reversal of impairment of PP&E and intangible assets, as well as provisions related to program termination or their related reversal, if any. |
| Reconciliation of adjusted net income to net income and computation of adjusted EPS | ||||||||||||||
| Six-month periods ended June 30 | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| (per share) | (per share) | |||||||||||||
| Net income from continuing operations | $ | 237 | $ | 129 | ||||||||||
| Adjustments to EBIT related to: | ||||||||||||||
| Restructuring charges (reversals)(1) | — | 0.00 | (1 | ) | (0.01 | ) | ||||||||
| Impairment and program termination (reversals)(2) | — | 0.00 | (1 | ) | (0.01 | ) | ||||||||
| Non-commercial legal claims | — | 0.00 | 25 | 0.25 | ||||||||||
| Adjustments to net financing expense related to: | ||||||||||||||
| Net gain on certain financial instruments | (132 | ) | (1.33 | ) | (141 | ) | (1.42 | ) | ||||||
| Accretion on net retirement benefit obligations | 14 | 0.14 | 17 | 0.17 | ||||||||||
| Losses on repayments of long-term debt | 66 | 0.66 | 127 | 1.28 | ||||||||||
| Adjusted net income | 185 | 155 | ||||||||||||
| Preferred share dividends, including taxes | (14 | ) | (16 | ) | ||||||||||
| Adjusted net income attributable to equity holders of Bombardier Inc. | $ | 171 | $ | 139 | ||||||||||
| Weighted-average diluted number of common shares (in thousands) | 99,779 | 99,235 | ||||||||||||
| Adjusted EPS (in dollars) | $ | 1.71 | $ | 1.40 | ||||||||||
| Reconciliation of adjusted EPS to diluted EPS (in dollars) | ||||||||
| Six-month periods ended June 30 | ||||||||
| 2025 | 2024 | |||||||
| Diluted EPS from continuing operations | $ | 2.24 | $ | 1.14 | ||||
| Impact of adjustments to EBIT related to: | ||||||||
| Restructuring charges (reversals)(1) | 0.00 | (0.01 | ) | |||||
| Impairment and program termination (reversals)(2) | 0.00 | (0.01 | ) | |||||
| Non-commercial legal claims | 0.00 | 0.25 | ||||||
| Adjustments to net financing expense related to: | ||||||||
| Net gain on certain financial instruments | (1.33 | ) | (1.42 | ) | ||||
| Accretion on net retirement benefit obligations | 0.14 | 0.17 | ||||||
| Losses on repayments of long-term debt | 0.66 | 1.28 | ||||||
| Adjusted EPS | $ | 1.71 | $ | 1.40 | ||||
| Reconciliation of free cash flow (usage) to cash flows from operating activities | ||||||||||||||||
| Three-month periods ended June 30 | Six-month periods ended June 30 | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Cash flows from operating activities - continuing operations | $ | (128 | ) | $ | (31 | ) | $ | (399 | ) | $ | (374 | ) | ||||
| Net additions to PP&E and intangible assets | (36 | ) | (37 | ) | (69 | ) | (81 | ) | ||||||||
| Free cash flow (usage) | $ | (164 | ) | $ | (68 | ) | $ | (468 | ) | $ | (455 | ) | ||||
| Reconciliation of available liquidity to cash and cash equivalents | ||||||||
| As at | June 30, 2025 | December 31, 2024 | ||||||
| Cash and cash equivalents | $ | 811 | $ | 1,653 | ||||
| Undrawn amounts under available revolving credit facility(3) | 401 | 429 | ||||||
| Available liquidity | $ | 1,212 | $ | 2,082 | ||||
| (1) | Include severance charges or related reversal, as well as curtailment losses (gains), if any. |
| (2) | Includes impairment or reversal of impairment of PP&E and intangible assets, as well as provisions related to program termination or their related reversal, if any. |
| (3) | A committed secured revolving credit facility of |
FORWARD-LOOKING STATEMENTS
This press release includes forward-looking statements, which may involve, but are not limited to: statements with respect to our objectives, anticipations and outlook or guidance in respect of various financial and global metrics and sources of contribution thereto, targets, goals, priorities, market and strategies, financial position, financial performance, market position, capabilities, competitive strengths, credit ratings, beliefs, prospects, plans, expectations, anticipations, estimates and intentions; general economic and business outlook, prospects and trends of our industry; customer value; expected demand for products and services; growth strategies including, potential revenues and year-over-year growth generated therefrom; product development, including projected design, characteristics, capacity or performance; expected or scheduled entry-into-service of products and services, orders, deliveries, testing, lead times, certifications and execution of orders in general; competitive position; expectations regarding revenue and backlog mix; the expected impact of the legislative and regulatory environment and legal proceedings; strength of capital profile and balance sheet, creditworthiness, credit ratings, available liquidities and capital resources, expected financial requirements, capital allocation and deployment of excess liquidity and ongoing review of strategic and financial alternatives; the introduction and anticipated results of productivity enhancements and profitability initiatives, operational efficiencies optimizing the use of our manufacturing and services facilities, cost reduction and potential future restructuring initiatives, and anticipated costs, intended benefits and timing thereof; the ability to continue business growth and cash generation; expectations, objectives and strategies regarding debt repayment, refinancing of maturities and interest cost reduction; compliance with restrictive debt covenants; expectations regarding the declaration and payment of dividends on our preferred shares; intentions and objectives for our programs, assets and operations; expectations regarding the availability of government assistance programs; the impact of new, or exacerbation of existing global health, geopolitical or military events, or international trade disputes or renegotiation of existing trade arrangements, on the foregoing and the effectiveness of our plans and measures in response thereto; and expectations regarding the strength of markets, economic downturns or recession, and inflationary and supply chain pressures.
