Bombardier Third Quarter 2025 Results See Strong Order Momentum and Significant Increases in Revenues, Deliveries, Services and Free Cash Flow

Rhea-AI Summary

Bombardier (OTC:BDRBF) reported strong third-quarter 2025 results with broad-based gains across revenue, margins, deliveries, backlog and cash flow. Revenues rose 11% year-over-year to $2.3 billion, supported by $590 million in Services (+12%) and 34 aircraft deliveries (4 more than Q3 2024). Adjusted EBITDA was $356 million (+16%) and the adjusted EBITDA margin improved 60 bps to 15.4%. Adjusted net income was $129 million and adjusted EPS was $1.21. Free cash flow improved by $279 million to $152 million. Backlog reached $16.6 billion with a unit book-to-bill of 1.3. Available liquidity stood at $1.6 billion, and the company refinanced $250 million of debt and announced repayment of ≈$100 million.

Positive

• Revenues +11% to $2.3B
• Adjusted EBITDA +16% to $356M
• Free cash flow improved by $279M to $152M
• Backlog +15% to $16.6B with unit book-to-bill 1.3

Negative

• Cash and cash equivalents down 28% to $1.182B since Dec 31, 2024
• Reported net income declined ~54% to $53M compared with prior year
• Diluted EPS from continuing operations fell $0.32 to $0.77

• Third quarter revenues rose by 11% year-over-year to $2.3 billion, fueled by $590 million of Services revenues, up 12% compared to the same period last year, and 34 aircraft deliveries, up 4 units compared to the same quarter of 2024.
• Adjusted EBITDA⁽¹⁾ for the third quarter reached $356 million, marking a 16% year-over-year increase. The adjusted EBITDA margin⁽²⁾ increased by 60 basis points to 15.4%. Reported EBIT for the quarter was $227 million.
• Adjusted net income⁽¹⁾ was $129 million, an increase of 59% year-over-year, and net income⁽³⁾ was $85 million. Adjusted EPS⁽²⁾ was positive at $1.21 for the third quarter, with diluted EPS⁽³⁾ at $0.77. ​
• Strong free cash flow⁽¹⁾ generation of $152 million, an improvement of $279 million compared to the same quarter last year; cash flows from operating activities⁽³⁾ and net additions to PP&E and intangible assets⁽⁴⁾ were at $190 million and $38 million respectively.
• Backlog⁽⁵⁾ as at September 30, 2025, reached $16.6 billion, reflecting a unit book-to-bill⁽⁶⁾ of 1.3 for the quarter.​
• Available liquidity⁽¹⁾ remained strong at $1.6 billion, including cash and cash equivalents totaling $1.2 billion as at September 30, 2025. Deleveraging continues with the repayment of approximately $100 million in debt announced in November with a repayment date set for December 3, 2025.
• Results for the quarter reinforce the Corporation is on track to achieving full-year guidance⁽⁷⁾.
  
  ^{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, Nov. 06, 2025 (GLOBE NEWSWIRE) -- Bombardier Inc. (TSX: BBD.B) today announced strong financial results for the third quarter of 2025, with multiple key metrics recording large year-over-year gains. The results emphasize the company’s ability to deliver a high level of performance and place the team in an excellent position to reach full-year guidance⁽⁷⁾. The third quarter saw sustained Services growth as well as the launch of a new expansion initiative geared toward the company’s footprint in the U.S. Increases in deliveries and continued momentum in the backlog both highlighted strong, sustained demand for Bombardier products.

“Bombardier’s third quarter performance marked by double-digit growth, or better, across all key indicators is a testament to the entire team’s relentless focus on executing our plan and supporting our customers. We delivered strong year-over-year cash flow improvement, driven by sustained customer demand, efficient operations, and strong uptake on parts and service programs,’’ said Éric Martel, President and Chief Executive Officer, Bombardier. “We are entering the final stretch of 2025 with excellent momentum across the board. The Global 8000, certified this week by Transport Canada, is the fastest business jet in the world, establishing new industry benchmarks with a maximum operating speed of Mach 0.95 and a cabin altitude of 2,691 ft. The aircraft is on track to enter service this year. Our service network is consistently full and expanding in the Middle East and the U.S. Finally, our defense team is well positioned to grow its proportion of deliveries in the near term. The Bombardier team is on track for a strong end of year.”

Revenues, Aircraft Deliveries and Services All Rise

The company generated $2.3 billion in revenues for the third quarter, reflecting 11% year-over-year growth. The delivery mix favored Global aircraft over Challenger, with a total of 34 units.

Bombardier reported $590 million in revenues from its Services activities, achieving 12% year-over-year growth, a segment that continues to show high performance and even further growth potential. In August, the company unveiled major multi-phase U.S. expansion, the first step being the new service centre in Fort Wayne, Indiana, announced in October of 2025.

