Bristow Group (VTOL) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues rose to $388.7 million, up 10.9% year-over-year and 3% sequentially, driven by growth in Offshore Energy and Government Services segments.

• Net income attributable to shareholders was $13.1 million, down from $27.4 million in Q1 2025 and $18.4 million in Q4 2025, reflecting higher depreciation and interest expenses.

• Adjusted EBITDA was $59.3 million, nearly unchanged from $60.1 million in Q4 2025.

• Management reaffirmed 2026 Adjusted EBITDA guidance of $295–$325 million and highlighted growth opportunities in defense, energy security, and electrification.

• Paid $3.7 million in dividends and declared a $0.125 per share dividend for Q2 2026.

Financial highlights

• Q1 2026 total revenues: $388.7 million, up from $377.3 million in Q4 2025 and $350.5 million in Q1 2025.

• Adjusted EBITDA for Q1 2026: $59.3 million, slightly down from $60.1 million in Q4 2025.

• Adjusted Operating Income for Q1 2026: $52.9 million, down from $54.8 million in Q4 2025.

• Net cash used in operating activities was $8.3 million, mainly due to increased accounts receivable and working capital changes.

• Unrestricted cash at March 2026 was $342.1 million, with total liquidity of $393.6 million.

Outlook and guidance

• 2026 revenue guidance: $1.58–$1.7 billion; Adjusted EBITDA: $295–$325 million.

• Offshore Energy Services 2026 revenue guidance: $1.01–$1.1 billion; Adjusted operating income: $225–$235 million.

• Government Services 2026 revenue guidance: $440–$460 million; Adjusted operating income: $70–$80 million.

• Other Services 2026 revenue guidance: $130–$150 million; Adjusted operating income: $20–$25 million.

• Free Cash Flow expected at ~$40 million for 2026; maintenance capex projected at $20–$25 million.