Bombardier (BBD-B) Q4 2025 earnings summary

Executive summary

• Achieved all 2025 turnaround and guidance targets, completing a five-year transformation and earning industry recognition, with revenues up 10% to $9.55 billion and 157 aircraft delivered.

• Entered 2026 with strong momentum, a robust $17.5 billion backlog (up 22%), and a focus on growth, margin expansion, and sustainable cash generation.

• Adjusted EBITDA rose 15% to $1.56 billion (16.3% margin), and free cash flow surged to $1.072 billion, nearly 5x higher than 2024.

• Adjusted net income increased 47% to $805 million; reported net income reached $975 million.

• Completed a record Q4 with 64 aircraft delivered and highest-ever quarterly margin.

Financial highlights

• Revenue grew 10% year-over-year to $9.55 billion, surpassing guidance.

• Adjusted EBITDA was $1.56 billion (16.3% margin), up 15% year-over-year.

• Free cash flow reached $1.072 billion, up from $232 million in 2024.

• Adjusted net income was $805 million; adjusted EPS was $7.72, up from $5.16.

• Backlog increased 22% to $17.5 billion, with a book-to-bill ratio of 1.4.

Outlook and guidance

• 2026 revenue expected to exceed $10 billion, with aircraft deliveries above 157 units.

• Adjusted EBITDA guidance set at greater than $1.625 billion, with margin improvement and partial supply chain cost recovery.

• Free cash flow guidance for 2026 is $600 million–$1 billion; CapEx expected to rise to ~$300 million.

• Continued focus on margin expansion, cash generation, and opportunistic M&A.