Bombardier (BBD-B) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenues increased 11% year-over-year to $2.3 billion, driven by strong Services growth and higher aircraft deliveries, positioning for full-year 2025 guidance with robust execution and operational discipline.

• Global 8000 business jet received Transport Canada-type certification, with entry into service expected before year-end.

• Expanded U.S. footprint with a new service center in Fort Wayne, Indiana, and inaugurated a new manufacturing facility in Moorpark, California.

• Secured key defense contracts, including deliveries to the U.S. Air Force and a 10-year service agreement with Sierra Nevada Corporation.

• Backlog reached a five-year high of $16.6 billion, supported by a 1.3x unit book-to-bill ratio and a 15% increase from December 2024.

Financial highlights

• Q3 revenue rose 11% year-over-year to $2.3 billion, with 34 aircraft delivered (up four units from last year).

• Services revenue grew 12% year-over-year to $590 million, representing 25% of total revenue.

• Adjusted EBITDA increased 16% to $356 million (15.4% margin), and adjusted EBIT rose 13% to $227 million.

• Adjusted net income surged 59% to $129 million; adjusted EPS up 64% to $1.21.

• Free cash flow was $152 million, a $279 million improvement year-over-year.

Outlook and guidance

• On track to meet full-year 2025 guidance, with Q4 expected to deliver strong margins due to a higher mix of large cabin and defense aircraft.

• Anticipates delivering about 40% of annual aircraft in Q4, with normalized supply chain and all required engines and parts in hand.

• Evaluating potential production rate increases beyond 2026, contingent on supply chain capability.

• Management highlighted strong momentum entering the final stretch of 2025, with expectations for a strong year-end.