BRISTOW GROUP REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS

Rhea-AI Summary

Bristow Group (NYSE: VTOL) reported 2025 results and affirmed its 2026 outlook. Full‑year revenues were $1.49B, net income $129.1M, and Adjusted EBITDA $245.6M, in line with guidance. Operating cash flow was $198.4M and Adjusted Free Cash Flow was $186.7M.

The company refinanced senior notes with an upsized $500M deal at a 6.75% coupon and declared a quarterly cash dividend of $0.125 per share payable March 26, 2026.

Positive

• Total revenue of $1.49B in 2025
• Net income of $129.1M for 2025
• Adjusted EBITDA $245.6M, meeting 2025 outlook midpoint
• Adjusted Free Cash Flow of $186.7M in 2025
• Refinanced and upsized senior notes to $500M at 6.75% maturity 2033
• Initiation of quarterly cash dividend of $0.125 per share

Negative

• Government Services adjusted operating income down 24.7% year-over-year
• Operating income fell sequentially to $32.1M in Q4 from $50.5M in Q3
• Other Services adjusted operating income declined 21.0% year-over-year

Key Figures

2025 total revenues: $1.5 billion 2025 net income: $129.1 million 2025 Adjusted EBITDA: $245.6 million +5 more

8 metrics

2025 total revenues $1.5 billion Full year 2025 vs $1.4 billion in 2024

2025 net income $129.1 million Full year 2025 vs $94.8 million in 2024

2025 Adjusted EBITDA $245.6 million Full year 2025, in-line with 2025 outlook midpoint

2025 operating cash flow $198.4 million Full year 2025 vs $177.4 million in 2024

2025 Adjusted Free Cash Flow $186.7 million Full year 2025 vs $160.9 million in 2024

Q4 2025 diluted EPS $0.61 Quarter ended Dec 31, 2025 vs $1.72 in prior quarter

Quarterly dividend $0.125 per share Cash dividend declared on common stock

Refinanced Senior Notes $500 million at 6.75% Upsized transaction, maturity extended to 2033

Market Reality Check

Price: $46.71 Vol: Volume 255,583 is 1.22x t...

normal vol

$46.71 Last Close

Volume Volume 255,583 is 1.22x the 20-day average of 209,200, indicating moderately elevated trading interest ahead of/around the earnings release. normal

Technical Shares at $46.85 are trading above the 200-day MA of $37.13 and sit 1.16% below the 52-week high of $47.40.

Peers on Argus

VTOL gained 0.39%, while key oilfield-related peers like INVX, NESR, RES, and WT...

1 Up

VTOL gained 0.39%, while key oilfield-related peers like INVX, NESR, RES, and WTTR were also up between 0.33% and 6.14%. Only EFXT was down (-0.7%), suggesting a broadly constructive sector backdrop alongside company-specific earnings.

Previous Earnings Reports

5 past events · Latest: Nov 04 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 04	Q3 2025 earnings	Positive	-3.4%	Q3 2025 results with higher revenues and raised Adjusted EBITDA outlooks.
Oct 28	Q3 call scheduled	Neutral	+1.6%	Announcement of timing and access details for Q3 2025 earnings call.
Aug 05	Q2 2025 earnings	Positive	+8.9%	Strong Q2 2025 results and raised 2025–2026 Adjusted EBITDA guidance ranges.
Jul 29	Q2 call scheduled	Neutral	-1.5%	Scheduling and access information for Q2 2025 earnings release and call.
May 06	Q1 2025 earnings	Positive	-5.8%	Q1 2025 results with stable Adjusted EBITDA and affirmed multi‑year outlooks.

Pattern Detected

Earnings news has produced mixed reactions: strong fundamental updates sometimes met with negative next-day moves, while guidance raises have also coincided with notable gains.

Recent Company History

Across the last four quarters of 2025, Bristow repeatedly used earnings to update or affirm multi‑year outlooks, highlight Adjusted EBITDA growth, and discuss capital allocation (debt repayment and buybacks). Reactions were mixed: Q2 2025’s raised guidance saw a +8.89% move, while Q1 and Q3 earnings saw declines of -5.83% and -3.37%. Today’s full‑year 2025 report, which shows revenue and net income growth and dividend initiation, fits into this ongoing narrative of gradual financial strengthening and forward guidance emphasis.

Historical Comparison

-0.1% avg move · In the past year, VTOL’s 5 earnings‑tagged events averaged a -0.05% next‑day move, with both rallies...

earnings

-0.1%

Average Historical Move earnings

In the past year, VTOL’s 5 earnings‑tagged events averaged a -0.05% next‑day move, with both rallies and selloffs. Today’s +0.39% reaction to full‑year 2025 results sits within this historically modest range.

Earnings updates through 2025 showed steady revenue and Adjusted EBITDA growth with progressively refined 2025–2026 outlooks. The current full‑year release extends that trajectory by confirming 2025 performance, detailing segment trends, and pairing it with 2026 expectations and new capital allocation steps like the cash dividend.

Regulatory & Risk Context

Active S-3 Shelf

Shelf Active

Active S-3 Shelf Registration 2025-10-23

Bristow has an effective automatic shelf registration on Form S-3ASR dated October 23, 2025, allowing the company to issue an indeterminate amount of equity, debt, warrants, and related securities over time. The filing indicates proceeds from any such offerings may be used for general corporate purposes, including working capital, debt repayment or refinancing, capital expenditures, acquisitions, and investments. The shelf shows 0 recorded usages in the provided data, indicating no takedowns yet under this registration.

Market Pulse Summary

This announcement confirms that Bristow met its 2025 outlook, with revenues of $1.5 billion, net inc...

Analysis

This announcement confirms that Bristow met its 2025 outlook, with revenues of $1.5 billion, net income of $129.1 million, and Adjusted EBITDA of $245.6 million, while generating about $186.7 million in Adjusted Free Cash Flow and initiating a $0.125 per‑share dividend. Segment detail shows differing margin trends across Offshore Energy, Government, and Other Services. Historically, earnings have produced modest and mixed price moves, so investors may focus on execution versus the affirmed 2026 outlook, the recent $500 million refinancing, and the flexibility granted by the effective shelf registration.

Key Terms

Adjusted EBITDA, Free Cash Flow, Adjusted Free Cash Flow, EBITDA, +2 more

6 terms

Adjusted EBITDA financial

"Full year 2025 Adjusted EBITDA(1) of $245.6 million was in-line..."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Free Cash Flow financial

"net cash provided by operating activities to Free Cash Flow and Adjusted Free..."

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

Adjusted Free Cash Flow financial

"and Adjusted Free Cash Flow of $186.7 million in 2025 compared to $160.9..."

Adjusted free cash flow is the amount of money a company generates from its operations after accounting for essential expenses and investments, like maintaining or upgrading equipment. It shows how much cash is truly available to grow the business, pay debts, or return to shareholders, helping investors see the company's financial health more clearly.

EBITDA financial

"A reconciliation of net income to EBITDA and Adjusted EBITDA, operating income..."

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

Senior Notes financial

"Refinanced Senior Notes with an upsized $500 million transaction at a lower..."

Senior notes are a type of loan that a company borrows from investors, promising to pay it back with interest. They are called "senior" because in case the company faces financial trouble, these lenders are paid back before others. This makes senior notes safer for investors compared to other types of loans or bonds.

non-GAAP financial measures financial

"Non-GAAP (1) : Adjusted Operating Income... See definitions of these non-GAAP financial..."

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

AI-generated analysis. Not financial advice.

