The following table provides select financial highlights for the periods reflected (in thousands, except per share amounts).
| March 31, 2026 | December 31, 2025 | |
|---|---|---|
| Total revenues | $388,705 | $377,264 |
| Operating income | 34,675 | 32,083 |
| Net income attributable to Bristow Group Inc. | 13,106 | 18,423 |
| Basic earnings per common share | 0.45 | 0.63 |
| Diluted earnings per common share | 0.44 | 0.61 |
| Net cash provided by (used in) operating activities | (8,250) | 76,913 |
| Non-GAAP(1) | ||
| Adjusted Operating Income | $52,853 | $54,803 |
| EBITDA | 54,777 | 50,511 |
| Adjusted EBITDA | 59,275 | 60,128 |
| Free Cash Flow | (12,609) | 70,869 |
| Adjusted Free Cash Flow | (11,766) | 71,752 |
"Bristow's first quarter results place us on track for what is expected to be a transformational year for the Company in 2026," said Chris Bradshaw, President and CEO of Bristow Group.
"Bristow is favorably positioned to benefit from three global megatrends, namely: increased defense spending; the importance of energy security; and the electrification of transportation. In the context of a complicated geopolitical landscape and expectations for structurally higher defense spending, we believe there will be compelling organic and inorganic growth opportunities for a specialized aviation services provider with Bristow's track record, operational expertise, and financial flexibility."
"Recent geopolitical events have also placed an enduring emphasis on where hydrocarbon supplies are located, and the established offshore energy basins that Bristow services represent some of the most attractive and secure sources of supply. In addition, Bristow has created significant option value, with minimal capital commitment to date, as an early leader in what is expected to be a large and rapidly growing addressable market for new generation electric and hybrid-electric aircraft."
Sequential Quarter Results
Offshore Energy Services
| ($ in thousands) | March 31, 2026 | December 31, 2025 | Favorable (Unfavorable) | % |
|---|---|---|---|---|
| Revenues | $254,333 | $247,454 | $6,879 | 2.8% |
| Operating income | 35,720 | 42,193 | (6,473) | (15.3)% |
| Adjusted Operating Income | 50,156 | 50,838 | (682) | (1.3)% |
| Operating income margin | 14% | 17% | ||
| Adjusted Operating Income margin | 20% | 21% | ||
Revenues from Offshore Energy Services were $6.9 million higher in the Current Quarter. Revenues in the Americas were $5.6 million higher primarily due to increased rates and higher utilization in the U.S. and Trinidad.
Revenues in Africa were $4.0 million higher primarily due to higher utilization and other revenues driven by activity. Revenues in Europe were $2.8 million lower primarily due to lower utilization and reimbursable revenues in the UK, partially offset by favorable foreign exchange impacts.
Operating income from Offshore Energy Services was $6.5 million lower in the Current Quarter primarily due to higher depreciation and amortization expense of $6.0 million, higher operating expenses of $5.6 million and lower earnings from unconsolidated affiliates of $1.8 million, partially offset by the higher revenues.
Government Services
| ($ in thousands) | March 31, 2026 | December 31, 2025 | Favorable (Unfavorable) | % |
|---|---|---|---|---|
| Revenues | $107,870 | $100,097 | $7,773 | 7.8% |
| Operating income (loss) | 943 | (1,607) | 2,550 | nm |
| Adjusted Operating Income | 9,510 | 7,646 | 1,864 | 24.4% |
| Operating income (loss) margin | 1% | (2)% | ||
| Adjusted Operating Income margin | 9% | 8% | ||
Revenues from Government Services were $7.8 million higher in the Current Quarter primarily due to the transition of the Irish Coast Guard ("IRCG") contract, including the full quarter impact of the Sligo base that commenced operations in the Preceding Quarter and the commencement of operations at the final base in Waterford in the Current Quarter.
Operating income was $0.9 million in the Current Quarter compared to an operating loss of $1.6 million in the Preceding Quarter primarily due to the higher revenues, partially offset by higher operating expenses of $4.8 million and higher general and administrative expenses of $0.5 million.
Other Services
| ($ in thousands) | March 31, 2026 | December 31, 2025 | Favorable (Unfavorable) | % |
|---|---|---|---|---|
| Revenues | $26,502 | $29,713 | ($3,211) | (10.8)% |
| Operating income (loss) | (1,345) | 1,530 | (2,875) | nm |
| Adjusted Operating Income | 1,089 | 4,032 | (2,943) | (73.0)% |
| Operating income (loss) margin | (5)% | 5% | ||
| Adjusted Operating Income margin | 4% | 14% | ||
Revenues from Other Services were $3.2 million lower in the Current Quarter primarily due to lower seasonal utilization in Australia, partially offset by favorable foreign exchange rate impacts.
Operating loss was $1.3 million in the Current Quarter compared to operating income of $1.5 million in the Preceding Quarter, primarily due to the lower seasonal revenues, partially offset by lower operating expenses of $0.4 million related to lower activity.
