Bombardier (BBD-B) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenues were $2.03B, down 8% year-over-year, with 36 aircraft delivered and services revenue up 16% to $590M; net income surged to $193M, and diluted EPS rose to $1.87.

• Achieved a major milestone with a firm order for 50 aircraft and 70 options, driving backlog to $16.1B, the highest in over a decade.

• Defense segment secured notable orders, including two Global 6500 jets for Saab and a new MOU with Leonardo for maritime patrol missions.

• Continued international service expansion with new facilities in London, Abu Dhabi, and the UK.

• Credit rating upgrades from S&P (to BB-) and Moody’s (outlook to positive); $500M in Senior Notes refinanced to 2033.

Financial highlights

• Q2 revenue reached $2.03B, down 8% year-over-year; services contributed $590M (29%), up 16%.

• Adjusted EBITDA was $297M (14.6% margin), down 11% year-over-year; adjusted EBIT was $205M (10.1% margin), down 5%.

• Net income from continuing operations was $193M; diluted EPS $1.87; adjusted EPS $1.11.

• Free cash flow usage was $164M, up from $68M year-over-year, mainly due to inventory build for H2 deliveries.

• Liquidity stood at $1.2B, with cash and cash equivalents at $811M.

Outlook and guidance

• On track to meet or exceed full-year 2025 guidance, with H2 expected to deliver higher revenues, margins, and the first Global 8000 deliveries.

• Anticipates more than $1B in EBITDA in H2, with deliveries skewed toward large cabin and defense aircraft.

• Free cash flow expected at the higher end of guidance if strong order activity continues.

• First-half aircraft deliveries (59 units) consistent year-over-year, supporting confidence in year-end targets.