ACHIEVES 2025 OUTLOOK AND DECLARES DIVIDEND

HOUSTON, Feb. 25, 2026 /PRNewswire/ --

Full Year Highlights:

• Total revenues were $1.5 billion for the full year ended 2025 compared to $1.4 billion in 2024
• Net income was $129.1 million in 2025 compared to $94.8 million in 2024
• Full year 2025 Adjusted EBITDA⁽¹⁾ of $245.6 million was in-line with the 2025E outlook EBITDA guidance midpoint
• Operating cash flow of $198.4 million in 2025 compared to $177.4 million in 2024, and Adjusted Free Cash Flow of $186.7 million in 2025 compared to $160.9 million in 2024
• Refinanced Senior Notes with an upsized $500 million transaction at a lower coupon rate of 6.75% and extended maturity of 2033
• Declared a quarterly cash dividend of $0.125 per share of common stock

Bristow Group Inc. (NYSE: VTOL) ("Bristow" or the "Company") today reported net income attributable to the Company of $18.4 million, or $0.61 per diluted share, for the quarter ended December 31, 2025 (the "Current Quarter") on total revenues of $377.3 million compared to net income attributable to the Company of $51.5 million, or $1.72 per diluted share, for the quarter ended September 30, 2025 (the "Preceding Quarter") on total revenues of $386.3 million.

Bristow reported net income attributable to the Company of $129.1 million, or $4.32 per diluted share, for the year ended December 31, 2025 (the "Current Year") on total revenues of $1.5 billion compared to net income attributable to the Company of $94.8 million, or $3.21 per diluted share, on total revenues of $1.4 billion for the year ended December 31, 2024 (the "Prior Year").

The following table provides select financial highlights for the periods reflected (in thousands, except per share amounts). A reconciliation of net income to EBITDA and Adjusted EBITDA, operating income to Adjusted Operating Income and net cash provided by operating activities to Free Cash Flow and Adjusted Free Cash Flow is included in the "Non-GAAP Financial Measures" section herein.

	Three Months Ended				Year Ended December 31,
	December 31, 2025		September 30, 2025		2025		2024
Total revenues	$          377,264		$          386,289		$       1,490,512		$       1,415,491
Operating income	32,083		50,535		158,806		132,608
Net income attributable to Bristow Group Inc.	18,423		51,544		129,074		94,797
Basic earnings per common share	0.63		1.79		4.47		3.32
Diluted earnings per common share	0.61		1.72		4.32		3.21
Net cash provided by operating activities	76,913		23,057		198,406		177,420
Non-GAAP(1):
Adjusted Operating Income	$           54,803		$           62,201		$          228,687		$          216,841
EBITDA	50,511		67,449		261,423		207,931
Adjusted EBITDA	60,128		67,097		245,635		236,766
Free Cash Flow	70,869		20,257		183,144		159,476
Adjusted Free Cash Flow	71,752		21,365		186,661		160,911

__________________

(1)	See definitions of these non-GAAP financial measures and the reconciliation of GAAP to non-GAAP financial measures in the Non-GAAP Financial Measures section further below.

"With the continued growth and diversification of our Government Services business, Bristow has evolved into a scaled, multi-mission aviation services provider with leading market positions in our core markets," said Chris Bradshaw, President and CEO of Bristow Group. "As reflected in our affirmed financial outlook, we expect Adjusted Operating Income in our Government Services business to double in 2026, and the high-quality, infrastructure-like cash flows from these contracts provide a durable cash flow foundation for the Company. In addition, we expect Adjusted Operating Income in our Offshore Energy Services business to increase by approximately 15% in 2026, primarily due to improved terms on contract renewals, and we expect increased activity in this segment in the latter part of 2026 and further building in 2027, as new deepwater projects commence. Overall, we believe the Company's total Adjusted EBITDA will increase by approximately 25% in 2026 compared to last year, and we expect strong cash flow conversion. Bristow generated approximately $187 million of Adjusted Free Cash Flow in 2025, and our 2026 outlook reflects an Adjusted Free Cash Flow expectation in excess of $200 million. The Company completed a successful refinancing of our Senior Notes last month, with an upsized $500 million transaction at a lower coupon rate of 6.75% and an extended maturity into 2033. Bristow's positive financial outlook, robust balance sheet, and strong liquidity position support the initiation of the Company's cash dividend program, confirmed by today's announcement of a $0.125 per share dividend payable on March 26, 2026."

Sequential Quarter Results

Offshore Energy Services

	Three Months Ended
($ in thousands)	December 31, 2025		September 30, 2025		Favorable (Unfavorable)
Revenues	$  247,454		$  250,431		$      (2,977)	(1.2) %
Operating income	42,193		42,429		(236)	(0.6) %
Adjusted Operating Income	50,838		51,236		(398)	(0.8) %
Operating income margin	17 %		17 %
Adjusted Operating Income margin	21 %		20 %

Revenues from Offshore Energy Services were $3.0 million lower in the Current Quarter. Revenues in Africa were $2.2 million lower primarily due to the closure of the fixed wing business, and revenues in the Americas were $1.2 million lower primarily due to lower utilization, while revenues in Europe were consistent with the Preceding Quarter. Operating income from Offshore Energy Services was $0.2 million lower in the Current Quarter primarily due to the lower revenues and higher general and administrative expenses of $1.1 million related to professional services fees, partially offset by higher earnings from unconsolidated affiliates of $2.3 million and lower operating expenses of $1.6 million. The higher earnings from unconsolidated affiliates were primarily due to higher dividends and earnings. The lower operating expenses were due to lower subcontractor and other operating expenses of $3.5 million and lower repairs and maintenance costs of $2.8 million primarily due to higher vendor credits, partially offset by higher personnel and leased-in equipment costs of $4.2 million and $0.4 million, respectively.

Government Services

	Three Months Ended
($ in thousands)	December 31, 2025		September 30, 2025		Favorable (Unfavorable)
Revenues	$  100,097		$  100,898		$         (801)	(0.8) %
Operating income	(1,607)		2,586		(4,193)	nm
Adjusted Operating Income	7,646		10,810		(3,164)	(29.3) %
Operating income margin	(2) %		3 %
Adjusted Operating Income margin	8 %		11 %

Revenues from Government Services were $0.8 million lower in the Current Quarter primarily due to lower seasonal flight hours in the United Kingdom search and rescue ("UKSAR") operations, partially offset by the commencement of operations of an additional base on the Irish Coast Guard ("IRCG") contract in the fourth quarter. Operating loss was $1.6 million in the Current Quarter compared to operating income of $2.6 million in the Preceding Quarter primarily due to higher operating expenses of $3.3 million and the lower revenues of $0.8 million. The increase in operating expenses was due to higher repairs and maintenance costs of $2.9 million, primarily due to lower vendor credits and the timing of repairs, and higher personnel costs of $1.6 million related to contract transitions, partially offset by lower other operating costs of $1.3 million primarily due to lower training and subcontractor costs.

Other Services

	Three Months Ended
($ in thousands)	December 31, 2025		September 30, 2025		Favorable (Unfavorable)
Revenues	$       29,713		$       34,960		$      (5,247)	(15.0) %
Operating income	1,530		5,463		(3,933)	(72.0) %
Adjusted Operating Income	4,032		8,121		(4,089)	(50.4) %
Operating income margin	5 %		16 %
Adjusted Operating Income margin	14 %		23 %

Revenues from Other Services were $5.2 million lower in the Current Quarter primarily due to lower seasonal activity in Australia. Operating income was $3.9 million lower in the Current Quarter primarily due to the lower revenues, partially offset by lower operating expenses of $1.2 million related to lower activity.