Corporate
| ($ in thousands) | March 31, 2026 | December 31, 2025 | Favorable (Unfavorable) | % |
|---|---|---|---|---|
| Total expenses | $8,282 | $7,922 | ($360) | (4.5)% |
| Gains (losses) on disposal of assets | 7,639 | (2,111) | 9,750 | nm |
| Operating loss | (643) | (10,033) | 9,390 | 93.6% |
Consolidated
| March 31, 2026 | December 31, 2025 | Favorable (Unfavorable) | % | |
|---|---|---|---|---|
| Interest income | $3,918 | $2,935 | $983 | 33.5% |
| Interest expense, net | (13,816) | (10,432) | (3,384) | (32.4)% |
| Loss on extinguishment of debt | (2,849) | — | (2,849) | nm |
| Other, net | (5,353) | (2,884) | (2,469) | (85.6)% |
| Income tax expense | (3,510) | (3,026) | (484) | (16.0)% |
Operating loss was $0.6 million in the Current Quarter compared to an operating loss of $10.0 million in the Preceding Quarter, primarily due to net gains on asset dispositions of $7.6 million in the Current Quarter compared to net losses of $2.1 million in the Preceding Quarter.
During the Current Quarter, the Company sold two heavy helicopters and various other assets. During the Preceding Quarter, the Company sold or otherwise disposed of a heavy helicopter and various other assets.
Affirms 2026 Outlook
Select financial outlook for 2026 is as follows (in USD, millions):
| 2026E | |
|---|---|
| Revenues | |
| Offshore Energy Services | $1,010 - $1,080 |
| Government Services | $440 - $460 |
| Other Services | $130 - $150 |
| Total Revenues | $1,580 - $1,690 |
| Adjusted Operating Income | |
| Offshore Energy Services | $225 - $235 |
| Government Services | $70 - $80 |
| Other Services | $20 - $25 |
| Corporate | ($35 - $30) |
| Total Adjusted Operating Income | $280 - $310 |
| Adjusted EBITDA | $295 - $325 |
| Cash interest | ~$40 |
| Cash taxes | $25 - $30 |
| Maintenance capital expenditures | $20 - $25 |
Capital Allocation and Liquidity
In the Current Quarter, purchases of property and equipment were $41.3 million, of which $4.4 million were maintenance capital expenditures, and cash proceeds from the sale of assets were $24.9 million. In the Preceding Quarter, purchases of property and equipment were $29.1 million, of which $6.0 million were maintenance capital expenditures, and cash proceeds from the sale of assets were $2.0 million.
As of March 31, 2026, the Company had $342.1 million of unrestricted cash and $51.5 million of remaining availability under its asset-based revolving credit facility (the "ABL Facility") for total liquidity of $393.6 million. Borrowings under the ABL Facility are subject to satisfaction of certain terms and conditions.
Net cash used in operating activities was $8.3 million in the Current Quarter compared to net cash provided by operating activities of $76.9 million in the Preceding Quarter. The negative variance is primarily due to changes in working capital, namely an increase in accounts receivable. This is primarily attributable to timing, as the Company does not have a material amount of aged receivables.
During the Current Quarter, Bristow declared a dividend of $0.125 per share of common stock and paid $3.7 million in cash dividends.
On April 30, 2026, Bristow declared a dividend of $0.125 per share of common stock, payable on May 29, 2026, to shareholders of record at the close of business on May 15, 2026.
Conference Call
The Company's management will conduct a conference call starting at 10:00 a.m. ET (9:00 a.m. CT) on Wednesday, May 6, 2026, to review results for the first quarter ended March 31, 2026. The conference call can be accessed using the following link:
About Bristow Group : Bristow Group Inc. (NYSE: VTOL) is the leading global provider of innovative and sustainable vertical flight solutions. We primarily provide aviation services to a broad base of offshore energy companies and government entities. Our aviation services include personnel transportation, search and rescue ("SAR"), medevac, fixed-wing transportation, unmanned systems and ad hoc helicopter services. Our offshore energy customers charter our helicopters primarily to transport personnel to, from and between onshore bases and offshore production platforms, drilling rigs and other installations. Our government customers primarily outsource SAR activities whereby we operate specialized helicopters and provide highly trained personnel. Our other services include fixed-wing transportation services through a regional airline in Australia and dry-leasing aircraft to third-party operators in support of other industries and geographic markets. Our core business of providing aviation services to leading global energy companies and government entities provides us with geographic and customer diversity that helps mitigate risks associated with a single market or customer. We currently have customers in Australia, Brazil, Canada, Chile, the Dutch Caribbean, the Falkland Islands, Ireland, the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad and Tobago, the United Kingdom ("UK") and the United States ("U.S.").
See also |
Bristow 
Helicopters Markets & Finance 
