Bristow Group (VTOL) FY2024 results: revenue $1.4 billion, up 9.1% on the year

Bristow Group Inc. (VTOL) reported revenue of $1.4 billion for fiscal 2024, the year ended 31 December 2024, up 9.1% on the year before. Net income was $95 million, and diluted earnings per share $3.21. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2025.

Revenue

$1.4 billion

+9.1% on the year

FY2015FY2024

Operating margin

9.4%

4.7% a year earlier

FY2015FY2024

Net income

$95 million

FY2015FY2024

Diluted EPS

$3.21

FY2015FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	1,415	1,297	1,210	+9.1%
Selling, general and administrative	n/a	182	n/a
Operating income	133	60.8	30.6	+118.3%
Operating margin	9.4%	4.7%	2.5%
Interest expense	37.6	41.4	n/a	-9.3%
Pre-tax income	102	18.0	n/a	+466.6%
Income tax	7.2	24.9	10.8	-71.1%
Effective tax rate	7.0%	138.4%	n/a
Net income	94.8	-6.8	9.2
Net margin	6.7%	-0.5%	0.8%
Diluted EPS	$3.21	-$0.24	$0.32

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	177	32.0	-7.7	+453.8%
Capital expenditure	255	81.5	n/a	+213.3%
Free cash flow	-78.0	-49.5	n/a
Free cash flow margin	-5.5%	-3.8%	n/a
Cash from investing	-246	-47.3	-52.0
Cash from financing	141	22.0	-24.6	+540.4%
Depreciation and amortisation	68.3	70.6	n/a	-3.3%
Share-based compensation	15.8	16.5	n/a	-4.1%
Buybacks	4.1	2.7	n/a	+49.4%
Diluted shares, weighted	30m	28m	28m	+5.0%
Shares outstanding at period end	29m	28m	28m	+1.1%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	892	824	787	+8.3%
Non-controlling interest	-0.4	-0.5	-0.4
Redeemable equity	n/a	0.0	0.0
Debt	690	548	511	+25.9%
Operating lease liabilities	189	215	166	-12.1%
Other liabilities	355	351	348	+1.2%
Total liabilities and equity	2,125	1,937	1,812	+9.7%
Fixed assets	1,076	928	915	+16.0%
Intangible assets	28.9	48.4	65.8	-40.3%
Cash and equivalents	248	180	160	+37.3%
Receivables	n/a	208	183
Inventory	115	99.9	81.9	+14.7%
Other assets	658	473	406	+39.3%
Total assets	2,125	1,937	1,812	+9.7%

10-K for the year ended 31 December 2024, filed 27 February 2025: the filing.