Corporate

	Three Months Ended
($ in thousands)	December 31, 2025		September 30, 2025		Favorable (Unfavorable)
Corporate:
Total expenses	$         7,922		$         8,188		$          266	3.2 %
Gains (losses) on disposal of assets	(2,111)		8,245		(10,356)	nm
Operating income (loss)	(10,033)		57		$    (10,090)	nm
Consolidated:
Interest income	$         2,935		$         2,262		$          673	29.8 %
Interest expense, net	(10,432)		(9,962)		(470)	(4.7) %
Other, net	(2,884)		(3,087)		203	6.6 %
Income tax (expense) benefit	(3,026)		11,843		(14,869)	nm

Operating loss was $10.0 million in the Current Quarter compared to operating income of $0.1 million in the Preceding Quarter. The change in operating income (loss) was due to asset dispositions. During the Current Quarter, the Company sold or otherwise disposed of a S92 heavy helicopter and various other assets, resulting in net losses of $2.1 million. During the Preceding Quarter, the Company sold or otherwise disposed of two older AW139 medium helicopters and various other assets, resulting in net gains of $8.2 million.

Other expense, net of $2.9 million in the Current Quarter resulted from foreign exchange losses of $3.1 million and pension related costs of $4.9 million, partially offset by gains on insurance recoveries of $5.0 million. Other expense, net of  $3.1 million in the Preceding Quarter resulted from foreign exchange losses.

Income tax expense was $3.0 million in the Current Quarter compared to income tax benefit of $11.8 million in the Preceding Quarter. The change in income tax is due to changes in the geographic mix of the Company's global earnings in the Current Quarter and the release of a valuation allowance in Australia in the Preceding Quarter.

Full Year Results

Offshore Energy Services

	Year Ended December 31,
($ in thousands)	2025		2024		Favorable (Unfavorable)
Revenues	$  990,480		$  966,064		$      24,416	2.5 %
Operating income	165,582		132,165		33,417	25.3 %
Adjusted Operating Income	202,777		172,799		29,978	17.3 %
Operating income margin	17 %		14 %
Adjusted Operating Income margin	20 %		18 %

Revenues from Offshore Energy Services were $24.4 million higher in the Current Year. Revenues in Africa were $21.7 million higher primarily due to higher utilization and additional aircraft capacity. Revenues in the Americas were $19.2 million higher primarily due to higher utilization in the U.S. and Brazil, which was partially offset by the absence of a one-time benefit in the Prior Year related to the transition from cash basis recognition to an accrual basis of accounting in Canada and lower utilization in Trinidad. Revenues in Europe were $16.5 million lower primarily due to lower utilization, partially offset by higher reimbursable revenues, higher rates and favorable foreign exchange rate impacts.

Operating income was $33.4 million higher in the Current Year primarily due to the higher revenues coupled with lower general and administrative expenses of $5.9 million and lower operating expenses of $3.6 million.

The decrease in general and administrative expenses was primarily due to lower professional services fees, insurance and lease costs. Repairs and maintenance costs were $34.0 million lower primarily due to higher vendor credits. Fuel costs were $6.5 million lower due to lower global fuel prices and decreased flight hours in Europe. Insurance costs were $1.4 million lower primarily due to lower commercial property insurance premiums. Personnel costs were $21.8 million higher primarily due to increased headcount in Africa and Brazil due to increased activity, unfavorable foreign exchange rate impacts and labor agreement escalations. Other operating expenses were $15.7 million higher primarily due to higher reimbursable expenses, freight, demobilization and training costs. Leased-in equipment costs were $1.0 million higher primarily due to an increase in aircraft and non-aircraft leases.

Government Services

	Year Ended December 31,
($ in thousands)	2025		2024		Favorable (Unfavorable)
Revenues	$  379,437		$  329,654		$      49,783	15.1 %
Operating income	5,078		21,070		(15,992)	(75.9) %
Adjusted Operating Income	38,212		50,766		(12,554)	(24.7) %
Operating income margin	1 %		6 %
Adjusted Operating Income margin	10 %		15 %

Revenues from Government Services were $49.8 million higher in the Current Year due to the commencement of the IRCG contract and higher UKSAR revenues primarily due to favorable foreign exchange rate impacts and the commencement of fixed wing services. Operating income was $16.0 million lower primarily due to higher expenses attributable to the commencement of new contracts in Ireland and the UK, partially offset by the higher revenues. Operating expenses were $57.9 million higher primarily due to higher subcontractor costs of $28.2 million, which are expected to subside as transitions to the new contracts conclude in 2026, higher amortization of deferred costs of $7.7 million, increased personnel costs of $15.1 million and other operating expenses of $9.4 million, partially offset by lower repairs and maintenance costs of $2.5 million primarily due to increased vendor credits. Additionally, general and administrative costs and depreciation and amortization expenses were $4.4 million and $3.5 million higher, respectively, primarily due to the ongoing transitions of the new SAR contracts.

Other Services

	Year Ended December 31,
($ in thousands)	2025		2024		Favorable (Unfavorable)
Revenues	$  120,595		$  119,773		$          822	0.7 %
Operating income	9,814		13,747		(3,933)	(28.6) %
Adjusted Operating Income	20,376		25,786		(5,410)	(21.0) %
Operating income margin	8 %		11 %
Adjusted Operating Income margin	17 %		22 %

Revenues from Other Services were $0.8 million higher in the Current Year primarily due to higher activity in Australia and the UK, partially offset by lower revenues due to the conclusion of certain dry-lease contracts. Operating income from Other Services was $3.9 million lower primarily due to higher operating expenses of $5.9 million, offsetting the higher revenues of $0.8 million and lower depreciation and amortization expenses of $1.0 million. The increase in operating expenses was due to higher other operating expense of $2.3 million, higher personnel costs of $1.6 million and higher lease expenses of $1.6 million, all of which were primarily driven by increased activity in Australia.

Corporate

	Year Ended December 31,
($ in thousands)	2025		2024		Favorable (Unfavorable)
Corporate:
Total expenses	$       33,453		$       33,329		$         (124)	(0.4) %
Gains (losses) on disposal of assets	11,785		(1,045)		12,830	nm
Operating loss	(21,668)		(34,374)		12,706	37.0 %
Consolidated:
Interest income	$         9,354		$         8,901		$          453	5.1 %
Interest expense, net	(39,918)		(37,581)		(2,337)	(6.2) %
Other, net	22,994		(1,865)		24,859	nm
Income tax expense	(21,809)		(7,193)		(14,616)	nm

Total operating losses for Corporate were $12.7 million lower than the Prior Year primarily due to increased gains on disposal of assets. During the Current Year, the Company sold or otherwise disposed of four AW139 medium helicopters, one S92 heavy helicopter and other assets, resulting in net gains of $11.8 million. During the Prior Year, the Company sold or otherwise disposed of 13 helicopters and various other assets, resulting in net losses of $1.0 million.

Interest expense, net was $2.3 million higher in the Current Year primarily due to higher interest rates and accelerated amortization expense related to early debt repayments, partially offset by higher capitalized interest on new aircraft under construction.

Other income, net of $23.0 million in the Current Year primarily resulted from foreign exchange gains of $22.5 million and gains on insurance recoveries of $5.0 million, partially offset by pension related costs of $4.3 million. Other expense, net of $1.9 million in the Prior Year primarily resulted from foreign exchange losses of $8.9 million, partially offset by insurance recoveries of $4.5 million and pension related income of $2.5 million.

Income tax expense was $14.6 million higher in the Current Year primarily due to higher earnings before tax and the earnings mix of the Company's global operations.

2025 Results In-Line with Outlook and Affirms 2026 Outlook

Please refer to the section entitled "Forward-Looking Statements Disclosure" below for further discussion regarding the risks and uncertainties as well as other important information regarding Bristow's guidance. The following guidance also contains non-GAAP financial measures. Please read the section entitled "Non-GAAP Financial Measures" for further information.