Adjusted EBITDA⁽¹⁾ reached $356 million for the third quarter, up 16% year-over-year increase. Adjusted EBITDA margin⁽²⁾ improved by 60 basis points year-over-year to 15.4%. This growth was driven by 4 incremental aircraft deliveries, a favorable delivery mix and increased defense-related content, partially offset by transitory supply chain-related costs. Reported EBIT for the third quarter was $227 million. Adjusted EPS⁽²⁾ was positive at $1.21 for the third quarter, with diluted EPS⁽³⁾ at $0.77. ​

Significant Improvement in Free Cash Flow

The company reported $152 million in free cash flow⁽¹⁾ for the quarter, an impressive $279 million improvement compared to the same quarter last year, driven by increased customer advances, robust order momentum, lower investments in inventories and incremental earnings. Cash flows from operating activities⁽³⁾ and net additions to PP&E and intangible assets⁽⁴⁾ were at $190 million and $38 million respectively.

Backlog Remains Strong

The backlog⁽⁵⁾ grew by $0.5 billion during the quarter, reaching $16.6 billion as at September 30, 2025. The backlog⁽⁵⁾ remained at a 5-year-high level, supported by strong order intake that represented a unit book-to-bill⁽⁶⁾ of 1.3 at the end of the quarter.

Continued Actions to Improve Balance Sheet

The company maintained its disciplined approach to deleveraging, successfully refinancing $250 million in debt during the quarter and announced, in November, the repayment of another approximately $100 million in debt with a repayment date set for December 3, 2025. Building on our efforts to strengthen the balance sheet, Bombardier extended maturities and lowered the average cost of debt. Available liquidity⁽¹⁾ remained strong at $1.6 billion, including cash and cash equivalents totaling $1.2 billion as at September 30, 2025.

(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 September 30, 2025 ("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 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.
(3)	Only from continuing operations.
(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)	Represents order backlog for both manufacturing and Services.
(6)	Defined as net new aircraft orders in units over aircraft deliveries in units.
(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 for further details.

SELECTED RESULTS

Results of the quarter
Three-month periods ended September 30			2025				2024			Variance
Revenues		$	2,307			$	2,073				11	%
Adjusted EBITDA(1)		$	356			$	307				16	%
Adjusted EBITDA margin(2)			15.4	%			14.8	%		60 bps
Adjusted EBIT(1)		$	227			$	201				13	%
Adjusted EBIT margin(2)			9.8	%			9.7	%		10 bps
EBIT		$	227			$	201				13	%
EBIT margin(3)			9.8	%			9.7	%		10 bps
Net income (loss) from continuing operations		$	85			$	117			$	(32	)
Net income (loss) from discontinued operations(4)		$	(32	)		$	—			$	(32	)
Net income		$	53			$	117			$	(64	)
Diluted EPS from continuing operations (in dollars)		$	0.77			$	1.09			$	(0.32	)
Diluted EPS from discontinued operations (in dollars)(4)		$	(0.32	)		$	0.00			$	(0.32	)
		$	0.45			$	1.09			$	(0.64	)
Adjusted net income(1)		$	129			$	81			$	48
Adjusted EPS (in dollars)(2)		$	1.21			$	0.74			$	0.47
Cash flows from operating activities(5)		$	190			$	(81	)		$	271
Net additions to PP&E and intangible assets(3)		$	(38	)		$	(46	)		$	8
Free cash flow (usage)(1)		$	152			$	(127	)		$	279
As at	September 30, 2025				December 31, 2024					Variance
Cash and cash equivalents		$	1,182			$	1,653			(28		) %
Available liquidity(1)		$	1,632			$	2,082			(22		) %
Order backlog (in billions of dollars)(6)		$	16.6			$	14.4				15	%

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 nine-month periods ended September 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, Global and Global 8000 are registered trademarks of Bombardier Inc. or its subsidiaries.

Media Contacts
General media contact webform 

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)	Includes 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)	Includes 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 September 30								Nine-month periods  ended September 30
		2025				2024				2025				2024
EBIT	$	227			$	201			$	609			$	536
Restructuring charges (reversals)(1)		—				—				—				(1	)
Impairment and program termination (reversals)(2)		—				—				—				(1	)
Non-commercial legal claims		—				—				—				25
Adjusted EBIT	$	227			$	201			$	609			$	559
Total revenues	$	2,307			$	2,073			$	5,857			$	5,557
Adjusted EBIT margin		9.8	%			9.7	%			10.4	%			10.1	%

(1)	Includes 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 September 30								Nine-month periods  ended September 30
		2025				2024				2025				2024
EBIT	$	227			$	201			$	609			$	536
Amortization		129				106				292				288
Restructuring charges (reversals)(1)		—				—				—				(1	)
Impairment and program termination (reversals)(2)		—				—				—				(1	)
Non-commercial legal claims		—				—				—				25
Adjusted EBITDA	$	356			$	307			$	901			$	847
Total revenues	$	2,307			$	2,073			$	5,857			$	5,557
Adjusted EBITDA margin		15.4	%			14.8	%			15.4	%			15.2	%

