Bristow Group (VTOL) FY2025 results: revenue $1.5 billion, up 5.3% on the year
Bristow Group Inc. (VTOL) reported revenue of $1.5 billion for fiscal 2025, the year ended 31 December 2025, up 5.3% on the year before. Net income was $129 million, up 36.2%, and diluted earnings per share $4.32. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
Revenue
$1.5 billion
+5.3% on the year
FY2016FY2025
Operating margin
10.7%
9.4% a year earlier
FY2016FY2025
Net income
$129 million
+36.2% on the year
FY2016FY2025
Diluted EPS
$4.32
+34.6% on the year
FY2016FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 lowered, 3 new, 13 kept.
Full-year revenue and net income rose: Full-year revenues were $1.5 billion, against $1.4 billion in 2024. Net income attributable to Bristow was $129.1 million, or $4.32 per diluted share, against $94.8 million, or $3.21.
Adjusted EBITDA met 2025 guidance: Full-year Adjusted EBITDA was $245.6 million, in line with the midpoint of the 2025 EBITDA range given earlier.
Fourth-quarter profit below third quarter: Fourth-quarter net income was $18.4 million, or $0.61 per diluted share, against $51.5 million, or $1.72, in the third quarter. Operating income was $32.1 million against $50.5 million.
Government Services revenue grew fastest: Government Services revenue rose 15.1% to $379.4 million for the year, on the Irish Coast Guard contract start and higher UK search and rescue revenue. Operating income fell to $5.1 million from $21.1 million.
Repairs fell on higher vendor credits: Full-year repairs and maintenance were $236.9 million, $36.4 million lower, mainly on higher vendor credits. Consolidated personnel costs rose $38.4 million to $379.0 million.
$ million except per share. Read moreFree 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
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
198
177
32.0
+11.8%
Capital expenditure
142
255
81.5
-44.4%
Free cash flow
56.4
-78.0
-49.5
Free cash flow margin
3.8%
-5.5%
-3.8%
Cash from investing
-87.3
-246
-47.3
Cash from financing
-66.0
141
22.0
Depreciation and amortisation
70.3
68.3
70.6
+2.9%
Share-based compensation
16.9
15.8
16.5
+7.0%
Buybacks
15.2
4.1
2.7
+275.3%
Diluted shares, weighted
30m
30m
28m
+1.1%
Shares outstanding at period end
29m
29m
28m
+1.9%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,060
892
824
+18.8%
Non-controlling interest
-0.1
-0.4
-0.5
Redeemable equity
n/a
n/a
0.0
Debt
671
690
548
-2.7%
Operating lease liabilities
165
189
215
-12.9%
Other liabilities
416
355
351
+17.0%
Total liabilities and equity
2,311
2,125
1,937
+8.8%
Fixed assets
1,153
1,076
928
+7.1%
Goodwill
0.0
n/a
n/a
Intangible assets
12.6
28.9
48.4
-56.4%
Cash and equivalents
286
248
180
+15.6%
Receivables
n/a
n/a
208
Inventory
133
115
99.9
+15.9%
Other assets
727
658
473
+10.5%
Total assets
2,311
2,125
1,937
+8.8%
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.