Select financial results for 2025 and outlook for 2026 are as follows (in USD, millions):

	2025E(1) Outlook		2025A		2026E
Revenues:
Offshore Energy Services	$990		$990		$1,010 - $1,080
Government Services	$380		$379		$440 - $460
Other Services	$120		$121		$130 - $150
Total revenues	$1,490		$1,490		$1,580 - $1,690
Adjusted Operating Income:
Offshore Energy Services	$200		$203		$225 - $235
Government Services	$43		$38		$70 - $80
Other Services	$23		$20		$20 - $25
Corporate	($33)		($33)		($35 - $30)
	$233		$228		$280 - $310
Adjusted EBITDA	$245		$246		$295 - $325
Cash interest	$45		$47		~$40
Cash taxes	$28		$27		$25 - $30
Maintenance capital expenditures	$14		$15		$20 - $25

__________________________ 

(1)	Reflects the mid-point of the previously published 2025E financial outlook ranges.

Liquidity and Capital Allocation

In the Current Quarter, purchases of property and equipment were $29.1 million, of which $6.0 million were maintenance capital expenditures, and cash proceeds from dispositions of property and equipment were $2.0 million. In the Preceding Quarter, purchases of property and equipment were $29.2 million, of which $2.8 million were maintenance capital expenditures, and cash proceeds from dispositions of property and equipment were $28.6 million. See "Non-GAAP Financial Measures - Free Cash Flow and Adjusted Free Cash Flow" for a reconciliation to net cash provided by operating cash activities.

As of December 31, 2025, the Company had $286.2 million of unrestricted cash and $60.7 million of remaining availability under its amended asset-based credit facility (the "ABL Facility") for total liquidity of $346.9 million. Borrowings under the ABL Facility are subject to certain conditions and requirements.

On January 26, 2026, Bristow Group announced the closing of a private offering of $500 million aggregate principal amount of 6.750% Senior Secured Notes due 2033 (the "6.750% Senior Notes"), which were issued at par and bear interest payable semiannually, and the amendment and extension of its ABL Facility until 2031. The Company used a portion of the net proceeds from the 6.750% Senior Notes to irrevocably deposit funds with the trustee under the indenture governing its existing 6.875% Senior Secured Notes due 2028 (the "6.875% Senior Notes") in an amount sufficient to redeem the 6.875% Senior Notes in full on March 1, 2026, resulting in the satisfaction and discharge of the indenture governing the 6.875% Senior Notes upon deposit, with the remaining net proceeds to be used for general corporate purposes.

On February 25, 2026, Bristow declared a dividend of $0.125 per share of common stock, payable on March 26, 2026, to shareholders of record at the close of business on March 13, 2026.

Conference Call

Management will conduct a conference call starting at 10:00 a.m. ET (9:00 a.m. CT) on Thursday, February 26, 2026, to review the results for the quarter and full year ended December 31, 2025. The conference call can be accessed using the following link:

Link to Access Earnings Call: https://bristowgroup-4q2025.open-exchange.net/registration 

A replay will be available through March 19, 2026 by using the link above. A replay will also be available on the Company's website at www.bristowgroup.com shortly after the call and will be accessible through March 19, 2026. The accompanying investor presentation will be available on February 26, 2026, on Bristow's website at www.bristowgroup.com.

For additional information concerning Bristow, contact Jennifer Whalen at InvestorRelations@bristowgroup.com, (713) 369-4636 or visit Bristow Group's website at https://ir.bristowgroup.com/.

About Bristow Group

Bristow Group Inc. is the leading global provider of innovative and sustainable vertical flight solutions. We primarily provide aviation services to a broad base of offshore energy companies and government entities. Our aviation services include personnel transportation, search and rescue ("SAR"), medevac, fixed wing transportation, unmanned systems and ad-hoc helicopter services. Our energy customers charter our helicopters primarily to transport personnel to, from and between onshore bases and offshore production platforms, drilling rigs and other installations. Our government customers primarily outsource SAR activities whereby we operate specialized helicopters and provide highly trained personnel. Our other services include fixed wing transportation services through a regional airline in Australia and dry-leasing aircraft to third-party operators in support of other industries and geographic markets.

Our core business of providing aviation services to leading global energy companies and government entities provides us with geographic and customer diversity that helps mitigate risks associated with a single market or customer. We currently have customers in Australia, Brazil, Canada, Chile, the Dutch Caribbean, the Falkland Islands, Ireland, the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad and Tobago, the United Kingdom ("UK") and the United States ("U.S.").

Forward-Looking Statements Disclosure

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are statements about our future business, strategy, operations, capabilities and results; financial projections; plans and objectives of our management, including our expectations regarding our quarterly dividend program and our intention to pay down debt; expected actions by us and by third parties, including our customers, competitors, vendors and regulators; and other matters. Some of the forward-looking statements can be identified by the use of words such as "believes," "belief," "forecasts," "expects," "plans," "anticipates," "intends," "projects," "estimates," "may," "might," "will," "would," "could," "should" or other similar words; however, all statements in this press release, other than statements of historical fact or historical financial results, are forward-looking statements. Our forward-looking statements reflect our views and assumptions on the date hereof regarding future events and operating performance. We believe that they are reasonable, but they involve significant known and unknown risks, uncertainties, assumptions and other factors, many of which may be beyond our control, that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties and factors that could cause or contribute to such differences include, but are not limited to, those discussed in our Annual Report on Form 10-K, and in particular, the risks discussed in Part I, Item 1A, "Risk Factors" of such report and those discussed in other documents we file with the Securities and Exchange Commission (the "SEC"). Accordingly, you should not put undue reliance on any forward-looking statements.

You should consider the following key factors when evaluating these forward-looking statements: the impact of supply chain disruptions and inflation and our ability to recoup rising costs in the rates we charge to our customers; our reliance on a limited number of helicopter manufacturers and suppliers and the impact of a shortfall in availability of aircraft components and parts required for maintenance and repairs of our helicopters, including significant delays in the delivery of parts for our S92 and AW189 fleet and aircraft in general; our reliance on a limited number of customers and the reduction of our customer base as a result of consolidation and/or the energy transition; public health crises, such as pandemics and epidemics, and any related government policies and actions; our inability to execute our business strategy for diversification efforts related to government services and advanced air mobility; the potential for cyberattacks or security breaches that could disrupt operations, compromise confidential or sensitive information, damage reputation, expose to legal liability, or cause financial losses; the possibility that we may be unable to maintain compliance with covenants in our financing agreements; global and regional changes in the demand, supply, prices or other market conditions affecting oil and gas, including changes resulting from a public health crisis or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries (OPEC) and other producing countries; fluctuations in the demand for our services; the possibility of significant changes in foreign exchange rates and controls; potential effects of increased competition and the introduction of alternative modes of transportation and solutions; the possibility that portions of our fleet may be grounded for extended periods of time or indefinitely (including due to severe weather events); the possibility of political instability, civil unrest, war or acts of terrorism in any of the countries where we operate or elsewhere; the possibility that we may be unable to re-deploy our aircraft to regions with greater demand; the existence of operating risks inherent in our business, including the possibility of declining safety performance; labor issues, including our inability to negotiate acceptable collective bargaining or union agreements with employees covered by such agreements; the possibility of changes in tax, environmental, trade, immigration and other laws and regulations and policies, including, without limitation, tariffs and actions of the governments that impact oil and gas operations, favor renewable energy projects or address climate change; any failure to effectively manage, and receive anticipated returns from, acquisitions, divestitures, investments, joint ventures and other portfolio actions; the possibility that we may be unable to dispose of older aircraft through sales into the aftermarket; the possibility that we may impair our long-lived assets and other assets, including inventory, property and equipment and investments in unconsolidated affiliates; general economic conditions, including interest rates or uncertainty in the capital and credit markets; disruptions in global trade, including as a result of tariffs, trade restrictions, retaliatory trade measures or the effect of such actions on trading relationships between the United States and other countries; the potential effects of any future U.S. government shutdown on our Government Services business; the possibility that reductions in spending on aviation services by governmental agencies where we are seeking contracts could adversely affect or lead to modifications of the procurement process or that such reductions in spending could adversely affect search and rescue ("SAR") contract terms or otherwise delay service or the receipt of payments under such contracts; and the effectiveness of our environmental, social and governance initiatives.