Reconciliation of adjusted net income to net income and computation of adjusted EPS
	Three-month periods ended September 30
		2025						2024
	(per share)					(per share)
Net income from continuing operations	$	85					$	117
Adjustments to net financing expense related to:
Net loss (gain) on certain financial instruments		38			0.38			(45	)		(0.45	)
Accretion on net retirement benefit obligations		6			0.06			9			0.10
Adjusted net income		129						81
Preferred share dividends, including taxes		(8	)					(7	)
Adjusted net income attributable to equity holders of Bombardier Inc.	$	121					$	74
Weighted-average diluted number of common shares (in thousands)		100,335						100,535
Adjusted EPS (in dollars)	$	1.21					$	0.74

Reconciliation of adjusted EPS to diluted EPS (in dollars)
Three-month periods ended September 30
		2025			2024
Diluted EPS from continuing operations	$	0.77		$	1.09
Adjustments to net financing expense related to:
Net loss (gain) on certain financial instruments		0.38			(0.45	)
Accretion on net retirement benefit obligations		0.06			0.10
Adjusted EPS	$	1.21		$	0.74

(1)	Includes 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
	Nine-month periods ended September 30
		2025							2024
	(per share)						(per share)
Net income from continuing operations	$	322						$	246
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 loss (gain) on certain financial instruments		(94	)		(0.94	)			(186	)		(1.86	)
Accretion on net retirement benefit obligations		20			0.20				26			0.26
Losses on repayments of long-term debt		66			0.66				127			1.27
Adjusted net income		314							236
Preferred share dividends, including taxes		(22	)						(23	)
Adjusted net income attributable to equity holders of Bombardier Inc.	$	292						$	213
Weighted-average diluted number of common shares (in thousands)		100,030							99,665
Adjusted EPS (in dollars)	$	2.92						$	2.14

Reconciliation of adjusted EPS to diluted EPS (in dollars)
Nine-month periods ended September 30
		2025				2024
Diluted EPS from continuing operations	$	3.00			$	2.24
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 loss (gain) on certain financial instruments		(0.94	)			(1.86	)
Accretion on net retirement benefit obligations		0.20				0.26
Losses on repayments of long-term debt		0.66				1.27
Adjusted EPS	$	2.92			$	2.14

Reconciliation of free cash flow (usage) to cash flows from operating activities
	Three-month periods  ended September 30								Nine-month periods  ended September 30
		2025				2024				2025				2024
Cash flows from operating activities - continuing    operations	$	190			$	(81	)		$	(209	)		$	(455	)
Net additions to PP&E and intangible assets		(38	)			(46	)			(107	)			(127	)
Free cash flow (usage)	$	152			$	(127	)		$	(316	)		$	(582	)

Reconciliation of available liquidity to cash and cash equivalents
As at	September 30, 2025			December 31, 2024
Cash and cash equivalents	$	1,182		$	1,653
Undrawn amounts under available revolving credit facility(3)		450			429
Available liquidity	$	1,632		$	2,082

(1)	Includes 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 $450 million which matures in 2029 and is available for cash drawings for the ongoing working capital needs of the Corporation and for issuance of performance letters of credit. This facility was undrawn as at September 30, 2025 and the availability as at such date was $450 million based on the collateral, which may vary from time to time.

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, and the ability to mitigate the impacts resulting from a prolonged U.S. federal government shutdown, 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), changes to existing trade agreements and the ability to mitigate the impacts resulting from a prolonged U.S. federal government shutdown. 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 Interim Financial Report for the quarter ended September 30, 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; a prolonged U.S. federal government shutdown; 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 this press release and in the MD&A of the Corporation’s Interim Financial Report for the quarter ended September 30, 2025 and for 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 press release 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 Q3 2025 revenues and year-over-year change (BDRBF)?

Bombardier reported $2.3 billion in Q3 2025 revenues, an 11% increase year-over-year.

How much free cash flow did Bombardier generate in Q3 2025 (BDRBF)?

Free cash flow for Q3 2025 was $152 million, an improvement of $279 million versus Q3 2024.

What was Bombardier's adjusted EBITDA and margin in Q3 2025 (BDRBF)?

Adjusted EBITDA was $356 million and the adjusted EBITDA margin rose to 15.4% in Q3 2025.

How many aircraft did Bombardier deliver in Q3 2025 and how did deliveries affect results (BDRBF)?

Bombardier delivered 34 aircraft in Q3 2025 (4 more than Q3 2024), supporting revenue and margin gains.

What is Bombardier's backlog and book-to-bill as of September 30, 2025 (BDRBF)?

Order backlog was $16.6 billion as of Sept 30, 2025, and the unit book-to-bill for the quarter was 1.3.

How strong is Bombardier's liquidity and what debt actions were announced in Q3 2025 (BDRBF)?

Available liquidity was $1.6 billion, the company refinanced $250 million of debt and announced repayment of ≈$100 million due Dec 3, 2025.

Did Bombardier's reported net income and EPS improve in Q3 2025 (BDRBF)?

Reported net income fell to $53 million and diluted EPS from continuing operations was $0.77, both lower than prior-year reported figures.