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this press release. While we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.
Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “shall”, “can”, “expect”, “estimate”, “intend”, “anticipate”, “plan”, “foresee”, “believe”, “continue”, “maintain” or “align”, the negative of these terms, variations of them or similar terminology. Forward-looking statements are presented for the purpose of assisting investors and others in understanding certain key elements of our current objectives, strategic priorities, expectations, guidance, outlook and plans, and in obtaining a better understanding of our business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes.
By their nature, forward-looking statements require management to make assumptions and are subject to important known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecast results set forth in forward-looking statements. While management considers these assumptions to be reasonable and appropriate based on information currently available, there is risk that they may not be accurate. The assumptions underlying the forward-looking statements made in this press release include the following: alignment of production rates to market demand, including the supply base supporting our product development and production rates in a commercially acceptable and timely manner; deployment and execution of growth strategies, including our Services, Pre-owned and Defense businesses; and mitigation of international trade disputes and protection measures (including tariffs) or changes to existing trade agreements. For additional information about these and other assumptions underlying the forward-looking statements made in this press release, refer to the Forward-looking statements - Assumptions section in the MD&A of the Corporation’s Financial Report for the quarter ended March 31, 2025. Given the impact of the changing circumstances surrounding new or continuing global health, geopolitical and military events, and new or threatened international protectionist trade policies or measures, as well as the related response from the Corporation, governments (federal, provincial and municipal, both domestic, foreign and multinational inter-governmental organizations), regulatory authorities, businesses, suppliers, customers, counterparties and third-party service providers, there is an inherently higher degree of uncertainty associated with the Corporation’s assumptions.
Certain factors that could cause actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to: operational risks (such as risks related to business development and growth; order backlog; deployment and execution of our strategy, including cost reductions and working capital improvements and manufacturing and productivity enhancement initiatives; developing new products and services, including technological innovation and disruption; the certification of products and services; pressures on cash flows and capital expenditures, including due to seasonality and cyclicality; doing business with partners; product performance warranty and casualty claim losses; environmental, health and safety concerns and regulations; dependence on a limited number of contracts, customers and suppliers; supply chain risks; human resources risks including the departure of senior executives, the global availability of a skilled workforce, and the failure to attract and retain quality employees; reliance on information systems (including technology vulnerabilities, cybersecurity threats and privacy breaches); reliance on and protection of intellectual property rights; reputation risks; scrutiny and perception gaps regarding sustainability and corporate social responsibility matters; adequacy of insurance coverage; acquisitions; risk management; and tax matters); financing risks (such as risks related to liquidity and access to capital markets; substantial debt and interest payment requirements, including execution of debt management and interest cost reduction strategies; restrictive and financial debt covenants; retirement benefit plan risk; exposure to credit risk; and availability of government support); risks related to regulatory and legal proceedings, as well as changes in laws and regulations; risks associated with general economic conditions and disruptions, both regionally and globally, that may impact our sales and operations; business environment risks (such as risks associated with the financial condition of business aircraft customers; trade policy; increased competition; political instability and geopolitical tensions; financial and economic sanctions and trade control limitations; global climate change; and force majeure events); market risks (such as foreign currency fluctuations and changing interest rates, including our ability to hedge exposures thereto; increases in commodity prices; and inflation); and other unforeseen adverse events. For more details, see the Risks and uncertainties section in Other in the MD&A of the Corporation’s Financial Report for the fiscal year ended December 31, 2024. Any one or more of the foregoing factors may be exacerbated by new or continuing global health, geopolitical or military events, or new or exacerbated international trade disputes or renegotiation of existing trade arrangements, which may have a significantly more severe impact on the Corporation’s business, results of operations and financial condition than in the absence of such events.
Readers are cautioned that the foregoing list of factors that may affect future growth, results and performance is not exhaustive and undue reliance should not be placed on forward-looking statements. Other risks and uncertainties not presently known to us or that we presently believe are not material could also cause actual results or events to differ materially from those expressed or implied in our forward-looking statements. The forward-looking statements set forth herein reflect management’s expectations as at the date of this report and are subject to change after such date. Unless otherwise required by applicable securities laws, we expressly disclaim any intention, and assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
FAQ
What were Bombardier's (BDRBF) key financial results for Q2 2025?
How much is Bombardier's current order backlog as of Q2 2025?
What was Bombardier's Services revenue performance in Q2 2025?
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What changes occurred in Bombardier's credit ratings during Q2 2025?