The above description of risks and uncertainties is by no means all-inclusive, but is designed to highlight what we believe are important factors to consider. All forward-looking statements in this press release are qualified by these cautionary statements and are only made as of the date hereof. The forward-looking statements in this press release should be evaluated together with the many uncertainties that affect our businesses, particularly those discussed in greater detail in Part I, Item 1A, "Risk Factors" and Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" of our Annual Report on Form 10-K. We disclaim any obligation or undertaking, other than as required by law, to provide any updates or revisions to any forward-looking statement to reflect any change in our expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, whether as a result of new information, future events or otherwise.

 

BRISTOW GROUP INC. Condensed Consolidated Statements of Operations (unaudited, in thousands, except per share amounts)
	Three Months Ended				Favorable/ (Unfavorable)
	December 31, 2025		September 30, 2025
Total revenues	$        377,264		$        386,289		$         (9,025)
Costs and expenses:
Operating expenses
Personnel	104,378		98,581		(5,797)
Repairs and maintenance	55,291		55,537		246
Insurance	6,139		5,778		(361)
Fuel	20,765		21,396		631
Leased-in equipment	27,329		26,714		(615)
Other	69,648		75,047		5,399
Total operating expenses	283,550		283,053		(497)
General and administrative expenses	43,441		43,205		(236)
Depreciation and amortization expense	18,377		17,739		(638)
Total expenses	345,368		343,997		(1,371)
Gains (losses) on disposal of assets	(2,111)		8,245		(10,356)
Earnings (losses) from unconsolidated affiliates	2,298		(2)		2,300
Operating income	32,083		50,535		(18,452)
Interest income	2,935		2,262		673
Interest expense, net	(10,432)		(9,962)		(470)
Other, net	(2,884)		(3,087)		203
Total other income (expense), net	(10,381)		(10,787)		406
Income before income taxes	21,702		39,748		(18,046)
Income tax benefit (expense)	(3,026)		11,843		(14,869)
Net income	18,676		51,591		(32,915)
Net income attributable to noncontrolling interests	(253)		(47)		(206)
Net income attributable to Bristow Group Inc.	$          18,423		$          51,544		$       (33,121)
Basic earnings per common share	$             0.63		$             1.79		$           (1.16)
Diluted earnings per common share	$             0.61		$             1.72		$           (1.11)
Weighted average common shares outstanding, basic	29,093		28,867		226
Weighted average common shares outstanding, diluted	29,963		29,932		31
Adjusted Operating Income	$          54,803		$          62,201		$         (7,398)
EBITDA	$          50,511		$          67,449		$       (16,938)
Adjusted EBITDA	$          60,128		$          67,097		$         (6,969)

 

BRISTOW GROUP INC. Condensed Consolidated Statements of Operations (unaudited, in thousands, except per share amounts)
	Year Ended December 31,				Favorable/ (Unfavorable)
	2025		2024
Total revenues	$     1,490,512		$     1,415,491		$         75,021
Costs and expenses:
Operating expenses
Personnel	378,999		340,560		(38,439)
Repairs and maintenance	236,931		273,284		36,353
Insurance	24,900		24,907		7
Fuel	81,435		86,946		5,511
Leased-in equipment	106,607		103,540		(3,067)
Other	273,407		212,881		(60,526)
Total operating expenses	1,102,279		1,042,118		(60,161)
General and administrative expenses	174,121		175,550		1,429
Depreciation and amortization expense	70,269		68,287		(1,982)
Total costs and expenses	1,346,669		1,285,955		(60,714)
Gains (losses) on disposal of assets	11,785		(1,045)		12,830
Earnings from unconsolidated affiliates	3,178		4,117		(939)
Operating income	158,806		132,608		26,198
Interest income	9,354		8,901		453
Interest expense, net	(39,918)		(37,581)		(2,337)
Other, net	22,994		(1,865)		24,859
Total other income (expense), net	(7,570)		(30,545)		22,975
Income before income taxes	151,236		102,063		49,173
Income tax expense	(21,809)		(7,193)		(14,616)
Net income	129,427		94,870		34,557
Net income attributable to noncontrolling interests	(353)		(73)		(280)
Net income attributable to Bristow Group Inc.	$        129,074		$          94,797		$         34,277
Basic earnings per common share	$             4.47		$             3.32		$             1.15
Diluted earnings per common share	$             4.32		$             3.21		$             1.11
Weighted average common stock outstanding, basic	28,864		28,515		349
Weighted average common stock outstanding, diluted	29,884		29,552		332
Adjusted Operating Income	$        228,687		$        216,841		$         11,846
EBITDA	$        261,423		$        207,931		$         53,492
Adjusted EBITDA	$        245,635		$        236,766		$           8,869

 

BRISTOW GROUP INC. Revenues By Segment (unaudited, in thousands)
	Three Months Ended								Year Ended December 31,
	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		2025		2024
Offshore Energy Services:
Europe	$      101,412		$      101,026		$      107,625		101,218		$      411,281		$      427,739
Americas	99,757		100,945		95,230		91,569		387,501		368,319
Africa	46,285		48,460		49,955		46,998		191,698		170,006
Total Offshore Energy   Services	$      247,454		$      250,431		$      252,810		$      239,785		$      990,480		$      966,064
Government Services	100,097		100,898		92,499		85,943		379,437		329,654
Other Services	29,713		34,960		31,120		24,802		120,595		119,773
	$      377,264		$      386,289		$      376,429		$      350,530		$   1,490,512		$   1,415,491
Flight Hours By Segment (unaudited)
	Three Months Ended								Year Ended December 31,
	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		2025		2024
Offshore Energy Services:
Europe	8,543		8,471		8,838		8,749		34,601		38,284
Americas	10,506		11,104		10,700		10,002		42,312		42,583
Africa	5,185		4,415		4,931		4,680		19,211		16,946
Total Offshore Energy   Services	24,234		23,990		24,469		23,431		96,124		97,813
Government Services	4,186		5,016		4,868		3,941		18,011		18,811
Other Services	3,622		3,942		3,684		3,400		14,648		13,682
	32,042		32,948		33,021		30,772		128,783		130,306

 

