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About

Bristow Group Inc. provides vertical flight solutions to offshore energy companies and government agencies in the United Kingdom, Norway, the United States, Nigeria, and internationally.

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📈 Growth Pattern

⚡ Latest Quarter —

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📊 MIXED Bristow Group affirms 2026 guidance with ~25% EBITDA growth, zero air accidents in Q1.

Revenue & Profitability

In Q1 2026, total revenues were $11.4 million higher sequentially, while Adjusted EBITDA was $0.9 million lower due to higher repairs and maintenance and leased-in equipment costs. Net cash used in operations was $8.3 million, with unrestricted cash of $342 million and total liquidity of about $394 million. The company affirmed 2026 Adjusted EBITDA guidance of $295 million to $325 million, reflecting roughly 25% year-over-year growth.

Outlook

Management sees three global megatrends benefiting Bristow: increased defense spending, the importance of energy security, and electrification of transportation. Geopolitical conflicts underscore the need for secure offshore energy supply and public-private partnerships in defense. The helicopter supply market remains tight with long lead times, supporting a positive outlook for rates and utilization.

Growth Drivers

Key growth levers include expanding government search and rescue services in Europe and the Americas, providing a broader spectrum of aviation services to military customers, and benefiting from increased deepwater upstream investment. In OES, contract resets in the U.S. Gulf are expected to drive revenue improvements, with most legacy contracts reset by end of 2026.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

Management provided segment-level Adjusted operating income guidance: OES $225-235 million, government services $70-80 million (roughly double 2025), and other services $20-25 million. Operating expenses increased in Q1 due to repairs, maintenance, leased-in equipment, and S-76 depreciation ($6.4 million incremental). The company expects operating leverage through the year but did not detail margin percentages.

Key Risks

Key risks include fuel price volatility, though the company is naturally hedged via pass-through contracts. Tight helicopter supply and potential fuel availability were noted but not yet problematic. Geopolitical instability is considered both a risk and an opportunity. Working capital timing and customer payment delays impacted Q1 cash flow but are expected to improve.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-05

Q2 saw strong sequential revenue and EBITDA growth, driven by higher utilization and the Berry Aviation acquisition. Guidance for 2026 was affirmed, with segment outlooks updated upward, despite supply chain and transition cost headwinds. Portfolio optimization continues with the planned Norway OES sale.

Q1 2026 Q1 2026 2026-05-06

Q1 2026 saw higher revenues and affirmed guidance, with strong growth in government and offshore energy segments. Strategic refinancing improved liquidity, while global trends in defense, energy, and electrification support a positive multi-year outlook.

Q4 2025 Q4 2025 2026-02-26

Delivered strong 2025 results with Adjusted EBITDA of $246M and robust cash flow. Affirmed 2026 guidance with 25% EBITDA growth, launched a dividend, and completed $500M refinancing. OES contract renewals and government services drive future growth.

Q3 2025 Q3 2025 2025-11-05

Q3 2025 saw strong sequential growth in revenue and Adjusted EBITDA, driven by government and other services. 2026 guidance points to a 27% year-over-year Adjusted EBITDA increase, with robust free cash flow and continued supply chain challenges.

Q2 2025 Q2 2025 2025-08-06

Q2 2025 saw strong revenue and EBITDA growth, prompting raised guidance for 2025 and 2026. Offshore and government services segments drove gains, with robust cash flow enabling debt reduction and share repurchases. Market outlook remains positive despite macro risks.

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