BRISTOW GROUP INC Quarterly Segment Statements of Operations (unaudited, in thousands)
	Offshore Energy Services		Government Services		Other		Corporate		Consolidated
Three Months Ended December 31, 2025
Revenues	$    247,454		$      100,097		$      29,713		$           —		$       377,264
Less:
Personnel	66,467		31,061		6,850		—		104,378
Repairs and maintenance	39,989		12,312		2,990		—		55,291
Insurance	3,680		2,150		309		—		6,139
Fuel	13,069		2,618		5,078		—		20,765
Leased-in equipment	15,885		9,574		1,870		—		27,329
Other segment costs	37,830		25,002		6,816		—		69,648
Total operating expenses	176,920		82,717		23,913		—		283,550
General and administrative expenses	23,536		10,388		1,804		7,713		43,441
Depreciation and amortization expense	7,103		8,599		2,466		209		18,377
Total costs and expenses	207,559		101,704		28,183		7,922		345,368
Losses on disposal of assets	—		—		—		(2,111)		(2,111)
Earnings from unconsolidated affiliates	2,298		—		—		—		2,298
Operating income (loss)	$      42,193		$        (1,607)		$        1,530		$  (10,033)		$        32,083
Non-GAAP:
Depreciation and amortization expense	7,103		8,599		2,466		209		18,377
PBH amortization	1,542		654		36		—		2,232
Gains on disposal of assets	—		—		—		2,111		2,111
Adjusted Operating Income (Loss)	$      50,838		$         7,646		$        4,032		$    (7,713)		$        54,803
	Offshore Energy Services		Government Services		Other		Corporate		Consolidated
Three Months Ended September 30, 2025
Revenues	$    250,431		$      100,898		$      34,960		$           —		$       386,289
Less:
Personnel	62,304		29,507		6,770		—		98,581
Repairs and maintenance	42,777		9,365		3,395		—		55,537
Insurance	3,486		1,950		342		—		5,778
Fuel	13,162		2,794		5,440		—		21,396
Leased-in equipment	15,446		9,572		1,696		—		26,714
Other segment costs	41,325		26,271		7,451		—		75,047
Total operating expenses	178,500		79,459		25,094		—		283,053
General and administrative expenses	22,451		11,007		1,781		7,966		43,205
Depreciation and amortization expense	7,049		7,846		2,622		222		17,739
Total costs and expenses	208,000		98,312		29,497		8,188		343,997
Gains on disposal of assets	—		—		—		8,245		8,245
Losses from unconsolidated affiliates	(2)		—		—		—		(2)
Operating income	$      42,429		$         2,586		$        5,463		$          57		$        50,535
Non-GAAP:
Depreciation and amortization expense	7,049		7,846		2,622		222		17,739
PBH amortization	1,758		378		36		—		2,172
Losses on disposal of assets	—		—		—		(8,245)		(8,245)
Adjusted Operating Income (Loss)	$      51,236		$       10,810		$        8,121		$    (7,966)		$        62,201

 

BRISTOW GROUP INC. Full Year Segment Statements of Operations (unaudited, in thousands)
	Offshore Energy Services		Government Services		Other		Corporate		Consolidated
Year Ended December 31, 2025
Revenues	$    990,480		$      379,437		$    120,595		$           —		$    1,490,512
Less:
Personnel	240,584		112,312		26,103		—		378,999
Repairs and maintenance	177,751		46,407		12,773		—		236,931
Insurance	15,019		8,485		1,396		—		24,900
Fuel	51,798		10,175		19,462		—		81,435
Leased-in equipment	61,468		38,538		6,601		—		106,607
Other segment costs	160,451		85,861		27,095		—		273,407
Total operating expenses	707,071		301,778		93,430		—		1,102,279
General and administrative expenses	93,059		41,354		7,030		32,678		174,121
Depreciation and amortization expense	27,946		31,227		10,321		775		70,269
Total costs and expenses	828,076		374,359		110,781		33,453		1,346,669
Gains on disposal of assets	—		—		—		11,785		11,785
Earnings from unconsolidated affiliates	3,178		—		—		—		3,178
Operating income (loss)	$    165,582		$         5,078		$        9,814		$  (21,668)		$       158,806
Non-GAAP:
Depreciation and amortization expense	27,946		31,227		10,321		775		70,269
PBH amortization	9,249		1,907		241		—		11,397
Gains on disposal of assets	—		—		—		(11,785)		(11,785)
Adjusted Operating Income (Loss)	$    202,777		$       38,212		$      20,376		$  (32,678)		$       228,687
	Offshore Energy Services		Government Services		Other		Corporate		Consolidated
Year Ended December 31, 2024
Revenues	$    966,064		$      329,654		$    119,773		$           —		$    1,415,491
Less:
Personnel	218,811		97,256		24,493		—		340,560
Repairs and maintenance	211,791		48,893		12,600		—		273,284
Insurance	16,464		7,296		1,147		—		24,907
Fuel	58,318		9,072		19,556		—		86,946
Leased-in equipment	60,515		37,995		5,030		—		103,540
Other segment costs	144,741		43,392		24,748		—		212,881
Total operating expenses	710,640		243,904		87,574		—		1,042,118
General and administrative expenses	98,972		36,986		7,082		32,510		175,550
Depreciation and amortization expense	28,404		27,694		11,370		819		68,287
Total costs and expenses	838,016		308,584		106,026		33,329		1,285,955
Losses on disposal of assets	—		—		—		(1,045)		(1,045)
Earnings from unconsolidated affiliates	4,117		—		—		—		4,117
Operating income (loss)	$    132,165		$       21,070		$      13,747		$  (34,374)	$  —	$       132,608
Non-GAAP:
Depreciation and amortization expense	28,404		27,694		11,370		819		68,287
PBH amortization	12,230		2,002		669		—		14,901
Losses on disposal of assets	—		—		—		1,045		1,045
Adjusted Operating Income (Loss)	$    172,799		$       50,766		$      25,786		$  (32,510)		$       216,841

 

BRISTOW GROUP INC. Consolidated Balance Sheets (unaudited, in thousands)
	Year Ended December 31,
	2025		2024
ASSETS
Current assets:
Cash and cash equivalents	$         293,631		$         251,281
Accounts receivable, net	217,102		211,590
Inventories	132,727		114,509
Prepaid expenses and other current assets	50,828		42,078
Total current assets	694,288		619,458
Property and equipment, net	1,152,668		1,076,221
Investment in unconsolidated affiliates	23,852		22,424
Right-of-use assets	241,666		264,270
Other assets	198,787		142,873
Total assets	$      2,311,261		$      2,125,246
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$           86,286		$           83,462
Accrued wages, benefits and related taxes	68,654		54,406
Income taxes payable and other accrued taxes	22,759		16,229
Deferred revenue	22,440		15,186
Accrued maintenance and repairs	28,793		30,698
Current portion of operating lease liabilities	77,038		78,359
Accrued interest and other accrued liabilities	31,317		28,946
Current maturities of long-term debt	27,943		18,614
Total current liabilities	365,230		325,900
Long-term debt, less current maturities	643,511		671,169
Deferred taxes	46,571		39,019
Long-term operating lease liabilities	164,544		188,949
Deferred credits and other liabilities	31,782		8,937
Total liabilities	1,251,638		1,233,974
Stockholders' equity:
Common stock	325		315
Additional paid-in capital	762,520		742,072
Retained earnings	441,739		312,765
Treasury stock, at cost	(87,129)		(69,776)
Accumulated other comprehensive loss	(57,750)		(93,669)
Total Bristow Group Inc. stockholders' equity	1,059,705		891,707
Noncontrolling interests	(82)		(435)
Total stockholders' equity	1,059,623		891,272
Total liabilities and stockholders' equity	$      2,311,261		$      2,125,246

Non-GAAP Financial Measures

The Company's management uses EBITDA, Adjusted EBITDA and Adjusted Operating Income to assess the performance and operating results of its business. Each of these measures, as well as Free Cash Flow and Adjusted Free Cash Flow, each as detailed below, are non-GAAP measures, have limitations, and are provided in addition to, and not as an alternative for, and should be read in conjunction with, the information contained in the Company's financial statements prepared in accordance with generally accepted accounting principles in the United States ("GAAP") (including the notes), included in the Company's filings with the SEC and posted on the Company's website.

EBITDA and Adjusted EBITDA

EBITDA is defined as Earnings before Interest expense, Taxes, Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA further adjusted for non-cash gains and losses on the sale of assets, non-cash foreign exchange gains (losses) related to the revaluation of certain balance sheet items, and certain special items that occurred during the reported period, such as the amortization of PBH maintenance agreements that are non-cash within the period, gains on insurance claims, non-cash nonrecurring insurance adjustments and other special items which include professional service fees related to unusual litigation proceedings and other nonrecurring costs related to strategic activities. The professional services fees are primarily attorneys' fees related to litigation and arbitration matters that the Company is pursuing (where no gain contingency has been recorded or identified) that are unusual in nature and outside of the normal course of the Company's continuing business operations. The other nonrecurring costs related to strategic activities are costs associated with financing transactions and proposed mergers and acquisitions ("M&A") transactions. These special items are related to various pursuits that are not individually material to the Company and, as such, are aggregated for presentation. The Company views these matters and their related financial impacts on the Company's operating performance as extraordinary and not reflective of the operational performance of the Company's core business activities. In addition, the same costs are not reasonably likely to recur within two years nor have the same charges or gains occurred within the prior two years. The Company includes EBITDA and Adjusted EBITDA to provide investors with a supplemental measure of its operating performance. Management believes that the use of EBITDA and Adjusted EBITDA is meaningful to investors because it provides information with respect to the Company's ability to meet its future debt service, capital expenditures and working capital requirements and the financial performance of the Company's assets without regard to financing methods, capital structure or historical cost basis. Neither EBITDA nor Adjusted EBITDA is a recognized term under GAAP. Accordingly, they should not be used as an indicator of, or an alternative to, net income the most directly comparable GAAP measure, as a measure of operating performance. In addition, EBITDA and Adjusted EBITDA are not intended to be measures of free cash flow available for management's discretionary use, as they do not consider certain cash requirements, such as debt service requirements. Because the definitions of EBITDA and Adjusted EBITDA (or similar measures) may vary among companies and industries, they may not be comparable to other similarly titled measures used by other companies.

The following tables provide a reconciliation of net income (loss), the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA (unaudited, in thousands).

	Three Months Ended								Year Ended December 31,
	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		2025		2024
Net income	$       18,676		$      51,591		$       31,779		$       27,381		$     129,427		$       94,870
Depreciation and amortization expense	18,377		17,739		17,312		16,841		70,269		68,287
Interest expense, net	10,432		9,962		10,034		9,490		39,918		37,581
Income tax expense (benefit)	3,026		(11,843)		20,443		10,183		21,809		7,193
EBITDA	$       50,511		$       67,449		$       79,568		$       63,895		$     261,423		$     207,931
(Gains) losses on disposal of assets	2,111		(8,245)		(6,209)		558		(11,785)		1,045
Foreign exchange (gains) losses	3,051		2,946		(17,435)		(11,045)		(22,483)		8,925
Special items(1)	4,455		4,947		4,776		4,302		18,480		18,865
Adjusted EBITDA	$       60,128		$       67,097		$       60,700		$       57,710		$     245,635		$     236,766
(1)  Special items include the following:
	Three Months Ended								Year Ended December 31,
	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		2025		2024
PBH amortization	$         2,232		$         2,172		$         3,587		$         3,406		$       11,397		$       14,901
Gain on insurance claim	(4,970)		—		—		—		(4,970)		(4,451)
Other special items	7,193		2,775		1,189		896		12,053		8,415
	$         4,455		$         4,947		$         4,776		$         4,302		$       18,480		$       18,865

The Company is unable to provide a reconciliation of projected Adjusted EBITDA (non-GAAP) for the outlook periods included in this release to projected net income (GAAP) for the same periods because components of the calculation are inherently unpredictable. The inability to forecast certain components of the calculation would significantly affect the accuracy of the reconciliation. Additionally, the Company does not provide guidance on the items used to reconcile projected Adjusted EBITDA due to the uncertainty regarding timing and estimates of such items. Therefore, the Company does not present a reconciliation of projected Adjusted EBITDA (non-GAAP) to net income (GAAP) for the outlook periods.

Free Cash Flow and Adjusted Free Cash Flow

Free Cash Flow represents the Company's net cash provided by operating activities less maintenance capital expenditures. Adjusted Free Cash Flow is Free Cash Flow adjusted to exclude costs paid in relation to certain special items which primarily include (i) professional service fees related to unusual litigation proceedings and (ii) other nonrecurring costs related to strategic activities. The professional services fees are primarily attorneys' fees related to unusual litigation and arbitration matters that the Company is pursuing (where no gain contingency has been recorded or identified) that are unusual in nature and outside of the normal course of the Company's continuing business operations. The other nonrecurring costs related to strategic activities are costs associated with financing transactions and proposed M&A transactions. These special items are related to various pursuits that are not individually material to the Company and, as such, are aggregated for presentation. The Company views these matters and their related financial impacts on the Company's operating performance as extraordinary and not reflective of the operational performance of the Company's core business activities. In addition, the same costs are not reasonably likely to recur within two years nor have the same charges or gains occurred within the prior two years. Management believes that Free Cash Flow and Adjusted Free Cash Flow are meaningful to investors because they provide information with respect to the Company's ability to generate cash from the business. Neither Free Cash Flow nor Adjusted Free Cash Flow is a recognized term under GAAP. Accordingly, these measures should not be used as an indicator of, or an alternative to, net cash provided by operating activities, the most directly comparable GAAP measure. Investors should note numerous methods may exist for calculating a company's free cash flow. As a result, the method used by management to calculate Free Cash Flow and Adjusted Free Cash Flow may differ from the methods used by other companies to calculate their free cash flow. As such, they may not be comparable to other similarly titled measures used by other companies. The following table provides a reconciliation of net cash provided by operating activities, the most directly comparable GAAP measure, to Free Cash Flow and Adjusted Free Cash Flow (unaudited, in thousands).

	Three Months Ended								Year Ended December 31,
	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		2025		2024
Net cash provided by (used in) operating activities	$       76,913		$       23,057		$       99,039		$          (603)		$     198,406		$     177,420
Less: Maintenance capital expenditures	(6,044)		(2,800)		(4,532)		(1,886)		(15,262)		(17,944)
Free Cash Flow	$       70,869		$       20,257		$       94,507		$       (2,489)		$     183,144		$     159,476
Plus: Special items	883		1,108		786		740		3,517		1,435
Adjusted Free Cash Flow	$       71,752		$       21,365		$       95,293		$       (1,749)		$     186,661		$     160,911

Adjusted Operating Income by Segment

Adjusted Operating Income (Loss) ("Adjusted Operating Income") is defined as operating income (loss) before depreciation and amortization (including PBH amortization) and gains or losses on asset dispositions that occurred during the reported period. The Company includes Adjusted Operating Income to provide investors with a supplemental measure of each segment's operating performance. Management believes that the use of Adjusted Operating Income is meaningful to investors because it provides information with respect to each segment's ability to generate cash from its operations. Adjusted Operating Income is not a recognized term under GAAP. Accordingly, this measure should not be used as an indicator of, or an alternative to, operating income (loss), the most directly comparable GAAP measure, as a measure of operating performance. Because the definition of Adjusted Operating Income (or similar measures) may vary among companies and industries, it may not be comparable to other similarly titled measures used by other companies.

The following table provides a reconciliation of operating income (loss), the most directly comparable GAAP measure, to Adjusted Operating Income for each segment and Corporate (unaudited, in thousands).

Sequential Quarter Adjusted Operating Income by Segment

	Three Months Ended
	December 31, 2025		September 30, 2025		Increase (Decrease)
Offshore Energy Services:
Operating income	$          42,193		$         42,429		$    (236)	(0.6) %
Depreciation and amortization expense	7,103		7,049		54	0.8 %
PBH amortization	1,542		1,758		(216)	(12.3) %
Offshore Energy Services Adjusted Operating Income	$          50,838		$         51,236		$    (398)	(0.8) %
Government Services:
Operating income (loss)	$          (1,607)		$           2,586		$ (4,193)	nm
Depreciation and amortization expense	8,599		7,846		753	9.6 %
PBH amortization	654		378		276	73.0 %
Government Services Adjusted Operating Income	$            7,646		$         10,810		$ (3,164)	(29.3) %
Other Services:
Operating income	$            1,530		$           5,463		$ (3,933)	(72.0) %
Depreciation and amortization expense	2,466		2,622		(156)	(5.9) %
PBH amortization	36		36		—	— %
Other Services Adjusted Operating Income	$            4,032		$           8,121		$ (4,089)	(50.4) %
Total Segment Adjusted Operating Income	$          62,516		$         70,167		$ (7,651)	(10.9) %
Corporate:
Operating income (loss)	$        (10,033)		$                57		$  (10,090)	nm
Depreciation and amortization expense	209		222		(13)	(5.9) %
Losses (gains) on disposal of assets	2,111		(8,245)		10,356	nm
Corporate Adjusted Operating Loss	$          (7,713)		$          (7,966)		$      253	3.2 %
Consolidated Adjusted Operating Income	$          54,803		$         62,201		$ (7,398)	(11.9) %

 

Full Year Adjusted Operating Income by Segment

	Year Ended December 31,				Increase (Decrease)
	2025		2024
Offshore Energy Services:
Operating income	$      165,582		$        132,165		$    33,417	25.3 %
Depreciation and amortization expense	27,946		28,404		(458)	(1.6) %
PBH amortization	9,249		12,230		(2,981)	(24.4) %
Offshore Energy Services Adjusted Operating Income	$      202,777		$        172,799		$    29,978	17.3 %
Government Services:
Operating income	$          5,078		$          21,070		$  (15,992)	(75.9) %
Depreciation and amortization expense	31,227		27,694		3,533	12.8 %
PBH amortization	1,907		2,002		(95)	(4.7) %
Government Services Adjusted Operating Income	$        38,212		$          50,766		$  (12,554)	(24.7) %
Other Services:
Operating income	$          9,814		$          13,747		$    (3,933)	(28.6) %
Depreciation and amortization expense	10,321		11,370		(1,049)	(9.2) %
PBH amortization	241		669		(428)	(64.0) %
Other Services Adjusted Operating Income	$        20,376		$          25,786		$    (5,410)	(21.0) %
Total Segment Adjusted Operating Income	$      261,365		$        249,351		$    12,014	4.8 %
Corporate:
Operating loss	$       (21,668)		$         (34,374)		$    12,706	37.0 %
Depreciation and amortization expense	775		819		(44)	(5.4) %
Losses (gains) on disposal of assets	(11,785)		1,045		(12,830)	nm
Corporate Adjusted Operating Loss	$       (32,678)		$         (32,510)		$       (168)	(0.5) %
Consolidated Adjusted Operating Income	$      228,687		$        216,841		$    11,846	5.5 %

The Company is unable to provide a reconciliation of projected Adjusted Operating Income by segment (non-GAAP) for the outlook periods included in this release to projected operating income (GAAP) for the same periods because components of the calculation are inherently unpredictable. The inability to forecast certain components of the calculation would significantly affect the accuracy of the reconciliation. Additionally, the Company does not provide guidance on the items used to reconcile projected Adjusted Operating Income by segment due to the uncertainty regarding timing and estimates of such items. Therefore, the Company does not present a reconciliation of projected Adjusted Operating Income by segment (non-GAAP) to operating income (GAAP) for the outlook periods.

BRISTOW GROUP INC.

Fleet Count

		Number of Aircraft
Type		Owned Aircraft		Leased Aircraft		Total Aircraft		Max Pass Capacity		Average Age (years)(1)
Heavy Helicopters:
S92		32		29		61		19		15
AW189		22		4		26		16		8
		54		33		87
Medium Helicopters:
AW139		48		7		55		12		13
S76 D/C++		13		—		13		12		14
AS365		1		—		1		12		36
		62		7		69
Light—Twin Engine Helicopters:
AW109		3		—		3		7		18
H135		12		—		12		6		9
		15		—		15
Light—Single Engine Helicopters:
AS350		12		—		12		4		26
AW119		13		—		13		7		19
		25		—		25
Total Helicopters		156		40		196				14
Fixed Wing		9		5		14
UAS		4		—		4
Total Fleet		169		45		214

______________________

(1)	Reflects the average age of helicopters that are owned by the Company.

The table below presents the number of aircraft in our fleet and their distribution among the segments in which we operate as of December 31, 2025 and the percentage of revenues that each of our segments provided during the Current Year.

	Percentage of Revenues
			Helicopters								Fixed Wing		UAS
			Heavy		Medium		Light Twin		Light Single						Total
Offshore Energy Services	66 %		55		60		12		—		1		—		128
Government Services	26 %		32		9		3		20		—		4		68
Other Services	8 %		—		—		—		5		13		—		18
Total	100 %		87		69		15		25		14		4		214
Aircraft not currently in fleet:
Under construction(1)(3)			7		2		—		—		—		—		9
Options(2)(3)			10		—		9		—		—		—		19

______________________

(1)	Under construction reflects new aircraft that the Company has either taken possession of and are undergoing additional configuration before being placed into service or are currently under construction by the Original Equipment Manufacturer ("OEM") and pending delivery. Includes seven AW189 heavy helicopters (of which one was delivered and is undergoing additional configuration) and two AW139 medium helicopters (both of which were delivered and are undergoing additional configuration).
(2)	Options include ten AW189 heavy helicopters and nine H135 light-twin helicopters.
(3)	Excludes any orders or options for electric/hybrid vertical takeoff and landing and short takeoff and landing aircraft, collectively known as Advanced Air Mobility ("AAM") aircraft that may have deposits but are pending regulatory certification.

 

View original content:https://www.prnewswire.com/news-releases/bristow-group-reports-fourth-quarter-and-full-year-2025-results-302697548.html

SOURCE Bristow Group

FAQ

What dividend did Bristow (VTOL) declare on February 25, 2026 and when is it payable?

Bristow declared a quarterly cash dividend of $0.125 per share, payable March 26, 2026. According to the company, this marks the initiation of a cash dividend program supported by its affirmed financial outlook and liquidity position.

How did Bristow (VTOL) perform on Adjusted EBITDA for full year 2025?

Bristow reported full‑year Adjusted EBITDA of $245.6M, in line with the 2025 outlook midpoint. According to the company, this result supports management's expectation of approximately 25% Adjusted EBITDA growth in 2026 versus 2025.

What were Bristow's (VTOL) 2025 cash flow metrics and 2026 cash flow outlook?

Bristow generated operating cash flow of $198.4M and Adjusted Free Cash Flow of $186.7M in 2025. According to the company, management expects Adjusted Free Cash Flow to exceed $200M in 2026.

What are the details of Bristow's (VTOL) senior notes refinancing announced in 2026?

Bristow completed an upsized senior notes refinancing of $500M at a coupon of 6.75% with extended maturity into 2033. According to the company, the transaction lowers coupon costs and extends debt maturity profile.

How did Bristow's (VTOL) Government Services segment perform in 2025 and what drove the change?

Government Services revenue rose to $379.4M in 2025, but adjusted operating income fell 24.7% year‑over‑year. According to the company, higher costs from new contract transitions and increased subcontractor and personnel expenses drove the decline.

What sequential change did Bristow (VTOL) report for Q4 2025 operating income and revenues?

For Q4 2025, consolidated operating income was $32.1M on revenues of $377.3M, down from Q3 operating income of $50.5M and revenues of $386.3M. According to the company, asset dispositions and higher quarter‑specific expenses contributed to the change.